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Taurus Tax Shield

 

Taurus Tax Shield has left its rocky days behind to emerge as a stable, well-performing offering

 

In the days gone by, this intrepid offering was only for the bold. In 2006, it hit rock bottom (23/23) and in 2007, it topped the charts (1/26). Such a rocky ride does not make for a good recommendation. Having said that, the reason we are suggesting it is because it has left behind its erratic past to emerge as a much more stable player.

 

The fund's 2007 performance was the result of concentrated stock and sector bets and high exposure to mid- and small-cap stocks.

 

From the very next year, the portfolio's complexion changed. It transformed into a much more diversified offering. The number of stocks increased from 37 (2008 end) to 64 (October 2009). Do note that it was less than 20 during the heady days of 2007.

 

Allocation to the top five holdings was brought down to 15 per cent (December 2008) from 50 per cent (December 2007). All these moves along with the increased exposure to large caps and high cash positions helped the fund limit its fall to an average level in 2008.

 

This fund is truly a multi-cap offering. At the start of 2010, the large-cap allocation was a mere 22.22 per cent, a year later it was 61.51 per cent. In 2011, it crossed 80 per cent. Even though numerous funds have increased their large-cap exposure recently, Shetty puts down his reasons to "attractive valuations across large-caps in few sectors, lack of adequate risk-reward opportunities in the mid-cap basket and our internal assumption of relative underperformance for mid caps in the earnings down-cycle which happened recently".

The fund churns its portfolio quite frequently resulting in a portfolio turnover which is amongst the highest in its category. "Churn for us is function of underlying market cycles. It goes up in a volatile market as it throws up many opportunistic buys," says Shetty.

 

After a fabulous run in 2007, it surprisingly fell in line with the category average in 2008 and put up a pretty good show in 2009. In 2010, the new fund manager took over and the fund delivered an average performance. The high allocation to mid and small caps was the culprit. Although Shetty increased the large cap exposure to average 42 per cent, it was way below the category average of 60 per cent.

 

A much more diversified portfolio and stable performances are now visible in this fund. However, the fund has an opportunistic bent which is evident in the frequent portfolio churn and strong market cap moves. If they don't play out, there will be hiccups in this ride though long-term investors have been rewarded.

 
 

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

 

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Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

  1. HDFC TaxSaver
  2. ICICI Prudential Tax Plan
  3. DSP BlackRock Tax Saver Fund
  4. Birla Sun Life Tax Relief '96
  5. Reliance Tax Saver (ELSS) Fund
  6. IDFC Tax Advantage (ELSS) Fund
  7. SBI Magnum Tax Gain Scheme 1993
  8. Sundaram Tax Saver

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