Morningstar Mutual Fund Guide
DSP BlackRock Top 100
Manager Biography and Fund Strategy
H
arish Zaveri took over the fund
management responsibilities
in June 2015. Zaveri is a decorated
analyst who has an extensive research
experience spanning over two
decades.
The entire portfolio is invested
in large cap stocks. As a risk control
measure, the manager has to exit
a stock if it falls from the top 100
stocks by market cap, even if he has a
positive view on its prospects. While
constructing portfolio, he doesn’t pay
heed to sector or stock weights in the
benchmark index.
Zaveri uses a combination of top-
down and bottom-up approaches
while investing with the latter being
more prominent. The manager
studies the company’s growth
prospects, expected cash flows, and
quantitative parameters (ROE, P/E,
and P/B) with an overlay of qualitative
aspects while analysing a stock for
making investment. Additionally, he
also looks at earning visibility in a
company before investing in it.
His style of investing also involves
protecting the fund from potential
short-term losses. For instance, if he
sees significant downtrend in a stock
in the interim, he will exit the stock
and re-enter at an opportune time, in
order to arrest its impact on the fund.
Within the defined boundaries,
Zaveri plies a rather fluid investment
approach as he can shift between
sectors, themes and stocks based
on where he sees opportunity. He
does not shy away from having
significant exposure to a particular
sector or stock. Hence, the portfolio is
a relatively concentrated one. Zaveri
constructs a portfolio of 30-40 stocks
with the top ten stocks accounting for
50-60 per cent of the portfolio.
Calendar Year Returns
Calculation Benchmark: S&P BSE 100 India TR INR
100
80
60
40
20
0
-20
26.5
-0.3 0.7
YTD
37.5 34.2
33.3
4.9 5.0
2.2 7.6
-2.3 -2.0
2017
2016
DSP BlackRock Top 100 Equity Reg Gr
2015
2014
2013
S&P BSE 100 India TR INR
Portfolio Date:
31/5/2018
%
Basic Materials
Consumer Cyclical
Financial Services
Real Estate
Consumer Defensive
Healthcare
Utilities
Communication Services
Energy
Industrials
Technology
Total
Top Holdings
HDFC Bank Ltd
Maruti Suzuki India Ltd
Reliance Industries Ltd
Larsen & Toubro Ltd
IndusInd Bank Ltd
Housing Development Finance
Corp Ltd
Bajaj Finance Ltd
Kotak Mahindra Bank Ltd
ITC Ltd
ICICI Bank Ltd
Data Point: Return Calculation Benchmark: S&P BSE 100 India TR INR
YTD 1 Year 3 Years 5 Years 10 Years
DSP BlackRock Top 100
Equity Reg Gr -0.31 7.68 8.40 13.45 10.39
S&P BSE 100 India TR INR 0.66 12.82 10.47 14.61 9.71
Average -1.02 10.24 9.40 15.12 9.92
Outlook Money July 2018 www.outlookmoney.com
9.2
21.2
46.3
0.0
3.6
0.8
0.0
0.0
10.6
8.3
0.0
100.0
Portfolio
Weighting
(%)
13.35
8.61
6.88
6.43
4.95
4.71
4.33
3.79
3.59
2.96
Fund Snapshot
Morningstar Category
Trailing Returns
44
Equity
Sectors
India Fund
Large - Cap
Fund Size (`)
30 billion
Inception Date
10/3/2003
Annual Report Net Expense Ratio
2.28
Morningstar Rating Overall
***
Manager Name
Harish Zaveri
Minimum Investment (`)
1,000
Morningstar Analyst Rating
Bronze
Data Source: Morningstar India