DSP Focused Fund
Direct · GrowthAI Summary
DSP Focused Fund has delivered consistent alpha over the NIFTY 50 across all measured periods, with a 3Y SIP XIRR of 16.18% versus a benchmark 3Y CAGR of just 4.89% and alpha of 7.23%. Its 3Y XIRR of 16.18% also edges past the category average of 15.91%, though it trails category averages over 5Y (14.71% vs 15.59%), 7Y (13.64% vs 15.10%), and 10Y (14.14% vs 15.73%). The fund's lump-sum CAGR also beats the benchmark in every window, such as 12.17% vs 4.89% over 3Y.
The fund shows a defensive risk profile with downside capture consistently below 92% (e.g., 86.27% over 5Y) while upside capture remains near 93-99%, indicating it loses less in declines while participating in most gains. Beta stays below 1.0 across all periods (0.90-0.97), confirming lower volatility than the index. The Calmar ratio of 0.37 over 3Y reflects reasonable risk-adjusted returns, though the 10 drawdown events exceeding 10% and a 245-day recovery from max drawdown suggest investors must tolerate meaningful interim losses.
The portfolio is concentrated by design, holding just 27 stocks with the top 10 accounting for roughly 48% of NAV. Banks dominate at 26.4% of the portfolio, with ICICI Bank (9.75%), HDFC Bank (8.32%), and Axis Bank (5.02%) as the largest positions, followed by IT-Software at 7.8%. This financials-heavy tilt means performance will be closely tied to the banking sector's fortunes.
The fund beats the category average SIP XIRR over 3Y (16.18% vs 15.91%) but lags over longer horizons, including 10Y (14.14% vs 15.73%) and 12Y (14.16% vs 15.18%). Calendar year returns show strong consistency in up-markets, with gains of 34.98% in 2023, 19.45% in 2024, and 23.53% in 2021, though down years like -5.47% in 2026 and -4.39% in 2022 show it is not immune to corrections. Overall, it is a competitive mid-pack performer with strong recent 3Y results.
This fund suits investors seeking a concentrated, high-conviction equity portfolio with a proven ability to beat the NIFTY 50 through stock selection. A minimum horizon of 5-7 years is appropriate given the drawdown history and the need for alpha to compound over full market cycles. Investors should have moderate-to-high risk tolerance, as the 26.4% banking exposure and 27-stock concentration can amplify sector-specific volatility.
- Consistent positive alpha versus NIFTY 50 across all periods, including 7.60% over 1Y and 7.23% over 3Y
- Favorable asymmetry with downside capture of 86-92% against upside capture of 91-99%, cushioning losses in weak markets
- Strong 3Y SIP XIRR of 16.18%, ahead of both the benchmark CAGR of 4.89% and the category average of 15.91%
- SIP XIRR trails category averages over 5Y, 7Y, 10Y, and 12Y, indicating weaker relative performance over longer horizons
- Heavy sector concentration in banks (26.4% of portfolio) creates vulnerability to financial sector downturns
Generated on 09-10-2026, 3:19 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.74 L | 17.4% | -57.6% | 80.7% |
| 3 Years | ₹36.00 L | ₹44.14 L | 14.1% | -20.8% | 33.4% |
| 5 Years | ₹60.00 L | ₹83.63 L | 13.6% | -8.6% | 26.1% |
| 7 Years | ₹84.00 L | ₹1.35 Cr | 13.6% | -0.9% | 21.3% |
| 10 Years | ₹1.20 Cr | ₹2.52 Cr | 14.1% | 10.1% | 17.7% |
| 12 Years | ₹1.44 Cr | ₹3.59 Cr | 14.2% | 11.6% | 16.4% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 17.4% | 14.3% | 11.2% | +3.1% |
| 3 Years | 14.1% | 11.0% | 15.8% | +3.0% |
| 5 Years | 13.6% | 10.4% | 15.5% | +3.2% |
| 7 Years | 13.6% | 10.6% | 15.1% | +3.1% |
| 10 Years | 14.1% | 11.4% | 15.7% | +2.7% |
| 12 Years | 14.2% | 11.3% | 15.1% | +2.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 16.4% | 12.5% | -29.0% | 86.4% | 0.51 | 1.61 | 80% | — | — |
| 3 Years | 14.5% | 15.2% | -6.6% | 29.3% | 1.35 | 5.17 | 98% | — | — |
| 5 Years | 13.6% | 13.6% | -1.1% | 27.6% | 1.53 | 9.56 | 100% | — | — |
| 10 Years | 13.9% | 13.6% | 11.1% | 16.9% | 5.36 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +7.70 | 0.96 | 96.8% | 87.2% | -1.1% | -9.5% |
| 3 Years | +6.68 | 0.97 | 98.1% | 89.5% | 12.2% | 5.5% |
| 5 Years | +5.14 | 0.90 | 93.0% | 86.2% | 9.9% | 4.6% |
| 7 Years | +3.30 | 0.92 | 90.5% | 86.2% | 13.5% | 10.6% |
| 10 Years | +1.43 | 0.95 | 94.2% | 91.9% | 11.8% | 10.5% |
| 12 Years | +3.15 | 0.95 | 94.6% | 90.5% | 12.5% | 9.6% |
| 15 Years | +2.57 | 0.94 | 94.6% | 91.0% | 11.8% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 9.46% |
| 2 | HDFC Bank Limited | 8.87% |
| 3 | Axis Bank Limited | 5.05% |
| 4 | Bharti Airtel Limited | 3.90% |
| 5 | SBI Life Insurance Co Limited | 3.81% |
| 6 | Mahindra & Mahindra Limited | 3.78% |
| 7 | Phoenix Mills Limited | 3.75% |
| 8 | Cholamandalam Investment and Finance Co Limited | 3.35% |
| 9 | State Bank of India | 3.17% |
| 10 | Coromandel International Limited | 3.01% |