K VIJUE

[Sahil Kapoor @SahilKapoor]

DSP Multi Asset Omni Fund of Funds
Onelook portfolio snapshot

[Kalpen Parekh @KalpenParekh]

Alone - we will go fast

Together - we will go far

This Netra edition is very special

Many peers have shared their frameworks of investing

It’s an Honor to get them to agree and allow us to publish their investing beliefs

Thank you to each one of these giants

[DSP GIFT City @DSPGift]

When Amazon, TSMC or Meta moved, most Indian portfolios barely felt it.

Not because investors were wrong.
Most portfolios stop at India.

DSP Global Equity Fund gives access to businesses across US, Taiwan, China, Europe & more.

April factsheet out now.
See what the fund owns.

[Sahil Kapoor @SahilKapoor]

DSPNetra Webinar May Edition.

Date: Wednesday, 6th May 2026
Time: 4:00 PM

Register Now:
https://t.co/WJ7Hdf3Gvi

Markets don’t move in straight lines. And neither does the economy.

Right now, we are seeing:

• Earning average returns harder than they look and how SIPs can help

• Large caps gaining relevance over small and mid caps

• Corporate India is stronger than ever

• India's private consumption is slowing down

[Sahil Kapoor @SahilKapoor]

DSPNetra May 2026, 60th edition coming up.

It has sections on:

1. SIP
Why average returns are so hard to earn?
How does SIP help?

2. Valuations
India valuations and the Large Cap Vs SMID comparison.

3. Private Consumption
The India consumption cycle has been in a flux. How to think about it? To write it off or not?

4. Corporate Profitability
A decomposition of ROE and what can lead to better outcomes for Corporate India.

@dspmf , @ParthShah_01 , @PragatiAggarwa8

[Kalpen Parekh @KalpenParekh]

Becoming popular - multi asset

See the source of returns

Don’t expect repeat

Yet. I continue my sips and keeping adding in Multi asset fund

[Sahil Kapoor @SahilKapoor]

DSP Multi Asset Omni Fund of Funds

The first letter to investors.

To fully appreciate the logic behind our current portfolio construction and asset allocation, we recommend reading the letter in conjunction with the snapshot. These documents together provide a comprehensive view of how we are navigating the current market environment.

We raised our equity weights in this strategy from below from Feb end to the early April equity sell off phase. Read the note to know why and how.

Link: https://t.co/81MlHCmu0r

Link to OneLook Portfolio and disclaimers: https://t.co/Dk7wwHOcCq

[Kalpen Parekh @KalpenParekh]

Anish Tawakley joins us as CIO.

He will lead all our investment teams & give oversight across all asset classes - equities, bonds, credit. He will work closely with our current Equity & Fixed income heads Vinit Sambre & Sandeep Yadav & enhance synergies.

He brings 30 years of experience and has seen multiple market cycles.

In all my interactions during the hiring conversations, what stood out for me was his emphasis on not losing permanent capital & belief that alpha is earned in downcycles & the responsibility towards managing other people’s hard earned money.

He loves to teach economics, macro & investing principles and I attended my first session as a student yesterday along with the team :)

His last stint was a successful role in managing teams and money at ICICI Prudential AMC.

[Sahil Kapoor @SahilKapoor]

DSPNetra April 2026 edition.

The DSPNetra version that you must not miss. Give it a read, slowly and carefully.

Read each line, especially the blueboxes.

It covers,
1. Why we changed our stance on equities after 2+ years, from conservative to 'looking to buy'.
2. Why it is time to be constructive on large caps and in which segments.
3. What's with small & midcaps.
4. The oil crisis - how to think?

[Kalpen Parekh @KalpenParekh]

One of our FMs has written the following on his visiting card

- nobody knows
- valuations matter
- structure over activity

The truth in investing is that most things are unknowable

It is a domain of uncertainty

Ironically, it is in such a domain we seek certainty as investors & as money managers try to offer certainty too

Both lead to poor results

The journey to disciplined portfolio construction & surviving tough phases to eventually earn long term results starts once we accept that a lot of things in short and medium term are unknowable

@abhishec_s

[Kalpen Parekh @KalpenParekh]

In markets, falling prices are not the correction

The correction we need is in incorrect expectations

Every year markets fall 10-20%

Some years 20 - 40%

It’s natural

Every year we expect high returns with no corrections

We need to correct the incorrect belief that markets have to rise every month and every year

This correction in belief will make our investing better - real - disciplined

Rewrite

[Kalpen Parekh @KalpenParekh]

Jan 2000

Tech stocks have only one direction : UP

India’s software companies will dominate global markets in the new millennium

Tech stocks feel unstoppable

I FELL FOR GOOD STORIES - invested

Next 18 months, the tech fund I invested in dropped 80%

Jan 2008

Large caps had run up 7 x in last 4 years
Small caps 15x
India was growing at 10%
We were dreaming of overtaking China

I Invested again. In Infra fund and many infra stocks. A wise man said sell infra stocks and invest in these pharma stocks (had gone no where)

I invested in that one pharma stock and said - I’m wiser - I’m a long term believer of the infra story - shouldn’t sell

Next 12 months, infra fund fell 70%

As of today, the pharma stock is 90% of the stock portfolio. Not because the pharma stock did well. Because all other infra stocks (poor quality - poor governance) lost 90%

These two are my most defining mistakes in investing

Thankfully, on small pool of money. Since then, stopped reading narratives that sound intelligent, interesting and popular

All that matters is - don’t want to lose hard earned money stupidly by blind faith investing

Respect valuations. Respect quality. Respect luck. Avoid greed of past returns and envy for others returns. Accept the truth that most things are unknowable

[Kalpen Parekh @KalpenParekh]

Be greedy when every one is fearful is no longer a credible quote for investors

Because

Be fearful when every one is greedy is never communicated enough

[Kalpen Parekh @KalpenParekh]

2024 was a year of good stories and rising nav s for our small cap fund amongst all other funds too

2025 was a year of falling nav hence conventionally a bad year

However for unit collectors - 2025 was a good year

2026 may be better for a unit collector who doesn't give up

It's a bull market for units when its a bear market for nav s

[Kalpen Parekh @KalpenParekh]

Why should only mutual funds make ads?

Why not MFDs who are building a credible practice?

How? Learn from some of the best ads in the world

More ideas to build a great MFD practice in our latest edition of Neev : https://t.co/rVEo0IXOba

Join the session at 4 pm today : https://t.co/a8yXkzi9Iv

[K VIJUE @KVijue]

@padhucfp Very nice representation of data highlighting patience and discipline is key and timing doesn't really matters in long term SIP towards the journey of wealth creation👌

[Sahil Kapoor @SahilKapoor]

As a new investor, if I had Rs. 1 crore to invest today, what questions would I grapple with?

1. What should I buy: stocks, bonds, gold, and silver?
2. In what proportion should I buy?
3. What should my equity mix look like across market caps and sectors?
4. How will I decide when to take profits or re-balance my portfolio?
5. Every time I act, there is a tax impact. How do I ensure taxation does not interrupt my long-term wealth creation?
6. Which asset managers can I trust? How do I find them and stick with them?

Do you have these or similar questions?

To address this, I designed a product.

• A tax-efficient, multi-manager, multi-asset, multi-sector strategy.
• Powered by DSPNetra, it invests in equity, bonds, and gold and silver. It invests only through mutual funds, index funds, and ETFs.
• It gives you the advantage of investing across AMCs, not just DSP Mutual Fund. It combines the industry’s stock-picking skills with allocation and opportunities powered by DSPNetra.

Click this link for the full deck: DSP Multi Asset Omni Fund of Funds (https://t.co/ceAq18apuy)

What do you get?

• A well-diversified, multi-asset portfolio of mutual funds that can help you stay invested.
• You no longer have to worry about fear of missing out, or over-committing to hot themes.

This strategy focuses on margin of safety, while capturing opportunities.

A Fund of Funds that can transform you investment experience.

Disclaimers and more details: https://t.co/HpVB1Vywo5

[DSP Mutual Fund @dspmf]

When signals change, decisions get harder?
Why?

Most investors struggle not because markets are unpredictable, but because decisions are hard to time.

That’s where DSP Multi Asset Omni Fund of Funds can help.

Built using DSP Netra insights, its approach focuses on what investors need:
when to add, when to cut back, and when to rebalance without emotional guesswork.

Its focus is on protecting your capital first and growing it with discipline over time.

NFO Open: 5–19 February 2026
Know More: https://t.co/EhpLFToBmd

[B Padmanaban ([email protected]) @padhucfp]

In the mutual fund space, there are currently no active microcap funds available for investment. DSP Mutual Fund pioneered microcap investing 18.5 years ago.

DSP Microcap now DSP Small cap fund started with an NAV of Rs. 10 on June 14, 2007, and has grown to Rs. 191.2, representing a remarkable 19 times increase over 18.5 years. This is just for illustrative purpose, not for any recommendation. Do your due diligence before investing.

For those who may not fully grasp how Systematic Investment Plans (SIPs) function, I hope this illustration sheds light on their potential. This post is dedicated to those who criticize SIPs without understanding the positive impact they can have on investor behavior.

A systematic investment plan (SIP) of 10,000 over the last 224 months has resulted in an impressive total of 22.4 lakhs, with a staggering current value of 1.76 crores, reflecting a 19.34% XIRR.

In comparison, a lumpsum investment of 1 lakh made 18.5 years ago has grown to 19.2 lakhs.

These figures highlight the potential of disciplined investing and the power of compounding over time.

Disclaimer: Please keep in mind that mutual fund investments are exposed to market risk. Before making any investment decisions, review all scheme-related documentation thoroughly. The material of the reports is intended solely for informational purposes and should be used by the recipient. While we made significant efforts to compile the data and contents of this report, we give no promises about the logic of the assumptions or the veracity of any data. Any decisions made using this material are completely the responsibility of the recipient. We reserve the right to correct any errors or discrepancies in the reports that are discovered or brought to our attention at any time. Perform your research thoroughly before making any investments. Why? Just because it's interesting. @dspmf @KVijue @KalpenParekh @ushinair

[Kalpen Parekh @KalpenParekh]

Most marketing fails because it explains instead of showing.

This ad does the opposite. One image. One idea. Zero confusion.

We break down such work and turn it into practical growth lessons for MFDs & wealth managers in NEEV, our quarterly practice-management deck.

Read it here 👇
https://t.co/ojgbeQRhZQ