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

DSP Equity Savings Fund Direct Growth Plan has a NAV of ₹25.074 as of 17 Sep 2026 and manages ₹3,306 Cr in scheme assets. Its 1-year, 3-year and 5-year returns are 1.57%, 7.94% and 7.24% respectively, while the risk category is Medium Risk. Our view is that it fits investors who want a hybrid allocation with steadier behaviour than pure equity funds, but still need to accept that recent returns have been muted versus the longer run.

The fund’s portfolio leans on financials, debt and select large-cap names, which supports a more balanced profile. That mix may help smooth swings, but the trade-off is that upside can look modest when equity markets move strongly. For investors who can stay invested across cycles, the fund is more about measured participation than aggressive growth.

Quick facts

Particular	Details
NAV	₹25.074 as of 17 Sep 2026
AUM	₹3,306 Cr
Expense Ratio	0.55%
Launch Date	28 Mar 2016
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	No exit load
Fund Managers	Abhishek Singh, Kaivalya Nadkarni, Shantanu Godambe

The fund is managed by Abhishek Singh, Kaivalya Nadkarni and Shantanu Godambe.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.63%	-3.66%
3M	-0.26%	-3.71%
1Y	1.57%	-7.13%
3Y	7.94%	5.82%
5Y	7.24%	5.72%

The recent pattern is softer than the longer-term picture. Both the 1-month and 3-month returns were slightly negative, but the fund still held up better than the benchmark in both windows, which suggests some cushioning in weaker periods.

The 1-year return is only 1.57%, so the last 12 months have been weak in absolute terms even though the benchmark was worse. That makes the recent stretch look more like a flat-to-soft phase than a strong compounding period.

Over longer horizons, the picture improves. The 3-year and 5-year returns are 7.94% and 7.24%, both above the benchmark’s 5.82% and 5.72%. That tells us the fund has been able to create a modest edge over the index over full cycles, even if the latest year has been uninspiring.

The pattern from the return path also suggests controlled movement rather than sharp directional bets. We see periods of small gains and small reversals instead of large jumps, which is consistent with an equity savings structure that is trying to balance equity participation with lower-volatility elements.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD DSP Equity Savings?

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 Equity Savings? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Equity Savings Fund Direct Growth Plan	1.57%	7.94%	7.24%
Edelweiss Equity Savings Fund Direct Growth Plan	7.48%	11.08%	9.43%
HSBC Equity Savings Fund Direct Growth Plan	6.55%	12.65%	10.72%
WOC Equity Savings Fund Direct Growth Plan	6.43%	Data not available	Data not available
Mahindra Manulife Equity Savings Fund Direct Growth Plan	5.19%	9.05%	8.58%
Aditya Birla SL Equity Savings Fund Direct Growth Plan	4.86%	7.77%	6.40%

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

The fund trails the strongest recent peer returns on the 1-year measure, where several peer funds have delivered meaningfully higher numbers. At the same time, its 3-year and 5-year returns are still positive and sit above some peers in the table, so the longer-run gap is less pronounced than the short-run gap.

That split matters. The recent period looks weaker than the peer group leaders, but the 3-year and 5-year figures show that the fund has still compounded at a reasonable pace over time. In our view, the short-term comparison points to a slower patch, while the longer-term comparison suggests a steadier profile than the recent year alone would imply.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	6.77%
Axis Bank Limited	Bank	4.64%
Kotak Mahindra Bank Limited	Bank	3.46%
Mahindra & Mahindra Limited	Automobile & Ancillaries	3.22%
Reliance Industries Limited	Crude Oil	3.11%
ITC Limited	FMCG	2.94%
HDFC Bank Limited**	Certificate of Deposit	2.93%
6.75% GOI FRB 22092033	Government Securities	2.76%
Bharti Telecom Limited**	Corporate Debt	2.60%
ICICI Bank Limited	Bank	2.41%

The largest holding is HDFC Bank Limited at 6.77%, which is sizeable but not excessive on its own for a hybrid fund. The next holdings step down fairly gradually, with the tenth holding still at 2.41%, so the weight profile does not show a single outsized position dominating the portfolio.

The top 10 holdings together account for approximately 34.84% of the portfolio, which suggests that the fund spreads risk across a fairly long list of positions. Because the total disclosed holding count is 60, the visible core is important, but it is not the full story.

That combination may help keep individual-stock impact moderate while still allowing the fund to express a view through large banks, a consumer name, a telecom debt position and government securities. Our view is that the mix points to balance rather than heavy concentration, although the bank exposure remains clearly influential within the top slice.

To see all holdings, visit the DSP Equity Savings Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with Medium Risk and want a hybrid allocation that does not depend on aggressive equity-style swings. The 3-year and 5-year numbers are better than the benchmark, but the 1-year return has been subdued, so the fund works better for people who can tolerate a slower year or two while staying invested through cycles.

The main trade-off is straightforward: you may get steadier behaviour and a more balanced portfolio, but you should not expect the kind of upside that a more equity-heavy fund can sometimes deliver in strong markets. The bank-heavy core and debt exposure may support resilience, yet recent performance shows that the path can still be uneven. For a medium- to long-term horizon, it is more suitable for investors who value balance over speed.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of DSP Equity Savings Fund Direct Growth Plan?

The current NAV is ₹25.074 as of 17 Sep 2026.

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

The fund’s returns are 1.57% over 1 year, 7.94% over 3 years and 7.24% over 5 years.

How has the fund performed against the benchmark?

It has beaten the benchmark over 3 years and 5 years, while also holding up better over 1 month, 3 months and 1 year. The benchmark has been weaker over the recent 1-year period.

How does it compare with the peer funds listed here?

Its 1-year return is lower than several peer funds shown here, while its 3-year and 5-year returns remain positive and competitive against some peers. The short-term and longer-term comparisons do not tell the same story.

What is the minimum SIP amount?

The fund allows SIP investing, but the minimum SIP amount is not stated here.

Who manages the fund and what is the exit load?

The fund is managed by Abhishek Singh, Kaivalya Nadkarni and Shantanu Godambe. The exit load is nil, so there is no exit load on redemption.

Bottom line

DSP Equity Savings Fund Direct Growth Plan has looked softer over the last year, but its 3-year and 5-year numbers still sit ahead of the benchmark, which makes the longer-run picture more constructive than the recent one. The peer table also shows that some rivals have been stronger on raw returns, especially over 1 year, so this is not the most forceful performer in the group. Its Medium Risk profile, bank-led portfolio and meaningful debt exposure point to balance rather than high-octane growth, making it more suitable for investors who want measured equity participation with a steadier mix.

Published on 18 September 2026 at 4:03 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.