104481  |  INF740K01128  |  4 star  |  Silver


$ 54.89

1-Day Total Return

INR | NAV as of 18/10/2017 09:30:00 | 1-Day Return as of 18 Oct 2017

TTM Yield




Total Assets

45.7 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Mid Growth
Morningstar's Take | 04/10/2016
by Himanshu Srivastava

Although portfolio manager Vinit Sambre comanaged this fund since July 2012, he took its independent charge in July 2015 after its erstwhile manager Apoorva Shah relinquished its management responsibility and moved to the fund house’s offshore division. Shah is a seasoned manager, and the fund built an impressive track record under him (March 2008 to June 2015). Sambre is a competent analyst and also the dedicated small/mid-cap specialist with the fund house. He has reasonable portfolio management experience under his belt, too. Thus, the change is not as sharp a break as it seems. The fund’s strategy allows Sambre to play to his strength, which makes him an apt replacement for Shah, in our opinion. He is backed by a high-calibre team, and this adds to our conviction.

While the fund’s broader investment strategy remains intact, Sambre has a different investment style compared with Shah. For instance, factors such as market sentiment, news flow, and momentum formed the crux of Shah’s investment approach, which often led to above-average turnover in the fund. Sambre, on the other hand, plies his signature style here of buying into growth-oriented quality stocks and staying invested for the long haul. This we believe will result in the fund’s turnover ratio coming down going ahead. Sambre focusses on long-term strength of the company, which reduces the issue-specific risks associated with small/mid-cap funds. His relatively pure take on small/mid-caps versus the category norm is a positive, in our opinion. Expectedly, while the fund is likely to gain more than a typical peer in up markets, it also runs the risk of faring worse in down markets. Also, over shorter time frames, it can witness bouts of intense volatility and significant underperformance.

Sambre is a capable manager and his experience in running similar strategies is noteworthy. He appears at home with his investing style and has been fairly disciplined in his approach. Under him, the fund has the wherewithal to outperform its benchmark index and category peers over the long term. Hence, we retain its Morningstar Analyst Rating of Silver.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Sambre selects companies with sustainable competitive advantages and dominant market shares.


Vinit Sambre is an able analyst and an experienced manager, backed by a strong team.


We believe DSP BlackRock ranks among the best asset managers in the country.


Sambre combines growth-styled quality stocks with value plays when constructing the portfolio.


In his short tenure as a manager for this fund, Sambre has delivered satisfactory results so far.


The fund’s expense ratio is lower than the median of the India small/mid-cap category.

Important Disclosures

Unless stated otherwise, this report was prepared by the person(s) noted in their capacity as Manager Research Analysts (i.e., fund analysts) employed by Morningstar, Inc., or one of its affiliates. It has not been made available to the issuer prior to publication.

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