NFO: IDFC Floating Rate Fund

By Morningstar |  12-02-21 | 
 

IDFC Mutual Fund has launched IDFC Floating Rate Fund. The New Fund Offer (NFO) opened on February 10, 2021, and closes on February 16, 2021. 

The fund will endeavour to generate relatively stable returns through a portfolio comprising substantially of floating rate debt, fixed rate debt instruments swapped for floating rate returns and money market instruments. The fund aims to invest a minimum of 65% of its corpus in floating rate securities issued by corporates or the government, or convert fixed interest securities to floating via derivatives.

The fund currently targets a low to short duration portfolio such that it is suitable for a minimum recommended investment horizon of six months. At the time of investing, the portfolio strategy will aim to maintain a minimum of 70% in AAA/A1+equivalent/sovereign/quasi sovereign securities, and the fund does not intend to invest in securities rated lower than AA-.

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