101635  |  INF740K01243  |  3 star  |  Bronze


$ 198.66

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

33.0 bil



Fee Level






Min. Inv.


30-Day SEC Yield




Investment Style

Large Growth
Morningstar's Take | 06/12/2017
by Himanshu Srivastava

The leadership of DSP BlackRock Top 100 Equity changed when Harrish Zaveri took the helm in July 2015 from Apoorva Shah, an accomplished manager who had led the fund since April 2006. Under Shah's stewardship, the fund built an impressive track record, but the change in manager here is not as sharp as break as it seems. Though Zaveri doesn't have prior portfolio management experience, he is a decorated analyst who has an extensive research experience spanning over two decades. He also heads the firm's research desk.

Despite the new manager, the fund's core investment strategy of investing in top 100 stocks by market capitalisation hasn't changed. However, Zaveri's investment approach is different from that of his predecessor. Shah used to combine his in-depth understanding of companies with factors like market sentiment, news flow, and momentum while making investments, which used to result in high portfolio turnover for the fund. On the other hand, Zaveri prefers a buy-and-hold approach. Broadly, the process is simple, straightforward, and not really distinctive in nature. Hence, the success of the fund would largely depend on Zaveri's execution capabilities. On that front, with extensive research experience under his belt and the backing of one of the more stable teams in the industry, Zaveri has the necessary skills and resources to make this strategy work.

Under Shah, this fund had a Morningstar Analyst Rating of Gold because of our conviction in his management capabilities and execution skills, which helped the fund to deliver superior peer-relative returns over the long term. Although Zaveri is new to portfolio management, he shows promise. His extensive research experience and in-depth understanding of stocks will aid him here. Therefore, in the last review, we downgraded the fund to Bronze from Gold given the change in its manager, but we still believed that the fund under Zaveri had the wherewithal to outperform the benchmark index and Morningstar Category average over the long term. We maintain the same stance and reiterate its Bronze rating.

Morningstar Analyst Rating™
Analyst Rating
Portfolio Role

A true-blue large-cap portfolio.


Harrish Zaveri has extensive research experience spanning over two decades.


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


A growth-oriented, bottom-up strategy.


There is room for improvement.


The fund's expense ratio is lower than the median of the India large-cap Morningstar 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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