HDFC Multi Cap Fund
Direct · GrowthAI Summary
HDFC Multi Cap Fund has delivered a 3Y SIP XIRR of 14.98%, matching the category average of 14.98%, though its 1Y XIRR of 10.53% trails the category average of 11.47%. Against the NIFTY 50, the fund shows consistent outperformance with positive alpha across all periods, including 5.49% over 3Y and 8.07% over 5Y. Lump-sum performance also beats the benchmark, with a 3Y fund CAGR of 9.61% versus the NIFTY 50's 4.15%.
The fund exhibits a near-market beta (0.99-1.01) but meaningfully lower downside capture, at 94.57% over 3Y and 87.67% over longer horizons, indicating better-than-market protection in falling markets. The Calmar ratio of around 1.0 across 1Y and 3Y windows reflects reasonable risk-adjusted returns relative to drawdowns. Two drawdown events exceeding 10% have occurred, with the maximum drawdown lasting 157 days, which investors should be prepared to endure.
The portfolio holds 114 stocks with the top 10 positions comprising roughly 24% of NAV, indicating a well-diversified, moderately concentrated book. Banks dominate at 15.5% of the portfolio, with HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, and SBI among the top holdings, followed by Finance at 6.9%. Sector exposure is spread across Pharmaceuticals (6.2%), Auto Components (6.1%), and IT-Software (5.3%), consistent with the multi-cap mandate.
The fund is in line with category peers on 3Y SIP XIRR (14.98% vs 14.98%) but slightly behind on 1Y (10.53% vs 11.47%). Its consistent positive alpha versus the NIFTY 50 across 1Y to 15Y horizons suggests durable active management rather than a short-term anomaly. With a competitive expense ratio of 0.8% for a direct plan, the fund offers reasonable value relative to peers.
This fund suits investors seeking diversified exposure across market capitalizations with a long-term horizon of 5-7 years or more. It is appropriate for those with moderate-to-high risk tolerance who can withstand drawdowns lasting several months, as evidenced by the 157-day maximum drawdown duration. SIP investors looking for benchmark-beating returns with lower downside capture than the index will find the profile attractive.
- Consistent positive alpha versus NIFTY 50 across all measured periods, including 8.07% over 5Y
- Lower downside capture (87.67% over 5Y) provides better protection during market declines
- Well-diversified 114-stock portfolio with a reasonable 0.8% expense ratio
- 1Y SIP XIRR of 10.53% lags the category average of 11.47%
- Banking sector concentration of 15.5% exposes the fund to financial sector-specific risks
- Two drawdown events exceeding 10% with a 157-day maximum drawdown duration highlight meaningful interim volatility
Generated on 14-10-2026, 4:12 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 | ₹12.81 L | 20.0% | -23.9% | 61.0% |
| 3 Years | ₹36.00 L | ₹45.82 L | 15.4% | 0.0% | 32.7% |
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 | 20.0% | 14.3% | 11.4% | +5.8% |
| 3 Years | 15.4% | 11.0% | 14.9% | +4.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.9% | 12.9% | -6.6% | 54.7% | 0.71 | 3.46 | 85% | — | — |
| 3 Years | 20.5% | 21.1% | 9.6% | 30.0% | 3.04 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +3.08 | 0.98 | 94.6% | 90.9% | -6.1% | -9.5% |
| 3 Years | +4.62 | 1.00 | 100.8% | 94.7% | 10.1% | 5.5% |
| 5 Years | +7.69 | 0.95 | 97.7% | 87.6% | 13.6% | 5.9% |
| 7 Years | +5.25 | 0.95 | 97.7% | 87.6% | 9.6% | 4.2% |
| 10 Years | +3.52 | 0.95 | 97.7% | 87.6% | 6.6% | 2.9% |
| 12 Years | +2.86 | 0.95 | 97.7% | 87.6% | 5.5% | 2.4% |
| 15 Years | +2.20 | 0.95 | 97.7% | 87.6% | 4.3% | 1.9% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Ltd.£ | 3.93% |
| 2 | ICICI Bank Ltd. | 3.66% |
| 3 | Axis Bank Ltd. | 2.44% |
| 4 | Reliance Industries Ltd. | 2.41% |
| 5 | Bharti Airtel Ltd. | 2.13% |
| 6 | Eternal Limited | 2.13% |
| 7 | Britannia Industries Ltd. | 2.05% |
| 8 | Kotak Mahindra Bank Limited | 1.92% |
| 9 | State Bank of India | 1.77% |
| 10 | NTPC Limited | 1.72% |