DSP Multi Cap Fund
Direct · GrowthAI Summary
DSP Multi Cap Fund has demonstrated consistent outperformance against the NIFTY 50 across multiple time horizons, with a 1Y alpha of 2.70% (Fund CAGR of -2.53% vs benchmark -6.40%) and 3Y alpha of 3.07% (6.79% vs 3.36%). However, its 1Y SIP XIRR of 3.14% trails the category average of 11.30% significantly. Long-term alphas taper off, from 3.07% at 3Y to just 0.36% at 10Y and turning marginally negative (-0.0046%) at 15Y.
The fund shows strong downside protection with a downside capture of 82.85% versus upside capture of 88.41% across longer horizons, and beta below 1 (0.886) indicating lower volatility than the benchmark. Only one drawdown event exceeding 10% has occurred, with an average drawdown of a modest -0.058%. The 1Y Calmar ratio of 0.1627 reflects modest risk-adjusted returns given the muted recent performance.
The portfolio is spread across 53 holdings with the top 10 accounting for roughly 36.5% of NAV, led by financial names HDFC Bank (6.4%), ICICI Bank (5.38%), and Axis Bank (3.78%). Banks form the largest sector allocation at 15.6%, followed by Pharmaceuticals & Biotechnology at 13.6% and Industrial Products at 10.3%. The multi-sector spread across financials, healthcare, IT, automobiles, and industrials supports genuine diversification consistent with the multi-cap mandate.
The fund's XIRR significantly lags category averages across all horizons — 3.14% vs 11.30% at 1Y, and lump-sum CAGRs of 6.79% at 3Y and 4.02% at 5Y against category SIP XIRRs of 14.77% and 17.19% respectively. Alpha persistence weakens over longer periods, falling from 3.07% at 3Y to near zero at 15Y. This suggests the fund has been more resilient than the benchmark in down markets but struggles to keep pace with category peers in return generation.
This fund suits conservative-to-moderate investors seeking multi-cap exposure with lower volatility than the index, given its below-1 beta and superior downside capture. A horizon of at least 5-7 years is advisable for the multi-cap asset class to play out. Investors should be comfortable with currently muted returns and the possibility of continued underperformance versus category peers.
- Consistent alpha over NIFTY 50 at 1Y, 3Y, 5Y, 7Y, and 10Y horizons, including 2.70% alpha over the past year
- Strong downside management with downside capture of 82.85% and beta of 0.886, offering cushion in falling markets
- Well-diversified 53-stock portfolio with balanced sector exposure, limiting single-sector concentration with Banks at 15.6%
- 1Y SIP XIRR of 3.14% is far below the category average of 11.30%, indicating near-term underperformance against peers
- Alpha has eroded over long horizons, from 3.07% at 3Y to -0.0046% at 15Y, raising questions about sustained outperformance
Generated on 07-11-2026, 3:12 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 | ₹12.30 L | 3.2% | -24.6% | 28.6% |
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 | 3.2% | 14.3% | 11.3% | -11.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 3.4% | 3.1% | -7.1% | 16.1% | -0.65 | -0.59 | 75% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.00 | 0.89 | 86.2% | 82.4% | 0.9% | -2.1% |
| 3 Years | +2.75 | 0.88 | 87.9% | 82.8% | 7.8% | 4.9% |
| 5 Years | +1.29 | 0.88 | 87.9% | 82.8% | 4.6% | 2.9% |
| 7 Years | +0.68 | 0.88 | 87.9% | 82.8% | 3.3% | 2.1% |
| 10 Years | +0.24 | 0.88 | 87.9% | 82.8% | 2.3% | 1.4% |
| 12 Years | +0.06 | 0.88 | 87.9% | 82.8% | 1.9% | 1.2% |
| 15 Years | -0.11 | 0.88 | 87.9% | 82.8% | 1.5% | 1.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 6.42% |
| 2 | ICICI Bank Limited | 5.84% |
| 3 | Axis Bank Limited | 3.85% |
| 4 | Alkem Laboratories Limited | 3.32% |
| 5 | Info Edge (India) Limited | 3.21% |
| 6 | Max Financial Services Limited | 3.18% |
| 7 | Cipla Limited | 2.86% |
| 8 | Mahindra & Mahindra Limited | 2.73% |
| 9 | Hero MotoCorp Limited | 2.65% |
| 10 | ICICI Lombard General Insurance Co Limited | 2.48% |