Taurus Mutual Fund has announced the launch of their new fund offer Taurus Banking & Financial Services Fund, which is An Open-Ended Equity Thematic Scheme. The scheme will remain open for 14 days between 2nd and 16th May, 2012 during the NFO period. The primary objective of the Scheme would be to generate capital appreciation through a portfolio that invests predominantly in equity and equity related instruments of Banking, Financial and Non Banking Financial Companies that form part of the BFSI Sector. The scheme would invest a minimum of 80% going up to a maximum of 100% in Equity & Equity Related Instruments of companies belonging to Banking & Financial Services Sector, whereas investment in Debt & Money Market Instruments would not exceed 20% of the portfolio at any given point of time. The minimum application amount is Rs 5000/- and in multiple of Re 1/- thereof. The scheme comes with two options - Growth and Dividend. Dividend Option further offers three sub-options, namely Payout, Reinvestment and Sweep. The scheme is benchmarked against the BSE Bankex Index and allows investment with nil entry load. Exit load (including for SIP) would be 1% if exited or switched out before 1 year and nil thereafter.
Sadanand Shetty Sr. VP & Head Equity at Taurus Mutual Fund who would manage the fund said “2008 Financial Crisis has galvanised the global leadership to find the solution through synchronised action. First time in the world economic history global leaders, monetary and regulatory authority have made co-ordinated effort to avert the economic catastrophe. Fear of US double dip recession today converted into sustained recovery. Similar efforts being done today to avert the European crisis and break up of euro zone. The sustained effort seems to made crisis look today much more limited and episodic crisis restricted to few European countries of the world. This had significant negative impact on the global capital market including India. Indian market has moved downwards in last five year while profits remained robust. Emerging stability and recovery will have significant impact on re-rating of Indian equity capital market”.
Mr. Waqar Naqvi, Chief Executive Taurus Mutual Fund commented on the occasion of launch of the scheme by saying "At Taurus Mutual Fund we very strongly believe in our research and analysis and stand by it, especially when it comes to timing the launch of a new fund which is focussed at getting investors in at a time we feel is right. Looking back at the timings and thereafter performance of the last 4 NFO schemes from your fund house and based on current analysis of changing landscape, it gives me greater confidence and conviction of BFSI sector picking up steam from this point of time and generating good returns for our investors. This scheme not only fills the gap in our product basket, but more importantly opens up good opportunities for investors to take exposure in a sector which is just begun to gather pace'.