HSBC Mid Cap Fund
Direct · GrowthAI Summary
HSBC Mid Cap Fund has delivered strong SIP XIRR of 22.53% over 1Y and 19.21% over 3Y, beating the 1Y category average of 15.99% though trailing the 3Y, 5Y, 7Y, and 10Y category averages. Against the NIFTY Midcap 150, the fund shows consistent alpha across all windows, including 12.04% alpha over 1Y and 8.33% over 3Y, with lump-sum CAGRs beating the benchmark in every period. Long-term lump-sum performance is solid, with a 15Y CAGR of 17.83% versus the benchmark's 14.75%.
The fund exhibits a beta below 1 across longer horizons (0.89 at 10Y and 12Y) with downside capture of 83.97% to 96.02%, indicating it has historically fallen less than the benchmark in weak markets. However, it has experienced 8 drawdown events exceeding 10%, with the maximum drawdown lasting 805 days and taking 249 days to recover, underscoring mid-cap volatility. Calmar ratios between 0.43 and 0.61 suggest reasonable but not exceptional risk-adjusted returns.
The top 10 holdings are moderately concentrated at roughly 36.2% of NAV across 71 total stocks, led by FSN E-Commerce (4.51%), BSE (4.34%), and PB Fintech (4.24%). Sector exposure is tilted toward Capital Markets (13.6%), Electrical Equipment (12.1%), and Retailing (10.5%), giving the fund meaningful exposure to financial infrastructure and consumer-facing new-age businesses. The portfolio includes several recently listed or high-valuation names such as Lenskart and Billionbrains Garage Ventures, which adds growth potential but also valuation risk.
The fund's 1Y SIP XIRR of 22.53% clearly outpaces the category average of 15.99%, but it lags category averages at 3Y (19.21% vs 19.83%), 5Y (18.03% vs 20.44%), and 7Y (17.52% vs 19.39%). Its consistent benchmark alpha across 1Y to 15Y windows suggests genuine stock-selection skill even where category-relative returns lag. Calendar year returns show wide dispersion, from 82.22% in 2014 to -10.97% in 2018, typical of the mid-cap category.
This fund suits investors with a high risk tolerance and a horizon of at least 5-7 years, given the long drawdown durations and return volatility inherent to mid-caps. It is appropriate as a satellite allocation within a diversified portfolio rather than a core holding, ideally accessed via SIP to smooth volatility. Investors should be comfortable with calendar-year swings exceeding 40 percentage points between best and worst years.
- Consistent positive alpha versus NIFTY Midcap 150 across all measured horizons, from 1Y (12.04%) to 15Y (4.10%)
- Below-benchmark downside capture (83.97% at 15Y) with beta under 1 in longer windows, indicating relative resilience in falling markets
- Low expense ratio of 0.66% for the direct plan, supporting net returns
- SIP XIRR trails category averages at 3Y, 5Y, 7Y, and 10Y horizons, indicating middling peer-relative performance over longer periods
- Eight drawdown events exceeding 10% with a maximum drawdown lasting 805 days, highlighting significant downside risk for shorter-horizon investors
Generated on 23-10-2026, 2:53 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 | ₹48.32 L | 19.7% | -22.5% | 43.9% |
| 5 Years | ₹60.00 L | ₹92.11 L | 18.0% | -7.1% | 34.8% |
| 7 Years | ₹84.00 L | ₹1.51 Cr | 17.5% | 3.7% | 27.0% |
| 10 Years | ₹1.20 Cr | ₹3.18 Cr | 18.5% | 14.7% | 22.5% |
| 12 Years | ₹1.44 Cr | ₹4.81 Cr | 18.9% | 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% | 21.9% | 15.9% | +3.9% |
| 3 Years | 19.7% | 17.2% | 19.8% | +2.5% |
| 5 Years | 18.0% | 16.5% | 20.4% | +1.6% |
| 7 Years | 17.5% | 16.8% | 19.4% | +0.8% |
| 10 Years | 18.5% | 16.6% | 19.3% | +1.9% |
| 12 Years | 18.9% | 16.3% | 18.6% | +2.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 24.3% | 18.0% | -29.8% | 103.3% | 0.65 | 2.73 | 84% | — | — |
| 3 Years | 20.2% | 22.0% | -6.1% | 42.1% | 1.42 | 6.40 | 96% | — | — |
| 5 Years | 18.3% | 17.5% | 2.4% | 33.4% | 1.60 | 41.30 | 100% | — | — |
| 10 Years | 19.1% | 18.8% | 14.6% | 23.1% | 6.38 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +11.88 | 0.96 | 109.3% | 96.8% | 6.3% | -6.1% |
| 3 Years | +7.76 | 1.03 | 107.5% | 100.4% | 20.2% | 12.3% |
| 5 Years | +4.14 | 0.95 | 96.7% | 92.4% | 16.4% | 12.6% |
| 7 Years | +1.77 | 0.91 | 91.2% | 89.0% | 19.8% | 19.3% |
| 10 Years | +2.13 | 0.89 | 89.2% | 86.4% | 15.8% | 14.5% |
| 12 Years | +2.63 | 0.89 | 89.3% | 86.0% | 16.9% | 15.2% |
| 15 Years | +4.01 | 0.88 | 89.0% | 84.1% | 17.4% | 14.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | FSN E-Commerce Ventures Limited | 4.51% |
| 2 | BSE Ltd | 4.34% |
| 3 | PB Fintech Limited | 4.24% |
| 4 | Lenskart Solutions Limited | 4.21% |
| 5 | Bharat Heavy Electricals Limited | 3.76% |
| 6 | The Federal Bank Limited | 3.65% |
| 7 | Piramal Finance Ltd | 3.51% |
| 8 | Billionbrains Garage Ventures Ltd. | 3.23% |
| 9 | Aditya Infotech Limited | 3.19% |
| 10 | Bharat Forge Limited | 2.60% |