DSP Nifty 50 Equal Weight ETF · NSE:EQUAL50ADD
DSP Nifty 50 Equal Weight ETF — DSP Mutual Fund — Investor Presentation (October 2026)
21 slides from DSP Nifty 50 Equal Weight ETF's investor presentation, Oct 5, 2026
Slide 1: NETRA: Early Signals Through Charts
NETRA Early Signals Through Charts October 2026 Released on 5th October 2026 DSP Mutual Fund - SEBI Registration No.: 036/97/7
Slide 2: Base Rates & Mean Reversion
Base Rates & Mean Reversion
Slide 3: What Are We Saying?
What Are We Saying? • In the history of investing, five years is a blink. But for the investor, it’s a major chunk of chronology. Few have the gut to sit through long stretches of no returns. Some of these stretches create the conditions for higher future returns. We are in such a stretch. • Indian
Slide 4: Mean Reversion: Extraordinary Returns Eventually Meet Their Base Rates
Mean Reversion: Extraordinary Returns Eventually Meet Their Base Rates Rolling returns revert because an exceptional 5-Year Rolling CAGR: returns have moved back toward base rates. year leaves the calculation, prices consolidate, Large Caps Are Closest To Lows earnings catch up, or expectations rese
Slide 5: The Better The Previous Five Years, The Harder The Next Five Became
The Better The Previous Five Years, The Harder The Next Five Became 30% Nifty 100: 5Y Rolling CAGR vs Base Rate Starting 5Y Return Decile & Subsequent 5Y CAGR (Yellow shading indicates the current position) 25% 20% Nifty 100 Nifty 100 Nifty Midcap 150 Nifty Midcap 150 Nifty Smallcap 250 Nifty Smallc
Slide 6: Unusually High SMID Outperformance Over Large Caps Is a Sign of Caution
Unusually High SMID Outperformance Over Large Caps Is a Sign of Caution In every cycle, Small & Mid caps lose all their alpha over large caps and then build back gains in the next cycle. CAGR 10000 In each upcycle, smaller firms from the mid and Boxes represent CAGR CAGR LC 17% CAGR % from MC 22% sm
Slide 7: Prefer Large Caps At This Critical Historical Juncture
Prefer Large Caps At This Critical Historical Juncture Small & Mid Caps At Record Levels Vs Large Caps The market is unusually polarised. Small and mid caps 0.9 now trade at their highest relative price levels versus 0.8 Pre GFC peak Sep’24 peak, large caps in more than two decades. 0.7 exceeded 0.6
Slide 8: Nifty's Current Below-200DMA Streak Is Now the 8th Longest
Nifty’s Current Below-200DMA Streak Is Now the 8th Longest, Likely To Enter Top 5 Soon Nifty Index Trading Days Spent Below 200 Day Moving Average This remains one of the most benign “bear markets”, if we can call it that. The Nifty has not even fallen 20% Max Distance Below from its Sep-2024 peak,
Slide 9: Rare Losing Streaks, Limited Damage: Nifty Is Correcting Through Time
Rare Losing Streaks, Limited Damage: Nifty Is Correcting Through Time, Becoming Attractive Four Consecutive Negative Monthly Closes Ending Mar’26 • There have been only 7 distinct episodes of 4 or Nifty is displaying unusually persistent weakness, but remarkably little damage. more consecutive negat
Slide 10: Large Caps Better Placed Than SMIDs: The Relative Case Has Flipped
Large Caps Better Placed Than SMIDs: The Relative Case Has Flipped Large caps have corrected enough for valuations to be near fair/cheap zones. SMIDs have seen less valuation compression and still need stronger earnings delivery to justify broad exposure. For portfolio allocations, Large-Caps may of
Slide 11: India Is Lagging EMs In A Rising EM Market - This Is Rare
India Is Lagging EMs In A Rising EM Market - This Is Rare 450 Indian Equities Have Massively Underperformed Emerging Markets Since July 2025 In an unusual occurrence India is underperforming while EMs are rising sharply. From Jul-2025 to Sep- 400 145 2026, MSCI EM in USD rose 39.3%, while Nifty in 3
Slide 12: Quality At No Premium: A Rare Market Extreme
Quality At No Premium: A Rare Market Extreme Defensives have suffered one of their largest relative Defensives vs Cyclicals: The Quality Premium Has Disappeared deratings in two decades. After years of underperformance, IT, private banks and staples now 170 trade at roughly the same forward valuatio
Slide 13: Sector Base Rates: Where Returns Have Run Ahead, And Where They Are Washed Out
Sector Base Rates: Where Returns Have Run Ahead, And Where They Are Washed Out Extraordinary Returns Need Extraordinary Odds to Persist. Method: Each sector is compared only with its own history. We calculate 3-year and 5-year rolling TRI Above own base rates (Be Cautious) Washed out vs own history
Slide 14: Reversion to the Mean
“Reversion to the Mean”
Slide 15: Valuation Extremes Tend to Mean-Revert. Timing Is the Hard Part.
Valuation Extremes Tend to Mean-Revert. Timing Is the Hard Part. Avg change in P/E over next 3 years at different valuation bands Market returns ultimately come from two things: When P/E ≥ +2σ (Very Expensive) what the business earns and what investors are willing to pay for those earnings. -3.6% -3
Slide 16: Business Cycles Vary: Low Growth Need Not Stay Low
Business Cycles Vary: Low Growth Need Not Stay Low 5Y Sales 5Y Sales Trough Spread vs Next 5Y Spread Trough Spread vs Next 5Y Spread Industry CAGR at Industry CAGR at (FY) GDP (%) Sales CAGR then (%) (FY) GDP (%) Sales CAGR then (%) trough trough Aerospace & Defense 2014 8.3 -7.0 7.4 -3.6 Healthcare
Slide 17: Margins Are Cyclical. Less So for Defensives.
Margins Are Cyclical. Less So for Defensives. Aggregate EBITDA margin (%) Colour = quartile of the sector’s own margin history up to that year: ■ Q1 (highest) ■ Q2 ■ Q3 ■ Q4 lowest Sector FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Cyclicals Ferrous Metals 13.5 12.3 13
Slide 18: Smoother Cycles Are Still Cycles
Smoother Cycles Are Still Cycles Defensive sectors are often thought of as businesses Cyclicals: 3Y CAGR vs own long-term mean where demand is relatively insulated from the 0.6 0.5 Auto vs mean Metal vs mean economic cycle. That can make it seem as though the 0.4 idea of cycles, and therefore mean r
Slide 19: FII Activity Has Been Sector-Specific
FII Activity Has Been Sector-Specific Sector Flow Grid (USD bn) Rolling 24-month FII flow is now -$56.2bn. This is the Largest Cumulative Bets worst 24-month reading in the dataset since 2012. It CY22 Apr- Sector CY23 CY24 CY25 CY26 YTD Total Dec is roughly 3.3 standard deviations below its historic
Slide 20: Asset Allocation
Asset Allocation A little bit of me wouldn’t hurt | am performing, feed me more Now I’m THE PORTFOLIO
Slide 21: Disclaimer
INVEST FOR GOOD Disclaimer In this material DSP Asset Managers Pvt. Ltd. (the AMC) has used information that is publicly available, including information developed in-house. Information gathered and used in this material is believed to be from reliable sources. The AMC however does not warrant the a
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