DSP ON ITC: TOP HOLDING RATIONALE
Valuation Edge
- Trades at 20x earnings vs Nifty/BSE 200 at 24-25x
- 40% ROIC undervalued amid two-year sideways action
Structural Moats
- Tobacco generates 80-85% profits with govt protection
- Cigarette pricing power: Rs 10 to Rs 25 over decade
- FMCG division offers long-term re-rating potential
Investment Thesis
Recent tobacco tax dip makes stock cheaper absolutely and relatively
Aligns with pension fund focus on durable quality at discounts
Key Takeaway: Proven moats and undervaluation justify ITC as DSP's largest position. #📣টাটকা আপডেট📰 #📈লেটেস্ট আপডেট📰
![📣টাটকা আপডেট📰 - DSP PENSION FUND: PORTFOLIO SNAPSHOT While talking about the SDfynprint ]]1( fund'sperformance; Ramneek Kundra, CIO Rahul Bhagat Started 080 DSP Pension fund said 2023 CIO Ramneek Kundra We're invested ( in 28 stocks; Sectors with high Investment the lowest among style allocation any pension fund , Value investing Finance The average is 71. DSP to add 3-4 positions from the newly eligible 50-60 Whats This has helped us outperform since ew? stocks in the NPS universe] inception, but not on Tier-1 Schemes aone-year basis: 2024 Returns २०२४ Benchmark 2025 Returns 2025 Benchmark okay Were with that 24.31 because we focus on long term 14.59 11.52 11.05 benchmark 8.84 8.67 8.41 8.28 7.79 outperformance, 6.3 5.58 4.57 not short-term rankings: Corporate debt Equity Govt. debt Source: NPS Trust 10 stocks (in %) Top Allocation as of 30 Nov 2025 9 9 011 8 8 5 5 Bajaj Holding Infosys ITC HDFC Kotak Bank Of Tata Bajaj APL Apollo ICICI Consultancy Ltd Mahindra & Invest; Indial Finance Tubes Bank Bank DSP PENSION FUND: PORTFOLIO SNAPSHOT While talking about the SDfynprint ]]1( fund'sperformance; Ramneek Kundra, CIO Rahul Bhagat Started 080 DSP Pension fund said 2023 CIO Ramneek Kundra We're invested ( in 28 stocks; Sectors with high Investment the lowest among style allocation any pension fund , Value investing Finance The average is 71. DSP to add 3-4 positions from the newly eligible 50-60 Whats This has helped us outperform since ew? stocks in the NPS universe] inception, but not on Tier-1 Schemes aone-year basis: 2024 Returns २०२४ Benchmark 2025 Returns 2025 Benchmark okay Were with that 24.31 because we focus on long term 14.59 11.52 11.05 benchmark 8.84 8.67 8.41 8.28 7.79 outperformance, 6.3 5.58 4.57 not short-term rankings: Corporate debt Equity Govt. debt Source: NPS Trust 10 stocks (in %) Top Allocation as of 30 Nov 2025 9 9 011 8 8 5 5 Bajaj Holding Infosys ITC HDFC Kotak Bank Of Tata Bajaj APL Apollo ICICI Consultancy Ltd Mahindra & Invest; Indial Finance Tubes Bank Bank - ShareChat](https://cdn4.sharechat.com/bd5223f_s1w/compressed_gm_40_img_21868_3a0b5ac8_1767632020409_sc.jpg?tenant=sc&referrer=pwa-sharechat-service&f=409_sc.jpg "📣টাটকা আপডেট📰 - DSP PENSION FUND: PORTFOLIO SNAPSHOT While talking about the SDfynprint ]]1( fund'sperformance; Ramneek Kundra, CIO Rahul Bhagat Started 080 DSP Pension fund said 2023 CIO Ramneek Kundra We're invested ( in 28 stocks; Sectors with high Investment the lowest among style allocation any pension fund , Value investing Finance The average is 71. DSP to add 3-4 positions from the newly eligible 50-60 Whats This has helped us outperform since ew? stocks in the NPS universe] inception, but not on Tier-1 Schemes aone-year basis: 2024 Returns २०२४ Benchmark 2025 Returns 2025 Benchmark okay Were with that 24.31 because we focus on long term 14.59 11.52 11.05 benchmark 8.84 8.67 8.41 8.28 7.79 outperformance, 6.3 5.58 4.57 not short-term rankings: Corporate debt Equity Govt. debt Source: NPS Trust 10 stocks (in %) Top Allocation as of 30 Nov 2025 9 9 011 8 8 5 5 Bajaj Holding Infosys ITC HDFC Kotak Bank Of Tata Bajaj APL Apollo ICICI Consultancy Ltd Mahindra & Invest; Indial Finance Tubes Bank Bank DSP PENSION FUND: PORTFOLIO SNAPSHOT While talking about the SDfynprint ]]1( fund'sperformance; Ramneek Kundra, CIO Rahul Bhagat Started 080 DSP Pension fund said 2023 CIO Ramneek Kundra We're invested ( in 28 stocks; Sectors with high Investment the lowest among style allocation any pension fund , Value investing Finance The average is 71. DSP to add 3-4 positions from the newly eligible 50-60 Whats This has helped us outperform since ew? stocks in the NPS universe] inception, but not on Tier-1 Schemes aone-year basis: 2024 Returns २०२४ Benchmark 2025 Returns 2025 Benchmark okay Were with that 24.31 because we focus on long term 14.59 11.52 11.05 benchmark 8.84 8.67 8.41 8.28 7.79 outperformance, 6.3 5.58 4.57 not short-term rankings: Corporate debt Equity Govt. debt Source: NPS Trust 10 stocks (in %) Top Allocation as of 30 Nov 2025 9 9 011 8 8 5 5 Bajaj Holding Infosys ITC HDFC Kotak Bank Of Tata Bajaj APL Apollo ICICI Consultancy Ltd Mahindra & Invest; Indial Finance Tubes Bank Bank - ShareChat")