IMSL Integrated Master Securities Pvt Ltd

DSP Mutual Fund has launched India's first-ever Nifty Top 10 Equal Weight Index Fund and ETF, offering a unique investment opportunity by equally weighting the top 10 Indian companies based on free float market capitalization within the Nifty index. This new offering, the DSP Nifty Top 10 Equal Weight Index Fund and DSP Nifty Top 10 Equal Weight ETF, aims to capitalize on the relatively favorable valuations of these top 10 stocks when compared to broader indices such as the Nifty 50 and Nifty 500, based on metrics like price-to-earnings ratio, return on equity, and return on assets.

The new fund offer for the DSP Nifty Top 10 Equal Weight Index Fund and ETF opened on 16 August 2024, and will remain open for subscription until 30 August 2024.

The fund replicates the Nifty Top 10 Equal Weight Index, ensuring that it holds the same stocks in identical weights. Each company in the portfolio is allocated an equal 10% weight, which is rebalanced quarterly to maintain this allocation. Additionally, the portfolio undergoes semi-annual adjustments to account for any changes in the index, such as the addition or removal of stocks.

The DSP Nifty Top 10 Equal Weight Index Fund provides investors with a concentrated portfolio of large-cap companies, which are known for their durability, strong financial health, and high liquidity. This product is particularly appealing to investors seeking to enhance or rebalance their large-cap exposure without the biases that often come with active fund management. As a passive investment vehicle, it offers a relatively low-cost option with a lower expense ratio compared to actively managed large-cap funds.

The fund is well-suited for long-term investors looking to benefit from stable, durable businesses and those who aim to stay invested throughout market cycles. It also caters to cost-conscious investors, providing a passive investment approach that leverages the power of compounding over time.

Historical performance data supports the strategy behind this fund. The Nifty Top 10 Equal Weight Index has outperformed the Nifty 50 and Nifty 500 indices over the long term and on a rolling basis across various time periods. Specifically, it has outperformed the broader market in 9 out of the past 16 years. Despite recent underperformance over the last four years compared to other indices and active funds, historical trends indicate that when the three-year historical alpha is negative, the forward alpha for the Nifty Top 10 Equal Weight Index tends to be positive, suggesting potential for a rebound.

The portfolio quality is another strong point, with the Nifty Top 10 Equal Weight Index showing a return on equity that is 1.5 times higher than that of the Nifty 500 Index. Notably, in FY 2024, about 49% of the profits of Nifty 50 stocks were contributed by the companies within the Nifty Top 10 Equal Weight Index.

Anil Ghelani, CFA, Head ' Passive Investments & Products, DSP Mutual Fund, stated, While we have seen increasing level of interest in small and mid-cap stocks, the very large and mega cap stocks appear to be trading at relatively more attractive valuations. Sound investing principles suggest that it is always better to invest where there is a relatively lower valuation and margin of safety. Hence, we are considering an index which will have the largest ten stocks, in an equal weight strategy. The Nifty Top 10 Equal Weight Index can be part of long-term portfolios as it provides exposure to the largest companies which can help to reduce drawdowns during downturns and can also generate better returns over the long term.

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