The house in one number
DSP Mutual Fund managed an average of ₹2,44,022 crore in July–September 2026. That is 2.80% of the industry's ₹87,21,848 crore and makes it the 9th largest fund house on AMFI's quarterly average AUM figures, which leave out domestic fund-of-funds. Its fund house page carries the same figure. The next house down, Mirae Asset, is ₹6,601 crore behind; our profile of Mirae Asset has its numbers.
DSP grew 15.6% in a year, from ₹2,11,097 crore, against 13.1% for the industry, and 6.2% in the last quarter alone.
What stands out in DSP's record is how little its place has changed. In every one of the 40 quarters since October–December 2016 it has ranked between 9th and 11th: 10th in 22 of them, 9th in 10 and 11th in 8.
| Quarter | Average AUM (₹ crore) | Rank by AUM | Share of industry |
|---|---|---|---|
| Jul–Sep 2016 | 50,832 | 10 | 3.16% |
| Jul–Sep 2018 | 95,427 | 9 | 3.93% |
| Oct–Dec 2018 | 79,216 | 10 | 3.36% |
| Jul–Sep 2021 | 1,07,180 | 10 | 2.96% |
| Jul–Sep 2024 | 1,82,432 | 10 | 2.75% |
| Jul–Sep 2026 | 2,44,022 | 9 | 2.80% |
The one sharp break is late 2018. DSP's average assets fell 17.0% in a single quarter, while the industry's fell 2.8%, and did not pass their July–September 2018 level again until January–March 2021. Over the full ten years DSP grew 4.8 times; the industry grew 5.4 times, which is why its share is lower now than in 2016.
91 schemes, and a large debt book
We counted every DSP scheme with a NAV in October 2026: each open-ended fund once, by its Direct Growth plan, and each ETF once. Average assets are for all plans of each scheme in July–September 2026, fund-of-funds included.
| Kind of scheme | Schemes | Average AUM (₹ crore) | Share |
|---|---|---|---|
| Active equity (including 6 sector and thematic funds) | 15 | 1,20,095 | 48.5% |
| Debt (including 2 closed-ended FMPs) | 17 | 61,089 | 24.7% |
| Hybrid | 6 | 36,502 | 14.7% |
| ETFs | 25 | 11,914 | 4.8% |
| Index funds | 18 | 9,590 | 3.9% |
| Fund-of-funds | 10 | 8,388 | 3.4% |
Equity is under half the money and debt a quarter of it. The largest single scheme is DSP Liquid Fund at ₹26,732 crore, ahead of DSP Small Cap (₹20,857 crore), DSP Midcap (₹20,510 crore), DSP Large & Mid Cap (₹18,129 crore) and DSP ELSS Tax Saver (₹16,505 crore). The 43 index funds and ETFs together hold 8.7% of the money.
How the equity funds rank in their categories
Direct Growth returns to 9 October 2026, annualised over three and five years; ranks are among the Direct Growth funds in each category with that much history.
| Fund | 1 year | Rank | 3 years | Rank | 5 years | Rank |
|---|---|---|---|---|---|---|
| Small Cap | 16.82% | 6 of 31 | 16.77% | 9 of 24 | 16.18% | 8 of 21 |
| Value | 1.56% | 7 of 22 | 14.82% | 5 of 21 | 11.67% | 8 of 17 |
| Large Cap | −8.30% | 31 of 33 | 10.08% | 8 of 30 | 8.26% | 9 of 27 |
| ELSS Tax Saver | −5.55% | 35 of 49 | 12.10% | 13 of 48 | 10.54% | 19 of 41 |
| Focused | −2.50% | 15 of 28 | 12.02% | 11 of 27 | 9.84% | 14 of 22 |
| Large & Mid Cap | −5.36% | 29 of 33 | 12.24% | 16 of 26 | 10.49% | 16 of 26 |
| Flexi Cap | −4.32% | 29 of 42 | 9.84% | 27 of 36 | 8.40% | 20 of 27 |
| Midcap | −1.09% | 28 of 31 | 12.70% | 24 of 29 | 9.69% | 21 of 22 |
The two strongest are the small-cap and value funds, in the top half of their categories on every period shown. The weakest is the Midcap fund, one of DSP's two largest equity funds, which is near the bottom of its category over three and five years. That spread is why DSP sat in the middle of our scorecard of fund houses against their categories, with 5 of 8 funds above their category median and a typical gap of +0.56 points a year.
Among the sector funds, the India T.I.G.E.R. Fund, an infrastructure-themed fund, returned 19.68% a year over five years and the Healthcare fund 20.42% a year over three. At the other end, the DSP Quant Fund returned 5.67% a year over three years.
The debt book ranks unevenly
| Fund | Average AUM (₹ crore) | 1 year | Rank | 3 years | Rank |
|---|---|---|---|---|---|
| Liquid | 26,732 | 6.57% | 5 of 50 | 6.98% | 6 of 42 |
| Money Market | 9,437 | 6.59% | 9 of 25 | 7.24% | 19 of 23 |
| Ultra Short Term | 4,604 | 6.68% | 7 of 26 | 7.41% | 6 of 24 |
| Short Term | 3,416 | 4.56% | 20 of 22 | 7.20% | 19 of 22 |
| Banking and PSU Debt | 3,150 | 3.63% | 20 of 20 | 6.90% | 17 of 19 |
| Corporate Bond | 2,840 | 5.94% | 1 of 21 | 7.53% | 5 of 21 |
The largest, the Liquid fund, is in the top tenth of 50 over one year. The Money Market fund is mid-table over one year and near the bottom over three, and the Banking and PSU fund was last of 20 over one year. Among the hybrids, DSP Multi Asset Allocation returned 17.28% a year over three years, third of 15.
Costs
On AMFI's expense filings of early October 2026:
| Fund | Direct TER | Category median |
|---|---|---|
| Small Cap | 0.83% | 0.90% |
| Midcap | 0.84% | 0.94% |
| Large & Mid Cap | 0.78% | 1.08% |
| ELSS Tax Saver | 0.91% | 1.07% |
| Flexi Cap | 0.87% | 0.96% |
| Large Cap | 1.18% | 1.07% |
| Value | 1.53% | 1.25% |
| Multi Asset Allocation | 0.62% | 0.85% |
Most of the large funds charge less than their category's middle fund. The Value fund, one of the two best-ranked, is also the dearest, 0.28 points above its category median.
What the house owns
Across DSP's latest disclosures, all but one of them for 30 September 2026, its schemes held ₹1,45,485 crore in shares. ICICI Bank is the largest position at ₹8,364 crore across 30 schemes, then HDFC Bank (₹8,185 crore), Axis Bank (₹5,469 crore), SBI and Bharti Airtel. Further down, Max Financial Services and IPCA Laboratories each come to just over ₹2,000 crore.
DSP also reaches abroad, in a different way from the Parag Parikh Flexi Cap fund. The Value fund held 12.83% of its portfolio outside India on 30 September, spread across global funds and about a dozen foreign stocks of around 1% or less each, Microsoft and Nvidia among them. Five overseas equity fund-of-funds, such as the US Specific Equity Omni FoF, add more.
The managers
Vinit Sambre has run the Small Cap fund since June 2010, and Rohit Singhania the Large & Mid Cap fund since June 2015 and the ELSS fund since July 2015. Bhavin Gandhi took over Flexi Cap and Focused in early 2024. Aparna Karnik is named on the Value and Multi Asset Allocation funds' offer documents. The Large Cap fund's latest summary document names a manager from May 2026, so most of the record in the table above was built by someone else; the guide to fund manager changes covers what that does and does not mean.
What the numbers do not tell you
Rank is not reward. Holding a place between ninth and eleventh for a decade says DSP kept pace with the industry's inflows, not that its funds did well or badly.
Category ranks move. A small-cap or value fund's lead over three years reflects a period that favoured those styles; it can reverse.
Average AUM is a quarter's average, and the debt book swings with corporate cash, which moves liquid funds more than anything a fund manager does.
None of this is a recommendation to buy or sell any fund.
Frequently asked questions
How big is DSP Mutual Fund?
DSP managed an average of ₹2,44,022 crore in July–September 2026, excluding domestic fund-of-funds. That is 2.80% of the industry and 9th among fund houses on AMFI's figures. It grew 15.6% in a year, against 13.1% for the industry.
What are DSP Mutual Fund's largest schemes?
DSP Liquid Fund is the largest, with average assets of ₹26,732 crore in July–September 2026. DSP Small Cap Fund (₹20,857 crore) and DSP Midcap Fund (₹20,510 crore) are the largest equity funds, followed by DSP Large & Mid Cap (₹18,129 crore) and DSP ELSS Tax Saver (₹16,505 crore).
Which DSP equity funds rank highest in their categories?
On Direct Growth returns to 9 October 2026, DSP Value Fund was 5th of 21 value funds over three years at 14.82% a year, and DSP Small Cap Fund 9th of 24 small-cap funds at 16.77%. DSP Midcap Fund was 24th of 29 mid-cap funds over three years and 21st of 22 over five.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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