104481  |  INF740K01128  |  3 star  |  Silver


$ 56.33

1-Day Total Return

INR | NAV as of 15/12/2017 10:30:00 | 1-Day Return as of 15 Dec 2017

TTM Yield




Total Assets

51.1 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Mid Growth
Morningstar's Take | 05/12/2017
by Himanshu Srivastava

Though 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 management responsibility and moved to the fund house’s offshore division. Shah is a seasoned manager, and under him (March 2008-June 2015) the fund built an impressive track record.

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. Hence, the change in the leadership here is not as sharp a break as it seems. The fund’s strategy allows Sambre to play to his strengths, which makes him an apt replacement for Shah. That he is backed by a high-calibre team adds to our conviction.

The fund’s broader investment strategy has not changed. Having said that, 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. Sambre, on the other hand, plies his signature style of buying into growth-oriented quality stocks and staying invested for the long haul. This has resulted in the fund’s turnover ratio coming down since the time he took its reins. Sambre focusses on long-term strength of companies, which reduces the issue-specific risks associated with small/mid-cap funds. His relatively pure take on small/mid-caps versus the India small/mid-cap Morningstar 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. During 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 the fund's Morningstar Analyst Rating of Silver.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

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.


Combining growth-styled quality stocks with value plays.


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


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

Important Disclosures

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