DSP Top 100 Equity Fund - Presentation July 2024

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

2. Why Equity?
Source: CMIE, MFI Explorer. Data as on 31 Mar 2024.
Since 2003 India’s nominal GDP has grown at 12% CAGR. This usually is followed by corporate profits for large
companies in India with their market values growing at 18% CAGR.
18%
12%
10
60
110
160
210
260
310
360
410
460
0
5000
10000
15000
20000
25000
30000
GDP (Trillion Rs)
BSE 100 TRI
BSE 100 TRIGDP

3. Why Large cap Equity?
Source: Bloomberg, Internal. Data as of 31 Jul 2024. Large-caps are defined as top 100 stocks on market capitalization.
BSE All cap Index is considered as the total market for Earnings, Revenue and Market cap.
Among the highest contributors in GDP, sales, profit and market cap
76%
Earnings
65%
Revenue
65%
Market Cap
Large Cap
Rest of the market

4. Why Large cap Equity?
Source: MFI Explorer, Internal. Data as of 31 Jul 2024. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-
caps as 251 and above. The data for BSE Midcap TRI and BSE Smallcap TRI was available from 16-Sept-2005. Regular Plan Growth Option considered
for scheme.
Lower drawdowns in turmoil period which aids faster recovery
Large-caps overall have seen limited downside risk as compared to Mid-cap and Small-cap.
DSP Top 100
Equity Fund
BSE 100 TRI BSE Midcap TRIBSE Smallcap TRI
Max Drawdown -52% -63% -74% -79%
-15% 16% 23% 46% 54%
-25% 7% 9% 32% 43%
-35% 3% 4% 14% 31%
-90%
-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
DSP Top 100 Equity FundBSE 100 TRI BSE Midcap TRI BSE Smallcap TRI

5. What to expect on the Equity Portion?
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.
Core Beliefs of Equity Fund Manager
Valuations Matter
Zeroth Law Of Investing: To make money consistently, without being
lucky, you have to buy an asset for less than its intrinsic worth
Nobody Knows
Calculating intrinsic worth accurately is difficult. The world is viciously
uncertain & often disappoints consensus. Forecasting is futile.
Structure Beats Activity
Hence the only intelligent way to operate is to consistently buy low
implied expectations. Buy at a point from where most surprises are
positive.
•Chase every theme
•Run a small-cap/micro-cap heavy portfolio
•Run a 50+ stock portfolio
•Think relative to benchmark
•Ignore quality of earnings
•Investing in IPOs
•Be excessively fearful of mistakes of omission
•Buy stocks at high valuation multiples based on high
(projected) growth
What will the Fund Manager try to avoid?

6. Equity: Entry Process
Source: Internal. 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.
Can the business be held for 10 years?
•It means at this point there is no reason to believe we might have to
sell before 10 years
•Does not mean we will necessarily continue holding for 10 years
Are the embedded valuations conservative?
•Is the stock available at a price where we can make “Inflation + ~10%”
even on conservative expectations of future growth & profitability
Yes
Yes
Is the downside low?
•In case of adverse business developments, is the downside limited?
•We are looking at loss in the intrinsic value of the business instead of
quoted value which could be volatile
Long Term Orientation,
Typically low Allocation to
Cyclicals
Value Bias
Value = Intrinsic Value -
Price
Absolute Return Approach
BUY
Since quality
companies are easier
to value due to
durability of their
business, predictability
of cash flows, and
lower tail risks they
usually form a large
part of the portfolio.
But the portfolio
generally has a Value
bias and may not have
Quality/Growth or
Momentum bias.
Entry will typically not
be from 30% of the
most expensive stocks
in the market (based
on our internal
quantitative
parameters)
Yes

7. Equity: Exit Process
Source: Internal. 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.
Is a better risk return available elsewhere?
•The best reason to sell
Price factoring in overly aggressive assumptions?
•Is the stock expected to deliver < “Inflation + approx. 10%”
even based on aggressive assumptions of future growth
and profitability
Or
Was the Thesis Wrong?
•Has new information or business developments materially
changed the initial hypothesis
Or
More tolerant of
over-valuation in exit
decisions (to
compensate for value
bias in entry)
Detailed Framework of Fund Manager:
Investment Framework
Valuation Framework

8. Portfolio Construct
Source: Internal. 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. For more details and portfolio in SEBI
prescribed format, please refer our website www.dspim.com. Portfolio Allocation will be based on the prevailing market conditions and is subject to
changes depending on the fund manager’s view of the equity markets.
Large Cap oriented
portfolio of typically 25-35
stocks
Mid cap/small
cap/Overseas allocation up
to 20%
Cash allocation typically
not more than 10%
Net Equity: 80% - 100%
Cash: 0% - 20%

9. The active vs passive debate
Source: MFI Explorer, Internal. Data as of 31 Jul 2024. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-
caps as 251 and above. * 3 year returns are considered.
Indeed, the active funds have struggled to outperform the benchmarks over time
33%
75%
69%
80%
63%
1 Yr 3 Yr 5 Yr 7 Yr 10 Yr
% of Large cap funds that underperformed the
benchmark over different periods
Alpha* has been reducing for the category since 2018 post SEBI
Re-classification of funds which restricted large cap funds to take
exposure in Smallcaps and Midcaps
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%

10. High Active Share implies performance will deviate from the benchmark
Active Share measures
the extent to which a
portfolio differs from its
benchmark.
‘Correct’ deviation from
the benchmark results in
outperformance, while
‘wrong’ deviation from
the benchmark results in
underperformance.
A higher Active Share
increases the range of
potential outcomes
(both positive and
negative) and may result
in increased volatility.
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-caps as 251 and above.
This (low active share) has been the primary reason why most funds have underperformed

11. But low deviation could imply no outperformance
Expense Ratio is assumed to be 2% (average of Large cap category regular growth plans)
Higher the active share lower the alpha needed to outperform benchmark.
5%
4%
3%
3%
10%
8%
7%
6%
0%
2%
4%
6%
8%
10%
12%
40% 50% 60% 70%
Active Share
Alpha needed on the active portfolio to breakeven with benchmark
Alpha needed on the active portfolio to outperform benchmark by 2%

12. We are active
Source: FactSet, Internal. Data as of 31 Jul 2024.
DSP Top 100 equity fund has maintained higher active share portfolio compared to the category average
65
63
64
62
61
63
61 61 61
5858
43
42
44
42
40
41 42 42 42 4141
30
35
40
45
50
55
60
65
70
Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24
Active Share %
DSP Top 100 Equity Fund Category Average

13. Our Alpha can be lumpy
Source: MFI Explorer, Internal. Data as of 31 Jul 2024.
-1%
-1%
1%
0%
-2%
0%
1%
1%
-1%
-1%
1%
0%
1%
1%
0%
0%
1%
-2%
0%
1%
0%
2%
0%
0%
2%
Jul-22
Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23
May-23
Jun-23
Jul-23
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24
May-24
Jun-24
Jul-24
DSP Top 100 Equity Fund
–
BSE
100TRI

Alpha

14. Why now?
Source: MFI Explorer, Internal. Data as of 31 Jul 2024. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-
caps as 251 and above.
Large caps are yet to catch up compared to other caps
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
Jan-06 Dec-06 Nov-07 Oct-08 Sep-09 Aug-10
Jul-11
Jun-12
May-13 May-14
Apr-15 Mar-16 Feb-17 Jan-18 Dec-18 Nov-19 Oct-20 Sep-21 Aug-22 Aug-23
Jul-24
BSE 100 TRI/BSE Smallcap TRI
Average Premium
0.50
0.60
0.70
0.80
0.90
1.00
1.10
Jan-06 Dec-06 Nov-07 Oct-08 Sep-09 Aug-10
Jul-11
Jun-12
May-13 May-14
Apr-15 Mar-16 Feb-17 Jan-18 Dec-18 Nov-19 Oct-20 Sep-21 Aug-22 Aug-23
Jul-24
BSE 100 TRI/BSE Midcap TRI
Average Premium

15. DSP Top 100 Equity Fund - Portfolio
Source: FactSet, Internal. Data as of 31 Jul 2024.
Security
Portfolio
%
Suven Pharmaceuticals Ltd. 2.6
Samvardhana Motherson International Limited2.4
IPCA Laboratories Limited 1.9
Alembic Pharmaceuticals Limited 1.7
Jubilant Ingrevia Ltd. 1.5
Indus Towers Limited 1.5
Life Insurance Corp. of India 1.1
SBI Cards & Payment Services Ltd 0.9
Ratnamani Metals & Tubes Ltd. 0.9
Coromandel International Limited 0.8
Coforge Limited 0.5
Security Benchmark %
Reliance Industries Limited 7.4
Larsen & Toubro Limited 3.2
Tata Consultancy Services Limited 3.2
Bharti Airtel Limited 2.9
Hindustan Unilever Limited 1.8
Maruti Suzuki India Limited 1.3
Power Grid Corporation of India Limited 1.2
Zomato Ltd. 1.1
Titan Company Limited 1.1
Asian Paints Ltd. 1.0
Security Portfolio %
HDFC Bank Limited 8.9
ICICI Bank Limited 8.8
ITC Limited 6.0
Bajaj Finance Limited 4.7
Mahindra & Mahindra Ltd. 4.7
Axis Bank Limited 4.6
SBI Life Insurance Co. Ltd. 4.3
State Bank of India 4.2
Sun Pharmaceutical Industries Limited 3.5
Cipla Ltd 3.2
What we own outside of
benchmark
Large weights in the
benchmark which we do
not own
Top 10 holdings

16. DSP Top 100 Equity Fund - Portfolio
Source: FactSet. Data as on 30 Jun 2024. . 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.
Portfolio Price To Earnings (Forward)
Portfolio PE (Price To Earnings), or any other aggregative valuation metric is not a target but an outcome of the bottom-up approach
23.7
21.1 21.2
19.4
18.4 18.5 18.3
20.7
22.1
21.0

17. DSP Top 100 Equity Fund – Sector positioning
Source: FactSet, Internal. Data as of 31 Jul 2024. 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).
Quarterly Sectoral Overweight/Underweight Quarterly Sectoral exposure in Portfolio
Jun-24Mar-24Dec-23Sep-23Jun-23Mar-23Dec-22Sep-22Jun-22
Financials 12.2 11.8 10.0 8.6 7.1 5.1 7.3 5.9 7.2
Materials -4.4 -3.9 -3.5 -4.1 -5.6 -4.7 -3.1 -1.0 4.3
Information
Technology
-2.5 -4.4 -5.0 -4.5 -4.1 -2.6 -1.2 1.0 1.9
Energy -8.5 -9.0 -7.6 -6.7 -7.8 -8.2 -9.0 -10.0-13.1
Consumer
Discretionary
2.6 3.2 6.0 5.6 5.1 4.8 3.2 2.3 3.3
Industrials -7.6 -6.9 -6.2 -5.9 -5.0 -4.7 -3.8 -3.2 -1.4
Consumer
Staples
-1.3 -1.3 -3.9 -3.7 -4.3 -3.9 -3.0 -2.0 -3.0
Utilities -1.0 -1.2 -1.9 -2.0 -1.1 2.4 2.0 2.8 0.5
Health Care 7.8 9.9 10.8 12.0 12.1 10.7 6.4 6.4 1.8
Communication
Services
-1.8 -2.0 -2.8 -2.8 -2.7 -2.7 -2.9 -3.0 -2.8
Cash 5.0 4.4 4.4 3.9 6.7 4.3 4.4 1.3 1.6
Real Estate -0.4 -0.5 -0.4 -0.3 -0.3 -0.4 -0.4 -0.4 -0.4
Jun-24Mar-24Dec-23Sep-23Jun-23Mar-23Dec-22Sep-22Jun-22
Financials 44.0 42.5 43.0 42.1 42.0 40.4 42.8 40.2 39.8
Materials 3.2 3.4 4.2 3.6 2.2 3.3 5.1 7.2 12.0
Information
Technology
7.8 6.6 6.6 7.4 7.6 10.4 11.4 13.2 15.9
Energy 2.0 2.2 2.3 3.2 2.8 2.7 2.2 1.0 --
Consumer
Discretionary
13.4 14.3 15.9 14.9 13.7 12.3 10.6 10.0 10.8
Industrials 0.8 1.2 1.4 1.2 1.1 1.2 2.5 2.9 4.1
Consumer
Staples
7.6 8.0 6.2 6.5 6.4 6.1 6.3 7.8 6.1
Utilities 2.5 2.1 1.2 1.0 1.5 5.0 4.6 6.1 3.8
Health Care 12.0 14.3 14.8 16.1 16.0 14.3 10.0 10.2 5.5
Communication
Services
1.5 1.1 -- -- -- -- -- -- --
Cash 5.0 4.4 4.4 3.9 6.7 4.3 4.4 1.3 1.6
Real Estate -- -- -- -- -- -- -- -- --

18. Annexure – Performance In SEBI Format
Fund Managers
•Abhishek Singh – Managing since June 2022
^ Fund Benchmark. # Additional Benchmark.
Data as on 31-Jul-2024. Date of allotment:10-Mar-2003. 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
ofRegular Plan – Growth Option. Since inception returns have been calculated from the date of allotment till 31-Jul-2024. Past performance may or may
not be sustained in future and should not be used as a basis for comparison with other investments.

19. Annexure – Performance Of Other Schemes Managed By Same Fund Manager
Data as on 31-Jul-2024. Different plans shall have a different expense structure. Period for which fund's performance has been provided is computed
based on last day of the month-end preceding the date of advertisement. The performance details provided herein are of 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.

20. This document is for information purposes only. In this material DSPAsset 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 statements contained herein may include statements of future expectations and other forward looking
statements that are based on prevailing market conditions / various other factors and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. While utmost care has been exercised while preparing this document, the AMC nor any person connected does not warrant the
completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient(s) before acting on any information herein should
make his/their own investigation and seek appropriate professional advice. There is no assurance of any returns/capital protection/capital guarantee to the investors in any schemes of DSP Mutual
Fund (‘Fund’). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. Past performance may or may not sustain in future and
should not be used as a basis for comparison with other investments. The sector(s)/stock(s)/issuer(s) mentioned herein do not constitute any research report/recommendation of the same and the
scheme/ Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s). The strategy / investment approach / framework mentioned herein is currently followed by the scheme
and the same may change in future depending on market conditions and other factors. All logos used in the image are trademarks or registered® trademarks of their respective holders. Use of them
does not imply any affiliation with or endorsement by them. All opinions, figures, charts/graphs and data included in this document are as on 31 Jul 2024 (unless otherwise mentioned) and are subject to
change without notice. For scheme specific risk factors, Investment strategy & objective, asset allocation and more details, please read the Scheme Information Document, Statement of Additional
Information and Key Information Memorandum of scheme available on ISC of AMC and also available on www.dspim.com.
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250, small-caps as 251 and above. The strategy mentioned has been currently followed by the Scheme and the same
may change in future depending on market conditions and other factors
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
DSP Top 100 Equity Fund
Large Cap Fund- An open
ended equity scheme
predominantly investing in
large cap stocks
This product is suitable for
investors who are seeking*:
•Long-term capital growth
•Investment in equity and equity-related securities
predominantly of large cap companies
*Investors should consult their financial advisors if
in doubt about whether the scheme is suitable for
them.
SCHEME RISKOMETER BENCHMARK [BSE 100 TRI] RISKOMETER
Disclaimer & Product Labeling

21. #INVESTFORGOOD