DSP Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Harsh Piplani
- Category: Mutual Funds
DSP Flexi Cap Fund Direct Growth Plan has a NAV of ₹117.93 as of 28 August 2026 and a scheme AUM of ₹12,422 Cr. Its 1-year, 3-year and 5-year returns are 6.05%, 12.89% and 11.22%, respectively, and the fund sits in the High Risk category.
Our view is that the fund has shown steady long-term compounding, but the recent 1-year outcome is much softer than its 3-year and 5-year record. The portfolio is still anchored in large caps, with a meaningful mid-cap and small-cap layer, so it may suit investors who can handle equity volatility and want diversified market-cap exposure rather than a narrow style bet.
Quick facts
| Metric | Details |
|---|---|
| NAV | ₹117.93 |
| AUM | ₹12,422 Cr |
| Expense Ratio | 0.61% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% if units are sold within 12 months; nil after 12 months |
| Fund Managers | Bhavin Gandhi |
The fund is managed by Bhavin Gandhi.
Source data date: as of 28 Aug 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.34% | -0.85% |
| 3M | 7.31% | 3.39% |
| 1Y | 6.05% | -2.29% |
| 3Y | 12.89% | 6.40% |
| 5Y | 11.22% | 7.13% |
The latest month and quarter point to a firmer short-term tone than the benchmark. The fund is ahead of NIFTY 50 in both 1M and 3M, which suggests it has been more resilient during the recent stretch even though the gains are not especially strong in absolute terms.
The 1-year return is more telling. At 6.05%, the fund is comfortably above the benchmark’s -2.29%, so it has protected capital better over the last year than the index did. That said, the 1-year number is well below the fund’s own 3-year and 5-year returns, which tells us the recent year has been softer than the longer compounding pattern.
Over 3 years, the fund has delivered 12.89% versus 6.40% for the benchmark, and over 5 years it has delivered 11.22% versus 7.13%. This is a meaningful gap in favour of the fund. The broader pattern is that the scheme has compounded better than the benchmark over medium and long periods, but its path has not been smooth.
The time pattern also suggests periods of weakness followed by recovery, rather than a straight upward line. For investors, that usually means the fund can participate in equity upside, but it may also move through sharper phases of underperformance before the longer trend reasserts itself.
Source data date: as of 28 Aug 2026
Should you BUY or HOLD DSP Flexi Cap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding DSP Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP Flexi Cap Fund Direct Growth Plan | 6.05% | 12.89% | 11.22% |
| Bank of India Flexi Cap Fund Direct Growth Plan | 18.05% | 22.17% | 18.21% |
| ITI Flexi Cap Fund Direct Growth Plan | 17.78% | 20.00% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 15.64% | 13.15% | 13.03% |
| LIC MF Multi Cap Fund Direct Growth Plan | 15.46% | 19.73% | Data not available |
| TRUSTMF Flexi Cap Fund Direct Growth Plan | 14.21% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return trails the stronger peer figures shown here, but its 3-year and 5-year numbers are still respectable and sit above some of the peer returns that are available for comparison. The key difference is that several peers have shown a sharper recent stretch, while this scheme’s appeal rests more on steadier multi-year compounding than on standout short-term momentum.
That mix matters because the short-term and longer-term pictures are not identical. Some peers have stronger 1-year numbers, but the current fund’s 3-year and 5-year results still indicate a more established compounding record than several newer or shorter-history options.
Source data date: as of 28 Aug 2026
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Portfolio: where your money goes
Market-cap distribution
| Market cap | Allocation |
|---|---|
| Large cap | 62.35% |
| Mid cap | 21.63% |
| Small cap | 11.45% |
| Other | 4.57% |
Sector exposure
| Sector | Weight | Top holdings |
|---|---|---|
| BANK | 38.64% | KOTAK MAHINDRA BANK LIMITED (12.02%), KOTAK MAHINDRA BANK (6.09%) |
| FINANCE | 11.67% | BAJAJ FINANCE LIMITED (2.68%), CHOLAMANDALAM INVESTMENT AND FINANCE COMPANY LIMITED (1.87%) |
| RETAILING | 5.96% | TRENT (3.74%), AVENUE SUPERMARTS LIMITED (0.9%) |
| AUTOMOBILE & ANCILLARIES | 5.7% | SAMVARDHANA MOTHERSON INTERNATIONAL LIMITED (1.63%), MAHINDRA & MAHINDRA LIMITED (1.39%) |
| IT | 5.57% | COFORGE LIMITED (1.61%), INFOSYS LIMITED (1.26%) |
The portfolio is tilted toward large caps at 62.35%, but it is not a pure large-cap portfolio because mid caps account for 21.63% and small caps for 11.45%. In our view, that mix may allow the fund to keep a core anchored in larger companies while still participating in parts of the market that can move more sharply in either direction.
The largest sector, BANK at 38.64%, is materially larger than the next sector, FINANCE at 11.67%. That gap means portfolio behaviour may be influenced most by banking exposure, especially because the sector line-up also includes specific bank holdings with meaningful individual weights.
Beyond banks, the rest of the exposure is spread across finance, retailing, automobile and ancillaries, and IT. This broad spread may help reduce dependence on a single non-financial theme, but the banking weight is still likely to have the greatest influence on near-term portfolio movement.
Source data date: as of 28 Aug 2026
Who should invest
This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested long enough for the portfolio’s longer-term pattern to play out. The 1-year return has been much softer than the 3-year and 5-year numbers, so the investment case is better suited to people who can tolerate uneven stretches rather than those seeking smooth short-term outcomes.
The benchmark comparison is a positive sign, because the fund has stayed ahead of NIFTY 50 across the 1-year, 3-year and 5-year periods shown here. Compared with peers, however, the recent 1-year result is less striking, so the main trade-off is accepting some short-term variability in exchange for a more established medium-term record and a diversified market-cap mix.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load
- 1% if units are sold within 12 months.
- No exit load after the holding period.
Source data date: as of 28 Aug 2026
Frequently asked questions
What is the current NAV of DSP Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹117.93 as of 28 August 2026.
What are the 1-year, 3-year and 5-year returns?
The returns are 6.05% for 1 year, 12.89% for 3 years and 11.22% for 5 years.
How has the fund done against NIFTY 50?
It has stayed ahead of NIFTY 50 across the periods shown: 0.34% versus -0.85% for 1 month, 7.31% versus 3.39% for 3 months, 6.05% versus -2.29% for 1 year, 12.89% versus 6.40% for 3 years, and 11.22% versus 7.13% for 5 years.
How does it compare with the peer funds shown here?
Its 1-year return is lower than the strongest peer figures shown, but its 3-year and 5-year numbers remain competitive versus several peers with available longer-term data.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
Bhavin Gandhi manages the fund. The exit load is 1% if units are sold within 12 months, and there is no exit load after the holding period.
Bottom line
DSP Flexi Cap Fund Direct Growth Plan looks better on a medium- to long-term basis than on the latest one-year stretch. The fund has stayed ahead of NIFTY 50 across all the periods shown, while peer comparison suggests the recent year has been more modest than several alternatives. With a High Risk label and a portfolio led by large caps but with meaningful mid-cap and small-cap exposure, it is more suited to investors who can tolerate volatility in pursuit of longer-horizon equity compounding.
Published on 31 August 2026 at 1:20 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.
