MUMBAI : Franklin Templeton India’s decision to shut down six debt schemes can be traced to its recent predilection for taking credit risks and chasing yields, particularly in schemes where the fund was ideally not supposed to take credit risks.

The worsening economic situation has further soured the credit risk in the fund's books, leading to huge redemption pressure, forcing the fund to shut down the debt schemes.

The six Franklin funds have combined asset under management (AUM) of ₹25,856 crore as on date. The total AUM of Franklin Templeton is ₹1.04 trillion as of March 2020.

As per the data analysed by Mint, these schemes have 64.7% of their holdings in paper rated below AA. For instance, Franklin India Low Duration Fund has 64.7% of

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Franklin Templeton shuts six debt schemes. What does it mean for debt investors?

It looks like the woes of debt fund investors are far from over. In an unprecedented move, Franklin Templeton Mutual Fund has announced the winding up of six of its debt schemes as it faced severe redemption pressure and illiquidity in the bond markets due to the ongoing covid-19 crisis. The schemes that Franklin Templeton Mutual Fund is going to close include Low Duration Fund, Ultra Short Bond Fund, Short Term Income Plan, Credit Risk Fund, Dynamic Accrual Fund and Income Opportunities Fund. According to data available on the Value Research website, these schemes collectively hold assets of ₹30,853 crore in their collective portfolio, as of end of March.

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Covid-19 impact: Franklin Templeton shuts down 6 yield oriented credit funds

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0

A chase for high yields landed Franklin Templeton in a lockdown

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