DSP Large Cap Fund
Direct · GrowthAI Summary
DSP Large Cap Fund has delivered a 3Y SIP XIRR of 14.77% and 5Y XIRR of 13.81%, beating the 3Y category average of 13.99% but trailing the 5Y and 10Y category averages of 14.35% and 14.24%. Against the NIFTY 50, the fund shows meaningful alpha over the 3Y (4.50%) and 5Y (3.77%) periods, with Fund CAGR of 10.18% vs benchmark 5.57% over 3Y. However, over longer horizons of 10Y and 15Y, alpha narrows to just 0.20% and 0.84%, indicating benchmark-beating performance has been concentrated in recent years.
The fund exhibits a beta below 1 across all periods (0.88-0.98) with downside capture consistently below upside capture — for example, 3Y downside capture of 84.72% vs upside capture of 91.41% — demonstrating defensive characteristics. The current maximum drawdown is a mild -0.40% with a 40-day duration, though 9 drawdown events exceeding 10% have occurred historically. Calmar ratios of 0.30-0.35 across periods reflect reasonable risk-adjusted returns for a large cap mandate.
The 41-stock portfolio is anchored by financials, with HDFC Bank (10.08%), ICICI Bank (9.72%), and Axis Bank (5.91%) pushing the Banks sector to 29.3% of NAV. Automobiles (11.1%) and Insurance (7.1%) round out the top sectors, while Bharti Airtel (6.04%) and Reliance (4.06%) add telecom and energy exposure. The concentration in banks is notable but typical for large cap funds, and the 41-holding count provides reasonable diversification beyond the top 10.
The fund outperforms the category average on 3Y SIP XIRR (14.77% vs 13.99%) but lags on 5Y (13.81% vs 14.35%), 7Y (12.60% vs 13.97%), and 10Y (13.28% vs 14.24%) horizons. Calendar year returns show consistency in strong markets — 27.10% in 2023, 21.27% in 2024, 26.89% in 2017 — with contained losses in weak years such as -2.06% in 2015 and -1.21% in 2018. This pattern of lower downside participation supports its positioning as a relatively defensive large cap performer.
This fund suits conservative-to-moderate investors seeking core large cap exposure with lower volatility than the index, given its sub-1 beta and downside capture below 90% in most periods. A minimum horizon of 5-7 years is appropriate, as long-term SIP XIRR has hovered around 12.6-13.3%. Investors should accept that recent outperformance may not persist, since 10Y and 15Y alpha over the NIFTY 50 is minimal.
- Strong downside protection with 3Y and 5Y downside capture of 84.72% and 84.77% versus upside capture above 90%, cushioning losses in weak markets
- Meaningful alpha over the NIFTY 50 in the 3Y (4.50%) and 5Y (3.77%) periods, with 3Y Fund CAGR of 10.18% vs benchmark 5.57%
- 3Y SIP XIRR of 14.77% exceeds the category average of 13.99%, and the 0.86% expense ratio is reasonable for an active large cap fund
- Long-term alpha is thin — 10Y alpha of just 0.20% and 15Y alpha of 0.84% over the NIFTY 50 — questioning the value of active management over full market cycles
- SIP XIRR trails category averages across 5Y, 7Y, 10Y, and 12Y horizons, indicating middling peer-relative consistency beyond the recent 3Y window
- Heavy sector concentration in Banks at 29.3% of NAV, with the top three holdings all banks, exposes the portfolio to financial sector-specific risk
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 | ₹12.66 L | 14.9% | -60.5% | 77.0% |
| 3 Years | ₹36.00 L | ₹43.27 L | 12.6% | -22.9% | 32.0% |
| 5 Years | ₹60.00 L | ₹81.16 L | 12.5% | -10.0% | 25.3% |
| 7 Years | ₹84.00 L | ₹1.30 Cr | 12.6% | -3.5% | 20.4% |
| 10 Years | ₹1.20 Cr | ₹2.40 Cr | 13.2% | 9.5% | 16.8% |
| 12 Years | ₹1.44 Cr | ₹3.39 Cr | 13.1% | 10.4% | 14.9% |
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 | 14.9% | 14.3% | 7.7% | +0.6% |
| 3 Years | 12.6% | 11.0% | 14.0% | +1.6% |
| 5 Years | 12.5% | 10.4% | 14.3% | +2.1% |
| 7 Years | 12.6% | 10.6% | 14.0% | +2.0% |
| 10 Years | 13.2% | 11.4% | 14.2% | +1.8% |
| 12 Years | 13.1% | 11.3% | 13.8% | +1.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.2% | 11.3% | -31.6% | 85.7% | 0.44 | 1.14 | 78% | — | — |
| 3 Years | 12.8% | 12.6% | -7.4% | 28.1% | 1.16 | 3.64 | 97% | — | — |
| 5 Years | 12.2% | 12.3% | -2.5% | 27.2% | 1.27 | 6.25 | 100% | — | — |
| 10 Years | 12.5% | 12.7% | 10.0% | 14.8% | 5.94 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +0.85 | 0.91 | 91.7% | 90.0% | -8.6% | -10.9% |
| 3 Years | +4.54 | 0.88 | 91.3% | 84.9% | 10.9% | 6.4% |
| 5 Years | +3.53 | 0.88 | 90.1% | 85.0% | 8.8% | 5.2% |
| 7 Years | +1.44 | 0.94 | 90.4% | 88.0% | 11.2% | 10.0% |
| 10 Years | +0.16 | 0.97 | 94.9% | 94.1% | 10.4% | 10.3% |
| 12 Years | +1.18 | 0.97 | 95.5% | 93.6% | 10.1% | 9.0% |
| 15 Years | +0.83 | 0.98 | 96.9% | 95.4% | 10.1% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 10.08% |
| 2 | ICICI Bank Limited | 9.72% |
| 3 | Bharti Airtel Limited | 6.04% |
| 4 | Axis Bank Limited | 5.91% |
| 5 | Mahindra & Mahindra Limited | 4.84% |
| 6 | Larsen & Toubro Limited | 4.74% |
| 7 | Reliance Industries Limited | 4.06% |
| 8 | Infosys Limited | 3.99% |
| 9 | ITC Limited | 3.97% |
| 10 | NTPC Limited | 3.08% |