102434  |  INF740K01151  |  4 star  |  Bronze


$ 100.33

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

16.5 bil



Fee Level






Min. Inv.


30-Day SEC Yield



Sector - Infrastructure

Investment Style

Large Growth
Morningstar's Take | 29/12/2016
by Himanshu Srivastava

Rohit Singhania started comanaging this fund in June 2010 and took over as a lead manager in June 2012 from Anup Maheshwari. As a comanager, Singhania has had a strong influence on the stock/sector picks and portfolio construction even during Maheshwari’s tenure. We believe his skills are well suited to the job as he has extensive analyst experience in tracking infrastructure-related sectors.

Singhania’s core investment universe encompasses infrastructure sectors and those that are subject to economic reforms. Sectors such as technology, consumer staples, autos (consumer-related), and domestic pharmaceuticals don’t form a part of the investment universe. Singhania follows an unconstrained approach while investing and invests in growth and value-style stocks, with strong emphasis on the former. He focuses on understanding the key drivers of a business, the company’s underlying assets, management capabilities, and scalability prospects. He invests in issues whose returns on equity and returns on capital employed are on an uptrend, and uses historical valuations to evaluate a company’s fair value. We note that Singhania’s stock-picking criteria are varied and flexible enough to allow for nearly any type of pick. The strategy relies heavily on the manager getting his calls right, leaving little margin for error. The risks are amplified here, as stocks from the infrastructure sector are prone to intense cyclicality. Having said that, this is Singhania’s favourite playing ground and the strategy allows him to play to his strength.

The fund was earlier a part of the flexi-cap Morningstar Category, where its restrictive investment mandate failed to deliver desired results vis-à-vis its more flexible peers. Hence we gave it a Morningstar Analyst Rating of Neutral. However, now it is a part of Morningstar’s newly created Sector-Infrastructure category. When compared with similar offerings, it makes a compelling investment option for investors seeking to benefit from the growth in the infrastructure sector. Further, with an experienced manager at the helm, the fund merits a rating upgrade to Bronze from Neutral.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

Singhania stays true to the fund’s mandate and investment criteria.


Singhania’s experience in tracking infrastructure-related sectors makes him an apt fit for the job.


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


Singhania largely plies a bottom-up approach, combining growth and value styles of investing.


The fund’s performance in the new sector-infrastructure Morningstar Category looks promising.


The fund’s expense ratio is lower than the median of the India sector-infrastructure 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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