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To invest call your advisoror SMS TMIP to 575758
TIMESM O N T H L Y R E P O R T • J U N E 2 0 1 0
Monthly Income Plan with the Gold Difference
NEW FUND OFFER
DEBT + EQUITY + NFO Closes - 23rd July, 2010
Mutual Fund investments are subject to market risk. Read Scheme Information Document before investing
HOUSE OF TAURUS
INDEX Page No.
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TAURUS STARSHARE
AN OPEN-END EQUITY SCHEME WITH A FOCUS ON MULTI CAP STOCKS
TAURUS INFRASTRUCTURE FUND ...............................................................................................................................................................................5
AN OPEN-END EQUITY THEMATIC SCHEME
TAURUS ETHICAL FUND .......................................................................................................................................................................................................6
AN OPEN-END EQUITY ORIENTED SCHEME
TAURUS TAX SHIELD ..............................................................................................................................................................................................................7
AN OPEN-END EQUITY LINKED SAVING SCHEME (ELSS)
TAURUS NIFTY INDEX FUND .......................................................................................................................................................................................... 8
AN OPEN-ENDED INDEX LINKED EQUITY SCHEME
TAURUS BONANZA FUND .................................................................................................................................................................................................9
AN OPEN-END EQUITY SCHEME WITH A LARGE CAP FOCUS
TAURUS DISCOVERY FUND ............................................................................................................................................................................................10
AN OPEN-END EQUITY FUND WITH MID CAP AND SMALL CAP FOCUS
TAURUS ULTRA SHORT TERM BOND FUND ....................................................................................................................................................11
AN OPEN-END DEBT SCHEME
TAURUS LIQUID FUND .......................................................................................................................................................................................................12
AN OPEN-END LIQUID SCHEME
TAURUS SHORT TERM INCOME FUND........................................................................................................13
AN OPEN-END BOND SCHEME
TAURUS GILT FUND .............................................................................................................................................................................................................14
AN OPEN-END GILT SCHEME
.................................................................................................................................................................................................................4
FROM THE CEO'S DESK
Dear Investor,
The first quarter of FY 2010-11 has come to an end. As I pen down my thoughts today on July 2nd, comes the news that RBI has raised the repo and reverse repo rates by 25 bps well ahead of the Monetary Policy to be presented on July 27th. CRR has been left untouched. This is a clear indication that keeping the inflationary pressures in check is RBI's priority right now. Progress of monsoon so far has been on predictable lines. A normal monsoon was expected to have a sobering effect on the food prices. But then Govt. took the bold measure of partial deregulation of oil / fuel prices. Increase in the prices of petrol, diesel & kerosene would have added fuel to the already high inflation and hence RBI had to step in. We might see, some more hike in repo and /or reverse repo rates in the next few months and interest rate may gradually inch up but this is not likely to stem the growth that we have been witnessing.
We are likely to witness credit pick up in the second half of the fiscal as corporate capex recovery gathers steam. Banks have fixed base rates in the range of 7.25 to 8.50%. Initial reports indicate that the Advance tax numbers have been robust and we await the announcement of the quarterly results by Corporates. While the rest of the world still grapples with uncertainty on the sustainability of the recovery, India is among the few nations which have acquitted themselves well during these trying times. The markets world over have been choppy with global economic slowdown concerns leading to risk aversion for investing in the developed markets. As things stand today, India appears to have better economic stability and the number of investors going gung-ho on India increases by the day. In days to come Indian markets should exhibit far more resilience. I think investors should shun their misgivings and invest in the India story with at least 3 to 5 years perspective and in all probability they would reap handsome gains.
Our Equity Funds continue to perform well. As on May end, Taurus Infrastructure Fund was rated 5-Star and Taurus Tax Shield4-Star by Value Research. Taurus Ethical Fund has created a niche for itself and it continues to outperform the benchmark month on month. Our Fixed Income schemes in the meantime continue to deliver a consistent top quartile performance.
We successfully launched Taurus Nifty Index Fund during the first week of June with collections close to Rs. 120 mn. The scheme is now open for ongoing subscriptions. We have recently launched our New Fund Offering: 'Taurus MIP Advantage' - a monthly income plan with the 'gold' difference. It is a multi-asset product with exposure to Fixed Income Instruments (65% to 95%), Equity (0% to 25%) & Gold ETFs (5% to 25%). This product is better placed to give superior risk adjusted returns as the Fund Managers have greater flexibility in allocating the assets between equity & gold and rebalancing the portfolio as and when new situations/opportunities emerge. With real returns from fixed income instruments going into negative territory due to high inflation and with 'gold' having been acknowledged as hedge against inflation, the risk-averse investors with a medium to long term investment horizon may be better served with a product like Taurus MIP Advantage. The concept has been appreciated by our channel partners and we are enthused by their initial response. The NFO is open till July 23 and we would welcome you to get a flavour of this product also.
We hope you'll take advantage of the three asset classes by investing in this NFO through your investment advisor.
Kind regards
Yours truly,
Waqar NaqviChief Executive
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TAURUS STARSHARE - AN OPEN-END EQUITY SCHEME WITH A FOCUS ON MULTI CAP STOCKS
Date of Allotment: Jan 29, 1994.Dividend Option introduced on Jan 1, 2009.
Net Asset Value (NAV) Rs.: 37.22 (D), 52.86 (G) per unit.AAUM: Rs. 165.65 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs. 1000/ thereof.Sharpe Ratio: 0.76Standard Deviation: 19.09Alpha: 6.44Beta: 0.67(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
FUND DATA As on 30th June 2010
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
The basic objective of the Scheme is to provide long-term capital appreciation. Emphasis will be on sharing growth through appreciation as well as on distribution of income by way of dividend.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
1 Year 23.82 27.223 Years 4.89 7.585 Years 22.39 19.47 Since Inception 10.67 9.58
Past performance may or may not be sustained in future.
*Benchmark IndexNote: Returns are calculated on compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
Rs. 5 per unit dividend in July 2009Rs. 3 per unit dividend in November 2009Rs. 5 per unit dividend in March 2010
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
DIVIDEND HISTORY
NAV BSE 200*
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year• Nil if exited after 1 year
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
4
Fund Manager's Comment: Oil Price deregulation has fuelled a spark of furthered deregulation in the several sector including Media, Banking and Insurance. We feel the Govt is on firm footing as far as the reforms are concerned and we believe this will create a good theme to play in the markets. On the other side we continue to invest in sectors which are expected to get benefited by the increase in the discretionary expenditure.
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Jain Irrigation Systems Ltd. 5.96
Reliance Industries Ltd. 5.01
Infosys Technologies Ltd. 4.90
ICICI Bank Ltd. 4.38
Coromandel International Ltd. 4.23
Financial Technologies India 4.21
Exide Industries Ltd. 3.99
Oil & Natural Gas Corporation Ltd. 3.30
Rallis India Ltd. 3.17
Housing Development Finance Cor Ltd3.09
Mahindra & Mahindra Ltd. 3.02
Pantaloon Retail (India) Ltd. 2.97
AIA Engineering Ltd. 2.87
Tata Steel Ltd. 2.70
Chambal Fertilisers & Chemicals Ltd. 2.48
Greaves Cotton Ltd. 2.45
Bharat Heavy Electricals Ltd. 2.40
State Bank of India 2.26
Larsen & Toubro Ltd. 2.25
Titan Industries Ltd. 1.92
ING Vysya Bank Ltd. 1.89
Vijaya Bank 1.88
Navneet Publications (India) Ltd. 1.66
Apollo Hospitals Enterprise 1.58
Motherson Sumi Systems Ltd. 1.49
IRB Infrastructure Developers Ltd 1.45
Indraprastha Gas Limited 1.34
Jubilant Organosys Limited 1.32
Jet Airways (India) Ltd. 1.15
Cipla Ltd. 1.13
Infrastructure Development Finance Co. Ltd.1.08
Onmobile Global Limited 1.03
ITC Ltd. 1.00
United Phosphorus Ltd. 0.96
Apollo Tyres Ltd. 0.73
Power Finance Corporation Limited0.57
Hindustan Zinc Ltd. 0.57
Cash & Others 11.63Total - Equity 88.37
TOTAL 100.00
EQUITY SECTOR ALLOCATION
0.57
1.03
1.34
1.58
2.25
2.45
2.60
2.70
2.97
3.02
3.30
4.13
4.57
4.73
5.01
5.28
6.20
6.72
8.41
9.11
10.40
0.00 5.00 10.00 15.00
Non - Ferrous Metals
Telecom - Equipment & Accessories Gas
Healthcare Services
Construction Project
Pharmaceuticals
Transportation
Ferrous Metals
Retailing
Auto
Oil
Pesticides
Consumer Non Durables
Finance
Petroleum Products
Industrial Capital Goods
Auto Ancillaries
Fertilisers
Industrial Products
Software
Banks
NAV movement in the last one year vis-a-vis BSE 200
Taurus Starshare BSE 200
-
10.00
20.00
30.00
40.00
50.00
60.00
Jul - 0
9
Aug -
09
Sep -
09
Oct -
09
Nov -
09
Dec -
09
Jan - 1
0
Feb -
10
Mar -
10
Apr -
10
May -
10
Jun - 1
0
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TAURUS INFRASTRUCTURE FUND - AN OPEN-END EQUITY THEMATIC SCHEME
To provide capital appreciation and income distribution to unitholders by investing pre-dominantly in equity and equity related securities of the companies belonging to infrastructure sector, it's related industries inclusive of suppliers of capital goods, raw materials and other supportive services to infrastructure companies and balance in debt and money market instruments.
Sale and repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV BSE 200*
1 Year 27.63 27.22
3 Years 8.72 7.58
Since Inception 11.07 13.59
Past performance may or may not be sustained in future.
*Benchmark Index
Note: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
FUND DATA As on 30th June 2010
Date of Allotment: Mar 5, 2007.Net Asset Value (NAV) Rs.: 14.22 (D), 14.18 (G) per unit.AAUM: Rs. 28.42 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs. 1000/ thereof.Sharpe Ratio: 1.06Standard Deviation: 20.63 Alpha: 13.66Beta: 0.68(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year • Nil if exited after 1 year
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
Best Turnaround Fundby Businessworld for the year 2009-10
Fund Manager's Comment: The fund continued to fare well in the Infrastructure and diversified equity category. The IIP for the month of April stands at 17.6% which reflects a strong growth in the infrastructure sector. RBI's new initiative of bank backed bond will help the infra companies to raise funds on a competitive rates.We believe the Infra Company will see a strong order book growth and in a stable and declining commodity prices scenario, these companies may report strong earning growth.
EQUITY SECTOR ALLOCATION
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Jain Irrigation Systems Ltd. 6.92
Greaves Cotton Ltd. 6.56
Hindustan Zinc Ltd. 5.39
Financial Technologies India 5.36
Apollo Tyres Ltd. 5.34
Exide Industries Ltd. 5.15
AIA Engineering Ltd. 4.92
Apollo Hospitals Enterprise 4.73
Mundra Port & Special Eco Zone Ltd4.69
Tata Steel Ltd. 4.05
Hindalco Industries Ltd. 3.74
Reliance Infrastructure Limited 3.43
Indraprastha Gas Limited 3.34
Power Finance Corporation Limited3.27
Mercator Lines Limited 3.22
Crompton Greaves Ltd. 2.94
IRB Infrastructure Developers Ltd. 2.69
Hindustan Dorr Oliver Ltd. 2.50
GMR Infrastructure Limited 2.20
Kirloskar Engines India Ltd. 1.91
Allied Digital Services Limited 1.73
Havells India Limited 1.64
Bajaj Electricals Limited 1.51
Larsen & Toubro Ltd. 1.44
Ashok Leyland Ltd. 1.40
Siemens Ltd. 1.36
Bharat Heavy Electricals Ltd. 1.10
Kirloskar Industries Ltd. 0.29
Cash & Others 7.18
Total - Equity 92.82
TOTAL 100.00
1.40
1.73
1.91
3.14
3.27
3.34
3.43
3.64
4.05
4.73
5.36
9.13
10.49
10.60
12.82
13.78
0.00 5.00 10.00 15.00
Auto
Hardware
Miscellaneous
Consumer Durables
Finance
Gas
Power
Construction Project
Ferrous Metals
Healthcare Services
Software
Non-ferrous Metals
Auto Ancillaries
Transportation
Industrial Capital Goods
Industrial Products
NAV movement in the last one year vis-a-vis BSE 200
-
2.0000
4.0000
6.0000
8.0000
10.0000
12.0000
14.0000
16.0000
Jul-09
Aug-
09
Sep-09
Oct-09
Nov-
09
Dec-
09
Jan-10
Feb-10
Mar-1
0
Apr-
10
May-
10
Jun-10
BSE 200Taurus Infrastructure Fund
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TAURUS ETHICAL FUND - AN OPEN-END EQUITY ORIENTED SCHEME
Date of Allotment: April 6, 2009
AAUM: Rs. 24.58 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Re. 1/- thereof.
Sharpe Ratio: 1.75Standard Deviation: 17.94 Alpha: 23.96Beta: 0.61(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
FUND DATA As on 30th June 2010
Net Asset Value (NAV) Rs.: 16.85 (D), 22.48 (G), 22.47 (B) per unit.
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
To provide capital appreciation and income distribution to unitholders through investment in a diversified portfolio of equities, which are based on the principles of Shariah.
Sale & repurchase on all business days.
Tax free dividends in the hands of Investor, No Gift Tax, No Wealth Tax as per the present Income Tax Act.
Period Returns (%)
3 Months 6.24 2.60
6 Months 12.34 3.04
1 Year 43.46 27.63
Since Inception 92.63 58.03
Past performance may or may not be sustained in future.*Benchmark IndexNote: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
Rs. 2 per unit dividend in Feb. 2010, Re. 1 per unit dividend in September 2009, Rs. 1.5 per unit dividend in July 2009.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
DIVIDEND HISTORY
NAV S&P CNX 500 Shariah Index*
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year • Nil if exited after 1 year
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
Fund Manager's Comment: A concentrated portfolio has helped since inception of the fund and we will continue to adopt the same strategy especially in the wake of limited universe available for investing.Given the limited universe of the investment the stock selection is the key factor in the performance. We continue to invest in the companies with strong cash generation model and high asset turnover ratio.
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Rallis India Ltd. 6.89
Navneet Publications (India) Ltd.6.56
Divis Laboratories Ltd. 6.32
Hindustan Zinc Ltd. 5.59
Apollo Hospitals Enterprise 5.44
United Phosphorus Ltd. 4.67
Siemens Ltd. 4.51
Greaves Cotton Ltd. 4.49
Bharat Electronics Ltd. 4.44
Jain Irrigation Systems Ltd. 4.37
Indraprastha Gas Limited 4.37
Titan Industries Ltd. 4.12
Mundra Port & Special Eco Zone Ltd3.98
IRB Infrastructure Developers Ltd3.64
Exide Industries Ltd. 2.91
Reliance Infrastructure Limited2.51
Motherson Sumi Systems Ltd. 2.35
Tech Mahindra Ltd. 2.34
Hero Honda Motors Ltd. 2.18
Havells India Limited 1.81
Thermax India Ltd. 1.44
Gujarat Gas Co. Ltd. 1.26
GVK Power & Infrastructure Ltd0.90
Alstom Projects India Ltd. 0.59
Kirloskar Engines India Ltd 0.41
Kirloskar Industries Ltd 0.06
Cash & Others 11.84
Total - Equity 88.16
TOTAL 100.00
EQUITY SECTOR ALLOCATION
0.41
1.81
2.18
2.34
3.41
5.26
5.44
5.59
5.63
6.32
7.62
8.93
10.68
10.98
11.57
0.002.004.006.008.0010.0012.0014.00
Miscellaneous
Consumer Durables
Auto
Software
Power
Auto Ancillaries
Healthcare Services
Non - Ferrous Metals
Gas
Pharmaceuticals
Transportation
Industrial Products
Consumer Non Durables
Industrial Capital Goods
Pesticides
0.00
5.00
10.00
15.00
20.00
25.00
Jul-
09
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10
NAV movement in the last one year vis-a-vis S&P CNX 500 Shariah
Taurus Ethical Fund
S&P CNX 500 Shariah
7
TAURUS TAX SHIELD - AN OPEN-END EQUITY LINKED SAVING SCHEME (ELSS)
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
To provide long term capital appreciation over the life of the scheme through investment pre-dominantly in equity shares, besides tax benefits.
Sale on all business days. As per Income Tax Laws, the redemption facility is available after a lock-in period of 3 years from the date of investment.
As per Section 80C of the Income Tax Act, an individual or a HUF is allowed deduction from income to an amount upto a maximum of Rs. 1 Lakh by investment in the scheme. Tax -free dividends in the hands of investors.
Available to individual / HUF investors upto five times of investment subject to a maximum of Rs. 5 Lakhs.
Period Returns (%)
NAV BSE 200*
1 Year 27.20 27.223 Years 18.48 7.585 Years 15.83 19.47Since Inception 12.05 14.04
Past performance may or may not be sustained in future.
*Benchmark Index
Note: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
Growth plan: Rs. 3.5 per unit in Dec. 2005, Rs. 1.6 per unit in Feb. 2004, Rs. 1.1 per unit in Sept. 2003, Dividend plan: Rs. 2.25 per unit in Mar. 2010, Rs. 2 per unit in Feb. 2010, Rs. 1.5 per unit in Jan. 2010, Re. 1 per unit in Nov. 2009, Re. 1 per unit in Mar. 2009, Re. 1 per unit in Jan. 2009, Re. 1 per unit in Dec. 2008.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
Personal Accident Death Insurance Cover
DIVIDEND HISTORY
Dividend Option introduced on May 6, 2008.
Net Asset Value (NAV) Rs.: 19.76 (D), 33.34 (G) per unit.AAUM: Rs. 50.52 Cr.Minimum Application Amount: Rs. 500/- & multiples of Rs. 500/ thereof
Sharpe Ratio: 0.77Standard Deviation: 21.00 Alpha: 6.54Beta: 0.79(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
FUND DATA As on 30th June 2010
Date of Allotment: Mar 31, 1996.
.
Entry Load - NILExit Load - Up to any amount (Including SIP application): NA
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
Best Equity Tax Planning Fund by Businessworld for the year 2009-10
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Fund Manager's Comment: The fund continues to be in the top quartile in the 3 yr time-frame in the ELSS category. The Indian economy is on firm footing as far as the long term scenario is concerned. GOI's increase plan expenditure and thrust to agriculture will be a major driver for this continuation. We continue to believe on the domestic demand growth and increasing in the discretionary expenditure. We remain overweight on sectors dependent on the domestic demand. 0.92
0.941.271.271.551.591.92
2.372.722.762.893.193.273.34
4.024.294.62
5.376.056.09
6.767.787.87
10.28
0.00 5.00 10.00 15.00
Ferrous MetalsPesticidesFertilisers
DiversifiedHealthcare Services
RetailingMiscellaneous
Auto AncillariesOil
Telecom - Equipment & AccessoriesPower
SoftwareGas
Media & EntertainmentIndustrial Capital Goods
Construction ProjectIndustrial Products
TransportationPharmaceuticals
AutoConsumer Non Durables
BanksPetroleum Products
Finance
EQUITY SECTOR ALLOCATIONName of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Reliance Industries Ltd. 5.40State Bank of India 3.94LIC Housing Finance Ltd. 3.86Larsen & Toubro Ltd. 3.28Indraprastha Gas Limited 3.27Infosys Technologies Ltd. 3.19Bajaj Auto Limited 3.06Mahindra & Mahindra Ltd. 3.03Reliance Capital Ltd. 3.01Spicejet Limited 2.88Greaves Cotton Ltd. 2.81Onmobile Global Limited 2.76Oil & Natural Gas Corporation Ltd. 2.72Titan Industries Ltd. 2.71IRB Infrastructure Developers Ltd. 2.50ICICI Bank Ltd. 2.48Bharat Petroleum Corporation Ltd. 2.46Television Eighteen India Ltd. 2.40Exide Industries Ltd. 2.37ITC Ltd. 2.29Hindustan Dorr Oliver Ltd. 2.08Aurobindo Pharma Ltd. 2.06Jubilant Organosys Limited 2.01Divis Laboratories Ltd. 1.98
Housing Development Finance Cor Ltd. 1.97Bharat Heavy Electricals Ltd. 1.93Jain Irrigation Systems Ltd. 1.81United Spirits Ltd. 1.76Pantaloon Retail (India) Ltd. 1.59Apollo Hospitals Enterprise 1.55Bilcare Limited 1.39Union Bank of India 1.37Aditya Birla Nuvo Ltd. 1.27Chambal Fertilisers & Chemicals Ltd. 1.27Power Finance Corporation Limited 1.07Reliance Infrastructure Limited 1.01Voltas Ltd. 1.01Tata Power Co. Ltd. 1.00Rallis India Ltd. 0.94Sun TV Network Limited 0.94Tata Steel Ltd. 0.92Cesc Ltd. 0.87Usha International Limited 0.53Shriram Transport Finance Co Ltd. 0.37
Cash & Others 6.88Total - Equity 93.12
TOTAL 100.00
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00 Ju
l-09
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10
Taurus Tax ShieldBSE 200
NAV movement in the last one year vis-a-vis BSE 200
PERFO
RM
AN
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8
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Reliance Industries Ltd. 11.99Infosys Technologies Ltd. 8.74ICICI Bank Ltd. 6.25Larsen & Toubro Ltd. 6.21ITC Ltd. 5.19Housing Development Finance Cor Ltd.4.90HDFC Bank Ltd. 4.36State Bank of India 3.85Oil & Natural Gas Corporation Ltd. 2.90Bharat Heavy Electricals Ltd. 2.53Tata Consultancy Services Ltd. 2.47Bharti Airtel Ltd. 2.09Axis Bank Limited 2.02Tata Steel Ltd. 1.92Hindustan Unilever Ltd. 1.82Sterlite Industries Ltd. 1.78Mahindra & Mahindra Ltd. 1.74NTPC Ltd. 1.66Tata Motors Ltd. 1.61Jindal Steel & Power Ltd. 1.57Tata Power Co. Ltd. 1.39Gail (India) Ltd. 1.36Wipro Ltd. 1.25Maruti Suzuki India Ltd. 1.23Hindalco Industries Ltd. 1.22Hero Honda Motors Ltd. 1.20Infrastructure Development Finance Co. Ltd.1.19
Cipla Ltd. 1.12Reliance Infrastructure Limited 1.10Jaiprakash Associates Ltd. 0.96Punjab National Bank 0.91Sun Pharmaceutical Industries Ltd. 0.87Kotak Mahindra Bank Ltd. 0.87Reliance Communications Ltd 0.86Cairn India Limited 0.85Steel Authority of India Ltd. 0.73Siemens Ltd. 0.72DLF Limited 0.68Unitech Ltd. 0.65Ambuja Cements Limited 0.61ACC Ltd. 0.58ABB Ltd. 0.57Reliance Capital Ltd. 0.56Bharat Petroleum Corporation Ltd. 0.56HCL Technologies Ltd. 0.51Ranbaxy Laboratories Ltd. 0.45Reliance Power Limited 0.41Power Grid Corporation Ltd. 0.39Idea Cellular Limited 0.30Suzlon Energy Ltd. 0.27
Cash & Others 0.03Total - Equity 99.97
TOTAL 100.00
TAURUS NIFTY INDEX FUND - AN OPEN-ENDED INDEX LINKED EQUITY SCHEME
Date of Allotment: June 19, 2010Net Asset Value (NAV) Rs.: 10.10 (D), 10.10 (G) per unit.AAUM: Rs. 4.71Cr.Minimum Application Amount: Rs. 5000/- & in multiples of Rs. 1000/ thereof.NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
FUND DATA As on 30th June 2010
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
The investment objective of the scheme is to replicate the S&P CNX Nifty Index by investing in securities of theCNX Nifty Index in the same proportion/ weightage.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV S&P CNX Nifty Index
Since Inception 0.95 (0.76)Past performance may or may not be sustained in future.
*Benchmark IndexNote: Returns are calculated on compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
Entry Load - NILExit Load - 1% if redeemed/switched out within 15 days from the
date of allotment
SIP Exit Load- 1% redeemed/ switched out within 1 year from the date of allotment - applicable to each installment
LOAD STRUCTURE
Fund Manager's Comment: The objective of this scheme is to replicate the return of the CNX Nifty Index. We belief the Indian economy is well on track and recent upgrade by IMF also support our argument. The Index being a barometer for the economy is expected to post strong gains for the investors in mid to long term. We continue remain to bullish on the Indian equity markets and we believe that index fund is a good option for the investors who need to diversify their portfolio.
1.33
1.36
1.82
2.14
2.44
3.00
3.25
3.75
4.09
4.22
4.94
5.19
5.78
6.21
6.65
12.54
12.98
18.26
0.00 5.00 10.00 15.00 20.00
Construction
Gas
Diversified
Cement
Pharmaceuticals
Non - Ferrous Metals
Telecom - Services
Oil
Industrial Capital Goods
Ferrous Metals
Power
Consumer Non Durables
Auto
Construction Project
Finance
Petroleum Products
Software
Banks
EQUITY SECTOR ALLOCATION
9
TAURUS BONANZA FUND - AN OPEN-END EQUITY SCHEME WITH A LARGE CAP FOCUS
Taurus Bonanza Fund is an open-end growth scheme. The investment objective is to provide investors long-term capital appreciation. Investments shall be primarily in Equity and Equity related instruments that offer scope for long-term capital appreciation. The Fund will also be invested in debt and money market instruments.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV BSE 100*
1 Year 17.68 24.71
3 Years 2.35 7.46
5 Years 17.61 19.95
Since Inception 12.25 12.00
Past performance may or may not be sustained in future.*Benchmark IndexNote: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
Bonus in the ratio of 1:3 in October 2003. Dividend - Rs. 2.5 per unit in July, 2006 from growth option
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
FUND DATA As on 30th June 2010
Date of Allotment: Feb 28, 1995.Dividend Option introduced on May 6, 2008.
Net Asset Value (NAV) Rs.: 40.93 (D), 40.66 (G) per unit.AAUM: Rs. 34.06 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs.1000/- thereof.
Sharpe Ratio: 0.33Standard Deviation: 21.45 Alpha: -3.1Beta: 0.83(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year • Nil if exited after 1 year
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
PE
RF
OR
MA
NC
E
Fund Manager's Comment: The process of building-up a core portfolio continued during the month. Portfolio alignment continued during the month as we reviewed our strategy to the different sector. We have scaled up our exposure to sectors which we believe, will continue to outperform the benchmark indices. We believe there is still room left for appreciation in the large cap stocks on back of the upgrading of the income growth and margin improvement. Companies are out from the fund raising cycle any major business announcement will have a positive impact on the stock performance.
EQUITY SECTOR ALLOCATION
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Infosys Technologies Ltd. 6.40
Reliance Industries Ltd. 6.14
Greaves Cotton Ltd. 4.40
State Bank of India 4.38
ICICI Bank Ltd. 4.28
ITC Ltd. 4.15
Housing Development Finance Cor Ltd. 4.12
Mahindra & Mahindra Ltd. 3.97
Larsen & Toubro Ltd. 3.64
Oil & Natural Gas Corporation Ltd. 3.52
United Spirits Ltd. 3.40
Reliance Capital Ltd. 3.27
Bharat Heavy Electricals Ltd. 3.04
Hdfc Bank Ltd. 2.98
Crompton Greaves Ltd. 2.87
Divis Laboratories Ltd. 2.59
Grasim Industries Ltd. 2.58
DLF Limited 2.57
Pantaloon Retail (India) Ltd. 2.39
Exide Industries Ltd. 2.29
Ranbaxy Laboratories Ltd. 2.17
Tata Consultancy Services Ltd. 2.17
Reliance Infrastructure Limited 2.10
GMR Infrastructure Limited 2.04
Financial Technologies India 2.02
Piramal Healthcare Limited 1.91
Sun Pharmaceutical Industries Ltd. 1.62
Thermax India Ltd. 1.57
Gail (India) Ltd. 1.17
Power Finance Corporation Limited 1.09
Steel Authority Of India Ltd. 0.93
Tata Power Co. Ltd. 0.60
Asian Paints Ltd. 0.53
Cash & Others 7.09
Total - Equity 92.91
TOTAL 100.00
0.93
1.17
2.292.39
2.57
2.58
2.71
3.523.97
4.40
5.68
6.147.48
8.08
8.29
8.47
10.5911.64
0.002.004.006.008.0010.0012.0014.00
Ferrous Metals
Gas
Auto Ancillaries
Retailing
ConstructionCement
Power
Oil
Auto
Industrial Products
Construction Project
Petroleum ProductsIndustrial Capital Goods
Consumer Non DurablePharmaceuticals
Finance
Software
Banks
NAV movement in the last one year vis-a-vis BSE 100
-5.00
10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00
Jul-0
9
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-1
0
Apr-
10
May-
10
Jun-
10
Taurus Bonanza Fund BSE 100
10
TAURUS DISCOVERY FUND - AN OPEN-END EQUITY FUND WITH MID CAP AND SMALL CAP FOCUS
Date of Allotment: Sep 5, 1994.Net Asset Value (NAV) Rs.: 15.18 (D), 15.16 (G) per unit.AAUM: Rs. 23.50 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs.1000/- thereof.
Sharpe Ratio: 0.92Standard Deviation: 21.78 Alpha: 10.32Beta: 0.8(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.
NAV Calculation: All business days.Fund Manager: Mr. Sadanand ShettyRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
FUND DATA As on 30th June 2010
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
The primary objective of the Scheme is to identify and select low priced stocks through price discovery mechanism, which would broadly include: • To capitalise on available opportunity on growth potential offered by undervalued penny stocks. • Such stocks being low priced and if dividend paying, decent dividend yield will give desired cushion in the volatile capital market. • Lower side risk is minimum in such investments. • Many of such cases where investment will be made, may be turnaround cases, therefore, greater potential for improvement in NAV.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV CNX Midcap Index*
1 Year 27.72 49.82
3 Years (5.80) 10.79
5 Years 5.88 21.57
Since Inception 2.66 8.59
Past performance may or may not be sustained in future.
*Benchmark IndexNote: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year • Nil if exited after 1 year
Switch: Equity to Equity-Exit Load Nil, Equity to Debt-Relevant exit load applicable as mentioned above, Equity to ELSS-Relevant exit load applicable as mentioned above.
LOAD STRUCTURE
PE
RF
OR
MA
NC
E
Fund Manager's Comment: The mid cap and small sector continue to remain resilient on back of the all round improvement in the general economy. Increasing IIP is also pointing toward a broad based sustainable growth. We believe in the present market condition, Stock selection is the key for strong return generation. And we believe there is still lot of value companies to be picked up in the mid cap and small cap sector.
EQUITY SECTOR ALLOCATION
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
Exide Industries Ltd. 5.12
Television Eighteen India Ltd. 4.50
Mercator Lines Limited 4.43
Greaves Cotton Ltd. 4.41
Jet Airways (India) Ltd. 4.36
United Spirits Ltd. 4.11
India Infoline Ltd. 4.08
Motherson Sumi Systems Ltd. 4.00
Financial Technologies India 3.88
LIC Housing Finance Ltd. 3.80
Piramal Healthcare Limited 3.80
Aurobindo Pharma Ltd. 3.72
Onmobile Global Limited 3.26
Titan Industries Ltd. 3.00
Jain Irrigation Systems Ltd. 2.95
Cesc Ltd. 2.87
Federal Bank Ltd. 2.45United Phosphorus Ltd. 2.29
Crompton Greaves Ltd. 2.29
Rallis India Ltd. 2.06
Pantaloon Retail (India) Ltd. 1.92
ING Vysya Bank Ltd. 1.82
Thermax India Ltd. 1.75
Indraprastha Gas Limited 1.73
Dena Bank 1.56
Voltas Ltd. 1.51
IRB Infrastructure Developers Ltd. 1.48
Divis Laboratories Ltd. 1.45
Reliance Capital Ltd. 1.41
Union Bank of India 1.34
Bilcare Limited 1.28
Jubilant Organosys Limited 1.18
Vijaya Bank 1.02
Aditya Birla Nuvo Ltd. 1.01
Shriram Transport Finance Co Ltd. 0.75
Kirloskar Engines India Ltd 0.35
Kirloskar Industries Ltd. 0.05
Cash & others 6.99
Total - Equity 93.01
TOTAL 100.00
1.01
1.51
1.63
1.73
1.92
2.87
3.26
3.88
4.04
4.35
4.50
7.11
7.41
8.20
9.13
10.05
10.15
10.27
0.005.0010.0015.00
Diversified
Construction Project
Miscellaneous
Gas
Retailing
Power
Telecom - Equipment & Accessories Software
Industrial Capital Goods
Pesticides
Media & Entertainment
Consumer Non Durables
Industrial Products
Banks
Auto Ancillaries
Finance
Pharmaceuticals
Transportation
NAV movement in the last one year vis-a-vis CNX Midcap Index
Taurus Discovery FundCNX Midcap Index
-2.00 4.00 6.00 8.00
10.00 12.00 14.00 16.00 18.00 20.00
Jul-0
9
Aug-
09
Sep-
09
Oct-0
9
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10
11
Individuals Corporate NRI
Short Term 12.5%+ 7.5% Bond Fund surcharge+surcharge+surcharge+
3% cess 3% cess 3% cess
Total Tax 13.841%22.145%13.841%
Money Market and 25%+ 7.5%25%+ 7.5%25%+ 7.5%Liquid Schemes surcharge+surcharge+surcharge+
3% cess 3% cess 3% cess
Total Tax 27.681%27.681%27.681%
20%+ 7.5% 12.5%+ 7.5%
To generate returns with higher liquidity and low volatility from a portfolio of money market and debt instruments. However, there is no assurance that the investment objective of the scheme will be realised.
Sale & repurchase on all business days.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits for Dividend Distribution
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
TAURUS ULTRA SHORT TERM BOND FUND - AN OPEN-END DEBT SCHEME
Fund Manager's Comment: Liquidity situation turned from bad to worse in June. The LAF numbers turned negative to the tune of Rs. 48.5K Cr negative in June from Rs. 32.5K Cr positive last month. Money market rates went up in June on account of liquidity outflow due to 3G auction and advance tax outflow. The money market yields hardened across the board by around 75-80 bps. We did come out of the difficult liquidity situation and managed to give competitive returns, as we had high percentage of exposure to liquid CDs that provided us liquidity at the time of tight situation. The short end rates are likely to come down in the first half in July, though the rates of 6m-12m segment is likely to remain firm on account of subdued buying by Mutual Funds. We would keenly watch the impact of introduction of base rates in the Indian banking system on the short end rates.
LOAD STRUCTURE
Entry Load Exit LoadNIL • Retail Plan: Nil
• Institutional Plan: Nil• Super Institutional Plan: Nil
Switch: Exit Load NIL.
PE
RF
OR
MA
NC
E
FUND DATA As on 30th June 2010
CRISIL Rated AAAf Fund, Date of Allotment: December 1, 2008.Net Asset Value (NAV):Retail Rs.: 1,001.5382 (D), 1,086.2157 (G), 1,002.0895 (W) per unit.Institutional Rs.: 1,001.5375 (D), 1,088.6693 (G), 1,002.0979 (W) per unit.Super Institutional Rs.: 1,001.5373 (D), 1,092.0696 (G) per unit.Average Maturity Period: 0.38 years.AAUM: Rs. 1,633.00 Cr.Retail: Sharpe Ratio: 12.24 Standard Deviation: 0.08 Alpha: 0.97Institutional: Sharpe Ratio: 12.87 Standard Deviation: 0.08 Alpha: 1.06 Beta: -0.01Super Institutional: Sharpe Ratio:14.16 Standard Deviation: 0.09 Alpha:1.28Minimum Application Amount:Retail Plan: Rs. 5,000/- per application and thereafter in multiplesof Rs. 1,000/-. thereofInstitutional Plan: Rs. 1 cr. per application and thereafter inmultiples of Rs. 1000/- thereof.Super Institutional Plan: Rs. 5 crs. per application and thereafter in multiples of Rs. 1000/- thereof.Additional Subscription Amount:Retail Plan: Rs. 1,000/- per application and thereafter in multiples of Rs. 1,000/-.Institutional Plan: Rs. 1lakh per application and thereafter inmultiples of Rs. 1000/-.Super Institutional Plan: Rs. 1lakh per application and thereafter in multiples of Rs. 1000/-.Fund Manager: Mr. Pankaj Jain (Co - Fund Manager)Registrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
CARE Rated AAAf Fund
Mr. Rahul Pal &
Name of the scrip % to Net Assets
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
CD's Rating
State Bank of Patiala P1+/A1+13.74
Punjab National Bank PR1+6.78
State Bank of Hyderabad A1+3.58
Allahabad Bank A1+3.56
ICICI Bank Ltd. A1+3.54
State Bank of Bikaner & Jaipur P1+1.80
Central Bank of India P1+1.79
Axis Bank Limited P1+1.78
Bank of Baroda A1+1.76
Corporation Bank P1+1.76
TOTAL CD' s 40.08
CP's Rating
Future Capital Holdings LimitedPR1+5.25
Religare Finvest Limited A1+3.93
Indiabulls Securities Limited P1+3.57
Religare Securities Limited P1+3.56
Fullerton India Credit Co. Ltd. A1+2.74
Future Capital Financial Ser LtdPR1+1.77
Housing Development Finance Cor Ltd.A1+1.77
Raymond Ltd. PR1+1.76
Tata Motors Ltd. P1+1.75
Aditya Birla Finance Ltd A1+1.48
ICICI Home Finance Co. Ltd. A1+1.43
India Infoline Ltd. A1+0.68
J M Financial Products Private Ltd.P1+0.21
TOTAL CP's 29.90
NCD's Rating
Deccan Chronicle Holdings Ltd. PR1+7.25
Usha Martin Ltd. PR1+5.42
Fullerton India Credit Co. Ltd. LAA+3.59
Edelweiss Capital Limited P1+2.89
ECL Finance Limited A1+1.81
Kesoram Industries Ltd. PR1+1.81
Motherson Sumi Systems Ltd. A1+1.81
India Infoline Investment Serv LtdA1+1.81
Kotak Mahindra Prime Ltd. P1+1.80
Reliance Capital Ltd. CAREAAA0.73
TOTAL NCD's 28.92
CBLO Transaction 0.18
Cash & Cash Receivables 0.92
TOTAL 100.00
Rated
AAAf
by CRISIL
Rated
AAAf
by CARE
Period Returns (%)
NAV Crisil Liquid
Fund Index*
Retail Institutional Super
Institutional
3 Months 1.261.28 1.30 0.99
6 Months 2.382.42 2.49 1.92
1 Year 4.784.87 5.07 3.29
Since Inception5.375.52 5.73 4.84
The past performance may or may not be sustained in future.
*Benchmark Index:
Note: (1) Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/bonus, if any.
Face Value changed from Rs.10 to Rs.1000 w.e.f. 20th Feb., 2010. Historical NAV adjusted as per new Face value of Rs. 1000
NAV movement in the last one year vis-a-vis Crisil Liquid Fund Index
Taurus Short Term Bond Fund -Ultra Super Insti Crisil Liquid fund index
1010.0000
1020.0000
1030.0000
1040.0000
1050.0000
1060.0000
1070.0000
1080.0000
1090.0000
1100.0000
Jul-0
9
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-1
0
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-1
0
12
PE
RF
OR
MA
NC
E
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
TAURUS LIQUID FUND - AN OPEN-END LIQUID SCHEME
FUND DATA As on 30th June 2010
Institutional and Super Institutional plan introduced w.e.f. 26th Sep, 2008
1,001.1875 (D), 1,223.0968 (G) per unit.
Institutional Rs.: 1,021.4301 (G) per unit.
Super Institutional Rs.: 1,000.0111 (D), 1,000.4465 (G) per unit.
Average Maturity Period: 0.15 years.
AAUM: Rs. Cr.Minimum Application Amount:
Retail Plan: Rs. 5,000/- per application and thereafter in multiplesof Rs. 1,000/- thereof.
Institutional Plan: Rs. 1 cr. per application and thereafter inmultiples of Rs. 1000/- thereof.
Super Institutional Plan: Rs. 5 crs. per application and thereafter in multiples of Rs. 1000/- thereof.
Additional Subscription Amount:
Retail Plan: Rs. 1,000/- per application and thereafter in multiplesof Rs. 1,000/-.
Institutional Plan: Rs. 1lakh per application and thereafter inmultiples of Rs. 1000/-.
Super Institutional Plan: Rs. 1lakh per application and thereafter in multiples of Rs. 1000/-.
Sharpe Ratio: -1.04Standard Deviation: 0.11 Alpha: -0.11Beta: -0.01(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.
Fund Manager: Mr. Pankaj JainRegistrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
CRISIL Rated AAAf Fund
Date of Allotment: Aug 31, 2006.
Net Asset Value (NAV) Rs.:
236.62
To generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt.
Sale & repurchase on all business days.
Tax free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV Crisil Liquid Fund Index*
3 Months 1.21 0.99
6 Months 2.13 1.92
1 Year 3.73 3.29
3 Years 5.08 6.13
Since Inception 5.39 6.45
The past performance may or may not be sustained in future.
*Benchmark Index:
Note: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
Face Value changed from Rs.10 to Rs.1000 w.e.f. 20th Feb., 2010. Historical NAV adjusted as per new Face value of Rs. 1000
Switch: Exit Load NIL.
Rated
AAAf
by CRISIL
Name of the scrip Rating % to Net Assets
TOTAL 100.00
PORTFOLIO As on 30th June 2010
CD
State Bank of Patiala A1+ 9.48Union Bank of India P1+ 7.89Punjab National Bank PR1+ 1.57CP
ECL Finance Limited A1+ 15.73Shree Renuka Sugars Ltd A1+ 15.70Aditya Birla Finance Ltd A1+ 7.95Indiabulls Securities Limited P1+ 7.87Religare Finvest Limited A1+ 7.87ICICI Home Finance Co. Ltd. A1+ 1.58NCD
Berger Paints India Ltd. P1+ 9.56Tata Motors Ltd. A1+ 7.97FD
Fixed Deposits 6.37CBLO Transaction 0.35Cash & Cash Receivables 0.10
Fund Manager's Comment: Liquidity situation turned from bad to worse in June. The LAF numbers turned negative to the tune of Rs. 48.5K Cr negative in June from Rs. 32.5K Cr positive last month. Money market rates went up in June on account of liquidity outflow due to 3G auction and advance tax outflow. The money market yields hardened across the board by around 75-80 bps. The short end rates are likely to come down in the first half in July, though the rates of 6m-12m segment is likely to remain firm on account of subdued buying by Mutual Funds. We would keenly watch the impact of introduction of base rates in the Indian banking system on the short end rates.
NAV movement in the last one year vis-a-vis CrisilLiquid Fund Index
Taurus Liquid FundCrisil Liquid Fund Index
1150.0000
1160.0000
1170.0000
1180.0000
1190.0000
1200.0000
1210.0000
1220.0000
1230.0000
Jul-
09
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10
13
PE
RF
OR
MA
NC
E
To generate income and capital appreciation with low volatility by investing in a diversified portfolio of short term debt and money market instruments.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV Crisil Short Term Bond Fund Index*
6 Months 1.25 2.59
1 Year 2.88 4.85
3 Years 3.26 7.69
5 Years 3.41 6.80
Since Inception5.29 5.84
Past performance may or may not be sustained in future.
*Benchmark index changed from 9th April,2010.
Note: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/ bonus, if any.
Rs. 0.30 per unit dividend declared in the scheme in February 2002.
Fund Manager's Comment: The Indian corporate bond yields ended flat in the month of June following the G-Sec Yields. The 10 year AAA paper traded in a narrow range of 10 basis points, between 8.65% - 8.75%. Though the volumes were high on NDS platform for G-Sec, there was a lack of trading interest on the corporate side. On the short end, 6m-12m segment, the yields went up by 75-80 bps on account of nearly Rs. 200K Cr outflow from peak to bottom in the system.
For the month of July, the traders would keep a watch on the inflation numbers to be announced mid-July, which will predominantly decide the course of RBI policy meeting towards the end of July. The European problems continue un-abated and look sticky at the moment. The 10 year benchmark G-Sec yields may hover around 8.50%-8.70% with a downward bias.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
FUND DATA As on 30th June 2010
Date of Allotment: Aug 18, 2001.Net Asset Value (NAV) Rs.: 1,532.1941(D), 1,579.4544 (G) per unit.AAUM: Rs. 167.34 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs. 1000/- thereof.
NAV Calculation: All business days.Fund Manager: Mr. Rahul Pal & Mr. Pankaj Jain (Co - Fund Manager)Registrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 0.25% if exited before 1 month• Nil if exited after 1 month
Switch: Debt to debt/Equity - relevant exit load applicable as mentioned above.
LOAD STRUCTURE
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
TOTAL 100.00
CD
Allahabad Bank P1+ 12.00
Yes bank Ltd. A1+ 11.81
Dhanalaxmi Bank PR1+ 11.78
IDBI Bank Ltd. F1+ 11.55
CP
JM Financial Products Pvt Ltd. P1+ 21.02
IVRCL Infrastructures Projects Ltd. F1+ 11.97
India Infoline Ltd. A1+ 5.98
Religare Finvest Ltd. A1+ 3.48
FD
Fixed Deposits 9.73
Cblo Transaction 0.33
Cash & Cash Receivables 0.33
TAURUS SHORT TERM INCOME FUND - AN OPEN-END BOND SCHEME
(formerly known as Taurus Income Fund)
Face Value changed from Rs.10 to Rs.1000 w.e.f. 26th Apr., 2010. Historical NAV adjusted as per new Face value of Rs. 1000
NAV movement in the last one year vis-a-vis CrisilShort Term Bond Fund Index
Taurus Short Term Income FundCrisil Short Term Bond Fund Index
14601480
1500
1520
1540
1560
1580
1600
1620
1640
1660
Jul-
09
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-1
0
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10
PE
RF
OR
MA
NC
E
14
TAURUS GILT FUND - AN OPEN-END GILT SCHEME
FUND DATA As on 30th June 2010
Date of Allotment: Aug 18, 2001.Net Asset Value (NAV) Rs.: 13.6671 (D), 13.9472 (G) per unit.AAUM: Rs. 0.01 Cr.Minimum Application Amount: Rs. 5000/- & multiples of Rs. 1000/- thereof.Sharpe Ratio: -5.42Standard Deviation: 0.34 Alpha: -1.84(The above measures have been calculated by taking month end NAV for 1year period from 30th June, 2009 to 30th June, 2010.)
NAV Calculation: All business days.
Fund Manager: Mr. Pankaj Jain.
Registrar & Transfer Agent: M/s. Karvy Computershare Private Ltd.
To provide risk free returns to the investors even for a shorter duration through investment in securities issued by Central Government or State Government or any security unconditionally guaranteed by Government of India. Investment will also be made in repos and reverse repos.
Sale & repurchase on all business days.
Tax-free dividends in the hands of investors, no Gift Tax, no Wealth Tax as per the present Income Tax Act.
Period Returns (%)
NAV I-Sec Composite Index
6 Months 0.41 3.571 Year 1.44 4.493 Years 2.45 8.845 Years 1.57 7.29Since Inception 3.82 6.98
Past performance may or may not be sustained in future.
Note: Returns are calculated on a compounded annualised basis for a period of more than one year and absolute basis for a period less than or equal to one year, with reinvestment of dividends/bonus, if any.
Rs. 0.30 per unit dividend declared in the scheme in February 2002.
Fund Manager's Comment: G-Sec yields ended flat in the month of June. The 10 year benchmark paper went to a low of 7.44%, after opening at 7.52%; on account of 3G auction reducing the burden on Indian fiscal deficit. The yields though went up over the next fortnight, touching a high of 7.69%, as inflation and IIP data came higher than expectations, giving rise to speculations of pre-policy action by RBI. Towards the end of June the yield fell back to 7.53% on account of uncertainty in Europe and reduction of borrowing amount by RBI for the July first week auction.
For the month of July, the traders would keep a watch on the inflation numbers to be announced mid-July, which will predominantly decide the course of RBI policy meeting towards the end of July. The European problems continue un-abated and look sticky at the moment. The 10 year benchmark G-Sec yields may hover around 7.40%-7.60% with a downward bias.
SCHEME FEATURES
Investment Objective
Liquidity
Tax Benefits
RISK FACTOR: Mutual Fund investments are subject to market risks. Please read the Scheme Information Document carefully before investing.
Entry Load - NILExit Load - Up to any amount (Including SIP application):
• 1% if exited before 1 year • Nil if exited after 1 year
Switch: Debt to debt/Equity - relevant exit load applicable as mentioned above.
LOAD STRUCTURE
PORTFOLIO As on 30th June 2010
Name of the scrip % to Net Assets
TOTAL 100.00
CBLO Transaction 86.40
Cash & Cash Receivables 13.60
NAV movement in the last one year vis-a-vis I SecComposite Index
Taurus Gilt FundI Sec Composite Index
12.5000 12.7000
12.9000
13.1000
13.3000
13.5000
13.7000
13.9000
14.1000
14.3000
14.5000
Jul-
09
Aug-
09
Sep-
09
Oct-
09
Nov-
09
Dec-
09
Jan-
10
Feb-
10
Mar-
10
Apr-
10
May-
10
Jun-
10