The document provides information on the DSP Tax Saver Fund, an open-ended equity linked savings scheme (ELSS) that aims to provide long term capital appreciation and income tax benefits. The fund uses a blended top-down and bottom-up approach to construct a diversified multi-cap portfolio of 60-75 stocks. It is managed with a focus on investing in companies with strong fundamentals and growth prospects using a growth at reasonable price style. The fund has outperformed its benchmark over various periods under the tenure of the fund manager Rohit Singhania and maintains a large cap bias with top ten holdings constituting around 40% of assets.

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
Sep 2021
| People | Processes | Performance |
DSP Tax Saver Fund

2. 2
What is the DSP Tax Saver Fund?
TAX SAVER
FUND
OPEN ENDED
EQUITY LINKED
SAVINGS SCHEME
(ELSS)
Equity fundeligible
for tax deduction*
under Section80C
subjectto a 3 year
lock in
TOP DOWN +
BOTTOM-UP
APPROACH
Top down sector
allocationcombined
withbottom-up stock
selectionusedto
construct portfolios
GARP APPROACH
USING A BLEND OF
STYLES
Manager combinesa
fundamental view
withevaluationof
growth prospects
and valuations
MULTI-CAP EQUITY
ALLOCATION
The fund has a multi-
cap strategywhich is
facilitatedbythe
longerinvestment
horizon
Source – DSP Internal. * Deduction of upto Rs.1,50,000/- from total income in a financial year, as percurrent Income Tax Laws.

3. 3
Why invest in the DSP Tax Saver Fund?
Seeksto investinthe
bestideas across
establishedand
emergingbusinessesto
provide a combinationof
growth and stability
Investmentinthe fund
allowsthe investorto
avail a tax deduction*
upto Rs. 1.5 lakh p.a.
subjectto a 3 year lock-
in period
Manager uses a blendof
stylesand investsacross
the marketcap range.
Makes the portfolio
durable in the longterm
across cycles
DESIGNED FOR LONG
TERM ALLOCATIONS
DURABLE INVESTMENT
APPROACH ACROSS CYCLES
Portfolio design + Tax incentives => suitable for the CORE equity allocation
CORE EQUITY
PORTFOLIO
ALLOCATION
TAX DEDUCTION UNDER
SECTION 80C OF IT ACT
* Deduction of upto Rs.1,50,000/- from total income in a financial year, as percurrent Income Tax Laws.

4. 4
Investment process – Research & Stock selection
TOP DOWN
SECTOR ANALYSIS
UNIVERSE ACROSS
LARGE, MID &
SMALL CAP STOCKS
BOTTOM – UP
SUB-SECTOR &
STOCK ANALYSIS
Blended analysis of growth drivers and valuation support to determine relative attractiveness
Growth
prospects
Valuation
metrics
Fundamental
attributes
Create whitelist
of primary
investment
candidates
ASSESSMENT OF OVERALL
SECTOR ATTRACTIVENESS
INDIVIDUAL SUB-SECTOR &
STOCK ATTRACTIVENESS
EVALUATION FRAMEWORK
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards

5. 5
Investment process – Portfolio construction
Assessment of
entry and exit
ranges in
whitelistedstocks
Underweight/ Overweight
each sector drivenby
relative attractiveness
Selectsub-sectorswith
favorable prospects
withineach sector and
allocate to stocks in the
sub-sector
Diversified across styles and sectors to create a durableportfolio
~ 65 – 75%
Stocks with
strong business
fundamentals
and growth
prospects
FINAL PORTFOLIO
~ 60 – 65 names
~ 25 - 35%
Potential for valuation
re-rating from business
turnarounds;
deep value names
Source: Internal

6. 6
Investment process – Risk management and Sell discipline
Continuous assessment of
stock performance v/s
fundamental changes
Stock hits its targetprice
although growth prospects
are favorable
Trade around the position
withperiodicprofit booking
Adverse changesin
assessmentof company’s
businessprospects
Exit the company and assess
alternative candidates
Hittingprice targets along with
assessmentof peakingin
valuations/ industrycycle
Exit the company and assess
alternative candidates
Constant monitoringof price targets and prospects for hold / sell decisions

7. 7
Investment team
Rohit Singhania–managing thefund sinceJune2015
• 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
since01 Jan 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

8. 8
Performance Scorecard
Source: MFIE; Scheme Benchmark – Nifty 500 TRI. Returns are as on Sep 30, 2021 for DSP Tax SaverFund, Regular plan Growth Option. Rolling Frequency is Daily. Standard Deviation of DSP Tax
Saver Fund and Nifty 500 TRI is calculated on the basis of daily returns. Click here for scheme performance of above Scheme in SEBI prescribed format and of other schemes managed by same
Fund Manager. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. The figure mentioned for performance of the
index should not construe as returns/performance of the Scheme. It is not possible to invest directly in an index.
ROLLINGRETURNS (%)
DSP Tax Saver Fund aims to provide better risk adjusted returns profile across periods
POINT-TO-POINT RETURNS(%)
DSP TAX SAVER FUND Nifty 500 TRI DSP TAX SAVER FUND Nifty 500 TRI DSP TAX SAVER FUND Nifty 500 TRI
Average Annual Returns 16.9 13.7 14.0 11.0 14.4 11.2
Median Annual Returns 12.3 9.8 13.1 11.7 15.5 11.7
Minimum Annual Returns -59.1 -59.5 -6.0 -6.3 -0.5 -1.4
Maximum Annual Returns 120.7 118.6 32.1 30.5 24.6 22.1
Returns / Risk 0.86 0.63 0.71 0.51 0.73 0.52
1 YEAR ROLLING RETURNS 3 YEARS ROLLING RETURNS 5 YEARS ROLLING RETURNS
TIME PERIOD DSP TAX SAVER FUND Nifty 500 TRI ALPHA
1 year 70.0 62.9 7.2
3 years 22.8 19.5 3.3
5 years 16.4 16.6 -0.2
Since Inception 15.3 11.9 3.4

9. 9
Performance Scorecard
Source: MFIE; Returns are as on Sep 30, 2021 for DSP Tax Saver Fund, Regular plan Growth Option.. Rolling Frequency is Daily. Standard Deviation of DSP Tax SaverFund and Nifty 500 TRI is
calculated on the basis of daily returns. Click here for scheme performance of above Scheme in SEBI prescribed format and of other schemes managed by same Fund Manager. Past
performance may or may not sustain in future and should not be used as a basis for comparison with other investments. The figure mentioned for performance of the index should not
construe as returns/performance of the Scheme. It is not possible to invest directly in an index.
AVERAGE ROLLINGRETURNS(%)
RETURN PER UNIT OF RISK
16.9
14.0 14.4
13.7
11.0 11.2
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
1 yr RR 3 yr RR 5 yr RR
DSP TAX SAVER FUND Nifty 500 TRI
0.86
0.71 0.73
0.63
0.51 0.52
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
1 yr RR 3 yr RR 5 yr RR
DSP TAX SAVER FUND Nifty 500 TRI

10. 10
Portfolio details – sector exposures
Significant exposure in Financial Services, Consumer discretionary, Materials & Energy sector
during Rohit’s tenure
Source: Morningstar Portfolio data as on Sep 30, 2021. Rohit Singhania started managing the Scheme w.e.f July 16, 2015. 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 | More than 10% allocation highlighted in Orange
and more than 5% allocation highlighted in grey
Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Sep-21
Energy 9.2% 12.6% 9.0% 6.3% 6.4% 6.4% 5.8% 4.8% 4.5% 11.1% 9.2% 3.8% 1.9%
Materials 10.9% 10.7% 11.4% 16.9% 14.2% 14.3% 11.9% 10.4% 10.5% 8.5% 9.8% 13.3% 14.5%
Industrials 12.5% 11.2% 12.9% 12.1% 12.7% 11.4% 10.1% 9.3% 9.2% 6.5% 6.4% 6.5% 8.4%
Consumer Discretionary 11.2% 14.2% 11.1% 11.2% 9.7% 11.0% 12.5% 4.4% 5.4% 7.7% 7.0% 6.6% 7.7%
Consumer Staples 4.8% 1.8% 3.8% 4.1% 6.7% 5.1% 4.0% 5.6% 6.3% 3.1% 7.2% 5.9% 2.6%
Healthcare 6.4% 9.7% 8.4% 7.9% 2.7% 5.3% 6.4% 7.0% 7.3% 5.5% 7.3% 8.8% 4.9%
Financials 27.8% 26.0% 27.7% 24.0% 32.3% 32.7% 37.0% 37.9% 41.4% 33.2% 29.2% 35.1% 40.2%
Information Technology 10.9% 9.7% 7.3% 10.0% 2.5% 2.2% 6.8% 10.8% 8.0% 8.5% 6.2% 9.3% 9.5%
Communication Services 0.5% 2.3% 1.0% 6.1% 7.4% 5.7% 3.0%
Utilities 1.4% 2.9% 3.5% 3.1% 5.1% 6.3% 3.1% 2.4% 3.6% 4.2% 3.6% 3.9% 5.8%
Real Estate 0.7% 0.6% 1.5%
Total Equity 95.5% 98.8% 95.1% 95.7% 94.7% 95.7% 97.5% 93.3% 96.9% 95.9% 93.2% 98.9% 98.6%

11. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
MARKET CAP BREAK UP
Large Cap Mid Cap Small Cap
11
Portfolio details – concentration and market cap trends
Source: MFIE; Portfolio data as on Sep 30, 2021. 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. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards
65%
Currently has a large cap bias. Manager preference for stocks with high liquidity
11%
STOCK CONCENTRATION
SECTOR CONCENTRATION
23%
29%
43%
54
50
55
60
65
70
75
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
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
Top 5 stocks (LHS) Top 10 stocks (LHS) Total No of stocks
40%
64%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
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
Top Sector Top 3 Sector Top 5 Sector

12. 12
Portfolio Snapshot as on Sep 30, 2021
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.
2%
11%
11%
8%
14%
74%
TOP 10 STOCKS TOP 5 SECTORS
ASSET ALLOCATION
NAME OF INSTRUMENT INDUSTRY
% OF NET
ASSETS
ICICI Bank Ltd. Banks 8.9%
HDFC Bank Ltd. Banks 6.8%
Infosys Ltd. Software 5.8%
Axis Bank Ltd. Banks 4.4%
State Bank of India Banks 3.5%
Bharti Airtel Ltd. Telecom - Services 3.0%
HCL Technologies Ltd. Software 2.9%
Bajaj Finserv Ltd. Insurance 2.8%
Tata Steel Ltd. Ferrous Metals 2.8%
Kotak Mahindra Bank Ltd. Banks 2.6%
7.7%
8.4%
9.5%
14.5%
40.2%
Consumer Discretionary
Industrials
Information Technology
Materials
Financials
98.6%
1.4%
Equities Cash & Cash Equivalent

13. 13
Disclaimer & Product Labeling Details
Scheme Product Suitability
Riskometer
DSP Tax Saver Fund Benchmark - Nifty 500 TRI
DSP Tax Saver Fund
(An open endedequitylinked
saving schemewith a
statutory lock in of 3 years and
tax benefit)
The Open ended equity linked savingscheme
is suitablefor investorswho areseeking*
Long-termcapital growth with a three-
year lock-in
Investmentin equity and equity-related
securitiesto forma diversified portfolio
*Investors should consult their financial/tax advisers ifin doubt about whether the Scheme is suitable for them.
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.
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 opinions, figures, charts/graphs and data included in this document are as on 30
Sep 2021 (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. For Index Disclaimerclick here.
The strategy mentioned has been currently followed by the Scheme and the same may change in future depending on market conditions and other factors. Large-caps are defined as
top 100 stocks on market capitalization, mid-caps as 101-250, small-caps as 251 and above.
MutualFund investments are subject to market risks, read allscheme relateddocuments carefully.