DSP Asset Managers Private Limited · Small Cap

DSP Small Cap Fund

Equity Scheme - Small Cap Fund Direct plan, growth benchmark: BSE 250 Small Cap TRI launched 4 May 2007 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹257.24

−0.25% since 18 Sep 2026, the previous NAV

1 year

17.8%

return

3 years

18.3%

a year

5 years

18.1%

a year

Since launch

19.0%

a year, over 12.0 years

Assets (AUM)

₹21,018 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.65% / 1.40%

a year, as of Aug 2026

Holdings

top ten are 39% of the fund · Aug 2026

Disclosed history

13 yrs

Jan 2013 – Aug 2026 · 5 of 11 checks could run

Fund managers

Vinit Sambre · since at least Jul 2025

All managers →

As the Aug 2026 factsheet printed it: standard deviation 21.2% · portfolio turnover 0.10×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.92% a year more than Direct

₹42,413 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Vinit Sambre for at least 1.2 yrs

the factsheet archive starts Jul 2025, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Vinit Sambre's other funds →

NAVTracking gap

NAV sits 2.3 bp from its disclosed portfolio, but the replication is noisy

4 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 22% of three-year stretches, and averaged −1.0 points a year across all of them

109 rolling windows since 2014 · ahead by 1.9 points a year when it won, behind by 1.7 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹32.14 → ₹257.24, 8.0× since Sep 2014

Deepest fall (max drawdown)

−24.1%

11 Dec 2024 → 3 Mar 2025

Worst month

−11.7%

Feb 2025

Days to recover

429

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 86 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	TREPS / cash equivalents TREPS / Reverse Repo Investments · money market	—	12.52%	Jul 2024	2.2 yrs	+2.09%
2	Lumax Auto Technologies Limited equity	Auto Components	5.12%	Aug 2018	8.1 yrs	+0.11%
3	Thangamayil Jewellery Limited equity	Consumer Durables	3.57%	Nov 2021	4.8 yrs	+0.15%
4	Kirloskar Oil Engines Limited equity	Industrial Products	3.41%	Mar 2023	3.5 yrs	-0.54%
5	Sansera Engineering Limited equity	Auto Components	3.28%	Jun 2024	2.3 yrs	+0.52%
6	Welspun Corp Limited equity	Industrial Products	2.57%	Mar 2021	5.5 yrs	+0.01%
7	Spr Auto Technologies Limited equity	Auto Components	2.30%	Aug 2024	2.1 yrs	+0.30%
8	Dodla Dairy Limited equity	Food Products	2.06%	Jun 2021	5.3 yrs	-0.15%
9	eClerx Services Limited equity	Commercial Services & Supplies	2.03%	Feb 2018	8.6 yrs	+0.21%
10	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.02%	Jan 2022	4.7 yrs	+0.28%
11	LT Foods Limited equity	Agricultural Food & Other Products	2.01%	Dec 2017	8.8 yrs	-0.13%
12	Jubilant Ingrevia Limited equity	Chemicals & Petrochemicals	1.87%	Dec 2022	3.8 yrs	-0.58%
13	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	1.75%	Sep 2025	1.0 yrs	+0.14%
14	Concord Biotech Limited equity	Pharmaceuticals & Biotechnology	1.75%	Aug 2025	1.1 yrs	+0.99%
15	Prudent Corporate Advisory Services Limited equity	Capital Markets	1.71%	May 2022	4.3 yrs	+0.22%
16	Cyient Limited equity	IT - Services	1.50%	Sep 2021	5.0 yrs	+0.02%
17	Harsha Engineers International Limited equity	Industrial Products	1.47%	Sep 2022	4.0 yrs	-0.04%
18	Suprajit Engineering Limited equity	Auto Components	1.39%	Jun 2014	12 yrs	-0.10%
19	Voltamp Transformers Limited equity	Electrical Equipment	1.36%	Mar 2017	9.5 yrs	+0.01%
20	PNB Housing Finance Limited equity	Finance	1.35%	Aug 2024	2.1 yrs	-0.08%
21	Max Financial Services Limited equity	Insurance	1.30%	Jan 2025	1.7 yrs	+0.28%
22	Aarti Drugs Limited equity	Pharmaceuticals & Biotechnology	1.21%	Jan 2015	12 yrs	-0.11%
23	Swaraj Engines Limited equity	Industrial Products	1.21%	Apr 2014	12 yrs	-0.32%
24	Triveni Engineering & Industries Limited equity	Agricultural Food & other Products	1.20%	Aug 2017	9.1 yrs	-0.61%
25	Atul Limited equity	Chemicals & Petrochemicals	1.19%	Jul 2013	13 yrs	-0.32%
26	Greenlam Industries Limited equity	Consumer Durables	1.17%	Feb 2022	4.6 yrs	-0.10%
27	TCPL Packaging Limited equity	Industrial Products	1.16%	Feb 2022	4.6 yrs	+0.26%
28	Techno Electric & Engineering Co Limited equity	Construction	1.13%	Aug 2018	8.1 yrs	-0.34%
29	Apar Industries Limited equity	Electrical Equipment	1.12%	Oct 2023	2.9 yrs	+0.14%
30	Dhanuka Agritech Limited equity	Fertilizers & Agrochemicals	1.10%	Sep 2016	10 yrs	-0.43%
31	Nilkamal Limited equity	Consumer Durables	1.09%	Jan 2017	9.7 yrs	+0.27%
32	IFB Industries Limited equity	Consumer Durables	1.08%	Jan 2024	2.7 yrs	-0.11%
33	Bayer Cropscience Limited equity	Fertilizers & Agrochemicals	1.06%	Dec 2025	9 mo	+0.11%
34	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.05%	Sep 2024	2.0 yrs	-0.35%
35	R R Kabel Limited equity	Industrial Products	1.03%	Sep 2023	3.0 yrs	-0.42%
36	Vardhman Textiles Limited equity	Textiles & Apparels	1.01%	Mar 2022	4.5 yrs	-0.19%
37	Rainbow Childrens Medicare Limited equity	Healthcare Services	1.00%	Apr 2022	4.4 yrs	-0.16%
38	Mold Tek Packaging Limited equity	Industrial Products	0.98%	Jul 2017	9.2 yrs	-0.16%
39	S P Apparels Limited equity	Textiles & Apparels	0.94%	Aug 2016	10 yrs	+0.12%
40	Safari Industries (India) Limited equity	Consumer Durables	0.91%	Dec 2021	4.8 yrs	-0.15%
41	Narayana Hrudayalaya Limited equity	Healthcare Services	0.90%	Jan 2020	6.7 yrs	+0.16%
42	Sona Blw Precision Forgings Limited equity	Auto Components	0.87%	Oct 2025	11 mo	+0.10%
43	Anand Rathi Wealth Limited equity	Capital Markets	0.82%	Dec 2021	4.8 yrs	+0.06%
44	Amber Enterprises India Limited equity	Consumer Durables	0.81%	Jan 2018	8.7 yrs	-0.14%
45	Happy Forgings Limited equity	Industrial Products	0.79%	Dec 2023	2.8 yrs	+0.25%
46	Campus Activewear Limited equity	Consumer Durables	0.74%	Apr 2022	4.4 yrs	-0.24%
47	Triveni Power Transmission Limited^ derivative	—	0.74%	Jul 2026	2 mo	+0.74%
48	Eris Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.74%	Aug 2024	2.1 yrs	-0.20%
49	Ratnamani Metals & Tubes Limited equity	Industrial Products	0.73%	Dec 2014	12 yrs	-0.10%
50	Westlife Foodworld Limited equity	Leisure Services	0.72%	Mar 2020	6.5 yrs	+0.05%
51	Kalyani Steels Limited equity	Industrial Products	0.71%	Feb 2017	9.6 yrs	-0.06%
52	Stylam Industries Limited equity	Consumer Durables	0.70%	Jun 2024	2.3 yrs	+0.03%
53	Niva Bupa Health Insurance Co Limited equity	Insurance	0.66%	Jun 2025	1.3 yrs	-0.14%
54	Rolex Rings Limited equity	Auto Components	0.65%	Oct 2025	11 mo	0.00%
55	Archean Chemical Industries Limited equity	Chemicals & Petrochemicals	0.65%	Nov 2022	3.8 yrs	-0.47%
56	West Coast Paper Mills Limited equity	Paper, Forest & Jute Products	0.65%	Sep 2024	2.0 yrs	+0.03%
57	Prince Pipes and Fittings Limited equity	Industrial Products	0.63%	Apr 2022	4.4 yrs	-0.03%
58	Aadhar Housing Finance Limited equity	Finance	0.59%	Jun 2026	3 mo	+0.59%
59	Kalpataru Projects International Limited equity	Construction	0.58%	Dec 2024	1.8 yrs	-0.06%
60	Alembic Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.58%	Jul 2023	3.2 yrs	-0.02%
61	KPIT Technologies Limited equity	IT - Software	0.56%	Aug 2026	1 mo	+0.56%
62	Sandhar Technologies Limited equity	Auto Components	0.55%	Aug 2018	8.1 yrs	-0.12%
63	Carysil Limited equity	Consumer Durables	0.54%	Jul 2024	2.2 yrs	-0.07%
64	La Opala RG Limited equity	Consumer Durables	0.53%	Oct 2018	7.9 yrs	-0.11%
65	SRF Limited equity	Chemicals & Petrochemicals	0.53%	Jul 2026	2 mo	+0.53%
66	Manappuram Finance Limited equity	Finance	0.52%	Nov 2013	13 yrs	-0.07%
67	JustDial Limited equity	Retailing	0.51%	Jul 2021	5.2 yrs	+0.07%
68	Ujjivan Small Finance Bank Limited equity	Banks	0.49%	Oct 2025	11 mo	+0.04%
69	Sharda Cropchem Limited equity	Fertilizers & Agrochemicals	0.47%	Sep 2014	12 yrs	-0.19%
70	Borosil Limited equity	Consumer Durables	0.47%	Jul 2023	3.2 yrs	-0.02%
71	Canara HSBC Life Insurance Co Limited equity	Insurance	0.46%	Oct 2025	11 mo	-0.02%
72	GHCL Limited equity	Chemicals & Petrochemicals	0.46%	Nov 2017	8.8 yrs	-0.10%
73	Sheela Foam Limited equity	Consumer Durables	0.46%	Mar 2019	7.5 yrs	-0.02%
74	Sudarshan Chemical Industries Limited equity	Chemicals & Petrochemicals	0.37%	Jan 2025	1.7 yrs	+0.04%
75	Graphite India Limited equity	Industrial Products	0.36%	Dec 2021	4.8 yrs	-0.08%
76	Engineers India Limited equity	Construction	0.36%	Jan 2023	3.7 yrs	-0.02%
77	Angel One Limited equity	Capital Markets	0.34%	Feb 2026	7 mo	-0.24%
78	Jamna Auto Industries Limited equity	Auto Components	0.33%	Jul 2025	1.2 yrs	+0.13%
79	JNK India Limited equity	Industrial Manufacturing	0.30%	Apr 2024	2.4 yrs	0.00%
80	HLE Glascoat Limited equity	Industrial Manufacturing	0.29%	Sep 2023	3.0 yrs	-0.13%
81	CSB Bank Limited equity	Banks	0.24%	Jun 2025	1.3 yrs	-0.05%
82	R Systems International Limited equity	IT - Services	0.23%	Oct 2024	1.9 yrs	-0.07%
83	Equitas Small Finance Bank Limited equity	Banks	0.20%	Feb 2023	3.6 yrs	-0.15%
84	TREPS / cash equivalents Cash Margin · cash equivalent	—	0.05%	May 2025	1.3 yrs	0.00%
85	Amrutanjan Health Care Limited equity	Pharmaceuticals & Biotechnology	0.01%	Aug 2018	8.1 yrs	-0.36%
86	TREPS / cash equivalents Net Receivables/Payables · cash equivalent	—	-0.87%	Jan 2013	14 yrs	-0.90%

Showing 1–86 of 86 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Industrial Products15.0% · 15.0%

Auto Components14.5% · 10.5%

Consumer Durables12.1% · 13.1%

Pharmaceuticals & Biotechnology8.1% · 6.5%

Chemicals & Petrochemicals6.1% · 9.2%

Capital Markets2.9% · 2.6%

Fertilizers & Agrochemicals2.6% · 3.0%

Electrical Equipment2.5%

share of the book05%10%15%20%

By market cap, Aug 2026

Mid cap8.2%

Small / micro cap79.3%

Cash & equivalents11.7%

Other0.7%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 0%
Mid cap 8%
Small / micro 79%
Cash & other 12%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 22% of three-year stretches, and averaged −1.0 points a year across all of them

109 rolling windows since 2014 · ahead by 1.9 points a year when it won, behind by 1.7 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 1.9 points a year in the 24 windows it won and behind by 1.7 in the 85 it lost, so the average across all 109 is −1.0 points. The worst window ended Nov 2019, 4.5 points behind.

22%

lowest in categoryhighest in category

19th percentile · bottom quartile of 24 funds · category median 54%

windows measured109windows won24average across every window−0.95 pts a year · median −1.19when ahead, by how much+1.87 pts a year over 24 windowswhen behind, by how much−1.75 pts a year over 85 windowsworst window−4.49 pts a year, ended Nov 2019best window+5.11 pts a year, ended Sep 2017non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 0.92% a year more than Direct

₹42,413 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

0.92 pp a year

costliest in categorycheapest in category

95th percentile · top decile of 31 funds · category median 1.59 pp

on ₹1,00,000 over ten years₹42,413Direct vs Regular, annualised18.9% vs 18.0%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 48% of the portfolio a year

+0.11 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

48% a year

costliest in categorycheapest in category

95th percentile · top decile of 30 funds · category median 86%

excess return per unit of turnover+0.11 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 61 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

61 months

lowest in categoryhighest in category

95th percentile · top decile of 30 funds · category median 20 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

6 of 10 top picks beat their peers over the next 6 months, and averaged 8.1 points ahead of them

1499 positions judged, one disclosure at a time · ahead by 26.1 points when it won, behind by 15.4 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 26.1 points in the 849 positions it won and behind by 15.4 in the 650 it lost, so the average across all 1499 is +8.1 points. The worst position was INE591G01017 at the Feb 2014 disclosure, 75.2 points behind.

57%

lowest in categoryhighest in category

69th percentile · above median of 30 funds

positions judged1499beat the median stock849average across every position+8.10 pts · median +3.78when ahead, by how much+26.06 pts over 849 positionswhen behind, by how much−15.38 pts over 650 positionsworst position−75.24 pts, INE591G01017 at the Feb 2014 disclosurebest position+209.17 pts, INE191B01025 at the Feb 2026 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹21,018 Cr, 78th percentile in category; 17% of growth came from inflows

smaller than 22% of the funds in its category (30 funds) · AUM Sep 2023 → Aug 2026 · Regular plan expense ratio 1.69%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

78th percentile by AUM

largestsmallest

22th percentile · bottom quartile of 30 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.69% / 0.81% · category median 2.01%AUM, Sep 2023 → Aug 2026₹11,656 Cr → ₹21,018 Cr (+22% a year)of that change, from flows rather than returns17% net inflows · NAV +66% over the window

Assets under management, ₹ crore, Jun 2010 – Aug 2026

77 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.18% in Jun 2018 → 1.69% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Vinit Sambre for at least 1.2 yrs

the factsheet archive starts Jul 2025, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowVinit Sambre (since at least Jul 2025)share of the fund's life under the current teamnot knowable — the archive starts Jul 2025, so the tenure is a floorchanges of hands in the archivenone

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Vinit Sambre	fund manager	by Jul 2025†	now	14.6% vs 11.6% p.a. (+2.95 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls. And the archive we hold starts in Jul 2025: Vinit Sambre was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV sits 2.3 bp from its disclosed portfolio, but the replication is noisy

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

−2.3 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

4noisy

22 Jul 2026 +84 bp · 18 Sep 2026 −6.8 bp · 3 Jul 2026 +4.5 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 17 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct DSP Small Cap Fund - Direct Plan - Growth	growth	₹257.24	21 Sep 2026
direct DSP Small Cap Fund - Direct Plan - IDCW	idcw	₹70.61	21 Sep 2026
regular DSP Small Cap Fund - Regular - Growth	growth	₹231.65	21 Sep 2026
regular DSP Small Cap Fund - Regular - IDCW	idcw	₹63.47	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹257.24
Regular growth NAV: ₹231.65
NAV divergence to date: 11.0% — same portfolio, priced differently
Regular costs more by: 0.92% a year
On ₹1,00,000 over ten years: ₹42,413

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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