DSP BlackRock Micro Cap Fund - Invest Online

The aim of the fund is to seek long-term capital appreciation by investing in a portfolio that is substantially constitutes of stocks that are not part of the top 300 companies by market capitalisation. Focus of the scheme is to deliver superior long term performance by selecting stocks of companies those are uncorrelated to broader markets & not sector specific.

Small- and micro-cap stocks usually set the market on fire in every bull phase and this fund stands out for its keen focus on this segment of the market. About 75-85 per cent of its portfolio is invested in small caps, with a 15-20 per cent mid-cap allocation. Unlike most funds in this category, it owns no exposure to large-cap stocks at all. The fund's mandate requires 65 per cent of the corpus to be invested in stocks that are not among the top 300 companies by market cap. This fund has been quite successful at navigating this challenging category, managing a three- to five-star rating for many of the last five years. In a category that has many funds that chase growth stocks, this fund doesn't fight shy of buying cyclicals, provided it can see prospects of a turnaround and an improving ROCE.

Small-cap stocks have been a choppy segment of the market, with the BSE SmallCap Index delivering a mere 8.1 per cent CAGR in the last seven years thanks to its high volatility. But this fund has successfully overcome the challenges in this market segment to post a 23.8 per cent CAGR - over thrice the benchmark return for the same period. Five-year and three-year returns also manage to beat the benchmark by double-digit margins. The strong performance has had the fund's assets expanding rapidly in the last one year from under R500 crore last April to over R2,000 crore by May 2015. As fund size can be a constraint to sticking to the micro-cap mandate, the fund restricts large lump-sum investments when markets appear overheated.

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