Best & Worst Mutual Fund Schemes
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  • Franklin Templeton's 6-closed debt schemes received Rs1,964 cr from proceeds: Sapre
    Franklin Templeton India's President Sanjay Sapre has told investors that its six debt schemes which are being wound up have received Rs 1,924.21 crore from routine proceeds including maturities, pre-payments and coupon payments since the announcement of the closure of the funds in April.
     
    "From April 24, 2020 to June 15, 2020, the schemes have received Rs 1,964.21 crore from maturities, pre-payments, and coupon payments," Sapre said in a letter addressed to the investors.
     
    The schemes which are being wound up have assets of over Rs 25,000 crore.
     
    He further said that two of the six schemes -- Franklin India Ultra Short Bond Fund and Franklin India Dynamic Accrual Fund -- have repaid their bank borrowings and are cash positive.
     
    "These schemes can start repayments to investors subject to a successful Unitholder Vote. We anticipate that Franklin India Ultra Short Bond Fund will have in excess of 7 per cent of its AUM available to distribute to Unitholders by the end of June 2020, and Franklin India Dynamic Accrual Fund could have in excess of 6 per cent of AUM by the same time," he said.
     
    In one more scheme, Franklin India Credit Risk Fund, the borrowing level has come down to 11.25 per cent from its original level of 22.27 per cent on April 24, 2020.
     
    The letter noted that the cash has been generated only through pre-payments, scheduled maturities and coupon payments and the mutual fund house would be able to accelerate monetisation post a successful Unitholder vote.
     
    He noted that the E-Voting and Unitholder's meet for the six schemes under winding up cannot be conducted till the stay order issued by the Gujarat High Court is vacated.
     
    "In the meanwhile, we have been working to analyze the portfolio of each scheme and develop a monetization strategy for each of the securities in the portfolio. The schemes continue to receive maturities, pre-payments and coupon payments. However, an efficient monetization of assets and distribution of investment proceeds will be possible only after obtaining consent of the unitholders," said the letter.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    Sudhir Bhimani

    1 month ago

    Why they don't have a system of paying back 1 or 2 lakh per week to all folio holders & pay back all small (majority) of investors like this in next 6 months? Corporate / bigger investors payment can be over longer period of time. Money life should take up this as small investors cause.

    It’s a Joke How Certain Investments Get into the Portfolios of Debt Mutual Fund Schemes
    The Templeton Mutual Fund fiasco is not the first one to affect the mutual fund (MF) industry. And, definitely, it will not be the last. The entire business is driven by the holy term ‘AUM’ (assets under management). The more the AUM, the more is the fee asset management companies (AMCs) earn. The sales people use short-term performance as their key selling tool. The sales people and the...
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