HDFC Large Cap Fund
Direct · GrowthAI Summary
HDFC Large Cap Fund has delivered consistent outperformance versus the NIFTY 50, with positive alpha across all periods, ranging from 2.08% over 15 years to 4.96% over 5 years. Its SIP XIRR of 14.20% over 3Y and 14.29% over 5Y is broadly in line with or slightly ahead of category averages (14.28% and 14.04% respectively), while the 1Y XIRR of 17.29% clearly beats the category's 14.08%. Long-term lump-sum CAGRs of 12.81% (10Y) and 11.90% (12Y) versus benchmark 10.79% and 9.79% confirm steady benchmark-beating compounding.
The fund shows a beta close to 1 (0.96-1.01) with consistently lower downside capture (93-102%) than upside capture, indicating it loses less in falling markets while keeping pace in rallies. It has experienced 7 drawdown events greater than 10%, with the maximum drawdown lasting 263 days and taking 261 days to recover, which is typical for large cap equity. Calmar ratios of 0.32-0.40 across horizons reflect reasonable risk-adjusted returns given the fund's market-like volatility profile.
The portfolio is concentrated in financials, with Banks alone at 29.0% and Finance adding another 6.5%, led by ICICI Bank (9.86%), HDFC Bank (7.21%), and Kotak Mahindra Bank (5.28%). With 44 total holdings and a top-10 weight of roughly 51.5%, the fund balances focus with diversification, and meaningful allocations to pharma (8.5%), consumer durables (6.4%), and autos (6.3%) provide some sector balance. The heavy banking tilt means performance will be sensitive to interest rate and credit cycles.
The fund sits at or slightly above the category average on SIP XIRR across most horizons, with a notable 1Y lead of 3.2 percentage points (17.29% vs 14.08%). Its consistent positive alpha over 1Y, 3Y, 5Y, 7Y, 10Y, 12Y, and 15Y periods demonstrates durable stock selection rather than a single lucky stretch. The 5Y alpha of 4.96% is particularly strong, though longer-period alphas of around 2.1% are more modest.
This fund suits investors seeking core large cap exposure with a track record of modest but consistent benchmark outperformance and a somewhat defensive downside profile. A minimum horizon of 5-7 years is appropriate, given the 263-day maximum drawdown duration and the need to ride through equity cycles. Investors should have moderate risk tolerance, as the fund can still see multiple 10%+ drawdowns over a holding period.
- Positive alpha versus NIFTY 50 across every measured period from 1Y to 15Y, including 4.96% over 5Y
- Consistently lower downside capture than upside capture (e.g., 91.91% downside vs 98.0% upside over 5Y), indicating defensive behavior in weak markets
- SIP XIRR ahead of category averages over 1Y (17.29% vs 14.08%) and 5Y (14.29% vs 14.04%) horizons
- Heavy sector concentration in Banks at 29.0% of the portfolio, exposing investors to financial sector cyclicality
- A relatively high expense ratio of 1.03% for a large cap fund, a category where index alternatives are cheaper
- Recent calendar year returns have moderated, with 2025 at 8.19% and 2026 year-to-date at -3.43%
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 | ₹12.75 L | 17.3% | -63.0% | 99.7% |
| 3 Years | ₹36.00 L | ₹44.44 L | 14.2% | -24.3% | 31.1% |
| 5 Years | ₹60.00 L | ₹85.87 L | 14.3% | -9.7% | 27.7% |
| 7 Years | ₹84.00 L | ₹1.39 Cr | 14.1% | -2.7% | 22.0% |
| 10 Years | ₹1.20 Cr | ₹2.63 Cr | 15.0% | 11.9% | 18.5% |
| 12 Years | ₹1.44 Cr | ₹3.63 Cr | 14.3% | 11.9% | 16.4% |
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 | 17.3% | 14.4% | 14.1% | +2.9% |
| 3 Years | 14.2% | 11.1% | 14.3% | +3.1% |
| 5 Years | 14.3% | 10.4% | 14.0% | +3.9% |
| 7 Years | 14.1% | 10.6% | 14.1% | +3.5% |
| 10 Years | 15.0% | 11.5% | 14.4% | +3.6% |
| 12 Years | 14.3% | 11.4% | 14.1% | +2.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 16.4% | 11.6% | -37.2% | 90.9% | 0.49 | 1.32 | 82% | — | — |
| 3 Years | 14.5% | 15.0% | -7.3% | 34.0% | 1.22 | 4.01 | 96% | — | — |
| 5 Years | 14.1% | 14.3% | -1.4% | 29.1% | 1.56 | 9.02 | 100% | — | — |
| 10 Years | 14.3% | 14.2% | 11.5% | 17.1% | 6.37 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +3.88 | 1.00 | 98.6% | 93.3% | 1.0% | -2.9% |
| 3 Years | +3.54 | 1.00 | 99.5% | 94.9% | 11.3% | 7.8% |
| 5 Years | +4.96 | 0.96 | 98.0% | 91.9% | 12.7% | 7.8% |
| 7 Years | +2.59 | 0.96 | 98.7% | 96.1% | 14.2% | 11.8% |
| 10 Years | +2.10 | 0.98 | 101.6% | 99.4% | 12.8% | 10.8% |
| 12 Years | +2.10 | 1.00 | 103.0% | 100.8% | 11.9% | 9.8% |
| 15 Years | +2.08 | 1.01 | 104.1% | 102.0% | 11.8% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. | 9.86% |
| 2 | HDFC Bank Ltd.£ | 7.21% |
| 3 | Bharti Airtel Ltd. | 5.85% |
| 4 | Kotak Mahindra Bank Limited | 5.28% |
| 5 | Titan Company Ltd. | 5.00% |
| 6 | Reliance Industries Ltd. | 4.86% |
| 7 | Torrent Pharmaceuticals Ltd. | 4.05% |
| 8 | Bajaj Finserv Ltd. | 3.32% |
| 9 | Axis Bank Ltd. | 3.28% |
| 10 | Lupin Ltd. | 2.77% |