Bitter lesson shapes fund manager’s cautious credit view

Nippon Life India Asset Management Ltd., the country’s fifth-biggest mutual fund, won’t invest in rupee corporate notes rated below AA, except where required by mandate, said Amit Tripathi, chief investment officer for debt at the company. The fund also prefers government debt to AAA rated public sector bonds, joining a chorus of asset managers favoring sovereign issuance over credit risk during the pandemic.

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