Taurus Dynamic Income Fund Presentation - Mar'13 - InvestmentKit ...

cypriotcamelΠολεοδομικά Έργα

29 Νοε 2013 (πριν από 3 χρόνια και 9 μήνες)

105 εμφανίσεις

1

2



Taurus Dynamic Income Fund

March 2013

3



4

Key Events: Indian Fixed Income
Markets


Mar’13



India’s current account deficit (CAD) widened from 5.4% in the July
-
September
quarter to a record high of 6.7% of GDP in the October
-
December quarter, driven
mainly by huge trade deficit
.


Core Inflation was sharply lower at 3.79%. CPI came at 10.91% in Feb
-
13 as against
10.79% in the previous month. IIP for the month of January
-
13 rose by 2.4% as
against
-
0.5% in December
-
12.


The 10 year benchmark yield drifted upwards from 7.87% to 7.96% as RBI guided
limited room for further easing.


Money market rates eased during the month. The 3 months PSU CDs fell from
9.52% to 8.82%. One year segment was quite volatile and touched a high of 9.35%
and closed the month at 8.80%.


Liquidity continued to remain in the negative zone in March similar to previous
month. LAF average for the month was negative of INR 957 billion as compared to
negative of INR 1098 billion in previous month.

RBI, in the mid
-
quarter monetary policy, reduced the Repo rate by 25bps to 7.50% from
7.75%. CRR was kept unchanged at 4%.


5

Looking Ahead


Liquidity deficit will likely stabilize at the current levels


Benchmark 10 Yr G
-
Sec rate will take cues from IIP, CPI and WPI data



The money markets rates has eased in the new quarter and will
likely stay at the current levels


6

Interest Rate Movement

Source: Bloomberg

Mid Quarter monetary policy review March 2013 : Repo rate is at 7.50%, Reverse Repo at
6.50% and Cash Reserve Ratio (CRR) at 4.00%.





0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Apr/2005
Jun/2005
Aug/2005
Oct/2005
Dec/2005
Feb/2006
Apr/2006
Jun/2006
Aug/2006
Oct/2006
Dec/2006
Feb/2007
Apr/2007
Jun/2007
Aug/2007
Oct/2007
Dec/2007
Feb/2008
Apr/2008
Jun/2008
Aug/2008
Oct/2008
Dec/2008
Feb/2009
Apr/2009
Jun/2009
Aug/2009
Oct/2009
Dec/2009
Feb/2010
Apr/2010
Jun/2010
Aug/2010
Oct/2010
Dec/2010
Feb/2011
Apr/2011
Jun/2011
Aug/2011
Oct/2011
Dec/2011
Feb/2012
Apr/2012
Jun/2012
Aug/2012
Oct/2012
Dec/2012
Feb/2013
Repo
Reverese Repo
CRR
RBI has cut interest rate in
consecutive quarters by cutting Repo &
Reverse repo by 25 basis points.

7

8

Taurus Dynamic Income Fund

Taurus Dynamic Income Fund aims to generate optimal returns
with healthy liquidity through active management of the
portfolio.

The scheme endeavors to optimize returns for the investors by re
-
balancing the portfolio which dynamically tracks interest rate
movements.

The fund plays on the shift/shape of yield curve to generate
superior returns

The scheme philosophy is to achieve a consistent and steady return,
with low volatility, for investors.


9

Investment Strategy

The duration of the portfolio has been decreased as compared to
the previous month as we bought down the exposure of high
duration government securities.

Continuing the strategy of trading in gilts as opportunity arises
with the judicious mix of corporate bonds to enhance .

Will play on the shift/structure of the yield curve and the credit
spread.

Increased

allocation to corporate bonds during the month
with a view to play the anticipated spread compression


10

Distinctive features of Taurus
Dynamic Income Fund

Has the flexibility to mimic a Short Term Income Fund in a rising
interest rate scenario & thereby aiming to preserve capital.

Has the ability to generate superior returns of a Long term Income
Fund in a declining interest rate scenario by increasing the
duration of the portfolio.

Fund Manager may take advantages of shift of the yield curve /
credit spreads by initiating trading strategies.

11

Why Invest in Taurus Dynamic
Income Fund?

Benign interest rate environment

As a tactical allocation in an investor’s debt portfolio to take
advantage of benign/falling interest rates

The scheme will be a pure rate play theme, focusing on liquid
securities and trading on them

12

Who should invest in Taurus
Dynamic Income Fund?

Suitable for investors with moderate risk profile and investment
horizon of over 6 months

Suitable for investors seeking higher returns than those offered by
Short Term Bond Funds and are prepared for some short
-
term
fluctuations.

Want to be part of high quality debt portfolio at the current
attractive yields

Concerned about Stock Market volatility


looking to de
-
risk the
portfolio with a bond fund

13

Portfolio
(as on 31
st

Mar’13)


Sr.No
.



Company
Name


% of Scrip
(AUM
)



Corporate Bond



1

Export Import Bank Of India

11.20

2

Hindalco

Industries Limited

8.81

3

Steel Authority Of India Limited

8.72

4

Rural Electrification Corporation Limited

8.72

5

Power Finance Corporation Limited

8.61

6

Power Grid Corporation Of India Limited

8.59

Total
-

Corporate Bond

54.66



Certificate Of Deposit



1

Oriental Bank Of Commerce

21.99

2

South Indian Bank Limited

5.54



Total
-

Certificate Of Deposit

27.52



Government Bond



1

8.97% GOI

9.18

2

8.33% GOI 2026

8.78



Total
-

Government Bond

17.95



Cblo



1

Clearing Corporation Of India Limited

5.24



Total
-

CBLO

5.24



Treasury Bill



1

91 Days
Tbill


0.43



Total
-

Treasury Bill

0.43

1


Cash & Cash
Receivables

-
5.80



Total

100.00

14

Key Features

Particulars

Taurus Dynamic Income Fund

Type of Fund

Open ended Income Scheme

Investment Objective

To generate opti mal returns wi th hi gh l i qui di ty through acti ve management of the portfol i o by
i nvesti ng i n Debt and Money Market Instruments. However, there i s no assurance or guarantee
that the objecti ves of the scheme wi l l be real i zed and the scheme does not assure or guarantee
any returns

Date of Allotment

14th Feb'11

Fund Managers

Fund Manager
-

Mr. Rahul Pal and Co
-
Fund Manager
-

Mr. Kapi l Punjabi

Benchmark Index

CRISIL Composi te Bond Fund Index

Plan

Regul ar pl an & Di rect Pl an

Options

Growth

Dividend
-

Payout, Rei nvestment & Sweep. Di vi dend woul d
be decl ared every quarter, subject to the avai l abi l i ty of
di stri butabl e surpl us

Dividend History (FY 2012
-
13)

Rs 0.253 per unit
-
Jun'12, Rs 0.2595 per unit
-
Sept'12, Rs 0.2159 per unit
-
Dec'12,Rs .0.3179 per
unit
-
Mar '13

AAUM (Mar'13)

Rs 58.85 Crs

NAV
-
Regular Plan
(31st Mar'13)

Growth

12.2476

Dividend

10.2872

NAV
-
Direct Plan
(31st Mar'13)

Growth

12.2687

Dividend

10.2960

Average Maturity (Mar'13)

7.21 yrs

Load Structure

Entry Load

Nil

Exit Load
1% if exited/switched out before 1 year and Nil if exited/switched out after 1 year

Performance
(31st Mar 13) *

Period

Returns

NAV

Crisil Composite Bond
Fund Index

Crisil 10 year Gilt Index

Mar 30, 2012 to
Mar 30, 2013

9.60%

9.24%

11.25%

Since Inception

10.01%

8.58%

7.27%

past performance is no
guarantee
of future result and may not
be
sustained in future

Mutual Fund Investments are subject to market risk,
please read
all scheme related documents carefully

15

Performance of Other Schemes
Managed by the Fund Manager

Since Inception

Name of the S cheme and Benchmarks

31/03/2012
-
31/03/2013

31/03/2011
-
31/03/2012

31/03/2010
-
31/03/2011

Returns


Val ue of Rs
10000

Inception
Date

Fund Managers

Taurus Liquid Fund
-

Retail

8.50%

9.14%

6.61%

6.63%



15,258

31st Aug'06

Fund Mangers
-

Kapil Punjabi &
Co
-

Fund
Manager
-

Rahul
Pal

Crisil Liquid Fund Index

8.17%

8.44%

6.21%

7.07%


15,677

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

5.77%


14,468















Taurus Liquid Fund
-

Inst

9.29%

9.46%

6.69%

5.77%


12,878

26th Sept'08

Crisil

Liquid Fund Index

8.17%

8.44%

6.21%

6.95%


13,536

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

6.06%


13,038















Taurus Liquid Fund
-

Superinst

9.39%

9.56%

5.34%

5.35%


12,646

26th Sept'08

Crisil Liquid Fund Index

8.17%

8.44%

6.21%

6.95%


13,536

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

6.06%


13,038

















Taurus Ultra Short Term Fund
-

Retail

9.12%

9.43%

6.80%

7.52%


13,682

1st Dec'08

Fund Mangers
-

Kapil Punjabi &
Co
-

Fund
Manager
-

Rahul
Pal

Crisil Liquid Fund Index

8.17%

8.44%

6.21%

6.80%


13,293

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

5.70%


12,709















Taurus Ultra Short Term Bond Fund
-
Inst

9.80%

9.84%

6.90%

7.83%


13,858

1st Dec'08

Crisil

Liquid Fund Index

8.17%

8.44%

6.21%

6.80%


13,293

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

5.70%


12,709















Taurus Ultra Short Term Bond Fund
-
Superinst

9.90%

9.95%

7.01%

7.98%


13,939

1st Dec'08

Crisil Liquid Fund Index

8.17%

8.44%

6.21%

6.80%


13,293

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

5.70%


12,709

















Taurus Short Term Income Fund

10.29%

10.02%

7.20%

6.27%


20,280

18th Aug'01

Fund Manger
-

Rahul Pal & CO
Fund Manger
-

Kapil Punjabi

Crisil Short Term Bond Fund Index

9.05%

8.28%

5.12%

6.27%


20,263

CRISIL 1 Year T
-

Bill

8.33%

6.59%

3.86%

5.67%


18,988















Taurus Gilt Fund

5.12%

6.27%

3.16%

4.15%


16,037

18th Aug'01

I Sec Composite Index

11.64%

6.79%

6.41%

7.29%


22,640

CRISIL 10 Year Gilt Index

11.25%

2.43%

4.61%

7.50%


23,183

past performance is no
guarantee
of future result and may not

be
sustained in future

Mutual Fund Investments are subject to market
risk, please
read all scheme related documents carefully

16

16

About Taurus Mutual Fund

About Taurus Mutual Fund

17

Why Taurus Mutual Fund?

It's a fund house on the move…


Product

basket

comprises

of

7

Equity

Funds,

1

ELSS,

5

Fixed

Income

Funds

and

1

Monthly

Income

Plan

besides

FMPs’
.



Taurus

Liquid

Fund

and

Taurus

Ultra

Short

Term

Bond

Fund

rated

as

AAAmfs

by

CRISIL

for

credit

quality

of

the

portfolio
***
.


Taurus

Dynamic

Income

Fund

is

rated

as

AAAmfs

by

CARE

Ratings

for

credit

quality

of

the

portfolio

****
.


Taurus

MIP

Advantage

has

been

ranked

as

Five

Star

Fund

by

ICRA

Online

in

the

category

of

‘Open

Ended

Marginal

Equity’

schemes

for

its

1

year

performance

till

December

31
,

2011
**
.


Taurus

Mutual

Fund

has

been

rated

4
th

Best

Fund

House

in

the

Country

by

Business

Today,

dated

April

01
,

2012
.
*


Professional

Service

Providers
:


Registrar

&

Transfer

Agent

:

Karvy

Computershare

Pvt

Limited

Custodian
:

HDFC

Bank

Limited

Fund

Accountant

:

Deutsche

Investor

Services

Pvt

Limited

18

Our Schemes

Our Schemes

EQUITY

DEBT



Taurus Starshare



Taurus Bonanza Fund



Taurus Discovery Fund



Taurus Infrastructure Fund



Taurus Ethical Fund



Taurus Tax Shield (ELSS)



Taurus Nifty Index Fund



Taurus Banking & Financial Services
Fund




Taurus Short Term Income Fund



Taurus Ultra Short Term Bond Fund



Taurus Dynamic Income Fund



Taurus Liquid Fund



Taurus Gilt Fund



Taurus MIP Advantage


Taurus FMP Schemes

19

Board of Directors of Taurus AMC



Mr. J. P. Kundra
-

Former MD, State Bank of India

Mr. M.G. Gupta
-

Former Addl Controller General of Accounts, Govt. of India

Maharaja Jai Singh


From the Royal family of Jaipur / Hotelier

Mr. Lalit Bhasin
-

Promoter Director

Mr. Vijay Sood


Former Chief Executive

India, Credit Agricole Indosuez


Mr. R K Gupta
-

MD, Former MD
-
PNB Mutual Fund

20

Senior Management Personnel


Mr.

Waqar Naqvi
:

Chief Executive (AICWA, MBA,
20
years exp)


Mr.
Sanjay Parikh
: Chief Operations Officer(CA, CFA,
21
years exp)


Mr.
Sadanand

Shetty
: Sr. Fund Manager
-
Equity(
M.Com
, PGDFA,
18
yrs exp)


Mr.
Rahul

Pal
: Head
-

Fixed Income (
B.Com
, C.A.,
11
years exp)


Mr. Jude Abraham
: Head Institutional Sales (B.A., PGDBM,
13
years exp)

Mr.
Ramesh

Kabra

: Head
-

Product Development & Marketing (B.Sc., M.A.







(Eco),
32
yrs exp)




21


Fund Manager's Profile



Mr.
Rahul

Pal
-

VP & Head (Fixed Income)
-
B.Com

& C.A.


Worked with
Sundaram

BNP Paribas Mutual Fund as Fund. Manager (Fixed Income) for
6 years and with IDBI in Fixed Income for 3 years. Total work ex of over 10 years.
Manages Taurus Short Term Income Fund, Taurus Dynamic Income Fund, Taurus Gilt
Fund, Taurus MIP Advantage and is Co
-
Fund Manager for Taurus Liquid Fund & Taurus
Ultra Short Term Bond Fund




Mr.
Kapil

Punjabi


Fund Manager (Fixed Income)


MBA & BBA in
Finance from Mumbai University


He has worked with Edelweiss Asset Management Company Limited as Fixed Income
Fund Manager for 2 years and 6 months. Total work experience of more than 6 years.
Manages Taurus Liquid Fund, Taurus Ultra Short Term Bond Fund and is the Co
-
Fund
Manager for Taurus Short Term Income Fund, Taurus Dynamic Income Fund, Taurus
Gilt Fund & Taurus MIP Advantage



22

Risk Factors & Disclaimer

Mutual Fund Investments are subject to market risk, read all scheme related documents carefully.

Any information contained in this presentation does not constitute and shall be deemed not to constitute an advice, an offer
to
sell / purchase or as an invitation or solicitation to do so for any security of any entity and further, Taurus AMC / sponsor
s /

employees / directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising
fro
m the
use or access of any information that may be displayed in this presentation from time to time. Recipients of the information
contained herein should exercise due care and caution and read the offer document (including if necessary, obtaining the advi
ce
of tax / legal / accounting / financial / other professionals) prior to taking of any decision, acting or omitting to act, on

th
e basis of
the information contained herein.

Editorial opinions expressed in this presentation are not necessarily those of Taurus AMC or any of their officers, employee
s,
personnel, directors and the above
-
said do not accept responsibility for the editorial content and make no representation as to
the accuracy, completeness or reliability of the editorial content and hereby disclaim any liability with regard to the same.

Th
e
material contained in this presentation cannot be reproduced or quoted anywhere without express written consent of Taurus
AMC.

**ICRA Online Rating Methodology: The rank is an outcome of an objective and comparative analysis against various
parameters, including: risk adjusted return, fund size, sector concentration, average maturity, credit indicator and liquidit
y
analysis. The ranking methodology did not take into account loads imposed by the Fund. There were 41 schemes considered in
‘Open Ended Marginal Equity’ category for the ranking exercise. The rank is neither a certificate of statutory compliance nor

an
y
guarantee on the future performance of Taurus MIP Advantage Fund.

Ranking Source & Publisher: ICRA Online Limited

***Detailed methodology of CRISIL credit quality rating is available at
www.crisil.com

**** Detailed methodology of CARE Rating credit quality is available at
www.careratings.com

*Business Today Rating Methodology: The universe of mainstream funds were only considered. This meant exclusion of niche
and peripheral categories and fund categories which are fairly commoditized by their very design. The Universe: Equity: Large

& Mid Cap, Equity: Large Cap, Equity: Mid & Small Cap, Equity: Multi Cap, Equity: Tax Planning, Equity: Infrastructure,
Hybrid: Equity
-
oriented, Hybrid: Debt
-
oriented Conservative, Hybrid: Debt
-
oriented Aggressive, Hybrid: Arbitrage, Hybrid:
Asset Allocation, Debt: Income, Debt: Short Term, Excluded Categories: Debt: FMP, Debt: Gilt Medium & Long Term, Debt: Gilt
Short Term, Debt: Liquid, Debt: Ultra Short Term, Equity: Banking, Equity: FMCG, Equity: International, Equity: Others,
Equity:
Pharma
, Equity: Technology, Gold: Funds, Hybrid: Others. The exercise was based on the quarterly performance over
the past 5
-
years (20 quarters). Each quarterly performance of a fund was assigned a quartile rank in their respective categories
.
Best Fund House
-

The fund house with relatively highest top quartile performance was adjudged the best. Fund companies with
less than Rs 500
crore

asset under management and companies which started in the past five
-
year were not considered.









23

23

Thank You