1. [Title to come]
[Sub-Title to come]
Strictly for Intended Recipients OnlyDate
* DSP India Fund is the Company incorporated in Mauritius, under which ILSF is the corresponding share class
March 2020
| People | Processes | Performance |
DSP Equity Fund

2. 2
What is the DSP Equity Fund?
MULTI-CAP
FUND
INVESTS ACROSS THE
MKT. CAP SPECTRUM
~ 2/3rd in large caps
~ 1/3rd in mid & small
caps
INVESTMENT
PHILOSOPHY
Buy quality
businesses
Stay invested
Use corrections to
average down
FRAMEWORK TO
IDENTIFY COMPANIES
Business Strength
Management Quality
Growth prospects
CORE + TACTICAL
APPROACH
Core portfolio based on
long term themes
Core Portfolio : 75%-
80%
Tactical Portfolio : 20%-
25%
No. of stock : 50-60
Multi-cap fund investing in quality businesses with good growth prospects
Source: Internal. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards.

3. 3
Why invest in the DSP Equity Fund?
CORE EQUITY
PORTFOLIO
ALLOCATION
Owns high quality
companies with good
growth prospects.
Buys and holds for the
long term
Seeks opportunities
across the market
No need for investor to
decide on large v/s
mid/small cap allocation
Documented investment
framework gives clarity
on what to expect
Easy to fit into overall
asset allocation plan of
the investor
LONG TERM EQUITY
INVESTMENTS
ONE STOP SOLUTION FOR
EQUITY INVESTMENTS
CLEAR ROLE IN OVERALL
ASSET ALLOCATION
Suitable for the core long term equity allocation in an investment portfolio

4. 4
Investment Philosophy
Business
Management
Growth
STOCK SELECTION
Framework for identifying
quality businesses
PORTFOLIO CONSTRUCTION
Core
portfolio
Tactical
portfolio
Core portfolio of quality businesses
based on long term themes
REVIEW & REBALANCING
Stock
prices
Competitive
positioning of quality
businesses
Use market corrections to add to
quality business at lower prices
Buy quality businesses, stay invested and use market corrections to average down costs

5. 5
Investment Framework (Business – Management – Growth)
Market share
dominance
Gaining market share
via rapid growth
Low capex
intensity
High cash conversion
Funding via internal accruals
Low cost structure
Not requiring equity dilution
e.g. Maruti Suzuki
e.g. Bajaj Finance
e.g. V - Guard
e.g. Asian Paints
e.g. Shree Cement
1st of 3 pillars of DSP Equity Fund’s equity investment framework – Business
BUSINESS
Management
Growth
The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any
research report/recommendation of the same and the portfolio may or may not have
any current or future position in these sector(s)/stock(s)/issuer(s).
Scale advantages create
a virtuous cycle
Vast market, small size,
hunger for growth &
calculated risk – taking
Healthy ROEs &
growth
Relentless focus on
cost and cash flow
offsets challenges
Source: Internal.

6. 6
Investment Framework (Business – Management – Growth)
Long term orientation over
opportunistic short term-ism
e.g. Hindustan Unilever
e.g. HDFC Ltd
2nd of 3 pillars of DSP Equity Fund’s equity investment framework – Management
Capital allocation
Focus on core business
MANAGE -
MENT
Growth
Business
Model
The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research
report/recommendation of the same and the Portfolio may or may not have any current or future
position in these sector(s)/stock(s)/issuer(s).
Capital allocation
directly influences
growth
Unrelated
diversification can
destroy value
Short term opportunism
can unravel in a
downturn
Source: Internal.

7. 7
Investment Framework (Business – Management – Growth)
Superior growth rates
3rd of 3 pillars of DSP Equity Fund’s equity investment framework – Growth
Competency and
Perseverance
GROWTH
Business Model
Manage -
ment
The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research
report/recommendation of the same and the Portfolio may or may not have any current or future position
in these sector(s)/stock(s)/issuer(s).
e.g. Titan
Converting potential
opportunity into a real
business
Long term compounding
without equity dilution
e.g. Avenue Supermart
Market cap growth largely
tracks earnings growth
Source: Internal.

8. 8
Investment Framework - Portfolio construction
DETERMINE
LONG TERM
STRUCTURAL
THEMES
Aspirational
country like India
dependent on
per capita
income growth
DIVERSIFY
STOCK
WEIGHTS IN
PORTFOLIO
No. of stocks=>
50-60
Control portfolio
volatility
MAINTAIN
MARKET CAP
BALANCE IN
PORTFOLIO
Diversified
portfolio
~ 60-70% large
cap
~ 30-40% Mid &
Small
CORE
ALLOCATION
TO
STRUCTURAL
THEMES
75 – 80% in
structural themes
20-25% in tactical
ideas with
turnaround
triggers
Seeking to capture long term growth prospects while managing risks
EQUITY PORTFOLIO COMPOSITION
EQUITY PORTFOLIO DIVERSIFICATION
Source: Internal. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards.

9. 9
Investment team
Atul Bhole – Fund Manager for the DSP Equity Fund (Since June 2016)
• Atul is the co-Fund Manager for the DSP Equity & Bond fund and the DSP Dynamic Asset Allocation
Fund.
• 14 year experience in fund management and equity research
• Fund management experience since 2011
• Joined DSP Mutual Fund in May 2016 as VP – Investments
• Previous work experience with Tata Asset Management (Feb 07 – Apr 16), JP Morgan & SBI treasury
• Masters in Mgmt. Studies from JBIMS and has cleared his CA exam
Experienced investment team with a wide coverage of Indian equity markets
FUND MANAGER
Years in brackets ( ) is years of experience.
TEAM SUPPORTING THE FUND MANAGER
Chinmay Sapre (9)
AVP, Aviation, Realty
Abhishek Ghosh (12)
AVP, Small & Mid Caps,
Transportation
Kaushal Maroo (11)
AVP, Autos, Ancillaries,
Cement
Charanjit Singh (12)
AVP, Capital Goods,
Infra, Power Utilities,
Consumer Durables
Dhaval Gada (10)
AVP, Banking and
Financial Services
Apoorv Jain, CFA (4)
Manager, Investment
Analyst
Abhishek Rathi (13)
AVP, Financials &
Industrials for Long /
Short
Aayush Ganeriwala
MT, Oil & Gas, Metals
Aditya Khemka (13)
AVP, Healthcare,
Retail
Suryanarayanan
Manian, CFA (10)
VP, Tech, Telecom,
Media, FMCG

10. 10
Performance Scorecard
Source: MFIE; Rolling Returns are since inception till March 31, 2020. Returns provided above are of DSP Equity Fund – Regular Plan, Dividend Option. Standard Deviation of DSP Equity Fund and Nifty 500
TRI is calculated on the basis of daily returns. Click here for performance in SEBI prescribed format and of other schemes managed by Fund Manager. Past performance may or may not sustain in future
and should not be used as a basis for comparison with other investments. The figure mentioned for performance of the index should not construe as returns/performance of the Scheme. It is not possible
to invest directly in an index.
DSP Equity Fund aims to provide better risk adjusted returns profile across periods
ROLLING RETURNS
POINT-TO-POINT RETURNS
TIME PERIOD DSP Equity Fund Nifty 500 TRI ALPHA
1 year -19.4 -26.6 7.3
3 years -1.0 -3.1 2.1
5 years 2.3 1.3 1.0
10 years 7.9 6.2 1.7
Since Inception 17.5 12.4 5.1
DSP Equity
Fund
Nifty 500 TRI
DSP Equity
Fund
Nifty 500 TRI
DSP Equity
Fund
Nifty 500 TRI
DSP Equity
Fund
Nifty 500 TRI
Average Annual Returns 24.8 19.1 20.3 16.0 20.5 16.3 21.0 16.2
Median Annual Returns 15.9 12.9 16.0 12.9 16.3 14.2 21.3 16.5
Minimum Annual Returns -54.0 -59.5 -26.9 -21.7 0.6 -1.5 7.0 5.0
Maximum Annual Returns 154.1 154.3 85.3 69.4 64.5 51.3 33.4 26.5
Returns / Risk 1.12 0.81 0.92 0.68 0.93 0.69 0.95 0.68
1 YEAR ROLLING RETURNS (%) 3 YEARS ROLLING RETURNS(%) 5 YEARS ROLLING RETURNS (%) 10 YEARS ROLLING RETURNS (%)

11. 11
Performance Scorecard
Source: MFIE; Rolling Returns are since inception till March 31, 2020. Returns provided above are of DSP Equity Fund – Regular Plan, Dividend Option. Standard Deviation of DSP Equity Fund
and Nifty 500 TRI is calculated on the basis of daily returns. Click here for performance in SEBI prescribed format and of other schemes managed by Fund Manager. Past performance may or
may not sustain in future and should not be used as a basis for comparison with other investments. The figure mentioned for performance of the index should not construe as
returns/performance of the Scheme. It is not possible to invest directly in an index.
DSP Equity Fund aims to provide better risk adjusted returns profile across periods
AVERAGE ROLLING RETURNS
RETURN PER UNIT OF RISK
24.8
20.3 20.5 21.0
19.1
16.0 16.3 16.2
0.0
5.0
10.0
15.0
20.0
25.0
30.0
1 yr RR 3 yr RR 5 yr RR 10 yr RR
DSP Equity Fund Nifty 500 TRI
1.12
0.92 0.93 0.95
0.81
0.68 0.69 0.68
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1 yr RR 3 yr RR 5 yr RR 10 yr RR
DSP Equity Fund Nifty 500 TRI

12. 12
Portfolio details – sector exposures
Significant exposure in Financials, Materials and Consumer discretionary sector during Atul’s tenure
Source: Morningstar; GICS Classification has been considered for sectoral break-up. Portfolio data as on March 31, 2020. The sector(s)/stock(s)/issuer(s) mentioned in this note do not
constitute any recommendation of the same and the Fund may or may not have any future position in these sector(s)/stock(s)/issuer | More than 10% allocation highlighted in Orange
and more than 5% allocation highlighted in grey
Sectors Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Mar-20
Energy 10.1% 7.2% 6.8% 4.6% 1.0% 3.1%
Materials 12.8% 13.0% 14.6% 15.6% 11.9% 11.3% 10.3% 11.5% 16.3%
Industrials 10.0% 18.9% 17.6% 16.6% 15.9% 13.6% 10.4% 7.4% 7.0%
Consumer Discretionary 14.3% 10.8% 11.3% 12.6% 15.0% 12.1% 9.4% 10.4% 7.7%
Consumer Staples 4.9% 5.7% 7.4% 4.7% 7.3% 8.2% 10.2% 7.7% 6.9%
Healthcare 7.6% 6.7% 2.1% 4.1% 6.4% 7.2% 6.9% 7.7% 10.6%
Financials 25.3% 25.5% 31.8% 27.9% 32.0% 34.3% 40.4% 41.1% 35.3%
Information Technology 8.5% 5.6% 3.6% 3.8% 7.4% 8.2% 8.7% 4.4% 3.2%
Communication Services 1.2% 2.7% 4.1%
Utilities 2.9% 5.0% 3.7% 4.9% 1.2% 0.8% 1.0%
Real Estate 2.2% 1.7%
Total Equity 96.4% 98.3% 98.8% 96.1% 98.0% 95.7% 97.3% 98.2% 92.9%

13. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
MARKET CAP BREAK UP
Large Cap Mid Cap Small Cap
13
Portfolio details – concentration and market cap trends
Significant increase in stock & sector concentration during Atul’s tenure
Market cap tilt towards large cap currently.
67%
22%
5%
Source: MFIE; Portfolio data as on March 31, 2020. The sector(s)/stock(s)/issuer(s) mentioned in this note do not constitute any recommendation of the same and the Fund may or may not
have any future position in these sector(s)/stock(s)/issuer. Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards.
35%
62%
77%
20%
30%
40%
50%
60%
70%
80%
90%
SECTOR CONCENTRATION TRENDS
Top Sector Top 3 Sector Top 5 Sector
30%
47%
47
0
10
20
30
40
50
60
70
80
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
STOCK CONCENTRATION TRENDS
Top 5 stocks (LHS) Top 10 stocks (LHS) Total No of stocks

14. 14
Top Holdings as on March 31, 2020
Source: Internal. Past performance may or may not sustain in future and should not be used as a basis for comparison with other investments. The sector(s)/stock(s)/issuer(s) mentioned in this
presentation do not constitute any research report/recommendation of the same and may or may not have any future position in these sector(s)/stock(s)/issuer(s).
TOP 5 STOCKS
PORTFOLIO
WEIGHT (%)
BUSINESS MANAGEMENT GROWTH COMMENTS
HDFC BANK
LIMITED
8.05
 Strong process driven
organization
 Optimal mix of profitable retail
segment
 Focused on profitable growth
 Prudent in credit quality and
ALM management
 Advances growth expected to be
better than industry average
 Visibility of earnings growth for
next 2 years
 Long term valuation
reasonable &
compounding of
earnings provides
comfort
BAJAJ FINANCE
LIMITED
6.64
 Spread across 20 sub verticals
 First mover advantage from huge
investments in technology &
analytics
 Opportunity in retail credit
market
 Strong execution capabilities
 Product launches at regular
intervals
 Prudent in credit quality and
ALM management
 AUM growth of > 40% in last 3
years
 Growth visibility @ 25% given the
opportunity size
 Compounding of
earnings justifies
current valuation
ICICI BANK
LIMITED
6.59
 Right mix of retail & corporate
loan
 Strong franchise in terms of
distribution branch network
 Focused on profitable growth  Advances growth expected to be
better than industry average
 Visibility of earnings growth for
next 2 years
 Core banking business
attractively valued with
probability of rerating
KOTAK
MAHINDRA BANK
LIMITED
4.92
 Conservative lending with
prudent risk management
 Long runway for growth given
opportunity size and size of bank
 Conservative management  Offers steady & predictable
growth
 Predictability & long
runway for growth
justifies valuation over
medium to long term
BHARTI AIRTEL
LIMITED
4.10
 Built and preserved formidable
telecom franchise across voice &
data defying severe competition
pressures
 Capex intensive business model
offering huge operating leverage
 Strong and able Management
 Focused on costs, continuous
investments in network &
timely fund raisings which
helped company to survive
and take advantage of
eventual consolidation
 Profit & cashflow growth
expected to pick up sustainably
due to sector consolidation
 Tariff hikes & volume gains
expected to drive profits &
cashflows
 Very good turnaround
opportunity after 10
years of fierce
competition and
eventual sector
consolidation
APPLYING THE INVESTMENT FRAMEWORK IN STOCK SELECTION & PORTFOLIO CONSTRUCTION
Investment framework is the key driver for building portfolio positions
Core Portfolio Holding, Tactical Portfolio Holding

15. 15
Current investment outlook and portfolio positioning
MARKET OUTLOOK
Market Valuations*
Taking FY22 as base, Nifty 50
Index is trading at roughly 16x
which is near historical
averages.
Earnings growth expectations
Severe risks to FY21 earnings growth
due to COVID 19 induced lockdown.
Post normalization of situations from
second half of FY21, FY22 to see
normalized growth to some extent
Valuation expectations
Due to volatility & uncertainty in
global & domestic economy
valuation premium would sustain
for quality businesses ~ 20-25%
allocation to
TACTICAL
portfolio
KEY SECTORS
Financials
Materials
Healthcare
Consumer
Discretionary
~ 75-80%
allocation to
CORE portfolio
KEY RISKS
Fiscal Situation
Indian Government fiscal could
be strained severely due to
COVID-19 lockdown and fiscal
package impacting its ability to
spend and undertake capex
programs
Global Scenario
De-growth in global GDP for CY20,
existential challenges to leveraged
corporates and financial
institutions, re-organisation of
global trade & commerce
Credit issues
Serious credit quality concerns
could re-surface for Indian banks
& NBFCs, impacting their
willingness & ability to lend
PORTFOLIO POSITIONING
Positioning the portfolio to capture an economic recovery
Source: Internal. * FY21 based valuations can not be used for decision making with massively depressed earnings due to the one-off issue.

16. 16
Disclaimer & Product Labeling Details
In this material DSP Investment Managers Pvt. Ltd. (the AMC) has used information that is publicly available, including information developed in-house. Information gathered and used in this material is
believed to be from reliable sources. The AMC however does not warrant the accuracy, reasonableness and / or completeness of any information. The data/statistics are given to explain general market
trends in the securities market, it should not be construed as any research report/research recommendation. We have included statements / opinions / recommendations in this document, which contain
words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions that are “forward looking statements”. Actual results may differ materially from
those suggested by the forward looking statements due to risk or uncertainties associated with our expectations with respect to, but not to, exposure to market risks, general economic and political
conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest policies of India, inflation, deflation, unanticipated turbulence in
interest rates, foreign exchange rates, equity prices or other rates or prices etc. The sector(s)/stock(s)/issuer(s) mentioned in this presentation do not constitute any research report/recommendation of
the same and may or may not have any future position in these sector(s)/stock(s)/issuer(s). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of
the scheme. Please refer to the SID for investment pattern, strategy and risk factors. Past performance may or may not sustain in future and should not be used as a basis for comparison with other
investments. For Schemes Performance in SEBI prescribed format refer annexure as attached with this presentation. All figures and other data given in this document are as on March 31st, 2020 (unless
otherwise specified) and the same may or may not be relevant in future and the same should not be considered as solicitation/ recommendation/guarantee of future investments by the AMC or its
affiliates. Investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial implication or consequence of subscribing to the units of DSP Mutual
Fund. For scheme specific risk factors and more details, please read the Scheme Information Document, Statement of Additional Information and Key Information Memorandum of respective Scheme
available on ISC of AMC and also available on www.dspim.com. For Index disclaimer click here
The strategy mentioned has been currently followed by the Scheme and the same may change in future depending on market conditions and other factors. Large-caps are defined as top 100 stocks on
market capitalization, mid-caps as 101-250 , small-caps as 251 and above.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
*Investors should consult their financial advisors if in doubt about whether the Scheme is suitable for them.
Scheme Product Suitability Riskometer
DSP Equity Fund
(Multi Cap Fund-An open ended equity scheme
investing across large cap, mid cap, small cap
stocks)
The Open ended equity scheme is suitable for investors who are seeking*
Long-term capital growth
Investment in equity and equity-related securities to form a diversified portfolio