Trailing both the benchmark and its peers, the last two-and-a-half years have been slim pickings for DSP Midcap Fund. This period of underperformance is the longest in the last decade, and it has started reflecting on its long-term track record. Cut to 2023, while the fund is still in the third quartile, it has steadily managed to reduce the margin of underperformance from -17 per cent (2021) to -2 per cent (2023-YTD). Reasons for performance Over the last six months, the fund's exposure to sectors like Chemicals, Healthcare, and Consumer discretionary has impaired its performance. Its top holdings - Bharat Forge, Atul Ltd, Federal Bank and Ipca Laboratories, have also contributed to the underperformance. Vinit Sambre, the head of equities at DSP Mutual Fund, hopes for a turnaround: "We are in a more normalised environment with the fundamental factors coming back
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