DSP Equity & Bond Fund has been testing investor's patience for some time now. Languishing in the bottom half of the category, the fund has been underperforming since 2021. The margin of underperformance widened last year, as some of its top holdings - such as Avenue Supermarts, Bajaj Finance, HCL Technologies, and Infosys - had a forgettable 2022. But despite the recent gloom, its long-term performance remains intact. Reasons for underperformance The fund largely follows a growth-oriented approach, a style that has underperformed in the last few years. Atul Bhole, senior vice-president and fund manager at DSP Mutual Fund, said, "Our growth-oriented stock universe falls in the consumption or private side of the economy. In the last two years, these were hit by commodity inflation caused by COVID and war-related supply chain disruptions. As a result, these stocks didn't do well in the last two years." But
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