As of August 2025, the Fund’s asset allocation consisted of placements in Non-Bank Financial Institutions (~40.7%), Commercial Papers (27.9%), Trust Certificates (16.0%), Repo Investments (~15.0%), and Placements in Bank Saving Accounts (~0.4%). The Fund’s performance is benchmarked against the NDBIB-CRISIL index. As of July 2025, the Fund’s WAM stood at ~138 days, a short-duration stance that enhances liquidity and lowers interest-rate sensitivity. This positioning was one of the drivers of the rating upgrade. The Fund outperformed its peer average return over the one-year period ended July 2025. The Fund delivered a cumulative return of ~9.9%, exceeding the peer average of ~8.9% by ~100bps. Elevated unitholder concentration increases the Fund’s redemption risk. The Fund holds a market share of ~7.7% in its category.
The Fund's adherence to its approved investment policy and parameter is critical. Any significant changes in the asset allocation resulting in material changes in credit risk, duration, or returns compared to the benchmark and peers will have an impact on the Fund's rating.