This one is not a stellar outperformer but it does not tumble like a pack of cards in a downturn. When Apoorva Shah took over the fund in 2006, there was no dramatic change in the portfolio, except that the mid-cap allocation began to get a bit more generous. But that does not imply an aggressive portfolio. In fact, Shah shies away from aggressive sector bets and prefers dabbling in a large number of sectors. The number of stocks, too, is huge and it has gone as high as 90 (August 2008), though a significant number of these have atiny allocation. While this could also result diluted returns, the reason for such a bloated portfolio is that this fund seeks to combine the portfolios of the large cap fund (DSPBR Top 100) and the small and mid-cap fund.
The fund largely remains within the 65-75 per cent equity band.
Despite the highly diversified portfolio, Shah does a large amount of churning. Though the fund over the years has dabbled in various debt instruments, it largely maintains a conservative stance on the debt side. A good bet for the conservative investor.
