The document discusses the DSP India T.I.G.E.R. Fund, which focuses on infrastructure growth and economic reforms in India. It notes that private sector investment and manufacturing as a percentage of GDP in India have remained low. However, it outlines several positive indicators that private sector capex and the manufacturing sector may be reviving in India, such as rising capacity utilization, an uptick in private sector project announcements, lower corporate tax rates making India competitive, and the government increasing infrastructure spending and production-linked incentive schemes to attract manufacturing away from China.

1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
April 2023
| People | Processes | Performance |
DSP India T.I.G.E.R. (The Infrastructure
Growth and Economic Reforms) Fund
(An open ended equity scheme following economic reforms and/or Infrastructure development theme)
#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. 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).
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
Paper
Textiles
Thematic fund focussed on

3. 3
Investment cycle has bottomed out
Source: Internal, Spark Capital, Data as on Dec-31, 2022
Historically, whenever India’s GDP has grown faster, it has been driven by surge in investments.
India’s investment rate peaked in FY11 and has fallen since then to 21% of GDP in 9MFY23.
This is due to - adverse impact of the global financial crisis, the twin balance sheet problem (ie, the corporate sector's high
leverage and the banking sector's high non-performing assets (NPAs)), subdued domestic capital market conditions and, more
recently, pandemic shock.
Pick up in investment is the most essential part for an upward trend in GDP growth. Consumption can provide only a basic growth
and can not sustain momentum, if there is no growth in the economy.
20%
25%
30%
35%
40%
45%
-20%
-10%
0%
10%
20%
30%
40%
50%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 9M
FY23
Investment Growth - LHS Investment as % of GDP - RHS

4. 4
Large dependence on imports
Source: CMIE, Internal. Data as on 31 March, 2023.
0
50
100
150
200
250
300
350
400
450
Solar Module Imports (USD Mn)
0 2000 4000 6000 8000 10000 12000 14000 16000
East & Southern Africa
Canada
Mexico
South & Central America
Singapore
Japan
India
United States
China
Europe
Biggest Oil Importers (1000 barrels per day)
11%
9.5%
5.8%
5.1%
4.7%
4.3%
4.3%
3.8%
3%
2.7%
45%
India is the 2nd Largest Arms Importer Globally
Saudi Arabia India Egypt Australia
China Algeria South Korea Qatar
UAE Pakistan Others
0
100
200
300
400
500
600
700
India ranks 7th in Electronic Import Globally

5. 5
Manufacturing as % of GDP has not scaled, young population require skilled jobs
Source: GoI, Internal. Data as on 31 March, 2023
1990 2021
58% of total population
68% of total population
India added 44 crore workers in 3 decades, more
than the total population addition in China
Working age population of India
15.4
16.9
15.5
17.8
18.4
17.7
38.3
40.5
46.3
48.8
53.3
54.4
35
40
45
50
55
60
15.0
15.5
16.0
16.5
17.0
17.5
18.0
18.5
19.0
1990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023
%
of
GDP
Manufacturing (LHS) Services (RHS)

6. 6
Capex funding in place – Strong bank balance sheets, rising tax collections
Source: Internal, Spark Capital. Data as on Feb, 2023. 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).
Bank balance sheets have
now improved materially
Higher tax buoyancy is
leading to govt. revenues
running ahead of the budget
target.
Personal and Corporate tax
receipts stood at an all-time
high
1.3
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
FY22
1H
FY23
(%)
Banks' Net non-performing asset
2000s: Improving
bank balance sheet
led to strong risk
appetite
6418 6456
0
1000
2000
3000
4000
5000
6000
7000
Apr
-Feb'11
Apr
-Feb'12
Apr
-Feb'13
Apr
-Feb'14
Apr
-Feb'15
Apr
-Feb'16
Apr
-Feb'17
Apr
-Feb'18
Apr
-Feb'19
Apr
-Feb'20
Apr
-Feb'21
Apr
-Feb'22
Apr
-Feb'23
Corporate Tax (Rs. bn) Personal Income Tax (Rs. bn)

7. 7
Real estate and manufacturing sectors to revive
Real estate cycle in early stages
of an upcycle. New launches
gaining traction as unsold
inventory levels continue to
moderate
22
15
10
15
20
25
30
35
Philippines
Sri
Lanka
Bangladesh
China
Indonesia
Korea
Malaysia
Japan
India
Cambodia
Taiwan
Thailand
Vietnam
Singapore
India*
Base Corporate tax rate of major asian economies
Indian Government has cut
corporate tax rates, making India
one of the lowest tax rate country
among the peers
*Note: GoI has introduced lower tax rate for new manufacturing companies
1.4
1.7
1.3 1.2
1.6
1.8
2.3
2.5 2.6
3.0 3.0
2.5 2.4
2.6
2.0
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
-
100
200
300
400
500
600
700
800
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Launches ('000, LHS) Sales ('000, LHS) Inventory / Sales (X, RHS)
Source: CMIE, GOI. Data as on 31 March 2022. 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).

8. 8
Government push to kick start the capex cycle
Source: GoI, Internal. Spark Capital. Data as on 31 March 2023.
Capex budgeted to grow at a faster pace of 33% in FY23BE to
Rs. 10tn or 3.3% of GDP – the highest level in over a decade
• For the first time in almost two decades, we see right intent by the Govt. to set right priorities on
• Infrastructure spend, Stable taxation, Focus on asset monetisation & Privatisation of state-owned companies
• Higher transfer to state governments & Government strategy to not run businesses except a few strategically important ones.
• Capex spending by the central government on key sectors of Road, Railways and Defense has seen significant scaleup from Rs 548
bn in FY05 to Rs 1.5 trn in FY12 to Rs 7.8 trn in FY24
Central Government Capex scaling up (Rs bn)
3.9
1.6
1.7
3.3
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
FY00
FY01
FY02
FY03
FY04
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24BE
Capital expenditure (% of GDP)
59 323
1,546 1863 2071
2586
154
451
2,346 2148
2456
2928
335
679
1,345 1388
1500
1626
110
450
550
700
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
FY05 FY12 FY21 FY22 FY23 FY24
Rs
bn
Roads Railways Defense Jal Shakti

9. 9
Capacity utilization picking up critical for pickup in private sector capex
Source: GoI, Internal, UBS,
Capacity Utilization on the rise
• Corporate sectors has deleveraged their balance sheets providing essential support to boost private corporate capex as and
when demand recovers
• The all-India capacity utilization stands at ~74%.
• Rising capacity utilizations will drive new capacity additions as the lead time to build new capacities could vary from 2-3
years depending on the sectors
Data as on Dec 2022
0.9 0.9 0.9
1.1
1.7
1.3 1.3
1.7
1.9
2.0
2.3 2.3
2.2 2.3
2.4
3.1
2.3
1.7
0.5
1.0
1.5
2.0
2.5
3.0
3.5
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Net Debt to Operating Profit
Corporates have deleveraged despite the pandemic
Data as on Dec 2022. 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).
47
75
74.3
40
45
50
55
60
65
70
75
80
85
90
Jun-09
Dec-09
Jun-10
Dec-10
Jun-11
Dec-11
Jun-12
Dec-12
Jun-13
Dec-13
Jun-14
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
Dec-20
Jun-21
Dec-21
Jun-22
Dec-22
Capacity Utilization (%)

10. 10
New project announcements picking up lead indicator for private capex
Private sector project announcements are picking up, announcements nearly Rs. 26 tn worth of Capex in FY23
Capex of listed cos had stagnated, now showing signs of revival
0.4
0.5
0.5
0.7
0.9
1.5
2.6
4.2
4.4
4.2
5.9
5.6
5.2
5.3
4.7
4.6
5.2
5.3
6.3
5.5
5.5
6.4
7.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 Sep'22
TTM
Capex (Rs tn)
TTM= Trailing 12 months
1.7 1.4 0.9 1.3 1.7
3.6
8.3
14.2
15.8
17.3
12.3
16.5
8.6
5.2
4.1
9.5 10.3
8.5 9.1 9.7 8.7
5.1
15.0
26.1
0.0
5.0
10.0
15.0
20.0
25.0
30.0
FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
CMIE Project Announcement Private (Rs. tn)
Source: CMIE Data as on 30 Sep 2022.
Source: CMIE Data as on 31 Mar 2023.

11. 11
What does China + 1 strategy mean?
Source: UBS, World Bank, Haver, Data as on December, 2022
China's success in raising the share of its exports in global trade over the last two decades has caught the attention of investors and
government’s. Covid is driving the shift of manufacturing from China which will drive the exports for the beneficiary countries like India.
Sectors which are vulnerable to supply chain shifts will move out of China
As of 2019, Indian manufacturing FDI at USD 8.2bn was below the average in 2014-16. However, as per government sources in early 2020
India's FDI pipeline had doubled to US$175bn (actual identified projects) versus US$87bn the previous year.
Key focus sectors include construction, electronics, infrastructure, textiles, food processing, pharma, etc. Global companies to set up
manufacturing facilities for not only electronics but also heavy manufacturing.
China’s export share of global trade China’s manufacturing labour cost higher vs. India
30.0
16.2
9.7
4.2 3.5 2.6 1.6 1.6
0
5
10
15
20
25
30
35
Per
hour
USD

12. 12
Production linked incentive schemes to accelerate shift from China
Source: GoI, Internal. Spark Capital Data as on 31 Mar 2023. 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).
Sector
Financial outlay
US$ bn
Potential/ committed
Investment US$ bn
Mobile manufacturing 5.6 1.5
Medical devices 0.5 0.1
Key starting material/ bulk drugs 1 0.7
Automobile & components 3.6 5.7
ACC battery 2.5 6.1
Pharmaceutical drugs 2.1 1.4
Telecom & networking products 1.7 0.4
Food products 1.5 0.8
Textile products: man-made fiber &
technical textiles
1.5 2.6
Specialty steel 0.9 5.4
White goods (ACs & LED) 0.9 1.1
Electronic/ technology products (IT
hardware)
1 0.3
High efficiency solar panel modules 0.6 2.4
Semiconductor production 10.4 31.1
Total 34 60
Indian Govt has announced an incentive of Rs. 2.4tn
under the Production-linked incentive scheme.
Companies selected under the PLI would invest ~Rs.
4.4tn over the next five years
Production-linked incentive scheme is likely to
generate ~3.7mn jobs
Multiple foreign companies selected under PLI
Apple will move 5% of its global production for the
iPhone 14 to India later this year and could also make
25% of all iPhones in the country by 2025.
Electronic goods exports growing rapidly led by PLI Electronic imports to exports ratio continues to decline
480
2785
0
500
1000
1500
2000
2500
3000
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Electronics goods exports ($, mn) Electronics goods exports ($, mn)-3MMA
Positive impact
due to PLI
Scheme
8.7
6.0
2.8
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Sep-14
Dec-14
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Import to export ratio of electronic goods (x) -3MMA

13. 13
Multiple drivers for cyclical recovery
Source: Credit Suisse. 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).
SECTORS DRIVERS
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.
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
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

14. 14
New Drivers of Capex:
Source: GoI, Internal
New Drivers
of Capex
Data Centres
Green Hydrogen
Coal Gasification
EV Charging infra
5G Capex
Electronics

15. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
Case studies

16. 16
Power sector – demand growth to surprise positively
Source: CEA, Internal Estimates. Data as on 31 Mar 2023. Disclaimer: The sector(s)/stock(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).
6.8
4.4
7.1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY 05-10 FY11-22 FY23-28
Power Demand Growth (%)
Domestic, 24.4%
Commercial, 8.2%
Industrial , 43.3%
Agricultural ,
17.9%
Misc., 6.2%
Power Demand Composition Segment Demand Driver
Residential Room AC and Refrigeration 25% of residential demand
Growth led by rising penetration of room AC(current 6%)
Private capex flat for last 10 yrs, economy services driven
Industrial Rising new capacity additions in manufacturing PLI led
Manufacturing as % of GDP to rise from current 16%
Data Centres
New Demand drivers Electric Vehicles
Green Hydrogen
Railways 100% electrification
4.9
9.9
0
2
4
6
8
10
12
Power Generation (Rs trn)
Rs
trn
FY18-22 FY23-27
0.7
1.4
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
Power Transmission (Rs trn)
Rs
trn
FY18-22 FY23-27

17. 17
Defense Sector rising domestic pie
Saudi
Arabia
14%
India
11%
Qatar
8%
South
Korea
6%
Australia
5%
Egypt
4%
USA
4%
Japan
3%
China
3%
Turkey
3%
Others
39%
India among top global defence importers in 2019 at 11%
• Separate budget for buying locally-made military
hardware
• Government has notified two lists of
weapons/equipment and
• Two lists for components/sub-assemblies that cannot
be imported
• These have to be indigenised over next 5-7 years
Strong policy support to drive indigenization
2.77
5.30
0.00
1.00
2.00
3.00
4.00
5.00
6.00
FY18-22 FY23-27
Rs
trn
Domestic share in Defense capex to rise
75%
Source: MoD, Internal Estimates, Bloomberg, Company Reports; Order inflow and order book data for defence sector (include BEL, HAL, BEML, BDL, MDL, CSL, GRSE, MIDHANI). Data as on 31 Mar
2023. Disclaimer: The sector(s)/stock(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).
Order inflow of listed defence companies witnessing traction
58%
44
337 356
111
201
313
840
221
114 118
570
350
443
333
616
521
754
533
-
200
400
600
800
1,000
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
Rs
bn

18. 18
New capex drivers – not imagined earlier
Source: Nomura research, Internal Data as on 31 Mar 2023. Disclaimer: The sector(s)/stock(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).
0.03
3.06
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
FY25 FY30
Demand for Green Hydrogen (mt)
51
4,899
-
1,000
2,000
3,000
4,000
5,000
6,000
FY25 FY30
Cumulative capex (Rs bn)
551
2,618
-
500
1,000
1,500
2,000
2,500
3,000
FY22 FY30
Data centre capacity (MW)
207
1,073
-
200
400
600
800
1,000
1,200
FY22 FY30
Cumulative capex (Rs bn)

19. 19
Electronics rising theme
Source: ABB Analyst meet presentation

20. 20
Core sectors exposure reduced significantly in Nifty versus previous cycle
Data as on 15 May 2023. Source: NSE. 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).
Index weight of Core sectors in Nifty 50 Index
Core sectors may be at the cusp of turnaround ; However, representation in the Nifty 50 index has reduced to 28.5% as on
May’23 from 71% in Dec’07.
DSP T.I.G.E.R. (The Infrastructure Growth and Economic Reforms) Fund provides an opportunity for investor to take overweight
exposure on the core sectors which can benefit from revival of capital cycle & economic reforms
Investor may consider allocating ~ 10-15% of equity exposure to the fund for long-term investment of atleast 5 years
Core Sectors Dec-07 May-23
Capital Goods 10.5 3.4
Cement 2.1 1.9
Metals 9.0 2.7
Oil & Gas (Ex RIL) 13.5 1.3
RIL 11.9 10.4
Oil & Gas 25.4 11.7
Telecom 11.4 2.4
Utilities 8.2 2.7
Healthcare 2.2 3.7
Real Estate 2.3 0.0
Total 71.1 28.5

21. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
Portfolio Positioning

22. 22
Portfolio Snapshot as on April, 2023
Source: DSP Internal. Data as on 30 April 2023. 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. 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.
Name of stock Sector Weight (%)
LARSEN & TOUBRO LTD Construction 4.80%
SIEMENS LTD Industrial Automation 4.48%
RELIANCE INDUSTRIES LTD
Energy
4.31%
POWER GRID CORP OF INDIA LTD
Power Utility
3.03%
ULTRATECH CEMENT LTD
Cement and Building
Materials 2.95%
NTPC LTD Power Utility 2.86%
APAR INDUSTRIES LTD Industrial 2.64%
HINDUSTAN AERONAUTICS LTD Industrial 2.55%
KALPATARU POWER
TRANSMISSION
Construction 2.47%
CG POWER AND INDUSTRIAL
SOLUTION
Industrial 2.24%
Top 10 holdings Top Sectors
Market Capitalisation (%)
Asset Allocation
4.6%
6.9%
7.1%
9.5%
13.9%
15.1%
25.6%
0.0% 10.0% 20.0% 30.0%
FMIG
Consumer Electricals/Durables
Defense
Infra/Construction
Utilites
Cement & Building Materials
Capital Goods
Equity - 96.13
Cash - 3.87
Large Cap -
35.04
Mid Cap - 23.40
Small Cap -
37.68

23. 23
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.

24. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
Performance

25. 25
Performance Scorecard
Calendar Year returns
40%
54% 52%
83%
-58%
76%
14%
-33%
37%
-9%
61%
1%
4%
47%
-17%
7%
3%
52%
14%
2%
39% 38%
42%
62%
-55%
87%
17%
-25%
32%
8%
34%
-2%
5%
33%
3%
11%
17%
27%
6%
0%
-7%
14%
38%
-20%
-9%
8%
52%
15%
0%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD
2023
DSP India T.I.G.E.R Fund
S&P BSE 100 TRI
S&P BSE India Infrastructure Index TRI
Infrastructure boom phase –
Fund outperforming broader
equity market
Followed by phase of
underperformance
Sector underperformed broader equity market for last 3 years; signs of sector revival evident
from 2021 & 2022 fund performance
S&P BSE India Infrastructure Index TRI is benchmark of DSP India T.I.G.E.R. fund. Regular plan – Growth option considered. Refer Annexure 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
Source: MFIE, Data as on April 30, 2023

26. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
Appendix

27. 27
Scheme Performance For Growth Option (SEBI Prescribed format)
Fund Managers:
1. Rohit Singhania (Managing this fund since June 2010.)
2. Charanjit Singh (Managing this fund since January 2021.)
3. Jay Kothari (Managing this fund since March 2018)
Source: Internal

28. 28
Performance of schemes managed by same fund manager
Source: Internal, Data as on Apr 30, 2023
The above performance is for Regular Plan- Growth Option

29. 29
Performance of schemes managed by same fund manager
Source: Interna, Data as on Apr 30, 2023
The above performance is for Regular Plan- Growth Option

30. 30
Performance of schemes managed by same fund manager
Source: Interna, Data as on Apr 30, 2023
The above performance is for Regular Plan- Growth Option

31. 31
Disclaimer & Product labelling details
Fund Product Suitability Riskometer
DSP India T.I.G.E.R. Fund Benchmark – S&P BSE India
Infrastructure TRI
DSP India T.I.G.E.R. Fund
(The Infrastructure
Growth and Economic
Reforms Fund)
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 Asset 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 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/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 Apr 30, 2023. 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.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

32. #INVESTFORGOOD