HSBC Flexi Cap Fund
Direct · GrowthAI Summary
HSBC Flexi Cap Fund has delivered strong SIP XIRR of 19.22% over 1Y and 15.13% over 3Y, beating the category averages of 15.6% and 14.89% respectively. However, over longer horizons the fund trails its category, with 5Y XIRR of 14.53% versus 15.64% and 10Y XIRR of 15.34% versus 16.09%. Against the NIFTY 50, the fund shows consistent outperformance, generating alpha of 12.41% over 1Y, 9.90% over 3Y, and 6.83% over 5Y.
The fund exhibits a beta near 1.0 across most periods (0.98 to 1.06), indicating market-like volatility, while its downside capture consistently below 100% (93.55% to 98.12%) shows it loses less than the benchmark in falling markets. The maximum drawdown of -0.40% with a 790-day duration and 239-day recovery suggests a prolonged but shallow drawdown profile, and six drawdown events exceeding 10% reflect typical equity risk. Calmar ratios between 0.34 and 0.46 across horizons indicate moderate risk-adjusted efficiency.
The portfolio is well diversified across 81 holdings, with the top 10 accounting for only about 22.6% of NAV and the largest position, ICICI Bank, at just 4.65%. Financials dominate, with Banks at 15.0% and Finance at 8.7%, followed by IT-Software at 7.3% and Electrical Equipment at 6.8%. This diversified large-cap-tilted structure limits single-stock risk but carries meaningful financial sector concentration.
The fund outperforms its category on 1Y and 3Y SIP XIRR but lags on 5Y, 7Y, and 10Y horizons, indicating recent strength rather than sustained long-term category leadership. Its consistent alpha over the NIFTY 50 across 1Y through 15Y periods, combined with upside capture above 100% in recent years, demonstrates genuine benchmark-beating ability. Calendar year returns show strong upside years (55.76% in 2014, 40.7% in 2017, 35.34% in 2021) but also meaningful down years (-9.3% in 2018, -4.8% in 2022).
This fund suits investors seeking a diversified flexi-cap core holding with a track record of benchmark outperformance and moderate volatility. A minimum horizon of 5 to 7 years is appropriate to ride out drawdowns and allow the fund's alpha to compound. Investors should be comfortable with equity market risk, including occasional negative calendar year returns, and note the 1.22% expense ratio.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y (12.41%) to 15Y (4.03%)
- Downside capture below 100% in every measured period, indicating better-than-benchmark loss protection
- Highly diversified portfolio of 81 stocks with the top holding at only 4.65% of NAV
- Long-term SIP XIRR trails the category, with 5Y at 14.53% versus the category average of 15.64% and 10Y at 15.34% versus 16.09%
- Financial sector concentration of roughly 28.7% across Banks, Finance, and Capital Markets exposes the fund to sector-specific risk
Generated on 03-09-2026, 3:00 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 | ₹12.77 L | 19.2% | -57.7% | 95.3% |
| 3 Years | ₹36.00 L | ₹45.15 L | 15.1% | -24.5% | 35.4% |
| 5 Years | ₹60.00 L | ₹86.40 L | 14.5% | -10.7% | 29.6% |
| 7 Years | ₹84.00 L | ₹1.40 Cr | 14.5% | -2.5% | 23.5% |
| 10 Years | ₹1.20 Cr | ₹2.66 Cr | 15.3% | 11.7% | 19.1% |
| 12 Years | ₹1.44 Cr | ₹3.79 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 | 19.2% | 14.4% | 15.6% | +4.8% |
| 3 Years | 15.1% | 11.1% | 14.9% | +4.0% |
| 5 Years | 14.5% | 10.4% | 15.6% | +4.1% |
| 7 Years | 14.5% | 10.6% | 15.6% | +4.0% |
| 10 Years | 15.3% | 11.5% | 16.1% | +3.9% |
| 12 Years | 15.2% | 11.4% | 15.4% | +3.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 18.2% | 13.2% | -34.5% | 94.3% | 0.53 | 1.68 | 81% | — | — |
| 3 Years | 15.4% | 16.3% | -8.9% | 32.5% | 1.24 | 4.13 | 96% | — | — |
| 5 Years | 14.5% | 14.6% | -2.3% | 29.4% | 1.36 | 8.55 | 100% | — | — |
| 10 Years | 14.9% | 14.8% | 11.2% | 17.7% | 6.66 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.41 | 1.06 | 109.1% | 93.5% | 8.9% | -2.9% |
| 3 Years | +9.90 | 1.06 | 109.6% | 97.4% | 17.7% | 7.8% |
| 5 Years | +6.83 | 1.03 | 103.8% | 95.6% | 14.7% | 7.8% |
| 7 Years | +6.24 | 0.98 | 100.8% | 94.3% | 18.0% | 11.8% |
| 10 Years | +2.84 | 1.00 | 101.5% | 98.1% | 13.6% | 10.8% |
| 12 Years | +3.87 | 1.00 | 101.4% | 96.9% | 13.7% | 9.8% |
| 15 Years | +4.03 | 0.99 | 100.7% | 95.7% | 13.7% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 4.65% |
| 2 | HDFC Bank Limited | 3.06% |
| 3 | Reliance Industries Limited | 2.73% |
| 4 | Shriram Finance Limited | 2.09% |
| 5 | State Bank of India | 1.93% |
| 6 | Coforge Limited | 1.93% |
| 7 | Karnataka Bank Ltd | 1.83% |
| 8 | Axis Bank Limited | 1.82% |
| 9 | Bharti Airtel Limited | 1.81% |
| 10 | Hindalco Industries Limited | 1.77% |