DSP Mid Cap Fund
Direct · GrowthAI Summary
DSP Mid Cap Fund has delivered consistent long-term SIP returns, with 10Y XIRR of 16.6% and 12Y XIRR of 16.61%, though these trail the category average SIP XIRR of 19.34% and 18.62% respectively. Against the NIFTY MIDCAP 150, the fund has generally lagged on lump-sum CAGR, with 5Y Fund CAGR of 10.3% versus the benchmark's 13.4% and negative alpha of -2.18% over 5Y and 7Y. However, it has matched or beaten the benchmark over the longest horizons, with 15Y alpha of +0.99% and 12Y alpha of +0.43%.
The fund shows a beta below 1 across all periods (0.85-0.93), with downside capture consistently below or near upside capture, indicating relatively contained losses in falling markets. It has experienced 9 drawdown events exceeding 10%, reflecting the inherent volatility of mid-cap investing. Calmar ratios of roughly 0.51-0.66 across horizons suggest moderate risk-adjusted returns relative to peak-to-trough losses.
The portfolio is well diversified across 61 holdings, with the top position, Coforge Limited, at just 4.48% of NAV and the top ten holdings together representing under 28%. Sector allocation is spread across Auto Components (10.6%), Industrial Products (8.5%), Banks (7.6%), Finance (7.4%), and IT-Software (6.2%), avoiding heavy concentration in any single theme. Exposure spans financials, healthcare, capital markets, and realty, providing balanced mid-cap representation.
The fund underperforms the category average SIP XIRR across every horizon, with the widest gaps at 5Y (17.08% vs 20.5%) and 7Y (16.39% vs 19.4%). Its consistent downside capture below 90% suggests a defensive style that protects in corrections but has capped outperformance versus more aggressive peers. Long-term consistency remains a positive, with 12Y SIP XIRR of 16.61% demonstrating durable compounding.
This fund suits investors seeking diversified mid-cap exposure with a relatively defensive risk profile and a long horizon of 7-10 years or more. It is appropriate for those with moderate-to-high risk tolerance who can withstand drawdowns exceeding 10% during mid-cap corrections. SIP investors prioritizing capital preservation within mid-caps over chasing top-quartile returns may find it a reasonable core holding.
- Long-term consistency with 12Y SIP XIRR of 16.61% and positive 15Y alpha of +0.99% versus the NIFTY MIDCAP 150
- Defensive capture profile, with 10Y downside capture of 83.56% below upside capture of 84.26%, limiting losses in market declines
- Well-diversified portfolio of 61 holdings with no single stock above 4.48% of NAV and balanced sector allocation
- Underperformance versus category average SIP XIRR at every horizon, including 5Y (17.08% vs 20.5%) and 3Y (18.51% vs 19.95%)
- Negative alpha over 5Y (-2.18%) and 7Y (-2.18%) versus the benchmark, with 5Y Fund CAGR of 10.3% trailing the benchmark's 13.4%
- Recent calendar-year returns are weak, with 2026 at -1.36% and 2025 at just 2.36%, and 9 drawdown events exceeding 10% historically
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 | ₹12.92 L | 22.6% | -44.0% | 130.3% |
| 3 Years | ₹36.00 L | ₹46.78 L | 17.6% | -15.6% | 37.2% |
| 5 Years | ₹60.00 L | ₹88.56 L | 16.3% | -3.4% | 29.7% |
| 7 Years | ₹84.00 L | ₹1.50 Cr | 16.4% | 5.5% | 23.5% |
| 10 Years | ₹1.20 Cr | ₹2.81 Cr | 16.6% | 13.6% | 20.2% |
| 12 Years | ₹1.44 Cr | ₹4.15 Cr | 16.6% | 13.9% | 20.0% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 22.6% | 21.9% | 16.0% | +0.8% |
| 3 Years | 17.6% | 17.2% | 19.8% | +0.4% |
| 5 Years | 16.3% | 16.5% | 20.4% | -0.1% |
| 7 Years | 16.4% | 16.8% | 19.4% | -0.4% |
| 10 Years | 16.6% | 16.6% | 19.3% | -0.1% |
| 12 Years | 16.6% | 16.3% | 18.6% | +0.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 21.4% | 15.4% | -22.0% | 102.6% | 0.61 | 2.58 | 81% | — | — |
| 3 Years | 18.3% | 18.5% | -4.1% | 44.3% | 1.52 | 9.59 | 98% | — | — |
| 5 Years | 16.9% | 16.9% | 4.0% | 31.5% | 1.88 | 74.99 | 100% | — | — |
| 10 Years | 17.5% | 16.9% | 13.3% | 22.6% | 5.05 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | -1.15 | 0.93 | 91.1% | 92.3% | -1.4% | -0.8% |
| 3 Years | +0.01 | 0.89 | 89.7% | 89.3% | 12.0% | 12.7% |
| 5 Years | -2.10 | 0.87 | 87.1% | 88.5% | 9.3% | 12.2% |
| 7 Years | -2.35 | 0.87 | 84.9% | 85.8% | 16.5% | 20.8% |
| 10 Years | -0.60 | 0.85 | 84.2% | 83.6% | 13.5% | 15.4% |
| 12 Years | +0.34 | 0.87 | 86.7% | 85.4% | 15.2% | 16.1% |
| 15 Years | +0.95 | 0.88 | 88.2% | 86.3% | 14.8% | 14.8% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Coforge Limited | 4.07% |
| 2 | Multi Commodity Exchange Of India Limited | 3.31% |
| 3 | IPCA Laboratories Limited | 2.84% |
| 4 | Phoenix Mills Limited | 2.73% |
| 5 | Federal Bank Limited | 2.56% |
| 6 | Fortis Healthcare Limited | 2.53% |
| 7 | Bharat Forge Limited | 2.51% |
| 8 | Max Financial Services Limited | 2.48% |
| 9 | Cholamandalam Investment and Finance Co Limited | 2.44% |
| 10 | APL Apollo Tubes Limited | 2.34% |