1. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
March 2022
| People | Processes | Performance |
DSP India T.I.G.E.R. Fund
(The Infrastructure Growth and Economic Reforms
Fund)
#INVESTFORGOOD
2. 2
What is DSP India T.I.G.E.R. fund ?
Fund that aims to capture growth revival in capital cycle & economic reforms
Source: Internal. * include only specific industry sectors in consumer durables and consumer non durables which are relevant to the theme
InfrastructureGrowth
Theme
Construction
Cement & Cement products
Industrial
Manufacturing/Engineering
Metals
Oil & Gas
Power
Telecom
Healthcare services
Auto mobiles
EconomicReforms
theme
Chemicals
Fertilizer & Pesticides
ConsumerGoods *
FinancialPlatforms
E-Retailing
Excludingsectors
Information Technology
Media & Entertainment
Financials
Pharma
Consumerstaples
Paper
Textiles
Thematic fund focussed on
3. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Why are we recommending DSP India T.I.G.E.R.
Fund?
4. Investment Cycle has
bottomed out, time to ride
the investmenttheme
Investment contribution to
GDP fell to a low of 26.7%
in FY21 from 36% in FY07.
4
Has investment cycle bottomed out, yes we think so
Source: Internal, Spark Capital
GDP C G I Net imports
Contribution to GDP (FY00) 100.0% 64.0% 12.2% 28.8% -1.9%
Contribution to GDP (FY07) 100.0% 56.1% 9.8% 36.0% -3.2%
Contribution to GDP (FY21) 100.0% 59.4% 14.0% 26.7% 0.1%
FY04 – FY08 CAGR 14.5% 11.7% 11.4% 23.7% 66.3%
FY09 – FY18 CAGR 12.0% 12.2% 14.2% 11.9% 10.1%
FY19 – FY21 CAGR 4.7% 5.2% 14.0% -2.7% -34.1%
Contribution of Investment to GDP and Real growth rates
Historically,wheneverIndia’s GDPgrowth has grown faster, ithas beendrivenby a surge in investment.
Pick up in investment is the most essential part if Government’s aims to increase GDP growth trend as consumption can provide
onlya basic growth and can not sustain momentumwithoutgrowth in the economy.
Demand Side GDP = C + G + I + (Exports – Imports)
GDP = Private Consumption+ Governmentconsumption+ Investment+ Netimports
Investment contribution
to GDP jumped from a low
of 28.8% in FY00 to 36% in
FY07.
5. 5
A new capex cycle – Building blocks are in place
Source: Internal, Spark Capital. Data as on March 2022
Bank balance sheets have now improved materially
Cost of funds have fallen to over two decades low, which is a
big positive for the capex cycle to turn around
22
15
10
15
20
25
30
35
Philippines
Sri
Lanka
Bangladesh
China
Indonesia
Korea
Malaysia
Japan
India
Cambodia
Taiwan
Thailand
Vietnam
Singapore
India*
BaseCorporatetaxrateofmajorasian economies
Indian Govt. has cut corporate tax rate, making India one of
the lowest tax rate country among the peers
*Note: GoI has introduced lower tax rate for new manufacturing companies
2.3
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
Sep'21
(%)
Banks' Net non-performing asset
2000s: Improving
bank balance
sheet led to
strong risk
7.95
6.35
4.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
2020
2021
2021
G sec Yield (%) Repo rate
899
1,047
1,283
1,537
1,666
1,861
2,242
2,623
3,022
3,177
2,978
4,481
2,026
2,148
2,376
2,604
2,776
3,057
3,203
3,751
4,275
3,695
3,125
5,203
200
1,200
2,200
3,200
4,200
5,200
6,200
Apr-Dec'10
Apr-Dec'11
Apr-Dec'12
Apr-Dec'13
Apr-Dec'14
Apr-Dec'15
Apr-Dec'16
Apr-Dec'17
Apr-Dec'18
Apr-Dec'19
Apr-Dec'20
Apr-Dec'21
Personal income tax (Rs. bn) Corporate tax receipt (Rs. bn)
Higher tax buoyancy is leading to govt. revenues running
ahead of the budget target
6. 6
Government push and pick up in Capacity Utilization to kick start the capex cycle
Source: GoI, Internal. Spark Capital
Capex budgeted to grow at a faster pace of 24.4% in FY23BE to
Rs. 7.5tn or 2.9% of GDP – the highest level in over a decade
Capacity Utilization has been on the rise post the opening
of the lockdown
For the firsttime in almost two decades, we see right intentbythe Govt. to set rightpriorities on
• Infrastructure spend
• Stable taxation
• Focus on asset monetisation & Privatisationof state-ownedcompanies
• Higher transferto state governments &
• Governmentstrategyto not run businesses exceptafew strategically importantones.
Data as on 30 Sep 2021
47
68
30
40
50
60
70
80
90
Mar-09
Sep-09
Mar-10
Sep-10
Mar-11
Sep-11
Mar-12
Sep-12
Mar-13
Sep-13
Mar-14
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
Capacity Utilization (%)
3.91
1.64
1.67
2.91
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22RE
FY23BE
Capital expenditure (% of GDP)
7. 7
India has already walked the talk in terms large set of reforms
Source: Bloomberg, CMIE, Edelweiss research
Reform Name Targeted beneficiaries Implementation year
Goods and Servicestax Overall economy 2017
Corporate tax cut Corporate sector 2019
Ujjwal Discom Assurance Yojana (UDAY) Powersector 2016
Real estate and regulatory authorities (RERA) Real estate 2017
Productionlinkedincentives (PLI) Manufacturing 2020
Labour reforms Corporate sector 2020
Make in India taking shape across sectors
Products in focus Components Factors influencing'Make in India'
Air Conditioners Compressor,condensers,PCBs Import disincentives
Pharmaceuticals API Intermediates Productionlinkedincentives
Textiles Garments/apparel Tax incentivesandfocus on scale
Mobile Phones Assemblyof mobile phones Productionlinkedincentives
Defense Equipment Various products Import has beenbanned
Auto Small cars, 2W, enginesand transmissioncomponents Higher import duties,lowertaxes
IT SaaS Digitization,cybersecurity,ban on some foreignapps
Major reforms since 2015
8. 8
Real estate sector could revive – multiple sectors likely to benefit
Source: Spark Capital, Prop Equity
• Real Estate sales likelytogrow led bylow interestrates, reductioninstamp duty, GST concession,etc.
• Governmenthas also made keyannouncementsto revive the sector whichinclude
o Rs 180 bn additional fundingforPMAY for Urban area,
o Income tax relief fordevelopersandhomebuyersforhousesthat cost up to Rs 2 crore,
o Approval of the Union Cabinetto set up a Rs 250 bn alternative investmentfund(AIF) torevive around1,600 stalledhousing
projects intop cities
o Creationof Affordable HousingFund in the National HousingBank withan initial corpusof Rs 100 bn.
• Revival in the real estate cycle could surprise the volume growth in each of the categories mentioned. Also Covid has accelerated the
shiftfrom unorganized toorganizedplayersthere bybenefittinglargerplayers
R
E
A
L
E
S
T
A
T
E
Building Materials (Cement, Plywood, Pipes,Tiles) –
18.0% weight
Consumer Durables (AC’s, Ref, WM) – 1% weight
Cables and Wires – 4.0% weight
Paints – 1.5% weight
Consumer Electricals (Fans, Water Heaters, Water
Purifiers ) – 3.4% weight
Sectors benefitting from revival in Real Estate, weights in DSP
T.I.G.E.R. Fund
Source: Portfolio as on 31 Jan 2022
1,244
2,357
2,687 2,781
2,600
3,120
3,900
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
FY08 FY12 FY16 FY20 FY21 FY22E FY23E
Real Esate Sales Value (Rs bn)
9. 9
Multiple new themes emerging for private capex
Source: Internal
Themes Particular
Cement
• Capacity utilisationforthe cement industrywas 63% duringFY21. Cementindustryhas already
announced capacity expansionplanof around 40-50mt over nexttwo years
Metals
• Sharp run up incommodity prices have alloweddomesticcompaniesto generate robustcash flows
in FY21 and as prices are expectedto remainelevated,FY22-23E could also witnesswindfall cash
generationresultinginultimate capex potential of Rs 2,400 bn over next2-3 yrs.
Digitization
• Digital technologieshave become increasinglypervasive.Fromautomotive factoriestobanks, digital
systemsenable companiesto improve efficiency.The global demandfor digital transformation
services is expectedtorise at a Compound Annual Growth Rate (CAGR) of around 16.5% over2021
to 2025.
Data Centres
• An investmentof INR345 bn on data centers overthe nextfive yearswhich also includeslandcosts
as perJLL Research estimates.
Performance Linked
Incentives (PLI)
related capex
• In this year's Budget,about Rs 2,410 bn was earmarkedfor the PLI scheme for the nextfive years
which isexpectedto increase the productionacross electronics,chemicals,pharma and consumer
durablesoverthe nextfive years.
• Large proportion of capex to be done byMNC’s innew areas like Electronics,Chemicalswhere
specializedsolutionswill be required.
Renewable energy
• Indiais aiming to attain500 GW of renewable energyby2030.
Electric Vehicles
• The EV market is expectedtogrow at CAGR of 44% between2020-2027 which wouldleadto
increasedspendingon charging infra,relatedpowertransmissionrequirementsandotherinfra.
Source: Phillip Capital, Market reports, Veritis, JLL, India Energy Storage Alliance
10. 10
Focus on capex drivers that can be in forefront in the next capex cycle
Capex drivers are changing - High capital intensity sectors are witnessing lower capex while
less capital intensive sectors such as Data Centersare becoming future
Source: Internal.
Old Capex Drivers
Mining
Cement
Steel
Roads & Railways
Power Transmission
Large greenfieldcapex
Coal Based Power Plants
New Capex Drivers
Water
Data Centre, Logistics, Automotive and
Electric Vehicles
Food & Beverage, Chemicals
Roads Expressways
Railway, Metro & High Speed Rail
Power Distribution
Brownfield capex + Industrial automation +
Digitalization
Renewable Energy
11. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Tracking key data points as investment cycle
builds-up
13. 13
More PLI schemes announced and in pipeline to drive manufacturing capex
Source: GoI
•March 2020: It started with 3 sectors namely (i)
Mobile Manufacturing and Specified Electronic
Components, (ii) Critical Key Starting materials/Drug
Intermediaries & Active Pharmaceutical Ingredients,
(iii) Manufacturingof Medical Devices
•Nov 2020: 10 new key sectors which have been
approvedby the UnionCabinet in November 2020.
•Dec 2021: Performance Linked Incentive (PLI) scheme
for semiconductors and display manufacturing
ecosystem with an outlay of Rs760bn. Investments
target is Rs 1,700 bn over the next six years.
•Two new PLI schemes to be added: PLI Scheme for an
additional sector, Drones and Drone Components, has
also been approved by the Union Cabinet in
September 2021. It is expected that another key
sector HydrogenElectrolyzer PLI couldbe announced
•Solar manufacturing PLI: MNRE has asked for a total
outlay of Rs230bn for solar manufacturing PLI which
has been approvedfromearlier outlay of Rs 45 bn
Category
Overall PLI Incentive
committed (Rs. Bn)
Committed/Likely
Investment/Capex (Rs.
Bn)
Mobiles 410 110
Pharma 150 100
Pharma – API/KSM 63 54
Pharma - Medical
Devices
28 9
WhiteGoods & LED 62 79
Solar PV 45 175
Telecom 122 30
Food 109 61
Automobile& Auto
Components
260 425
IT Hardware 50 24
Speciality Steel 63 400
Textile 107 190
EV Battery 181 450
Semiconductor 760 2300
Total 2,410 4,407
14. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Investment team & Investment Framework
15. 15
Investment team
Rohit Singhania–managing thefund sinceJune2010
• Rohit is the Fund Manager for DSPTax Saver Fund. He is also
the co-Fund ManagerforDSP India T.I.G.E.R.fund* (The
InfrastructureGrowthand Economic Reforms), DSP Equity
Opportunities Fund* and DSP NaturalResources and New
EnergyFund *.
• Rohit joined DSPInvestment Managersin September 2005, as
Portfolio Analyst for the firm's Portfolio Management Services
(PMS) division and then transferred tothe Institutional
Equities Teamin June 2009. He focused on sectors like Auto,
Auto Ancillaries, Metals, Infrastructure, SugarandHotels.
FUND MANAGER*
* Jay Kothari -Dedicated Fund Manager for overseas investments. Years in brackets ( ) is years of experience.
Experienced investment team with a wide coverage of Indian equity markets
TEAM SUPPORTING THE FUND MANAGER
Chinmay Sapre (9)
AVP, Aviation, Realty
Abhishek Ghosh (12)
AVP, Small & Mid Caps,
Transportation
Kaushal Maroo (11)
AVP, Autos, Ancillaries,
Cement
Dhaval Gada (10)
AVP, Banking and
FinancialServices
Abhishek Rathi (13)
AVP, Financials &
Industrials for Long /
Short
Aayush Ganeriwala
Manager, Oil& Gas,
Metals
Suryanarayanan
Manian, CFA (10)
VP, Tech, Telecom,
Media, FMCG
Nilesh Aiya(12)
AVP, ForensicResearch
Resham Jain, CFA (14)
VP, Small & Mid Caps,Agri
inputs, Textiles, Chemicals,
Retail
Charanjit Singh – managing the fund
sinceJan 2021
• Joined DSPIM in Sep 2018 to cover
Industrials, Utilities, Infrastructure and
Consumer Durables sectors
• Prior to joining DSPIM, he was
working with B&Ksecurities
• He has been rated as No. 2 analyst in
2017 Asia Money Polls in Industrials
sector & been consistently voted in
top quartile by leading investment
managersin previous roles
Chirag Dagli
VP, Healthcare
Abhishek Singh (14)
AVP, Portfolio Manager
Bhavin Gandhi (15)
AVP, Portfolio Manager
16. 16
Investment Framework for stock selection & portfolio construction
Source: Internal.
Stock Selection
Identificationof themes/business
• Visibilityfornext3-5 years
• Lower cyclicalityand abilityto grow eveninlow industrial
growth
• Simple businesses fromsectorswith secular growth
potential
• Focus on executionand not on narratives
• Leadershipinthe industryor among the top 3 players
• Innovationledby access to technology
FinancialMetrics
• Stable margin, focuson cash flowsand low
leverage
• SuperiorROCE/ROE over cycles
Management
• Credible,capable & passionate withpast track
record
• Prudentcapital allocationdecision
Valuations
• Reasonable valuationsinconjunctionwith
fundamentals
Portfolio Construction
o Fund seeksto reduce concentration risk by owninghighernumber of good qualitystocks & follow approach to own basket of
stocks inindustrial products,buildingmaterialsand construction
o Fund preferstockswith lowervolatilityand drawdowns
17. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Portfolio Positioning
18. 18
Portfolio Snapshot as on Jan 31,2022
Source: DSP Internal; The sector(s)/stock(s)/issuer(s) mentioned in this note 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.
Name of stock Sector Weight (%)
Larsen & Toubro Ltd. Construction 5.1
RelianceIndustries Ltd. Oil & Gas 4.9
UltratechCement Ltd.
Cement and Building
Materials
4.5
Siemens Ltd. Automation 3.2
ACC Ltd.
Cement and Building
Materials
3.1
NTPC Ltd. Power 3.0
BhartiAirtelLtd. Telecom 2.5
Power Grid Corporation of
India Ltd.
Power 2.4
KNR Constructions Ltd. Construction 2.1
ABB India Ltd. Industrial CapitalGoods 2.1
Top 10 holdings Top Sectors
MarketCapitalisation(%)
Asset Allocation
Large Cap,
32
Mid Cap,
31
Small Cap,
36
Equity,
99.2
Cash, 0.8
7%
9%
8%
9%
9%
16%
18%
0% 5% 10% 15% 20%
Automation
Consumables/FMIG
Consumer Electircals/Durables
Utilites
Manufacturing
Construction
Cement & Building Materials
19. 19
Portfolio parameters – Growth, Return ratios & Valuations for DSP T.I.G.E.R Fund
Source: Internal; Portfolio as on 31 Jan 2022. Above future estimations can vary with actual results and should not be consider as performance/ return of scheme/ Fund.
DSP research estimatesforthe portfoliocompaniesindicate weightedaverage growthof 15.7% in topline and17.6% growth in
PAT in FY23E
Weightedaverage ROE’s are expectedto expandmarginallyfrom15.1% in FY22E to 16.6% in FY23E
Valuationsforthe DSP IndiaT.I.G.E.R. Fundbased on harmonic mean are at 18.4x P/E on FY23E and 2.6x P/B on FY23E
Note: Growth & ROE are weighted average; Valuations are harmonic mean
24.3%
24.8%
9.6%
15.1%
15.7%
23.5%
17.6%
16.6%
13.1%
15.4%
18.3%
17.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Sales Growth EBITDA Growth PAT Growth ROE
Growth& ROE
FY22E FY23E FY24E
22.2
18.4
15.9
3.0
2.6
2.3
11.9
10.1
8.8
-
5.0
10.0
15.0
20.0
25.0
FY22E FY23E FY24E
Valuation
PE PB EV/EBITDA
20. 20
DSP India T.I.G.E.R. fund - Opportunity to gain exposure to core sectors
Source: NSE
Index weight of Coresectors in Nifty 50 Index
Core sectors may be at the cusp of turnaround ; However,representationinthe Nifty50 index has reducedby 41% from peakin
Dec 07. Exposure is mere 14.5% byexcluding RIL
DSP India T.I.G.E.R.Fund providesan opportunityfor investortotake overweightexposure onthe core sectors which can bene fit
from revival of capital cycle & economic reforms
Investormay considerallocating~ 10-15% of equityexposure to the fund for long-terminvestmentofatleast10 years
Includes Reliance Industries
(RIL) weight – 10.8%
Core Sectors Dec-07 Feb-22
Capital Goods 10.5 2.9
Cement 2.1 2.3
Metals 9.0 3.1
Oil & Gas (Ex RIL) 13.5 1.6
RIL 11.9 10.8
Oil & Gas 25.4 12.5
Telecom 11.4 2.2
Utilities 8.2 2.2
Total 66.7 25.3
21. 21
Key Risk - What will make us change our view?
Source: Internal
Risk Particular
Aggressive Government
spending plans
• Governmenthas set out an aggressive spendingplanfor infrastructure whichcould get
delayeddue to eitherfiscal considerationsor change inpriorities.Thiscould impact the
earningsof companies across sub-sectors.
Delay in adoption of new
themes
• Delayin adoptionof new themesof automationand digitalizationcouldleadto
companiesto shiftto more commoditizedproductcategoriesto drive growth
Lack of proper implementation
of schemes
• Success of keyinitiative Make inIndia is critical for the sector. There is an expectationof
increasedcapacity additionsin varioussectors.
• Lack of proper implementationof PLI schemesor abilityto attract large foreignplayers
could derail these initiatives
Changes in technology
• Changes intechnologycould de-rate some of the sectors significantlysuchas shiftfrom
coal based energyto renewables,changingenergyefficiencynormsacross sectors such as
motors, pumps etc.
• Inabilityof the companiesto scale up to new requirementscouldimpact theirfuture
growth
Adverse regulatory changes
• Adverse regulatorychangescould lead to de-ratinginsectors such as Gas utilities,power
transmissionsector
ESG
• ESG is becomingan increasinglyimportantfactorfor the companieswhich we track on
consistentbasis
22. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Performance
23. 23
Performance Scorecard
40%
54% 52%
83%
-58%
76%
14%
-33%
37%
-9%
61%
1%
4%
47%
-17%
7%
3%
52%
1%
39% 38%
42%
62%
-55%
87%
17%
-25%
32%
8%
34%
-2%
5%
33%
3%
11%
17%
27%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 YTD
2022
DSP India T.I.G.E.R Fund S&P BSE 100 TRI
Infrastructure boom phase –
Fund outperforming broader
equity market
Followed by phase of
underperformance
Calendar Yearreturns
Sector underperformed broader equity market for last 3 years; signs of sector revival evident
from 2021 & YTD 2022 fund performance
S&P BSE 100 TRI is benchmark of DSP India T.I.G.E.R. fund. Regular plan – Growth option considered. Click here for performance of scheme in SEBI prescribed format and of other
schemes managed by same Fund Managers. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments.
Source: MFIE, Data as on 31 Jan 2022
24. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Appendix
25. 25
Central Govt. Capex – Growth in Railways, Defense; Roads flat
Segment (Rs bn) FY21 FY22RE FY23BE
FY23/FY22RE
Differential FY22RE/FY21 FY23BE/FY22RE
Railways 2345.8 2148.0 2456.0 308 -8.43% 14.34%
Defense 1399.2 1457.8 1604.2 146 4.18% 10.04%
Roads 1546.0 1862.5 1877.4 15 20.48% 0.80%
Drinking Water and Sanitation 110.0 450.1 600.0 150 309.19% 33.30%
Housing and Urban development 405.0 686.2 719.8 34 69.44% 4.89%
RenewableEnergy 95.1 215.8 285.8 70 127.07% 32.42%
Power 476.4 490.1 514.7 25 2.88% 5.03%
Water resources and rejuvenation 114.0 180.3 189.9 10 58.06% 5.33%
Rural 329.6 343.9 390.0 46 4.35% 13.41%
Other CPSU's 425.2 618.2 1130.1 512 45.39% 82.81%
TotalCapex 7246.2 8452.9 9767.9 16.65% 15.56%
Special Assistance as Loan to States
for Capital Expenditure 118.3 150.0 1000.0 850 26.79% 566.67%
Source: GoI
• Significant increase oninfrastructure spending. Budgetary allocations to capex are projectedto go upby a whopping
35% YoY. However,accountingfor the decline incapex spend throughextra-budgetary resources (PSUs/NHAI/Railways
ownresources),the overall capex is expectedto grow17% inFY23 against 15% in FY22.
• Higher allocationPLI schemes,data centres gettinginfra status,extensionof concessional tax rates fornew mfg. units
• Expands available market for local manufacturers materially inthe defense sector as 68% of capital outlay for domestic
industry in FY23 from51% inFY22by more.
• Railways - Majority spends are towards new lines construction,gauge conversion,doublingof lines and roadsafety.
26. 26
Disclaimer & Product labelling details
Fund Product Suitability Riskometer
DSP IndiaT.I.G.E.R. Fund Benchmark –S&PBSE 100 TRI
DSP India T.I.G.E.R.
Fund
(The Infrastructure
Growth and Economic
Reforms)
An open ended equity
scheme following economic
reforms and/or Infrastructure
development theme
This Scheme 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
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
In this material DSP Investment Managers Private Liimited. (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 orvariations 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. ForIndex
disclaimer click here.
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/potential/capital protection/capital guarantee to the investors in this Scheme..
All figures and other data given in this document for the fund and the model are as on Sep 30, 2021 (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.
MutualFund investmentsare subjectto marketrisks,read allschemerelateddocumentscarefully.
![[Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
March 2022
| People | Processes | Performance |
DSP India T.I.G.E.R. Fund
(The Infrastructure Growth and Economic Reforms
Fund)
#INVESTFORGOOD](https://image.slidesharecdn.com/dsptigerfundmarch2022final-220314071907/85/DSP-India-T-I-G-E-R-Fund-1-320.jpg)
