1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
Nov 2022
| People | Processes | Performance |
DSP Equity & Bond Fund
(An open ended hybrid scheme investing predominantly in equity and equity related instruments)
2. 2
How equity & debt perform during various market phases?
Large divergence in performance between equity & debt across market cycles
Period
Nifty 50
TRI
CRISIL 10
Year Gilt
Index
Returns
Differential
Feb-08 to
Mar-09
-38% 8% -46%
Nov-10 to
Dec-11
-21% 4% -25%
Mar-15 to
Feb-16
-21% 7% -28%
Jan-20 to
Mar-20
-38% 4% -42%
Period
Nifty 50
TRI
CRISIL 10
Year Gilt
Index
Returns
Differential
Jan-04 to
Jan-08
30% 3% 27%
Apr-09 to
Oct-10
55% 3% 53%
Jan-12 to
Feb-15
24% 8% 16%
Mar-16 to
Jan-18
26% 6% 20%
Apr 20 to
Mar-21
73% 4% 69%
Bull Phase Bear Phase Calendar Year
Source: AMFI Website. Data as on 30 Nov 2022. Indices are managed and used for illustrative purposes only and are not intended to be indicative of any fund’s performance. It is
not possible to invest directly in an index. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Calendar
year
Nifty 50 TRI
CRISIL 10
Year Gilt
Index
Return
Differential
2004 13% -5% 18%
2005 39% 4% 35%
2006 42% 5% 37%
2007 57% 6% 50%
2008 -51% 28% -79%
2009 78% -9% 86%
2010 19% 3% 16%
2011 -24% 2% -26%
2012 29% 11% 19%
2013 8% -1% 9%
2014 33% 14% 19%
2015 -3% 7% -10%
2016 4% 15% -11%
2017 30% 0% 30%
2018 5% 6% -1%
2019 13% 10% 3%
2020 16% 9% 7%
2021 26% 1% 24%
2022 10% 0% 9%
3. 3
Performance outcomes from different combination of equity & debt
Mixing debt & equity (hybrid funds) has the potential to provide a smoother investor experience
Source: AMFI website. Indices are managed and used for illustrative purposes only and are not intended to be indicative of any fund’s performance. It is not possible to invest directly in an
index. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Data as on 30 Nov 2022. The figure mentioned for
performance of the index should not construe as returns/performance of the Scheme. It is not possible to invest directly in an index.
0
2000
4000
6000
8000
10000
12000
14000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Value of Rs.1,000 invested
Nifty 50 TRI CRISIL Hybrid 35+65 - Aggressive Index CRISIL Hybrid 50+50 - Moderate Index CRISIL Hybrid 85+15 - Conservative Index
Nifty 50 TRI
CRISIL Hybrid 35+65 -
Aggressive Index
CRISIL Hybrid 50+50 -
Moderate Index
CRISIL Hybrid 85+15 -
Conservative Index
CAGR 14.3% 12.3% 11.2% 8.0%
Standard Deviation 22.4% 14.4% 11.2% 4.2%
Risk per unit of risk 0.64 0.86 1.00 1.90
4. 4
Hybrid Funds can reduce drawdowns during investment journey
Lower drawdowns may give investors confidence to stay invested in order to capture upsides
Source: AMFI website Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. Data as on 30 Nov 2022.
The figure mentioned for performance of the index should not construe as returns/performance of the Scheme. It is not possible to invest directly in an index.
-60%
-50%
-40%
-30%
-20%
-10%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Yearly drawdowns
Nifty 50 TRI CRISIL Hybrid 35+65 - Aggressive Index
5. 5
What is DSP Equity & Bond Fund?
AGGRESSIVE
HYBRID
FUND
INVESTS IN A MIX OF
EQUITY & DEBT
Equities for capital
appreciation
Debt for income
generation
AUTO REBALANCING
Portfolio rebalanced by
the manager to
maintain ~ 65 - 35
equity to debt
allocation.
INVESTMENT
FRAMEWORK
Equity: Seeks long term
growth opportunities
across market caps
Debt: Highly rated debt
instruments with short
term maturity profile
TAX EFFICIENT
Min 65% investment in
equity makes the fund
eligible for equity
taxation
Rebalancing between
equity and debt
without tax incidence
Mix of equity & debt aims to provides capital appreciation with volatility reduction
Source: Internal. The investment approach / framework/ strategy / portfolio / other data mentioned herein are dated and currently followed by the scheme and the same may
change in future depending on market conditions and other factors.
6. 6
Why invest in DSP Equity & Bond Fund?
CORE
PORTFOLIO
ALLOCATION
With long term track
record of existence since
1999, the fund has gone
through various market
cycles
Combines capital
appreciation potential
with income generation
and volatility reduction
Equity + Debt mix helps
potentially smoothen
investment experience
May be suitable for both
new and experienced
investors to seek growth
across market cycles
LONG TERM INVESTMENT
TRACK RECORD*
ONE STOP SOLUTION
FOR INVESTORS
SUITABLE FOR A LARGE
VARIETY OF INVESTORS
Suitable for the core long term portfolio allocation in an investment portfolio
* Inception date of DSP Equity & Bond Fund is May 27, 1999
7. Business
Management
Growth
7
Equity & Debt Investment Framework
ASSET ALLOCATION REVIEW & REBALANCING
Robust investment framework followed for equity and debt investment
Debt
~ 25-35%
Equity
~ 65-75%
Equity Investment Framework
Debt Investment Framework
Minimize interest
rate and credit risk
Holds high quality
short term debt
instruments
Active portfolio rebalancing:
✓ When equity allocation goes below 65%
✓ When debt allocation goes above 35%
=> Buy low Sell high built into product
SECURITY SELECTION
Source: Internal. The investment approach / framework/ strategy / portfolio / other data mentioned herein are dated and currently followed by the scheme and the same may
change in future depending on market conditions and other factors.
8. 8
Fund Managers
EQUITY & EQUITY RELATED SECURITIES INCL.
DERIVATIVES
(65% – 75%)
Seek Capital appreciation plus Income
DEBT & MONEY
MARKET (MM)
INSTRUMENTS
(25%-35%)
Seek Income
Vikram Chopra - Portfolio
Manager for debt & money
market allocation (Managing
since Jul 2016)
• 17 year experience in fund
management
• Masters in Mgmt. Studies (PGDM) and
Bachelors in Commerce (Hons)
DESCRIPTION, PORTFOLIO MANAGERS
Atul Bhole: Fund Manager
for equity allocation
(Managing since Jun 2016)
• Over 15 year experience in
fund management and equity
research
• Masters in Management
Studies from JBIMS and has
cleared his CA exams.
Dhaval Gada: Co-Fund
Manager for equity allocation
(Managing since Sep 2022)
• Over 13 year experience in
equity research
• PGDM- Finance from Welingkar
Institute of Management
9. 9
How DSP Equity & Bond Fund fared over a period?
Asset allocation & Stock selection can lead to alpha generation & volatility reduction
Source: Internal, AMFI Website. Performance shown in the above graph & table is of DSP Equity & Bond Fund for Growth Option and Regular Plan. Scheme/Fund Benchmark: CRISIL Hybrid
35+65 - Aggressive Index. Refer Annexure for performance in SEBI prescribed format and of other schemes managed by Fund Managers. Past performance may or may not sustain in future and
should not be used as a basis for comparison with other investments. Data as on 30 Nov 2022. The figure mentioned for performance of the index should not construe as returns/performance
of the Scheme. It is not possible to invest directly in an index. Data since 28 Mar 2002 as benchmark values are available only since that date..
0
5000
10000
15000
20000
25000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Value of Rs.1,000 invested
DSP Equity & Bond Fund - Growth
Nifty 50 TRI
CRISIL Hybrid 35+65 - Aggressive Index
CRISIL 10 Year Gilt Index
DSP Equity & Bond Fund -
Growth
Nifty 50 TRI
CRISIL Hybrid 35+65 -
Aggressive Index
CRISIL 10 Year Gilt Index
CAGR 15.8% 16.2% 14.0% 6.3%
Standard Deviation 14.0% 22.1% 14.2% 5.9%
Risk per unit of risk 1.13 0.73 0.99 1.07
10. 10
Performance Scorecard
DSP Equity & Bond Fund aims to provide better risk adjusted returns profile across periods
AVERAGE ROLLING RETURNS
RETURN PER UNIT OF RISK
Source: MFIE; Rolling Returns of DSP Equity & Bond Fund are shown as on Nov 30, 2022 for Growth Option and Regular Plan. Rolling frequency is daily. Standard Deviation of DSP Equity &
Bond Fund and CRISIL Hybrid 35+65 - Aggressive Index is calculated on the basis of daily returns. Benchmark values are available only since March 28, 2002 hence since inception return for
benchmark is not available. Refer Annexure for scheme performance in SEBI prescribed format and of other schemes managed by same Fund Managers. Past performance may or may not
sustain in future and should not be used as a basis for comparison with other investments. The figure mentioned for performance of the index should not construe as returns/performance
of the Scheme. It is not possible to invest directly in an index.
18.7%
15.7%
14.5%
13.2%
16.0%
13.8%
12.9%
12.1%
1 yr RR 3 yr RR 5 yr RR 10 yr RR
DSP Equity & Bond Fund - Growth CRISIL Hybrid 35+65 - Aggressive Index
1.33
1.12
1.03
0.94
1.13
0.97 0.91 0.85
1 yr RR 3 yr RR 5 yr RR 10 yr RR
DSP Equity & Bond Fund - Growth CRISIL Hybrid 35+65 - Aggressive Index
11. 11
Equity Portfolio details (~74% weight)
Flexible equity allocation in terms of market capitalisation
Source: MFIE; Portfolio data as on 30 Nov 2022. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have
any future position in these sector(s)/stock(s)/issuer. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards.
TOP 10 STOCKS MARKET CAP ALLOCATION
TOP 5 HOLDING
Stock Name Sector % Weight
HDFC Bank Ltd. Financial Services 7.2
ICICI Bank Ltd. Financial Services 5.7
Bajaj Finance Ltd. Financial Services 4.2
Infosys Ltd. Information Technology 3.0
Axis Bank Ltd. Financial Services 2.8
Avenue Supermarts Ltd. Consumer Discretionary 2.8
Maruti Suzuki India Ltd. Consumer Discretionary 2.6
HCL Technologies Ltd. Information Technology 2.0
APL Apollo Tubes Ltd. Industrials 1.7
Bharat Electronics Ltd. Industrials 1.5
Large cap, 46%
Mid cap, 21%
Small cap, 7%
Stock Name % Weight
Financial Services 27.7
Consumer Discretionary 15.5
Industrials 9.9
Information Technology 7.4
Commodities 4.7
Healthcare 4.1
Fast Moving Consumer Goods 3.6
Energy 1.4
12. 12
Debt Portfolio details (~26% weight)
DSP Equity & Bond Fund has invested in highly rated instruments
Source: MFIE; Portfolio data as on 30 Nov 2022. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not have
any future position in these sector(s)/stock(s)/issuer.
RATING PROFILE INSTRUMENT ALLOCATION
TOP 5 HOLDING QUANTITATIVE INFORMATION
Particular Values
Portfolio YTM (Annualised) 7.24%
Modified Duration (yrs) 1.92
Average Maturity (yrs) 2.25
Government
Securities,
13.1%
Non Convertible
Debentures
(NCDs), 7.2%
Certificate of
Deposits, 4.0%
Cash & Cash
Equivalent, 1.3%
Security Name % Weight
7.5900% GOI GSE 11012026 3.7%
7.3800% GOI GSE 20062027 3.2%
IRFC 1.7%
SIDBI 1.6%
NABARD 1.6%
SOV, 13.1%
AAA, 6.5%
AA+, 0.2%
AA, 0.5%
A1+, 4.0%
CASH/CASH
EQU, 1.3%
13. 13
Annexure – Performance in SEBI prescribed format
CAGR
Current Value of
Rs.10,000
invested
CAGR
Current Value of
Rs.10,000
invested
CAGR
Current Value of
Rs.10,000
invested
1 Year 0.70% ₹ 10,070 8.29% ₹ 10,829 11.93% ₹ 11,193
3 years 13.30% ₹ 14,555 14.88% ₹ 15,171 17.22% ₹ 16,123
5 Years 9.96% ₹ 16,083 11.88% ₹ 17,531 14.32% ₹ 19,529
since Inception 14.38% ₹ 236,126 NA NA 14.39% ₹ 236,245
NAV / Index Value ₹ 236.13 ₹ 15,102 ₹ 27,276
DSP Equity & Bond Fund
CRISIL Hybrid 35+65 - Aggressive
Index^
NIFTY 50 TRI #
Date of allotment: May 27, 1999.
Period for which fund's performance has been provided is computed based on last day of the month-end preceding the date of advertisement
Different plans shall have a different expense structure. The performance details provided herein are of Regular Plan & Growth option.
Since inception returns have been calculated from the date of allotment till November 30, 2022
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments
^ Fund Benchmark # Standard Benchmark
Fund Managers
1) Atul Bhole (Equity)– Managing since Jun 2016
2) Dhaval Gada (Equity) - Managing since Sep 2022
3) Vikram Chopra (Fixed Income) – Managing since Jul 2016
14. 14
Annexure – Performance of funds managed by same fund manager
Period for which fund's performance has been provided is computed based on last day of the month-end preceding the date of advertisement.
Different plans shall have a different expense structure. The performance details provided herein are of regular plan growth option. Past performance
may or may not be sustained in future and should not be used as a basis for comparison with other investments Data as on November 30, 2022
Sr. No. Period
Scheme return
(%)
Benchmark
return (%)
Scheme return
(%)
Benchmark
return (%)
Scheme return
(%)
Benchmark return
(%)
1
DSP Flexi Cap
Fund
-0.17 10.2 15.89 18.83 11.67 13.03
2
DSP Dynamic
Asset Allocation
Fund
1.79 6.84 7.78 12.99 7.18 10.85
3
DSP Equity &
Bond Fund
0.7 8.29 13.3 14.88 9.96 11.88
1 Year 3 Years 5 Years
ALL FUNDS MANAGED BY ATUL BHOLE & DHAVAL GADA
Sr. No. Period
Scheme return
(%)
Benchmark
return (%)
Scheme return
(%)
Benchmark
return (%)
Scheme return
(%)
Benchmark return
(%)
1
DSP Nifty SDL
Plus G-Sec Jun
2028 30:70 Index
Fund
NA NA NA NA NA NA
2
DSP Regular
Savings Fund
4.44 3.36 6.88 8.12 4.41 8.05
3
DSP 10Y G-Sec
Fund
-0.55 -0.21 4.05 3.47 5.49 5.1
4
DSP Strategic
Bond Fund
0.99 2.85 5.29 7.81 6.24 7.33
5
DSP Banking &
PSU Debt Fund
2.91 2.84 5.49 5.74 6.51 6.37
6
DSP Equity &
Bond Fund
0.7 8.29 13.3 14.88 9.96 11.88
7
DSP Government
Securities Fund
2.32 1.26 6.16 5.52 7.32 6.52
1 Year 3 Years 5 Years
ALL FUNDS MANAGED BY VIKRAM CHOPRA
15. 15
Disclaimer & Product Labeling Details
This document is for information purposes only. In this material DSP Investment Managers Private Limited (the AMC) has used information that is publicly available, including
information developed in-house. Information gathered and used in this material is believed to be from reliable sources. The statements contained herein may include statements of
future expectations and other forward looking statements that are based on prevailing market conditions / various other factors and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. While utmost care has been exercised
while preparing this document, the AMC nor any person connected does not warrant the completeness or accuracy of the information and disclaims all liabilities, losses and damages
arising out of the use of this information. The recipient(s) before acting on any information herein should make his/their own investigation and seek appropriate professional advice.
There is no assurance of any returns/capital protection/capital guarantee to the investors in any schemes of DSP Mutual Fund (‘Fund’). The portfolio of the scheme is subject to
changes within the provisions of the Scheme Information document of the scheme. Past performance may or may not sustain in future and should not be used as a basis for
comparison with other investments. The sector(s)/stock(s)/issuer(s) mentioned herein do not constitute any research report/recommendation of the same and the scheme/ Fund
may or may not have any future position in these sector(s)/stock(s)/issuer(s). The strategy / investment approach / framework mentioned herein is currently followed by the
scheme and the same may change in future depending on market conditions and other factors. All opinions, figures, charts/graphs and data included in this document are as on 30
Nov 2022 (unless otherwise mentioned) and are subject to change without notice. For scheme specific risk factors, Investment strategy & objective, asset allocation and more details,
please read the Scheme Information Document, Statement of Additional Information and Key Information Memorandum of scheme available on ISC of AMC and also available on
www.dspim.com. For Index disclaimer click here
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-caps as 251 and above.
The strategy mentioned has been currently followed by the Scheme and the same may change in future depending on market conditions and other factors
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
Scheme Product Suitability
Riskometer
DSP Equity & Bond Fund Benchmark – CRISIL Hybrid 35+65
Aggressive Index
DSP Equity & Bond Fund
(An open ended hybrid scheme
investing predominantly in
equity and equity related
instruments)
This Open ended aggressive hybrid
scheme is suitable for investors who are
seeking*
Capital growth and income over a long-
term investment horizon
Investment primarily in equity/equity-
related securities, with balance exposure
in money market and debt securities