104772  |  INF740K01185  |  4 star  |  Neutral


$ 47.32

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

35.7 bil



Fee Level






Min. Inv.


30-Day SEC Yield



ELSS (Tax Savings)

Investment Style

Large Growth
Morningstar's Take | 21/12/2016
by Himanshu Srivastava

The fund has a new skipper in Rohit Singhania, who took over its mantle in July 2015. It was earlier helmed by Apoorva Shah (July 2012 – June 2015) and Anup Maheshwari (January 2007 – June 2012). While both Maheshwari and Shah have moved to the fund house’s offshore division, the former continues to head the equity team, which certainly helps the team’s cause.

Singhania joined the fund house’s PMS division as research analyst in 2005 and moved to the equity investment team in June 2009. He is not new to fund management, having managed the DSP BlackRock TIGER fund since June 2012. While Singhania is a seasoned analyst, over the years he has matured as a portfolio manager as well. However, it should be noted that he has a track record in managing the DSP BlackRock TIGER fund, which has a thematic bent.

Despite the change, the fund’s broader investment strategy remains largely unchanged. In fact, Singhania runs this fund in line with its investment mandate, which allows him to adopt a fluid investment approach without any bias or restrictions in terms of stocks or sectors. In the manager’s own words, this fund doesn’t have a defined investment approach; this provides him the liberty to capitalise on any investment opportunity that he sees in the market, provided it makes a grade on his selection parameters. Consequently, the fund’s portfolio turnover tends to be on the higher side.

While an unconstrained process can be very rewarding, it is fairly risky, too. A wrong bet can lead to significant underperformance. Also, the absence of a rigidly defined method means investments are also made on a somewhat intuitive basis. Hence, it must be noted that the success of the investment process largely depends on Singhania’s execution skills. Although he has been in control of the investment process thus far, it’s a short time frame to build conviction. Under Maheshwari and Shah, the fund had a Morningstar Analyst Rating of Silver. However, we would like to adopt a wait-and-watch approach for now and assign it a Neutral rating until we gain more conviction in Singhania’s investment and execution capabilities.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

The manager adopts an unconstrained and unbiased approach while constructing the portfolio.


Rohit Singhania is an able analyst.


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


Growth-oriented bottom-up strategy at play.


Singhania has posted impressive performance in his short stint with this fund thus far.


The fund’s expense ratio is lower than the median of the India ELSS (Tax Savings) category.

Important Disclosures

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