DSP Large and Mid Cap Fund
Direct · GrowthAI Summary
DSP Large and Mid Cap Fund has delivered strong long-term SIP returns, with 3Y XIRR of 18.64% and 10Y XIRR of 17.23%, modestly ahead of category averages of 18.21% and 16.83% respectively. It has consistently outperformed the NIFTY 50 on a lump-sum basis, with positive alpha across all periods — 6.91% over 3Y and 5.65% over 5Y. However, the 1Y XIRR of 11.05% is essentially in line with the category average of 11.06%, and 2026 has been a weak year with a -9.9% calendar return.
The fund shows favorable downside behavior with a beta of 0.89-0.98 and downside capture consistently below 90% (85.28% over 7Y), meaning it has lost less than the benchmark in falling markets. It has experienced 9 drawdown events exceeding 10%, and the current maximum drawdown of -0.37% took 233 days to recover, indicating meaningful drawdown risk typical of large and mid cap exposure. Calmar ratios of 0.44-0.52 across periods reflect reasonable but not exceptional risk-adjusted returns.
The portfolio is heavily tilted toward financials, with Banks alone at 30.3% and the top five holdings all being banks (ICICI Bank 8.44%, HDFC Bank 7.81%, Axis Bank 5.88%). With 68 total holdings and a top-10 concentration of roughly 38%, diversification at the stock level is reasonable, though sector concentration in banking is significant. Other sectors like Pharma (7.1%), Auto Components (6.9%), IT (5.4%), and Insurance (5.0%) provide some balance.
The fund has beaten category average SIP XIRR in four of six periods, including 3Y (18.64% vs 18.21%), 7Y (16.68% vs 17.08% is the exception), 10Y (17.23% vs 16.83%), and 12Y (16.87% vs 16.39%). Its consistent positive alpha versus NIFTY 50 across 1Y to 15Y windows underscores durable stock selection. Performance is competitive rather than dominant within the Large & Mid Cap category.
This fund suits investors seeking diversified exposure to both large cap stability and mid cap growth, with a recommended horizon of at least 5-7 years to ride out drawdowns like the 9 events exceeding 10%. It is appropriate for moderate-to-high risk tolerance investors comfortable with sector concentration in banking and annual return swings from -9.9% (2026) to +45.9% (2014). SIP investors benefit most, given the fund's strong long-term XIRR track record.
- Consistent positive alpha versus NIFTY 50 across all measured periods, including 6.91% over 3Y and 5.65% over 5Y
- Downside capture below 90% in every period (as low as 85.28% over 7Y), indicating better loss protection than the benchmark
- Long-term SIP XIRR ahead of category averages, with 10Y XIRR of 17.23% versus the category's 16.83%
- Heavy sector concentration in Banks at 30.3% of NAV, with the top five holdings all from the banking sector
- Nine drawdown events exceeding 10% historically, and a weak 2026 calendar return of -9.9% reflecting recent volatility
Generated on 26-10-2026, 2:19 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 | ₹12.82 L | 19.8% | -54.4% | 92.0% |
| 3 Years | ₹36.00 L | ₹46.62 L | 17.1% | -19.9% | 36.9% |
| 5 Years | ₹60.00 L | ₹90.32 L | 16.6% | -6.3% | 30.7% |
| 7 Years | ₹84.00 L | ₹1.50 Cr | 16.7% | 1.3% | 25.0% |
| 10 Years | ₹1.20 Cr | ₹2.97 Cr | 17.2% | 13.7% | 21.1% |
| 12 Years | ₹1.44 Cr | ₹4.33 Cr | 16.9% | 13.9% | 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 | 19.8% | 14.3% | 11.0% | +5.5% |
| 3 Years | 17.1% | 11.0% | 18.2% | +6.1% |
| 5 Years | 16.6% | 10.4% | 18.0% | +6.2% |
| 7 Years | 16.7% | 10.6% | 17.1% | +6.1% |
| 10 Years | 17.2% | 11.4% | 16.8% | +5.8% |
| 12 Years | 16.9% | 11.3% | 16.4% | +5.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.1% | 14.6% | -28.9% | 92.2% | 0.61 | 2.25 | 85% | — | — |
| 3 Years | 17.5% | 18.4% | -5.3% | 32.5% | 1.71 | 7.62 | 98% | — | — |
| 5 Years | 16.6% | 16.9% | 1.9% | 31.6% | 1.96 | 33.02 | 100% | — | — |
| 10 Years | 17.0% | 16.8% | 13.4% | 19.6% | 7.93 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.50 | 0.97 | 96.0% | 89.9% | -7.5% | -12.5% |
| 3 Years | +6.81 | 0.98 | 98.5% | 89.9% | 12.7% | 5.8% |
| 5 Years | +5.61 | 0.93 | 94.2% | 87.0% | 10.6% | 4.9% |
| 7 Years | +5.76 | 0.89 | 91.7% | 85.4% | 15.2% | 9.8% |
| 10 Years | +3.77 | 0.91 | 93.5% | 88.9% | 13.6% | 10.1% |
| 12 Years | +5.29 | 0.92 | 95.2% | 89.0% | 14.1% | 9.1% |
| 15 Years | +4.87 | 0.92 | 95.2% | 89.0% | 13.9% | 9.3% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 8.44% |
| 2 | HDFC Bank Limited | 7.81% |
| 3 | Axis Bank Limited | 5.88% |
| 4 | State Bank of India | 3.18% |
| 5 | Kotak Mahindra Bank Limited | 2.49% |
| 6 | Phoenix Mills Limited | 2.14% |
| 7 | Bharti Airtel Limited | 2.13% |
| 8 | Max Financial Services Limited | 1.98% |
| 9 | Alkem Laboratories Limited | 1.96% |
| 10 | Uno Minda Limited | 1.96% |