This edition of the fund performance report looks at the DSP Flexi Cap Fund (erstwhile DSP Equity Fund). Launched in April 1997, the fund has an AUM of 7,739 Crores. After the SEBI categorisation rules, it was first classified as a multi-cap fund in mid-2018 and then shifted to the flexicap category to align with SEBI’s revised Multicap MF Rule.
Disclaimer: Fund performance reports present return and risk analysis of a fund with representative benchmarks and not investment recommendations. It must be expressly understood that the data below reflect only past performance and is in no way an indication of future performance. Our investment recommendations are Handpicked List of Mutual Funds (PlumbLine).
The market cap allocation history of the fund is shown below. Over the last few years, the fund has essentially behaved as a large and mid-cap kind of fund.
We find out how consistently the DSP Flexi Cap Fund has performed wrt Nifty 120 TRI and Nifty Largemidcap 250 TRI. We will use three metrics to analyze performance consistency versus benchmarks. Analysis such as this can be found for 350+ equity funds in our monthly equity mutual fund screener.
1 Rolling return outperformance consistency: the fund returns are compared with category benchmark returns over every possible 1Y, 2Y, 3Y,4Y, and 5Y period. Higher the outperformance consistency, the better. Suppose 876 fund returns were compared with 876 benchmark returns, and the fund has beaten the benchmark 675 times. The consistency score will be 675/876 ~ 77%.
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| No of rolling return entries Index (1 Year) | 2119 | 2131 |
| No of rolling return entries Fund (1 year) | 2119 | 2131 |
| No of times the fund has outperformed the index (1 year) | 1364 | 793 |
| rolling return outperformance Consistency Score (1 year) | 64% | 37% |
| No of rolling return entries Index (2 Years) | 1873 | 1885 |
| No of rolling return entries Fund (2 years) | 1873 | 1885 |
| No of times the fund outperformed the index (2 years) | 1443 | 817 |
| rolling return outperformance Consistency Score (2 years) | 77% | 43% |
| No of rolling return entries Index (3 Years) | 1639 | 1639 |
| No of rolling return entries Fund (3 years) | 1639 | 1639 |
| No of times the fund outperformed the index (3 years) | 1458 | 828 |
| rolling return outperformance Consistency Score (3 years) | 89% | 51% |
| No of rolling return entries Index (4 Years) | 1396 | 1396 |
| No of rolling return entries Fund (4 years) | 1396 | 1396 |
| No of times fund outperformed the index (4 years) | 1237 | 747 |
| rolling return outperformance Consistency Score (4 years) | 89% | 54% |
| No of rolling return entries Index (5 Years) | 1147 | 1147 |
| No of rolling return entries Fund (5 years) | 1147 | 1147 |
| No of times fund outperformed index (5 years) | 1115 | 650 |
| rolling return outperformance Consistency Score (5 years) | 97% | 57% |
The fund has an excellent outperformance track record wrt Nifty 200 TRI. The fund has outperformed Nifty 200 TRI over the last 3,4, and 5-year trailing periods. The margin is considerably lower wrt Nifty Largemidcap 250 TRI, though. It underperformed over the last 3 and 5-year trailing periods.
2 Upside performance consistency over every possible 1Y,2Y,3Y,4Y, 5Y: Higher the better. A score of 70% means, 7 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving up. This is a measure of reward. It is computed from rolling upside capture data (see link below).
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| upside performance consistency (1 year) | 63% | 49% |
| upside performance consistency (2 years) | 63% | 51% |
| upside performance consistency (3 years) | 52% | 46% |
| upside performance consistency (4 years) | 64% | 52% |
| upside performance consistency (5 years) | 61% | 54% |
The fund sometimes does better than Nifty 200 TRI when it is moving up.
3 Downside performance consistency over every possible 3Y,4Y, 5Y. Higher, the better. A score of 60% means, 6 out of 10 times, the Fund performed better than the category benchmark when the benchmark was moving down. This is a measure of risk protection. It is computed from rolling downside capture data. Read more: An introduction to Downside and Upside Capture Ratios.
| Metric | N200TRI | Nifty Largemidcap 250 TRI |
| downside protection consistency (1 year) | 43% | 40% |
| downside protection consistency (2 years) | 52% | 48% |
| downside protection consistency (3 years) | 59% | 48% |
| downside protection consistency (4 years) | 52% | 55% |
| downside protection consistency (5 years) | 58% | 54% |
The downside capture is also not consistently high. It is not often we see a fund with just about average to an above-average downside and upside capture consistency but an above-average return outperformance consistency.
This suggests that DSP Flexi Cap Fund tends to do well over the long term but might be frustrating for the investor during the journey. Existing investors with a good experience with the fund can continue to hold it. New investors considering the fund will need to temper expectations and appreciate the past performance disclaimer. Also, see: Can I use a large and mid cap fund instead of an index fund?
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