Creating a new space

FUND FACTS
Offer open: Till 20 March
Scheme type: Open-ended diversified equity with Shariah features
Minimum investment: Rs 5,000; unit price: Rs 10
Loads: Entry load: 2.25%; Exit load: 1% (less than six months); 0.5% (between six months and one year)
Options: Growth, dividend (payout and reinvestment) and bonus
Investor grievances: Tel: 022-66242700; Fax: 022-66242777; E-mail: info@taurusmutualfund.com
                                                        
FUND STATS
Objective: To provide long-term capital appreciation and growth through investment in equity and equity- related instruments which are Shariah-compliant. It also aims to diversify the portfolio by investing across sectors and themes to maximise returns and control risk.
Benchmark: S&P CNX Nifty Shariah Index
Fund manager: Mohit Mirchandani
Asset allocation: 80% Equity & Equity-Linked 20% Debt & Cash
Comparable existing schemes: None, as this is the first actively managed Shariah fund.

FUND PROGNOSIS

Fund house report
Returns profile: 3 stars	Risk profile: 3 stars
Fund manager’s report
Returns profile: 2 stars	Risk profile: 2 stars

Idea distiller: The product is targeted at investors who want to put their money in a Shariah-compliant instrument, but the stocks that the fund can invest in are limited.
Fund house report: The Taurus Mutual Fund manages assets worth Rs 213 crore across 15 schemes (as on 31 January 2009).

Scheme DNA: Four fundamentals of the fund scheme
Unique idea: Medium
Returns possibility: Medium
Risk: Medium
Operability/Complexity: Medium

INVESTOR TAKEAWAYS
Who should apply: The scheme is only for those who are looking at ethical investing and want to put their money in an actively managed vehicle that adheres to Islamic norms.
Comments: The Shariah-compliant segment is in its first phase of evolution in India. Till now, the participation has been low, but it might improve with time. However, at a time when it is best to go for a fund with a highly diversified portfolio, it may not be profitable to opt for one with a very focused selection.