Mahindra Manulife Dynamic Bond Yojana endeavours to take advantage of interest rate movements. With the flexibility to counter a dynamic environment, the Scheme aims to generate regular returns and capital appreciation through active management of portfolio in line with the evolving interest rate scenario.

• The YTM of the portfolio is around 6.99%.
  
  
• The Modified Duration of the portfolio (MD) increased to around 3.32 years
  
  
• The Portfolio largely derives it duration from Gilts as we believe that the AAA credit spreads may expand as we move ahead
  

Under normal circumstances the asset allocation pattern will be:

Instruments	Indicative Allocation (% of assets)		Risk Profile
	Minimum	Maximum	Low/Moderate/ High
Debt* & Money Market instruments	0%	100%	Moderate
Units issued by REITs & InvITs	0%	10%	Moderately High

* Includes securitized debt and debt instruments having structured obligations/credit enhancements (such as corporate / promoter guarantee, conditional and contingent liabilities, covenants, pledge and / or Non Disposal Undertaking of shares etc) upto 35% of the net assets of the Scheme.

Benchmark: CRISIL Dynamic Bond Fund BIII Index
Entry Load: N.A.
Exit Load: Nil

KEY MARKET INDICATORS

Parameters	30-Nov-2022	31-Oct-2022	30-Nov-21
RBI Repo Rate %	5.90	5.90	4.00
5Y AAA PSU %	7.46	7.65	5.97
1 year CD %	7.43	7.64	4.39
10Y Gsec %	7.28	7.45	6.33
CPI (%)	6.77	7.41	4.48
IIP (YoY) %	3.09	-0.83	3.06
US 10Y %	3.61	4.05	1.44
Dollar Rupee	81.43	82.79	75.17

Source: Bloomberg; as on date November 30th, 2022

FUND MANAGER : MR. RAHUL PAL
Total Experience : 21 years
Experience in managing this fund: 4 years 4 months (managing since August 20, 2018)

It was a good month for the domestic debt markets as rates across the yield curve softened. The benchmark 10-year gilt softened by around 17 basis points (bps) to close at 7.28%. There were several tail winds aiding the softening bias. Crude prices cooled off significantly by around 8-10 percent. The US ten year too softened by around 45 bps to close 3.60%.

India retail inflation printed at 6.77% along the expected lines. The core inflation continues to remain sticky around 6.30%. With commodities cooling off, we believe inflation can ease and edge closer to the RBI target band.

The Monetary Policy Committee (MPC) of the RBI meets between December 5-7. We expect the MPC to hike rates between 25-35 basis points. What may be of interest is whether the MPC takes cognizance of the softening in the commodities prices and crude prices and make policy moves data dependent. We think the domestic rate cycle is close to its peak. While RBI may have a bit more rate hike cycle up its sleeve, the markets have largely priced in such rate hikes. With RBI projecting an inflation of 5% in the second quarter of fiscal 2024, the time is now apt for looking into fixed income products across all duration segments. With commodity prices, barring crude, softening through the past 3 months; we think a sustained commodity slowdown may provide a respite to the retail inflation.

Data as on November 30, 2022 | Data source: Bloomberg

Note: The data/statistics given above are to explain general market trends in the securities market, it should not be construed as any research report/research recommendation.

CURRENT MONTH NOVEMBER 30, 2022
AUM (Rs. In Crore)	74.27
Monthly AAUM (Rs. In Crore)	71.08
Avg. Maturity (Years)	4.26
Modified Duration	3.32
Macaulay Duration (Years)	3.44
YTM (%)	6.99%

PREVIOUS MONTH OCTOBER 31, 2022
AUM (Rs. In Crore)	68.69
Monthly AAUM (Rs. In Crore)	72.59
Avg. Maturity (Years)	4.32
Modified Duration	3.38
Macaulay Duration (Years)	3.51
YTM (%)	7.23

YTM : Yield to maturity should not be construed as minimum return offered by the Scheme.

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

CURRENT MONTH NOVEMBER 30, 2022
Security	% to N.A.
7.26% GOI (MD 22/08/2032) (SOV)	20.05%
5.74% GOI (MD 15/11/2026) (SOV)	19.15%
7.38% GOI (MD 20/06/2027) (SOV)	16.89%
7.39% Maharashtra SDL (MD 09/11/2026) (SOV)	6.71%
Housing Development Finance Corporation Limited (CRISIL AAA rated CB)	6.48%
5.22% GOI (MD 15/06/2025) (SOV)	6.43%
364 Days Tbill (MD 24/08/2023) (SOV)	6.38%
364 Days Tbill (MD 31/08/2023) (SOV)	6.37%
91 Days Tbill (MD 12/01/2023) (SOV)	0.33%
TOTAL	89%

PREVIOUS MONTH OCTOBER 31, 2022
Security	% to N.A.
5.74% GOI (MD 15/11/2026) (SOV)	20.64%
7.38% GOI (MD 20/06/2027) (SOV)	18.18%
7.26% GOI (MD 22/08/2032) (SOV)	17.95%
7.39% Maharashtra SDL (MD 09/11/2026) (SOV)	7.25%
Housing Development Finance Corporation Limited (CRISIL AAA rated CB)	7.02%
5.22% GOI (MD 15/06/2025) (SOV)	6.94%
364 Days Tbill (MD 24/08/2023) (SOV)	6.89%
364 Days Tbill (MD 31/08/2023) (SOV)	6.88%
91 Days Tbill (MD 12/01/2023) (SOV)	0.36%
91 Days Tbill (MD 20/10/2022) (SOV)	0.33%
TOTAL	92%

SYSTEMATIC INVESTMENT PLAN

WITH THIS YOU CAN • Build corpus in the long term • Take advantage of rupee cost averaging • Experience the power of compounding even on small investments

CHOICE OF FREQUENCIES • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date of your choice

MINIMUM AMOUNTS / INSTALMENTS • 6 instalments of ₹ 500 each under weekly frequency • 6 instalments of ₹ 500 each under monthly frequency • 4 instalments of ₹ 1500 each under quarterly frequency

SYSTEMATIC TRANSFER PLAN

WITH THIS YOU CAN • Take measured exposure into a new asset class • Rebalance your portfolio

CHOICE OF FREQUENCIES • Daily • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date^ of your choice

MINIMUM AMOUNTS / INSTALMENTS • 6 instalments of ₹500 each under daily, weekly and monthly frequency • 4 instalments of ₹1500 each under quarterly frequency

SYSTEMATIC WITHDRAWAL PLAN

WITH THIS YOU CAN • Meet regular expenses

CHOICE OF FREQUENCIES • Monthly • Quarterly • Half-Yearly & Annual

CHOICE OF DATES Any date of your choice

MINIMUM AMOUNTS / INSTALMENTS • 2 instalments of ₹ 500 each under monthly / quarterly / Half-Yearly & Annual frequency

^STP can be registered for any date under the monthly and quarterly frequencies and for any business day under the weekly frequency.

Mahindra Manulife Dynamic Bond Yojana

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 20-Aug-18.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 10 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period.

^Benchmark CAGR – Compounded Annual Growth Rate. Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Rahul Pal manages 10 schemes of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.

Pursuant to SEBI circular no. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dated June 07, 2021 Potential Risk Class ('PRC')
Matrix for debt schemes based on Interest Rate Risk and Credit Risk is as follows: