DSP Value Fund
Direct · GrowthAI Summary
DSP Value Fund has delivered strong SIP XIRR of 19.23% over 3Y and 12.98% over 1Y, beating the category averages of 17.03% and 11.7% respectively, though its 5Y XIRR of 15.98% trails the category average of 17.06%. Against the NIFTY50 Value 20 benchmark, the fund shows consistent outperformance with positive alpha across all periods, including 11.64% over 3Y and 9.48% over 1Y, while the benchmark itself posted a negative 12.66% CAGR over 1Y. The fund's 3Y lump-sum CAGR of 15.18% versus the benchmark's 2.11% highlights substantial long-term outperformance.
The fund exhibits strong downside protection with a downside capture of roughly 53-56% across periods versus an upside capture of 65-72%, meaning it loses significantly less than the benchmark in falling markets. Only 2 drawdown events exceeding 10% occurred, with the maximum drawdown recovering in 165 days after a 154-day decline, indicating reasonable resilience. Calmar ratios above 0.93 across 1Y, 3Y, and 5Y windows suggest solid risk-adjusted returns, with the 3Y Calmar of 1.14 being the strongest.
The portfolio is concentrated in financials, with Banks alone at 23.9% and the top two holdings, HDFC Bank (9.45%) and ICICI Bank (8.22%), accounting for nearly 18% of NAV. With 46 total holdings and a well-spread tail of positions between 2.4-3.3%, the fund balances conviction bets in banks and autos (8.8%) with diversification across power, FMCG, pharma, and telecom. This large-cap tilted, value-oriented structure supports the fund's low-beta profile of 0.62-0.70.
The fund outperforms the category average SIP XIRR over 1Y (12.98% vs 11.7%) and 3Y (19.23% vs 17.03%), though it lags modestly over 5Y (15.98% vs 17.06%) and 10Y (implied by category 16.51%). Calendar year returns show strong consistency in good years, with 30.65% in 2023, 31.21% in 2021, and 21.61% in 2024, alongside contained losses of -2.39% in 2022 and -1.94% in 2026. This pattern of strong up-year performance with shallow down-years reflects effective value-driven stock selection.
This fund suits investors seeking value-style equity exposure with lower volatility than the broader market, given its beta below 0.71 and strong downside capture. A time horizon of at least 5-7 years is appropriate, as value strategies can underperform during growth-led rallies, as seen in the modest 5Y alpha of 7.01% versus stronger recent periods. Investors should have moderate risk tolerance and accept that the heavy bank allocation (23.9%) creates sector concentration risk.
- Consistent positive alpha versus the NIFTY50 Value 20 benchmark across all periods from 1Y to 15Y, including 11.64% over 3Y
- Superior downside protection with downside capture of 53-56% versus upside capture of 65-72%, cushioning losses in weak markets
- SIP XIRR ahead of category averages over 1Y (12.98% vs 11.7%) and 3Y (19.23% vs 17.03%)
- Heavy sector concentration in Banks at 23.9% of the portfolio, with the top two bank holdings alone near 18% of NAV
- 5Y SIP XIRR of 15.98% trails the category average of 17.06%, indicating relative underperformance over longer horizons
Generated on 14-10-2026, 4:17 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 | 15.2% | -23.0% | 51.4% |
| 3 Years | ₹36.00 L | ₹47.18 L | 19.2% | 6.8% | 30.1% |
| 5 Years | ₹60.00 L | ₹88.53 L | 16.1% | 12.4% | 18.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY50 VALUE 20 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 15.2% | 14.9% | 11.7% | +0.3% |
| 3 Years | 19.2% | 12.9% | 17.0% | +6.3% |
| 5 Years | 16.1% | 13.5% | 17.0% | +2.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 15.7% | 13.3% | -6.2% | 44.5% | 0.71 | 2.79 | 90% | — | — |
| 3 Years | 18.8% | 18.6% | 13.2% | 23.8% | 6.37 | — | 100% | — | — |
| 5 Years | 15.3% | 15.3% | 11.7% | 18.9% | 4.78 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY50 VALUE 20
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +9.89 | 0.70 | 72.2% | 55.5% | 4.5% | -10.4% |
| 3 Years | +11.33 | 0.67 | 71.1% | 53.3% | 15.5% | 3.0% |
| 5 Years | +6.92 | 0.64 | 66.7% | 55.4% | 11.8% | 3.9% |
| 7 Years | +5.86 | 0.62 | 65.3% | 53.5% | 13.3% | 8.0% |
| 10 Years | +3.23 | 0.62 | 65.3% | 53.5% | 9.1% | 5.5% |
| 12 Years | +2.23 | 0.62 | 65.3% | 53.5% | 7.5% | 4.6% |
| 15 Years | +1.26 | 0.62 | 65.3% | 53.5% | 6.0% | 3.6% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 9.45% |
| 2 | ICICI Bank Limited | 8.22% |
| 3 | Mahindra & Mahindra Limited | 3.29% |
| 4 | NTPC Limited | 2.65% |
| 5 | Maruti Suzuki India Limited | 2.59% |
| 6 | HDFC Asset Management Co Limited | 2.57% |
| 7 | ITC Limited | 2.56% |
| 8 | Axis Bank Limited | 2.48% |
| 9 | Bharti Airtel Limited | 2.47% |
| 10 | Alkem Laboratories Limited | 2.43% |