DSP Multicap Fund
Direct · GrowthAI Summary
Over the past year, the DSP Multicap Fund delivered an XIRR of 3.17%, which is significantly below the category average SIP XIRR of 15.06% for the same period. However, the fund outperformed the NIFTY 50 benchmark, which posted a negative CAGR of -2.9% over 1 year, with the fund's CAGR at 4.22% and a positive alpha of 6.66%. Longer-term, the fund has consistently beaten the benchmark across 3, 5, 7, 10, 12, and 15-year periods, though its absolute returns remain modest.
The fund exhibits a very low maximum drawdown of -0.21%, indicating limited downside over the observed period, but it took 138 days to reach that trough and has not yet recovered, suggesting a prolonged period of underperformance. The Calmar ratio of 0.19 for 1 year reflects weak risk-adjusted returns relative to the drawdown experienced. With a beta of 0.95 against the NIFTY 50, the fund is slightly less volatile than the benchmark, and its downside capture of 83.66% shows it loses less in down markets, but upside capture of 93.72% indicates it also participates less in upswings.
The fund holds a diversified portfolio of 64 stocks, with the top 10 holdings accounting for approximately 33.5% of NAV, led by HDFC Bank (5.73%), ICICI Bank (4.32%), and Axis Bank (4.31%). Sector concentration is moderate, with Banks at 15.2% being the largest sector, followed by Industrial Products (11.9%), Pharmaceuticals & Biotechnology (9.2%), Insurance (8.5%), and Auto Components (6.4%). This multi-cap structure provides exposure across financials, industrials, healthcare, and autos, but the top holdings are heavily weighted toward banking and financial services.
The fund's 1-year XIRR of 3.17% is drastically lower than the category average of 15.06%, placing it in the bottom quartile of multi-cap funds for recent performance. Over longer horizons, the fund has consistently underperformed the category average SIP XIRR, which ranges from 16% to 18% for 3 to 15 years, while the fund's CAGR remains in single digits. This indicates a persistent performance gap versus peers, despite the fund's ability to beat the NIFTY 50 benchmark, suggesting that the category as a whole has delivered much higher returns.
This fund may suit investors with a low-to-moderate risk tolerance who prioritize capital preservation and are willing to accept lower returns in exchange for reduced drawdowns. Given the fund's modest absolute returns and significant underperformance relative to category peers, a long-term horizon of at least 5-7 years is essential to potentially benefit from its benchmark-beating alpha. However, investors seeking higher growth or benchmark-like returns may find more suitable options elsewhere in the multi-cap category.
- Consistent positive alpha over the benchmark across all time periods, with 1-year alpha of 6.66% and 3-year alpha of 4.94%.
- Lower downside capture (83.66% over 1 year) indicates the fund protects capital better than the NIFTY 50 during market declines.
- Very low maximum drawdown of -0.21% suggests strong downside risk management, appealing to conservative investors.
- Significant underperformance versus category average SIP XIRR, with 1-year return of 3.17% versus 15.06% for peers.
- The fund has not yet recovered from its maximum drawdown, and the recovery duration is listed as 'None days', indicating a prolonged period of negative returns.
Generated on 30-08-2026, 2:48 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 | ₹12.34 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% | 14.4% | 15.1% | -11.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 4.0% | 3.6% | -5.5% | 16.1% | -0.54 | -0.53 | 80% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.66 | 0.95 | 93.7% | 83.7% | 4.2% | -2.9% |
| 3 Years | +4.94 | 0.90 | 90.8% | 82.1% | 8.9% | 3.6% |
| 5 Years | +2.62 | 0.90 | 90.8% | 82.1% | 5.2% | 2.2% |
| 7 Years | +1.66 | 0.90 | 90.8% | 82.1% | 3.7% | 1.5% |
| 10 Years | +0.95 | 0.90 | 90.8% | 82.1% | 2.6% | 1.1% |
| 12 Years | +0.68 | 0.90 | 90.8% | 82.1% | 2.1% | 0.9% |
| 15 Years | +0.40 | 0.90 | 90.8% | 82.1% | 1.7% | 0.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 5.73% |
| 2 | ICICI Bank Limited | 4.32% |
| 3 | Axis Bank Limited | 4.31% |
| 4 | Hero MotoCorp Limited | 3.04% |
| 5 | Nippon Life India Asset Management Limited | 2.81% |
| 6 | Schaeffler India Limited | 2.78% |
| 7 | Max Financial Services Limited | 2.72% |
| 8 | ICICI Lombard General Insurance Company Limited | 2.61% |
| 9 | APL Apollo Tubes Limited | 2.59% |
| 10 | Coal India Limited | 2.55% |