Abu Dhabi Global Market · Protected cell company
India: the growth engine the world can’t ignore
DSP Equity Opportunities Feeder Fund Feeding into DSP Large & Mid Cap Fund
Invest in Indian mutual fund in USD.
The feeder holds units of a SEBI-regulated Indian scheme that has compounded ahead of both its benchmark and MSCI India over three, ten and since-inception periods.
- Structure
- ADGM protected cell company
Feeder fund
- Master fund
- DSP Large & Mid Cap Fund
SEBI-regulated, India-domiciled
- Minimum investment
- USD 100 Retail
USD 500,000 I Class
Four steps from your account to Indian equities
Step 01
OCI / NRI / global investor
Step 02
DSP Equity Opportunities Feeder Fund
An open-ended protected cell company established under the regulations of the Abu Dhabi Global Market.
Step 03
DSP Large & Mid Cap Fund
A SEBI-regulated mutual fund scheme domiciled in India, investing in Indian stocks.
Step 04
Indian equity stocks
Companies listed on the National Stock Exchange and the Bombay Stock Exchange.
What the master fund owns
Market capitalisation split
DSP Large & Mid Cap FundThe master fund
Nifty Large Mid Cap 250Benchmark
MSCI IndiaReference index
Large caps are defined as the top 100 stocks by market capitalisation, mid caps as 101–250, small caps as 251 and above. The strategy mentioned is the one currently followed by the Scheme and may change in future depending on market conditions and other factors. Based on AMFI classification. INR/USD exchange rate assumed at ₹94.6675. Source: Internal, Bloomberg. Data as of 30 June 2026.
Top 10 holdings — based on allocation in DSP Large & Mid Cap Fund
Source: Internal, Bloomberg. Data as of 30 June 2026. The sector(s)/stock(s)/issuer(s) mentioned do not constitute any research recommendation, and the Fund may or may not have any future position in them.
| Sector | DSP Large & Mid Cap Fund | MSCI India Index | Nifty Large Mid Cap 250 |
|---|---|---|---|
| Financials | 41.7% | 31.2% | 31.3% |
| Health Care | 9.2% | 6.3% | 7.7% |
| Consumer Discretionary | 11.9% | 12.0% | 12.4% |
| Materials | 10.0% | 8.7% | 8.5% |
| Information Technology | 5.5% | 6.3% | 5.8% |
| Energy | 5.4% | 8.3% | 5.4% |
| Industrials | 3.1% | 11.4% | 13.9% |
| Consumer Staples | 2.6% | 5.6% | 5.5% |
| Utilities | 1.8% | 3.9% | 4.0% |
| Communication Services | 3.9% | 5.0% | 4.1% |
| Real Estate | 1.8% | 1.3% | 1.6% |
Overweight Underweight GICS sectors are used in the table above. Source: Internal. Data as of 30 June 2026.
Strategy track record, in US dollars
Net of fees, measured against the benchmark and against MSCI India. Shown from three years onward.
| Strategy | 3 Year | 5 Year | 10 Year | Since inception |
|---|---|---|---|---|
| DSP Large & Mid Cap Fund | 11.8% | 8.9% | 11.9% | 11.6% |
| Nifty Large Midcap 250# | 9.9% | 9.1% | 11.8% | 10.9% |
| MSCI India | 5.7% | 5.1% | 8.4% | 7.1% |
| Alpha vs Nifty Large Midcap 250 | +1.9% | −0.2% | +0.1% | +0.7% |
| Alpha vs MSCI India | +6.1% | +3.7% | +3.5% | +4.5% |
Source: MFI, MSCI. Internal, data in USD as of 30 June 2026. DSP strategy returns are net of fees. Past performance is not a reliable indicator of future results. #Nifty Large Mid Cap 250 inception date is 1 April 2005 and MSCI India inception date is 29 December 2000, so since-inception figures cover different periods.
| Metric | 3 Year | 5 Year | 10 Year |
|---|---|---|---|
| DSP Large & Mid Cap Fund | 15.7% | 15.9% | 18.2% |
| Nifty Large Midcap 250 | 16.4% | 16.8% | 18.6% |
| MSCI India Index | 15.6% | 16.3% | 18.6% |
Source: Internal. Data as of 30 June 2026. The master fund has carried lower volatility than its benchmark across all three periods shown.
Who runs the money
The master fund is managed by DSP’s equity team in Mumbai.
Rohit Singhania
Co-Head of Equities, DSP · With the firm since 2009
Fund Manager, DSP Large & Mid Cap Fund
“I want to buy companies, with capable managements, good growth and good balance sheets, when they are available at sufficient margin of safety.”
Rohit Singhania
- ExperienceJoined DSP Investment Managers in September 2005 as Portfolio Analyst for the firm’s Portfolio Management Services division, then transferred to the Institutional Equities Team in June 2009.
- Sector backgroundPreviously focused on Auto, Auto Ancillaries, Metals, Infrastructure, Sugar and Hotels.
Core principles of the fund
- Prioritises companies with strong or improving growth, balance sheet trends and capable leadership, available at a sufficient margin of safety.
- Seeks cyclical businesses near their cycle troughs, or those on the brink of a turnaround with clear catalysts.
- Focuses on companies with higher growth visibility or better risk-reward ratios due to temporarily depressed valuations.
The same exposure, held a tax-efficient way
An offshore investor buying Indian stocks directly is taxed in India on gains and income. Held through the ADGM feeder, both the feeder and the master fund are tax exempt.
Tax applicable in India
- Long-term capital gains*
- 13.65%
- Short-term capital gains*
- 21.84%
- Dividend / income@
- 21.84%
- Distribution
- 21.84%
Rates shown are those applicable to Foreign Portfolio Investors, inclusive of surcharge and Health & Education Cess.
Tax at fund level
- DSP Equity Opportunities Feeder Fund (ADGM)
- Tax exempt
- DSP Large & Mid Cap Fund (India)
- Tax exempt
The Fund may be required to pay tax on investments made in other instruments used for temporary parking. Investors remain responsible for tax in their own jurisdiction.
*Short-term capital gains tax applies to holdings of up to one year; long-term capital gains tax applies to holdings beyond one year. @Withholding tax applicable. The rates mentioned above apply to Foreign Portfolio Investors (FPIs) and include surcharge and Health and Education Cess at 4%. For Foreign Companies and Corporate FPIs, surcharge is 2% where income is ≤ INR 10 crores and 5% where income is > INR 10 crores. The above rates assume a surcharge of 5%. This is not tax advice; obtain your own.
Scheme details
Scheme name
DSP Equity Opportunities Feeder Fund
Nature of the fund
An open-ended protected cell company established under the regulations of the Abu Dhabi Global Market ("ADGM").
Investment objective
To generate long-term capital appreciation by primarily investing in units of DSP Large & Mid Cap Fund. The Fund is a pooling vehicle, and the FME has been appointed to manage the Funds and take decisions in relation to investments of the Fund.
Product suitability
The underlying scheme is an open-ended equity scheme investing in both large cap and mid cap stocks. It is suitable for investors seeking long-term capital growth through investment in equity and equity-related securities predominantly of large and mid cap companies. Investors should consult their financial advisers if in doubt about whether the Scheme is suitable for them.
| Share class | Minimum investment (USD) | Expense ratio — feeder | Expense ratio — master | Total expense ratio |
|---|---|---|---|---|
| Retail Class | 100 | 1.30% | 0.68% | 1.98% |
| Retail CDSC Class | 100 | 1.30% | 0.68% | 1.98% |
| I Class | 500,000 | 0.35% | 0.68% | 1.03% |
Data as of 30 June 2026. Eligibility is limited to offshore investors other than resident Indians, in FATF-compliant countries.
Start your subscription
The Offering Documents, Articles of Association and Subscription Agreement contain the complete terms, risk factors and fees. No offer to purchase interests is made or accepted until those documents have been received and all requisite documentation completed.
Neovision Wealth Management Limited
Office 806, 6th Floor, Al Khatem Tower, ADGM Square,
Al Maryah Island, Abu Dhabi, UAE · PO Box 7851