{"id":19533,"date":"2020-10-29T17:38:08","date_gmt":"2020-10-29T12:08:08","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=19533"},"modified":"2020-11-03T10:24:41","modified_gmt":"2020-11-03T04:54:41","slug":"a-fund-that-says-no-to-fund-managers-and-yes-to-rules","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/mf-research\/a-fund-that-says-no-to-fund-managers-and-yes-to-rules\/19533","title":{"rendered":"A Fund that says \u2018no\u2019 to fund managers and \u2018yes\u2019 to rules!"},"content":{"rendered":"<style>\niframe {\nwidth: 100%;\n}\n<\/style>\n<h4><span style=\"color: #339966;\"><b>DSP Quant Fund &#8211; A deep dive into the product, process and portfolio<\/b><\/span><\/h4>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #333399;\"><b>The Product<\/b><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">DSP Quant Fund falls under the umbrella of \u2018quant funds\u2019. Before discussing the specifics of DSP Quant Fund, let us get into a brief introduction to Quant Funds first.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Quant Funds are funds where the investment decisions are driven by a set of <\/span><b>predefined rules<\/b><span style=\"font-weight: 400;\">. These rules are built by the quantitative research team based on long term investment principles, proven investment factors and rigorous back testing. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The involvement of the human element in these funds are mostly in the design phase and occasional review of the models. This actually prevents the stock selection of the fund from getting influenced by human biases &#8211; thereby operating in the middle ground between active and passive investing.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DSP Quant Fund builds its portfolio by following a rule based investment process with minimal human interference. These set of rules or <\/span><b>factors<\/b><span style=\"font-weight: 400;\"> are built into a quantitative model &#8211; using which investment decisions are made.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #333399;\"><b>The Process<\/b><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">The model tries to find &#8216;good companies&#8217; by following the below three step process.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP000.png\"><img loading=\"lazy\" class=\"aligncenter wp-image-19541\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP000.png\" alt=\"\" width=\"670\" height=\"371\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP000.png 899w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP000-300x166.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP000-768x425.png 768w\" sizes=\"(max-width: 670px) 100vw, 670px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">As can be seen from the above image, the DSP Quant Fund eliminates those companies from the BSE 200 bucket with high debt, high price volatility, poor management and earnings quality. Following the elimination stage, the model picks the companies that generate good return on equity, are relatively inexpensive and hold strong growth prospects. The selected stocks are optimized by assigning weights based on the factor scores to build the final portfolio.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #333399;\"><b>The Portfolio<\/b><\/span><\/h5>\n<p><b>Final portfolio consists of 30 to 50 stocks with limited concentration to a single stock\/sector in order to ensure adequate liquidity and achieve diversification.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Since DSP Quant Fund considers S&amp;P BSE 200 as its universe, it has a large cap orientation. The portfolio is rebalanced semi-annually.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As the investment decisions are made based on a predefined set of rules incorporated into the model, DSP Quant Fund does very well in mitigating human biases.<\/span><\/p>\n<h4><span style=\"color: #339966;\"><b>Solid outperformance in the simulated past as well as in the actual present<\/b><\/span><\/h4>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #333399;\"><b>Solid Outperformance since launch<\/b><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">DSP Quant Fund has delivered an outperformance of 9.1% and 9.8% over BSE 200 TRI and Nifty 500 TRI since the fund&#8217;s launch in Jun-2019.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP00.png\"><img loading=\"lazy\" class=\"aligncenter wp-image-19542\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP00.png\" alt=\"\" width=\"598\" height=\"177\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP00.png 781w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP00-300x89.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP00-768x227.png 768w\" sizes=\"(max-width: 598px) 100vw, 598px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">Though 15 months is too short a timeframe to evaluate an equity fund\u2019s performance, given that it is a rule based model, we can check for the backtested performance across the last 15 years.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19543\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01.png\" alt=\"\" width=\"1194\" height=\"233\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01.png 1194w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01-300x59.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01-768x150.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP01-1024x200.png 1024w\" sizes=\"(max-width: 1194px) 100vw, 1194px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">The fund&#8217;s outperformance is evident even in the backtested results as shown above. <\/span><b>Over the last 15 years the fund has delivered an outperformance of more than 5% vs the benchmark.<\/b><\/p>\n<p>&nbsp;<\/p>\n<p><b>But has the performance been consistent?<\/b><\/p>\n<p><span style=\"font-weight: 400;\">To test that, we also calculated the rolling returns using the backtested data (from Sep-2005 till the actual launch of the fund in Jun-19) and the actual data post Jun-19. The below table shows that, on average, DSP Quant Fund has outperformed the benchmark indices by more than 6% on a five-year and seven-year rolling basis.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP03.png\"><img loading=\"lazy\" class=\"aligncenter wp-image-19544\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP03.png\" alt=\"\" width=\"562\" height=\"223\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP03.png 821w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP03-300x119.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP03-768x305.png 768w\" sizes=\"(max-width: 562px) 100vw, 562px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">DSP Quant Fund has managed to beat the BSE 200 and Nifty 500 TRI around 94% of the times on a five-year rolling basis and 100% of the times on a seven-year rolling basis. And the fund has delivered an outperformance of more than 3% almost 80% of the times on five-year and seven-year rolling basis.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19545\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04.png\" alt=\"\" width=\"1130\" height=\"294\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04.png 1130w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04-300x78.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04-768x200.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP04-1024x266.png 1024w\" sizes=\"(max-width: 1130px) 100vw, 1130px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">The rolling returns charts below give us a glimpse on the quant model\u2019s effectiveness and consistency in outperformance across cycles.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19546\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05.png\" alt=\"\" width=\"1107\" height=\"461\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05.png 1107w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05-300x125.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05-768x320.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP05-1024x426.png 1024w\" sizes=\"(max-width: 1107px) 100vw, 1107px\" \/><\/a>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19547\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06.png\" alt=\"\" width=\"1108\" height=\"465\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06.png 1108w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06-300x126.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06-768x322.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP06-1024x430.png 1024w\" sizes=\"(max-width: 1108px) 100vw, 1108px\" \/><\/a>\n<p><strong>Returns are good and consistent. But what about risks?<\/strong><\/p>\n<p>&nbsp;<\/p>\n<h5><span style=\"color: #333399;\"><b>Much Lower declines during market falls indicating better risk management<\/b><\/span><\/h5>\n<p><span style=\"font-weight: 400;\">DSP Quant Fund has a Downside Capture Ratio (DCR) of 70.8% against BSE 200 TRI and has a DCR of 69.2% versus Nifty 500 TRI for the period of Sep-2005 to Oct-2020. These indicate that the fund&#8217;s portfolio fell only around 70% as much as the benchmark indices during periods of declines.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">During phases of major market declines in the past, the fund has evidently fallen lesser than the indices.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP09.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19550\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP09.png\" alt=\"\" width=\"778\" height=\"466\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP09.png 778w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP09-300x180.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP09-768x460.png 768w\" sizes=\"(max-width: 778px) 100vw, 778px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">Even in the Intra-year Drawdown comparison, the fund has mostly fallen lower during the volatile periods within the years when compared to the benchmark indices.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP08.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19549\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP08.png\" alt=\"\" width=\"934\" height=\"468\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP08.png 934w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP08-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/10\/DSP08-768x385.png 768w\" sizes=\"(max-width: 934px) 100vw, 934px\" \/><\/a>\n<p><strong>Thus, the fund does good in the risk management aspect as well.<\/strong><\/p>\n<h4><span style=\"color: #339966;\"><b>Now, some caveats too&#8230;<\/b><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The quant-model manages to mitigate most of the human biases, but there are some that could still creep in &#8211; most notable one being &#8216;<\/span><i><span style=\"font-weight: 400;\">the hindsight bias<\/span><\/i><span style=\"font-weight: 400;\">&#8216;. Though the fund house has tested the quant-model across time horizons and across geographies &#8211; there is a risk that the model could have been <\/span><i><span style=\"font-weight: 400;\">overfitted<\/span><\/i><span style=\"font-weight: 400;\"> to the past. To address this issue, the fund house does a periodic review and upgradation of the model. They also provide regular communication on any changes to the fund. But, it&#8217;s still a risk one should be aware of.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, the fund may underperform in short term phases where there are<\/span><\/p>\n<ul>\n<li><b><span style=\"font-weight: 400;\">Sentiment driven rallies \/ Market Euphoria (Not backed by fundamentals) Example: 2007 Commodity Super-cycle peak and 2014 Change in Govt. regime<\/span><\/b><\/li>\n<li><span style=\"font-weight: 400;\">Market reactions based on actual or expected changes in policy\/regulation or events. Example: PSU Bank recap of Oct 2017<\/span><\/li>\n<li><span style=\"font-weight: 400;\">The fund may not be able to fully capture \u2018hope trades\u2019 or \u2018turnaround stories\u2019 where actual historical numbers are poor but the market is pricing in a sharp future improvement.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>We had an extensive discussion with Ms. Aparna Karnik, SVP and Head &#8211; Risk &amp; Quantitative Analysis, DSP Investment Managers on our various queries pertaining to DSP Quant fund. <\/strong><\/p>\n<p><strong>Do watch this interesting video for much more insights on the fund.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><iframe title=\"FundsIndia Behind The Returns | E09 | Ms Aparna Karnik , DSP Investment Managers\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/FGyAY8LNE-4?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/p>\n<h4><span style=\"color: #339966;\"><b>Suitability<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DSP Quant Fund is ideal for long term equity investors with a preference for rule based strategy with a \u2018quality\u2019 bias<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investment time horizon of at least 5-7 years\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Can be a part of the \u201cQuality\u201d bucket<\/span><\/li>\n<\/ul>\n<h4><span style=\"color: #339966;\"><b>Summing it up<\/b><\/span><\/h4>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">DSP Quant Fund uses a quant model driven by a set of rules to invest in &#8216;good companies&#8217;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Though the fund has a short real-world track record (Jun 2019 to Oct 2020), the same combined with the back-tested results (Sep-2005 to Jun-2019) help us derive our conviction on the fund<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The fund has shown strong outperformance with lower downside based on 2005 to 2020 data &#8211; but as with all backtests the caveats apply!<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Suitable for long term equity investors with investment horizon of at least 5 to 7 years and looking for a rule based equity portfolio with a \u2018quality\u2019 bias<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>DSP Quant Fund &#8211; A deep dive into the product, process and portfolio &nbsp; The Product DSP Quant Fund falls under the umbrella of \u2018quant funds\u2019. Before discussing the specifics of DSP Quant Fund, let us get into a brief introduction to Quant Funds first. Quant Funds are funds where the investment decisions are driven [&hellip;]<\/p>\n","protected":false},"author":47,"featured_media":19568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[506,509],"tags":[201,108,517,587,289,148,516,518,146,643,338,263],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Fund that says \u2018no\u2019 to fund managers and \u2018yes\u2019 to rules!<\/title>\n<meta name=\"description\" content=\"This fund makes investment decisions with the help of a quantitative model built with predefined set of rules - thus limiting human biases.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/mf-research\/a-fund-that-says-no-to-fund-managers-and-yes-to-rules\/19533\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Fund that says \u2018no\u2019 to fund managers and \u2018yes\u2019 to rules!\" \/>\n<meta property=\"og:description\" content=\"This fund makes investment decisions with the help of a quantitative model built with predefined set of rules - 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