Bond Funds are yielding over 20 per cent, should you invest now?
The 10-year government bond yield is currently trading at a level we saw during the ‘demonetisation’ of year 2016. The bond yields are down by 100 basis points since the start of the financial year. What led to such fall is a confluence of events such rate cuts by RBI, government’s proposal to raise part of its gross borrowing programme in foreign currencies and finally the drop in the wholesale price index (WPI). This has raised the hopes for reduction of the key policy rates further. The 10-year bond yield dropped to 6.33 per cent on July 16, 2019.
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)
The impact of such a fall in the bond yield is reflected in the bond funds especially the long duration and gilt funds. All the funds in this category have given return in double digit compared to mid-cap and small-cap funds giving negative returns.
| Trailing Return in (%) |
Fund Category | One Week | One Month | 3 Month | One Year |
Long Duration | 1.8 | 5.48 | 11.63 | 21.6 |
Gilt | 1.35 | 3.83 | 8.06 | 15.75 |
Sectoral-Banking | -0.01 | 0.24 | 1.07 | 12.74 |
Dynamic Bond | 0.83 | 2.36 | 3.75 | 10.08 |
Liquid | 0.12 | 0.53 | 1.67 | 6.86 |
The table clearly shows that Debt funds have clearly outperformed the Equity funds.
Fall in the bond yield has been a global phenomenon. Around the world economies are slowing down and central banks are once again playing a major role in this. In Europe, the Federal Reserve and European Central Bank has hinted towards loosening monetary policy instead of tightening it. Even the US Fed has signalled a possible cut in the policy rates in the months ahead.
The days of super returns are over for bond funds and hence you should not join the bandwagon now. One of the thumb rule to apply while investing in bond funds is to check its yield if it is above long term average you can enter otherwise it is not advisable to take fresh positions, until and unless it fits into some of your financial goals.