1. [Title to come]
[Sub-Title to come]
Strictly for IntendedRecipients Only
Date
* DSP India Fund is the Company incorporated in Mauritius,under which ILSF is the corresponding share class
Sep 2021
| People | Processes | Performance |
DSP Mid Cap Fund
#INVESTFORGOOD

2. 2
What is the DSP Mid Cap Fund?
MIDCAP
FUND
INVESTS PRIMARILY IN
MID CAP STOCKS
~ 2/3rd
in midcaps
~ 1/3rd
in large & small
caps
INVESTMENT
PHILOSOPHY
- durable businesses
- run by able managers
- high sustainable ROEs
FRAMEWORK TO
IDENTIFY COMPANIES
BusinessModel
Management Quality
Reasonable Valuation
LONG HOLDING
PERIOD
Investee companies
withstrong business
modelsrequire time for
realizingtheirgrowth
potential
Mid-cap fund investing in quality businesses with good growth prospects
Source: Internal.

3. 3
Why invest in the DSP Mid Cap Fund?
SATELLITE
EQUITY
PORTFOLIO
ALLOCATION
Small businesseswhich
can witnesssignificant
growth potentially
resultinginsuperior
investmentreturns
Midcap investinghas
significantriskof value
destruction.A robust &
repeatable investment
frameworkpotentially
mitigatesthisrisk
Documentedinvestment
frameworkgivesclarity
on what to expect
Easy to fit intooverall
asset allocationplanof
the investor
ALPHA GENERATION
POTENTIAL
FRAMEWORK TO ELIMINATE
POTENTIAL VALUE DESTROYERS
CLEAR ROLE IN OVERALL
ASSET ALLOCATION
Suitable for a satelliteallocation in an investment portfolio
Source: Internal.

4. 4
Investment Philosophy
Mid capstocks canhave the potential to grow at exponential ratesbut are also highly volatile.
They may be more susceptible to economic cycles andless likely to weather economicdownturns
Durable businesses run by able managers,generatingsuperiorROEs sustainably,are sources of alpha.
Buy & hold companies to potentiallycreate value over time and eliminate value detractors
FOR MIDAND SMALL CAP EQUITIES

5. 5
Probability of migrating upwards from mid cap status
Probability of upward migration
Mid Cap  Mega Cap
8.5% chance during 2000 – 2005
4.5% chance during2005 – 2010
12% chance during 2010 – 2015
Probability of downward migration
Mid Cap  Small Cap
46.5% chance during2000 – 2005
51% chance during2005 – 2010
44% chance during 2010 – 2015
Eliminatingthe likely value destroyers becomes a principle consideration
Source: Mid to Mega – 20th Wealth Creation Study by Motilal Oswal. Sample set for Indian Mid Caps – 200 largest listed companies after the top 100 listed companies
Substantially higher probability of a Mid cap getting demoted to a Small Cap rather than graduating to be a Mega Cap
MIDCAPS – WEALTHCREATIONV/SWEALTHDESTRUCTIONPROBABILITIES

6. 6
Investment Framework – 3 pillars
Simple and
predictable
Large sector with a
high growthpotential
Competitive
advantage
Positive cashflows
and high ROEs
On the cusp of a
turnaround
SupremeIndustries–Largestplasticprocessor
Financials, Healthcare,Agriculture
IPCA - Fully integrated pharmaceutical company with the
lowestcostmanufacturing
5 Year averageROEof someof our investeecompanies
Identified chemicalcompaniesAtulLtd and SRF Ltd early
Consistentprofitgrowth
Massiveturnaround inROE
P/Ere-rating
1st of 3 pillars of our investment framework – Business Model
Business
Model
Management
Valuations
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).
Source: Internal.

7. 7
Investment Framework – 3 pillars
Passionand
ownership
Past track
record
Prudentcapital
allocation
AtulLtd –has grownbusinesswith strict
financialdiscipline
Basic check forall portfolio companies
Basic check forall portfolio companies
SRF - diversificationfromcommoditized
technical textilesto high entry barrier
businessessuchasspecialty chemicalsand
refrigerantgases
2nd of 3 pillars of our investment framework – Management team
Credible and
capable
Manage -
ment
Valuations
Business
Model
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).
Source: Internal.

8. 8
Investment Framework – 3 pillars
Handlingexpensive
valuationscenarios
Hyper expensive
scenarios
Market corrections
Assessed on businessstrengthand
managementquality
Investin companiesattheborderlineof our
framework dueto valuationcomfort
May stop fresh inflows
Opportunity to consolidateportfolioby selling
‘mediocre’holdingsand add highquality names
3rd of 3 pillars of our investment framework – Valuations
Reasonable valuation
Valuations
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 may or
may not have any future position in these
sector(s)/stock(s)/issuer(s).
Source: Internal.

9. 9
Buy & Hold V/S Sell Discipline
High Convictionholding
Higher concentrationin the portfolio
Add to holdingduringmarket corrections
During bear phases – seek to add value creators while eliminatevalue destroyers
Profitable positionswhere valuations
rise to unsupportable levels
Trim / book profits
Loss-makingpositionswhere investment
thesisnot unfoldingasenvisioned
Cut losses/ Sell
Significantdeterioration in fundamentals
Corporategovernanceissues
Fraud or misrepresentationof facts
BUY& HOLD FOR LONGTERM VALUE CREATION
SELL DISCIPLINE TO AVOIDVALUE DESTRUCTION
Source: Internal.

10. 10
Investment team
Vinit Sambre– Fund Manager
• 21 years of investment experienceacross 4
major market cycles
• Joined DSP in July 2007 as a Portfolio Analyst.
• Previously worked withDSP Merrill Lynch as a
part of its Global PrivateClient business as an
Equity Strategist
• CharteredAccountant from ICAI
Charanjit Singh (12)
AVP, Capital Goods,
Infra, Power Utilities,
Consumer Durables
TEAM SUPPORTING THE FUND MANAGER
Experienced investment team with a wide coverage of Indian equity markets
FUND MANAGERS*
*Jay Kothari is Dedicated Fund Manager for overseas investments. Years in brackets ()is years ofexperience.
ReshamJain – Co-Fund Manager
• Joined DSPIMin March 2016 covering small and
midcaps
• Previously working as an analyst with Batlivala
& Karani stock broking
• M.Sc in Finance (ICFAI University), FRM
(Cleared), CFP (Cleared) , CFA (US)
Chinmay Sapre (9)
AVP, Aviation, Realty
Abhishek Ghosh (12)
AVP, Small & Mid Caps,
Transportation
Kaushal Maroo (11)
AVP, Autos, Ancillaries,
Cement
Dhaval Gada (10)
AVP, Banking and
FinancialServices
Abhishek Rathi (13)
AVP, Financials &
Industrials for Long /
Short
Aayush Ganeriwala
Manager, Oil& Gas,
Metals
Suryanarayanan
Manian, CFA (10)
VP, Tech, Telecom,
Media, FMCG
Nilesh Aiya(12)
AVP, ForensicResearch
Chirag Dagli
VP, Healthcare
Abhishek Singh (14)
AVP, Portfolio Manager
Bhavin Gandhi (15)
AVP, Portfolio Manager

11. 11
Performance Scorecard
Source: MFIE; Scheme Benchmark – Nifty Midcap 100 TRI. Rolling Returns are as on Sep 30,2021 for DSP Mid Cap Fund, Regular Plan Growth Option. Rolling Frequency is daily. Standard Deviation
considered for Returns / Risk calculation in the above table is calculated on the basis of daily returns. Click here for scheme performance of above Scheme in SEBI prescribed format and of other schemes
managed by same 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 Mid Cap Fund can provide better risk adjusted returns profile across periods
ROLLINGRETURN(%)
POINT-TO-POINT RETURNS(%)
DSP Mid Cap Fund Nifty Midcap 100 TRI DSP Mid Cap Fund Nifty Midcap 100 TRI DSP Mid Cap Fund Nifty Midcap 100 TRI
Average Annual Returns 20.4 17.8 16.7 12.7 16.8 12.9
Median Annual Returns 12.3 9.2 15.5 13.2 16.8 12.7
Minimum Annual Returns -60.5 -61.6 -7.6 -12.4 3.1 -2.1
Maximum Annual Returns 163.6 161.3 43.4 39.7 30.5 26.5
Returns / Risk 1.07 0.81 0.88 0.58 0.88 0.59
1 YEAR ROLLING RETURNS (%) 3 YEARS ROLLING RETURNS(%) 5 YEARS ROLLING RETURNS (%)
TIME PERIOD DSP Mid Cap Fund Nifty Midcap 100 TRI ALPHA
1 year 50.4 80.5 -30.1
3 years 22.5 22.1 0.4
5 years 16.0 15.7 0.3
Since Inception 16.1 14.3 1.9

12. 12
Performance Scorecard
Source: MFIE; Returns are as on Sep 30, 2021 for DSP Mid Cap Fund, Regular Plan Growth Option. Rolling frequency is daily. Click here for scheme performance of above Scheme in SEBI
prescribed format and of otherschemes managed by same Fund Managers. Past performance may or may not sustain in future and should not be used as a basis for comparisonwith 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.
AVERAGE ROLLINGRETURNS
RETURN PER UNIT OF RISK
20.4
16.7 16.8
17.8
12.7 12.9
0.0
5.0
10.0
15.0
20.0
25.0
1 yr RR 3 yr RR 5 yr RR
DSP Mid Cap Fund Nifty Midcap 100 TRI
1.07
0.88 0.88
0.81
0.58 0.59
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1 yr RR 3 yr RR 5 yr RR
DSP Mid Cap Fund Nifty Midcap 100 TRI

13. 13
Portfolio details – sector exposures
Significant exposure in Financial, Materials, Consumer Discretionary, Industrials & Healthcare during
Vinit’stenure
Source: Morningstar; Portfolio data as on Sep 30, 2021. 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 Jul-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Sep-21
Energy 0.9% 1.0% 4.0% 4.1% 5.8% 3.0% 3.6% 2.1% 1.2% 1.1% 0.3%
Materials 15.5% 13.6% 13.5% 10.3% 10.1% 11.1% 18.2% 15.1% 17.2% 19.3% 19.4% 21.2% 22.0% 21.2% 25.9% 22.5% 18.9% 16.7% 19.9%
Industrials 19.3% 16.0% 16.3% 19.9% 20.8% 25.2% 21.5% 27.2% 22.5% 18.8% 18.3% 14.2% 15.2% 14.3% 15.1% 12.2% 10.7% 10.0% 12.8%
Consumer Discretionary 14.7% 20.3% 11.6% 12.2% 15.0% 13.9% 9.9% 11.5% 15.2% 16.8% 14.8% 16.4% 17.7% 12.4% 16.7% 19.9% 18.8% 19.7% 20.2%
Consumer Staples 7.0% 6.8% 9.2% 6.2% 1.3% 1.5% 2.6% 1.4% 1.3% 2.6% 3.2% 1.7% 3.8% 3.3% 4.0% 3.8% 4.9% 4.3%
Healthcare 5.5% 7.4% 10.5% 11.7% 6.8% 1.6% 5.2% 10.0% 6.6% 6.0% 6.2% 8.5% 9.4% 11.0% 10.2% 11.6% 15.1% 9.8% 6.9%
Financials 16.7% 27.6% 23.7% 17.1% 24.7% 29.3% 17.7% 19.8% 19.4% 19.9% 26.3% 21.2% 24.5% 19.0% 18.1% 15.4% 17.1% 20.8% 20.7%
Information Technology 8.2% 5.8% 9.9% 12.8% 10.7% 5.1% 3.3% 1.6% 3.7% 3.1% 2.0% 3.8% 2.9% 3.0% 0.7% 3.7% 3.8% 7.5% 6.3%
Communication Services 1.2% 1.0% 1.2% 6.6% 1.8% 2.4% 3.1% 0.4%
Utilities 2.8% 0.6% 1.2% 3.5% 3.7% 2.3% 4.9% 4.9% 2.7% 1.6% 1.5% 1.2% 1.4% 1.4% 1.4% 1.7% 2.6% 3.1%
Real Estate 3.5% 1.1% 0.9% 1.7% 2.1% 1.4% 1.3% 1.6%
Total Equity 91.8% 99.1% 96.0% 98.9% 97.5% 97.6% 92.1% 95.8% 94.4% 90.1% 92.5% 91.1% 96.0% 86.9% 93.0% 92.8% 91.4% 93.3% 96.2%

14. 14
Portfolio details – concentration and market cap trends
Source: MFIE; Portfolio data as on Sep 30, 2021. 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. Market Capitalization range from Jan 2018 is taken from data published by AMFI. Data prior to Jan 2018 is calculated from MFIE.
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 stocks, small-caps 251 stock onwards.
Has always been a diversified portfolio with significant mid cap bias
18%
33%
48
35
40
45
50
55
60
65
70
75
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
Jul-12 Sep-13 Nov-14 Dec-15 Feb-17 Apr-18 Jun-19 Jul-20 Sep-21
STOCK CONCENTRATIONTRENDS
Top 5 stocks (LHS) Top 10 stocks (LHS) Total No of stocks
21%
61%
80%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jul-12 Sep-13 Nov-14 Dec-15 Feb-17 Apr-18 Jun-19 Jul-20 Sep-21
SECTOR CONCENTRATION TRENDS
Top Sector Top 3 Sector Top 5 Sector
0
10
20
30
40
50
60
70
80
90
100
2012 2013 2014 2015 2016 2018 2019 2020 2021
MARKET CAP BREAK UP
Large Cap Mid Cap Small Cap
13%
68%
15%

15. 15
DSP Mid Cap Fund - Top Holdings as on Sep 30, 2021
Source: Internal. Past performance may or may not sustain in future and should not be used as a basis for comparisonwith other investments. The sector(s)/stock(s)/issuer(s) mentioned in this
presentation do not constitute any researchreport/recommendation ofthe same and may or may not have any future position in these sector(s)/stock(s)/issuer(s).
TOP 5 STOCKS
PORTFOLIO
WEIGHT(%)
COMMENTS BUSINESS MANAGEMENT VALUATION
Supreme
Industries
4.96
Expected to gain market
shareledby increased
capacity across
geographies
Strongexecutionand
focused on capital
efficiency
Stable& Conservative ReasonableValuation
Manappuram
Finance
3.54
Corebusinessof Gold
financinglikely to remain
insulated despite
challenging
times
Focus on increasingthe
shareof other business
vertical likeMicroFinance,
Housingfinance,Vehicle
financealongwith core
gold financebusiness
Stable& Conservative ReasonableValuation
IPCA
Laboratories
3.44
Positivebusiness
momentumin Indiaand
ROW;Optionality in US
business
Try to maintaincost
leadership through scale
and integration
Stable& Conservative ReasonableValuation
AtulLtd. 3.36
Focus on utilizingthe
capacity builtover the
lastfewyears
Focus on integrated model,
Diversified business
verticals
Stable& Conservative ReasonableValuation
SBI Life
Insurance Co
3.13
Demonstrated strong
premiumgrowth &
improving margin
trajectory
Focus on gainingmarket
sharedriven by quasi
sovereignbrand and
leveragingSBI’slarge
branch& customer base
Stable& Conservative ReasonableValuation
APPLYINGTHE INVESTMENTFRAMEWORK IN STOCK SELECTION& PORTFOLIO CONSTRUCTION
Investment framework is the key driver for buildinghigh conviction positions
Positive/Improving trajectory Negative/Declining trend Neutral/No Change

16. 16
Current Investment Outlook and Portfolio Positioning
MARKET OUTLOOK
Market is showing good recovery
across most sectors.
Even during severe Covid 2nd wave,
we saw much better performance
from the companies compared to
wave 1.
FUNDPOSITIONING
Durable,diversified portfolio built for the long term
Source: Internal. 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. *Source: Factset; Portfolio data as on Sep 30, 2021
KEYRISKS
POSITIONING*
Key things to monitor
1) Sustainability of demand given high
inflationary headwinds especially crude
2) Change in accommodative monetary
stance
3) Manufacturing tailwinds with China +
1 strategy / PLI / supply chain disruptions
due to high logistics cost (near term).
Possible tapering in USA
& its impact on yield,
global flows
Rising concerns on
China Macros.
Top Overweights
Supreme Industries
Atul
SBI Life
Top Sector
Financials
Consumer Discretionary
Materials
Top Weights
Supreme Industries
ManappurramFinance
IPCA Labs
Earnings Trajectory
We expect earnings growth to
remain strong in the coming
quarters supported by demand
and low base.
However, we expect some
moderation in margins owing to
inflationary environment.
 Our portfolio positioning has largely remained same in last 1 year with
some marginal tweaks. Some of our key holdings has not delivered
returns in line with market over the last 1 year which has impacted our
performance (e.g. Alembic Pharma, Whirlpool, City Union Bank,
Coromandel etc.)
 Many of these names are high conviction holdings for us and we have
been adding during weakness.
 The current holdings can deliver
returns over medium term.
 We also expect our portfolio can
withstand sharp drawdown relatively
better than themarket.

17. 17
DSP Mid Cap Fund – Portfolio as on Sep 30, 2021
Source: Internal. Past performance may or may not sustain in future and should not be used as a basis for comparisonwith other investments. The sector(s)/stock(s)/issuer(s) mentioned in this
presentation do not constitute any researchreport/recommendation ofthe same and may or may not have any future position in these sector(s)/stock(s)/issuer(s).
APPLYINGTHE INVESTMENTFRAMEWORK IN STOCK SELECTION& PORTFOLIO CONSTRUCTION
Investment framework is the key driver for buildinghigh conviction positions
TOP 20 HOLDINGS % OF NET ASSETS
Supreme Industries Ltd. 4.96
ManappuramFinance Ltd. 3.54
IPCA LaboratoriesLtd. 3.44
Atul Ltd. 3.36
SBI Life Insurance Company Ltd. 3.13
Jubilant Foodworks Ltd 2.92
Bata India Ltd. 2.89
Balkrishna Industries Ltd. 2.88
MaxFinancial Services Ltd. 2.87
Cholamandalam Investment and Finance Company
Ltd.
2.83
Voltas Ltd. 2.74
ICICI Bank Ltd. 2.65
City Union Bank Ltd. 2.58
Coromandel InternationalLtd. 2.54
Mindtree Ltd. 2.52
Federal BankLtd. 2.45
Container Corporation Of India Ltd. 2.44
HatsunAgro Product Ltd. 2.44
Bharat ForgeLtd. 2.39
Whirlpool of India Ltd. 2.31
MARKETCAP NET ASSETS
LargeCap 14.6%
Mid Cap 68.4%
Small Cap 13.1%
Materials, 19.9%
Industrials,12.8%
Consumer
Discretionary,
20.2%
Consumer
Staples, 4.3%
Healthcare, 6.9%
Financials,20.7%
Information
Technology, 6.3%
Communication
Services, 0.4% Utilities, 3.1%
Real Estate, 1.6%
GICS Sectorclassification

18. Scheme Product Suitability
Riskometer
DSP Mid Cap Fund Benchmark- NiftyMidCap 100
TRI
DSP Mid Cap Fund
(Mid Cap Fund-An open ended
equity scheme predominantly
investing in mid cap stocks)
This Open ended equity scheme is suitable for investors
who are seeking*
 Long-term capital growth
 Investment in equity and equity-related securities
predominantly ofmidcap companies
18
Disclaimer
This document is for information purposes only. In this material DSP Investment Managers Private Limited (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 statements contained herein may include statements of future expectations and other forward looking
statements that are based on prevailing market conditions / various other factors and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements. While utmost care has been exercised while preparing this document, the AMC nor any person connected does not warrant the
completeness or accuracy of the information and disclaims all liabilities, losses and damages arising out of the use of this information. The recipient(s) before acting on any information herein should make
his/their own investigation and seek appropriate professional advice. There is no assurance of any returns/capital protection/capital guarantee to the investors in any schemes of DSP Mutual Fund
(‘Fund’). The portfolio of the scheme is subject to changes within the provisions of the Scheme Information document of the scheme. 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 herein do not constitute any research report/recommendation of the same and the scheme/ Fund
may or may not have any future position in these sector(s)/stock(s)/issuer(s). The strategy / investment approach / framework mentioned herein is currently followed by the scheme and the same may
change in future depending on market conditions and other factors. All opinions, figures, charts/graphs and data included in this document are as on 30 Sep 2021 (unless otherwise mentioned) and are
subject to change without notice. For scheme specific risk factors, Investment strategy & objective, asset allocation and more details, please read the Scheme Information Document, Statement of
Additional Information and Key Information Memorandum of scheme available on ISC of AMC and also available on www.dspim.com. For Index disclaimer click here
Large-caps are defined as top 100 stocks on market capitalization, mid-caps as 101-250 , small-caps as 251 and above.
The strategy mentioned has been currently followed by the Scheme and the same may change in future depending on market conditions and other factors
Mutual Fund investmentsare 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.

19. For Professional Investoruse only
13
#INVESTFORGOOD