DSP US Specific Debt Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
DSP US Specific Debt Passive FoF Direct Growth Plan has a NAV of ₹12.4221 as of 16 Sep 2026 and manages ₹68 Cr of scheme assets. Its 1-year, 3-year and 5-year returns are 6.45%, 0% and 0%, and the fund carries a High Risk tag. Our view is that this is a focused overseas debt-oriented fund for investors who can accept sharp variation and who want a portfolio that is driven by a small set of underlying bond ETFs rather than a broad multi-asset mix.
Recent behaviour has been uneven, while the longer stretch still reflects a modest positive 1-year outcome. That combination, together with the concentrated portfolio structure, makes the fund better suited to investors who understand the trade-off between diversification within a niche strategy and the possibility of short-term swings.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.4221 as of 16 Sep 2026 |
| AUM | ₹68 Cr |
| Expense Ratio | 0.21% |
| Launch Date | 18 Mar 2024 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 0.10% before 7D, Nil on or after 7D |
| Fund Managers | Kaivalya Nadkarni |
The fund is managed by Kaivalya Nadkarni.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.08% | -3.66% |
| 3M | -0.35% | -3.71% |
| 1Y | 6.45% | -7.13% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent picture is mixed but not weak in relative terms. Over 1 month and 3 months, the fund was negative, yet it still did better than the benchmark in both windows because the benchmark fell more sharply. That tells us the fund has held up better than the benchmark during the latest stretch, even though absolute returns were still below zero.
The 1-year outcome is more constructive. A 6.45% return against a -7.13% benchmark reading shows a clear gap in favour of the fund over that period. For an overseas debt-themed FoF, that kind of separation matters more than the absolute number alone because it suggests the fund has been less exposed to the weakness reflected in the benchmark line.
At the same time, the chart pattern over the year does not look like a straight line. The path has included phases of improvement and pullback rather than smooth compounding, which is important for investors who might assume a passive FoF will move steadily. The 3-year and 5-year fields are not available in a meaningful sense here, so our interpretation should stay anchored to the live history rather than long-run averages. On that basis, the fund looks better than the benchmark on the recent data, but still uneven in day-to-day behaviour.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD DSP US Specific Debt Passive FoF?
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 US Specific Debt Passive FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| DSP US Specific Debt Passive FoF Direct Growth Plan | 6.45% | Data not available | Data not available |
| Edelweiss Emerging Markets Opp Eq. Offshore Fund Direct Growth Plan | 45.84% | 27.6% | 11.51% |
| HSBC Global Emerging Markets Fund Direct Growth Plan | 42.32% | 27.43% | 12% |
| Kotak Global Emerging Market Overseas Equity Active FOF Direct Growth Plan | 37.03% | 25.62% | 12.08% |
| HSBC Asia Pacific (Ex Japan) DYF Direct Growth Plan | 32.04% | 26.36% | 14.86% |
| Invesco India – Invesco Pan European Equity FoF Direct Growth Plan | 31.97% | 20.54% | 15.5% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On recent numbers, the fund trails the stronger peer returns by a wide margin, especially on the 1-year measure. The longer-horizon peer figures that are available are also much higher, so the gap is visible across both medium and longer windows. That said, the comparison is not a like-for-like style match: the peers shown are overseas equity or equity-linked FoFs, while this fund is a specific overseas debt passive FoF. The short-term and longer-term readings therefore tell a different story, but both still point to a far more modest return profile for this fund.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Ishares Treasury Bond 7-10YR Ucits ETF | Overseas Mutual Fund Units | 82.79% |
| Ishares Treasury Bond 1-3YR Ucits ETF | Overseas Mutual Fund Units | 16.51% |
| TREPS / Reverse Repo Investments | Cash & Cash Equivalents and Net Assets | 0.67% |
The single largest holding, Ishares Treasury Bond 7-10YR Ucits ETF, carries an 82.79% weight, so it is likely to have the strongest influence on the fund’s day-to-day movement. The second holding is much smaller at 16.51%, and the cash component is only 0.67%, which leaves very little room for other sources of return.
That gap from the first holding to the rest is steep, so the portfolio does not look evenly spread across many positions. With only 3 disclosed holdings and the top 3 accounting for 99.97% of assets, the structure is highly concentrated in practice. In our view, that concentration may help make the fund’s behaviour easier to understand, but it also means the performance profile is likely to depend heavily on the underlying overseas bond ETFs.
Because the table covers every disclosed holding, there is no longer tail to analyse here. The key point for investors is that the portfolio is not diversified through a large list of names; instead, it is built around a dominant bond ETF sleeve and a smaller short-duration sleeve, with cash kept minimal.
Source data date: as of 16 Sep 2026
Who should invest
This fund may suit investors with a high tolerance for price swings who want overseas debt exposure through a passive FoF structure. The 1-year return is positive, but the shorter windows have been choppy, so the fund is better viewed as a niche allocation than a steady core holding.
Our view is that the main trade-off is concentration: the portfolio is heavily dependent on one underlying ETF, even though it holds debt instruments rather than equities. Investors with a medium- to long-term horizon and comfort with a High Risk profile may find the structure understandable, but they should be prepared for periods when returns do not move in a straight line.
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 is 0.10% if units are sold before 7 days, and nil on or after 7 days.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of DSP US Specific Debt Passive FoF Direct Growth Plan?
The current NAV is ₹12.4221 as of 16 Sep 2026.
How has the fund performed over 1 year, 3 years and 5 years?
The fund has returned 6.45% over 1 year, while the 3-year and 5-year figures are not available in a meaningful way for this scheme history.
How does it compare with the benchmark?
It has done better than the benchmark across the listed recent periods, including 1 month, 3 months and 1 year. The 1-year fund return of 6.45% compares with -7.13% for the benchmark.
How does it compare with the peer funds listed here?
Its 1-year return is far lower than the peer return figures shown for the overseas equity and equity-linked funds in the table. The comparison highlights a much more modest return profile for this fund.
Is there a minimum SIP amount?
No minimum SIP amount is stated here, so the fund page does not provide one for this scheme.
What risk and portfolio style should investors note?
The fund is tagged High Risk and is managed by Kaivalya Nadkarni. Its portfolio is concentrated, with 82.79% in one underlying ETF and 16.51% in another, so the underlying sleeve mix matters a lot.
Bottom line
This fund’s recent returns are better than its benchmark, but the path has been uneven and the longer-horizon fields do not add extra comfort through a smooth long-term record. Against the peer return figures shown, it looks materially more modest, although the comparison set is largely overseas equity-focused rather than debt-focused. The portfolio is heavily concentrated in one underlying ETF, which makes the fund easy to understand but also means one position can shape most of the outcome. It may suit investors who want a niche overseas debt allocation and can accept a High Risk profile.
Published on 18 September 2026 at 1:08 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.