Fund Name: ICICI Pru Money Market (G)
CRISIL Rank: 4
Category: Debt – Liquid
Expense ratio: 0.35%
Risk Level: Low
Benchmark: Crisil Liquid
Objective: To enable idle cash to be deployed for very short periods of time. Therefore, it seeks to invest only in very liquid, short term instruments, of the highest credit quality. The intent is to protect the portfolio from risks of changes in value, by focusing on earning interest income, without taking undue risks. The portfolio is entirely made up for short term debt securities and manages to keep a low, but steady rate of growth in its Net Asset Value (NAV).
ICICI Pru Money Market (G) has made its inception in the year 2006. Since inception, it has produced annualized returns of 7.32%. It has managed to match the benchmark index as well as category average consistently in the 1, 3 and 5 year returns.
Top 5 holdings of the fund include South Indian Bank, Indusind Bank, OBC, Vodafone Essar and Sesa Sterlite. The fund invests in instruments of low interest rate sensitivity and high credit quality. Lower sensitivity towards interest rates indicates lesser risk. It is a great alternative to saving bank account since it offer high returns but same liquidity.