DSP ELSS Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP ELSS Tax Saver Fund Direct Growth Plan is at ₹153.374 as of 08 Sep 2026, with scheme AUM of ₹16,737 Cr. Its 1-year, 3-year and 5-year returns are 1.06%, 12.94% and 12.01% respectively, and the scheme is tagged High Risk. Our view is that the fund has a clear long-term equity profile, but the recent 1-year outcome is much softer than its 3-year and 5-year record, so it fits investors who can stay with a volatile ELSS through uneven stretches.

The fund combines tax-saving lock-in, a concentrated bank-heavy core and a broad enough tail across 52 holdings. That mix can support equity participation over time, but it also means the path can be choppy. For investors who want Section 80C exposure through an ELSS and can accept a high-risk route, the scheme looks more suitable as a long-horizon allocation than as a short-term return story.

Quick facts

Particular	Details
NAV	₹153.374 as of 08 Sep 2026
AUM	₹16,737 Cr
Expense Ratio	0.64%
Launch Date	01 Jan 2013
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	No exit load after holding period
Fund Managers	Rohit Singhania

The fund is managed by Rohit Singhania.

Source data date: as of 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.02%	-3.86%
3M	2.55%	1.69%
1Y	1.06%	-5.72%
3Y	12.94%	6.3%
5Y	12.01%	6.05%

The recent picture is mixed rather than smooth. Over 1 month, the fund fell less than the benchmark, which tells us the downside was milder than the index. Over 3 months, it moved ahead of the benchmark, showing some recovery after a weaker patch.

The longer view is more constructive. The 3-year and 5-year figures are both ahead of the benchmark, and that gap is large enough to matter for a tax-saving equity fund. At the same time, the 1-year return is far lower than the 3-year and 5-year pace, so recent behaviour has clearly been weaker than the fund’s longer-running compounding pattern.

That split matters for interpretation. The fund has not delivered a straight line, and the short-term period suggests the portfolio can still go through soft phases even when longer windows look healthier. For investors, the key takeaway is that the record is better over multi-year holding periods than over the most recent 12 months.

Relative to the benchmark, the fund is ahead on 3 months, 1 year, 3 years and 5 years, while the benchmark only narrows the gap in the very short 1-month period. That pattern supports a view that the scheme has added value over full market cycles rather than through steady month-to-month outperformance.

Source data date: as of 08 Sep 2026

Should you BUY or HOLD DSP ELSS Tax Saver?

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 ELSS Tax Saver Fund Direct Growth Plan	1.06%	12.94%	12.01%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	16.61%	22.64%	17.76%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.44%	14.57%	15.7%
Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan	10.54%	11.89%	16.25%
JM ELSS-Tax Saver Fund Direct Growth Plan	10.28%	16.29%	14.85%
ITI ELSS Tax Saver Fund Direct Growth Plan	8.23%	17.25%	13.5%

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

The current fund’s 1-year return is far below the stronger peer figures, where the leading names are well into double digits. That tells us the recent stretch has been comparatively weak, even though the scheme did beat its benchmark over the same period.

On longer horizons, the fund is still behind several peers on 3-year and 5-year returns. Motilal Oswal and Quant both show stronger figures across the three available periods, while JM and ITI also stay ahead on the longer windows. The short-term picture and the longer-term peer picture therefore point in the same direction: the scheme has some recovery in its own record versus the benchmark, but peer data show that others have compounded more strongly over the same horizons.

Source data date: as of 08 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd	Bank	9.79%
HDFC Bank Ltd	Bank	8.8%
Axis Bank Ltd	Bank	7.18%
State Bank of India	Bank	5.32%
Bharti Airtel Ltd	Telecom	3.52%
Kotak Mahindra Bank Ltd	Bank	3.38%
Reliance Industries Ltd	Crude Oil	2.66%
Mahindra & Mahindra Ltd	Automobile & Ancillaries	2.61%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	2.61%
Infosys Ltd	IT	2.41%

The top 10 holdings account for approximately 48.28% of the portfolio.

To see all holdings, visit the DSP ELSS Tax Saver Fund Direct Growth Plan page

ICICI Bank Ltd is the largest holding at 9.79%, so it is likely to have greater influence on returns than any other single position in the visible list. The next holdings also remain meaningful, with HDFC Bank at 8.8% and Axis Bank at 7.18%, which shows that the largest positions are still clustered in financials.

The weight then steps down gradually rather than collapsing after the top name. By the tenth holding, the weight is 2.41%, so the list moves from nearly 10% at the top to a little over 2% at the bottom. That pattern suggests a moderate concentration in a few large positions, but not an extreme one-item portfolio.

Across 52 disclosed holdings, the top 10 account for 48.28%. That means the visible part of the portfolio is still significant, yet the rest of the holdings likely provide additional diversification. In our view, the combination of a sizeable banking core and a longer tail can support diversified equity exposure, while still leaving the fund with positions that may influence outcomes more than a very spread-out portfolio would.

Source data date: as of 08 Sep 2026

Who should invest

This scheme suits investors who can handle High Risk exposure and are comfortable with the possibility of uneven short-term performance. The 1-year result is much weaker than the 3-year and 5-year record, so the fund is better viewed through a multi-year lens than as a short-term holding.

The benchmark comparison is supportive over longer periods, while the portfolio still carries a clear bank-heavy core that can move differently from the broader market. That makes the fund more appropriate for investors with a longer horizon, especially those using the ELSS structure for tax planning and willing to accept swings in return patterns along the way.

The main trade-off is straightforward: the scheme has shown better longer-term compounding than recent one-year performance, but that path has not been smooth. Investors need to be comfortable with that volatility in exchange for equity participation inside an ELSS wrapper.

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 after holding period.

Source data date: as of 08 Sep 2026

Frequently asked questions

What is the current NAV of DSP ELSS Tax Saver Fund Direct Growth Plan?

The current NAV is ₹153.374 as of 08 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are 1.06%, 12.94% and 12.01%.

How does the fund compare with NIFTY 50?

The fund is ahead of NIFTY 50 on 3 months, 1 year, 3 years and 5 years, while the benchmark is slightly less negative over 1 month.

How does it compare with the peer funds listed here?

Its recent 1-year return is well below the strongest peer figures, and its 3-year and 5-year returns are also below several peers in the comparison set.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Rohit Singhania. There is no exit load after the holding period.

Bottom line

DSP ELSS Tax Saver Fund Direct Growth Plan has a weaker recent 1-year showing than its 3-year and 5-year record, so the short-term picture does not fully match the longer-term trend. It remains ahead of the benchmark over the fuller horizons, but several peers have compounded more strongly on the same measures. The portfolio is led by a sizeable banking core and the scheme sits in High Risk territory, so it suits investors who can tolerate swings and focus on the ELSS holding period rather than month-to-month movement.

Published on 9 September 2026 at 7:08 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.