DSP Nifty Smallcap250 Quality 50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Nifty Smallcap250 Quality 50 Index Fund Direct Growth Plan is an index fund with a current NAV of ₹11.0193 as of 17 Sep 2026 and scheme AUM of ₹316 Cr. Its 1-year, 3-year and 5-year returns are -8.79%, 0% and 0%, and it sits in the High Risk category. Our view is that this is a fund for investors who can tolerate sharp swings and are comfortable with a small-cap style exposure that has not yet built a long live return history.

The portfolio is built around 50 holdings, with the top 10 accounting for 36.03% of assets. That mix suggests a relatively selective structure rather than broad diversification at the top, so returns can move differently from the benchmark over shorter periods. The fund is better suited to investors who can hold through volatility and want a rules-based small-cap quality approach rather than a smoother return pattern.

Quick facts

Particular	Details
NAV	₹11.0193 as of 17 Sep 2026
AUM	₹316 Cr
Expense Ratio	0.15%
Launch Date	26 Dec 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Anil Ghelani, Diipesh Shah, Neha Rathi

The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.42%	-3.66%
3M	-1.52%	-3.71%
1Y	-8.79%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is mixed rather than smooth. The fund has been less weak than the benchmark over 1M and 3M, which tells us it has held up a little better in the latest stretch, even though both have moved lower. That relative resilience is useful, but it does not change the fact that the 1-year return remains negative.

Over 1Y, the fund is still behind the benchmark. That gap matters because it shows the strategy has not yet translated into stronger one-year compounding than the broad market reference used here. For investors, that means the fund has shown some cushion in the latest period, but not enough to overcome the weaker full-year outcome.

The live history is still short, so we would avoid reading too much into the unavailable 3Y and 5Y figures. What matters more is that the recent recovery and pullbacks are both visible, which is typical of a small-cap-oriented index strategy. In practical terms, the return path looks volatile, and the benchmark comparison suggests the fund has been slightly steadier very recently but still lagging on the longer one-year lens.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD DSP Nifty Smallcap250 Quality 50 Index?

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 Nifty Smallcap250 Quality 50 Index? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Nifty Smallcap250 Quality 50 Index Fund Direct Growth Plan	-8.79%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the return data available here, the fund trails the stronger 1-year peer figures by a wide margin, while two peers also show positive 3-year numbers. That makes the current fund look weaker on recent performance than the better-performing peer set. At the same time, the peer table also shows that some peers have no 5-year figures available, so the longer-horizon comparison is uneven and should be read with caution.

For this fund, the main story is the gap between a negative 1-year return and the much stronger one-year outcomes seen in several peers. The available 3-year peer figures also point to a more established compounding record in a few schemes, while this fund still lacks those longer-run numbers. So the short-term and longer-term peer comparisons do not tell the same story: the current fund is clearly behind on the recent numbers, and it also does not yet offer a comparable multi-year track record.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Anand Rathi Wealth Limited	Finance	5.22%
Computer Age Management Services Limited	Business Services	5.03%
Central Depository Services (India) Limited	Business Services	4.16%
Sona BLW Precision Forgings Limited	Automobile & Ancillaries	3.95%
Karur Vysya Bank Limited	Bank	3.41%
Indian Energy Exchange Limited	Power	3.32%
Castrol India Limited	Automobile & Ancillaries	3.17%
DR. Lal Path Labs Limited	Healthcare	2.9%
Motherson Sumi Wiring India Limited	Automobile & Ancillaries	2.54%
Gillette India Limited	FMCG	2.33%

The largest holding, Anand Rathi Wealth Limited, carries a 5.22% weight, so no single position dominates the portfolio on its own. The drop from the first holding to the tenth is fairly gradual, ending at 2.33%, which suggests the top slice is spread across several moderate-sized positions rather than concentrated in one very large bet.

The top 10 holdings together account for 36.03% of the portfolio, and the full disclosed holding count is 50. That combination points to a portfolio that is still shaped by a relatively important core group, while leaving room for a longer tail of smaller positions to influence the fund. In our view, that structure may soften the dependence on any one stock, but it can still leave returns sensitive to moves in a handful of top names.

Because the weights step down without a sharp cliff, the portfolio may be more balanced at the top than a highly concentrated small-cap strategy. Even so, 36.03% in the top 10 is meaningful, so the largest holdings could continue to matter more than the tail. The overall picture is a selective portfolio with many names, not a broad equal-weight style.

To see all holdings, visit the DSP Nifty Smallcap250 Quality 50 Index Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund may suit investors with a high tolerance for volatility and a longer investment horizon, especially those who want a rules-based small-cap style exposure and can accept uneven returns along the way. The High Risk tag is important here, because the return pattern has been choppy and the 1-year result is still negative.

The main trade-off is that the fund may deliver meaningful upside only if the small-cap cycle improves, but in the meantime it can lag the benchmark and several peer schemes that have shown stronger recent gains. Investors who want stability or a smoother compounding path may find the return profile harder to live with.

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 Nifty Smallcap250 Quality 50 Index Fund Direct Growth Plan?

The current NAV is ₹11.0193 as of 17 Sep 2026.

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

The 1-year return is -8.79%, while the 3-year and 5-year returns are both 0% in the available record.

How has the fund done against its benchmark?

Over 1 year, the fund has returned -8.79% versus -7.13% for the benchmark. Over 3 months and 1 month, the fund has been less weak than the benchmark, but the full 1-year outcome is still behind.

How does it compare with peer funds on recent returns?

Its 1-year return is well below the stronger peer figures shown here, while some peers also have positive 3-year returns. The available peer set suggests this fund has lagged on recent performance.

Is there a minimum SIP amount?

Yes, the minimum SIP amount is ₹100.

Who manages the fund, and what is the exit load?

The fund is managed by Anil Ghelani, Diipesh Shah and Neha Rathi. The exit load is nil, so there is no exit load on redemption.

Bottom line

This fund shows a choppy recent return profile and still trails the benchmark on the 1-year view, while the longer-horizon figures remain unavailable in the current record. Compared with the peers shown here, its recent return is weaker, and the peer set also contains schemes with stronger 3-year outcomes. The portfolio is built from 50 holdings with a 36.03% top-10 weight, so the fund is not overwhelmingly concentrated but still has a meaningful core. It may appeal mainly to investors who can hold through volatility and want a small-cap quality index exposure.

Published on 18 September 2026 at 11:38 AM 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.