DSP BlackRock Tax Saver Fund

 DSP BlackRock Tax Saver Fund

• Investment Style: Large Growth
• Investment Process: The manager adopts an unconstrained and unbiased approach while constructing the portfolio
• Fund Manager: Rohit Singhania

Singhania took over this fund in July 2015. He joined the fund house's PMS division as research analyst in 2005 and moved to the equity investment team in June 2009. He is not new to fund management, having managed the DSP BlackRock TIGER fund since June 2012. While Singhania is a seasoned analyst, over the years he has matured as a portfolio manager as well. However, it should be noted that he has a track record in managing the DSP BlackRock TIGER fund, which has a thematic bent.

Singhania runs this fund in line with its investment mandate, which allows him to adopt a fluid investment approach without any bias or restrictions in terms of stocks or sectors. In the manager's own words, this fund doesn't have a defined investment approach; this provides him the liberty to capitalise on any investment opportunity that he sees in the market, provided it makes a grade on his selection parameters. Consequently, the fund's portfolio turnover tends to be on the higher side.

While an unconstrained process can be very rewarding, it is fairly risky, too. A wrong bet can lead to significant underperformance. Also, the absence of a rigidly defined method means investments are also made on a somewhat intuitive basis. Hence, it must be noted that the success of the investment process largely depends on Singhania's execution skills. Although he has been in control of the investment process thus far, it's a short time frame to build conviction.

However, we would like to adopt a wait-and-watch approach for now and assign it a Neutral rating until we gain more conviction in Singhania's investment and execution capabilities.

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