DSP Asset Managers Private Limited · Equity Savings

DSP Equity Savings Fund

Hybrid Scheme - Equity Savings Direct plan, growth benchmark: Nifty Equity Savings Index TRI launched 8 Mar 2016 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹25.16

+0.27% since 18 Sep 2026, the previous NAV

1 year

2.2%

return

3 years

8.5%

a year

5 years

7.5%

a year

Since launch

9.1%

a year, over 10.5 years

Assets (AUM)

₹3,365 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.58% / 1.32%

a year, as of Aug 2026

Holdings

142

top ten are 34% of the fund · Aug 2026

Disclosed history

10 yrs

Mar 2016 – Aug 2026 · 4 of 11 checks could run

Fund managers

Abhishek Singh · since at least Jul 2025

All managers →

As the Aug 2026 factsheet printed it: standard deviation 3.9% · portfolio turnover 0.05×. 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 1.28% a year more than Direct

₹26,716 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 Abhishek Singh 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.

Abhishek Singh's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

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.

See the daily gap →

P4Consistency

Beat its category in 76% of three-year stretches, and averaged +0.6 points a year across all of them

91 rolling windows since 2016 · ahead by 1.0 points a year when it won, behind by 0.7 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 →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Mar 2016

127 month-ends · ₹10.07 → ₹25.16, 2.5× since Mar 2016

Deepest fall (max drawdown)

−2.7%

6 Jan 2026 → 1 Apr 2026

Worst month

−2.2%

Mar 2026

Days to recover

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 · 142 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	HDFC Bank Limited equity	Banks	6.78%	Feb 2023	3.6 yrs	-0.62%
2	Axis Bank Limited equity	Banks	4.65%	Oct 2019	6.9 yrs	+0.34%
3	Kotak Mahindra Bank Limited equity	Banks	3.46%	Jan 2026	8 mo	+0.42%
4	Mahindra & Mahindra Limited equity	Automobiles	3.22%	Jan 2024	2.7 yrs	+0.38%
5	Reliance Industries Limited equity	Petroleum Products	3.11%	Jun 2021	5.3 yrs	+0.05%
6	ITC Limited equity	Diversified FMCG	2.95%	Mar 2021	5.5 yrs	-0.19%
7	6.75% GOI FRB 22092033 government security	—	2.76%	Oct 2024	1.9 yrs	+0.19%
8	ICICI Bank Limited equity	Banks	2.41%	Mar 2018	8.5 yrs	-0.64%
9	Vodafone Idea Limited equity	Telecom - Services	2.35%	Jul 2023	3.2 yrs	+0.17%
10	NTPC Limited equity	Power	2.33%	Nov 2023	2.8 yrs	+0.71%
11	Bajaj Finance Limited equity	Finance	2.13%	Jun 2025	1.3 yrs	+0.39%
12	Cipla Limited equity	Pharmaceuticals & Biotechnology	2.02%	Jun 2020	6.3 yrs	-0.75%
13	7.38% GOI 20062027 government security	—	2.02%	Sep 2022	4.0 yrs	+0.06%
14	Bharti Airtel Limited equity	Telecom - Services	1.97%	Mar 2024	2.5 yrs	+0.08%
15	Hindalco Industries Limited equity	Non - Ferrous Metals	1.87%	Jan 2024	2.7 yrs	+0.12%
16	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.79%	Apr 2023	3.4 yrs	+0.25%
17	Larsen & Toubro Limited equity	Construction	1.79%	Jun 2024	2.3 yrs	+0.08%
18	Indus Towers Limited equity	Telecom - Services	1.77%	Jun 2023	3.3 yrs	-0.84%
19	TREPS / cash equivalents TREPS / Reverse Repo Investments · money market	—	1.73%	Jul 2024	2.2 yrs	+0.45%
20	Titan Co Limited equity	Consumer Durables	1.62%	May 2023	3.3 yrs	+0.11%
21	Bharti Telecom Limited** corporate bond	—	1.57%	Oct 2025	11 mo	+0.11%
22	Power Finance Corporation Limited corporate bond	—	1.56%	Mar 2025	1.5 yrs	+0.11%
23	6.90% GOI 15042065 government security	—	1.55%	Jan 2026	8 mo	+0.11%
24	Bajaj Finance Limited** corporate bond	—	1.51%	Jul 2025	1.2 yrs	+0.01%
25	REC Limited** corporate bond	—	1.50%	Jul 2026	2 mo	+1.50%
26	HDFC Bank Limited** money market	—	1.46%	Feb 2026	7 mo	+0.10%
27	HDFC Bank Limited** money market	—	1.46%	Mar 2026	6 mo	+0.10%
28	Indigo Paints Limited equity	Consumer Durables	1.37%	Sep 2024	2.0 yrs	+0.25%
29	HDFC Life Insurance Co Limited equity	Insurance	1.33%	Jun 2024	2.3 yrs	-0.30%
30	TREPS / cash equivalents Cash Margin · cash equivalent	—	1.31%	May 2025	1.3 yrs	+0.06%
31	Alkem Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.15%	Jun 2026	3 mo	+1.15%
32	Eicher Motors Limited equity	Automobiles	1.11%	Sep 2024	2.0 yrs	+0.15%
33	Infosys Limited equity	IT - Software	1.10%	Jun 2024	2.3 yrs	+0.03%
34	SBI Life Insurance Co Limited equity	Insurance	1.10%	Oct 2021	4.9 yrs	+0.16%
35	Hero MotoCorp Limited equity	Automobiles	1.08%	Oct 2025	11 mo	+0.96%
36	Petronet LNG Limited equity	Gas	1.02%	Apr 2024	2.4 yrs	+0.06%
37	Maruti Suzuki India Limited equity	Automobiles	1.01%	Feb 2026	7 mo	+0.27%
38	Bank of Baroda equity	Banks	0.95%	May 2026	4 mo	-0.07%
39	Syngene International Limited equity	Healthcare Services	0.89%	Jun 2025	1.3 yrs	-0.04%
40	State Bank of India equity	Banks	0.88%	Jun 2023	3.3 yrs	+0.12%
41	Oil & Natural Gas Corporation Limited equity	Oil	0.87%	Sep 2022	4.0 yrs	+0.75%
42	7.09% GOI 05082054 government security	—	0.86%	Oct 2024	1.9 yrs	+0.03%
43	Bandhan Bank Limited equity	Banks	0.84%	Feb 2022	4.6 yrs	-0.18%
44	Canara HSBC Life Insurance Co Limited equity	Insurance	0.83%	Oct 2025	11 mo	+0.13%
45	Bharti Telecom Limited** corporate bond	—	0.80%	Oct 2025	11 mo	+0.06%
46	Muthoot Finance Limited** corporate bond	—	0.79%	Nov 2025	10 mo	+0.05%
47	Power Grid Corporation of India Limited corporate bond	—	0.78%	May 2025	1.3 yrs	+0.06%
48	National Housing Bank** corporate bond	—	0.78%	Mar 2025	1.5 yrs	+0.06%
49	ICICI Lombard General Insurance Co Limited equity	Insurance	0.77%	Sep 2017	9.0 yrs	-0.07%
50	HDFC Bank Limited** corporate bond	—	0.77%	Jul 2023	3.2 yrs	+0.05%
51	5.74% GOI 15112026 government security	—	0.77%	Jul 2022	4.2 yrs	+0.05%
52	Punjab National Bank equity	Banks	0.76%	May 2026	4 mo	+0.09%
53	Indian Railway Finance Corporation Limited** corporate bond	—	0.76%	May 2025	1.3 yrs	+0.06%
54	National Bank for Financing Infrastructure and Development** corporate bond	—	0.75%	May 2025	1.3 yrs	+0.06%
55	Bajaj Finance Limited** money market	—	0.75%	Aug 2026	1 mo	+0.75%
56	Canara Bank money market	—	0.73%	Mar 2026	6 mo	-0.63%
57	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.65%	Jun 2024	2.3 yrs	-0.03%
58	7.37% GOI 23102028 government security	—	0.63%	Dec 2023	2.8 yrs	+0.04%
59	Cohance Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.62%	Aug 2023	3.1 yrs	-0.10%
60	7.02% GOI 18062031 government security	—	0.62%	Jul 2024	2.2 yrs	+0.02%
61	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.55%	May 2026	4 mo	+0.07%
62	Bharat Electronics Limited equity	Aerospace & Defense	0.52%	Jun 2024	2.3 yrs	+0.03%
63	NMDC Limited equity	Minerals & Mining	0.49%	Jun 2023	3.3 yrs	+0.03%
64	Life Insurance Corporation Of India equity	Insurance	0.44%	Aug 2026	1 mo	+0.44%
65	Tata Power Co Limited equity	Power	0.40%	Oct 2023	2.9 yrs	-0.06%
66	TREPS / cash equivalents Net Receivables/Payables · cash equivalent	—	0.37%	Mar 2016	11 yrs	-0.22%
67	Ambuja Cements Limited equity	Cement & Cement Products	0.34%	Feb 2022	4.6 yrs	-0.03%
68	7.10% GOI 08042034 government security	—	0.32%	Jun 2024	2.3 yrs	+0.03%
69	Hindustan Petroleum Corporation Limited equity	Petroleum Products	0.29%	Jul 2024	2.2 yrs	0.00%
70	Cyient Limited equity	IT - Services	0.28%	Jan 2025	1.7 yrs	-0.11%
71	Alembic Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.25%	Feb 2023	3.6 yrs	+0.03%
72	TVS Motor Co Limited equity	Automobiles	0.24%	May 2026	4 mo	+0.06%
73	GMR Airports Limited equity	Transport Infrastructure	0.23%	Jan 2024	2.7 yrs	-0.01%
74	Bharti Telecom Limited** corporate bond	—	0.23%	Dec 2025	9 mo	+0.01%
75	Bharat Petroleum Corporation Limited equity	Petroleum Products	0.21%	May 2026	4 mo	+0.02%
76	Indian Oil Corporation Limited equity	Petroleum Products	0.21%	May 2026	4 mo	+0.01%
77	La Opala RG Limited equity	Consumer Durables	0.21%	Jun 2024	2.3 yrs	0.00%
78	Biocon Limited equity	Pharmaceuticals & Biotechnology	0.18%	May 2021	5.3 yrs	0.00%
79	Power Grid Corporation of India Limited equity	Power	0.18%	Jul 2024	2.2 yrs	-0.01%
80	JSW Steel Limited equity	Ferrous Metals	0.17%	Dec 2023	2.8 yrs	+0.01%
81	7.10% GOI 18042029 government security	—	0.16%	Jul 2024	2.2 yrs	+0.01%
82	7.18% GOI 14082033 government security	—	0.15%	Dec 2023	2.8 yrs	0.00%
83	United Spirits Limited equity	Beverages	0.14%	Feb 2020	6.6 yrs	+0.03%
84	Apollo Hospitals Enterprise Limited equity	Healthcare Services	0.13%	May 2022	4.3 yrs	+0.02%
85	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.11%	Jan 2022	4.7 yrs	-0.25%
86	LIC Housing Finance Limited equity	Finance	0.08%	Oct 2023	2.9 yrs	0.00%
87	Aditya Birla Capital Limited equity	Finance	0.08%	Dec 2023	2.8 yrs	+0.01%
88	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	0.07%	Mar 2016	11 yrs	+0.01%
89	Shriram Finance Limited equity	Finance	0.05%	Jan 2025	1.7 yrs	-0.31%
90	Power Finance Corporation Limited equity	Finance	0.04%	Sep 2023	3.0 yrs	-0.05%
91	NIFTY 23000 Put Sep26 derivative	—	0.04%	Jul 2026	2 mo	+0.04%
92	Steel Authority of India Limited equity	Ferrous Metals	0.03%	Aug 2024	2.1 yrs	0.00%
93	Info Edge (India) Limited equity	Retailing	0.02%	May 2025	1.3 yrs	0.00%
94	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.01%	Jul 2023	3.2 yrs	+0.01%
95	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.01%	Nov 2025	10 mo	-0.01%
96	Tata Motors Passenger Vehicles Limited Sep26 derivative	—	-0.02%	Aug 2026	1 mo	-0.02%
97	Info Edge (India) Limited Sep26 derivative	—	-0.02%	Aug 2026	1 mo	-0.02%
98	Steel Authority of India Limited Sep26 derivative	—	-0.03%	Aug 2026	1 mo	-0.03%
99	Shriram Finance Limited Sep26 derivative	—	-0.05%	Aug 2026	1 mo	-0.05%
100	Aurobindo Pharma Limited Sep26 derivative	—	-0.07%	Aug 2026	1 mo	-0.07%
101	LIC Housing Finance Limited Sep26 derivative	—	-0.08%	Aug 2026	1 mo	-0.08%
102	Aditya Birla Capital Limited Sep26 derivative	—	-0.08%	Aug 2026	1 mo	-0.08%
103	Hindustan Petroleum Corporation Limited Sep26 derivative	—	-0.09%	Aug 2026	1 mo	-0.09%
104	Oil & Natural Gas Corporation Limited Sep26 derivative	—	-0.11%	Aug 2026	1 mo	-0.11%
105	Apollo Hospitals Enterprise Limited Sep26 derivative	—	-0.13%	Aug 2026	1 mo	-0.13%
106	Hero MotoCorp Limited Sep26 derivative	—	-0.14%	Aug 2026	1 mo	-0.14%
107	Cipla Limited Sep26 derivative	—	-0.14%	Aug 2026	1 mo	-0.14%
108	United Spirits Limited Sep26 derivative	—	-0.14%	Aug 2026	1 mo	-0.14%
109	JSW Steel Limited Sep26 derivative	—	-0.17%	Aug 2026	1 mo	-0.17%
110	Biocon Limited Sep26 derivative	—	-0.18%	Aug 2026	1 mo	-0.18%
111	Power Grid Corporation of India Limited Sep26 derivative	—	-0.18%	Aug 2026	1 mo	-0.18%
112	GMR Airports Limited Sep26 derivative	—	-0.24%	Aug 2026	1 mo	-0.24%
113	TVS Motor Co Limited Sep26 derivative	—	-0.24%	Aug 2026	1 mo	-0.24%
114	Ambuja Cements Limited Sep26 derivative	—	-0.35%	Aug 2026	1 mo	-0.35%
115	Tata Power Co Limited Sep26 derivative	—	-0.40%	Aug 2026	1 mo	-0.40%
116	NMDC Limited Sep26 derivative	—	-0.48%	Aug 2026	1 mo	-0.48%
117	Bharat Electronics Limited Sep26 derivative	—	-0.52%	Aug 2026	1 mo	-0.52%
118	Indus Towers Limited Sep26 derivative	—	-0.64%	Aug 2026	1 mo	-0.64%
119	Hindustan Aeronautics Limited Sep26 derivative	—	-0.66%	Aug 2026	1 mo	-0.66%
120	Punjab National Bank Sep26 derivative	—	-0.76%	Aug 2026	1 mo	-0.76%
121	Bandhan Bank Limited Sep26 derivative	—	-0.85%	Aug 2026	1 mo	-0.85%
122	State Bank of India Sep26 derivative	—	-0.87%	Aug 2026	1 mo	-0.87%
123	Bank of Baroda Sep26 derivative	—	-0.95%	Aug 2026	1 mo	-0.95%
124	ITC Limited Sep26 derivative	—	-0.96%	Aug 2026	1 mo	-0.96%
125	NTPC Limited Sep26 derivative	—	-1.05%	Aug 2026	1 mo	-1.05%
126	Eicher Motors Limited Sep26 derivative	—	-1.12%	Aug 2026	1 mo	-1.12%
127	Mahindra & Mahindra Limited Sep26 derivative	—	-1.26%	Aug 2026	1 mo	-1.26%
128	Titan Co Limited Sep26 derivative	—	-1.63%	Aug 2026	1 mo	-1.63%
129	Kotak Mahindra Bank Limited Sep26 derivative	—	-1.71%	Aug 2026	1 mo	-1.71%
130	Sun Pharmaceutical Industries Limited Sep26 derivative	—	-1.75%	Aug 2026	1 mo	-1.75%
131	Larsen & Toubro Limited Sep26 derivative	—	-1.79%	Aug 2026	1 mo	-1.79%
132	Hindalco Industries Limited Sep26 derivative	—	-1.89%	Aug 2026	1 mo	-1.89%
133	Bharti Airtel Limited Sep26 derivative	—	-2.03%	Aug 2026	1 mo	-2.03%
134	HDFC Bank Limited Sep26 derivative	—	-2.11%	Aug 2026	1 mo	-2.11%
135	Bajaj Finance Limited Sep26 derivative	—	-2.15%	Aug 2026	1 mo	-2.15%
136	Vodafone Idea Limited Sep26 derivative	—	-2.42%	Aug 2026	1 mo	-2.42%
137	Reliance Industries Limited Sep26 derivative	—	-3.17%	Aug 2026	1 mo	-3.17%
138	Axis Bank Limited Sep26 derivative	—	-3.31%	Aug 2026	1 mo	-3.31%
139	Ultratech Cement Limited equity	Cement & Cement Products	—	Jul 2024	2.2 yrs	—
140	Ultratech Cement Limited Sep26 derivative	—	—	Aug 2026	1 mo	—
141	Pidilite Industries Limited Sep26 derivative	—	—	Aug 2026	1 mo	—
142	TVS Motor Co Limited** corporate bond	—	—	Aug 2025	1.1 yrs	—

Showing 1–142 of 142 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks20.7% · 20.1%

Automobiles6.7% · 5.2%

Pharmaceuticals & Biotechnology6.2% · 5.4%

Telecom - Services6.1% · 3.9%

Insurance4.5% · 2.5%

Petroleum Products3.8% · 2.9%

Consumer Durables3.2% · 1.2%

Diversified FMCG2.9% · 2.5%

share of the book05%10%15%20%25%

By market cap, Aug 2026

Large cap54.9%

Mid cap9.3%

Small / micro cap6.2%

Cash & equivalents7.8%

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 55%
Mid cap 9%
Small / micro 6%
Cash & other 8%

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 headline and record disagree

Beat its category in 76% of three-year stretches, and averaged +0.6 points a year across all of them

91 rolling windows since 2016 · ahead by 1.0 points a year when it won, behind by 0.7 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 1.0 points a year in the 69 windows it won and behind by 0.7 in the 22 it lost, so the average across all 91 is +0.6 points. The worst window ended Mar 2020, 1.8 points behind.

76%

lowest in categoryhighest in category

63th percentile · above median of 14 funds · category median 64%

windows measured91windows won69average across every window+0.61 pts a year · median +0.80when ahead, by how much+1.03 pts a year over 69 windowswhen behind, by how much−0.68 pts a year over 22 windowsworst window−1.77 pts a year, ended Mar 2020best window+2.86 pts a year, ended Mar 2023non-overlapping windows in that span3 — 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.

A modest five-year number over a record that beat its category 76% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 76% of them, which points the opposite way to the headline figure. A single end date decided that headline.

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.

P5 Cost, measured

Regular plan costs 1.28% a year more than Direct

₹26,716 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.

1.28 pp a year

costliest in categorycheapest in category

22th percentile · bottom quartile of 15 funds · category median 1.08 pp

on ₹1,00,000 over ten years₹26,716Direct vs Regular, annualised9.1% vs 7.8%measured over10.5 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 73% of the portfolio a year

−0.02 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.

73% a year

costliest in categorycheapest in category

50th percentile · above median of 13 funds · category median 73%

excess return per unit of turnover−0.02 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 33 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.

33 months

lowest in categoryhighest in category

50th percentile · above median of 13 funds · category median 33 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

5 of 10 top picks beat their peers over the next 6 months, and averaged 1.5 points ahead of them

1178 positions judged, one disclosure at a time · ahead by 17.4 points when it won, behind by 14.9 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 17.4 points in the 597 positions it won and behind by 14.9 in the 581 it lost, so the average across all 1178 is +1.5 points. The worst position was INE528G01027 at the Mar 2019 disclosure, 70.0 points behind.

51%

lowest in categoryhighest in category

50th percentile · above median of 13 funds

positions judged1178beat the median stock597average across every position+1.51 pts · median +0.37when ahead, by how much+17.40 pts over 597 positionswhen behind, by how much−14.90 pts over 581 positionsworst position−70.05 pts, INE528G01027 at the Mar 2019 disclosurebest position+204.15 pts, INE576O01020 at the Mar 2021 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

₹3,365 Cr; 93% of growth came from inflows

Regular plan expense ratio 1.96% a year

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.

1.96% TER

costliestcheapest

59th percentile · above median of 16 funds · category median 2.07%

expense ratio, Regular / Direct1.96% / 1.11% · category median 2.07%AUM, Sep 2023 → Aug 2026₹649 Cr → ₹3,365 Cr (+76% a year)of that change, from flows rather than returns93% net inflows · NAV +28% over the window

Assets under management, ₹ crore, Mar 2016 – Aug 2026

54 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.09% in Jun 2018 → 1.96% 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 Abhishek Singh 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 nowAbhishek Singh (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
Abhishek Singh	fund manager	by Jul 2025†	now	2.6% vs 4.2% p.a. (−1.58 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: Abhishek Singh 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

No signal. About 29% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct DSP Equity Savings Fund - Direct Plan - Growth	growth	₹25.16	21 Sep 2026
direct DSP Equity Savings Fund - Direct Plan - IDCW	idcw	₹13.66	21 Sep 2026
direct DSP Equity Savings Fund - Direct Plan - IDCW - Monthly	idcw	₹17.14	21 Sep 2026
direct DSP Equity Savings Fund - Direct Plan - IDCW - Quarterly	idcw	₹17.13	21 Sep 2026
regular DSP Equity Savings Fund - Regular Plan - Growth	growth	₹22.21	21 Sep 2026
regular DSP Equity Savings Fund - Regular Plan - IDCW	idcw	₹12.10	21 Sep 2026
regular DSP Equity Savings Fund - Regular Plan - IDCW - Monthly	idcw	₹13.36	21 Sep 2026
regular DSP Equity Savings Fund - Regular Plan - IDCW - Quarterly	idcw	₹13.44	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹25.16
Regular growth NAV: ₹22.21
NAV divergence to date: 13.3% — same portfolio, priced differently
Regular costs more by: 1.28% a year
On ₹1,00,000 over ten years: ₹26,716

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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