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Changes have been effected at prominent schemes such as ICICI Prudential Balanced Advantage, ICICI Prudential Liquid, and ICICI Prudential Multi-Asset Fund, among others.
The asset under management of the medium duration fund category as on December 31, 2023 was at Rs 26,377.98 crore. The asset under management of the medium duration fund category has grown marginally by 1.02% in 2023, from Rs 26,112.39 crore in January to Rs 26,377.98 crore in December.
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Suggested InvestmentHorizon: >3 years Time taken to doublemoney: 8.11 YearsFund managers said that historically an AA-rated paper would yield about 100 basis points higher than AAA-rated paper. After the series of rate cuts and easy monetary policy on account of the Covid pandemic by the RBI, rates of ‘AA’ and ‘A’ papers have not fallen much, while ‘AAA’ has dropped sharply. Over the last one year, data from ICICI Prudential MF show, while the yields on AAA-rated paper for three years has fallen by 200 basis points to 4.8% from 6.8%, the transmission is much lower in the case of AA-rated paper. For three-year duration paper, the AA yields fell only from 7.85% to 7.56% while for A-rated paper they fell marginally from 9.47% to 8.81%. This leaves a spread of 175-225 basis points between an AA and AAA-rated papers or government securities.