HSBC Large Cap Fund
Direct · GrowthAI Summary
HSBC Large Cap Fund has delivered consistent alpha over the NIFTY 50 across all periods, with the 1Y fund CAGR of -7.19% beating the benchmark's -12.71% by 5.5 percentage points and a 3Y alpha of 4.01%. On the primary SIP XIRR metric, the fund's 3Y return of 14.09% and 5Y return of 14.37% are marginally ahead of category averages of 13.99% and 14.35%, though it trails slightly over 7Y (13.68% vs 13.97%) and 10Y (13.97% vs 14.24%). Long-term lump-sum performance is solid, with the 10Y rolling mean of 13.53% versus a benchmark CAGR of 10.01%.
The fund shows a near-1.0 beta (0.98-1.03) with a downside capture consistently below 100% (97.48%-98.56%) and upside capture at or above 100%, indicating it loses less than the index in downturns while keeping pace in rallies. It has experienced 9 drawdown events exceeding 10%, with a maximum drawdown of -36.05% that took 228 days to recover, reflecting typical large cap equity risk. Calmar ratios of roughly 0.37-0.41 across horizons indicate moderate risk-adjusted returns relative to drawdown severity.
The portfolio is concentrated in 35 holdings, with the top 10 accounting for about 43.9% of NAV, led by HDFC Bank (7.62%), Reliance Industries (5.64%), and Larsen & Toubro (5.22%). Banks dominate sector allocation at 16.5%, followed by Petroleum Products (6.8%) and Retailing (5.7%), creating meaningful financial sector exposure. The holdings are predominantly large cap blue chips across banks, IT, telecom, and autos, providing quality-oriented but somewhat sector-concentrated diversification.
The fund sits around the middle of its large cap peer group on SIP XIRR, slightly ahead over 1Y (8.87% vs 7.75%) and 3Y but modestly behind over 7Y, 10Y, and 12Y horizons. Its consistent positive alpha versus the NIFTY 50 across 1Y through 15Y windows demonstrates dependable benchmark outperformance. Calendar year returns show reasonable consistency, with only three negative years since 2013 and double-digit gains in most years.
This fund suits investors seeking core large cap exposure with a long-term horizon of 5-7 years or more, given that shorter periods have shown weaker and more volatile outcomes. It is appropriate for moderate-to-high risk tolerance investors who can withstand drawdowns like the -36% maximum decline. SIP investors benefit most, as the fund's XIRR profile and downside protection below 100% capture favor staggered investing through market cycles.
- Consistent positive alpha versus NIFTY 50 across all measured periods, including 6.11% in 1Y and 4.01% in 3Y
- Downside capture below 100% in every period (as low as 97.48%) combined with upside capture at or above 100%, indicating better loss protection than the index
- Strong 1Y SIP XIRR of 8.87% versus the category average of 7.75%
- High expense ratio of 1.29% for a large cap fund, which can erode returns in a category where beating the index is already difficult
- Trails category average SIP XIRR over longer horizons of 7Y, 10Y, and 12Y, and carries heavy 16.5% banking sector concentration
Generated on 26-10-2026, 2:13 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 | ₹12.71 L | 15.4% | -54.8% | 92.0% |
| 3 Years | ₹36.00 L | ₹43.75 L | 13.4% | -19.0% | 30.8% |
| 5 Years | ₹60.00 L | ₹84.46 L | 13.5% | -6.4% | 24.6% |
| 7 Years | ₹84.00 L | ₹1.37 Cr | 13.7% | -0.7% | 20.5% |
| 10 Years | ₹1.20 Cr | ₹2.49 Cr | 13.9% | 10.9% | 17.6% |
| 12 Years | ₹1.44 Cr | ₹3.43 Cr | 13.4% | 11.2% | 16.0% |
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 | 15.4% | 14.3% | 7.7% | +1.2% |
| 3 Years | 13.4% | 11.0% | 14.0% | +2.3% |
| 5 Years | 13.5% | 10.4% | 14.3% | +3.2% |
| 7 Years | 13.7% | 10.6% | 14.0% | +3.1% |
| 10 Years | 13.9% | 11.4% | 14.2% | +2.5% |
| 12 Years | 13.4% | 11.3% | 13.8% | +2.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.7% | 11.4% | -27.6% | 87.9% | 0.49 | 1.42 | 81% | — | — |
| 3 Years | 13.7% | 13.8% | -4.8% | 28.7% | 1.59 | 6.12 | 99% | — | — |
| 5 Years | 13.4% | 13.6% | 0.2% | 25.1% | 1.79 | 14.24 | 100% | — | — |
| 10 Years | 13.5% | 13.5% | 10.9% | 15.8% | 6.93 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.07 | 1.03 | 104.3% | 96.3% | -5.3% | -10.9% |
| 3 Years | +3.85 | 1.03 | 103.0% | 98.1% | 10.3% | 6.4% |
| 5 Years | +2.80 | 1.02 | 101.5% | 98.2% | 7.9% | 5.2% |
| 7 Years | +2.15 | 0.98 | 99.8% | 97.6% | 12.1% | 10.0% |
| 10 Years | +1.32 | 0.99 | 100.0% | 98.5% | 11.6% | 10.3% |
| 12 Years | +2.08 | 0.99 | 100.3% | 97.9% | 11.1% | 9.0% |
| 15 Years | +1.58 | 0.99 | 100.2% | 98.3% | 10.9% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 7.62% |
| 2 | Reliance Industries Limited | 5.64% |
| 3 | Larsen & Toubro Limited | 5.22% |
| 4 | Shriram Finance Limited | 4.58% |
| 5 | State Bank of India | 4.39% |
| 6 | Bharti Airtel Limited | 3.64% |
| 7 | Eternal Limited | 3.56% |
| 8 | Infosys Limited | 3.30% |
| 9 | Mahindra & Mahindra Limited | 3.03% |
| 10 | Tata Steel Limited | 2.96% |