This document provides a portfolio update for the DSP Quant Fund from June 2019 to September 2019. It summarizes the fund's performance over this period, highlighting that the quant model generated an alpha of 6.1% compared to the S&P BSE 200 index. The document also analyzes the performance of different stock elimination criteria and factors used by the quant model, demonstrating the importance of the stock elimination stage and benefits of a multi-factor approach. Finally, it provides details on the fund's sector exposures, top holdings, and portfolio changes during the September 2019 rebalancing period.

1. [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
November 2019
| People | Processes | Performance |
DSP Quant Fund
Portfolio Updates

2. 2
Executive Summary
UPDATE - JUN 19 to SEP 19
The model generated an alpha of 6.1% over the
S&P BSE 200 TRI during the period* under
observation
It’s multi-factor model which incorporates QUALITY,
GROWTH and VALUE outperformed the individual
Style factor portfolios on the same underlying
components of the S&P BSE 200 Index
The elimination stage enabled the avoidance of
significant value destroyers during the period under
observation
The QUANT MODEL delivered absolute
return of 3.1% during a period of high
volatility in the broader market
Rules driven approach using sound investment principles
*The performance numbers are total return series from 10-Jun-2019 to 30-Sep-2019. These figures pertain to performance of the model and do not in any manner indicate the returns/performance 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. Indices are unmanaged and one cannot invest directly in an index.

3. 3
Performance of Quant model v/s Eliminated buckets
Highlighted the importance of the ELIMINATION STAGE in the overall investment process
-10.4%
-22.1%
-1.5%
-29.4%
-10.3%
3.1%
-3.0%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
ForensicanalysisREDFlags
HighBeta
HighLeverage
HighResidualVolatility
PublicSectorUndertakings
QuantModel
S&PBSE200TRI
QUANT MODEL V/S ELIMINATED BASKETS (10th JUN 2019 – 30th SEP 2019)
Decomposing the performance
of stock baskets on the basis of
each elimination criteria
Majority of the baskets
highlighted by the elimination
criteria DETRACTED VALUE
from the index performance
The performance numbers are total return series from 10-Jun-2019 to 30-Sep-2019. Eliminated basket
portfolios are created using cap weighted methodology for the Eliminated Baskets. Data Source:
FactSet, Bloomberg, DSP Investment Managers. These figures pertain to performance of the model
and do not in any manner indicate the returns/performance 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. It
is not possible to invest directly in an index.

4. 4
Performance of Quant model v/s Composite eliminated basket
Alpha generated via the elimination process
3.1%
-3.0%
-14.0%
-16%
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
QUANT MODEL S&P BSE 200 TRI COMPOSITE ELIMINATED BASKET
QUANT MODEL V/S ELIMINATED BASKETS (10th JUN 2019 – 30th SEP 2019)
Composite eliminated basket
DETRACTED SUBSTANTIAL VALUE
from Index performance
(26.3% of S&P BSE 200 index by weight)
Highlighted the importance of the
ELIMINATION STAGE in the overall
investment process
The performance numbers are total return series from 10-Jun-
2019 to 30-Sep-2019. Eliminated basket portfolios are created
using cap weighted methodology for the Eliminated Baskets.
Data Source: FactSet, Bloomberg, DSP Investment Managers.
These figures pertain to performance of the model and do not in
any manner indicate the returns/performance 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. It
is not possible to invest directly in an index.

5. 5
Performance of Quant model v/s Individual factors
TESTING THE EFFECTIVENESS OF THE MULTI-FACTOR SELECTION PROCESS
Portfolios combining multiple factors can outperform those using single factors
0.7%
-0.6%
-8.2%
3.1%
-3.0%
-10.0%
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
QualityFactor
GrowthFactor
ValueFactor
QuantModel
S&PBSE200TRI
QUANT MODEL V/S INDIVIDUAL FACTORS (10th JUN 2019 - 30th SEP 2019)
The performance numbers are total return series from 10-
Jun-2019 to 30-Sep-2019. Factor portfolios are created using
factor tilting approach representing portfolios having stocks
displaying high values on the respective factor. The factor
portfolios are rebalanced every March and September. Data
Source: FactSet, Bloomberg, DSP Investment Managers.
These figures pertain to performance of the model and do
not in any manner indicate the returns/performance 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.

6. 6
Quant model – GICS Sector weight changes - Sep 30th 2019 rebalance
-2.1%
4.5% 4.4%
-10.1%
-1.7%
4.0%
-3.4%
4.0% 3.7%
-0.4%
-2.9%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
CommunicationServices
ConsumerDiscretionary
ConsumerStaples
Energy
Financials
HealthCare
Industrials
InformationTechnology
Materials
RealEstate
Utilities
QUANT MODEL V/S BENCHMARK - SEP 30, 2019
1.7%
6.7%
5.4%
-10.6%
-5.3%
-4.7%
1.3%
7.4%
1.3%
-0.3%
-3.0%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
CommunicationServices
ConsumerDiscretionary
ConsumerStaples
Energy
Financials
HealthCare
Industrials
InformationTechnology
Materials
RealEstate
Utilities
QUANT MODEL V/S BENCHMARK - MAR 30, 2019
TRACKING ACTIVE SECTOR EXPOSURE CHANGES
Portfolio bias towards consumer-facing asset-light companies continues
OVERWEIGHT SECTORS
Consumer, Healthcare,
Technology & Materials
Based on rebalance dated 31st Mar 2019. 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). Data Source: FactSet, Bloomberg,
DSP Investment Managers. It is not possible to invest directly in an index
Based on rebalance dated 30th Sep 2019. 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). Data Source: FactSet,
Bloomberg, DSP Investment Managers. It is not possible to invest directly in an index

7. 7
Quant model - Portfolio details - Sep 30th 2019 rebalance
GICS* SECTOR
QUANT MODEL
(MAR 31ST 2019)
QUANT MODEL
(SEP 30TH 2019)
S&P BSE 200 INDEX
(SEP 30TH 2019)
QUANT MODEL - TOP WEIGHTS
Financials 31.5% 34.9% 36.6% HDFC Bank, HDFC Ltd., Bajaj Finance
Consumer Discretionary 13.5% 12.6% 8.1% Maruti Suzuki, Bajaj Auto, Exide
Information Technology 16.2% 15.2% 11.2% TCS, Tech Mahindra, HCL Tech
Consumer Staples 15.0% 14.5% 10.1% Colgate-Palmolive, HUL, Nestle
Materials 13.1% 11.5% 7.8% Asian Paints, Shree Cement, Pidilite Ind.
Energy 0% 0% 10.1% None
Utilities 0% 0% 2.9% None
Industrials 5.1% 3.0% 6.4% Havells India
Communication Services 2.0% 0% 2.1% None
Health Care 4.8% 8.3% 4.3% Divi’s Lab., Dr. Reddy’s Lab, Abbott India
TRACKING ACTIVE SECTOR EXPOSURE CHANGES
*Global Industry Classification Standard. Based on rebalance dated 31st Mar 2019 and on 30th Sep 2019. 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). Data Source: FactSet,
Bloomberg, DSP Investment Managers

8. 8
Quant model - Factor scores - Sep 30th 2019 rebalance
GICS SECTOR QUANT MODEL WEIGHTAGE QUALITY VALUE GROWTH
Consumer Discretionary 12.6% 66.7% 54.1% 46.9%
Consumer Staples 14.5% 81.6% 62.1% 50.9%
Financials 34.9% 73.5% 36.2% 64.3%
Health Care 8.3% 50.7% 55.9% 72.0%
Industrials 3.0% 61.0% 34.3% 57.9%
Information Technology 15.2% 78.4% 74.3% 30.9%
Materials 11.5% 68.1% 41.7% 64.6%
FACTOR SCORES FOR SECTORS REPRESENTED IN THE QUANT MODEL PORTFOLIO
Scores are depicted as percentiles. High percentiles show higher relative scores within S&P BSE 200 for respective factors
Sectors need to have scores across all 3 factors to be selected – SINGLE FACTOR SKEW UNDESIRABLE
Factor score > 50% represents a meaningful factor tilt for the sector – HELPS TO DIVERSIFY EXPOSURES
Multi-factor exposure allows benefit of diversification in the portfolio
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).

9. 9
Quant Model – Portfolio entries & exits – Sep 30th 2019 rebalance
NAME GICS SECTOR
QUANT MODEL
(30 SEP 2019)
Remarks
HDFC Ltd. Financials 7.3% Higher Growth score
Havells India Industrials 3.0% Higher Quality and Value scores
Dr. Reddy's Lab Health Care 2.8% Higher Growth and Value scores
Shree Cement Materials 2.3% Higher Growth and Value scores
HDFC AMC Financials 1.3% New Entry in S&P BSE 200
Titan Consumer Disc. 1.2% Higher Value score
Bata India Consumer Disc. 1.2% New Entry in S&P BSE 200
Jubilant FoodWorks Consumer Disc. 1.2% Higher Value score
Honeywell Automation Information Tech. 1.0% New Entry in S&P BSE 200
Sanofi India Health Care 0.9% New Entry in S&P BSE 200
Pfizer Health Care 0.8% New Entry in S&P BSE 200
ENTRIES SUGGESTED BY QUANT MODEL
Based on rebalance dated 30th Sep 2019. 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). Data Source: FactSet, Bloomberg, DSP Investment Managers
Quant Model – Suggested Exits – Indusind Bank, Voltas Ltd., Wipro Ltd., Tata Chemicals, Crompton Greaves Consumer Electricals, UPL Ltd., Cummins India, Bharat Forge, Muthoot Finance,
Oracle Financial Services Software, Amara Raja Batteries, Natco Pharma, P&G Health and Hygiene, Hindustan Zinc, Emami ltd., Sun TV Network and Crisil Ltd.

10. 10
Product labelling details
Fund Product Suitability Riskometer
DSP Quant Fund
(An open ended equity scheme investing based
on a quant model theme)
This open ended equity scheme is suitable for investors who are seeking*
Long term capital growth
Investment in active portfolio of stocks screened, selected, weighed and rebalanced on the
basis of a predefined fundamental factor model
*Investors should consult their financial/tax advisors if in doubt about whether the product is suitable for them.

11. 11
Disclaimer
In this material DSP Investment Managers Pvt. Ltd. (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.
DSP Mutual Fund and its schemes are not registered in any jurisdiction, except the Schemes viz. DSP Equity Opportunities Fund and DSP Dynamic Asset Allocation Fund, which are registered with the Securities and Commodities
Authority (“the SCA”) in the United Arab Emirates (UAE). The distribution of the Schemes in UAE would be undertaken by Barjeel Geojit Securities LLC, which is a licensed local distributor registered with SCA. .The distribution of
this material in certain jurisdictions may be restricted or subject to registration requirements and, accordingly, persons who come into possession of this material in such jurisdictions are required to in form themselves about,
and to observe, any such restrictions.
The strategy 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 guarantee of returns/income generation in the
Scheme. Further, there is no assurance of any capital protection/capital guarantee to the investors in the Scheme.
The S&P BSE 100, S&P BSE 200, S&P BSE Small Cap Index, S&P BSE Teck, S&P BSE Metals, S&P BSE Oil, Gas & S&P BSE SENSEX and S&P Healthcare are product of Asia Index Private Limited, which is a joint venture of S&P Dow
Jones Indices LLC or its affiliates (“SPDJI”) and BSE, and has been licensed for use by DSP Investment Managers Pvt. Ltd. Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC
(“S&P”); BSE® is a registered trademark of BSE Limited (“BSE”); and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). © Asia Index Private Limited 2014. All rights reserved.
All figures and other data given in this document for the fund and the Quant model are as on Sep 30th 2019 (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 DSP Investment Managers Pvt. Ltd. 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.
For complete details on risk factors, event of suspension of subscriptions and more details, investors are requested to read the Scheme Information Document (SID) of the Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

12. INVESTMENT MANAGERS