Aditya Birla Sun Life Corporate Bond Fund - Direct Plan - IDCW

NAVs of 6 Nov 2026

Aditya Birla Sun Life Mutual Fund · Debt fund · Direct plan · IDCW

Corporate BondDirect · IDCW

NAV · 5 Nov 2026

₹10.0520 ▲ 0.35%

Aditya Birla Sun Life Mutual Fund

Fund size₹23,279 crJuly - September 2026

1-month range₹9.95 – 10.05

1 year-8.04%

3 years-3.96%a year

5 years-3.13%a year

What the fund does

Debt fund in the Corporate Bond category, from Aditya Birla Sun Life Mutual Fund.

Fund houseAditya Birla Sun Life Mutual Fund

NAV history

Returns

1 week

+0.88%avg 0.7%

1 month

+0.37%avg 0.3%

3 months

-5.86%avg 0.4%

6 months

-3.63%avg 2.7%

This year

-8.59%avg 4.0%

1 year

-8.04%avg 4.6%

3 years (a year)

-3.96%avg 7.2%

5 years (a year)

-3.13%avg 6.4%

Bars: this plan; the thin mark is the Corporate Bond average (direct plans, growth option). Over a year: yearly averages (CAGR). Past returns do not guarantee future returns. Information only, not investment advice.

Monthly returns (%)

Year	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2024												-5.1
2025	+0.8	+0.4	+1.3	+1.5	+1.1	-0.2	+0.7	-0.4	+0.8	+0.8	+0.6	+0.1
2026	-0.2	+0.9	-6.8	+0.6	+0.2	+2.2	+0.2	-0.0	-6.0	-0.4	+0.9

Each month's change in NAV (the current month to the latest NAV).

What if you had invested?

Amount (₹) Started

Worked out from this plan's actual NAVs. SIP: invested on the first NAV of each month. Taxes and exit loads are not included. Past returns do not guarantee future returns. Information only, not investment advice.

Portfolio as on 30 Sept 2026

Holdings175177 lines in all

Top 10 holdings29.2%of the fund

Debt87.7%bonds, government securities

Money market3.9%CDs, CPs, treasury bills

Where the money is

Equity 1.0%Debt 87.7%Money market 3.9%Cash & others 7.5%

Credit quality (debt and money market)

AAA

74.9%

Sovereign

12.8%

A1+

3.9%

Changes since 31 Aug 2026

Share of fund	30 Sept 2026	31 Aug 2026	Change
Debt	87.7%	87.9%	-0.25
Money market	3.9%	0.9%	+3.00
Cash & others	7.5%	10.3%	-2.74

Change is in percentage points. Bought more and cut back list stocks whose share of the fund moved by at least 0.25 points. A share can also move because the price changed, not only because the fund traded.

Stocks held 13

Holding	Sector / type	% of fund
Corporate Debt Mkt Devp. Fund-A2 INF0RQ622028	–	0.38%
0% GOI - (15/04/2037) STRIPS IN000437C045	Sovereign	0.14%
0% GOI - (15/10/2037) STRIPS IN001037C042	Sovereign	0.11%
0% GOI - (16/06/2027) STRIPS IN000627C074	Sovereign	0.06%
0% GOI - (15/04/2036) STRIPS IN000436C047	Sovereign	0.05%
0% GOI - (15/10/2036) STRIPS IN001036C044	Sovereign	0.05%
Notes: IN000438C043	Sovereign	0.04%
0% GOI - (15/04/2039) STRIPS IN000439C041	Sovereign	0.03%
0% GOI - (15/10/2039) STRIPS IN001039C048	Sovereign	0.03%
0% GOI - (16/06/2028) STRIPS IN000628C072	Sovereign	0.02%
0% GOI - (16/12/2028) STRIPS IN001228C070	Sovereign	0.02%
0% GOI - (16/12/2029) STRIPS IN001229C078	Sovereign	0.02%
0% GOI - (16/06/2030) STRIPS IN000630C078	Sovereign	0.02%

Bonds, money market and cash 164

Holding	Sector / type	% of fund
Government of India (11/05/2036) IN0020260025	Sovereign	5.99%
7.48% National Bank for Agriculture and Rural Development (15/09/2028) INE261F08EO7	CRISIL AAA	4.77%
7.30% Bharti Telecom Ltd. (01/12/2027) ** INE403D08306	CRISIL AAA	2.94%
7.44% National Bank for Agriculture and Rural Development (17/07/2029) INE261F08EU4	ICRA AAA	2.81%
Government of India (27/07/2041) IN0020260041	Sovereign	2.49%
7.43% Jamnagar Utilities & Power Pvt. Ltd. (24/10/2034) INE936D07190	CRISIL AAA	2.30%
6.66% National Bank for Agriculture and Rural Development (12/10/2028) ** INE261F08EP4	ICRA AAA	2.14%
7.80% Bajaj Housing Finance Ltd. (09/02/2034) ** INE377Y07458	CRISIL AAA	2.13%
Net Receivable / Payable	–	2.03%
7.23% Housing and Urban Development Corporation Ltd. (18/07/2029) ** INE031A08AC8	CARE AAA	1.85%
7.35% Bharti Telecom Ltd. (15/10/2027) ** INE403D08272	CRISIL AAA	1.81%
7.62% Summit Digitel Infrastructure Pvt. Ltd. (22/11/2030) ** INE507T07088	ICRA AAA	1.74%
7.49% Embassy Office Parks Reit (22/06/2029) ** INE041007217	CRISIL AAA	1.74%
Canara Bank (10/02/2027) **# INE476A16L54	CRISIL A1+	1.72%
7.29% Small Industries Development Bank of India (09/11/2029) ** INE556F08LG1	CARE AAA	1.71%
Siddhivinayak Securitisation Trust (28/09/2030) ** INE2I7F15012	CRISIL AAA(SO)	1.32%
7.55% Poonawalla Fincorp Ltd. (25/03/2027) ** INE511C07946	CRISIL AAA	1.32%
7.60% Power Finance Corporation Ltd. (13/04/2029) ** INE134E08MX3	ICRA AAA	1.32%
7.42% Power Finance Corporation Ltd. (15/04/2028) ** INE134E08NL6	ICRA AAA	1.31%
7.32% Axis Finance Ltd. (11/01/2029) (FRN) ** INE891K07AM5	CRISIL AAA	1.31%
7.78% Jio Credit Ltd. (07/07/2029) ** INE282H07075	CRISIL AAA	1.30%
7.90% Jamnagar Utilities & Power Pvt. Ltd. (10/08/2028) ** INE936D07182	CRISIL AAA	1.24%
Government of India (07/07/2040) IN0020250042	Sovereign	1.23%
8.12% L&T Finance Ltd. (29/06/2029) ** INE498L07210	CRISIL AAA	1.21%
7.28% REC Ltd. (31/08/2029) ** INE020B08GI3	CRISIL AAA	1.19%
Indian Railway Finance Corporation Ltd. (01/12/2035) (ZCB) ** INE053F08536	CRISIL AAA	1.17%
7.96% Embassy Office Parks Reit (27/09/2027) ** INE041007142	CRISIL AAA	1.12%
7.77% LIC Housing Finance Ltd. (11/08/2028) ** INE115A07QM6	CRISIL AAA	1.10%
7.58% Poonawalla Fincorp Ltd. (08/09/2028) ** INE511C07938	CRISIL AAA	1.10%
8.10% RJ Corp Ltd. (24/09/2029) ** INE460K08061	CRISIL AAA	1.09%
6.64% Housing and Urban Development Corporation Ltd. (17/07/2028) ** INE031A08996	ICRA AAA	1.08%
7.87% Bajaj Housing Finance Ltd. (04/08/2036) ** INE377Y07680	CRISIL AAA	1.06%
7.21% Embassy Office Parks Reit (17/03/2028) ** INE041007167	CRISIL AAA	0.99%
6.87% REC Ltd. (31/05/2030) ** INE020B08FU0	ICRA AAA	0.92%
Government of India (28/08/2032) IN0020020106	Sovereign	0.92%
7.73% Axis Finance Ltd. (12/06/2028) ** INE891K07AF9	CRISIL AAA	0.87%
7.86% Tata Capital Housing Finance Ltd. (21/09/2029) INE033L07IJ1	CRISIL AAA	0.87%
REC Ltd. (19/03/2027) INE020B14748	CRISIL A1+	0.85%
7.90% Aditya Birla Housing Finance Ltd. (08/06/2027) ** INE831R07557	ICRA AAA	0.84%
8.50% TATA Capital Ltd. (06/11/2029) ** INE306N07LO1	ICRA AAA	0.80%
6.59% Power Finance Corporation Ltd. (15/10/2030) ** INE134E08NU7	ICRA AAA	0.78%
7.60% Poonawalla Fincorp Ltd. (28/05/2027) ** INE511C07870	CRISIL AAA	0.77%
6.64% Power Finance Corporation Ltd. (15/07/2030) ** INE134E08NR3	ICRA AAA	0.74%
6.73% Power Finance Corporation Ltd. (15/10/2027) ** INE134E08NW3	ICRA AAA	0.72%
Government of India (30/10/2034) (FRB) IN0020210137	Sovereign	0.71%
7.38% REC Ltd. (28/02/2029) INE020B08GD4	ICRA AAA	0.70%
8.05% Summit Digitel Infrastructure Pvt. Ltd. (31/05/2027) ** INE507T07096	CRISIL AAA	0.66%
7.79% Reliance Industries Ltd. (10/11/2033) ** INE002A07809	CRISIL AAA	0.66%
7.63% Mindspace Business Parks Reit (26/09/2028) ** INE0CCU08015	ICRA AAA	0.66%
7.01% National Bank for Agriculture and Rural Development (16/03/2029) ** INE261F08ES8	ICRA AAA	0.65%
Small Industries Development Bank of India (04/02/2027) **# INE556F16BY8	CRISIL A1+	0.64%
7.93% Bajaj Finance Ltd. (02/05/2034) ** INE296A07SY5	CRISIL AAA	0.60%
7.53% Poonawalla Fincorp Ltd. (24/09/2027) ** INE511C07912	CRISIL AAA	0.59%
7.37% National Bank for Financing Infrastructure and Development (16/07/2029) ** INE0KUG08142	CRISIL AAA	0.59%
7.89% Bajaj Housing Finance Ltd. (14/07/2034) ** INE377Y07508	CRISIL AAA	0.58%
7.42% State Bank of India (29/08/2039) ** INE062A08447	ICRA AAA	0.57%
6.60% REC Ltd. (30/06/2027) INE020B08FZ9	ICRA AAA	0.55%
7.19% Housing and Urban Development Corporation Ltd. (27/03/2035) ** INE031A08954	ICRA AAA	0.53%
7.40% ICICI Bank Ltd. (28/11/2040) ** INE090A08UN9	ICRA AAA	0.52%
TREPS	–	0.51%
Shivshakti Securitisation Trust (28/09/2029) ** INE2I7G15010	CRISIL AAA(SO)	0.50%
7.86% HDFC Bank Ltd. (02/12/2032) ** INE040A08427	CRISIL AAA	0.46%
7.69% Nexus Select Trust (28/05/2027) ** INE0NDH07043	ICRA AAA	0.44%
7.70% LIC Housing Finance Ltd. (16/05/2028) ** INE115A07QJ2	CRISIL AAA	0.44%
7.70% Small Industries Development Bank of India (10/10/2029) ** INE556F08LH9	CRISIL AAA	0.44%
7.34% Small Industries Development Bank of India (26/02/2029) ** INE556F08KS8	CRISIL AAA	0.44%
7.34% REC Ltd. (30/04/2030) ** INE020B08FL9	ICRA AAA	0.43%
6.77% Tata Communications Ltd. (07/08/2028) ** INE151A08356	CRISIL AAA	0.43%
7.16% National Bank for Agriculture and Rural Development (14/12/2029) INE261F08EV2	ICRA AAA	0.43%
Small Industries Development Bank of India (29/01/2027) **# INE556F16BX0	CRISIL A1+	0.43%
7.34% Punjab National Bank (14/02/2035) ** INE160A08324	CRISIL AAA	0.42%
6.65% Rajgarh Transmission Ltd. (05/06/2030) ** INE0N1Z07015	IND AAA	0.42%
7.27% Axis Bank Ltd. (26/11/2035) ** INE238A08518	ICRA AAA	0.42%
7.59% Indian Renewable Energy Development Agency Ltd. (26/07/2034) ** INE202E08193	ICRA AAA	0.41%
7.49% Mindspace Business Parks Reit (03/08/2028) ** INE0CCU07215	ICRA AAA	0.39%
7.40% Bharti Telecom Ltd. (01/02/2029) INE403D08298	CRISIL AAA	0.39%
7.87% Bajaj Finance Ltd. (08/02/2034) ** INE296A07SU3	CRISIL AAA	0.37%
7.19% ICICI Home Finance Co. Ltd. (22/08/2028) ** INE071G07843	CRISIL AAA	0.37%
8.54% REC Ltd. (15/11/2028) ** INE020B08BE3	CRISIL AAA	0.34%
8.20% RJ Corp Ltd. (24/09/2029) ** INE460K08079	CRISIL AAA	0.33%
7.58% REC Ltd. (31/05/2029) ** INE020B08FD6	ICRA AAA	0.33%
7.47% Small Industries Development Bank of India (05/09/2029) ** INE556F08KR0	CRISIL AAA	0.33%
7.65% Sundaram Home Finance Ltd. (29/10/2029) ** INE667F07IW1	ICRA AAA	0.33%
6.47% Indian Railway Finance Corporation Ltd. (30/05/2028) ** INE053F08510	ICRA AAA	0.32%
Radhakrishna Securitisation Trust (28/09/2028) ** INE2I7H15018	CRISIL AAA(SO)	0.32%
7.29% Housing and Urban Development Corporation Ltd. (12/02/2035) ** INE031A08939	ICRA AAA	0.32%
7.55% Bajaj Finance Ltd. (03/04/2035) ** INE296A07TH8	ICRA AAA	0.31%
India Universal Trust AL2 (21/11/2030) ** INE1CBK15037	IND AAA(SO)	0.31%
7.75% Bharti Telecom Ltd. (29/02/2028) ** INE403D08314	CRISIL AAA	0.31%
State Government Securities (24/12/2033) IN1320250211	Sovereign	0.28%
6.66% Small Industries Development Bank of India (25/10/2028) ** INE556F08KZ3	CRISIL AAA	0.28%
Government of India (02/12/2034) IN0020240159	Sovereign	0.28%
7.81% Axis Finance Ltd. (03/08/2029) INE891K07AN3	CRISIL AAA	0.27%
8.52% Housing and Urban Development Corporation Ltd. (28/11/2028) ** INE031A08624	ICRA AAA	0.27%
7.90% Reliance Industries Ltd. (01/10/2036) ** INE002A08716	CRISIL AAA	0.26%
6.92% REC Ltd. (20/03/2032) ** INE020B08DV3	ICRA AAA	0.25%
7.93% Power Finance Corporation Ltd. (31/12/2029) ** INE134E08KI8	ICRA AAA	0.22%
8.19% Summit Digitel Infrastructure Pvt. Ltd. (01/11/2026) ** INE507T07112	CRISIL AAA	0.22%
8.05% Aditya Birla Housing Finance Ltd. (03/12/2027) ** INE831R07482	ICRA AAA	0.22%
7.80% Reliance Life Sciences Pvt. Ltd. (05/11/2027) ** INE11LM07031	CARE AAA	0.22%
7.53% National Bank for Agriculture and Rural Development (24/03/2028) INE261F08EM1	ICRA AAA	0.22%
7.68% National Bank for Agriculture and Rural Development (30/04/2029) ** INE261F08EG3	CRISIL AAA	0.22%
7.51% Small Industries Development Bank of India (12/06/2028) INE556F08KU4	CRISIL AAA	0.22%
7.44% Small Industries Development Bank of India (10/04/2028) INE556F08KT6	CRISIL AAA	0.22%
7.41% Power Finance Corporation Ltd. (25/02/2030) ** INE134E08KL2	ICRA AAA	0.22%
7.22% Small Industries Development Bank of India (10/04/2029) INE556F08LC0	CRISIL AAA	0.22%
7.10% National Bank for Agriculture and Rural Development (29/03/2029) ** INE261F08ET6	ICRA AAA	0.22%
6.61% Power Finance Corporation Ltd. (15/07/2028) ** INE134E08NS1	ICRA AAA	0.22%
Union Bank of India (10/02/2027) # INE692A16NK6	CRISIL A1+	0.21%
State Government Securities (06/03/2034) IN1620180118	Sovereign	0.20%
7.77% REC Ltd. (31/03/2028) ** INE020B08EH0	CRISIL AAA	0.20%
7.90% Sundaram Home Finance Ltd. (24/09/2027) ** INE667F07IV3	ICRA AAA	0.20%
7.41% Bank of Baroda (28/11/2039) ** INE028A08364	CRISIL AAA	0.19%
India Universal Trust AL2 (21/09/2027) ** INE1CBK15029	IND AAA(SO)	0.18%
8.56% REC Ltd. (29/11/2028) ** INE020B08BG8	CRISIL AAA	0.18%
7.30% SMFG India Credit Company Ltd. (10/07/2028) ** INE535H07CQ1	CRISIL AAA	0.17%
7.57% Power Finance Corporation Ltd. (12/07/2033) ** INE134E08MQ7	ICRA AAA	0.17%
7.45% Bharti Telecom Ltd. (15/12/2028) ** INE403D08280	CRISIL AAA	0.17%
7.87% Summit Digitel Infrastructure Pvt. Ltd. (15/03/2030) ** INE507T07146	ICRA AAA	0.16%
8.23% Kotak Mahindra Prime Ltd. (21/12/2026) ** INE916DA7SP4	CRISIL AAA	0.15%
7.26% NTPC Ltd. (20/03/2040) ** INE733E08262	ICRA AAA	0.15%
8.62% National Bank for Agriculture and Rural Development (14/03/2034) ** INE261F08BE4	CRISIL AAA	0.14%
8.49% National Highways Authority of India (05/02/2029) ** INE906B07GO3	CRISIL AAA	0.13%
State Government Securities (04/03/2038) IN4920250250	Sovereign	0.13%
State Government Securities (22/07/2035) IN3420260041	Sovereign	0.11%
7.75% Hindustan Zinc Ltd. (20/03/2027) ** INE267A08038	CRISIL AAA	0.11%
7.23% Power Finance Corporation Ltd. (05/01/2027) ** INE134E08IO0	ICRA AAA	0.11%
6.96% ICICI Home Finance Co. Ltd. (25/02/2028) (FRN) ** INE071G07777	ICRA AAA	0.11%
7.61% Small Industries Development Bank of India (10/08/2029) ** INE556F08LD8	CRISIL AAA	0.11%
7.49% Small Industries Development Bank of India (11/06/2029) ** INE556F08KX8	CRISIL AAA	0.11%
State Government Securities (20/03/2033) IN3520230274	Sovereign	0.11%
6.85% National Bank for Agriculture and Rural Development (19/01/2029) INE261F08EQ2	ICRA AAA	0.11%
7.40% Power Finance Corporation Ltd. (15/01/2035) ** INE134E08NN2	ICRA AAA	0.11%
6.92% Indian Railway Finance Corporation Ltd. (29/08/2031) ** INE053F08122	ICRA AAA	0.11%
6.73% Indian Railway Finance Corporation Ltd. (06/07/2035) ** INE053F07CQ9	ICRA AAA	0.10%
7.79% Power Finance Corporation Ltd. (22/07/2030) ** INE134E08KU3	ICRA AAA	0.10%
7.22% Embassy Office Parks Reit (16/05/2028) ** INE041007175	CRISIL AAA	0.08%
7.92% REC Ltd. (31/03/2030) ** INE020B08CJ0	ICRA AAA	0.07%
7.61% LIC Housing Finance Ltd. (29/08/2034) ** INE115A07QV7	CRISIL AAA	0.06%
Government of India (17/04/2030) IN0020230036	Sovereign	0.06%
8.34% Vertis Infrastructure Trust (18/01/2027) ** INE0KXY07034	CRISIL AAA	0.06%
7.25% Cube Highways Trust (25/04/2028) ** INE0NR607058	ICRA AAA	0.04%
Government of India (26/12/2029) IN0020160118	Sovereign	0.04%
7.97% TATA Capital Ltd. (19/07/2028) ** INE306N07NP4	ICRA AAA	0.04%
7.62% National Bank for Agriculture and Rural Development (10/05/2029) ** INE261F08EH1	CRISIL AAA	0.04%
State Government Securities (29/04/2036) IN3520260032	Sovereign	0.04%
7.68% LIC Housing Finance Ltd. (29/05/2034) ** INE115A07QR5	CRISIL AAA	0.04%
State Government Securities (16/07/2047) IN2220250186	Sovereign	0.04%
Government of India (17/06/2033) IN0020190065	Sovereign	0.03%
Government of India (08/04/2034) IN0020240019	Sovereign	0.03%
8.44% HDFC Bank Ltd. (28/12/2028) ** INE040A08393	CRISIL AAA	0.02%
8.33% Aditya Birla Capital Ltd. (19/05/2027) ** INE860H07IY4	ICRA AAA	0.02%
7.99% TATA Capital Ltd. (08/02/2034) ** INE306N07NN9	ICRA AAA	0.02%
Government of India (07/10/2034) IN0020240126	Sovereign	0.02%
7.79% Bajaj Finance Ltd. (20/09/2033) ** INE296A07SP3	CRISIL AAA	0.02%
7.24% Power Finance Corporation Ltd. (15/01/2035) ** INE134E08NJ0	ICRA AAA	0.02%
State Government Securities (08/09/2031) IN2920210266	Sovereign	0.02%
Government of India (17/12/2050) IN0020200252	Sovereign	0.01%
Government of India (18/11/2039) IN0020240134	Sovereign	0.01%
8.38% Kotak Mahindra Investments Ltd. (21/06/2027) ** INE975F07IR8	ICRA AAA	0.01%
8.33% HDB Financial Services Ltd. (10/05/2027) ** INE756I07EY1	CRISIL AAA	0.01%
Government of India (23/10/2028) IN0020230101	Sovereign	0.01%
8.12% Kotak Mahindra Prime Ltd. (21/06/2027) ** INE916DA7SU4	CRISIL AAA	0.01%
7.97% Kotak Mahindra Prime Ltd. (24/08/2029) ** INE916DA7TM9	CRISIL AAA	0.01%

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From the fund house's monthly portfolio (mutualfund.adityabirlacapital.com), as on 30 Sept 2026. Percentages are of the fund's net assets. Published about ten days after each month ends.

Risk

Volatility9.0%yearly, from daily NAVs

Worst fall-29.04%31 Dec 2020 → 23 Oct 2026

Volatility: how much the NAV moves, as a yearly figure (higher = bumpier). Worst fall: the biggest drop from a high, in the NAV history we hold (from 31 May 2016).

Fund details

Fund size (average AUM, July - September 2026)	₹23,279 cr across all plans · this plan ₹253 cr
Fund house	Aditya Birla Sun Life Mutual Fund
Category	Debt · Corporate Bond
Plan	Direct
Option	IDCW
Scheme code (AMFI)	124832
ISIN	INF209KA1KT0
NAV date	5 Nov 2026

Other plans of this fund

Plan	NAV	1 year
Direct · Growth	₹122.0091	+3.95%
Direct · IDCW	₹12.7430	-1.17%
Regular · Growth	₹119.6719	+3.76%
Regular · IDCW	₹12.5155	-1.36%
Regular · IDCW	₹11.2544	-8.27%

Top Corporate Bond funds (direct plans)

Fund	1 year	3 years (a year)
Franklin India Corporate Bond Fund	+5.42%	+7.89%
BARODA BNP PARIBAS CORPORATE BOND FUND	+5.28%	+7.79%
AXIS Corporate Bond Fund	+4.91%	+7.65%
Nippon India Corporate Bond Fund	+4.52%	+7.47%
DSP Corporate Bond Fund	+5.82%	+7.41%
Kotak Corporate Bond Fund	+4.53%	+7.34%
HSBC Corporate Bond Fund	+4.47%	+7.33%
ICICI Prudential Corporate Bond Fund	+5.08%	+7.31%

All Corporate Bond funds ranked › · Compare with others ›

← All mutual funds

Information only, not investment advice.

What is the NAV of Aditya Birla Sun Life Corporate Bond Fund - Direct Plan - IDCW today?

₹10.0520 as of 5 Nov 2026, from AMFI's official NAV data.

What are the returns of Aditya Birla Sun Life Corporate Bond Fund - Direct Plan - IDCW?

1 year: -8.04%, 3 years: -3.96% a year, 5 years: -3.13% a year

What is the difference between direct and regular plans?

Both invest in the same portfolio. Direct plans are bought straight from the fund house and pay no distributor commission, so their expenses are lower and their NAV grows slightly faster.