Prime Review: DSP Quant fund

Active funds or index funds is a call that continues to remain elusive in the Indian context. While that debate goes on, there is another emerging class of funds – not too active not fully passive. They are quant funds.

quant fund

Quant funds are rule-based funds, building their portfolios through models that combine a range of metrics and weights to measure a stock’s fundamental strength and valuations to draw up stocks and their allocation in the portfolio.

Globally, this class of funds has grown but has not stood out for any exceptional performance. But then, that is largely to do with how smart global indices tend to be. However, in the Indian context, this space merits some attention, given that the choice of indices is still limited here.

We’re therefore bringing out a series on the quant funds available today, to help you understand these funds. We’re kicking this off with a review of DSP Quant. Please note that this is only a review. Our recommended list of funds and ETFs is available for our subscribers in our Prime Funds and Prime ETFs section.

Why quants?

Before we get to the review, a quick note on the gap quant funds fill. Quant funds straddle the gap between the risk that an active fund turns an underperformer and the risk of losing out on some additional returns in a plain index fund. Generally speaking, these funds should also have a lower expense ratio than active funds, though that currently differs between funds.

  • Quant funds are purely data-driven, using different factors, identifying trends, and assigning weights and rules to build a model that has a high probability of beating the index and containing declines better. Models are typically back-tested to see if they work.
  • Calls by fund managers are limited to setting rules, providing weights for the various metrics or determining grounds for elimination of stocks. There is no active call done for different market conditions nor is there fund manager preference for specific stocks or sectors.
  • You will know the basic principles that the model is built on. This means you will have a steady strategy thus providing a greater degree of predictability on what you can expect.

While there are several positives to quant funds, at this time in our markets, quant strategies are yet to fully take shape and prominence. Quant funds are new and lack any record to judge efficiency of the model. They are best used as a portfolio diversifier with smaller allocations, and not your portfolio’s mainstay at least until they are better established.

Quant funds are being categorised by AMCs under SEBI’s thematic equity category. The quant funds available today are of two types –

  • Index based: These funds mirror indices built on quant models (factor-based indices). These indices draw from parent indices such as the Nifty 100, the Nifty 50 etc, and use factors such as low volatility, value, quality equal weight and so on. Prime ETFs, our recommended ETF list features one such index.
  • Diversified: These funds use their own quant model to select stocks across the market. They do not mimic any index but generally have an overarching theme to their methodology such as quality or minimum variance.

With that said, let’s get on to the fund we are reviewing in this instalment – DSP Quant.

DSP Quant fund – the basics

DSP Quant was launched in June last year, so it has a limited record. However, the fund has built up a strong AUM at Rs 216 crore. The direct plan’s expense ratio has been at 0.54% for the past few months while the regular plan’s expense has hovered around 1.3%.

The fund aims to have about 30-50 stocks in its portfolio. It picks stocks from the BSE 200 index, giving it a predominantly large-cap bias. Large-cap stocks have made up 85% of the portfolio on an average, with mid-cap stocks averaging 14%. The fund does not appear to take cash calls; from the first month of launch and onwards, cash exposure has been at 1-2%. Whether this exposure will increase later to make room to meet redemptions as size increases remains to be seen.

DSP Quant fund – the model

DSP Quant’s model aims to eliminate weak companies and pick only those that score high on quality and are stable. The model first eliminates companies, using metrics such as a high debt to equity, high price volatility and inability to convert capital and investments into revenues and profits. Using these metrics and elimination does two things:

  • One, it mitigates the possibility that a call goes wrong because expectations of a turnaround or improvement do not pan out.
  • Two, it removes fundamentally weaker and more volatile stocks which are inherently riskier – even if there is the possibility that they may deliver high returns in a rallying market – which makes the overall portfolio more stable.
  • Three, it reduces the size of the investible universe.

At the next level, the model uses performance metrics to measure quality of fundamentals, extent and potential for growth, and the status of valuations. It considers metrics such as cash flows, dividend yields, working capital cycles, pledged shares and so on. Essentially, the model tends to translate into a basic quality theme. Stock weights are decided by the mode’s rules. Sector weights, though, appear to be more or less aligned with the Nifty 200.

buy hold sell

While there are increases and decreases in stock weights every month, a major realigning happens once in six months. This sees stocks enter and exit portfolios, allowing the fund to weed out underperformers or book profits systematically.

For example, the fund exited HDFC AMC, GSK Consumer, Sanofi India, Balkrishna Industries, and Shree Cement in March 2020; stocks that delivered good returns. Similarly, the fund exited Bharat Forge, Cummins India, IndusInd Bank, Hindustan Zinc, Tata Chemicals, Emami, and others early on in October last year which have been hit hard in this correction.

Of the stocks that feature in its portfolio now, the fund has systematically built up exposure in most of them. Stocks such as Pidilite Industries, Asian Paints, HDFC Bank, HDFC, Bajaj Finance, Bajaj Finserv, HCL Tech, insurance stocks and so on – which are the higher portfolio weights – have all seen gradual build up. There are very few stocks where the fund has been reducing exposure; these include Jubilant FoodWorks, Dr Reddy’s Labs, Divis Labs, and Nestle India, among others.

Given that rebalancing to the model is done only twice a year, the fund may tend to see bunched up entries and exits. Since its inception, the fund has seen entries and exits in just three of the past 11 months.

DSP Quant – the performance

The combination of volatile stocks, booking profits and reducing underperformers, as well as an underlying quality theme have helped DSP Quant’s performance in this market. While the fund has less than 1 year’s record, performance so far has held up.

Rolling its 3-month return since inception, the fund has beaten the BSE 200 TRI 87% of the time by an average margin of 3.9 percentage points. Stretching it to 6 months, the fund beat the index all the time. This indicates a good degree of consistency in the fund’s ability to deliver market-plus returns.

According to fund literature, the back-tested model since 2005 has delivered above the benchmark by a wide margin across different timeframes. Average 1-year, 3-year and 5-year rolling returns at 19.6%,17.6%, and 18.7% compare well with the BSE 200 TRI’s 15.5%, 11.6%, and 12.2%. But given our experience of many quant based funds struggling to deliver in reality, good back-tested returns notwithstanding, we do not wish to place high weight on such performance.

Next, given that nearly half the instances in the 1-month, 3-month or 6-month rolling periods has seen the index delivering losses, it is possible to get an idea of the fund’s ability to manage corrections. On this count, DSP Quant appears to be doing well, going by the downside capture ratio.

Using 1-month returns since inception, the fund captures 72% of the index’s downside, better than top-quality multicaps such as Kotak Standard Multicap and Canara Robeco Equity Diversified, as well as large-cap such as Mirae Asset India Equity. In other periods too, downside capture has held up. This is an important performance metric and it will be interesting to watch if the fund can sustain this.

Third, DSP Quant, in as much as its history permits, is also less volatile than the BSE 200 TRI itself. Active funds are usually more volatile than the index, though they may be low volatile in their own category. The market in the past few months has brought funds that are able to contain downsides to the top.

A quant model does not guarantee high returns all the time. There will be phases where a model will not work, especially when certain themes or sectors come to the fore. DSP Quant’s model, for example, may falter if there’s a rapid or prolonged market rally that lifts stocks across the board or should deep value or cyclic sectors come up.

A longer history will help judge its consistency better, but DSP Quant has got off to a good start. Do look out in the coming weeks for reviews on our other funds and check out the quant-based ETF recommendation in our recommended list – Prime ETFs!

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The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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