HDFC Infrastructure Fund
Direct · GrowthAI Summary
HDFC Infrastructure Fund has delivered strong alpha over the NIFTY 50 across most periods, with 5Y alpha of 13.24% (Fund CAGR 21.03% vs benchmark 7.83%) and 3Y alpha of 9.20%. However, its SIP XIRR trails the category average across most horizons — 15.06% vs 16.82% over 3Y, 13.82% vs 16.95% over 5Y, and 16.44% vs 16.71% over 10Y — with only the 1Y XIRR of 22.10% beating the category's 14.1%. Recent calendar year returns have also weakened sharply, from 54.62% in 2023 to 2.51% in 2025 and -0.57% in 2026 YTD.
The fund shows 5 drawdown events exceeding 10%, and its maximum drawdown took 805 days with a recovery period of 886 days, indicating prolonged recovery cycles typical of cyclical sector funds. Downside capture is favorable in the 3Y-5Y windows (93.12% and 84.33%), but it exceeds 100% over 10Y-15Y, meaning it has fallen more than the benchmark in longer-term downturns. Calmar ratios between 0.16 and 0.31 across horizons suggest modest risk-adjusted efficiency relative to drawdown depth.
The portfolio holds 66 stocks with the top 10 accounting for roughly 36% of NAV, led by Larsen and Toubro at 6.98% and InterGlobe Aviation at 4.28%. Sector concentration is meaningful, with Construction at 19.8% and Power at 12.2% as the top two exposures. The inclusion of ICICI Bank (4.02%) and Power Finance Corporation adds some financial diversification, but the fund remains firmly a cyclical infrastructure play.
Against category peers, the fund underperforms on SIP XIRR at 3Y, 5Y, 7Y, 10Y, and 12Y horizons, trailing the category average by roughly 1.8 to 3.1 percentage points, which suggests middling consistency for systematic investors. Its lump-sum performance versus the NIFTY 50 is far stronger, with substantial alpha over 3Y-7Y windows. This divergence indicates the fund has favored lump-sum holders more than SIP investors relative to sectoral peers.
This fund suits investors with high risk tolerance and a horizon of at least 5-7 years, given its cyclicality, deep drawdowns, and multi-year recovery periods. It should be treated as a satellite allocation (typically 5-10% of an equity portfolio) rather than a core holding, given its sectoral concentration. Investors should be prepared for sharp year-to-year swings, as seen in returns ranging from 73.57% in 2014 to -28.41% in 2018.
- Strong alpha versus NIFTY 50, including 13.24% over 5Y and 9.20% over 3Y, with 5Y downside capture of just 84.33%
- Well-diversified 66-stock portfolio with a moderate top-10 concentration of about 36% of NAV
- Recent 1Y SIP XIRR of 22.10% significantly outpaces the category average of 14.1%
- SIP XIRR trails the category average across all horizons from 3Y to 12Y, indicating below-median consistency for SIP investors
- High cyclicality with severe calendar-year losses (-28.41% in 2018, -15.15% in 2013) and a maximum drawdown recovery taking 886 days
Generated on 03-09-2026, 3:09 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 | ₹12.73 L | 22.1% | -74.0% | 174.1% |
| 3 Years | ₹36.00 L | ₹45.10 L | 15.1% | -41.3% | 52.7% |
| 5 Years | ₹60.00 L | ₹84.43 L | 13.8% | -25.6% | 43.0% |
| 7 Years | ₹84.00 L | ₹1.28 Cr | 13.3% | -14.7% | 29.6% |
| 10 Years | ₹1.20 Cr | ₹2.96 Cr | 16.4% | 8.8% | 20.9% |
| 12 Years | ₹1.44 Cr | ₹3.97 Cr | 15.9% | 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 | 22.1% | 14.4% | 14.1% | +7.7% |
| 3 Years | 15.1% | 11.1% | 16.8% | +3.9% |
| 5 Years | 13.8% | 10.4% | 16.9% | +3.4% |
| 7 Years | 13.3% | 10.6% | 16.5% | +2.8% |
| 10 Years | 16.4% | 11.5% | 16.7% | +5.0% |
| 12 Years | 15.9% | 11.4% | 16.3% | +4.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.7% | 11.1% | -49.8% | 130.0% | 0.38 | 0.95 | 68% | — | — |
| 3 Years | 14.9% | 13.1% | -21.7% | 46.6% | 0.50 | 1.09 | 82% | — | — |
| 5 Years | 12.2% | 11.7% | -11.9% | 40.5% | 0.46 | 1.16 | 86% | — | — |
| 10 Years | 13.1% | 13.0% | 8.6% | 17.9% | 3.14 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.85 | 0.96 | 93.7% | 89.8% | 0.3% | -2.9% |
| 3 Years | +9.20 | 1.02 | 104.7% | 93.1% | 17.0% | 7.8% |
| 5 Years | +13.24 | 0.97 | 100.1% | 84.3% | 21.0% | 7.8% |
| 7 Years | +7.33 | 0.95 | 99.9% | 92.2% | 18.9% | 11.8% |
| 10 Years | +1.41 | 1.00 | 105.4% | 103.6% | 12.2% | 10.8% |
| 12 Years | +1.09 | 1.04 | 107.4% | 106.0% | 11.0% | 9.8% |
| 15 Years | +0.88 | 1.06 | 109.7% | 108.8% | 10.8% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Larsen and Toubro Ltd. | 6.98% |
| 2 | InterGlobe Aviation Ltd. | 4.28% |
| 3 | ICICI Bank Ltd. | 4.02% |
| 4 | Kalpataru Projects International Ltd | 4.00% |
| 5 | NTPC Limited | 3.44% |
| 6 | Adani Ports & Special Economic Zone | 3.07% |
| 7 | Power Grid Corporation of India Ltd. | 2.87% |
| 8 | J.Kumar Infraprojects Ltd. | 2.84% |
| 9 | Power Finance Corporation Ltd. | 2.46% |
| 10 | TD Power Systems Ltd. | 2.21% |