DSP Large & Mid Cap Fund

All Cap

Energy & Utilities

Equity

India Growth

Others

Aggressive growth Investor Profile

Investor Profile

1–7 yearsInvestment Horizon

HNI, UHNI, Retail Investor, Mass AffluentTarget Segments

SEBI registered equity mutual fund suitable for all investor categoriesRegulatory Fit

What This Strategy Does

DSP Large & Mid Cap Fund Growth is an equity flexi-cap fund which captures India's ₹150 trillion consumption and private capex opportunity through a bottom-up stock selection approach, deploying capital across financials, industrials, and consumer sectors to achieve broad-based earnings growth.

CW Expert Research Notes

Consistent Outperformance

The fund has delivered commendable benchmark-relative returns under Rohit Singhania's stewardship, outperforming the category average and benchmark over trailing one-, three-, and five-year periods.

Fluid Approach

Singhania employs a fluid, unconstrained investment approach without rigid sector or stock biases, allowing him to capitalize on opportunities through frequent portfolio churn.

Cyclical Resilience

The fund's core-satellite portfolio construction, with a focus on companies with strong balance sheets and visible growth catalysts, provides resilience across market cycles.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Fund Performance

-3.6% AnnuallyAlpha

+12.1% vs +9.9% benchmarkSince Inception

+12.4% vs +6.3% benchmark3Y Annualized

+11.1% vs +6.5% benchmark5Y Annualized

DSP Large & Mid Cap Fund

Benchmark Index

Benchmark Performance Comparison

Dsp Equity Opportunities Fund

NIFTY 50

Risk Profile

Standard Deviation14.6%

Maximum Drawdown-16.8% | Oct 2024

Sharpe Ratio-0.58

Beta0.92

Upside Capture98%

Detailed Risks

Market Risk

Potential recession in India driven by slowing global growth could undermine earnings.

Liquidity Risk

High mid-cap exposure could face liquidity stress during volatility spikes.

Concentration Risk

Concentrated bets in Indian financials face asset quality risks from NPLs.

Specific Strategy Risk

Regulatory tightening on Indian banks could pressure large-cap holdings' profitability.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Provides portfolio stability through exposure to India's most resilient businesses—companies that have demonstrated the ability to grow earnings across economic cycles. These market leaders typically reinvest cash flows into sustainable competitive moats, translating into steady wealth creation without dramatic volatility. Suitable for investors seeking predictable compounding with lower downside risk.

Broader Market View

Market Outlook

Equity markets appear to be entering a mid-cycle phase, with consumption and earnings recovery gaining traction. This normalization backdrop, supported by trends like reviving capex and credit growth, offers an attractive entry point. However, risks such as margin pressures and cyclicality in sectors like consumer discretionary and industrials warrant a balanced approach.

Why This Strategy is Attractive Now

The strategy seems well-positioned to capitalize on the current environment through its exposure to sectors geared towards the consumption recovery, including consumer cyclicals, financials, and technology. The portfolio's diversification across market leaders and approximately 70 holdings, coupled with a moderate risk profile, could allow for a risk-adjusted participation in the broader market upside.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth strategy, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations.

Why it Makes Sense

In the current environment of moderating economic growth and elevated uncertainty, a Quality Growth approach can provide exposure to resilient businesses with pricing power and sustainable growth trajectories.

High-Level Investment Process

Sourcing: The strategy appears to source investment ideas from a broad universe of quality companies across market capitalizations and sectors, with a focus on those demonstrating robust fundamentals and attractive long-term growth prospects. Selection: The selection process suggests a preference for companies with strong competitive positioning, proven management teams, and the ability to generate consistent profitability and cash flows, while maintaining a disciplined valuation approach. Construction: The portfolio construction appears to emphasize diversification across sectors and individual holdings, with an aim to manage risk while providing exposure to structural growth opportunities.

Portfolio Holdings Overview

SectoralAllocation

Capital Goods12.81%

Consumers15.92%

Services13.85%

Energy & Infra6.95%

Financial Services39.04%

Technology8.46%

Utilities2.96%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

ICICI Bank LtdFinancial Services7.04%

HDFC Bank LtdFinancial Services6.62%

Axis Bank LtdFinancial Services4.79%

State Bank of IndiaFinancial Services2.87%

Infosys LtdTechnology2.85%

Treps / Reverse Repo InvestmentsUtilities2.65%

Bharti Airtel LtdServices2.36%

Tata Consultancy Services LtdTechnology2.14%

Kotak Mahindra Bank LtdFinancial Services2.12%

Shriram Finance LtdFinancial Services1.89%

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Rohit Singhania

Mr. Rohit Singhania has experience of 21 years. Manages 30 funds at DSP Asset Managers Private Limited with an AUM of approximately ₹17,570 Cr Holds a MMS degree.

22 years

Combined Team Experience

₹ 17,570 Cr

Assets Under Management

CW Expert Take

DSP's legacy of principled investing spans decades. They maintain a research-driven culture with low portfolio churn, whether managing equity portfolios or fixed income strategies. The fund house is known for transparent communication and staying true to fund mandates even during difficult performance periods.

Firm Overview

Total AUM₹2,20,762.56 Cr

Investment Philosophy & Approach

Disciplined Approach

Employs a bottom-up stock-picking strategy focused on business fundamentals.

Risk Management

Maintains a diversified portfolio with controlled sector and stock exposures.

Long-Term Mindset

Invests with a long-term perspective, capitalizing on market inefficiencies.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Total Expense Ratio (TER)1.69%

Exit Load1

Regulatory & Tax Information

INF740K01094

ISIN

DailyDealing Frequency

Nifty LargeMidcap 250 TR INRBenchmark

LTCG | >1Year 12.5%% on gain above 1.25 Lakh

STCG | <1Year 20%%

Tax Implications (India)