HSBC Multi Cap Fund
Direct · GrowthAI Summary
The HSBC Multi Cap Fund has delivered a 1-year SIP XIRR of 22.64%, significantly outperforming the category average of 15.06%, and a 3-year SIP XIRR of 12.28%, which trails the category average of 16.01%. Over longer horizons, the fund's lump-sum CAGR has consistently beaten the NIFTY 50 benchmark, with a 5-year CAGR of 16.55% versus 6.34% for the benchmark, and a 10-year CAGR of 7.96% versus 3.12%.
The fund exhibits a maximum drawdown of -20.07% with a recovery period of 432 days, indicating moderate downside risk. Its Calmar ratios of 1.19 (1Y) and 1.12 (3Y) suggest reasonable risk-adjusted returns relative to drawdown. The fund's downside capture ratios are below 100% across all periods (e.g., 85.88% for 1Y and 93.08% for 3Y), indicating it loses less than the benchmark during market declines, while upside capture remains above 100% (106.08% for 1Y and 109.53% for 3Y), showing it participates strongly in up markets.
The fund holds a diversified portfolio of 97 stocks, with top 10 holdings accounting for about 21.7% of NAV. The largest sector is Banks at 15.1%, with top holdings including HDFC Bank, Federal Bank, ICICI Bank, and State Bank of India, indicating a significant financial sector tilt. Other notable sectors include Electrical Equipment (8.6%), Pharmaceuticals & Biotechnology (8.4%), and Industrial Products (6.8%), providing broad multi-cap exposure across market capitalizations.
The fund's 1-year SIP XIRR of 22.64% is well above the category average of 15.06%, but its 3-year SIP XIRR of 12.28% is below the category average of 16.01%, indicating inconsistent performance relative to peers. Calendar year returns show high volatility, with a strong 47.68% in 2023 and 30.34% in 2024, but a modest 1.83% in 2025 and 9.19% in 2026, suggesting performance is not stable year-over-year.
This fund is suitable for investors with a high risk tolerance and a long-term investment horizon of at least 5-7 years, given its multi-cap mandate and potential for higher returns. It may appeal to those seeking diversification across market caps and sectors, but investors should be prepared for periods of underperformance relative to category peers, as seen in the 3-year XIRR. The fund's low expense ratio of 0.63% (Direct) is a cost advantage, but investors should monitor performance consistency.
- Consistent outperformance of the NIFTY 50 benchmark across all time horizons, with alpha ranging from 3.20% (15Y) to 15.53% (1Y).
- Strong downside protection with downside capture ratios below 100% across all periods, indicating the fund loses less than the benchmark in down markets.
- Low expense ratio of 0.63% (Direct) enhances net returns for investors.
- 3-year SIP XIRR of 12.28% is below the category average of 16.01%, indicating underperformance relative to peers over this period.
- High volatility in calendar year returns, with a significant drop from 47.68% in 2023 to 1.83% in 2025, may test investor patience.
Generated on 30-08-2026, 3:06 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 | ₹12.72 L | 22.6% | -25.1% | 79.2% |
| 3 Years | ₹36.00 L | ₹42.84 L | 12.3% | 5.1% | 18.4% |
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 | 22.6% | 14.4% | 15.1% | +8.2% |
| 3 Years | 12.3% | 11.1% | 16.0% | +1.2% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 23.8% | 10.5% | -4.3% | 65.2% | 0.71 | 5.78 | 92% | — | — |
| 3 Years | 22.5% | 22.3% | 19.6% | 25.4% | 10.01 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +15.53 | 1.00 | 106.1% | 85.9% | 12.6% | -2.9% |
| 3 Years | +13.33 | 1.04 | 109.5% | 93.1% | 21.1% | 7.8% |
| 5 Years | +10.21 | 1.01 | 105.4% | 86.0% | 16.6% | 6.3% |
| 7 Years | +7.08 | 1.01 | 105.4% | 86.0% | 11.6% | 4.5% |
| 10 Years | +4.86 | 1.01 | 105.4% | 86.0% | 8.0% | 3.1% |
| 12 Years | +4.03 | 1.01 | 105.4% | 86.0% | 6.6% | 2.6% |
| 15 Years | +3.20 | 1.01 | 105.4% | 86.0% | 5.2% | 2.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 3.17% |
| 2 | The Federal Bank Limited | 2.77% |
| 3 | ICICI Bank Limited | 2.43% |
| 4 | Reliance Industries Limited | 2.17% |
| 5 | State Bank of India | 2.03% |
| 6 | Sai Life Sciences Ltd. | 1.92% |
| 7 | Radico Khaitan Limited | 1.92% |
| 8 | Navin Fluorine International Limited | 1.83% |
| 9 | APAR INDUSTRIES LTD | 1.81% |
| 10 | Larsen & Toubro Limited | 1.67% |