| Launched in 1996, The Everest Fund is an open-ended fund with an exclusive focus on India, one of the largest and fastest growing economies in the world. India has been witnessing remarkable economic growth across almost every sector thereby facilitating broad-based economic development. With its vibrant democracy, strong legal framework, educated work force and sound capital market, India is increasingly becoming one of the preferred destinations for foreign direct and portfolio investments. Based on multiple investment themes such as improving consumption demand due to favorable demographic trends, rising investments in infrastructure, exports driven by IT and IT Enabled Services and outsourcing in sectors such as pharmaceuticals, textiles and engineering, India offers sustainable growth prospects on a long-term basis. Indian companies across sectors have significantly strengthened their balance sheets through capacity expansion, organic and inorganic growth and achieving efficiency in their operations. The TAIB Everest Fund combines the inherent opportunities in India with TAIB's expertise in managing the Funds effectively.
Investment Objective
The principal investment objective of the Fund is long-term capital appreciation by investing primarily in a diversified portfolio of Indian equity, equity related securities and corporate debentures holding an investment grade rating.
Investment Strategy
The Fund adopts a bottom up approach to investing and tries to identify stocks which offer growth at a reasonable price. However, the manager also uses a top down approach selectively by following macroeconomic variable and sector trends to make broad allocation and investment timing decisions. A small part of the portfolio is also utilized to take advantage of short-term trading opportunities, if any.
Fund Manager
TAIB Bank B.S.C. (C).
The Manager has retained the services of HDFC Asset Management Company Limited as the Investment Advisor
.
Investment Principal
The Fund shall
not:
Invest more than
10% of its Net Asset Value (NAV) in securities issued by one
single issuer
Invest more than
15 % of its NAV in un-listed securities
Invest more than
10% of its NAV in securities issued by Unit Trusts, Mutual Funds
or other types of investment funds
Invest more than 25% in any single Industry
Benchmark
Index:
Dollex 200 as
per Mumbai Stock Exchange
Net Asset
Value:
Calculated at
fortnightly intervals
Subscription and
Redemption:
As per NAV
calculated at Fortnightly Intervals
Fees:
Investment
Management Fee:
The Investment
Manager is entitled to a fee equal to 1.5% p.a. of the average
value of NAV of the Fund during the three preceding months.
Investment Manager is also entitled to a fee equal to 1.5% p.a.
of the average value of NAV of the Subsidiary during the three
preceding months.
Performance Fee:
Performance Fee
is payable annually at the end of June, calculated as per the
performance over the previous highest recorded NAV, as per the
following table:
0%--10% NIL
11%-20% 5%
21%--30% 10%
31% and above
20%
Taxation:
As the fund invests in the Subsidiary which is a Mauritian
Open-ended investment company, which in turn invests in India
and consequent to the Double-Taxation Avoidance Treaty entered
into between India and Mauritius, the capital gains are exempt
from any tax as per Mauritian Tax Laws.
Performance Chart
Please Contact:
Thomas Kelly : 973 17549409
Maria Sofia Kourti
: 973 17549414
E mail: funds@taib.com
" The above summary constitutes neither an offer to sell
nor a solicitation to invest in the TAIB Everest Fund . Offers
to sell or solicitations to invest in the TAIB Everest Fund
are made only by means of the Everest Fund Prospectus and an
investor considering an investment in the Everest Fund should
rely solely upon the Prospectus. Please note that investment
restrictions apply. "
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