An open-ended debt fund, the HDFC Money Market Fund invests in money market securities including commercial papers, certificates of deposits, commercial bills, Treasury bills, and government securities for a total maturity of less than one year. The fund has been rated 4-star by Morningstar and 3-star by Value Research. The fund has now functioned for 23 years since being introduced on November 18, 1999. The investment strategy employs money market products with a maximum one-year maturity. Money market securities have durations of less than a year, therefore the scheme has a minimal interest rate risk and, as the fund house recommends, is best suited for an investment term of three to twelve months. Let’s now examine how the fund has done during the course of its existence based on returns documented as of October 31, 2022, provided that the fund has provided a CAGR of 7.06% since inception.