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Fixed Income

Liquid Funds Move To Break-Even from July 16 Crash Within a Week

Liquid Funds have been getting bashed up recently with strange things happening in the liquidity bazaar. After their NAV fell for the first time in many years, many investors were spooked that these funds have too much risk on them.

However I had written:

As you can see, things have fallen only a little bit – we’re back to about the levels of about 10 days ago. Put another way, it might be prudent to stick around a few days longer and not panic-redeem the fund.

Tracking this, I have a new update on all the bond values as of yesterday. 18 out of the 38 funds have already recovered to their NAV levels of July 15. (the day prior to the big RBI announcement that caused the crash).

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Fund Jul-22 Jul-15 From Jul-15 Jul-16 Jul16 Drop
ING Liquid Fund 24.7174 24.7486 -0.13% 24.6638 -0.34%
Quantum Liquid Fund 16.9711 16.9781 -0.04% 16.9308 -0.28%
DWS Insta Cash Plus Fund 19.7996 19.8131 -0.07% 19.7611 -0.26%
L&T Liquid Fund  1647.958 1649.0143 -0.06% 1644.7143 -0.26%
Kotak Liquid 2264.639 2266.0098 -0.06% 2260.2502 -0.25%
Principal Cash Management Fund  1167.788 1168.4451 -0.06% 1165.4774 -0.25%
Reliance Liquid Fund-Treasury Plan 2927.658 2928.1634 -0.02% 2921.1051 -0.24%
Birla Sun Life Cash Plus  192.5734 192.6104 -0.02% 192.1657 -0.23%
JPMorgan India Liquid Fund 14.2287 14.2363 -0.05% 14.2036 -0.23%
HDFC Cash Management Fund  25.1065 25.1135 -0.03% 25.0565 -0.23%
Religare Invesco Liquid Fund 1652.389 1652.6882 -0.02% 1648.9476 -0.23%
Sundaram Money Fund  25.337 25.3473 -0.04% 25.2935 -0.21%
Baroda Pioneer Liquid Fund 1377.384 1377.6247 -0.02% 1374.7201 -0.21%
Taurus Liquid Fund 1561.402 1561.726 -0.02% 1558.4587 -0.21%
DSP BlackRock Liquidity Fund 28.358 28.3608 -0.01% 28.3021 -0.21%
IDBI Liquid Fund 1289.337 1289.6532 -0.02% 1287.0052 -0.21%
UTI-  Liquid Fund-Cash Plan 1906.262 1906.8792 -0.03% 1903.0043 -0.20%
Axis Liquid Fund  1331.843 1331.8348 0.00% 1329.2837 -0.19%
Tata Liquid Fund Plan A 2218.965 2219.1199 -0.01% 2215.0341 -0.18%
Pramerica Liquid Fund  1001.432 1001.4746 0.00% 999.6694 -0.18%
Birla Sun Life Floating Rate 159.7611 159.7396 0.01% 159.4547 -0.18%
JM High Liquidity Fund 32.7717 32.7679 0.01% 32.7098 -0.18%
Canara Robeco Liquid-Regular Plan 1461.207 1460.997 0.01% 1458.4159 -0.18%
SBI Premier Liquid Fund 1889.596 1889.2991 0.02% 1886.0524 -0.17%
ICICI Prudential Liquid  177.8279 177.7998 0.02% 177.5085 -0.16%
IDFC  Cash Fund  1461.3 1461.2355 0.00% 1458.8483 -0.16%
LIC NOMURA MF Liquid Fund 2178.899 2178.4663 0.02% 2174.9464 -0.16%
HDFC Liquid Fund 23.7116 23.7067 0.02% 23.6685 -0.16%
BOI AXA Liquid Fund- Regular Plan 1383.122 1382.5764 0.04% 1380.3935 -0.16%
Edelweiss Liquid  1185.676 1185.6322 0.00% 1183.8301 -0.15%
MS Liquid Fund  1180.922 1180.6085 0.03% 1178.8718 -0.15%
BNP Paribas Overnight Fund 18.4919 18.4872 0.03% 18.4607 -0.14%
Peerless Liquid Fund 12.5804 12.5759 0.04% 12.5597 -0.13%
Templeton India Cash Management 19.4488 19.4379 0.06% 19.4132 -0.13%
ICICI Prudential Money Market Fund 166.4918 166.3933 0.06% 166.1902 -0.12%
Daiwa Liquid Fund  1342.385 1340.9971 0.10% 1340.0904 -0.07%
Escorts Liquid Plan 18.6029 18.575 0.15% 18.5786 0.02%
Mirae Asset Liquid Fund 1225.228 1223.5215 0.14% 1223.7909 0.02%
  • Shiva says:

    I think its the Debt funds which were left with a bloody nose and have a long road to recovery.

  • Sanjay says:

    i have seen similar impact on “templeton floating rate short term plan”. it would be interesting if you post an article on why floating rate mutual funds were affected even though they were floating rate.