DSP Dynamic Asset Allocation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Dynamic Asset Allocation Fund Direct Growth Plan is at a NAV of ₹33.175 as of 10 Sep 2026, with scheme AUM of ₹3,780 Cr. Its 1-year, 3-year and 5-year returns are 4.53%, 10.41% and 8.75% respectively, and the fund sits in the High Risk bucket.

Our view is that this is a fund for investors who can stay with a fluctuating allocation approach through market swings. The longer record is steadier than the latest 1-year stretch, but the benchmark has been weaker over the same horizon, which suggests the fund has added value through changing market phases rather than through smooth month-to-month gains.

Quick facts

Particular	Details
NAV	₹33.175 as of 10 Sep 2026
AUM	₹3,780 Cr
Expense Ratio	0.65%
Launch Date	06 Feb 2014
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	1% on or before 1M, Nil after 1M
Fund Managers	Rohit Singhania, Preethi R S, Shantanu Godambe, Kaivalya Nadkarni

The fund is managed by Rohit Singhania, Preethi R S, Shantanu Godambe and Kaivalya Nadkarni.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.34%	-4.06%
3M	2.38%	1.37%
1Y	4.53%	-7.31%
3Y	10.41%	6.07%
5Y	8.75%	5.91%

The latest 1-month result is negative, but the fund still held up better than the benchmark over the same period. That points to a more defensive short-term profile than the market index, even though returns have not been smooth.

Over 3 months, the fund has turned positive and is ahead of the benchmark. The 1-year figure is more telling: the fund has delivered a positive return while the benchmark has been negative, so the allocation mix has helped the scheme navigate a difficult market phase.

The longer record remains constructive. At 3 years and 5 years, the fund is ahead of the benchmark on the supplied return figures, which suggests the strategy has added value across a full cycle rather than only in one strong quarter. The recent softness after a better multi-year run means short-term volatility is still part of the experience.

For investors, that combination matters. The fund does not look like a low-volatility holding, but the benchmark comparison shows it has generally done better than the index over longer windows. That makes the return pattern more suitable for patient investors than for those looking for steady month-by-month outcomes.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD DSP Dynamic Asset Allocation?

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 Dynamic Asset Allocation Fund Direct Growth Plan	4.53%	10.41%	8.75%
Unifi Dynamic Asset Allocation Fund Direct Growth Plan	8.79%	Data not available	Data not available
Baroda BNP Paribas Balanced Advantage Fund Direct Growth Plan	7.3%	12%	11.22%
Aditya Birla SL Balanced Advantage Fund Direct Growth Plan	6.99%	11.7%	10.43%
Edelweiss Balanced Advantage Fund Direct Growth Plan	5.88%	10.64%	9.58%
360 ONE Balanced Hybrid Fund Direct Growth Plan	5.64%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the latest 1-year numbers, the fund trails some peers such as Unifi, Baroda BNP Paribas and Aditya Birla SL. The gap narrows when we look at longer windows, where the fund’s 3-year and 5-year returns remain positive and compare more comfortably with peers that have full multi-year figures.

That makes the short-term and longer-term stories different. The 1-year result is not the strongest in this set, but the 3-year and 5-year figures show that the strategy has been able to compound through a full market cycle. For investors comparing funds on a multi-year basis, that steadier longer-run profile may matter more than one weaker recent stretch.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Ltd	Bank	7.96%
ICICI Bank Ltd	Bank	7.88%
Axis Bank Ltd	Bank	4.62%
State Bank of India	Bank	4.48%
Bharti Airtel Ltd	Telecom	4.1%
Kotak Mahindra Bank Ltd	Bank	3.07%
7.32% GOI 13112030	Government Securities	2.91%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	2.83%
National Bank for Agriculture & Rural Development	Corporate Debt	2.76%
6.94% GOI 11052036	Government Securities	2.71%

The top 10 holdings account for approximately 43.32% of the portfolio, and the largest single position is HDFC Bank Ltd at 7.96%. The next few positions are also meaningful, but the weights step down fairly quickly after the top two bank holdings.

That pattern suggests a core built around large financial names, with smaller sleeves in telecom, government securities, cash-like instruments and corporate debt. With 57 disclosed holdings in total, the fund appears to combine a concentrated core with a longer tail of smaller positions, which may help diversify outcomes across asset classes even though the biggest names still matter most.

The weight from the first holding to the tenth does not collapse to a token level; the tenth holding still carries 2.71%. So the portfolio is not narrowly dependent on one position alone, but the top names are still likely to have greater influence on returns than the rest of the disclosed list.

To see all holdings, visit the DSP Dynamic Asset Allocation Fund Direct Growth Plan page

Source data date: as of 10 Sep 2026

Who should invest

This fund may suit investors who can tolerate High Risk and are comfortable with a dynamic allocation style that can move through uneven phases. The return pattern points to a scheme that has handled medium-term periods better than the index, while still showing short-term weakness, so a longer horizon is important.

Our view is that it fits investors who want a hybrid fund with a meaningful equity orientation but do not expect smooth near-term outcomes. The main trade-off is that the fund has the potential to stay ahead of the benchmark over longer windows, but investors must be willing to accept periods when recent returns soften and the ride becomes choppier.

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 1 month; no exit load after that.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of DSP Dynamic Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹33.175 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 4.53% over 1 year, 10.41% over 3 years and 8.75% over 5 years.

How does it compare with the benchmark?
It has outperformed the benchmark over 1 year, 3 years and 5 years. The benchmark return is -7.31% over 1 year, 6.07% over 3 years and 5.91% over 5 years.

How does it compare with peer funds on the latest 1-year return?
It trails some of the peer returns shown here on the latest 1-year figure, including Unifi, Baroda BNP Paribas and Aditya Birla SL. Its longer-term returns remain positive, which gives a different picture over full market cycles.

Is there a minimum SIP amount?
The scheme allows SIP investment, but the minimum SIP amount is not stated here. The fund’s other key details, such as NAV, AUM, return history and risk category, are available for review.

What is the portfolio style and exit load?
The portfolio is led by large bank holdings, with additional exposure to telecom, government securities, cash equivalents and corporate debt. Exit load is 1% if units are sold within 1 month, and none applies after that.

Published on 11 September 2026 at 1:07 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.