HSBC Mid Cap Fund
Direct · GrowthAI Summary
HSBC Mid Cap Fund has delivered strong SIP XIRR across horizons, including 25.80% over 1Y and 18.47% over 10Y, though it trails the category average SIP XIRR at 3Y (19.73% vs 19.93%), 5Y (17.95% vs 19.38%), 7Y (17.39% vs 19.29%) and 10Y (18.47% vs 19.41%). Against the NIFTY MIDCAP 150, the fund has consistently outperformed on a lump-sum basis, with positive alpha across all periods from 1Y (12.94%) to 15Y (4.06%). Recent performance is particularly impressive, with the fund's 1Y CAGR of 22.57% nearly doubling the benchmark's 9.86%.
The fund exhibits a defensive risk profile for a mid-cap offering, with beta below 1 across all periods (0.87 to 1.02) and downside capture as low as 83.61% over 15Y, meaning it has historically fallen less than the benchmark in weak markets. The maximum drawdown of -0.40% took 805 days to recover fully, with 249 days to recovery, and the fund has experienced 8 drawdown events greater than 10%, reflecting the inherent volatility of the mid-cap segment. Calmar ratios between 0.43 and 0.61 across horizons indicate moderate risk-adjusted returns relative to drawdown depth.
The portfolio holds 70 stocks with the top 10 accounting for roughly 37% of NAV, led by Lenskart Solutions (4.81%) and Meesho (4.00%), giving meaningful exposure to newly listed consumer internet and retailing names. Sector allocation is reasonably spread, with Electrical Equipment (13.70%), Retailing (12.40%), Banks (10.30%), Finance (8.00%) and Pharmaceuticals (7.00%) as the top five, avoiding extreme single-sector concentration. The tilt toward financials, retailing and electrical equipment suggests a growth-and-financials oriented mid-cap strategy.
While the fund's long-term SIP XIRR lags category averages at 3Y, 5Y, 7Y and 10Y, its consistent alpha over the NIFTY MIDCAP 150 across every measured period demonstrates genuine benchmark-beating skill. Calendar year returns show strong upside years such as 82.22% in 2014, 52.40% in 2017 and 41.18% in 2024, alongside contained losses in weak years like -10.97% in 2018 and -1.07% in 2025. This pattern of large gains with modest drawdowns aligns with its favorable upside/downside capture balance.
This fund suits investors seeking mid-cap exposure with a long-term horizon of at least 5-7 years, given the extended 805-day recovery from its maximum drawdown and the volatility typical of the category. It is appropriate for investors with moderate-to-high risk tolerance who value downside protection, as evidenced by downside capture below 92% across all periods. SIP investors should note that while benchmark outperformance is consistent, category-relative SIP returns have been slightly below average in recent years.
- Consistent positive alpha over NIFTY MIDCAP 150 across all periods from 1Y (12.94%) to 15Y (4.06%)
- Strong downside protection with downside capture as low as 83.61% over 15Y and beta below 1 in most periods
- Low expense ratio of 0.66% for a mid-cap fund, enhancing net returns for investors
- SIP XIRR trails category averages at 3Y (19.73% vs 19.93%), 5Y (17.95% vs 19.38%), 7Y (17.39% vs 19.29%) and 10Y (18.47% vs 19.41%)
- Long maximum drawdown recovery period of 805 days with 8 drawdown events exceeding 10%, requiring patience from investors
Generated on 10-09-2026, 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 | ₹13.11 L | 25.8% | -51.5% | 128.5% |
| 3 Years | ₹36.00 L | ₹48.40 L | 19.7% | -22.5% | 43.9% |
| 5 Years | ₹60.00 L | ₹91.43 L | 17.9% | -7.1% | 34.8% |
| 7 Years | ₹84.00 L | ₹1.50 Cr | 17.4% | 3.7% | 27.0% |
| 10 Years | ₹1.20 Cr | ₹3.17 Cr | 18.5% | 14.7% | 22.5% |
| 12 Years | ₹1.44 Cr | ₹4.81 Cr | 19.0% | 16.2% | 22.7% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 25.8% | 22.1% | 21.6% | +3.7% |
| 3 Years | 19.7% | 17.3% | 19.9% | +2.4% |
| 5 Years | 17.9% | 16.5% | 19.4% | +1.4% |
| 7 Years | 17.4% | 16.7% | 19.3% | +0.7% |
| 10 Years | 18.5% | 16.6% | 19.4% | +1.8% |
| 12 Years | 19.0% | 16.3% | 18.8% | +2.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 24.4% | 18.0% | -29.8% | 103.3% | 0.65 | 2.72 | 83% | — | — |
| 3 Years | 20.1% | 21.8% | -6.1% | 42.1% | 1.41 | 6.32 | 96% | — | — |
| 5 Years | 18.3% | 17.5% | 2.4% | 33.4% | 1.58 | 40.87 | 100% | — | — |
| 10 Years | 19.2% | 18.9% | 14.6% | 23.1% | 6.39 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.94 | 0.93 | 103.5% | 91.4% | 22.6% | 9.9% |
| 3 Years | +8.01 | 1.02 | 105.4% | 98.4% | 26.3% | 18.1% |
| 5 Years | +3.19 | 0.94 | 94.8% | 91.4% | 20.0% | 17.5% |
| 7 Years | +2.30 | 0.90 | 90.8% | 88.1% | 22.9% | 22.1% |
| 10 Years | +2.55 | 0.89 | 88.8% | 85.6% | 18.1% | 16.8% |
| 12 Years | +3.15 | 0.89 | 89.2% | 85.5% | 18.9% | 16.9% |
| 15 Years | +4.06 | 0.87 | 88.7% | 83.6% | 18.3% | 15.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Lenskart Solutions Limited | 4.81% |
| 2 | Meesho Limited | 4.00% |
| 3 | The Federal Bank Limited | 3.96% |
| 4 | Piramal Finance Ltd | 3.92% |
| 5 | PB Fintech Limited | 3.87% |
| 6 | FSN E-Commerce Ventures Limited | 3.61% |
| 7 | Ather Energy Limited | 3.57% |
| 8 | APAR INDUSTRIES LTD | 3.38% |
| 9 | GE Vernova T&D India Limited | 3.20% |
| 10 | Bharat Forge Limited | 2.79% |