DSP Banking & Financial Services Fund
DSP Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund remains heavily concentrated in large-cap banks and non-bank financials, betting on steady earnings from traditional lending and insurance as interest rates stabilize. The manager trimmed volatility by raising cash and cutting ICICI Bank exposure while doubling down on shadow finance through Cholamandalam, signaling preference for lending diversification beyond pure banking. Recent exits from LIC and niche fintech suggest conviction in quality cyclical recovery over emerging payment platforms.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Regular Growth | ₹13.7990 | -0.46% | -4.53% | -0.68% | +7.37% | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
30
Top 5 Weight
32.33%
Top 10 Weight
54.78%
Active Share
—
Large Cap
46.06%
Gini
0.375
What Changed2026-03-31 → 2026-04-30
Holdings: 35 → 32+0 added−3 removed26 weight shifts ≥ 0.1%
| Stock | Weight | |
|---|---|---|
| No new entries this month | ||
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | ICICI Bank Limited INE090A01021 | 8.46% |
| 2 | Axis Bank Limited INE238A01034 | 8.02% |
| 3 | Multi Commodity Exchange of India Limited INE745G01043 | 5.40% |
| 4 | State Bank of India INE062A01020 | 5.23% |
| 5 | Cholamandalam Investment and Finance Company Limited INE121A01024 | 5.22% |
| 6 | Shriram Finance Limited INE721A01047 | 4.74% |
| 7 | Kotak Mahindra Bank Limited INE237A01036 | 4.74% |
| 8 | Bajaj Finance Limited INE296A01032 | 4.70% |
| 9 | SBI Life Insurance Company Limited INE123W01016 | 4.29% |
| 10 | Ujjivan Small Finance Bank Limited INE551W01018 | 3.98% |
| 11 | HDFC Bank Limited INE040A01034 | 3.86% |
| 12 | City Union Bank Limited INE491A01021 | 3.84% |
| 13 | PB Fintech Limited INE417T01026 | 3.73% |
| 14 | Aditya Birla Capital Limited INE674K01013 | 3.66% |
| 15 | Canara HSBC Life Insurance Company Limited INE01TY01017 | 3.58% |
| 16 | Max Financial Services Limited INE180A01020 | 3.14% |
| 17 | Bank of Maharashtra INE457A01014 | 2.80% |
| 18 | Aadhar Housing Finance Limited INE883F01010 | 2.74% |
| 19 | TREPS / Reverse Repo Investments | 2.60% |
| 20 | PNB Housing Finance Limited INE572E01012 | 2.40% |
Sector Allocation
Banks43.5%
Finance24.4%
Capital Markets12.1%
Insurance11.0%
Financial Technology (Fintech)4.2%
Top 10 sectors by % to NAV. Excludes derivatives.