DSP Nifty Top 10 Equal Weight Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

DSP Nifty Top 10 Equal Weight Index Fund Direct Growth Plan has a NAV of ₹8.7467 as of 10 Sep 2026 and an AUM of ₹1,105 Cr. Its 1-year, 3-year and 5-year returns are -10.04%, 0% and 0%. The scheme sits in the High Risk category, so our view is that it suits investors who can tolerate sharp swings and want a simple index-led strategy rather than a defensive allocation.

The portfolio is built around 10 equal-weighted large-cap names, and that structure makes the fund easy to understand. The recent return pattern has been weak, while the benchmark comparison is mixed, so the case here depends more on an investor’s willingness to stay with an equity index product through short-term drawdowns than on near-term momentum.

Quick facts

Particular	Details
NAV	₹8.7467 as of 10 Sep 2026
AUM	₹1,105 Cr
Expense Ratio	0.25%
Launch Date	05 Sep 2024
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 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.34%	-4.06%
3M	-0.03%	1.37%
1Y	-10.04%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Over the recent month, the fund lagged the benchmark by a small margin, which suggests that its equal-weight approach did not cushion the decline better than the broader market. In the 3-month window, the gap widened because the benchmark turned positive while the fund stayed slightly negative. That is an important sign for investors who expect this index strategy to track the benchmark closely in shorter cycles.

The 1-year picture is weaker. The fund is down 10.04%, while the benchmark is down 7.31%, so the scheme has trailed the reference index over the same period. For a plain index fund, that gap matters because it shows that even without active stock selection, tracking can still leave an investor with a worse outcome than the benchmark.

The pattern across the provided daily paths also suggests a choppy year rather than a clean recovery. The fund rallied at points, but it did not sustain those gains, and the end result was a noticeably softer year-end position. That makes the recent behaviour look more fragile than the 3-month reading alone might suggest, and it reinforces that this is not a short-term stability play.

Because the scheme launched in 2024, 3-year and 5-year return figures are not available yet. That means the only usable longer window today is 1 year, and our view is that investors should judge this fund mainly on its structure, tracking behaviour and willingness to hold through near-term volatility rather than on any long history.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD DSP Nifty Top 10 Equal Weight 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
DSP Nifty Top 10 Equal Weight Index Fund Direct Growth Plan	-10.04%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

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 materially weaker than the strongest peer numbers in this comparison set, and that contrast is hard to ignore. Several peers have delivered double-digit gains over the same horizon, while this scheme has stayed negative. On the 3-year and 5-year columns, the gap is less informative because the current fund and most peers do not have comparable long-history figures available.

That makes the short-term story very different from the longer-history story for the peers that do have one. ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan shows strong positive 1-year and 3-year figures, while the defence and capital-markets peers also sit comfortably above zero on the 1-year line. Against that backdrop, the current fund has not kept pace on recent return delivery, even before we consider the different index themes behind the peer funds.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Tata Consultancy Services Ltd	IT	11.98%
Infosys Ltd	IT	11.42%
Bharti Airtel Ltd	Telecom	11.21%
ICICI Bank Ltd	Bank	11.16%
Reliance Industries Ltd	Crude Oil	10.63%
ITC Ltd	FMCG	10.33%
Kotak Mahindra Bank Ltd	Bank	10.26%
HDFC Bank Ltd	Bank	10.07%
Larsen & Toubro Ltd	Infrastructure	10.06%
Axis Bank Ltd	Bank	9.48%

The largest holding, Tata Consultancy Services Ltd, carries a weight of 11.98%, while the tenth holding, Axis Bank Ltd, is still close at 9.48%. That narrow spread tells us the portfolio is deliberately balanced across its 10 names rather than leaning heavily on one dominant stock. In practical terms, no single holding is likely to overwhelm the rest of the basket.

The top two IT names together are only modestly above the rest of the list, and the weights remain tightly grouped through the bottom of the table. That pattern may help keep the scheme’s behaviour anchored to a broad set of large-cap leaders, although it can also mean the fund will not benefit as much as a more concentrated portfolio when one stock or one pocket of the market surges.

All 10 disclosed holdings are listed here, and their combined weight is 100%. That means the published portfolio is fully accounted for in these names, with no longer tail to dilute the visible concentration. The holdings are spread across IT, banking, telecom, infrastructure, FMCG and crude oil, so the scheme is diversified by business exposure even though the weights themselves remain clustered closely together.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can accept high day-to-day volatility and who are comfortable holding an equity index strategy through weak market phases. The 1-year loss, together with the softer short-term showing versus the benchmark, means the scheme is not built for anyone seeking steady near-term capital protection.

Its equal-weight structure may appeal to investors who want a simple, rules-based large-cap exposure with no stock-picker dependence. The trade-off is that this design still leaves the fund exposed to market swings, and the recent numbers show that tracking a benchmark does not eliminate negative periods. A longer holding horizon is more sensible than a short trading-style approach.

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 10 Sep 2026

Frequently asked questions

What is the current NAV of DSP Nifty Top 10 Equal Weight Index Fund Direct Growth Plan?

The NAV is ₹8.7467 as of 10 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is -10.04%. The 3-year and 5-year return figures are not available yet.

How does the fund compare with its benchmark?

It has lagged the benchmark in the available periods. Over 1 year, the fund is -10.04% versus the benchmark at -7.31%, and over 3 months the fund is -0.03% versus the benchmark at 1.37%.

How does it compare with the peer funds listed here?

Its 1-year return is weaker than the peer figures shown here, including several funds that are comfortably positive over the same horizon. The longer-history peer figures are not uniformly available, so the clearest comparison is on the 1-year line.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What risk level and exit load apply to this fund?

The fund is tagged High Risk and it has no exit load. It is managed by Anil Ghelani, Diipesh Shah and Neha Rathi.

Bottom line

This fund has had a weak recent stretch, and its 1-year return trails the benchmark as well as the better-performing peers shown here. The absence of a long return history means the real test is how comfortably an investor can sit through volatility while holding a simple, equal-weight large-cap index basket. The portfolio is tightly spread across 10 major names, which helps avoid single-stock concentration but does not reduce market risk. It is therefore best viewed as a high-risk equity allocation for investors who can tolerate uneven results.

Published on 11 September 2026 at 5:35 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.