HDFC Infrastructure Fund
Direct · GrowthAI Summary
HDFC Infrastructure Fund has delivered strong SIP XIRR of 22.01% over 3Y and 19.07% over 5Y, beating the category averages of 16.4% and 17.53% respectively. It has also generated significant alpha versus the NIFTY 50 over 3Y (8.13%) and 5Y (12.79%), though over 10Y and 12Y the alpha narrows to just 1.27% and 1.47%. Recent 1Y XIRR of 12.38% trails the 5Y and 3Y figures, reflecting a softer current phase for the infrastructure theme.
The fund has experienced 5 drawdown events greater than 10%, with a maximum drawdown duration of 805 days and a lengthy 886-day recovery, highlighting the deep and prolonged drawdowns typical of sectoral funds. Calmar ratios between 0.16 and 0.31 across horizons indicate modest risk-adjusted returns relative to peak-to-trough losses. Downside capture below 100% over 1Y to 7Y (e.g., 84.7% over 5Y) shows the fund has historically fallen less than the benchmark in weak markets, though 10Y-plus downside capture above 103% suggests this protection has not always persisted.
The portfolio is diversified across 68 holdings, with Larsen and Toubro as the top position at 7.33% of NAV, followed by InterGlobe Aviation at 4.42% and Kalpataru Projects at 4.32%. Construction is the dominant sector at 20.1%, followed by Power at 11.2% and Transport Services at 9.1%, giving the fund a clear infrastructure and capex orientation. Top-10 holdings total roughly 36.7% of NAV, indicating a reasonably spread portfolio for a thematic fund.
The fund outperforms the category average SIP XIRR over 1Y (12.38% vs 10.87%), 3Y (22.01% vs 16.4%), and 7Y (13.58% vs 16.65% is a miss), showing strong but not uniform consistency. Its 10Y XIRR of 16.52% is essentially in line with the category's 16.47%, while the 12Y figure of 15.77% is marginally below 15.83%. Calendar year returns show high dispersion, from 73.57% in 2014 to -28.41% in 2018, underscoring the cyclicality of the theme.
This fund is suitable for investors with high risk tolerance who already hold diversified core equity funds and want a tactical satellite exposure to India's infrastructure and capex cycle. A horizon of at least 5-7 years is advisable, given the 805-day maximum drawdown duration and the theme's multi-year cycles. Investors should be prepared for sharp interim volatility, including calendar-year losses as severe as -28.41%.
- Strong 3Y SIP XIRR of 22.01%, well above the category average of 16.4%
- Consistent alpha versus NIFTY 50 over 3Y (8.13%) and 5Y (12.79%) with downside capture of 84.7% over 5Y
- Diversified 68-stock portfolio with a clear infrastructure and capex focus led by Larsen and Toubro at 7.33%
- Long drawdown profile: 805-day maximum drawdown duration with an 886-day recovery and 5 drawdown events exceeding 10%
- Alpha over long horizons is thin (1.27% over 10Y, 1.47% over 12Y), and calendar-year returns are highly volatile, ranging from 73.57% to -28.41%
Generated on 09-10-2026, 3:20 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.70 L | 21.8% | -74.0% | 174.1% |
| 3 Years | ₹36.00 L | ₹44.87 L | 14.9% | -41.3% | 52.7% |
| 5 Years | ₹60.00 L | ₹85.09 L | 13.9% | -25.6% | 43.0% |
| 7 Years | ₹84.00 L | ₹1.30 Cr | 13.5% | -14.7% | 29.6% |
| 10 Years | ₹1.20 Cr | ₹2.94 Cr | 16.4% | 8.8% | 20.9% |
| 12 Years | ₹1.44 Cr | ₹3.90 Cr | 15.8% | 13.4% | 18.2% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 21.8% | 14.3% | 10.7% | +7.5% |
| 3 Years | 14.9% | 11.0% | 16.3% | +3.8% |
| 5 Years | 13.9% | 10.4% | 17.5% | +3.5% |
| 7 Years | 13.5% | 10.6% | 16.6% | +3.0% |
| 10 Years | 16.4% | 11.4% | 16.4% | +5.0% |
| 12 Years | 15.8% | 11.3% | 15.8% | +4.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.4% | 10.4% | -49.8% | 130.0% | 0.37 | 0.93 | 67% | — | — |
| 3 Years | 14.8% | 13.3% | -21.7% | 46.6% | 0.50 | 1.10 | 82% | — | — |
| 5 Years | 12.3% | 12.0% | -11.9% | 40.5% | 0.47 | 1.20 | 86% | — | — |
| 10 Years | 13.0% | 12.9% | 8.6% | 17.9% | 3.13 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.46 | 0.94 | 92.2% | 88.5% | -7.9% | -11.4% |
| 3 Years | +5.85 | 1.01 | 100.8% | 93.1% | 11.1% | 5.3% |
| 5 Years | +12.13 | 0.96 | 99.2% | 84.5% | 16.6% | 4.4% |
| 7 Years | +7.47 | 0.94 | 98.2% | 89.8% | 17.5% | 10.2% |
| 10 Years | +0.75 | 1.00 | 104.3% | 103.2% | 11.0% | 10.2% |
| 12 Years | +1.04 | 1.03 | 106.5% | 105.1% | 10.4% | 9.3% |
| 15 Years | +0.84 | 1.05 | 109.2% | 108.4% | 10.3% | 9.3% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Larsen and Toubro Ltd. | 7.03% |
| 2 | Kalpataru Projects International Ltd | 4.40% |
| 3 | InterGlobe Aviation Ltd. | 4.35% |
| 4 | ICICI Bank Ltd. | 3.49% |
| 5 | Adani Ports & Special Economic Zone | 3.44% |
| 6 | NTPC Limited | 3.23% |
| 7 | J.Kumar Infraprojects Ltd. | 2.88% |
| 8 | TD Power Systems Ltd. | 2.51% |
| 9 | Power Grid Corporation of India Ltd. | 2.12% |
| 10 | G R Infraprojects Limited | 1.99% |