PURPOSE: To provide the dispersion liquid that contains a polymer of core monomer mixture and shell monomer mixture and an emulsion, has improved affinity with a mineral substrate or the like with a low total heating value and a glass transition point of below 20°C and is suitable for fillers for repairing concrete or similar applications.

CONSTITUTION: (A) a core monomer mixture composed of 45-95 wt.% 1-13C monocarboxylic vinylester (A1), 0-5 wt.% 3-4C α,β-unsaturated monocarboxylic acid (A2), 0-5 wt.% 3-4C α,β-unsaturated monocarboxylic acid amide (A3) is subjected to radical emulsion polymerization. (B) a shell monomer mixture composed of 3-15 wt.% of functional vinylbenzene (B1) and 1-10 wt.% of 3-4C α,β-unsaturated monocarboxylic acid (B2) is added and polymerized to the polymer thus obtained to produce a core shell polymer with a core glass transition temperature of -35°C to +20°C. The resulting polymer is compounded with an emulsifier (C).