Q&A - DSP Mutual Fund

Kalpen Parekh (President-DSP Investment Managers Private Limited)

Q&A

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Question 1: In order to minimize losses to investors, how is your team managing DSP funds? What measures are being taken to ensure that only quality stocks are being bought?

DSP has outlined the investment frameworks followed by each of our fund managers. Our clients get a very clear “view” into the minds of our managers, how they think and how they manage your hard earned money. All of our investors are encouraged to invest based on specific fund philosophies and investment frameworks and not chase short-term performance.

Our managers are staying true to their framework, as these frameworks could be beneficial over the long-term. Please do read the frameworks and invest in the funds if you believe in the manager’s investment philosophy.

Having said that - good companies coming out of our frameworks also will see price falls intermittently when the market falls, as seen in last few weeks. So please recognize that short-term price fluctuations can’t be eliminated in equity as an asset class. Stay patient and ignore these fluctuations- they are a basic characteristic of equities as an asset class.

You asked, we got your questions answered. Below is a selection made from many questions that were asked to our President, Mr. Kalpen Parekh. He has answered candidly, in his own words. We hope he was able to address your concerns.

Readers, please note, each investor is unique with very personal investment objectives. Please connect with a professional financial advisor to develop an investment plan best suited for your needs. If you are a confident investor and able to conduct your own risk profiling, then think things through and invest prudently.

Please also note that these are Kalpen’s personal views and should not be construed as investment advice. Investors are advised to consult their own legal, tax and financial advisors before investing.

Stay Healthy. Be safe.

Furthermore, all of us at DSP invest our money in the same funds that we manage and recommend to you. Thus, it is also in our interest to manage your hard money with the right principles. Question 2: What is your own asset allocation currently, how has it changed and how will you change it going ahead?

In general, I am a conservative investor. I have kept aside 25% percent to buy a house whenever prices normalize. Today, I have invested 55% of the remaining 75% allocated to financial assets and I aim to move that percentage up to 60%. Let me admit, it’s not easy to increase equity allocation when prices fall sharply but my past experience tells me that the best time to invest is during a crisis and then be patient for next 5-7 years, while ignoring intermittent fluctuations. Question 3: What should tactical investors do, those willing to take short-term risks since they have extra cash available and have a well-set long-term portfolio?

It is difficult to answer this question. The truth is we never know what’s around the corner. We at DSP, humbly admit this lack of foresight. If you believe there will be a cure very soon for the COVID 19 - then invest more in equity funds! Otherwise, stick to your pre-planned asset allocation. Question 4: How long will this downtrend last and where is the expected bottom? What is your take?

We spend a considerable amount of time as advisors on the phone being asked the question “Do you think this is the bottom?” In my opinion, from here on, there can be only two outcomes: 1) A cure gets announced in next few months, which may help equity

funds’ NAVs to recover.2) Alternatively, a treatment / cure for COVID-19 takes a long time and

the economy slows down, leading to a phase like we witnessed in

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2010-2014, where stocks stayed and moved only sideways. For most investors it is painful to see no returns for such lengthy periods. During such times, the debt component of your portfolio may help ease some of the pain.

What will happen is currently unknown to anybody. I would advise you to first keep an emergency account / fund consisting of 2-years of expenses aside. Then invest the remainder of your excess capital in a dynamic asset allocation fund.

Question 5: Given the uncertainty around employment/income (arising out of economic turbulence), should incremental cash/SIPs be in Equity or Debt? Instead of Equity MFs, do you think Balanced MFs will provide better value over the next 2-3 years?

Ted Truscott at Ameriprise once said, “When you have the price, you don’t have the proof. And when you have the proof, you will no longer have the price.” That quote always stuck with me. I’ve always internalized it that as investors we need to be brave in the face of the unknowable. That’s the spot we currently occupy. It is difficult to predict the market bottom. If you have some incremental cash, you may consider a SIP in a dynamic asset allocation fund like ours, the DSP Dynamic Asset Allocation Fund, which will track market performance and allocate assets between debt and equity, automatically.

The construct of the DSP Dynamic Asset Allocation Fund (‘scheme’) is to dynamically manage the asset allocation of the Scheme based on a model.

As for a two-year horizon, please do not invest in an equity MF or even a balanced MF. These are long-term products ideally suited for those with a 7 - 10 year+ investment horizon.

If you are an investor investing with a 2-year horizon, invest only in debt products. My recommendation would be the DSP Corporate Bond Fund.

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Question 6: Unlike in 2008, the general investor mind-set today is to enter equity in order to take advantage of the lows. With this mindset, do you think there is merit in setting revised return expectations for next 5, 7, 10 years from equity MFs or should we continue to believe what we did a few months ago, before this COVID-19 situation started?

Just to be clear, as you mentioned, our present crisis is very different from the financial crisis in 2008. In fact, it’s unprecedented. We have the COVID-19 pandemic and an oil price war both sending shockwaves through the world economy.

Investing at lows is always wise with any asset class where there is a potential for an upward long-term trend! Just keep one thing in mind, this could be a long drawn-out correction / recovery.

Please make sure you have enough money in cash and debt to manage your expenses if the recovery takes longer than expected. Invest only the portion of your money that won’t make you lose sleep at night, if markets remain flat for the next few years or even fall even further. Question 7: Which fund/s would you pick from the DSP investment suite if your goal was to buy once and hold for the next 20 years? How hard is it to manage bigger funds considering the huge AUM size and the shuffling restrictions that come with it? Do you really think that the small mid or micro caps have the ability to punch back and beat they Nifty 50/ Sensex benchmarks again?

Those are three questions rolled into one, so let me address them one by one.

If you have some cash and are thinking long-term and have the ability to take on some risk, you can consider a lump sum investment or start a SIP in the DSP Equity Fund, a multi-cap fund (invests across large, medium and small cap companies), which has invested primarily in quality businesses, with strong management teams and decent growth.

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The benefit of a smaller sized fund is that it has the ability to be nimble. The DSP Equity Fund has an ^AUM of ~3,500 cr. (vs. the multi cap universe^ of ~1.5 lakh cr., 2%). So the fund is able to invest without size or the investable capacity of the fund being a constraint. We have the ability to build decent sized positions in companies without drastically impacting the market prices. Especially, in high conviction stocks where the fund already has a healthy position.

And to the third part of your question: Over time, the small cap^ benchmark has not generated returns above the Sensex and / or the Nifty 50, but active mid and small cap managers have had the ability to bounce back and beat the Sensex / Nifty 50. So yes, I don’t see any reason why it can’t happen again. Question 8: In these troubled times, which product(s) should I invest in and which may provide protection to my portfolio as well as a hedge against market volatility?

If you have some cash, you may consider an investment in the DSP Dynamic Asset Allocation Fund (DSP DAAF), which will track market performance and allocate assets between debt and equity, automatically.

The construct of the DSP Dynamic Asset Allocation Fund (‘scheme’) is to dynamically manage the asset allocation of the Scheme based on a model.

One key goal of this fund is to manage volatility (market fluctuations). For example, this fund invests more in equities when markets fall and vice versa.

Before this recent correction, DSP DAAF had a 30% allocation to equities (As on January 2020). The equity allocation has now moved up to 70%. As a result, it has fallen only half of other equity funds. Incrementally, DSP DAAF will build up equity exposure to take advantage of lower prices reflected in market trends.

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^Source: Internal, Data as on March 31, 2020

Question 9: When markets fall like during COVID-19, do you withdraw investor money from the market and invest somewhere else (like debt instruments). Does SEBI allow this? Are you also permitted to just withdraw money in times like these and keep in your bank account or some escrow account instead of degrading investor wealth further?

We invest per the mandate of each fund. We keep nominal cash/debt as specified in the scheme information document (‘SID’) of each scheme/ fund. Our hybrid funds like the DSP Dynamic Asset Allocation Fund or the DSP Equity & Bond Fund can have cash/ debt in line with pre-determined ranges.

When market valuations are cheap, I would suggest investing in equity funds and when expensive, I would recommend hybrid / asset allocation funds. Today, markets are closer to being cheap.

Question 10: You have a strong range of active as well as index funds. Is it advisable to invest in active mid and small cap funds or go for passive index funds like the DSP Nifty 50 Fund?

Both of these are different products, with different risk / reward profiles. We would strongly urge you to assess your investment goals (near-term, medium-term and long-term). Then assess your risk taking ability and capacity to tolerate risk. Please speak to a financial advisor if all this sounds confusing.

We can’t predict the future and but we believe our investment framework led fund management style may help us to outperform the benchmark.

In general, I would suggest some allocation to passive funds in your portfolio. I personally have 10% of my current portfolio in DSP’s two index funds (DSP Nifty 50 and the DSP Nifty Next 50) and the DSP Quant Fund while the rest of my allocation is to DSP’s active funds.

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Question 11: Are you planning to launch any funds that have high portfolio churn and could generate good alpha for investors? Is there any chance you can create such a fund where instead of just buy and hold, the fund can short sell so that investors can enjoy bear markets instead of burning, which sometime tempt investors to book some real loss?

Please evaluate our Alternate Investment Funds (AIFs). We have a fund that invests in good companies while simultaneously hedging the portfolio as per SEBI guidelines. If you would like more information on the fund, please don’t hesitate to reach out to us and we can help.

In our suite of mutual funds, we don’t have a fund with the strategy you suggested; however, your suggestion is an idea we will evaluate. Thanks for that! Question 12: Even as the COVID-19 situation continues to unfold, what are your learnings so far as a reputed leader of a financial institution? How are you helping your partners at this time, what are the actual enablers you have provided?

First and foremost, I am concerned about the safety and the security of my investors, clients, their advisors and our employees. Safety is crucial and being able to function productively from one’s home is the need of the hour.

Hence, we encourage our investors, clients and employees to embrace digital even more than before! Try to conduct “business as usual” but be digital! We have provided our partners with a platform “IFAXpress” that enables them to service their clients easily, we have provided our corporate clients with “Corporate Express” which is a platform they can use to transact digitally. For our direct clients, we have apps for iOS and Android so that they can transact with ease from the comfort of their homes.One learning for me is that markets fluctuate and they don’t go up forever! It is better to be prudent and have diversification across Indian equities

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/ US equities / bonds and gold. Different asset classes move in different directions and in such periods of sharp correction, asset allocation helps as you can modify your portfolio allocation and invest in the cheaper asset classes. We have been actively promoting the concept of dynamic asset allocation funds for last 6 months, please click here to learn more. Question 13: As one cannot really predict the headwinds, what is DSP’s strategy to manage these unprecedented times? Will DSP introduce any new theme based or specific funds as the market are at a low and volatility is at its height?

At times like what we are witnessing currently, it is important to play safe, leverage technology, introspect & strengthen our processes, run the business as usual and most importantly manage our investors’ money and serve their needs to the best of our ability.

Our product range is complete - we have a comprehensive suite of investment funds (equity, debt, active, passive, hybrid, and international fund of funds to list several) and we would like to see normalcy return first and see a speedy recovery in investor portfolios. Question 14: My overall portfolio is in red if I look at my investments over the last 2-3 years. What should my immediate moves be and what should my long-term strategy be? Please guide.

Ideally, you should have a long-term horizon (7-10 years+) when investing in equities. At this time, the best advice I can give you is don’t panic. Please continue to think long- term and if you have spare cash, start / increase your SIP, as equity valuations have come-off and you will lower your average cost. If you don’t need cash, please don’t redeem, stay invested and allow your money to ride the ups and downs.

Also, remind yourself to keep emergency money, approximately 2-years of expenses, aside.

https://invest.dspim.com/campaigns/DAAF/

Question 15: I need money after about 3 months. Do you think that I will be able to withdraw part of my funds without incurring losses due to present turmoil? More specifically, can we see levels of 40,000 Sensex soon?

Equities are long-term products with the purpose of building wealth and should not be used to park cash. We have liquid funds, ultra-short funds and low duration debt funds for the purpose of parking cash.

I cannot predict how the market will perform tomorrow or in the next few months. In my opinion, it’s unlikely we will see a 40,000 Sensex, soon. Question 16: As a well-regarded investment professional, what are your personal takeaways from the current crisis and what would you advise small direct investors to do? My advice to direct investors is as follows. Invest directly only if you:

1) Understand the risks/ rewards/ principles of investing 2) Can design your asset allocation based on your own risk profile3) Can select the best funds for your individual needs

Otherwise, get help from a trusted advisor.

My other learning across many levels and market cycles is that asset classes fluctuate and its important to diversify across equities, bonds, gold and global equities.

Lastly, remind yourself to adjust your asset allocation after one asset class gives unusually high returns, by shifting to another asset class that hasn’t done as well.

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Question 17: I have invested all my extra cash in the equity market over the last 2-3 weeks. I am tempted to take a loan to invest even more in equities for long term. What do you suggest?

Leverage can be very risky to take on in general and especially during volatile times like we are witnessing now. Markets could further correct and remain irrational for unknown periods, which makes leverage a dangerous option. Don’t do it. Question 18: I am in need of funds in 2-3 weeks. What do you suggest I do, should I wait for the market to improve to minimize losses or should I just sell?

If you need money - you have no choice as anything can happen in 3 weeks - so redeem and use the money. Don’t regret.

In the future, for short-term investments or in cases where you may need your money back in a few days/weeks, invest only in liquid funds.

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This Open Ended Scheme is suitable for investors who are seeking*

• Long-term capital growth

DSP Equity FundMulti Cap Fund- An open ended equity scheme investing across large cap, mid cap, small cap stocks


• Long-term capital growth• Investment in equity and equity-related securities predominantly of large and midcap companies

DSP Equity Opportunities FundLarge & Mid Cap Fund- An open ended equity scheme investing in both large cap and mid cap stocks


• Long-term capital growth• Investment in equity and equity-related securities predominantly of large cap companies

DSP Top 100 Equity FundLarge Cap Fund- An open ended equity scheme predominantly investing in large cap stocks

This Open Ended Equity Scheme is suitable for investors who are seeking*

• Long-term capital growth• Investment in equity and equity-related securities predominantly of midcap companies

DSP Mid Cap FundMid Cap Fund- An open ended equity scheme predominantly investing in mid cap stocks


• Long-term capital growth• Investment in equity and equity-related securities predominantly of small cap companies (beyond top 250 companies by market capitalization)

DSP Small Cap FundSmall Cap Fund- An open ended equity scheme predominantly investing in small cap stocks


• Long-term capital growth with exposure limited to a maximum of 30 stocks from a multi cap investment universe• Investment in equity and equity-related securities to form a concentrated portfolio

DSP Focus FundAn open ended equity scheme investing in maximum 30 stocks. The Scheme shall focus on multi cap stocks.

This Scheme is suitable for investors who are seeking*


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

DSP India T.I.G.E.R. Fund(The InfrastructureGrowth and Economic Reforms)

An open ended equity scheme following economic reforms and/or Infrastructure development theme

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This Open Ended Equity Linked Saving Scheme is suitable for investors who are seeking*

• Long-term capital growth with a three-year lock-in

DSP Tax Saver FundAn open ended equity linked saving scheme with a statutory lock in of 3 years and tax

This open ended equity Scheme is suitable for investors who are seeking* • Long term capital growth • Investment in equity and equity related Securities of healthcare and pharmaceutical companies

DSP Healthcare FundAn open ended equity scheme investing in healthcare and pharmaceutical sector

This open ended equity Scheme is suitable for investors who are seeking* • Long term capital growth• Investment in active portfolio of stocks screened, selected, weighed and rebalanced on the

DSP Quant FundAn Open ended equity Scheme investing based on a quant model theme















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This Open Ended Fund of Funds Scheme is suitable for investors who are seeking*

• Long-term capital growth fo seitiruces detaler ytiuqe dna ytiuqe ni yliramirp tsevni hcihw sdnuf saesrevo fo stinu ni tnemtsevnI •

companies in the agriculture value chain

DSP WorldAgricultureFundAn open ended fund of fund scheme investing in BlackRock Global Funds – Nutrition Fund

• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of companies in the energy and alternative energy sectors

FundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – Sustainable Energy Fund(BGF – SEF)

This Open Ended Fund of Funds Scheme (Investing In International Fund) is suitable for investors who are seeking*

• Long-term capital growth• Investments in units of overseas funds which invest in equity, debt and short term securities of issuers around the world

DSP GlobalAllocation FundAn open ended fund of fund scheme investing in BlackRock Global Funds – Global Allocation Fund

This Open Ended Fund of Funds Scheme (Investing In US Equity Fund) is suitable for investors who are seeking*

• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of companies domiciled in, or exercising the predominant part of their economic activity in the USA

invest either in Growth or value investment characteristic securities placing an emphasis as the market outlook warrants.

DSP US Flexible^Equity FundAn open ended fund of fund scheme investing in BlackRock Global Funds – US Flexible Equity Fund

This scheme is suitable for investors who are seeking*

• Long-term capital growth• Investment in equity and equity related securities including the use of equity derivatives strategies and arbitrage opportunities with balance exposure in debt and money market instruments.

DSP Dynamic AssetAllocation FundAn open ended dynamic asset allocation fund

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

DSP Equity & Bond FundAn open ended hybrid scheme investing predominantly in equity and equity related instruments


• Long term capital growth and income• Investment in equity and equity related securities including the use of equity derivatives strategies and arbitrage opportunities with balance exposure in debt and money market instruments

DSP Equity Savings FundAn open ended scheme investing in equity, arbitrage and debt

RISKOMETERPRODUCT SUITABILITYSCHEMESr. No.

This Open Ended conservative hybrid scheme is suitable for investors who are seeking*

• Income and capital growth over a medium-term investment horizon• Investment predominantly in debt securities, with balance exposure in equity/equity-related securities

DSP Regular Savings FundAn open ended hybrid scheme investing predominantly in debt instruments

This open ended index linked equity Scheme is suitable for investors who are seeking*

• Long-term capital growth • Returns that are commensurate with the performance of NIFTY 50 Equal Weight Index, subject to tracking error.

DSP Equal Nifty 50 FundAn open ended schemereplicating NIFTY 50 Equal Weight Index

This open ended Scheme is suitable for investors who are seeking*

• Income over a short-term investment horizon• Investment in arbitrage opportunities in the cash & derivatives segment of the equity market

DSP Arbitrage FundAn open ended scheme investing in arbitrage opportunities

This Open Ended Income (Liquid) Scheme is suitable for investors who are seeking*

• Income over a short-term investment horizon• Investment in money market and debt securities, with maturity not exceeding 91 days

DSP Liquidity FundAn open ended liquid scheme

This open ended index linked equity Scheme is suitable for investor who are seeking*

• Long-term capital growth • Returns that are commensurate with the performance of NIFTY Next 50 Index, subject to tracking error.

DSP Nifty Next 50 Index FundAn open ended scheme replicating / tracking NIFTY NEXT 50 Index

This open ended scheme replicating/tracking NIFTY 50 Index is suitable for investor who are seeking*

• Long-term capital growth • Returns that are commensurate with the performance of NIFTY 50 Index, subject to tracking error.

DSP Nifty 50 Index FundAn open ended scheme replicating / tracking NIFTY 50 Index


• Income over a short-term investment horizon• Investment in money market and debt securities

DSP Ultra Short FundAn open ended ultra-short term debt scheme investing in debt and money market securities such that the Macaulay duration of the portfolio is between 3 months and 6 months (please refer page no. 21 under the section “Where will the Scheme invest?” in the SID for details on Macaulay’s Duration)


• Income over a short-term investment horizon• Investment in money market instruments with maturity less than or equal to 1 year.

DSP Savings FundAn open ended debt scheme investing in money market instruments

This Open Ended Income Scheme is suitable for investors who are seeking*

• Income over a long-term investment horizon• Investment in Central government securities

DSP GovernmentSecurities FundAn open ended debt scheme investing in government securities across maturity





























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details on Macaulay’s Duration)


• Income over a long-term investment horizon• Investment in Government securities such that the Macaulay duration of the portfolio is similar to the 10 Years benchmark government security

DSP 10Y G-Sec FundOpen ended debt scheme investing in government securities having a constant maturity of 10 years.


• Income over a medium-term investment horizon• Investment in money market and debt securities

DSP Bond FundAn open ended medium term debt scheme investing in debt and money market securities such that the Macaulay duration of the portfolio is between 3 years and 4 years (please refer page no. 32 under the section “Where will the Scheme invest” in the SID for details on Macaulay’s Duration)


• Income over a short-term investment horizon• Investment in money market and debt securities issued by banks and public sector undertakings,

DSP Banking & PSUDebt FundAn open ended debt scheme predominantly investing in Debt instruments of banks, Public Sector Undertakings, Public Financial Institutions and Municipal Bonds.


• Income over a medium-term to long term investment horizon• Investment predominantly in corporate bonds which are AA and below rated instruments

DSP Credit RiskFundAn open ended debt scheme predominantly investing in AA and below rated corporate bonds (excluding AA+ rated corporate bonds).


• Income over a short-term investment horizon.• Investments in money market and debt securities

DSP Low Duration FundAn open ended low duration debt scheme investing in debt and money market securities such that the Macaulay duration of the portfolio is between 6 months and 12 months (please refer page no. 20 under the section “Where will the Scheme invest?” in the SID for details on Macaulay’s Duration)


• Income over a medium to long term investment horizon• Investment in actively managed portfolio of money market and debt securities

DSP Strategic BondFundAn open ended dynamic debt scheme investing across duration

This open ended debt scheme is suitable for investors who are seeking*

• Income over a medium-term to long term investment horizon• Investment in money market and debt securities

DSP Corporate Bond FundAn open ended debt scheme predominantly investing in AA+ and above rated corporate bonds

This open ended debt scheme is suitable for investor who are seeking*

• reasonable returns with high levels of safety and convenience of liquidity over short term• Investment in debt and money market instruments having maturity of upto 1 business day

DSP Overnight FundAn Open Ended Debt Scheme Investing in Overnight Securities

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• Long-term capital growth• Investment in equity and equity-related securities of natural resources companies in sectors like mining, energy, etc. and companies involved in alternative energy and energy technology and also, investment in units of overseas funds which invest in such companies overseas

FundAn open ended equity scheme investing in Natural Resources and Alternative Energy sector

This open ended Liquid ETF is suitable for investors who are seeking*

• Current income with high degree of liquidity • Investment in Tri Party REPO, Repo in Government Securities, Reverse Repo and similar other overnight instruments

DSP Liquid ETFAn open ended scheme investing in Tri Party REPO, Repo in Government Securities, Reverse Repo and similar other overnight instruments







DSP World EnergyFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – Sustainable Energy Fund(BGF – SEF)


• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of gold mining Companies

DSP World GoldFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Gold Fund (BGF – WGF)


• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies

DSP World MiningFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Mining Fund (BGF – WMF)

















PRODUCT SUITABILITYSCHEME RISKOMETERSr. No.
























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DSP Short Term FundAn open ended short term debt scheme investing in debt and money market securities such that the Macaulay duration of the portfolio is between 1 year and 3 years (please refer page no. 19 under the section “Where will the Scheme invest?” in the SID for details on Macaulay’s Duration)
















Product labeling:

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*Investors should consult their financial/tax advisors if in doubt about whether the product is suitable for them.
























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FundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – Sustainable Energy Fund(BGF – SEF)









































































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details on Macaulay’s Duration)


• Income over a long-term investment horizon• Investment in Government securities such that the Macaulay duration of the portfolio is similar to the 10 Years benchmark government security

DSP 10Y G-Sec FundOpen ended debt scheme investing in government securities having a constant maturity of 10 years.
















This open ended debt scheme is suitable for investors who are seeking*

• Income over a medium-term to long term investment horizon• Investment in money market and debt securities

DSP Corporate Bond FundAn open ended debt scheme predominantly investing in AA+ and above rated corporate bonds

This open ended debt scheme is suitable for investor who are seeking*

• reasonable returns with high levels of safety and convenience of liquidity over short term• Investment in debt and money market instruments having maturity of upto 1 business day

DSP Overnight FundAn Open Ended Debt Scheme Investing in Overnight Securities

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• Long-term capital growth• Investment in equity and equity-related securities of natural resources companies in sectors like mining, energy, etc. and companies involved in alternative energy and energy technology and also, investment in units of overseas funds which invest in such companies overseas

FundAn open ended equity scheme investing in Natural Resources and Alternative Energy sector

This open ended Liquid ETF is suitable for investors who are seeking*

• Current income with high degree of liquidity • Investment in Tri Party REPO, Repo in Government Securities, Reverse Repo and similar other overnight instruments

DSP Liquid ETFAn open ended scheme investing in Tri Party REPO, Repo in Government Securities, Reverse Repo and similar other overnight instruments







DSP World EnergyFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Energy Fund (BGF – WEF) and BlackRock Global Funds – Sustainable Energy Fund(BGF – SEF)


• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of gold mining Companies

DSP World GoldFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Gold Fund (BGF – WGF)


• Long-term capital growth• Investment in units of overseas funds which invest primarily in equity and equity related securities of mining companies

DSP World MiningFundAn open ended fund of fund scheme investing in BlackRock Global Funds – World Mining Fund (BGF – WMF)

















PRODUCT SUITABILITYSCHEME RISKOMETERSr. No.
























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DSP Short Term FundAn open ended short term debt scheme investing in debt and money market securities such that the Macaulay duration of the portfolio is between 1 year and 3 years (please refer page no. 19 under the section “Where will the Scheme invest?” in the SID for details on Macaulay’s Duration)
















Disclaimer: In the document, DSP Investment Managers Private Limited (“AMC”) has used information that is publicly available, including information developed in-house. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. All figures and other data given in this document are dated and the same may or may not be relevant in future. It is not possible to invest directly in an index. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. For scheme specific risk factors, asset allocation, Exit Load, disclaimers and more details, please read the scheme information document, the statement of additional information and key information memorandum of the scheme, available on www.dspim.com . There is no assurance of any capital protection/returns/guarantee to the investors in any scheme of DSP Mutual Fund.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Q&A - DSP Mutual Fund

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