Funds/Dynamic Asset Allocation Fund/DSP Dynamic Asset Allocation Fund

DSP Dynamic Asset Allocation Fund

DSP Mutual Fund·Dynamic Asset Allocation Fund·vs CRISIL Hybrid 50+50

The manager has aggressively tilted toward equities at 67%, signaling conviction in market upside, while maintaining a defensive banking and gilt-heavy core that represents over half the portfolio. The month's notable exits from cyclicals like Vedanta and Adani Ports, combined with reductions in top bank holdings, suggest a tactical pullback on valuation concerns despite the overall equity overweight. This balanced repositioning—adding resilient auto exposure while trimming stretched financials—indicates the manager is managing between growth ambitions and near-term caution.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Direct Growth	₹32.2550	-0.09%	—	—	—	—	—
Regular Growth	₹27.8690	-0.19%	-1.89%	-1.69%	+2.83%	+10.64%	+8.33%
Direct IDCW	₹16.5350	-0.60%	—	—	—	—	—
Regular IDCW	₹13.8510	-0.72%	—	—	—	—	—

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

20.17%

Top 10 Weight

30.09%

Active Share

—

Large Cap

52.42%

Gini

0.357

What Changed2026-03-31 → 2026-04-30

Holdings: 88 → 89+1 added−4 removed41 weight shifts ≥ 0.1%

Stock	Sector	Weight
Hyundai Motor India Limited	Automobiles	0.26%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	ICICI Bank Limited INE090A01021	Banks	EQUITY	5.42%
2	HDFC Bank Limited INE040A01034	Banks	EQUITY	4.97%
3	HDFC Bank Limited INE040A01034	Banks	EQUITY	3.72%
4	7.32% GOI 2030 IN0020230135	Sovereign	DEBT	3.03%
5	Axis Bank Limited INE238A01034	Banks	EQUITY	3.03%
6	TREPS / Reverse Repo Investments		CASH_EQUIVALENT	3.02%
7	Tata Power Company Limited INE245A01021	Power	EQUITY	2.24%
8	Bandhan Bank Limited INE545U01014	Banks	EQUITY	2.12%
9	Mahindra & Mahindra Limited INE101A01026	Automobiles	EQUITY	1.88%
10	Hindustan Aeronautics Limited INE066F01020	Aerospace & Defense	EQUITY	1.85%
11	ICICI Bank Limited INE090A01021	Banks	EQUITY	1.83%
12	7.06% GOI 2028 IN0020230010	Sovereign	DEBT	1.67%
13	Bharti Airtel Limited INE397D01024	Telecom - Services	EQUITY	1.66%
14	LG Electronics India Limited INE324D01010	Consumer Durables	EQUITY	1.64%
15	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	1.60%
16	State Bank of India INE062A01020	Banks	EQUITY	1.57%
17	State Bank of India INE062A01020	Banks	EQUITY	1.52%
18	Titan Company Limited INE280A01028	Consumer Durables	EQUITY	1.51%
19	Mankind Pharma Limited INE634S01028	Pharmaceuticals & Biotechnology	EQUITY	1.45%
20	National Bank for Agriculture and Rural Development INE261F08EO7	CRISIL AAA	DEBT	1.42%

Sector Allocation

Banks28.5%

CRISIL AAA14.3%

Sovereign8.1%

Consumer Durables4.5%

Insurance4.4%

Finance3.6%

Power3.5%

CRISIL AA+2.8%

Pharmaceuticals & Biotechnology2.8%

Aerospace & Defense2.4%

Top 10 sectors by % to NAV. Excludes derivatives.