In this study, we evaluate the performance of Indian fixed-income mutual funds using a comprehensive sample over a ten-year period from April 2010 to March 2020. We examine performance persistence of 190 fixed income funds across 16 fund categories and analyze investment style of the most persistent and top performing funds. We assess performance persistence using recursive portfolio formation test, and analyze investment style using Sharpe's (1992) asset class factor model supplemented with Lobosco and diBartolomeo (1997) approach for statistical robustness. We also study the correlation between performance persistence and style consistency and find persistent funds to be less consistent in style. Our findings indicate that a substantial proportion (73%) of the funds considered were under-performers. Our results pertaining to style analysis indicate substantial drift in investment style from regulator-mandated investment objectives. Further, the study nudges regulators to revisit the prevailing practice of fund classification based on Macaulay's duration. In light of the growing prominence of Indian fixed income securities, the findings of this study are all the more pertinent to investors, asset management companies and policy makers.

在本研究中，我们使用 2010 年 4 月至 2020 年 3 月十年间的综合样本评估了印度固定收益共同基金的业绩。我们检查了 16 个基金类别的 190 只固定收益基金的业绩持续性，并分析了印度固定收益共同基金的投资风格最持久和表现最好的基金。我们使用递归投资组合形成测试评估业绩持久性，并使用 Sharpe (1992) 资产类别因子模型辅以 Lobosco 和 diBartolomeo (1997) 统计稳健性方法来分析投资风格。我们还研究了业绩持续性和风格一致性之间的相关性，发现持续性基金的风格不太一致。我们的调查结果表明，所考虑的基金中有很大一部分 (73%) 表现不佳。我们与风格分析相关的结果表明，投资风格与监管机构规定的投资目标存在重大差异。此外，该研究促使监管机构重新审视基于麦考利期限的基金分类的现行做法。鉴于印度固定收益证券日益突出，这项研究的结果对投资者、资产管理公司和政策制定者来说更加相关。