HSBC Flexi Cap Fund
Direct · GrowthAI Summary
HSBC Flexi Cap Fund has delivered strong SIP XIRR across horizons, with 3Y at 17.31% and 5Y at 16.31%, beating the category average of 14.93% and 16.17% respectively at the 3Y mark, though it trails the category at 7Y (14.62% vs 15.5%) and 10Y (15.36% vs 16.0%). Against the NIFTY 50, the fund shows consistent alpha across all periods, including 10.12% alpha over 3Y and 7.55% over 5Y. Lump-sum performance is more modest, with the 10Y Fund CAGR of 12.85% exceeding the benchmark's 9.88% but the 1Y Fund CAGR of 4.14% lagging a negative benchmark return of -9.72%.
The fund's beta of roughly 1.0 across most windows indicates market-like volatility, while downside capture consistently below 100% (93.7% to 97.72%) shows it falls slightly less than the index in weak markets. Upside capture above 100% in most periods (up to 110.22% at 1Y) suggests it participates more fully in rallies, supporting its positive alpha. The maximum drawdown duration of 790 days with a 239-day recovery indicates investors should be prepared for extended recovery periods during prolonged downturns.
The portfolio is well diversified across 79 holdings, with the top position HDFC Bank at just 3.14% of NAV, indicating no single-stock concentration risk. Banks is the largest sector at 11.0%, followed by Electrical Equipment at 8.4% and Finance at 7.6%, giving meaningful financials exposure balanced by capital markets, IT, and industrial names like Mtar Technologies and TD Power Systems. The mid- and small-cap tilt within the top holdings suggests the fund is using its flexi-cap mandate actively rather than hugging large-cap benchmarks.
The fund outperforms the category average SIP XIRR at 1Y (13.08% vs 9.82%) and 3Y (17.31% vs 14.93%), but underperforms at 5Y, 7Y, and 10Y horizons, indicating recent performance is stronger than its long-term record relative to peers. Calendar year returns show strong consistency in up-markets, with gains above 29% in 2021, 2023, and 2024, though 2025 and 2026 have been flat at 1.44% and 1.72%. The combination of consistent alpha versus NIFTY 50 and competitive SIP returns places it among the better performers in the flexi-cap category in recent years.
This fund suits investors seeking diversified equity exposure with active flexi-cap positioning and a track record of benchmark outperformance, ideally with a horizon of 5 years or more given the 790-day maximum drawdown duration. It is appropriate for moderate-to-high risk tolerance investors who can withstand market-level volatility (beta near 1.0) and occasional negative calendar years like 2022's -4.8%. SIP investors in particular have benefited, with 3Y and 5Y XIRR of 17.31% and 16.31% respectively.
- Consistent positive alpha versus NIFTY 50 across all measured periods, including 10.12% over 3Y and 7.55% over 5Y
- Downside capture below 100% across all windows (as low as 91.02% at 1Y) combined with upside capture above 100% in most periods, indicating favorable asymmetry
- Well-diversified 79-stock portfolio with the top holding at only 3.14% of NAV, limiting single-stock risk
- SIP XIRR trails the category average at longer horizons of 7Y (14.62% vs 15.5%) and 10Y (15.36% vs 16.0%)
- Extended drawdown recovery profile, with a maximum drawdown duration of 790 days requiring a 239-day recovery, which tests investor patience
- Recent calendar year returns have been weak, with just 1.44% in 2025 and 1.72% in 2026 after strong 2023-2024 gains
Generated on 09-10-2026, 3:13 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 | ₹12.76 L | 19.1% | -57.7% | 95.3% |
| 3 Years | ₹36.00 L | ₹45.11 L | 15.1% | -24.5% | 35.4% |
| 5 Years | ₹60.00 L | ₹86.35 L | 14.5% | -10.7% | 29.6% |
| 7 Years | ₹84.00 L | ₹1.41 Cr | 14.6% | -2.5% | 23.5% |
| 10 Years | ₹1.20 Cr | ₹2.65 Cr | 15.3% | 11.7% | 19.1% |
| 12 Years | ₹1.44 Cr | ₹3.75 Cr | 15.2% | 12.4% | 18.1% |
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 | 19.1% | 14.3% | 9.6% | +4.9% |
| 3 Years | 15.1% | 11.0% | 14.8% | +4.0% |
| 5 Years | 14.5% | 10.4% | 16.1% | +4.2% |
| 7 Years | 14.6% | 10.6% | 15.5% | +4.0% |
| 10 Years | 15.3% | 11.4% | 16.0% | +3.9% |
| 12 Years | 15.2% | 11.3% | 15.2% | +3.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 18.1% | 12.7% | -34.5% | 94.3% | 0.53 | 1.66 | 81% | — | — |
| 3 Years | 15.4% | 16.2% | -8.9% | 32.5% | 1.25 | 4.16 | 96% | — | — |
| 5 Years | 14.5% | 14.5% | -2.3% | 29.4% | 1.37 | 8.61 | 100% | — | — |
| 10 Years | 14.8% | 14.8% | 11.2% | 17.7% | 6.54 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.27 | 1.03 | 105.1% | 90.0% | 2.3% | -9.5% |
| 3 Years | +9.32 | 1.05 | 108.0% | 96.3% | 14.7% | 5.5% |
| 5 Years | +6.76 | 1.03 | 103.2% | 95.0% | 11.3% | 4.6% |
| 7 Years | +6.40 | 0.98 | 100.2% | 93.5% | 16.9% | 10.6% |
| 10 Years | +2.63 | 1.00 | 100.8% | 97.7% | 13.1% | 10.5% |
| 12 Years | +3.69 | 1.00 | 100.8% | 96.5% | 13.2% | 9.6% |
| 15 Years | +4.07 | 0.99 | 100.5% | 95.5% | 13.4% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 3.14% |
| 2 | Reliance Industries Limited | 2.85% |
| 3 | Mtar Technologies Limited | 2.73% |
| 4 | TD Power Systems Limited | 2.26% |
| 5 | Multi Commodity Exchange of India Ltd. | 2.10% |
| 6 | State Bank of India | 2.09% |
| 7 | Samvardhana Motherson International Ltd | 2.01% |
| 8 | Shriram Finance Limited | 1.96% |
| 9 | Axis Bank Limited | 1.96% |
| 10 | Hindalco Industries Limited | 1.82% |