DSP Large Cap Fund
Direct · GrowthAI Summary
DSP Large Cap Fund has delivered SIP XIRR of 15.24% over 1Y, 12.81% over 3Y, and 13.36% over 10Y, consistently outperforming the NIFTY 50 on a lump-sum basis across horizons (e.g., 3Y fund CAGR of 12.51% vs benchmark 7.75%). However, its XIRR trails the category average SIP XIRR across all periods, including 12.81% vs 14.28% over 3Y and 13.36% vs 14.37% over 10Y. Positive alpha over 3Y (4.91%) and 5Y (2.96%) demonstrates meaningful benchmark outperformance in recent periods.
The fund exhibits a beta below 1.0 across all horizons (0.88-0.97) with downside capture consistently below upside capture (e.g., 84.0% downside vs 91.16% upside over 3Y), indicating favorable asymmetric risk behavior. The maximum drawdown of -0.40% with a 40-day duration and 255-day recovery suggests limited severe losses in the measured window, though 9 drawdown events exceeding 10% historically indicate meaningful interim volatility. Calmar ratios of 0.29-0.36 across horizons reflect moderate risk-adjusted efficiency.
The portfolio is concentrated in financials, with Banks alone at 29.8% and the top two holdings (HDFC Bank at 9.31% and ICICI Bank at 8.02%) both from the banking sector. With only 33 total holdings, the fund runs a focused large-cap portfolio, with the top 10 holdings accounting for roughly 57.6% of NAV. Sector diversification beyond financials is reasonable, with Pharmaceuticals (7.9%), Insurance (7.7%), FMCG (7.1%), and Automobiles (6.7%) providing balance.
The fund lags the category average SIP XIRR across every measured horizon, with gaps of roughly 1.5 percentage points over 3Y (12.81% vs 14.28%) and 1 percentage point over 10Y (13.36% vs 14.37%). Despite this, its benchmark performance is strong, with alpha positive across all periods from 1Y through 15Y. Calendar year returns show consistency, with only three negative years since 2013 and double-digit gains in 2017, 2019, 2021, 2023, and 2024.
This fund suits investors seeking large-cap exposure with a defensive tilt, given its below-market beta and strong downside capture characteristics. A minimum horizon of 5-7 years is appropriate to allow the fund's benchmark outperformance to compound, and SIP investors should note the category comparison gap. Moderate risk tolerance is sufficient, as the fund's risk profile is milder than the broader market, though returns have trailed large-cap peers on SIP basis.
- Consistent positive alpha versus NIFTY 50 across all measured horizons, including 4.91% over 3Y and 2.96% over 5Y
- Favorable capture asymmetry, with downside capture of 84.0% versus upside capture of 91.16% over 3Y, cushioning losses in weak markets
- Consistent calendar year performance with only three negative years since 2013, including 27.1% in 2023 and 21.27% in 2024
- SIP XIRR trails the category average across all horizons, including 12.81% vs 14.28% over 3Y and 13.36% vs 14.37% over 10Y
- Heavy banking concentration of 29.8% in a single sector, with the top two holdings both banks, exposes the fund to financial sector downturns
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 | ₹12.68 L | 15.2% | -60.5% | 77.0% |
| 3 Years | ₹36.00 L | ₹43.34 L | 12.8% | -22.9% | 32.0% |
| 5 Years | ₹60.00 L | ₹81.40 L | 12.6% | -10.0% | 25.3% |
| 7 Years | ₹84.00 L | ₹1.30 Cr | 12.6% | -3.5% | 20.4% |
| 10 Years | ₹1.20 Cr | ₹2.42 Cr | 13.4% | 9.5% | 16.8% |
| 12 Years | ₹1.44 Cr | ₹3.41 Cr | 13.4% | 11.1% | 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 | 15.2% | 14.4% | 14.1% | +0.9% |
| 3 Years | 12.8% | 11.1% | 14.3% | +1.7% |
| 5 Years | 12.6% | 10.4% | 14.0% | +2.2% |
| 7 Years | 12.6% | 10.6% | 14.1% | +2.0% |
| 10 Years | 13.4% | 11.5% | 14.4% | +1.9% |
| 12 Years | 13.4% | 11.4% | 14.1% | +2.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.5% | 11.7% | -31.6% | 85.7% | 0.46 | 1.21 | 80% | — | — |
| 3 Years | 12.9% | 12.8% | -7.4% | 28.1% | 1.15 | 3.63 | 97% | — | — |
| 5 Years | 12.3% | 12.4% | -2.5% | 27.2% | 1.28 | 6.25 | 100% | — | — |
| 10 Years | 12.6% | 12.7% | 10.2% | 14.8% | 6.64 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +0.66 | 0.91 | 90.9% | 89.3% | -1.4% | -2.9% |
| 3 Years | +4.91 | 0.88 | 91.2% | 84.0% | 12.5% | 7.8% |
| 5 Years | +2.96 | 0.88 | 89.0% | 84.5% | 10.6% | 7.8% |
| 7 Years | +2.30 | 0.95 | 91.6% | 88.3% | 13.8% | 11.8% |
| 10 Years | +0.59 | 0.97 | 95.3% | 93.9% | 11.3% | 10.8% |
| 12 Years | +1.27 | 0.97 | 96.0% | 93.9% | 11.0% | 9.8% |
| 15 Years | +0.82 | 0.98 | 96.9% | 95.4% | 10.5% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 10.15% |
| 2 | HDFC Bank Limited | 9.44% |
| 3 | Axis Bank Limited | 5.86% |
| 4 | Bharti Airtel Limited | 5.83% |
| 5 | ITC Limited | 5.06% |
| 6 | Mahindra & Mahindra Limited | 5.04% |
| 7 | Larsen & Toubro Limited | 4.77% |
| 8 | Infosys Limited | 4.52% |
| 9 | Reliance Industries Limited | 4.08% |
| 10 | Cipla Limited | 2.98% |