DSP Large and Mid Cap Fund
Direct · GrowthAI Summary
DSP Large and Mid Cap Fund has delivered strong long-term SIP XIRR of 17.34% over 10 years and 17.16% over 12 years, outperforming the category average SIP XIRR of 16.75% and 16.49% respectively. Against the NIFTY 50, the fund has generated consistent alpha across all periods, ranging from 4.49% (10Y) to 8.21% (3Y), with lump-sum CAGRs exceeding the benchmark in every window. However, over the 3Y and 5Y periods its SIP XIRR of 17.36% and 16.70% trails the category averages of 17.73% and 17.26%, suggesting recent relative softness.
The fund exhibits a beta below 1 across all periods (0.89 to 0.98) with downside capture consistently under 90%, indicating it has historically fallen less than the NIFTY 50 in declining markets. It has experienced 9 drawdown events greater than 10%, which is expected for a large and mid cap mandate, though the current maximum drawdown of just -0.37% with a 233-day recovery reflects a favorable recent risk profile. Calmar ratios between 0.44 and 0.53 across horizons indicate reasonable risk-adjusted return efficiency.
The portfolio is well diversified across 74 holdings, with the top 10 positions accounting for roughly 37.5% of NAV. Banks dominate the sector allocation at 26.3%, with ICICI Bank (7.04%), HDFC Bank (6.62%), and Axis Bank (4.79%) as the largest positions, followed by meaningful exposure to Auto Components (8.6%) and IT-Software (8.2%). The heavy banking tilt is the main concentration risk, though the remaining sectors including Pharma (7.5%) and Finance (6.7%) provide balance.
The fund shows a mixed category positioning: it beats the category average SIP XIRR over 1Y (20.17% vs 16.54%), 7Y, 10Y, and 12Y horizons, but lags over 3Y and 5Y periods. Its long-term consistency is a strength, with lump-sum rolling returns of 17.11% to 17.79% over 10Y and 12Y windows. The persistent positive alpha versus NIFTY 50 across seven measurement periods underscores genuine stock-selection skill rather than benchmark beta.
This fund suits investors seeking long-term wealth creation through a blend of large cap stability and mid cap growth, with a recommended horizon of at least 5 to 7 years to smooth out mid cap volatility. It is appropriate for investors with moderate-to-high risk tolerance who can withstand drawdowns exceeding 10% during market corrections. A SIP route is well supported by the fund's strong long-term SIP XIRR track record of over 17% across 10 and 12 year periods.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y to 15Y, ranging from 4.49% to 8.21%
- Strong downside protection with downside capture below 90% in every measurement period and beta consistently under 1
- Long-term SIP XIRR above 17% over 10Y and 12Y horizons, beating the category average in those windows
- Underperformance versus category average SIP XIRR over the 3Y (17.36% vs 17.73%) and 5Y (16.70% vs 17.26%) periods
- Heavy sector concentration in Banks at 26.3% of the portfolio, exposing investors to financial sector cyclicality
- Nine drawdown events greater than 10% historically, reflecting the inherent volatility of the large and mid cap category
Generated on 06-09-2026, 8:05 PM. 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 | ₹12.83 L | 20.2% | -54.4% | 92.0% |
| 3 Years | ₹36.00 L | ₹46.69 L | 17.4% | -19.9% | 36.9% |
| 5 Years | ₹60.00 L | ₹90.59 L | 16.7% | -6.3% | 30.7% |
| 7 Years | ₹84.00 L | ₹1.51 Cr | 16.7% | 1.3% | 25.0% |
| 10 Years | ₹1.20 Cr | ₹2.99 Cr | 17.3% | 13.8% | 21.1% |
| 12 Years | ₹1.44 Cr | ₹4.35 Cr | 17.2% | 14.7% | 19.6% |
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 | 20.2% | 14.4% | 16.5% | +5.8% |
| 3 Years | 17.4% | 11.1% | 17.7% | +6.3% |
| 5 Years | 16.7% | 10.4% | 17.3% | +6.3% |
| 7 Years | 16.7% | 10.6% | 16.6% | +6.1% |
| 10 Years | 17.3% | 11.5% | 16.8% | +5.9% |
| 12 Years | 17.2% | 11.4% | 16.5% | +5.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.4% | 15.0% | -28.9% | 92.2% | 0.63 | 2.33 | 85% | — | — |
| 3 Years | 17.5% | 18.5% | -5.3% | 32.5% | 1.71 | 7.61 | 98% | — | — |
| 5 Years | 16.7% | 17.0% | 1.9% | 31.6% | 1.98 | 33.01 | 100% | — | — |
| 10 Years | 17.1% | 16.9% | 14.4% | 19.6% | 9.06 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.46 | 0.98 | 98.1% | 89.4% | 3.7% | -2.9% |
| 3 Years | +8.21 | 0.98 | 100.0% | 89.5% | 15.9% | 7.8% |
| 5 Years | +5.65 | 0.93 | 94.3% | 87.0% | 13.4% | 7.8% |
| 7 Years | +6.77 | 0.89 | 92.3% | 85.0% | 18.0% | 11.8% |
| 10 Years | +4.49 | 0.91 | 94.3% | 88.8% | 14.9% | 10.8% |
| 12 Years | +5.92 | 0.92 | 95.8% | 88.9% | 15.5% | 9.8% |
| 15 Years | +5.04 | 0.92 | 95.4% | 89.0% | 14.5% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 8.71% |
| 2 | HDFC Bank Limited | 7.33% |
| 3 | Axis Bank Limited | 5.86% |
| 4 | State Bank of India | 3.30% |
| 5 | Kotak Mahindra Bank Limited | 2.35% |
| 6 | Bharti Airtel Limited | 2.06% |
| 7 | Uno Minda Limited | 2.00% |
| 8 | Coforge Limited | 1.98% |
| 9 | Max Financial Services Limited | 1.96% |
| 10 | Alkem Laboratories Limited | 1.89% |