The daily change in HDFC long duration could be tracked roughly by looking at 30 year Gsec yields.
https://in.investing.com/rates-bonds/india-30-year-bond-yield
When yields go up, your long duration bond fund NAV will go down and vice versa. During the last 1 week the yields rose and thus NAV went down.
Yields rose because markets priced in rate cuts to be delayed a bit more for India. This was primarily because US rate cuts are expected to be delayed too based on the recent set of macro data released in US. India will not risk cutting rates with an aggresively growing economy if US isn’t cutting rates.
As I said before some portion of rate cut expectations are already priced in, the last time I back-calculated, the markets were pricing in rate cuts to begin in august this year. I havent calculated this month yet, but based on the yields rising the first rate cut expectations should have been pushed further down by a month or two.
Daily price change of bonds should not be a concern, since the core reason for holding a long duration fund is rate cuts. You will only realize true price appreciation once rate cuts are imminent or they materialize.
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