1. Update
VALUE FUND
An open-endedequity scheme following a value
investment strategy

2. 2
PERFORMANCE
Source: Internal, Data as on April 28, 2023. 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
%
(2.4yrs )
1-Year
%
Standard
deviation
%
DSP Value Fund Regular-Growth Plan 14.0 7.8 11
NIFTY500 TRI 15.2 4.0 14
70% NIFTY500TR +
30% MSCI ACWI Net TR
13.2 5.8 12
70% NIFTY500TR (ex-financials) +
30% MSCI ACWI Net TR
13.9 2.6 12
MSCI ACWI Net TR 7.8 9.0 15
Source: Internal, Bloomberg, FactSet| Data as on April 28, 2023. 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
150
10-Dec-20
31-Dec-20
29-Jan-21
26-Feb-21
31-Mar-21
30-Apr-21
31-May-21
30-Jun-21
30-Jul-21
31-Aug-21
30-Sep-21
29-Oct-21
30-Nov-21
31-Dec-21
31-Jan-22
28-Feb-22
31-Mar-22
29-Apr-22
31-May-22
30-Jun-22
29-Jul-22
30-Aug-22
30-Sep-22
31-Oct-22
30-Nov-22
30-Dec-22
31-Jan-23
28-Feb-23
31-Mar-23
28-Apr-23
DSP Value Fund - Reg - Growth [ TR: 36.5% ]
Nifty 500 TR [ TR: 39.9% ]
Composite (70% Nifty 500 TR Ex-Fin+ 30% MSCI ACWI Net TR) [ TR: 36.4% ]
MSCI ACWI Net TR [ TR: 19.6% ]

3. 3
PERFORMANCE domestic portfolio
Source: Internal, FactSet. Data as on April 28, 2023. 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
%
(2.4yrs )
1-Year %
Performance of domestic
component of scheme (gross TR)
21.1 10.7
NIFTY500 TR 15.2 4.0
NIFTY500 TR (ex-Financials) 16.2 -0.4
Source: Internal, FactSet| Data as on April 28, 2023.| Fund inception date : 10-Dec-2020
Performance of domestic component represents grossreturns computed for domestic holdings with weights
normalized to 100%
Positioning as on April 28, 2023. Normalized domestic portfolio weights after excluding overseas investments.
Normalized weights for NIFTY 500 after excluding Financials
20.0
14.1
13.5
11.4
10.8
10.4
4.9
1.1
0.0
0.0
13.8
14.7
7.3
15.5
12.5
13.4
13.5
13.1
5.0
3.9
1.2
-5 0 5 10 15 20 25
Materials
Health Care
Information Technology
Industrials
Consumer Staples
Consumer Discretionary
Energy
Utilities
Communication Services
Real Estate
Cash & Cash Eq.
Sector allocation %
Domestic Portfolio Nifty 500 Ex-Financials

4. 4
PERFORMANCE domestic portfolio
Source: Internal, FactSet. Data as on April 28, 2023. 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.
Top contributors Average
Weight
%
Total
Return
%
Contrib.
To Return
%
Bharat Electronics 3.6 187.5 5.6
ITC 5.7 124.1 5.5
Mindtree 0.8 152.2 3.4 Exited
Persistent Systems 0.8 172.3 3.4 Exited
Hindustan Aeronautics 2.1 127.8 3.0
Ambuja Cements 3.5 63.6 2.9
UltraTech Cement 3.6 53.8 2.8
Mphasis 2.4 44.9 2.8
Bajaj Auto 3.4 44.6 2.6
Wipro 3.1 9.8 2.6
Top detractors Average
Weight
%
Total
Return
%
Contrib.
To Return
%
Chambal Fert. & Chem. 0.7 -36.2 -1.1
Amara Raja Batteries 0.6 -17.5 -0.6 Exited
Dalmia Bharat 0.6 -28.0 -0.5 Exited
IPCA Laboratories 2.7 -24.1 -0.5
Aarti Drugs 0.6 -30.3 -0.5
Hero Motocorp 2.9 -12.2 -0.4
EPL 0.4 -31.0 -0.4 Exited
CESC 0.9 -16.9 -0.3
Lux Industries 0.2 -22.1 -0.3 Exited
Avanti Feeds 0.5 -21.1 -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 grossreturns computed for domestic securities with weights normalized to 100%

5. 5
NIFTY500
Portfolio
PORTFOLIOCHARACTERISTICS
DOMESTIC PORTFOLIO
NIFTY500 Ex-Financials
Source: Internal. FactSet. Data as on March 31, 2023. 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 1.74 1.81
2.61
2.17
1.99 2.08
1.10 1.07 1.02 1.00 1.05 1.07
1.34 1.28 1.22 1.31
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
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 18.9 19.2
27.4 26.4
22.0
24.5 23.5 23.4
18.6
21.6 22.6 21.5
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
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 15.5 15.2
16.4
17.5 17.9 17.7
21.9 22.5 22.1 22.6
24.0 23.5
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23
Returns on Equity
Superior on quality
18.8 19.0 19.4
18.6
20.0 20.2
20.9
20.2 19.9 19.9
15.7 15.7 15.8 15.6
17.8 17.9 17.5 17.3 17.6 17.9
Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23

6. 6
PERFORMANCE overseas portfolio
In CAGR & INR terms Since Incep. %
(2.4yrs )
1-Year %
Performance of overseas component of scheme
(gross TR)
6.7 7.1
MSCI ACWI TR 7.8 9.0
MSCI USA TR 10.1 8.6
MSCI Europe TR 11.3 19.9
MSCI United Kingdom TR 15.5 16.1
MSCI China TR -14.3 0.8
MSCI Japan TR 1.4 11.7
Source:FactSet,MorningStar, Bloomberg|Fundinceptiondate : 10-Dec-2020. Charts on the rightside showsthe Countryand Sector allocationwithpercentages beingnormalizedbased on the total exposure of overseascomponentbasis latestavailableportfoliodetailsas of 31-Mar-
2023. Chart on the bottom leftside shows grosstotal returnfor underlyingsectoralindices of MSCI ACWI Index.Performance of overseascomponentrepresentsgross returnscomputed for overseasholdingswithweightsnormalizedto 100%. The portfolioof the scheme(s)is subjectto
changeswithinthe provisionsof the Scheme Informationdocumentof the scheme(s).The sector(s)/stock(s)/issuer(s)mentioned in this documentdo notconstituteany researchreport/recommendationof the same and the scheme(s)/Fund may or may not have any futurepositionin these
sector(s)/stock(s)/issuer(s).Past performancemay or may notbe sustainedin futureand shouldnot be used as a basis for comparisonwithotherinvestments.
Source: Internal, FactSet, Morning Star| Data as on April 28, 2023.| Fund inceptiondate : 10-Dec-2020
32.9
12.0
9.1
10.8
10.8
8.9
9.3
9.5
-1.3
-1.7
-8.1
-20 -10 0 10 20 30 40
Energy
Financial Services
Technology
Healthcare
Consumer Defensive
Basic Materials
Industrials
Utilities
Consumer Cyclical
Communication Services
Real Estate
MSCI ACWI - Performance by Sector (in CAGR % & INR terms)|
Period : 10Dec2020 – 28Apr2023 (2.4yrs)
67.8
14.2
8.5
4.3
2.4
0.5
0.1
63.0
13.2
4.0
5.5
8.2
3.5
0.7
1.3
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
33.2
14.1
13.1
12.3
9.8
8.2
5.7
0.8
0.3
0.3
15.0
12.3
10.2
21.1
7.6
7.4
10.7
4.7
5.0
2.5
2.8
0 5 10 15 20 25 30 35
Financial Services
Healthcare
Industrials
Technology
Consumer Defensive
Communication Services
Consumer Cyclical
Basic Materials
Energy
Real Estate
Utilities
Equity
% Allocation to Sector

7. 7
COMPARISON MSCIACWI vs NIFTY500
Source: Internal, Data as on April 28, 2023. 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).It is not possible to invest in
index directly. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments.
Calendar Year 2023 YTD 2022 2021 2020 2019 2018 2017 2016 2015 2014
MSCI ACWI TR 7.9 -8.7 21.1 19.6 30.1 -0.4 17.2 11.3 2.9 6.9
NIFTY500 TR -1.3 4.2 31.6 17.9 9.0 -2.1 37.7 5.1 0.2 39.3
+/- 9.2 -12.9 -10.5 1.7 21.2 1.8 -20.5 6.2 2.7 -32.4
Source: Morning Star Direct . Performance in INR and absolute terms
Calendar Year 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004
MSCI ACWI TR 39.4 20.5 10.6 8.8 29.3 -28.1 -0.1 19.5 15.3 10.3
NIFTY500 TR 4.8 33.5 -26.4 15.3 91.0 -56.5 64.6 36.2 38.8 21.1
+/- 34.5 -13.0 37.0 -6.5 -61.6 28.4 -64.7 -16.7 -23.4 -10.8
Calendar Year 2003 2002 2001 2000 1999 1998
MSCI ACWI TR 28.1 -19.4 -13.1 -7.7 29.9 32.2
NIFTY500 TR 104.9 13.9 -21.6 -23.5 100.9 -6.8
+/- -76.7 -33.4 8.4 15.8 -71.0 39.0

8. 8
TOP HOLDINGS overseas portfolio
Data as on 10-May-2023. 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 22.7 1.4 16.3 -- 3.2 1.4 5.7 -1.6
Microsoft Corp 32.8 11.8 24.3 0.8 2.5 38.6 17.5 -1.4
Alphabet Inc Class A 22.4 5.3 38.3 -- 4.4 22.8 -3.7 -11.5
Unilever PLC 16.7 6.7 6.9 3.4 4.3 42.3 24.7 -2.6
Thermo Fisher Scientific Inc 33.4 4.9 25.8 0.2 2.7 14.5 3.5 -12.6
Amazon.com Inc 114.6 7.1 -- -- -0.8 3.0 -2.2 -27.4
UnitedHealth Group Inc 22.5 5.6 14.6 1.3 7.5 26.9 2.5 -11.8
Canadian Pacific Railway Ltd 28.8 2.5 2.8 0.7 2.7 10.1 21.2 -2.9
London Stock Exchange Group PLC 59.2 1.8 10.2 1.3 5.5 5.2 20.4 -2.7
Diageo PLC 23.2 10.4 5.8 2.1 2.5 45.3 -0.5 -8.3
Heineken Holding NV 22.0 2.5 6.6 2.0 6.0 -- 24.9 -2.3
Safran SA -- 5.6 -- 0.4 5.2 -21.2 49.8 -4.3
Charter Communications Inc Class A 10.2 5.4 -2.0 -- 8.6 45.4 -26.7 -34.1
Vinci SA 14.5 2.4 8.8 3.6 9.6 17.4 27.6 -2.3
Nintendo Co Ltd 15.4 2.9 26.2 3.2 -- 20.0 5.2 -9.6
Fiserv Inc 28.5 2.5 6.2 -- 4.3 7.9 27.2 -2.7
Airbus SE 27.4 6.6 2.4 1.5 2.9 27.5 18.9 -6.2
Meta Platforms Inc Class A 21.2 4.8 9.8 -- 2.8 17.3 19.3 -4.4
RELX PLC 29.1 12.5 0.9 2.2 5.0 46.6 10.1 -9.4
Aena SME SA 19.8 3.3 -3.2 3.2 7.0 17.5 18.7 -4.3
Median 22.7 5.1 7.8 1.7 4.3 17.5 13.2(avg.) -8.1(avg.)
NIFTY 500 23.9 3.1 16.8 1.4 2.8 13.0 11.8 -3.9
NIFTY 50 22.3 3.0 13.3 1.4 -- 13.6 13.7 -3.3
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.

9. 9
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.

10. 10
Annexure 1 – Historical Returns (as per SEBI Format) as of April 28, 2023 with investment of₹10,000
DSP Value Fund – Regular Plan – Growth Option
Note:
(a) TRI – Total Return Index | CAGR – Compounded Annualized Growth Rate
(b) ^Fund Benchmark | # Standard Benchmark.
(C) Growth on investment of 10,000 made 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) Since inception returns have been calculated from the date of allotment i.e. Dec 10, 2020.
DSP Value Fund – Direct Plan – Growth Option

11. 11
Annexure 2 – Performance of schemes managed by same Fund Managers as of April 28, 2023
, growth opt.

12. 12
Annexure 2 – Performance of schemes managed by same Fund Managers as of April 28, 2023
, growth opt.

13. 13
Annexure 2 – Performance of schemes managed by same Fund Managers as of April 28, 2023
, growth opt.

14. 14
Annexure 2 – Performance of schemes managed by same Fund Managers as of April 28, 2023
, growth opt.

15. 15
DISCLAIMER
This document is for information purposes only. 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. In this document, DSP Asset Managers
Private Limited (“the AMC”) has used information that is publicly available, including information developed in-house. While utmost care has been
exercised while preparing this document, neither the AMC nor any person connected warrants 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/her/their own assessment 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. There is no assurance of any returns/capital protection/capital guarantee to the investors in this scheme
of DSP Mutual Fund. All figures and other data given in this document for the fund are as on April 28, 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 the schemes of the 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 available at the
Investor Service Centers of the AMC and also available on www.dspim.com.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.