DSP India T.I.G.E.R. Fund - Presentation

DSPMutualFund 93 views 27 slides Aug 05, 2024
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About This Presentation


Slide Content

[Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
#INVESTFORGOOD
DSP INDIA T.I.G.E.R. (The Infrastructure Growth
and Economic Reforms) FUND
(An open endedequity scheme following economic reforms and/or Infrastructure development
theme)
INDIA TO BHARAT

2
WhatisDSPIndiaT.I.G.E.R.fund?
Source:Internal.*includeonlyspecificindustrysectorsinconsumerdurablesandconsumernondurableswhicharerelevanttothetheme.The
sector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteanyrecommendationofthesameandtheFundmayormaynothaveanyfutureposition
inthesesector(s)/stock(s)/issuer(s).Theinvestmentapproach/framework/strategymentionedhereinarecurrentlyfollowedbytheschemeandthesamemay
changeinfuturedependingonmarketconditionsandotherfactors.
Fund that aims to capture growth revival in capital cycle & economic reforms
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
Thematic fund focussed on

3
India to BHARAT –AMRIT KAAL
Inclusive
Development
Reaching the
Last Mile
Financial
Sector
Youth Power
Amrit Kaal
Infrastructure
and
Investment
Unleashing
the Potential
₹ 0
₹ 500
₹ 1,000
₹ 1,500
0%
20%
40%
60%
2024 2030 2040 2047
Investments
as % of GDP % (₹ trn)
Amrit Kaal: Vision 2047
25-year roadmap for
India@100
Economy
•2nd largest at USD
32 Tn
Per capita income
•To grow 10x to
•USD 20,000
GDP
•Manufacturing GDP
to grow 15x to USD
6.2 Tn; Services GDP
to grow 13x to USD
20 Tn
FDI
•To grow 12x to USD
1Tn
Exports
•To grow 12x to USD
8 Tn
Human capital
•Largest and
youngest working
population with a
median age of 29
2024; 289
2030; 569
2040; 1368
2047; 2668
0
500
1000
1500
2000
2500
3000
2020 2025 2030 2035 2040 2045 2050
India GDP (₹ trn)
Source:GovernmentofIndia

4
Multiple drivers for cyclical recovery
Source:CreditSuisse.Thesector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteanyrecommendationofthesameandtheFundmayormaynothaveany
futurepositioninthesesector(s)/stock(s)/issuer(s).
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.
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
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

5
Source:WorldBank.Dataasof2023.Thesector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteanyrecommendationofthe
sameandtheFundmayormaynothaveanyfuturepositioninthesesector(s)/stock(s)/issuer(s).
Growth in Manufacturing is Due!
Share of Manufacturing in GDP is amongst the lowest for India compared to other peer countries.
Our GDP is currently what China’s GDP was in 2007. China based its economy on manufacturing before
transitioning into more sophisticated services.
India is still a long way from achieving that suit. And a strong manufacturing base looks to be the only way
forward to further leverage on our services economy sustainably.
India's manufacturing has lagged by a huge margin as compared to those in the race. With Indian policymakers addressing
this through an active capex thrust, it might crowd in private investments in the manufacturing space
1
3
5
7
9
11
13
15
17
12
17
22
27
32
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
GDP, current $ (in Trillion)
Manufacturing, value added (% of GDP)
China India China GDP (RHS)
India's current
level of GDP
China's manufacturing
(%of GDP), when it
was where India is
currently
India's manufacturing
(as %of GDP)
currently
India has a lot
of ground to
cover
13%
13%
13%
15%
19%
22%
23%
25%
26%
India
South Africa
Brazil
World
Indonesia
Bangladesh
Malaysia
Thailand
China
Manufacturing as % GDP

6
The effect of PLI Schemes
Source:MorganStanleyResearch,CMIEDataasonJun24.Thesector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteany
recommendationofthesameandtheFundmayormaynothaveanyfuturepositioninthesesector(s)/stock(s)/issuer(s).PLI–ProductionLinked
Incentives.*AdvancedChemistryCellsBatteryStorage,**Large-scale Electronics Manufacturers
Majority of PLI capex deployed in Pharma, Mobile Phones
and Solar PV Module till now
USD39 bn is the potential spend in FY24E-26E across
sectors.
Sectors like semiconductors, specialty steel, textile and
autos are expected to see pick up in capex deployment in
FY25.
Electronic goods exports growing rapidly led by PLI Electronic imports to exports ratio continues to decline
8.74
27
30
53.66
79.2
110
150
172
190
400
430
450
0 100 200 300 400 500
Medical Devices
IT Hardware
Telecom & Networking
Pharma Drugs (KSM/API)
White Goods
Large-scale EM**
Pharma Drugs 2.0
High Efficiency SPV Modules
Textiles
Specialty Steel
Auto & Drone Industry
ACC Battery Storage*
Investment, INR bn
1,619
9,247
1,000
3,000
5,000
7,000
9,000
11,000
Sep/14 Mar/15 Sep/15 Mar/16 Sep/16 Mar/17 Sep/17 Mar/18 Sep/18 Mar/19 Sep/19 Mar/20 Sep/20 Mar/21 Sep/21 Mar/22 Sep/22 Mar/23 Sep/23 Mar/24
Electronic Goods Exports ($, mn)
Electronic Goods Exports ($, mn)-Sheet1!$D$2 3QMA
Positive impact due
to PLI Scheme
7.8
5.5
2.6
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Sep/14 Mar/15 Sep/15 Mar/16 Sep/16 Mar/17 Sep/17 Mar/18 Sep/18 Mar/19 Sep/19 Mar/20 Sep/20 Mar/21 Sep/21 Mar/22 Sep/22 Mar/23 Sep/23 Mar/24
Import to export ratio of electronic goods

7
Power and Renewables
Demand for power has increased in a limited supply
scenario may benefit the companies.
While we have increased capacities in renewables, there’s
significant gap in the current and targeted capacity
indicating opportunities in the renewables space.
Source:MorganStanleyResearch,CEA,GoldmanSachs.Thesector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteany
recommendationofthesameandtheFundmayormaynothaveanyfuturepositioninthesesector(s)/stock(s)/issuer(s).
11.5
13.9
18.1
13.0
15.2
12.0
13.8
12.2
6.1
7.0
4.9
2.6
3.3
1.51.3
0.8
2.5
8.7
10.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
GW
Power Deficit
-
5
10
15
20
25
30
35
40
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
FY25E FY26E FY27E FY28E FY29E FY30E
Gw
Capacity addition to pickup pace
CoalSolarWind

8
Increase in domestic procurement and rising export to drive higher growth for
Defence
As we continue to remain one of the largest importers of defence, our future supplies at risk as both Russia and Israel at war.
Government has imposed bans on imports to drive domestic sourcing and push exports.
Source:MinistryofDefence,SIPRI,Jefferies.Thesector(s)/stock(s)/issuer(s)mentionedinthisdocumentdonotconstituteanyrecommendationofthe
sameandtheFundmayormaynothaveanyfuturepositioninthesesector(s)/stock(s)/issuer(s).
54%
59%
64%
68%
75%
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY20 FY21 FY22 FY23 FY24
Import bans driving increased domestic
procurement
2115
47
1079184
128
159
240
280
318
387
453
527
608
0
200
400
600
800
FY16FY17FY18FY19FY20FY21FY22FY23FY24EFY25EFY26EFY27EFY28EFY29EFY30E
Exports (Rs Bn)
Defencemanufacturing base to drive exports scale up
Qatar
10%
India
9%
Ukraine
8%
Saudi Arabia
7%
Kuwait
7%Pakistan
5%
Japan
4%
Norway
3%
USA
3%
Israel
3%
Others
41%
India continues to be one of the largest importers

9
Shifting texture of Indian Economy
55%
56%
57%
58%
59%
60%
61%
62%
63%
24%
26%
28%
30%
32%
34%
36%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
GFCF / GDP (%) PFCE / GDP (R.H.S)
Cycle 1
Capex cycle outperforms
consumption
Cycle 2
Consumption outperforms capex
Cycle 3
Current cycle is capex
driven
In the early 2000s, PFCE’s contribution to GDP declined significantly. This was
partly due to economic challenges and policy adjustments. Over the
subsequent decade, there was a recovery, but it didn’t fully restore PFCE’s
share in GDP. GFC, policy instability led to a sacrifice in consumption. However,
the current push towards an investment-led growth model, seemingly at the
expense of consumption, is a strategic choice
Source:CMIE.31Mar24.Grossfixedcapitalformation(GFCF),PrivateFinal Consumption Expenditure (PFCE)

10
Private Investments comes in to rescue
Source: CMIE, Capitaline. Internal. Data as on Mar 24. Property, Plant & Equipment (PPE)
3.9%
2.4%
1.6%
1.7%
3.3%
1.0%
2.0%
3.0%
4.0%
Capital expenditure (% of GDP) Capex spending by sectors
0
2000
4000
6000
8000
10000
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
FY24BE
Rs bn
Capital expenditure spending by sectors
Jal ShaktiRailwaysRoad Defence
Capex by the central
government on key sectors of
Road, Railways and defence
has set the focus right. Now with
Private Investment now coming
in, fiscal consolidation less likely
to slow down momentum in
capex
0
2
4
6
8
10
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
(INR trn)
Investment in PPE Investment in group cos
acquisitions Previous cycle peak - 6 trn
Private Investments picking up after a decade

11
Rising capacity utilization essential for private capex
74.70
57.5
45
47
49
51
53
55
57
59
61
45
50
55
60
65
70
75
80
85
90
Jun-19 Aug-19 Oct-19 Dec-19 Feb-20 Apr-20 Jun-20 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24
OBICUS: RBI: Capacity Utilisation PMI Manufacturing (RHS)
Source: CMIE, Internal. Data as on Mar 24. 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).
Given robust targets for building rail infrastructure, there could be stronger demand for underlying
commodities such as steel, cement, aluminum, etc.
These sectors should have or build sufficient capacities, or else there could be higher inflation
and/or project delays

12
Real Estate sector rising, inventories exhausted
Source: KIEresearch. Data as on FY23. 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).
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
0
100
200
300
400
500
600
700
800
FY08FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23
Year
Units (000)
New Launches (Tier1+2)-CitiesSales (Tier1+2)-CitiesInventory/Sales (x)-RHS
Real Estate Sector

13
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
The investment approach / framework/ strategy mentioned herein are currently followed by the scheme and the same may change in
future depending on market conditions and other factors. 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).

14
Source:UBS,Internal
Next 5 years
Last 5 years focus areas
Politicalstabilitywouldleadtopolicycontinuity
Parameters Key Policies
UPI payments
Jan-Dhan-Aadhaar-Mobile (JAM)
Manufacturing boost
Digitalization
Affordable housing (PM Awas Yojana)
Phased Manufacturing Program (PMP)
Production linked incentive
scheme(PLI)
National Asset Monetization Pipeline
National Infrastructure pipeline
Infrastructure push
Insolvency and Bankruptcy Code
Bad Banks
Regulatory/institutional
reforms
LPG connection /tap water
Medical insurance/Covid-19 vaccine
Free food ration/income support
Social welfare schemes
Parameters Key Policies
PM GatiShakti
Inflation targeting
Corporate tax cut
Execution

Core sectors may be at the cusp of turnaround ; However, representation in the Nifty 50
index has reduced to 34% as of Jun’24 from 71% in Dec’07.
Investor may consider allocating ~ 10-15% of equity exposure to the fund for long-term
investment of atleast5 years
Dec-07 Jun-24
Capital Goods 10.5 3.9
Cement 2.1 2.2
Metals 9.0 3.1
Oil & Gas (Ex RIL) 13.5 1.6
RIL 11.9 10.0
Oil & Gas 25.4 11.6
Telecom 11.4 3.6
Utilities 8.2 4.9
Healthcare 2.2 4.9
Real Estate 2.3 0.0
Total 71.1 35.8
FY10 FY24
Capital Goods 2.4 1.6
Cement 2.5 1.6
Metals 1.1 1.8
Oil & Gas (Ex RIL) 13.9 8.2
RIL 16.2 8.5
Oil & Gas 30.1 16.8
Telecom 5.9 0.9
Utilities 13.5 9.1
Healthcare 1.9 2.7
Total 57.4 34.4
Source:Bloomberg,Internal,NSE.DataasonJun24.Thesector(s)/stock(s)/issuer(s)mentionedinthisnotedonotconstituteanyrecommendationofthesameand
theFundmayormaynothaveanyfuturepositioninthesesector(s)/stock(s)/issuer.Thereisnoassuranceofanyreturns/capitalprotection/capitalguaranteetothe
investorsinthisschemeofDSPMutualFund.Therecipient(s),beforeactingonanyinformationherein,shouldmakehis/her/theirownassessmentandseek
appropriateprofessionaladvice.
CoresectorsunderrepresentedinNifty50index
Index weight of Core sectors in
Nifty 50 Index
Profit contribution of sectors in
Nifty 50 Index

[Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
DSP INDIA T.I.G.E.R. FUND

17
Portfolio Snapshot
Source: DSP Internal. Data as on Jun 24. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or maynot
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 scheme and the same may change in future depending on market conditions and other factors. Large caps are defined as top 100 stocks on market capitalization,
mid caps as 101-250 small caps as 251 and above. For more details and portfolio in SEBI prescribed format, please refer our website www.dspim.com
Name of stock Sector Weight (%)
NTPC Limited
Power Utility
5.01%
Larsen & Toubro LimitedConstruction 4.29%
Kirloskar Oil Engines Limited
Industrial Products
4.01%
Siemens Limited
Electronical Equipment
4.00%
Bharti Airtel Limited
Telecom -Services
3.19%
Kalpataru Projects International
Limited
Construction 2.77%
Coal India Limited Consumable Fuels 2.62%
Polycab India Limited Industrial Products 2.55%
Apar Industries LimitedElectrical Equipment 2.45%
Hindustan Aeronautics LimitedAerospace & Defense 2.22%
Top 10 holdings Top Sectors
Market Capitalisation(%)
Large Cap -
36
Mid Cap –18.2
Small Cap –
45.9
4.75%
4.96%
5.46%
6.69%
9.71%
15.43%
18.62%
Telecom - Services
Industrial Manufacturing
Power
Auto Components
Electrical Equipment
Construction
Industrial Products

18
Performance Scorecard
Calendar Year returns
Infrastructure boom phase – Fund
outperforming broader equity market
Followed by phase of
underperformance
BSEIndiaInfrastructureIndexTRIisbenchmarkofDSPIndiaT.I.G.E.R.Fund(TheInfrastructureGrowthandEconomicReformsFund.Regularplan–Growthoptionconsidered.
ReferAnnexureforperformanceofschemeinSEBIprescribedformatandofotherschemesmanagedbysameFundManagers.Pastperformancemayormaynotsustainin
futureandshouldnotbeusedasabasisforcomparisonwithotherinvestments.Thereisnoassuranceofanyreturns/capitalprotection/capitalguaranteetotheinvestorsinthis
schemeofDSPMutualFund.
Source: MFIE, Data as on June 30, 2024
40%
54% 52%
83%
-58%
76%
14%
-33%
37%
-9%
61%
1%
4%
47%
-17%
7%
3%
52%
14%
49%
36%
39%
38%
42%
62%
-55%
87%
17%
-25%
32%
8%
34%
-2%
5%
33%
3%
11%
17%
27%
94%
48%
21%
-7%
14%
38%
-20%
-9%
8%
52%
15%
61%
40%
20042005200620072008200920102011201220132014201520162017201820192020202120222023YTD
2024
DSP India T.I.G.E.R. FundBSE 100 TRIBSE India Infrastructure Index TRI

19
Rolling returns
DSP T.I.G.E.R. Fund has outperformed Industry Average and Benchmark consistently along with managing
downside.
Comparison with category Since Inception (Jun 04)
Source: MFIE, Data as on June 30, 2024. As the data for benchmark is available only since 2014, comparison with benchmark isshown from 2014.
Regular plan growth option funds are considered.
Comparison with Benchmark (Since 2014)
15.7 15.6
11.4
10.4 10.9
8.3
1 Yr 3 Yr 5 Yr
Median Return %
DSP India T.I.G.E.R. FundBSE India Infrastructure TRI
-38.3
-12.1
-4.6
-46.3
-18.3
-8.5
1 Yr 3 Yr 5 Yr
Minimum Return %
DSP India T.I.G.E.R. FundBSE India Infrastructure TRI
15.5
13.0
11.1
12.1
14.2
12.6
10.2 10.6
1 Yr 3 Yr 5 Yr 10 Yr
Median Return %
DSP India T.I.G.E.R. FundCategory Average
-60.7
-13.4
-5.7
2.2
-60.5
-28.0
-16.9
-1.7
1 Yr 3 Yr 5 Yr 10 Yr
Minimum Return %
DSP India T.I.G.E.R. FundCategory Average

20
Source: MFIE, Data as on June 30, 2024. As the data for benchmark is available only since 2014, comparison with benchmark isshown from 2014.
Regular plan growth option funds are considered. Past performance may or may not be sustained in future and should not be used as a basis for
comparison with other investments. There is no assurance of any returns/capital protection/capital guarantee to the investorsinthis scheme of
DSP Mutual Fund.
How a longer tenure may yield better experience
% of times when returns are negative
63%
66%
71%
98%
60%
70%
91%
100%
1 Yr 3 Yr 5 Yr 10 Yr
Probability of fund outperforming benchmark
and category increases as holding period
increases
Category Average BSE India Infrastructure TRI (2014 onwards)
28.9%
16.4%
7.4%
0.0%
30.8%
20.7%
9.7%
0.0%
1 yr 3 yr 5 yr 10 yr
Probability of negative returns decreases as
holding period increases
DSP T.I.G.E.R. FundCategory Average

21
Lower Drawdown compared to benchmark and Category
Year\
DSP India T.I.G.E.R.
Fund
BSE India
Infrastructure TRI*Category Average
2004 -5% -15%
2005 -12% -11%
2006 -34% -35%
2007 -17% -17%
2008 -66% -62%
2009 -65% -64%
2010 -33% -29%
2011 -46% -46%
2012 -46% -45%
2013 -48% -52%
2014 -40% -10% -44%
2015 -14% -23% -21%
2016 -26% -31% -31%
2017 -9% -6% -14%
2018 -27% -29% -29%
2019 -27% -33% -30%
2020 -48% -56% -49%
2021 -11% -22% -14%
2022 -15% -21% -19%
2023 -8% -14% -8%
2024 -10% -15% -10%
% of times
drawdown is
DSP India
T.I.G.E.R. Fund
BSE India
Infrastructure
TRI*
Category
Average
< -15% 20% 34% 38%
< -25% 7% 16% 11%
< -35% 2% 7% 2%
Max drawdown -48% -56% -49%
Source: MFIE, Data as on June 30, 2024. As the data for benchmark is available only since 2014, comparison with benchmark isshown from 2014.
Regular plan growth option funds are considered.

22
Scheme Performance For Growth Option (SEBI Prescribed format)
FundManagers:
1.RohitSinghania(ManagingthisfundsinceJune2010.)
2.CharanjitSingh(ManagingthisfundsinceJanuary2021.)
3.JayKothari(ManagingthisfundsinceMarch2018)
Source:Internal
The above performance is for Regular Plan- Growth Option

23
Performance of schemes managed by same fund manager
Source:Internal,DataasonJune28,2024
The above performance is for Regular Plan- Growth Option

24
Performance of schemes managed by same fund manager
The above performance is for Regular Plan- Growth Option
Source:Internal,DataasonJune28,2024

25
Performance of schemes managed by same fund manager
Period for which fund's performance has been provided
is computed based on last day of the month-end
preceding the date of advertisement
Different plans shall have a different expense structure.
The performance details provided herein are of regular
plan. The above performance is for Regular Plan-
Growth Option
Past performance may or may not be sustained in
future and should not be used as a basis for
comparison with other investments
Source:Internal,DataasonJune28,2024

26
Fund Product Suitability Riskometer
DSP India T.I.G.E.R.Fund Benchmark –BSE India
Infrastructure TRI
DSP India T.I.G.E.R. Fund
(The Infrastructure
Growth and Economic
Reforms Fund)
An open endedequity
scheme following economic
reforms and/or Infrastructure
development theme
This product 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
*InvestorsshouldconsulttheirfinancialadvisorsifindoubtaboutwhethertheSchemeissuitableforthem.
In this material DSP Asset 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/capital protection/capital guarantee to the investors in this scheme of DSP MutualFund.
All figures and other data given in this document are as on Jun 30, 2024. 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.
MutualFundinvestmentsaresubjecttomarketrisks,readallschemerelateddocumentscarefully.
Disclaimer & Product labelling details

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