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

DSP Focused Fund Direct Growth Plan has a NAV of ₹61.145 as of 17 Sep 2026 and a scheme AUM of ₹2,671 Cr. Its 1-year, 3-year and 5-year returns are -1.14%, 11.77% and 9.98% respectively, and the fund sits in the High Risk category.

Our view is that this is a portfolio for investors who can tolerate sharp swings in return and want an equity fund with a long enough horizon to absorb short-term softness. The recent numbers are weaker than the longer-term trend, but the 3-year and 5-year figures show the strategy has still compounded at a reasonable pace over time.

Quick facts

Particular	Details
NAV	₹61.145 as of 17 Sep 2026
AUM	₹2,671 Cr
Expense Ratio	0.9%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 1M, Nil after 1M
Fund Managers	Bhavin Gandhi

The fund is managed by Bhavin Gandhi.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.41%	-3.66%
3M	-0.18%	-3.71%
1Y	-1.14%	-7.13%
3Y	11.77%	5.82%
5Y	9.98%	5.72%

The recent pattern has been uneven. The 1-month return is negative, but it is still better than the benchmark over the same period, and the 3-month return is close to flat while the benchmark has fallen more sharply. That tells us the fund has recently been less weak than the index, even though it has not delivered a clean upward run.

Over one year, the fund is still negative, but the benchmark has declined more. In plain terms, the fund has protected capital somewhat better than the NIFTY 50 over the shorter horizon, even though both have struggled.

The longer picture is more constructive. The 3-year and 5-year returns are both ahead of the benchmark, which suggests the strategy has rewarded patient holding periods better than the index. The gap between the short-term figures and the medium-term figures also shows that the recent softness is not the same as the longer compounding pattern.

The time pattern visible in the fund’s movement points to a choppy path rather than a straight climb. There have been periods of recovery after setbacks, but also repeated pauses and pullbacks. For investors, that means the fund has not behaved like a low-volatility core holding, yet the longer-run return profile still looks more balanced than the recent one-year weakness might suggest.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD DSP Focused?

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 Focused Fund Direct Growth Plan	-1.14%	11.77%	9.98%
Motilal Oswal Focused Fund Direct Growth Plan	21.91%	13.17%	10.03%
Old Bridge Focused Fund Direct Growth Plan	12.52%	Data not available	Data not available
SBI Focused Fund Direct Growth Plan	10.15%	14.35%	11.38%
Quant Focused Fund Direct Growth Plan	7.73%	12.17%	12.76%
ITI Focused Fund Direct Growth Plan	6.3%	16.76%	Data not available

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

The recent 1-year figure is weaker than every peer listed here, while the fund’s 3-year and 5-year returns sit in the middle of the group rather than at the top end. That mix matters: the fund has not kept pace in the latest one-year stretch, but its medium-term compounding is still competitive against several peers with available longer-run numbers.

What stands out is the split between short-term and longer-term behaviour. A weak 1-year figure alongside firmer 3-year and 5-year returns suggests the recent dip has not erased the broader track record. For investors comparing focused funds on return history alone, the fund looks more stable in the longer lens than in the latest year.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS / Reverse Repo Investments	Cash & Cash Equivalents and Net Assets	11.55%
ICICI Bank Limited	Bank	9.75%
HDFC Bank Limited	Bank	8.32%
Axis Bank Limited	Bank	5.02%
Mahindra & Mahindra Limited	Automobile & Ancillaries	3.94%
Bharti Airtel Limited	Telecom	3.77%
SBI Life Insurance Co Limited	Insurance	3.66%
Cholamandalam Investment and Finance Co Limited	Finance	3.6%
Phoenix Mills Limited	Realty	3.45%
State Bank of India	Bank	3.29%

The top 10 holdings account for approximately 56.35% of the portfolio.

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

The largest disclosed holding is TREPS / Reverse Repo Investments at 11.55%, which means a meaningful portion of the visible portfolio is parked in cash and cash equivalents. That can help soften day-to-day movement, although it also suggests the fund is not fully deployed across equities at this snapshot.

From there, the weights taper down in a fairly measured way: ICICI Bank at 9.75%, HDFC Bank at 8.32% and Axis Bank at 5.02% still carry substantial influence, while the tenth holding is down to 3.29%. That drop from the first to the tenth position indicates that the disclosed book is tilted toward a few larger positions rather than spread evenly.

At the same time, the top 10 holdings together make up 56.35% of the portfolio, and there are 29 disclosed holdings in total. Our view is that this points to a focused structure with a longer tail beyond the main positions. The larger names may have greater influence on returns, but the remaining holdings can still matter when market conditions shift.

Source data date: as of 17 Sep 2026

Who should invest

This fund is better suited to investors who can live with High Risk equity volatility and hold through periods when shorter returns look weak. The 1-year result is negative, but the 3-year and 5-year returns show that the longer holding period has been more rewarding than the latest stretch.

It can fit investors who want focused equity exposure and are comfortable with a portfolio that includes a meaningful cash-like holding along with concentrated stock positions. The main trade-off is clear: you may get stronger longer-term compounding than the recent one-year figure suggests, but you also have to accept uneven short-term performance and a path that can lag the benchmark for stretches before recovering.

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; nil after 1 month.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of DSP Focused Fund Direct Growth Plan?
The current NAV is ₹61.145 as of 17 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 -1.14%, 11.77% and 9.98% respectively.

How has the fund performed versus the NIFTY 50 benchmark?
It is ahead of the benchmark over 3 years and 5 years, and it has also fallen less than the benchmark over 1 month, 3 months and 1 year.

How does it compare with peer focused funds on recent returns?
Its 1-year return is weaker than the listed peers, while its 3-year and 5-year figures are broadly competitive in the group where longer-run data is available.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
Bhavin Gandhi manages the fund. The exit load is 1% if units are sold within 1 month and nil after 1 month.

Bottom line

DSP Focused Fund Direct Growth Plan shows a clear gap between recent weakness and longer-term compounding. The latest 1-year return is negative, yet the 3-year and 5-year numbers remain ahead of the benchmark, which suggests the longer path has been more constructive than the last year alone. Its High Risk profile, focused stock mix and meaningful cash-equivalent holding make it more suitable for investors who can tolerate uneven stretches and stay invested long enough for the broader pattern to matter.

Published on 18 September 2026 at 2:56 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.