{"id":4183,"date":"2020-01-18T02:23:10","date_gmt":"2020-01-18T02:23:10","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=4183"},"modified":"2021-12-15T13:24:19","modified_gmt":"2021-12-15T13:24:19","slug":"franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/","title":{"rendered":"Franklin (FT) Ultra Short Term Fund down 4%+ on 16th Jan &#8211; What happened?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d77d1e3e351\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d77d1e3e351\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/#What_happened\" title=\"What happened?\">What happened?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/#Why_did_FT_do_this\" title=\"Why did FT do this?\">Why did FT do this?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/#Other_affected_schemes\" title=\"Other affected schemes\">Other affected schemes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/#Should_I_exit\" title=\"Should I exit?\">Should I exit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/#Interested_in_how_we_think_about_the_markets\" title=\"Interested in how we think about the markets?\">Interested in how we think about the markets?<\/a><\/li><\/ul><\/nav><\/div>\n<p>Unusually for a fund in its category (Ultra Short Term Funds), <a href=\"https:\/\/kuvera.in\/explore\/amc\/franklin\" target=\"_blank\" rel=\"noopener noreferrer\">Franklin Templeton<\/a> (FT) reported a drop of 4%+ on its <a href=\"https:\/\/kuvera.in\/explore\/franklin-india-ultra-short-bond-super-institutional-growth--485-GR\" target=\"_blank\" rel=\"noopener noreferrer\">Franklin Ultra Short Term Fund<\/a> on 16th January. Five other schemes of the fund house are similarly impacted:<\/p>\n<ul>\n<li><a href=\"https:\/\/kuvera.in\/explore\/franklin-india-low-duration-growth--492-GR\" target=\"_blank\" rel=\"noopener noreferrer\">FT India Low Duration Fund\u00a0<\/a><\/li>\n<li><a class=\"kuvera-app__utility_upper-case m-hide-content\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-dynamic-accrual-growth--444-GR\" target=\"_blank\" rel=\"noopener noreferrer\">FT India Dynamic Accrual Fund<\/a><\/li>\n<li><a class=\"kuvera-app__utility_upper-case m-hide-content\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-credit-risk-growth--494-GR\" target=\"_blank\" rel=\"noopener noreferrer\">FT India Credit Risk Fund<\/a><\/li>\n<li><a class=\"kuvera-app__utility_upper-case m-hide-content\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-short-term-income-retail-growth--436-GR\" target=\"_blank\" rel=\"noopener noreferrer\">FT India Short Term Income Plan<\/a><\/li>\n<li><a class=\"kuvera-app__utility_upper-case m-hide-content\" href=\"https:\/\/kuvera.in\/explore\/franklin-india-income-opportunities-growth--491-GR\" target=\"_blank\" rel=\"noopener noreferrer\">FT India Income Opportunities Fund<\/a><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter wp-image-4196 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/01\/FTUST.png\" alt=\"\" width=\"1349\" height=\"839\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/01\/FTUST.png 1349w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/01\/FTUST-300x187.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/01\/FTUST-768x478.png 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2020\/01\/FTUST-1024x637.png 1024w\" sizes=\"(max-width: 1349px) 100vw, 1349px\" \/><\/p>\n<h4><span class=\"ez-toc-section\" id=\"What_happened\"><\/span><strong>What happened?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>The NAV correction is because the debt securities of Vodafone Idea Ltd (VIL) held in the schemes of FT have been marked down to zero. The fund house has also restricted further purchases in these schemes to below Rs 200,000 per day.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Why_did_FT_do_this\"><\/span><strong>Why did FT do this?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><strong>FT&#8217;s view:<\/strong> This is pursuant to uncertainty around VIL&#8217;s ability to honour its near term (23rd January) debt obligations. A Supreme Court order on 16th January did not provide relief to VIL from its liabilities towards AGR dues. Since the credit rating of these instruments remains BBB- (investment grade) at the time of this note, the side pocketing option is not available.<\/p>\n<p>Writing down the value of holdings before a rating change is conservative, meant to protect existing investors. Limiting further purchases ensures <em>&#8220;the interest of existing unitholders has not been significantly diluted in the interim through fresh purchase activity while limiting the inconvenience to retail investors.<\/em>&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Our view: <\/strong>In our opinion by marking the debt to zero FT has created two incentives &#8211;<\/p>\n<p>1\/ Existing investor is incentivized to continue with their units as selling now would mean realizing complete loss in VIL debt and not participating in any subsequent recovery. So <strong>marking VIL debt to zero is in effect a gate to prevent existing investors to sell.\u00a0<\/strong>This is justified to a certain extent because if FT doesn&#8217;t write down then the smart money would have sold at higher prices and those who do not sell would have been left holding the can when the write-down eventually happened. If the exits were to be high then they would only be able to liquidate non-VIL paper and the fund may have gone into passive non-compliance like the DHFL fund. Other fund houses who have not written down will\/should see selling except the close-ended ones &#8211; and that would be the smart money exiting those schemes.<\/p>\n<p>2\/ By marking VIL debt to zero investors have an incentive to buy VIL debt at zero cost and still participate in any future recovery. That you can only invest up to Rs 2 lakh per day is not a meaningful restriction for most retail investors. So <strong>marking VIL debt to zero becomes a selling point for the fund for new money.<\/strong><\/p>\n<p>So while we think taking the full write-down was a good idea, they should have restricted all new buys into the fund.<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Other_affected_schemes\"><\/span><strong>Other affected schemes<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table style=\"height: 486px;\" width=\"512\">\n<tbody>\n<tr>\n<td width=\"331\"><\/td>\n<td width=\"122\">AUM in Cr<\/td>\n<td width=\"135\">VIL in Cr<\/td>\n<td width=\"66\">% AUM<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-credit-risk-growth--UTCOD2-GR\">UTI Credit Risk <\/a><\/td>\n<td>1447<\/td>\n<td>254<\/td>\n<td>17.55%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-bond-growth--UTBND2-GR\">UTI Bond Growth<\/a><\/td>\n<td>501<\/td>\n<td>42<\/td>\n<td>8.32%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/nippon-india-hybrid-bond-growth--MIAG-GR\">Nippon India Hybrid Bond <\/a><\/td>\n<td>1375<\/td>\n<td>102<\/td>\n<td>7.42%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-regular-saving-growth--UTMID2-GR\">UTI Regular Saving<\/a><\/td>\n<td>2068<\/td>\n<td>115<\/td>\n<td>5.57%<\/td>\n<\/tr>\n<tr>\n<td>\n<table>\n<tbody>\n<tr>\n<td width=\"331\"><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-regular-saving-growth--BS313GZ-GR\">ABSL Saving<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<td>1787<\/td>\n<td>67<\/td>\n<td>3.77%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-dynamic-bond-growth--UTDBD2-GR\">UTI Dynamic Bond <\/a><\/td>\n<td>450<\/td>\n<td>17<\/td>\n<td>3.76%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-equity-hybrid-95-growth--BSAGZ-GR\">ABSL Equity Hybrid 95 <\/a><\/td>\n<td>10512<\/td>\n<td>346<\/td>\n<td>3.29%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-medium-term-growth--UTMZD2-GR\">UTI Medium Term <\/a><\/td>\n<td>232<\/td>\n<td>3<\/td>\n<td>1.46%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-childrens-career-saving-growth--UTCBD1-GR\">UTI Childrens Career Saving\u00a0<\/a><\/td>\n<td>3615<\/td>\n<td>51<\/td>\n<td>1.40%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-medium-term-growth--BS303GZ-GR\">ABSL Medium Term <\/a><\/td>\n<td>4814<\/td>\n<td>67<\/td>\n<td>1.39%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/nippon-india-credit-risk-growth--SDAG-GR\">Nippon India Credit Risk<\/a><\/td>\n<td>5283<\/td>\n<td>61<\/td>\n<td>1.16%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/aditya-birla-sun-life-short-term-opportunities-growth--BS341GZ-GR\">ABSL Short Term Opportunities<\/a><\/td>\n<td>3141<\/td>\n<td>34<\/td>\n<td>1.08%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/nippon-india-strategic-debt-growth--RLCBAG-GR\">Nippon India Strategic Debt<\/a><\/td>\n<td>2306<\/td>\n<td>16<\/td>\n<td>0.70%<\/td>\n<\/tr>\n<tr>\n<td><a href=\"https:\/\/kuvera.in\/explore\/uti-retirement-benefit-pension-growth--UTRPD1-GR\">UTI Retirement Benefit Pension<\/a><\/td>\n<td>2785<\/td>\n<td>17<\/td>\n<td>0.61%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Outlook Asia Capital (*as on 16th Jan.)<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Should_I_exit\"><\/span><strong>Should I exit?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Exiting now would be a knee jerk reaction and would just result in unitholders realizing the loss now. Any possible recovery from VIL towards debt exposure will benefit only continuing unitholders in the current situation.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>You can<\/strong> <strong>read the <a href=\"https:\/\/www.franklintempletonindia.com\/downloadsServlet\/pdf\/franklin-templeton-fixed-income-portfolio-update-january-2020-k4z79buz\">update by Franklin Templeton India here<\/a>.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Interested_in_how_we_think_about_the_markets\"><\/span>Interested in how we think about the markets?<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Zen And The Art Of Investing<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>Watch\/hear on YoutTube:<\/p>\n<p><iframe loading=\"lazy\" title=\"KUVERA in Media\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/videoseries?list=PLDSzQdT9nLmDSP3gSlDkPcUl-cfeI-KeB\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a> and <a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unusually for a fund in its category (Ultra Short Term Funds), Franklin Templeton (FT) reported a drop of 4%+ on its Franklin Ultra Short Term Fund on 16th January. Five other schemes of the fund house are similarly impacted: FT India Low Duration Fund\u00a0 FT India Dynamic Accrual Fund FT India Credit Risk Fund FT [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/franklin-ft-ultra-short-term-fund-down-4-on-16th-jan-what-happened\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":4199,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[91],"tags":[77,188,305,307,306],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Franklin (FT) Ultra Short Term Fund down 4%+ on 16th Jan - What happened? - Kuvera<\/title>\n<meta name=\"description\" content=\"FT has marked the Vodafone debt in 6 of its schemes to zero. 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