GIFT City-based DSP Global Equity Fund has Amazon as largest holding, 52 percent portfolio in 19 companies

The fund’s total assets have climbed to over US$5 million, up from about US$2 million collected during its September NFO.

Amazon, Tencent, Adyen and Trip.com are among the top holdings in DSP Fund Managers IFSC's first active outbound retail fund, the portfolio update has shown.

DSP Fund Managers IFSC is a wholly-owned subsidiary of DSP Asset Managers, and registered with the International Financial Services Centres Authority (IFSCA). The DSP Global Equity Fund is an open-ended strategy, and currently the only active retail and outbound fund with 52 percent of assets across 19 international stocks, and cash position of around 47 percent.

"We are not that intelligent to take ‘cash calls’ and make statements like “markets are expensive,” the report said, adding that it it cannot find ideas to deliver the desired outcome, the fund would remain on the sidelines. Currently, only DSP has an outbound active retail fund running out of Gift City.

The fund’s total assets have climbed to over $5 million from about $2 million collected during its September NFO.

Data from the latest portfolio update show that Amazon is the fund’s single largest position, with a 6.4 percent weight, followed by Tencent Holdings and Dutch payments company Adyen. The top 10 stocks together account for 38.4 percent of the portfolio, with other holdings include PDD Holdins, Booking Holdings, Brookfield Corp and automative maker BYD.

Technology is the largest sector by allocation, at 13.5 percent, and North America, at 21 percent, represents the highest regional exposure. The managers have avoided Japan and South Korea so far citing sharp rallies and stretched valuations in those markets.

Despite global market buoyancy, the fund said underlying conditions remain uneven. Close to 43 percent of S&P 500 companies are trading at 52-week lows, even as headline indices sit near multi-year highs. DSP Global Equity Fund’s managers said such divergences make stock selection more critical, justifying a patient approach to capital deployment.

The note added that the fund intends to slowly build up its positions in consumer names like Puma and Deckers. Over the life of the fund, it intends to own 30-40 stocks in the portfolio.

Since launch, the fund has added European industrials, US fintech names and large European holding companies into its research overview. "Work continues on mid-tier European companies as the team looks to expand the portfolio to 30-40 stocks over time," the report added.

Key Holdings: Trip.com Stands Out 

The fund house in its commentary highlighted Trip.com, the Chinese online travel giant, emphasising its customer-centric operating culture and market leadership. The company controls 62.5 percent of China’s online travel market, processes 236 million transactions annually, and maintains 77.6 percent gross margins. Ownership of Skyscanner gives it a structural cost advantage by reducing reliance on paid traffic.

DSP expects Trip.com to benefit from four long-term trends: domestic travel growth within China, Chinese tourists travelling abroad, rising inbound tourism to China, and increasing global usage of Trip.com’s platform. Consensus estimates place the company’s 2027 P/E at 14.6x, supported by strong net cash and double-digit revenue growth expectations.

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