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UTI Ultra Short Term Fund is an accrual-oriented income fund with a diversified portfolio of debt and money market instruments which aims to generate reasonable income. The fund is well positioned to capture yield movement at the shorter end of the curve by maintaining a portfolio duration of 3 to 6 months along with a high degree of liquidity.
RBI Governor has recently announced some measures in order to support the economy. One of the measures was conducting second purchase of government securities for an aggregate amount of Rs. 35,000 crores under G-SAP 1.0 on May 20, 2021. Market participants were expecting the RBI to conduct a G-SAP auction of Rs. 25,000 crores, the announcement of additional Rs. 10,000 crores was taken positively by the market and yields of G-sec/corporate bonds rallied by 2 to 5 bps across maturities. With the surge in Covid cases, it is expected that the economic recovery is likely to be slow and RBI is likely to withdraw the liquidity from the system in a gradual manner. With liquidity being in surplus mode in the near term, we expect the yields to be supported at the shorter end of the curve. The market is likely to be data dependent and will takes cues from incoming data points on inflation & growth, rate of Covid vaccination, RBI policy decision, crude oil price trajectory and rupee movement. In such a scenario, UTI Ultra Short Term Fund provides a good investment opportunity to park for short horizon of 3 to 6 months.
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