102510  |  INF789F01661  |  5 star  |  Bronze


$ 38.04

1-Day Total Return

INR | NAV as of 12/15/2017 10:30:00 AM | 1-Day Return as of 15 Dec 2017

TTM Yield




Total Assets

7.4 bil



Fee Level






Min. Inv.


30-Day SEC Yield



Intermediate Government Bond

Credit Quality/Interest Rate Sensitivity

Morningstar's Take | 17/10/2017
by Kavitha Krishnan

A skilled and experienced portfolio manager, a relatively low expense ratio, and a stable process stand out about this fund. Further, the fund’s focus on investing with a view to protect its downside as opposed to generating top-quartile performance results in a consistent performance that remains marginally above average across market cycles. Our positive opinion on the consistency with which the fund is run and the skillful execution of the strategy leads us to assign a Morningstar Analyst Rating of Bronze on this fund.

Amandeep Singh Chopra has been managing funds since 2006 and has been at the helm of this strategy since February 2012. While Chopra’s leadership capabilities stand out, there is a key-person risk associated with him. He heads the fixed-income desk at UTI and has been managing this fund since 2012. Chopra is supported by two other portfolio managers with an average experience of around nine years. The analyst team consists of an economist who tracks the domestic and the international macro factors. While we have conviction in the manager and the expertise that he brings to the processes within the fund house, we are wary of the lack of experience in the analyst team.

The Gilt L/T fund invests in a combination of government securities and state-development loans with duration positioning being based on the team’s macroeconomic research and its views on the interest-rate-directional movements. The team constantly tracks the markets to ensure it is invested in the most liquid papers that ensure tradability. Investments in state development loans are used as a tactical tool to generate additional alpha and can tend to vary significantly. The fund tends to actively trade in gilts to generate alpha and can invest a significant portion of its portfolio in a single sovereign paper.

Overall, we think that the strategy is well placed to maintain consistency in its performance profile over the long term with the exception of periods that are characterised by volatility and market uncertainties that favour short-term investing.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

The fund’s average maturity can tend to fluctuate; currently runs a higher average maturity as compared to peers.


Chopra brings a lot of experience to the table and is amongst the most senior members on the team.


UTI has a strong backing from T.Rowe Price, but certain aspects could be improved in our opinion.


The team’s research capability and ability to position themselves across yield curves drives the strategy’s success.


The fund has delivered a consistent performance with the exception of markets characterised by extreme volatility.


The fund’s expense ratio is lower as compared with its category average.

Important Disclosures

Unless stated otherwise, this report was prepared by the person(s) noted in their capacity as Manager Research Analysts (i.e., fund analysts) employed by Morningstar, Inc., or one of its affiliates. It has not been made available to the issuer prior to publication.

Analyst Ratings are subjective in nature and should not be used as the sole basis for investment decisions. Analyst Ratings are based on Manager Research Analysts’ expectations about future events and therefore involve unknown risks and uncertainties that may cause such expectations not to occur or to differ significantly from what was expected. Analyst Ratings are not guarantees nor should they be viewed as an assessment of a fund’s or the fund’s underlying securities’ creditworthiness.

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