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

DSP Flexi Cap Fund Direct Growth Plan has a current NAV of ₹115.058 as of 08 Sep 2026 and scheme assets of ₹12,422 Cr. Its 1-year, 3-year and 5-year returns are 1.74%, 10.87% and 9.78%, and the fund sits in the High Risk bucket. Our view is that it has delivered a mixed experience: the longer-term record is steadier than the latest 1-year outcome, while the portfolio still carries meaningful bank exposure that can help on participation in financials but also keeps the fund tied to market swings.

The combination of a direct growth structure, a 0.61% expense ratio and a diversified flexi-cap mandate makes it more relevant for investors who can stay invested through uneven stretches rather than those looking for smooth short-term outcomes.

Quick facts

Particular	Details
NAV	₹115.058 as of 08 Sep 2026
AUM	₹12,422 Cr
Expense Ratio	0.61%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 12M, Nil after 12M
Fund Managers	Bhavin Gandhi

The fund is managed by Bhavin Gandhi.

Source data date: as of 08 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.25%	-3.86%
3M	4.57%	1.69%
1Y	1.74%	-5.72%
3Y	10.87%	6.3%
5Y	9.78%	6.05%

The latest short-term reading is softer than the mid-term picture, but it is still better than the benchmark over the same window. The fund fell in the 1-month period, yet the decline was less severe than the benchmark’s drop, which suggests it held up somewhat better in a weak stretch. Over 3 months, the fund moved ahead of the benchmark by a wider margin, so the recent phase is not uniformly weak.

That said, the 1-year return of 1.74% is well below the 3-year and 5-year numbers, so the recent period has clearly been harder than the longer run. The 3-year return of 10.87% and 5-year return of 9.78% show that the fund has compounded at a moderate pace over fuller market cycles. The gap versus the benchmark also matters: the benchmark has lagged the fund over 3 years and 5 years, but the benchmark’s own 1-year return is negative, which makes the fund’s low positive 1-year outcome look better on a relative basis than on an absolute one.

Our interpretation is that this is not a smooth-return fund. It has shown the ability to stay ahead of the benchmark over longer windows, but shorter stretches can still be uneven. For investors, that means the most useful lens is not one month or one year in isolation; it is the fund’s ability to recover and compound over time.

Source data date: as of 08 Sep 2026

Should you BUY or HOLD DSP Flexi Cap?

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 Flexi Cap Fund Direct Growth Plan	1.74%	10.87%	9.78%
ITI Flexi Cap Fund Direct Growth Plan	15.92%	18.62%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	15.04%	19.51%	17.07%
Navi Flexi Cap Fund Direct Growth Plan	12.89%	11.42%	11.86%
LIC MF Multi Cap Fund Direct Growth Plan	12.33%	18.1%	Data not available
TRUSTMF Flexi Cap Fund Direct Growth Plan	11.87%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The fund’s 1-year return is far below the strongest peer readings in the list, even though its 3-year and 5-year figures are more respectable. That creates a split picture: the recent period looks subdued, but the longer horizon is less weak than the short-run number suggests.

Against peers with available longer-term data, the fund’s 3-year return trails the better-performing names in the table, while the 5-year return also sits below the stronger multi-year outcomes. At the same time, some peers have missing 5-year or 3-year figures, so the cleanest reading is that DSP’s longer-term record is serviceable, not standout, and the recent return gap is the clearest weakness.

Source data date: as of 08 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Ltd	Bank	9.5%
HDFC Bank Ltd	Bank	8.52%
Axis Bank Ltd	Bank	4.63%
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	4.56%
Mahindra & Mahindra Ltd	Automobile & Ancillaries	4.46%
State Bank of India	Bank	3.47%
Bharti Airtel Ltd	Telecom	3.01%
Bajaj Finance Ltd	Finance	3%
Cholamandalam Investment and Finance Co Ltd	Finance	2.6%
Coforge Ltd	IT	2.39%

The top holding, ICICI Bank Ltd, accounts for 9.5% of the portfolio, so no single line item dominates the fund on its own. The drop from the first holding to the tenth is gradual rather than abrupt, which suggests the portfolio is built around a cluster of meaningful positions instead of one or two outsized bets.

The top 10 holdings account for approximately 46.14% of the portfolio, and the full holding list runs to 51 names. That combination points to a moderate level of concentration in the visible positions, but not an extremely narrow portfolio. Banks take up several of the largest slots, so financials are likely to have a noticeable influence on returns, while the rest of the book may help spread the risk across sectors.

Because the disclosed holdings extend beyond the top 10, the tail of smaller positions still matters. Our reading is that this structure may cushion the impact of any one stock, yet the portfolio can still move meaningfully with the banking and finance space.

To see all holdings, visit the DSP Flexi Cap Fund Direct Growth Plan page

Source data date: as of 08 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk and who are comfortable with uneven short-term outcomes in exchange for a longer investment horizon. The return pattern says the fund has done better over 3-year and 5-year windows than over the latest 1-year stretch, so it is more suitable for patient capital than for money needed soon.

Compared with the benchmark, the fund has shown better longer-term numbers, but the recent 1-year outcome is modest and much weaker than several peer funds with available data. That trade-off matters: investors may accept a period of lagging returns if they want exposure to a flexi-cap strategy with a sizable banking tilt and room to participate across market segments.

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 applies at 1% if units are sold within 12 months, and it is nil after 12 months.

Source data date: as of 08 Sep 2026

Frequently asked questions

What is the current NAV of DSP Flexi Cap Fund Direct Growth Plan?

The current NAV is ₹115.058 as of 08 Sep 2026.

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

The 1-year return is 1.74%, the 3-year return is 10.87% and the 5-year return is 9.78%.

How does the fund compare with the benchmark?

It has outpaced the benchmark over 3 years and 5 years, and it has also done better than the benchmark over 1 month, 3 months and 1 year. The edge is clearer over longer periods than in the latest year.

How does it compare with peer funds on recent returns?

Its 1-year return is well below the stronger peer figures shown here, while its 3-year and 5-year numbers are more moderate. The recent gap versus several peers is the most noticeable difference.

Is there an exit load?

Yes. Exit load is 1% if units are sold within 12 months, and nil after 12 months.

Who manages the fund?

The fund is managed by Bhavin Gandhi.

Bottom line

DSP Flexi Cap Fund Direct Growth Plan has a mixed short-term record but a steadier longer-term profile, with 3-year and 5-year returns that sit above the benchmark. It does not match the stronger peer readings in the recent year, yet the longer runway looks more balanced than the latest period alone suggests. The fund’s High Risk tag and bank-heavy top holdings mean it can move with financials and broader equity sentiment. That makes it more suitable for investors who can accept volatility and wait through weaker stretches.

Published on 9 September 2026 at 1:19 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.