DSP Conservative Hybrid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Conservative Hybrid Fund Direct Growth Plan sits in the hybrid category with a Medium Risk tag. Its NAV is ₹68.9373 as of 10 Sep 2026, and the scheme’s AUM is ₹178 Cr. The fund’s 1-year, 3-year and 5-year returns are 3.88%, 8.63% and 7.43%, respectively, so the longer run is steadier than the recent one-year showing.

Our view is that this profile fits investors who want a conservative hybrid allocation and can accept moderate fluctuations for steadier progress over time. The portfolio leans heavily into sovereign and high-quality fixed-income holdings, which may help dampen swings, while the return pattern suggests the fund has kept up better over longer periods than in the latest year.

Quick facts

Particular	Details
NAV	₹68.9373 as of 10 Sep 2026
AUM	₹178 Cr
Expense Ratio	0.48%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	No exit load
Fund Managers	Abhishek Singh, Shantanu Godambe

The fund is managed by Abhishek Singh and Shantanu Godambe.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.71%	-4.06%
3M	1.34%	1.37%
1Y	3.88%	-7.31%
3Y	8.63%	6.07%
5Y	7.43%	5.91%

The recent picture is mixed, but it is not weak in absolute terms. Over 1 month and 3 months, the fund moved close to its benchmark, and in both cases the benchmark data also shows a muted pattern. The fund’s 1-year return is more meaningful because it is clearly positive while the benchmark is negative, which points to better resilience through a difficult stretch.

The longer record is stronger than the latest year. The 3-year and 5-year returns both remain comfortably positive, and they are ahead of the benchmark over the same periods. That tells us the fund has delivered a steadier compounding path than the index across a fuller cycle, even if the latest 1-year reading is lower than the 3-year pace.

The movement visible across the periods suggests a fund that has not been linear. It has had phases of pressure, but the longer-run pattern still slopes upward. For investors, that means the key message is consistency rather than excitement: the fund has generally protected its long-term track better than the benchmark, while near-term behaviour can still soften.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD DSP Conservative Hybrid?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Conservative Hybrid Fund Direct Growth Plan	3.88%	8.63%	7.43%
Nippon India Conservative Hybrid Fund Direct Growth Plan	7.43%	8.73%	8.32%
Parag Parikh Conservative Hybrid Fund Direct Growth Plan	5.76%	9.48%	9.48%
SBI Conservative Hybrid Fund Direct Growth Plan	5.62%	8.46%	8.74%
Baroda BNP Paribas Conservative Hybrid Fund Direct Growth Plan	5.54%	8.55%	7.59%
Aditya Birla SL Conservative Hybrid Fund Direct Growth Plan	5.15%	8.77%	8.17%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The current fund trails the strongest 1-year peer numbers in this group, though its 1-year return still stays positive. On the longer horizon, the 3-year figure is close to the middle of the peer set, while the 5-year return sits below several peers that have compounded at a faster pace. So the short-term and long-term comparisons tell different stories: the recent year looks softer, but the longer record remains respectable and not far from the peer cluster.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.32% GOI 13112030	Government Securities	11.78%
6.75% GOI FRB 22092033	Government Securities	9.02%
7.03% Maharashtra SDL 25062038	Government Securities	8.11%
7.06% GOI 10042028	Government Securities	5.84%
6.48% GOI 06102035	Government Securities	5.59%
IDFC First Bank Limited**	Certificate of Deposit	5.45%
Small Industries Development Bank of India**	Certificate of Deposit	5.45%
Muthoot Finance Limited**	Corporate Debt	4.3%
Cholamandalam Investment and Finance Co Limited	Corporate Debt	3.03%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	2.98%

The top 10 holdings account for approximately 61.55% of the portfolio.

To see all holdings, visit the DSP Conservative Hybrid Fund Direct Growth Plan page

The single largest holding is 7.32% GOI 13112030 at 11.78%, and the next four positions are also sovereign paper, which tells us the fixed-income core is substantial. Weight then tapers to the mid-single-digit range, with the tenth holding at 2.98%, so the portfolio is not dominated by one security alone, even though the top names matter most.

Because the disclosed top 10 already account for 61.55% of the portfolio and the full disclosed list has 35 holdings, the fund appears to combine a concentrated core with a longer tail. That structure may make the largest government securities and top credit exposures more influential on returns, while the rest of the book could add diversification around them. The mix looks more defensive than equity-heavy, which is consistent with a conservative hybrid mandate.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can tolerate Medium Risk and want a conservative hybrid allocation rather than a pure equity play. The longer-term return pattern is more attractive than the latest year, and the benchmark comparison also shows that the fund has generally held up better across 3-year and 5-year windows than in the latest 12 months.

It may fit a horizon of at least several years, because that is where the steadier compounding picture becomes clearer. The main trade-off is that the portfolio’s defensive fixed-income tilt may help reduce volatility, but it can also limit upside when sharper equity-led rallies dominate the market.

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: No exit load.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of DSP Conservative Hybrid Fund Direct Growth Plan?
Its NAV is ₹68.9373 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 3.88% for 1 year, 8.63% for 3 years and 7.43% for 5 years.

How has it done versus the benchmark?
It has stayed ahead of the benchmark over 1-year, 3-year and 5-year periods. The 1-year gap is especially notable because the fund is positive while the benchmark is negative.

How does it compare with peer funds on returns?
Its 1-year return is lower than several peers in the table, while its 3-year and 5-year figures remain competitive but below the strongest longer-run peer numbers shown.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Abhishek Singh and Shantanu Godambe. The exit load is nil, so units can be sold without an exit charge.

Bottom line

This fund’s recent return pattern is softer than its longer-run record, but the 3-year and 5-year numbers still show a steadier path than the benchmark. Compared with peers, the latest year looks less impressive, while the multi-year picture stays solid rather than standout. The Medium Risk tag and the heavy tilt toward government securities suggest a more defensive conservative hybrid profile. That makes it more suitable for investors who want moderate risk and are comfortable letting the longer-term compounding story play out.

Published on 11 September 2026 at 10:48 AM 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.