{"id":19846,"date":"2020-11-30T12:00:29","date_gmt":"2020-11-30T06:30:29","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=19846"},"modified":"2020-12-02T12:02:20","modified_gmt":"2020-12-02T06:32:20","slug":"dsp-value-fund-is-there-value-in-it","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/nfo\/dsp-value-fund-is-there-value-in-it\/19846","title":{"rendered":"DSP Value Fund &#8211; Is there value in it?"},"content":{"rendered":"<h5><b>DSP Value Fund<\/b> <strong>&#8211;<\/strong>\u00a0<em>A differentiated play on \u2018Value\u2019 theme with geographical diversification and cash calls in expensive markets<\/em><\/h5>\n<h4 style=\"text-align: left;\"><span style=\"color: #333399;\"><b>FundsIndia View<\/b><b>: <\/b><\/span><span style=\"color: #339966;\"><b>Positive<\/b><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">DSP Mutual Fund is launching a \u2018value\u2019 oriented equity fund &#8211; \u2018DSP Value Fund\u2019.\u00a0<\/span><\/p>\n<p><b>NFO Period:<\/b><span style=\"font-weight: 400;\">\u00a020-Nov-2020 to 04-Dec-2020<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fund is built based on 3 principles:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Quality at Reasonable Price:<\/b> <span style=\"font-weight: 400;\">Invest in <\/span><b>\u2018good\u2019 companies<\/b><span style=\"font-weight: 400;\"> at <\/span><b>\u2018good\u2019 prices\u00a0<\/b><\/li>\n<li style=\"font-weight: 400;\"><b>Global Diversification: <\/b><b>Diversify globally<\/b><span style=\"font-weight: 400;\"> (upto 35%<strong> via global value managers<\/strong>) and <\/span><b>within India<\/b><\/li>\n<li style=\"font-weight: 400;\"><b>Keep cash<\/b><span style=\"font-weight: 400;\"> at the <\/span><b>right time:<\/b> At extreme valuations, the fund will reduce exposure to equities to reduce downside risk<\/li>\n<\/ul>\n<h4><span style=\"color: #333399;\"><b>What is Value Investing?<\/b><\/span><\/h4>\n<p><b>Value investing<\/b><span style=\"font-weight: 400;\"> is <\/span><span style=\"font-weight: 400;\">one of the oldest, most researched &amp; most fundamental stock picking style. <\/span><span style=\"font-weight: 400;\">Value Investing primarily operates on the premise:<\/span> <b><i>Figure out the value of something, and then pay a lot less for it.<\/i><\/b><span style=\"font-weight: 400;\"> This style of stock picking involves picking fundamentally strong <\/span><b>companies<\/b><span style=\"font-weight: 400;\"> that appear to be trading for less than their <\/span><b>intrinsic or book value<\/b><span style=\"font-weight: 400;\">. It also means avoiding good companies that are trading at higher valuations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several variations to applying this investment philosophy. Let us find out what is DSP\u2019s version<\/span><\/p>\n<p><b>DSP Framework for Value Investing<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Finding quality companies at a sensible price as opposed to finding mediocre companies for cheap prices\u00a0\u00a0\u00a0\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Holding cash in expensive markets when there is a dearth of value opportunities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Looking for Value in India and Overseas<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Managing risks through adequate diversification and position sizing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Combining the strengths of qualitative and quantitative investment approaches<\/span><\/li>\n<\/ol>\n<h4><span style=\"color: #333399;\"><b>Reasons to consider Value Investing now?<\/b><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">The value style has been underperforming the broader index, both in India and globally, for the past few years. As seen in the below chart, globally MSCI All Country World Value index outperformed MSCI All Country World Growth index between 2002 to 2008 but has been underperforming since 2009.<\/span><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19849\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001.png\" alt=\"\" width=\"1147\" height=\"394\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001.png 1147w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001-300x103.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001-768x264.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF001-1024x352.png 1024w\" sizes=\"(max-width: 1147px) 100vw, 1147px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">Given the long phase of underperformance and historical evidence of value outperforming over the long run, we expect mean reversion to happen in the coming years (both globally and domestically) which could result in significant outperformance owing to the expected rerating in value stocks.<\/span><\/p>\n<h4><span style=\"color: #333399;\"><b>Why do we like DSP Value Fund?<\/b><\/span><\/h4>\n<p>&nbsp;<\/p>\n<h5><b>1. Domestic Exposure via rule based approach with qualitative overlay<\/b><\/h5>\n<p><b>Investment Process:<\/b><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19850\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002.png\" alt=\"\" width=\"1098\" height=\"498\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002.png 1098w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002-300x136.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002-768x348.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF002-1024x464.png 1024w\" sizes=\"(max-width: 1098px) 100vw, 1098px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">The fund uses a rule-based approach initially to select the portfolio. Post this, the fund management team offers a qualitative input to remove any possible value traps. So this combines the best of both worlds in terms of rule-based emotion-free investment process and human judgment to capture the nuances.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><b>2. Global Exposure (0 to 35%) via iconic global value fund managers\u00a0<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">The fund has an unique advantage of investing in value stocks across the world by investing upto 35% in overseas companies. Thus providing investors the below benefits<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Diversification from home country risk<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Access to global best-in-class companies and managements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Access to sectors where opportunities may be limited in India. For example, Semiconductors &#8211; a sector that plays a major part of everybody\u2019s day-to-day life has negligible presence in India. The below chart indicates the sectors that are heavily under-represented in the Indian listed space.<\/span><\/li>\n<\/ul>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF003.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19851\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF003.png\" alt=\"\" width=\"512\" height=\"353\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF003.png 512w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF003-300x207.png 300w\" sizes=\"(max-width: 512px) 100vw, 512px\" \/><\/a>\n<p><span style=\"font-weight: 400;\">The global portfolio of the fund will be invested in some of the best value funds managed by iconic fund managers (such as Berkshire Hathaway, RIT Capital, Marathon Asset Management etc).<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Berkshire Hathaway<\/b><span style=\"font-weight: 400;\"> &#8211; Promoted by Warren Buffett who is a strong proponent of the value style of investing and has been successfully following the same for decades<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>RIT Capital<\/b><span style=\"font-weight: 400;\"> &#8211; one of the UK\u2019s largest investment trusts, with a market capitalisation of around \u00a33 billion<\/span><\/li>\n<\/ul>\n<p><b>Bottomline &#8211; Global diversification into iconic global value fund investors + opportunity to invest in sectors that are under represented in India.<\/b><\/p>\n<p>&nbsp;<\/p>\n<h5><b>3. Negligible or Nil Exposure to Lenders<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">Another key differentiator of the fund is &#8211; No exposure to lenders (Banks and NBFCs) in its portfolio. The financial sector already forms a large part of almost every diversified fund given the large representation in the index. Thus every investor\u2019s portfolio by default has an average of 25-35% exposure to the financial sector. So broadly from a diversification point of view, global exposure and no exposure to lenders make it a differentiated offering and can reduce the volatility profile of the fund.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h5><b>4. Keep CASH at the right time<\/b><\/h5>\n<p><span style=\"font-weight: 400;\">When markets become very expensive and value opportunities are scarce, the fund can reduce equity exposure via cash calls. This can help reduce downside risk as the fund will take cash calls when the markets are expensive and reinvest when the prices turn reasonable again. That being said this can be a double-edged sword and can also be a near term drag on the portfolio returns if market rallies despite higher valuations.<\/span><\/p>\n<h4><span style=\"color: #333399;\"><b>Backtested Performance:<\/b><\/span><\/h4>\n<p><b>Long term outperformance&#8230;<\/b><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF004.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19852\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF004.png\" alt=\"\" width=\"752\" height=\"315\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF004.png 752w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF004-300x126.png 300w\" sizes=\"(max-width: 752px) 100vw, 752px\" \/><\/a>\n<p><b>With far lower declines during market falls<\/b><\/p>\n<a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF005.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-19853\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF005.png\" alt=\"\" width=\"506\" height=\"210\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF005.png 506w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2020\/12\/DSPVF005-300x125.png 300w\" sizes=\"(max-width: 506px) 100vw, 506px\" \/><\/a>\n<h4><span style=\"color: #333399;\"><b>\u00a0<\/b><\/span><span style=\"color: #333399;\"><b>What are the key risks?<\/b><\/span><\/h4>\n<ul>\n<li><strong>Cash Calls:<\/strong> Sometimes, the markets may continue to rally despite higher valuations and cash calls if not used prudently can become a drag on the portfolio return<\/li>\n<li><strong>Delay in the expected recovery of &#8216;Value&#8217; investing style:<\/strong>\u00a0While long term evidence strongly supports value investing, the last few years has been tough for this style both in India and globally. While we expect mean reversion and recovery in performance at some point in time in the future, the exact timing is difficult to predict. This may test your patience.<\/li>\n<\/ul>\n<h4><span style=\"color: #333399;\"><b>Summing it up<\/b><\/span><\/h4>\n<ul>\n<li><b><b>DSP Value Fund &#8211; A Unique Well Diversified \u2018Value\u2019 fund ideal for long term investors with high degree of patience and positioned for lower volatility and smoother investment journey<\/b><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The key differentiators that make the fund attractive are<\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 60px;\"><b>&#8211; Buys Quality Companies but not the most expensive <\/b>i.e.\u00a0avoids buying cheap bad companies or expensive very good companies<\/p>\n<p style=\"padding-left: 60px;\"><b>&#8211; Domestic portion <\/b>will be<b> largely managed<\/b> based on<b> \u2018rules\u2019 <\/b>along with <b>qualitative active management skill <\/b>to decide final portfolio<\/p>\n<p style=\"padding-left: 60px;\"><b>&#8211; Global diversification<\/b><span style=\"font-weight: 400;\"> &#8211; around <strong>1\/3rd of the portfolio<\/strong> will have exposure to funds\/shares of iconic global value managers such as Berkshire Hathaway (Warren Buffet), RIT Capital etc.<\/span><\/p>\n<p style=\"padding-left: 60px;\"><span style=\"font-weight: 400;\">&#8211;\u00a0<\/span><b>Cash for the right time<\/b><span style=\"font-weight: 400;\"> &#8211; when Indian markets become expensive and value opportunities not easily available, the fund can keep some cash in hand and be prudently cautious to minimize drawdowns<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Backtested Performance indicates long term outperformance and lower downside during falls aided by global diversification and cash calls<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Overall, we think DSP Value Fund is a truly differentiated, unique offering relevant to &#8216;PATIENT&#8217; Indian investors with a 5 year plus time frame and want to participate in \u2018value\u2019 investing style both from an Indian and Global context.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DSP Value Fund &#8211;\u00a0A differentiated play on \u2018Value\u2019 theme with geographical diversification and cash calls in expensive markets FundsIndia View: Positive DSP Mutual Fund is launching a \u2018value\u2019 oriented equity fund &#8211; \u2018DSP Value Fund\u2019.\u00a0 NFO Period:\u00a020-Nov-2020 to 04-Dec-2020 The fund is built based on 3 principles: Quality at Reasonable Price: Invest in \u2018good\u2019 companies [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[506,607,509],"tags":[515,201,171,148,516,38,167,286],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - 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