Taurus Mid Cap Fund

Taurus Mid Cap Fund has delivered SIP XIRR of 16.72% over 3Y and 17.57% over 5Y, but this trails the category average SIP XIRR of 19.89% (3Y) and 20.47% (5Y) across all horizons. Against the NIFTY MIDCAP 150, the fund shows negative alpha over 3Y (-3.19%) and 5Y (-1.95%), with lump-sum CAGR lagging the benchmark in every window except 1Y, where it returned 3.65% versus the benchmark's -0.77%. Long-term returns remain respectable in absolute terms, with 10Y SIP XIRR of 17.02% and 12Y lump-sum CAGR of 14.69%.

The fund's beta of roughly 0.94-0.95 across most windows indicates it moves slightly less than the benchmark, and downside capture below 100% in most periods (e.g., 88.87% over 1Y, 93.93% over 10Y) suggests modest downside cushioning. However, the fund has experienced 9 drawdown events exceeding 10%, and the maximum drawdown recovery took 151 days, reflecting typical mid-cap volatility. Calmar ratios between 0.50 and 0.61 across horizons indicate moderate risk-adjusted efficiency rather than standout resilience.

The portfolio is concentrated with 30 holdings, and the top 10 account for roughly 48.5% of NAV, led by Sigma Advanced Systems (7.97%), Persistent Systems (5.62%), and Coforge (5.20%). Sector exposure is reasonably diversified, with IT-Software (13.4%), Pharma (9.7%), Aerospace & Defense (9.1%), and Electrical Equipment (8.8%) as the largest allocations. The tilt toward IT, defense, and pharma gives the fund distinct cyclical and thematic exposures that could drive both outperformance and volatility.

The fund consistently underperforms the mid-cap category on SIP XIRR at every horizon, lagging by roughly 2.9-3.2 percentage points over 3Y, 5Y, and 10Y. Its negative alpha versus the NIFTY MIDCAP 150 over 3Y, 5Y, and 7Y indicates the fund has generally trailed a passive mid-cap alternative despite lower downside capture. Calendar year returns show wide dispersion, from 60.57% in 2014 to -6.35% in 2018, with weak recent years (0.45% in 2025, 4.26% in 2026 YTD).

This fund suits investors with a high risk tolerance and a horizon of at least 7-10 years, given mid-cap volatility and the fund's uneven short-term record. It may appeal to those wanting an actively managed mid-cap allocation with a diversified, quality-oriented portfolio, but investors should recognize that low-cost index alternatives have delivered better returns over most periods. The high 2.15% expense ratio is a meaningful drag that cost-conscious investors should weigh carefully.

• Outperformed the NIFTY MIDCAP 150 over 1Y with a Fund CAGR of 3.65% versus the benchmark's -0.77%, alongside positive 1Y alpha of 3.96%
• Downside capture below 100% across most windows (e.g., 88.87% over 1Y and 93.93% over 10Y) indicates better-than-benchmark resilience in falling markets
• Diversified 30-stock portfolio with no single holding above 8% and balanced sector spread across IT, pharma, defense, and financials

• SIP XIRR trails the category average at every horizon, lagging by about 3.2 percentage points over 3Y (16.72% vs 19.89%) and 2.9 points over 5Y (17.57% vs 20.47%)
• High expense ratio of 2.15% combined with negative alpha versus the benchmark over 3Y, 5Y, and 7Y raises questions about the value of active management here