DSP Value Fund

Update
VALUE FUND
An open-ended equity scheme following
a value investment strategy

2
PERFORMANCE
Source: Internal, Data as on November 30, 2022. The portfolio of the scheme(s) is subject to changes within the provisions of the Scheme Information document of
the scheme(s). The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any research report/recommendation of the same and the scheme(s)/
Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s). DSP Value Fund has been in existence for more than 1 year but less than 3 years.
Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
In CAGR & INR terms Since
inception
%
(1.97yrs )
1-Year
%
Standard
deviation
%
DSP Value Fund Direct-Growth Plan 17.1 3.9 11
NIFTY500 TRI 21.3 10.2 14
70% NIFTY500TR +
30% MSCI ACWI Net TR
17.1 5.9 13
70% NIFTY500TR (ex-financials) +
30% MSCI ACWI Net TR
18.7 5.7 12
MSCI ACWI Net TR 6.9 -4.1 15
Source: Internal, Bloomberg, FactSet| Data as on Nov 30, 2022. MSCI ACWI returns are
depicted in INR terms| Fund inception date : 10-Dec-2020 |70+30 Composite performance
assumes monthly rebalance| Standard deviation is based on monthly returns taken from
inception date of the fund. | DSP Value Fund performance is on a nav-to-nav basis and is net
of TER| ). DSP Value Fund has been in existence for more than 1 year but less than 3 years.
Refer annexure 1 – Historical Performance of Scheme (as per SEBI Format) for investment
growth in absoluter INR terms
Chart above depicts the cumulative performance (in INR terms ) from inception of the fund with
initial value normalized to the base of 100. DSP Value Fund performance is on a nav-to-nav basis
and is net of TER
100
105
110
115
120
125
130
135
140
145
100
105
110
115
120
125
130
135
140
145
150
DSP Value Fund [ TR: 36.6% ]
Nifty 500 TR [ TR: 46.4% ]
Composite (70% Nifty 500 TR Ex-Fin+ 30% MSCI ACWI Net TR) [ TR: 40.3% ]
MSCI ACWI Net TR [ TR: 14.1% ]

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PERFORMANCE domestic portfolio
Source: Internal, FactSet. Data as on November 30, 2022. The portfolio of the scheme(s) is subject to changes within the provisions of the Scheme Information document of
the scheme(s). The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any research report/recommendation of the same and the scheme(s)/ Fund
may or may not have any future position in these sector(s)/stock(s)/issuer(s). Past performance may or may not be sustained in future and should not be used as a basis for
comparison with other investments.
In CAGR & INR terms Since
inception
%
(1.97yrs )
1-Year %
Performance of domestic
component of scheme (gross TR)
26.4 10.3
NIFTY500 TR 21.3 10.2
NIFTY500 TR (ex-Financials) 23.7 9.8
Source: Internal, FactSet| Data as on Nov 30, 2022.| Fund inception date : 10-Dec-2020
Performance of domestic component represents gross returns computed for domestic
holdings with weights normalized to 100%
Positioning as on Nov 30, 2022. Normalized domestic portfolio weights after excluding
overseas investments. Normalized weights for NIFTY 500 after excluding Financials
20.3
14.8
13.2
10.6
14.5
5.9
10.4
1.1
0.0
0.0
9.2
14.0
16.5
11.7
12.2
7.1
13.7
13.0
6.6
4.0
1.0
0 5 10 15 20 25
Materials
Information Technology
Industrials
Consumer Staples
Health Care
Energy
Consumer Discretionary
Utilities
Communication Services
Real Estate
Cash & Cash Eq.
Sector allocation %
Domestic Portfolio Nifty 500 Ex-Financials

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PERFORMANCE domestic portfolio
Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s).
Top contributors Average
Weight
%
Total
Return
%
Contrib.
To Return
%
Bharat Electronics 3.8 188.8 5.6
ITC 5.9 76.3 4.2
Ambuja Cements 3.8 135.5 3.9
Mindtree 1.2 152.2 3.3 Exited
Persistent Systems 1.1 172.3 3.2 Exited
Mphasis 2.6 61.0 3.0
Hindustan Aeronautics 1.9 113.2 2.9
UltraTech Cement 3.8 44.1 2.7
Wipro 3.5 15.7 2.7
Cipla 4.8 51.0 2.6
Top detractors Average
Weight
%
Total
Return
%
Contrib.
To Return
%
Chambal Fert. & Chemicals 0.6 -32.9 -1.1
Amara Raja Batteries 0.7 -17.5 -0.6 Exited
Dalmia Bharat 0.7 -28.0 -0.5 Exited
Dr Reddy's Laboratories. 4.0 -10.2 -0.5
Hindustan Petroleum Corp 0.6 -12.5 -0.4
Aarti Drugs 0.6 -25.2 -0.4
EPL 0.5 -31.0 -0.4
Gujarat Ambuja Exports 0.4 -22.8 -0.4
Lux Industries 0.2 -22.1 -0.3 Exited
CESC 0.8 -15.0 -0.3
Total return = cumulative holding period returns since inception of the fund. |Contrib. to return = Avg. holding period weight times holding period return on the security| All returns are in INR
term
Performance of domestic component represents gross returns computed for domestic securities with weights normalized to 100%

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NIFTY500
Portfolio
PORTFOLIO CHARACTERISTICS
DOMESTIC PORTFOLIO
NIFTY500 Ex-
Financials
Source: Internal. FactSet. Data as on November 30, 2022. The portfolio of the scheme(s) is subject to changes within the provisions of the Scheme Information
document of the scheme(s). The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any research report/recommendation of the same and
the scheme(s)/ Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s).
Higher Dividend Yield
2.20 2.06
1.77 1.82 1.76 1.81
2.61
2.14
1.92
1.10 1.08 1.04 1.02 1.09 1.09
1.38 1.29 1.22
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Nov-22
Better on valuations relative to Index
Price to Earnings-1 Year Forward Estimate
22.3 22.6
21.3
22.9
20.9 20.5
14.8
17.5
19.7
27.4 26.4
22.0
24.5 23.5 23.4
18.7
21.6
23.4
3 Year Earnings Per Share Growth
Reasonable growth at reasonable prices
14.3
15.8 16.8
15.4 15.5 14.4 15.5 15.8 16.5
16.4
17.5 17.9 17.7
21.9 22.5 22.1 22.6 22.8
Returns on Equity
Superior on quality
18.8 19.0 19.4
18.6
20.0 20.2
20.9
20.2 20.5
15.7 15.7 15.8 15.6
17.8 17.9 17.5 17.3 17.3

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PERFORMANCE overseas portfolio
In CAGR & INR terms Since Incep. %
(1.97yrs )
1-Year %
Performance of overseas component of scheme
(gross TR)
3.8 -8.3
MSCI ACWI TR 6.9 -4.1
MSCI USA TR 10.7 -4.1
MSCI Europe TR 5.7 -1.9
MSCI China TR -19.0 -22.1
MSCI Japan TR -1.9 -8.2
Source: FactSet, Morning Star, Bloomberg| Fund inception date : 10-Dec-2020. Charts on the right side shows the Country and Sector allocation with percentages being normalized based on the total exposure of overseas
component basis latest available portfolio details as of 30-Nov-2022. Chart on the bottom left side shows gross total return for underlying sectoral indices of MSCI ACWI Index. Performance of overseas component
represents gross returns computed for overseas holdings with weights normalized to 100%. add disclaimer - The portfolio of the scheme(s) is subject to changes within the provisions of the Scheme Information document
of the scheme(s). The sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any research report/recommendation of the same and the scheme(s)/ Fund may or may not have any future position in these
sector(s)/stock(s)/issuer(s). Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
42.5
14.8
12.6
12.6
10.0
9.4
8.2
5.6
-4.3
-8.5
-9.5
-20 -10 0 10 20 30 40 50
Energy
Financial Services
Healthcare
Consumer Defensive
Utilities
Basic Materials
Industrials
Technology
Consumer Cyclical
Real Estate
MSCI ACWI - Performance by Sector (in CAGR % & INR terms)|
Period : 10Dec2020 – 30Nov2022 (1.97yrs )
34.8
16.1
11.1
10.3
9.1
8.9
5.8
0.3
0.2
16.1
13.0
19.3
10.0
7.7
6.9
10.4
2.7
5.6
3.0
4.7
0 5 10 15 20 25 30 35 40
Financial Services
Healthcare
Technology
Industrials
Consumer Defensive
Consumer Cyclical
Real Estate
Energy
Utilities
Basic Materials
Equity
% Allocation to Sector
71.4
10.8
7.3
4.1
2.0
0.7
0.4
64.2
12.3
3.9
5.3
8.3
3.2
0.8
1.4
United States
Europe
United Kingdom
Japan
Asia-Pacific
China
Latin America
MEA
Equity
0 10 20 30 40 50 60 70 80
% Allocation to Country
Overseas Composite
iShares MSCI ACWI ETF
Source: Internal, FactSet, Morning Star| Data as on Nov 30, 2022.| Fund inception date : 10-Dec-2020

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COMPARISON MSCI ACWI vs NIFTY500
Fund may or may not have any future position in these sector(s)/stock(s)/issuer(s).
20 years data 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
MSCI ACWI TR -6.5 21.1 19.6 30.1 -0.4 17.2 11.3 2.9 6.9 39.4
NIFTY500 TR 7.6 31.6 17.9 9.0 -2.1 37.7 5.1 0.2 39.3 4.8
+/- -14.1 -10.5 1.7 21.2 1.8 -20.5 6.2 2.7 -32.4 34.5
Source: Morning Star Direct . Performance in INR and absolute terms
2012 2011 2010 2009 2008 2007 2006 2005 2004 2003
MSCI ACWI TR 20.5 10.6 8.8 29.3 -28.1 -0.1 19.5 15.3 10.3 28.1
NIFTY500 TR 33.5 -26.4 15.3 91.0 -56.5 64.6 36.2 38.8 21.1 104.9
+/- -13.0 37.0 -6.5 -61.6 28.4 -64.7 -16.7 -23.4 -10.8 -76.7
2002 2001 2000 1999 1998
MSCI ACWI TR -19.4 -13.1 -7.7 29.9 32.2
NIFTY500 TR 13.9 -21.6 -23.5 100.9 -6.8
+/- -33.4 8.4 15.8 -71.0 39.0

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TOP HOLDINGS overseas portfolio
Data as on 15-Dec-2022. The portfolio of the scheme(s) is subject to changes within the provisions of the Scheme Information document of the scheme(s). The
sector(s)/stock(s)/issuer(s) mentioned in this document do not constitute any research report/recommendation of the same and the scheme(s)/ Fund may or may
not have any future position in these sector(s)/stock(s)/issuer(s).
Company Name P/E P/B 5Y EPS Growth
CAGR
Dividend Yield Free cash flow
yield
RoE 3Y Avg. 1 year
return %
% Fall from 52
week high
Berkshire Hathaway Inc Class B 21.3 1.5 32.3 -- 3.0 16.6 0.6 -16.0
UnitedHealth Group Inc 25.8 6.6 20.1 1.2 6.3 25.2 8.4 -5.5
Alphabet Inc Class A 17.8 4.6 33.9 -- 5.2 23.1 -37.1 -40.0
Amazon.Com Inc 88.8 6.6 67.6 -- -2.9 26.1 -47.6 -49.2
Unilever PLC 20.8 6.0 5.0 3.5 5.3 40.8 7.9 -2.2
Thermo Fisher Scientific Inc 28.2 5.0 30.8 0.2 2.6 17.8 -16.1 -17.6
Microsoft Corp 26.8 10.7 24.3 1.0 3.4 44.8 -22.6 -27.7
Canadian Pacific Railway Ltd 29.0 2.6 14.5 0.7 1.7 27.8 11.5 -6.4
London Stock Exchange Group PLC 46.5 1.5 68.5 1.4 5.5 15.6 12.4 -13.3
Diageo PLC 26.3 11.8 5.8 2.1 3.3 33.9 -5.2 -10.6
Nintendo Co Ltd 12.3 3.0 36.5 3.6 -- 23.3 7.2 -15.8
Charter Communications Inc Class A 9.2 5.5 9.0 -- 13.0 13.7 -50.4 -53.2
Meta Platforms Inc Class A 10.9 2.5 31.6 -- 8.3 25.5 -65.3 -67.1
Heineken Holding NV 11.9 2.5 16.4 2.0 -- 11.6 -7.3 -15.5
Fiserv Inc 25.1 2.1 -0.8 -- 4.1 4.1 -6.1 -11.3
Vinci SA 13.6 2.2 0.1 3.5 9.9 11.4 12.5 -9.5
Safran SA -- 5.2 -52.9 0.4 6.1 7.8 16.5 -2.8
Mastercard Inc Class A 34.0 52.4 18.9 0.6 3.2 125.0 -1.3 -13.4
PayPal Holdings Inc 25.8 3.9 25.1 -- 7.0 19.3 -63.0 -64.4
BAE Systems PLC 19.3 2.3 13.8 3.1 6.9 27.3 61.7 -1.9
Median 25.1 4.3 19.5 1.4 5.3 23.2 -9.2(avg.) -22.2 (avg.)
NIFTY 500 23.8 3.3 15.0 1.3 3.3 10.5 6.9 -1.9
NIFTY 50 23.1 3.4 13.4 1.3 3.7 12.0 8.2 -2.6
Source: Bloomberg. Stock’s 1-year total return and % fall from 52 week high are in instrument’s local currency. Yield and Price ratios are based on available trailing 12 months data.

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PRODUCT LABELLING & RISKOMETER
Fund Product Suitability Scheme Riskometer
Benchmark Riskometer
NIFTY 500 TRI
DSP Value Fund
(An open ended equity
scheme following a value
investment strategy)
This product is suitable for
investors who are seeking*-
• To generate Long term
capital
appreciation/income in
the long term
• Investments primarily in
the undervalued stocks
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

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Annexure 1 – Historical Performance of Scheme (as per SEBI Format)
Regular Plan
Note:
(a) TRI – Total Return Index.
(b) #Standard Benchmark.
(C) Growth on investment of 10,000 made at inception in growth option net of TER; Different plans shall have a different expense structure.
(c) Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
(d) Returns above 1 year are Compounded Annualized
Direct Plan

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Annexure 2 – Performance of schemes managed by same Fund Managers
Performance details provided herein are of regular plan growth option as of 30 Nov 2022

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DISCLAIMER
This document is for information purposes only. In this material DSP Investment 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. Past performance
may or may not sustain in future and should not be used as a basis for comparison with other investments. All
opinions, figures, charts/graphs and data included in this document are as on November 30, 2022 (unless otherwise
mentioned) and are subject to change without notice. There is no assurance of any returns/capital protection/capital
guarantee to the investors in this/these scheme(s) of DSP Mutual Fund. For scheme specific risk factors, Asset Allocation
details, load structure, investment objective and more details, please read the Scheme Information Document and Key
Information Memorandum of the scheme(s) available on ISC of AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related
documents carefully

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