Taurus Mid Cap Fund

Taurus Mid Cap Fund has delivered long-term SIP XIRR of 17.33% over 10Y and 16.37% over 12Y, but it trails the category average SIP XIRR across every horizon — for example, 18.49% vs 19.93% over 3Y and 17.33% vs 19.41% over 10Y. Against the NIFTY MIDCAP 150, the fund shows negative alpha at all periods, with a 3Y alpha of -6.12% (fund CAGR 12.06% vs benchmark 18.08%). Recent performance is particularly weak, with 1Y SIP XIRR of 11.79% versus a category average of 21.6%.

The fund's beta of roughly 0.95 across most periods indicates it moves slightly less than the benchmark, and both upside capture (93-99%) and downside capture (94-103%) are near or below 100%, suggesting mild downside protection but insufficient upside participation to generate alpha. The Calmar ratio hovers between 0.50 and 0.61 across horizons, indicating modest risk-adjusted returns. Nine drawdown events exceeding 10% confirm meaningful volatility typical of the mid-cap segment.

The portfolio holds 35 stocks with a top holding, Sigma Advanced Systems, at 6.66% of NAV, indicating reasonable diversification without excessive single-stock concentration. Sector allocation is fairly balanced, led by IT-Software at 13.0%, Pharmaceuticals at 8.9%, and Aerospace & Defense at 7.8%. The mix spans growth (IT, aerospace), defensives (pharma), and financials, providing moderate sector diversification.

The fund is a consistent underperformer versus its category, lagging the average SIP XIRR at all measured horizons from 1Y through 12Y. Its persistent negative alpha versus the NIFTY MIDCAP 150 — narrowing from -6.12% at 3Y to -0.62% at 15Y — suggests long-term underperformance is moderating but remains negative. Calendar year returns show high dispersion, from 60.57% in 2014 to -6.35% in 2018, typical of mid-cap funds but without evidence of category leadership.

This fund suits investors with a high risk tolerance and a horizon of 7 years or more, given mid-cap volatility and the fund's stronger long-horizon relative performance (12Y alpha of -1.10%). However, investors seeking category-beating mid-cap exposure should consider alternatives, as the fund trails peers consistently. A high expense ratio of 2.15% further weighs on net returns.

• Strong long-term SIP returns of 17.33% over 10Y and 16.37% over 12Y
• Beta below 1 (around 0.95) with downside capture mostly under 96%, offering slight cushion in falling markets
• Diversified 35-stock portfolio with no single holding above 6.66% of NAV

• Negative alpha versus the NIFTY MIDCAP 150 at every period, including -6.12% over 3Y
• SIP XIRR trails the category average at all horizons, with a wide 1Y gap (11.79% vs 21.6%)
• High expense ratio of 2.15% erodes net returns relative to peers