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Overview
Medium to Long Duration Funds invest in debt securities while maintaining greater portfolio duration than Medium Duration Funds.
Their longer duration can provide stronger gains when bond yields decline, but it can also create larger losses when yields rise.
Interest-rate risk is therefore central to understanding this category.
Explained
A Medium to Long Duration Fund is an open-ended debt scheme whose portfolio Macaulay duration falls within the range prescribed for the category.
Its portfolio can contain:
The fund is defined by portfolio duration rather than by one particular issuer or credit-rating group.
Explained
The manager maintains a relatively long-duration portfolio and selects securities across the eligible fixed-income market.
Suppose yields on longer-term bonds fall.
Existing bonds paying relatively attractive coupons may become more valuable, resulting in capital appreciation.
If yields rise, those same bonds can fall in price.
Because the portfolio has greater duration, the effect can be more pronounced than in Short or Medium Duration Funds.
Suitability
These funds may suit investors who:
They are generally unsuitable for very short-term cash requirements.
Advantages
Longer-duration securities may appreciate substantially when market yields fall.
The fund manager decides which maturities and issuers offer attractive opportunities within the category mandate.
The portfolio can combine several government and corporate securities.
These funds can provide a deliberate duration allocation for investors who understand interest-rate risk.
Before you invest
Longer-duration bonds are more sensitive to changes in yields. A rise in yields can cause meaningful NAV declines.
Bond markets respond to more than policy-rate changes. Inflation, government borrowing, global yields, liquidity, and market expectations can all influence prices.
Check the quality of corporate bonds within the portfolio. Long duration and low credit quality can create two separate sources of risk.
Debt fund NAVs in this category can fluctuate more than investors accustomed to Liquid or Short Duration Funds may expect.
Review duration periodically because the fund manager can adjust positioning within the category rules.
Taxation
These schemes predominantly invest in debt and money-market instruments.
Where Section 50AA applies, relevant units acquired on or after April 1, 2023 can be treated as short-term capital assets upon redemption or transfer irrespective of holding period.
Gains are generally taxed at the investor's applicable rate.
Step by step
Good to know
It is a debt scheme designed to maintain a longer portfolio duration than Medium Duration Funds under the applicable category framework.
Long-duration bond prices generally move more sharply when market yields change.
Yes. Rising yields, credit-spread changes, or credit events can produce negative returns.
They have different risks. Being a debt fund does not mean capital is guaranteed or that NAV cannot decline.
Duration, YTM, credit quality, issuer concentration, costs, and your own investment horizon are particularly important.
Recap
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FUND
LIC MF Medium to Long Duration Fund-Direct Plan Quarterly Reinvestment Inc Dist cum Cap WdrlDebt Medium to Long Duration₹18.75
0.15%
7.09%
10.08%
3.58%
I
ICICI Prudential Medium to Long Term Fund Direct Plan Monthly Rnvstmnt of Inc Dist cum Cap WdrlDebt Medium to Long Duration₹11.5
0.16%5.17%
7.39%
6.38%
Kotak Medium to Long Term Direct GrowthDebt Medium to Long Duration₹90.72
0.12%5.21%
7.27%
6.18%
SBI Medium to Long Term Fund Direct GrowthDebt Medium to Long Duration₹80.3
0.15%5.03%
6.99%
6.22%
HDFC Medium to Long Term Fund Direct Plan Normal Payout of Income Dis cum Cptl Wdrl OptDebt Medium to Long Duration₹21.29
0.18%4.42%
6.87%
5.95%
JM Medium to Long Term Fund (Direct) Reinvestment of Medium to Long Term Dist cum capital withdrawalDebt Medium to Long Duration₹25.52
0.22%3.78%
6.8%
5.4%
Nippon India Medium to Long Term Fund - Direct Plan - Growth PlanDebt Medium to Long Duration₹104.77
0.12%5.02%
6.77%
6.09%
Bandhan Medium to Long Term Fund Direct Plan GrowthDebt Medium to Long Duration₹74.94
0.04%5.97%
6.68%
5.27%
HSBC Medium to Long Term Fund - Direct GrowthDebt Medium to Long Duration₹48.8
0.19%3.55%
6.58%
5.25%
UTI Medium to Long Term Fund Direct Plan Half Yearly Reinvestment Inc Dist cum Cap Wdrl OptionDebt Medium to Long Duration₹15.61
0.14%4.06%
6.43%
8.56%
LIC MF Medium to Long Duration Fund-Direct Plan Quarterly Payout Inc Dist cum Cap WdrlDebt Medium to Long Duration₹18.75
0.15%7.09%
10.08%
3.58%
I
ICICI Prudential Medium to Long Term Fund Direct Plan GrowthDebt Medium to Long Duration₹44.9
0.16%5.25%
7.31%
6.36%
Kotak Medium to Long Term Direct Annual Reinvestment of Income Distribution cum Cap WdrlDebt Medium to Long Duration₹30.19
0.12%5.21%
7.27%
6.18%
SBI Medium to Long Term Fund Direct Quarterly Reinvestment of IDCWDebt Medium to Long Duration₹23.32
0.15%5.03%
6.99%
6.22%
HDFC Medium to Long Term Fund -Direct Plan - Growth OptionDebt Medium to Long Duration₹67.34
0.18%4.42%
6.87%
5.82%
JM Medium to Long Term Fund (Direct) Payout of Medium to Long Term Dist cum capital withdrawalDebt Medium to Long Duration₹25.52
0.22%3.78%
6.8%
5.4%
Nippon India Medium to Long Term Fund Direct Plan Monthly Reinvestment Inc Dist cum Cap WdrlDebt Medium to Long Duration₹11.35
0.12%4.98%
6.7%
6.04%
Bandhan Medium to Long Term Fund Direct Plan Periodic Payout of Income Dis cum Cptl Wdrl OptDebt Medium to Long Duration₹18.2
0.05%5.87%
6.64%
5.24%
HSBC Medium to Long Term Fund - Direct Quarterly Reinvestment of IDCW optionDebt Medium to Long Duration₹10.48
0.19%3.44%
6.45%
5.12%
UTI Medium to Long Term Fund Direct Plan Half Yearly Payout Inc Dist cum Cap Wdrl OptionDebt Medium to Long Duration₹15.61
0.14%4.06%
6.43%
8.56%
Showing 1–20 of 51
