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
January 2023
| People | Processes | Performance |
DSP India T.I.G.E.R. (The Infrastructure
Growth and Economic Reforms) Fund
(An open ended equity scheme following economic reforms and/or Infrastructure development theme)
#INVESTFORGOOD

2. 2
What is DSP India T.I.G.E.R. fund ?
Fund that aims to capture growth revival in capital cycle & economic reforms
Source: Internal. * include only specific industry sectors in consumer durables and consumer non durables which are relevant to the theme. The sector(s)/stock(s)/issuer(s) mentioned in this
document 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(s).
Infrastructure Growth
Theme
Construction
Cement & Cement products
Industrial
Manufacturing/Engineering
Metals
Oil & Gas
Power
Telecom
Healthcare services
Auto mobiles
Economic Reforms
theme
Chemicals
Fertilizer & Pesticides
Consumer Goods *
Financial Platforms
E-Retailing
Excluding sectors
Information Technology
Media & Entertainment
Financials
Pharma
Consumer staples
Paper
Textiles
Thematic fund focussed on

3. 3
Investment cycle has bottomed out
Source: Internal, Spark Capital, Data as on Sep-30, 2022
Historically, whenever India’s GDP has grown faster, it has been driven by surge in investments.
India’s investment rate peaked in FY11 and has fallen since then to 27.3% of GDP in FY21.
This is due to - adverse impact of the global financial crisis, the twin balance sheet problem (ie, the corporate sector's high
leverage and the banking sector's high non-performing assets (NPAs)), subdued domestic capital market conditions and, more
recently, pandemic shock.
Pick up in investment is the most essential part for an upward trend in GDP growth. Consumption can provide only a basic growth
and can not sustain momentum, if there is no growth in the economy.
22.8%
20.9%
39.8%
31.7%
25%
27%
29%
31%
33%
35%
37%
39%
41%
-20%
-10%
0%
10%
20%
30%
40%
50%
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 1H
FY23
Investment Growth - LHS Investment as % of GDP - RHS

4. 4
Capex funding in place – Strong bank balance sheets, rising tax collections
Source: Internal, Spark Capital. Data as on Nov, 2022. The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).
Bank balance sheets have
now improved materially
Higher tax buoyancy is
leading to govt. revenues
running ahead of the budget
target.
Personal and Corporate tax
receipts stood at an all-time
high
1.3
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
1H
FY23
(%)
Banks' Net non-performing asset
2000s: Improving
bank balance sheet
led to strong risk
appetite
1,474
4,282
852
4,386
Apr
-Nov'11
Apr
-Nov'12
Apr
-Nov'13
Apr
-Nov'14
Apr
-Nov'15
Apr
-Nov'16
Apr
-Nov'17
Apr
-Nov'18
Apr
-Nov'19
Apr
-Nov'20
Apr
-Nov'21
Apr
-Nov'22
Corporate Tax (Rs. bn) Personal Income Tax (Rs. bn)

5. 5
Real estate and manufacturing sectors to revive
Real estate cycle in early stages
of an upcycle. New launches
gaining traction as unsold
inventory levels continue to
moderate
22
15
10
15
20
25
30
35
Philippines
Sri
Lanka
Bangladesh
China
Indonesia
Korea
Malaysia
Japan
India
Cambodia
Taiwan
Thailand
Vietnam
Singapore
India*
Base Corporate tax rate of major asian economies
Indian Government has cut
corporate tax rates, making India
one of the lowest tax rate country
among the peers
*Note: GoI has introduced lower tax rate for new manufacturing companies
1.4
1.7
1.3 1.2
1.6
1.8
2.3
2.5 2.6
3.0 3.0
2.5 2.4
2.6
2.0
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
-
100
200
300
400
500
600
700
800
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Launches ('000, LHS) Sales ('000, LHS) Inventory / Sales (X, RHS)
The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).

6. 6
Government push to kick start the capex cycle
Source: GoI, Internal. Spark Capital
Capex budgeted to grow at a faster pace of 24.4% in FY23BE to
Rs. 7.5tn or 2.9% of GDP – the highest level in over a decade
• For the first time in almost two decades, we see right intent by the Govt. to set right priorities on
• Infrastructure spend, Stable taxation, Focus on asset monetisation & Privatisation of state-owned companies
• Higher transfer to state governments & Government strategy to not run businesses except a few strategically important ones.
• Capex spending by the central government on key sectors of Road, Railways and Defence has seen significant scaleup from Rs 565
bn in FY05 to Rs 1.5 trn in FY12 to Rs 4.6 trn in FY21
3.91
1.64
1.67
2.91
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22RE
FY23BE
Capital expenditure (% of GDP)
59
323
1,571
171
519
1,712
335
679
1,345
FY05 FY12 FY21
Roads Railways Defense
Central Government Capex scaling up (Rs bn)
The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).

7. 7
Capacity utilization picking up critical for pickup in private sector capex
Source: GoI, Internal, UBS,
Capacity Utilization on the rise
• Corporate sectors has deleveraged their balance sheets providing essential support to boost private corporate capex as and
when demand recovers
• The all-India capacity utilisation stands at ~72%. Utilization in core sectors like Cement and Steel stood at 72%/80%
respectively. Ex-South (70% of industry capacity), the utilisation for Cement sector stood at 75% and the top six players in
Steel (78% of capacity) are operating at ~88% utilisation. Thermal power PLF stands at ~65%.
• Rising capacity utilizations will drive new capacity additions as the lead time to build new capacities could vary from 2-3
years depending on the sectors
Data as on Jun 2022
77.3
47.3
72.4
40
45
50
55
60
65
70
75
80
85
90
Jun-08
Dec-08
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Capacity Utilization (%)
0.9 0.9 0.9
1.1
1.7
1.3 1.3
1.7
1.9
2.0
2.3 2.3
2.2 2.3
2.4
3.1
2.3
1.7
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Net Debt to Operating Profit
Corporates have deleveraged despite the pandemic
The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).

8. 8
New project announcements picking up lead indicator for private capex
Source: GoI, CMIE, Spark Research
Private sector project announcements are picking up,
announcements nearly Rs. 13.4 tn worth of Capex till Dec’22
Capex of listed cos had stagnated, now showing signs of
revival
0.4
0.5
0.5
0.7
0.9
1.5
2.6
4.2
4.4
4.2
5.9
5.6
5.2
5.3
4.7
4.6
5.2
5.3
6.3
5.5
5.5
6.4
7.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
Capex (Rs tn)
514
2,041 2,042
FY05 FY12 FY21
3
11
2
7
40
14
2
19
4
FY05
FY12
FY21
Power (GW) Cement (mt) Steel (mt)
Capital Goods companies aggregate revenues (Rs bn)
Annual capacity additions of core sectors
3.6
8.3
14.1
15.8
17.4
12.3
16.5
8.8
5.2
4.0
9.4
10.2
8.3
8.5
8.9
8.6
4.8
14.1
13.4
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
CMIE Project Announcements Private (Rs tn)
TTM= Trailing 12 months

9. 9
What does China + 1 strategy mean?
Source: UBS, World Bank, Haver, Data as on December, 2022
China's success in raising the share of its exports in global trade over the last two decades has caught the attention of investors and
government’s. Covid is driving the shift of manufacturing from China which will drive the exports for the beneficiary countries like India.
Sectors which are vulnerable to supply chain shifts will move out of China
As of 2019, Indian manufacturing FDI at USD 8.2bn was below the average in 2014-16. However, as per government sources in early 2020
India's FDI pipeline had doubled to US$175bn (actual identified projects) versus US$87bn the previous year.
Key focus sectors include construction, electronics, infrastructure, textiles, food processing, pharma, etc. Global companies to set up
manufacturing facilities for not only electronics but also heavy manufacturing.
0
5
10
15
20
25
30
35
China Indonesia India Korea Poland Thailand US Vietnam
Manufacturing labout cost per hour US$
China’s export share of global trade China’s manufacturing labour cost higher vs. India

10. 10
Performance linked incentive schemes to accelerate shift from China
Source: GoI, Internal. Spark Capital The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).
Sector
Financial
outlay US$ bn
Potential/ committed
Investment US$ bn
Mobile manufacturing 5.6 1.5
Medical devices 0.5 0.1
Key starting material/ bulk drugs 1 0.7
Automobile & components 3.6 5.7
ACC battery 2.5 6.1
Pharmaceutical drugs 2.1 1.4
Telecom & networking products 1.7 0.4
Food products 1.5 0.8
Textile products: man-made fiber &
technical textiles
1.5 2.6
Specialty steel 0.9 5.4
White goods (ACs & LED) 0.9 1.1
Electronic/ technology products (IT
hardware)
1 0.3
High efficiency solar panel modules 0.6 2.4
Semiconductor production 10.4 31.1
Total 34 60
Indian Govt has announced an incentive of Rs. 2.4tn under
the Production-linked incentive scheme.
Companies selected under the PLI would invest ~Rs. 4.4tn
over the next five years
Production-linked incentive scheme is likely to generate
~3.7mn jobs
Multiple foreign companies selected under PLI
Apple will move 5% of its global production for the iPhone
14 to India later this year and could also make 25% of all
iPhones in the country by 2025.
0
500
1,000
1,500
2,000
2,500
04-2013
09-2013
02-2014
07-2014
12-2014
05-2015
10-2015
03-2016
08-2016
01-2017
06-2017
11-2017
04-2018
09-2018
02-2019
07-2019
12-2019
05-2020
10-2020
03-2021
08-2021
01-2022
06-2022
11-2022
Electronic Goods ($, mn) Electronic Goods ($, mn) - 3MMA
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
07-2013
12-2013
05-2014
10-2014
03-2015
08-2015
01-2016
06-2016
11-2016
04-2017
09-2017
02-2018
07-2018
12-2018
05-2019
10-2019
03-2020
08-2020
01-2021
06-2021
11-2021
04-2022
09-2022
Import to export ratio of electronic goods (x)
Electronic goods exports grew 54% yoy to an all time high in Nov
2022
Electronic imports to exports ratio continues to decline

11. 11
Multiple drivers for cyclical recovery
Source: Credit Suisse. The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).
SECTORS DRIVERS
MANUFACTURING
Government policy such as tax concessions, Performance Linked Incentives (PLI) and
duties/imports bans to drive investments. India benefiting from China + 1 and Europe
+ 1 trend.
RENEWABLES &
ENERGY TRANSITION
Renewable capacity addition required to meet the incremental demand is many
times larger. Storage, Hydrogen and electrification of transport are key drivers
URBAN
INFRASTRUCTURE
Government is significantly increasing investments on Urban transport like Metro,
water supply, effluent treatment and smart infrastructure
ROADS
New greenfield corridors being planned as expressways (e.g. the Mumbai-Nagpur,
Mumbai-Delhi corridors)
RAILWAYS
Investments in areas such as Dedicated Freight Corridors, Bullet Trains, Station
Development. Indian Railways has scaled up the capex to Rs 2.5 lakh cr. annually
REAL ESTATE
Inventory levels has dropped significantly, and new launches being planned in
affordable segments. Real estate cycle revival after long down cycle.
METALLURGY,
CEMENT, AUTO AND
TELECOM
Several corporates have announced capital expenditure to meet rising demand.
Strong balance sheets and improved profitability supporting the rising capex
DEFENSE
Positive indigenization lists (imports ban, strategic partnerships) of USD 3 bn will
benefit defense sector
LOGISTICS,DATA CENTERS
& WAREHOUSING
Stronger manufacturing ecosystem, tax reforms and rise of ecommerce and recent
national logistics policy to boost investments in logistics and warehousing. Increased
data handling with localization norms to aid data centers

12. 12
Core sectors exposure reduced significantly in Nifty versus previous cycle
Source: NSE. The sector(s)/stock(s)/issuer(s) mentioned in this document 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(s).
Index weight of Core sectors in Nifty 50 Index
Core sectors may be at the cusp of turnaround ; However, representation in the Nifty 50 index has reduced by 59% from peak in
Dec 07. Exposure is mere 18% by excluding RIL
DSP T.I.G.E.R. (The Infrastructure Growth and Economic Reforms) Fund provides an opportunity for investor to take overweight
exposure on the core sectors which can benefit from revival of capital cycle & economic reforms
Investor may consider allocating ~ 10-15% of equity exposure to the fund for long-term investment of atleast 5 years
Core Sectors Dec-07 Dec-22
Capital Goods 10.5 3.1
Cement 2.1 1.8
Metals 9.0 2.9
Oil & Gas (Ex RIL) 13.5 1.1
RIL 11.9 11.0
Oil & Gas 25.4 12.1
Telecom 11.4 2.5
Utilities 8.2 2.5
Healthcare 2.2 3.8
Real Estate 2.3 0.0
Total 71.1 28.8

13. [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
Portfolio Positioning

14. 14
Portfolio Snapshot as on Dec, 2022
Source: DSP Internal; 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. The investment approach / framework/ strategy / portfolio / other data mentioned herein are dated and currently followed by the
Top 10 holdings Top Sectors
Market Capitalisation (%)
Asset Allocation
6.5%
6.5%
7.7%
9.5%
12.9%
17.4%
19.5%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Defense
Consumer Electricals/Durables
FMIG
Infra/Construction
Utilites
Cement & Building Materials
Capital Goods
Cash,
1.13%
Equity,
98.9%
Large
Cap, 33%
Mid Cap,
24%
Small
Cap, 40%
Name of stock Sector Weight (%)
LARSEN & TOUBRO LTD Construction 4.27%
SIEMENS LTD Industrial Automation 3.60%
KALPATARU POWER
TRANSMISSION
Construction 3.25%
RHI MAGNESITA INDIA LTD Industrial Consumable 3.16%
POWER GRID CORP OF INDIA LTD Power Utility 2.91%
ULTRATECH CEMENT LTD Cement and Building Materials 2.90%
CG POWER AND INDUSTRIAL
SOLU
Industrial 2.71%
RELIANCE INDUSTRIES LTD Energy 2.61%
JK LAKSHMI CEMENT LTD Cement and Building Materials 2.49%
NTPC LTD Power Utility 2.46%

15. 15
Key Risk - What will make us change our view?
Source: Internal
Risk Particular
Aggressive
Government spending
plans
•Government has set out an aggressive spending plan for infrastructure which could get delayed due to either
fiscal considerations or change in priorities. This could impact the earnings of companies across sub-sectors.
Delay in adoption of
new themes
•Delay in adoption of new themes of automation and digitalization could lead to companies to shift to more
commoditized product categories to drive growth
Lack of proper
implementation of
schemes
•Success of key initiative Make in India is critical for the sector. There is an expectation of increased capacity
additions in various sectors.
•Lack of proper implementation of PLI schemes or ability to attract large foreign players could derail these
initiatives
Changes in technology
•Changes in technology could de-rate some of the sectors significantly such as shift from coal based energy to
renewables, changing energy efficiency norms across sectors such as motors, pumps etc.
•Inability of the companies to scale up to new requirements could impact their future growth
Adverse regulatory
changes
•Adverse regulatory changes could lead to de-rating in sectors such as Gas utilities, power transmission sector
ESG •ESG is becoming an increasingly important factor for the companies which we track on consistent basis

16. [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
Performance

17. 17
Performance Scorecard
Calendar Year returns
40%
54% 52%
83%
-58%
76%
14%
-33%
37%
-9%
61%
1%
4%
47%
-17%
7%
3%
52%
14%
39% 38%
42%
62%
-55%
87%
17%
-25%
32%
8%
34%
-2%
5%
33%
3%
11%
17%
27%
6%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
DSP India T.I.G.E.R Fund S&P BSE 100 TRI
Infrastructure boom phase –
Fund outperforming broader
equity market
Followed by phase of
underperformance
Sector underperformed broader equity market for last 3 years; signs of sector revival evident from 2021 &
YTD 2022 fund performance
S&P BSE 100 TRI is benchmark of DSP India T.I.G.E.R. fund. Regular plan – Growth option considered. Refer Annexure for performance of scheme 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.
Source: MFIE, Data as on December 30, 2022

18. [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
Appendix

19. 19
Scheme Performance (SEBI Prescribed format)
Fund Managers:
1.Rohit Singhania (Managing this fund since June 2010.)
2. Charanjit Singh (Managing this fund since January 2021.)
3. Jay Kothari (Managing this fund since March 2018)
Source: Internal

20. 20
Performance of schemes managed by same fund manager
Source: Internal, Data as on Dec 30, 2022

21. 21
Performance of schemes managed by same fund manager
Source: Interna, Data as on Dec 30, 2022

22. 22
Performance of schemes managed by same fund manager
Source: Interna, Data as on Dec 30, 2022

23. 23
Disclaimer & Product labelling details
Fund Product Suitability Riskometer
DSP India T.I.G.E.R. Fund Benchmark – S&P BSE 100 TRI
DSP India T.I.G.E.R. Fund
(The Infrastructure
Growth and Economic
Reforms Fund)
An open ended equity
scheme following economic
reforms and/or Infrastructure
development theme
This Scheme is suitable for investors who are seeking*
• Long-term capital growth
• Investment in equity and equity-related securities of
corporates, which could benefit from structural
changes brought about by continuing liberalization in
economic policies by the Government and/or
from continuing Investments in infrastructure, both by
the public and private sector
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
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 AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. The data/statistics are given to explain
general market trends in the securities market, it should not be construed as any research report/research recommendation. We have included statements / opinions / recommendations in this
document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions that are “forward looking statements”. Actual results
may differ materially from those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks,
general economic and political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation,
deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research report/recommendation of the same and the Fund may or may not have any future position in these
sector(s)/stock(s)/issuer(s). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Please refer to the SID for investment pattern,
strategy and risk factors which is available at www.dspim.com. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments
The strategy/ Investment Framework/ Investment approach mentioned has been currently followed by the Scheme and the same may change in future depending on market conditions and other
factors. There is no assurance of any returns/potential/capital protection/capital guarantee to the investors in this Scheme..
All figures and other data given in this document for the fund and the model are as on Dec 31, 2022. unless otherwise specified) and the same may or may not be relevant in future and the same should
not be considered as solicitation/ recommendation/guarantee of future investments by the AMC or its affiliates. Investors are advised to consult their own legal, tax and financial advisors to determine
possible tax, legal and other financial implication or consequence of subscribing to the units of DSP Mutual Fund.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

24. #INVESTFORGOOD