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Mutual fund is an investment avenue where the money invested by the investor is diversified in to varied investment portfolios. The investment in MF’s are subject to market risk, most investors avoid investing in them due to the risks associated with it. However, investment in mutual funds has gained popularity over the years. It is an ideal investment option for those investors who look for high returns with less risk. There are various schemes in mutual fund and the investors can choose the schemes that are best suitable as per their risk profile. Hence, the study was mainly conducted on the debt mutual fund with the main objective of analyzing the factors affecting the debt mutual fund performance. The performance of the funds were analyzed based on the factors such as asset under management, expense ratio, yield to maturity, modified duration, Macaulay duration and asset allocation. For the study secondary data has been used and for the analysis various debt fund schemes of varied mutual funds such as low duration fund and short term fund were selected. Therefore, from the study conducted the schemes that have outperformed all together are ICICI Prudential Low Duration Fund as a result one must prefer investing in this fund.