DSP India Equity Fund

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Fund Summary

The investment objective of the DSP India Equity Fund ("Fund") is to achieve long-term capital appreciation from a portfolio that is substantially constituted of equity and equity-related securities of mid cap and small cap companies. Launch date: March 15, 2021.

Performance

DSP India Equity Fund CAGR ▲ 16.67

(in USD)

Disclaimer: Past performance is not indicative of future performance.

Vinit Sambre
Vinit SambreCo-Head Equities, DSP Asset Management

Fund Manager

Vinit has over 24 years of investment experience across multiple market cycles. Specializing in Indian equities, particularly in the small and mid-cap segment, he has successfully managed a variety of mandates, including concentrated thematic portfolios, and earned multiple industry awards for his performance and investment acumen. A long-term, buy-and-hold investor with low portfolio turnover, he focuses on high-quality management teams, capital-efficient businesses, and fundamental bottom-up stock selection.

Vinit joined DSP in July 2007 in the firms PMS division, focusing on sectors like Pharmaceuticals, Power Utilities, Chemicals, Fertilisers, and Textiles. Previously, he was with DSP Merrill Lynch in its Global Private Client Business. Before DSP, Vinit worked with IL&FS Investment Limited and UTI Investment Advisory Services, where he was involved with their offshore India Growth Fund. Vinit is a Chartered Accountant from The Institute of Chartered Accountants of India (ICAI).

Vinit Sambre
Vinit SambreCo-Head Equities, DSP Asset Manager

Fund Manager

Vinit has over 24 years of investment experience across multiple market cycles. Specializing in Indian equities, particularly in the small and mid-cap segment, he has successfully managed a variety of mandates, including concentrated thematic portfolios, and earned multiple industry awards for his performance and investment acumen. A long-term, buy-and-hold investor with low portfolio turnover, he focuses on high-quality management teams, capital-efficient businesses, and fundamental bottom-up stock selection.

Vinit joined DSP in July 2007 in the firms PMS division, focusing on sectors like Pharmaceuticals, Power Utilities, Chemicals, Fertilisers, and Textiles. Previously, he was with DSP Merrill Lynch in its Global Private Client Business. Before DSP, Vinit worked with IL&FS Investment Limited and UTI Investment Advisory Services, where he was involved with their offshore India Growth Fund. Vinit is a Chartered Accountant from The Institute of Chartered Accountants of India (ICAI).

"Durability of growth and the potential for superior returns on invested capital, are the foundation of sound investment principles"
— Vinit Sambre
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Investment Strategy

The DSP India Equity Fund seeks to achieve long-term capital appreciation by primarily investing in equity and equity-related securities of mid cap and small cap Indian companies to capitalise on growth opportunities within India's dynamic economic landscape. This strategy is designed for investors who seek exposure to Indian equity markets. Hold a medium to long-term investment outlook, and have tolerance for the associated volatility typical of emerging markets.

By concentrating on mid caps and small caps, which are often under-researched and less owned, the DSP India Equity Fund aims to uncover undervalued opportunities that have the potential for significant growth. The Fund employs a bottom-up stock selection approach, focusing on identifying high-quality businesses with sustainable competitive advantages, strong return on equity (ROE), and prudent capital allocation.

Portfolio

Top 10 Holdings

CompanySectorMarketWeight
Cholamandalam Investment and Finance Company LimitedFinanceIndia5.63%
Infosys LimitedSoftwareIndia4.46%
Supreme Industries LimitedIndustrial ProductsIndia4.08%
IPCA Laboratories LimitedPharmaceuticalsIndia3.58%
Balkrishna Industries LimitedAuto AncillariesIndia3.47%
Max Financial Services LimitedInsuranceIndia3.45%
Atul LimitedChemicalsIndia3.29%
The Ramco Cements LimitedCement & Cement ProductsIndia3.15%
Manappuram Finance LimitedFinanceIndia3.12%
Coromandel International LimitedFertilisersIndia3.05%

As of September, 2025

Portfolio Analysis — Sector

SectorWeight
Industrial Products11.09%
Consumer Durables10.63%
Finance8.75%
Pharmaceuticals7.33%
Banks7.25%
Software6.80%
Insurance5.91%
Auto Ancillaries5.50%
Chemicals4.87%
Fertilisers4.44%

As of September, 2025

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Fund Facts

Asset ClassEquity
Fund Launch DateMarch 15, 2021
Fund CurrencyUSD
DomicileIreland
Dealing and ValuationDaily
ISIN CodeIE00BK0WZ337
DepositaryHSBC Continental Europe
Investment ManagerDSP Asset Managers Pvt. Ltd.
AdministratorHSBC Securities Services (Ireland) DAC
Management CompanyWaystone Management Company (IE) Ltd.

Fund Statistics

Total Fund SizeUSD 28.83 mnAs of June 30, 2025
12 Month NAV (Date)
High: USD 15.62October 15, 2024
Low: USD 9.11June 20, 2024
NAV Steel Class
as of July 31, 2025USD 14.61
NAV Class A USD Unhedged
as of July 31, 2025USD 14.15

Fund Charges

Investment Management Fees

(i) 0.25% p.a. of the NAV when the NAV of the Fund is up to $150 million; (ii) 0.1944% p.a. of the NAV when the NAV of the Fund is greater than $150 million and up to $300 million; (iii) 0.0833% p.a. of the NAV when the NAV of the Fund is greater than $300 million.

Investment Distribution Fees

(i) 0.20% p.a. of the NAV when the NAV of the Fund is up to $150 million; (ii) 0.1556% p.a. of the NAV when the NAV of the Fund is greater than $150 million and up to $300 million; (iii) 0.0667% p.a. of the NAV when the NAV of the Fund is greater than $300 million.

UCIT Structure

DSP Global Funds ICAV (the “ICAV”) is an open-ended umbrella type Irish collective asset-management vehicle with variable capital and limited liability registered with and authorised by the Central Bank of Ireland to carry on business as an ICAV, pursuant to Part 2 of the Irish Collective Asset-management Vehicles Act 2015 and established as an undertaking for collective investment in transferable securities with segregated liability between its Funds pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011) as amended. The ICAV is structured as an umbrella fund, and each of its Funds represents a separate portfolio of assets and is further subdivided to denote differing characteristics attributable to particular Shares, into Classes.

Facilities Agent

NameDSP International UK
AddressWeWork, 1 St. Katharine’s Way,
London, England*, E1W 1UN
Email
"Durability of growth and the potential for superior returns on invested capital, are the foundation of sound investment principles"
— Vinit Sambre
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DISCLAIMER

Investment in the Fund involves certain risk factors and considerations relating to the Fund's structure and investment objective, which a prospective investor should evaluate before making a decision to invest in the Fund. No assurance can be given that the Fund will succeed in meeting its investment objective or that there will be any return on capital. Moreover, past performance is not a guarantee of future results. Please refer to the Section ‘Risk Factors’ provided in the Prospectus & Supplement for further details.

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DSP International UK Ltd (FRN: 1004912) is an Appointed Representative of Thornbridge Investment Management LLP. Thornbridge Investment Management LLP is authorised and regulated by the Financial Conduct Authority (FRN: 713859)
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