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Sectoral / Thematic · DSP Mutual Fund · AMFI code 152206DSP Banking & Financial Services Fund
Disclosed for 34 months, Dec 2023 to Sep 2026.
Portfolio value
₹1,583 Cr
up ₹63.8 Cr vs Oct 2025
- Stocks held
- 34
- up 1 vs Oct 2025
- Top 10 weight
- 57.9%
- of the portfolio in its ten largest
- Cash & debt
- 5.4%
- cash, money market and debt
DSP Banking & Financial Services Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In November 2025 it disclosed 34 stocks worth ₹1,583 Cr, up ₹63.8 Cr from Oct 2025. Its largest positions were ICICI Bank Limited (13.9%), Axis Bank Limited (7.9%), State Bank of India (7.0%); the ten largest together made up 57.9% of the portfolio, and Banks was the biggest sector at 48.0% of its equity. Cash and debt stood at 5.4%. Compared with Oct 2025 the fund entered 2 new stocks and exited 1.
Against 229 other Sectoral / Thematic funds
Concentration
78%
Top-10 weight is higher than 78% of peers
Breadth
22%
Holds more stocks than 22% of peers
Cash
74%
Holds more cash than 74% of peers
What these mean: concentration · cash
Holdings in November 2025
Download CSVEvery line the fund disclosed, with the change against Oct 2025. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| ICICI Bank Limited | 13.88% | down 0.13 pts | ₹220 Cr | up ₹6.9 Cr | Added |
| Axis Bank Limited | 7.87% | up 0.22 pts | ₹124 Cr | up ₹8.4 Cr | Added |
| State Bank of India | 6.96% | up 0.02 pts | ₹110 Cr | up ₹4.7 Cr | Added |
| Cash, TREPS & receivables | 5.37% | down 0.75 pts | ₹85 Cr | down ₹8 Cr | Trimmed |
| Bajaj Finance Limited | 5.31% | down 0.25 pts | ₹84 Cr | down ₹43 L | Trimmed |
| SBI Life Insurance Company Limited | 4.77% | down 0.17 pts | ₹75.5 Cr | up ₹40 L | Added |
| HDFC Bank Limited | 4.65% | down 0.10 pts | ₹73.6 Cr | up ₹1.5 Cr | Added |
| Multi Commodity Exchange of India Limited | 4.23% | up 0.19 pts | ₹66.9 Cr | up ₹5.5 Cr | Added |
| Kotak Mahindra Bank Limited | 4.06% | down 0.13 pts | ₹64.3 Cr | up ₹67 L | Added |
| Aditya Birla Capital Limited | 3.27% | up 1.47 pts | ₹51.7 Cr | up ₹24.5 Cr | Added |
| Nippon Life India Asset Management Limited | 2.94% | down 0.12 pts | ₹46.5 Cr | up ₹4 L | Held |
| Max Financial Services Limited | 2.92% | up 2.92 pts | ₹46.3 Cr | up ₹46.3 Cr | New |
| PB Fintech Limited | 2.84% | up 2.30 pts | ₹44.9 Cr | up ₹36.7 Cr | Added |
| Bank of Baroda | 2.81% | down <0.01 pts | ₹44.4 Cr | up ₹1.7 Cr | Added |
| L&T Finance Limited | 2.73% | up 0.27 pts | ₹43.2 Cr | up ₹5.8 Cr | Added |
| Ujjivan Small Finance Bank Limited | 2.67% | up 1.22 pts | ₹42.3 Cr | up ₹20.3 Cr | Added |
| Cholamandalam Investment and Finance Company Limited | 2.66% | down 0.05 pts | ₹42.1 Cr | up ₹95 L | Added |
| Canara HSBC Life Insurance Co Ltd | 2.26% | up 0.28 pts | ₹35.7 Cr | up ₹5.7 Cr | Added |
| Canara Robeco Mutual Fund | 2.16% | down 0.19 pts | ₹34.3 Cr | down ₹1.5 Cr | Trimmed |
| PNB Housing Finance Limited | 1.95% | down 0.13 pts | ₹30.8 Cr | down ₹80 L | Trimmed |
| Bajaj Finserv Limited | 1.67% | down 1.64 pts | ₹26.4 Cr | down ₹23.9 Cr | Trimmed |
| Angel One Limited | 1.54% | up 0.06 pts | ₹24.3 Cr | up ₹1.9 Cr | Added |
| Prudent Corporate Advisory Services Limited | 1.27% | down 0.10 pts | ₹20.2 Cr | down ₹67 L | Trimmed |
| HDB Financial Services Limited | 1.04% | up 0.01 pts | ₹16.5 Cr | up ₹77 L | Added |
| Tata Capital Limited | 1.03% | down 0.04 pts | ₹16.3 Cr | up ₹3 L | Held |
| Niva Bupa Health Insurance Company Limited | 0.98% | down 0.05 pts | ₹15.5 Cr | down ₹15 L | Trimmed |
| Karur Vysya Bank Limited | 0.94% | down 0.02 pts | ₹14.9 Cr | up ₹29 L | Added |
| Zaggle Prepaid Ocean Services Limited | 0.89% | up 0.01 pts | ₹14.1 Cr | up ₹71 L | Added |
| CSB Bank Limited | 0.88% | down 1.16 pts | ₹14 Cr | down ₹17 Cr | Trimmed |
| ICICI Lombard General Insurance Company Limited | 0.79% | down 0.04 pts | ₹12.5 Cr | down ₹15 L | Trimmed |
| Mahindra & Mahindra Financial Services Limited | 0.74% | up 0.09 pts | ₹11.7 Cr | up ₹1.8 Cr | Added |
| Bank of Maharashtra | 0.72% | up 0.72 pts | ₹11.3 Cr | up ₹11.3 Cr | New |
| Seshaasai Technologies Limited | 0.72% | down 0.22 pts | ₹11.3 Cr | down ₹2.8 Cr | Trimmed |
| Life Insurance Corporation Of India | 0.48% | down 1.06 pts | ₹7.5 Cr | down ₹15.8 Cr | Trimmed |
| Power Finance Corporation Limited | <0.01% | down 2.63 pts | ₹4 L | down ₹39.9 Cr | Trimmed |
What changed, Oct 2025 to Nov 2025
New New positions (2)
- Max Financial Services Limited2.9% · ₹46.3 Cr
- Bank of Maharashtra0.7% · ₹11.3 Cr
Exited Exited (1)
- Manappuram Finance Limitedwas 0.8% · ₹11.8 Cr
Added Biggest additions
- PB Fintech Limitedup ₹36.7 Cr (+2.30% pts)
- Aditya Birla Capital Limitedup ₹24.5 Cr (+1.47% pts)
- Ujjivan Small Finance Bank Limited
Sectors
Which sectors the fund is moving towards and away from, and where its money sits now. Shares are of the fund’s classified equity holdings, so they add up to 100%.
Where the weight moved
Compared with
Since Oct 2025, the weight rose most in Financial Technology (fintech) (+2.2 pts) and Insurance (+1.9 pts), and fell most in Finance (−4.1 pts) and Capital Markets (−0.3 pts).
- Financial Technology (fintech)1.6% → 3.8%+2.2 pts
- Insurance11.0% → 12.9%+1.9 pts
- Banks47.7% → 48.0%+0.3 pts
- Finance25.7% → 21.6%−4.1 pts
- Capital Markets13.1% → 12.8%−0.3 pts
A sector’s weight changes when the fund buys or sells, and also when its shares rise or fall in price, so a change is not by itself a sign of buying or selling.
Main sectors’ weights over time
| Sector | Nov 2024 | May 2025 | Aug 2025 | Oct 2025 | Nov 2025 |
|---|---|---|---|---|---|
| Banks | 51.0% | 37.9% | 40.0% | 47.7% | 48.0% |
| Finance | 34.3% | 34.2% | 38.9% | 25.7% | 21.6% |
| Insurance | 6.6% | 18.6% | 10.2% | 11.0% | 12.9% |
| Capital Markets | 8.1% | 7.9% | 9.6% | 13.1% | 12.8% |
| Financial Technology (fintech) | — | — | — | 1.6% | 3.8% |
| IT - Services | — | 1.5% | 1.2% | 0.9% | 0.9% |
Allocation in Nov 2025change vs Oct 2025
- Banks (10)48.0%▲ 0.3 pts
- Finance (10)21.6%▼ 4.1 pts
- Insurance (6)12.9%▲ 1.9 pts
- Capital Markets (5)12.8%▼ 0.3 pts
Cash and debt
The share of the portfolio not in shares: cash and net receivables, money-market instruments and bonds, as disclosed each month. Cash can dip below zero when payables, often on derivative positions, exceed it. A change here describes what the fund did; it is not a signal. More on reading cash.
Cash & debt, Nov 2025
5.4%
▼ 0.8 pts vs Oct 2025
- Cash alone
- 5.4%
- cash and net receivables
- A year earlier
- 13.1%
- Nov 2024 · now ▼ 7.8 pts
- Last 12 months
- 5.4% – 19.4%
- lowest to highest · record 41.1% in Dec 2023
History
Disclosed portfolio value by month, with the stocks the fund entered and exited against its previous disclosure. Every month is a link to that portfolio.