Principal Mutual Fund registers 4-6% drop in NAV of three debt schemes overnight2 min read 01 May 2020, 02:32 PM IST
The asset management company may have been a victim of overall redemption pressure that has been affecting debt mutual funds across the industry
Multiple schemes of Principal Mutual Fund recorded sharp fall up to 6% overnight on 30 April as the fund house completely wrote down its exposure to DHFL, which had only been partially written down previously. The highly impacted schemes are Principal Credit Risk Fund, Principal Low Duration Fund, Principal Dynamic Bond Fund and Principal Short Term Debt Fund. The NAV drops in them are 6.29%, 5.72%, 4.22% and 5.69% respectively. Principal MF is a relatively small fund house. The schemes had assets under management of 32 crore, 117 crore, 29 crore and ₹134 crore respectively.
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