HSBC Multi Cap Fund
Direct · GrowthAI Summary
HSBC Multi Cap Fund has delivered strong alpha versus the NIFTY 50 across all measured periods, with a 3Y lump-sum CAGR of 17.35% against the benchmark's 4.9%, generating alpha of 12.52%. However, its SIP XIRR of 11.77% over 3Y trails the category average of 15.0%, and the 1Y XIRR of 15.56% is ahead of the category's 11.47%, indicating mixed SIP-period performance. Calendar year returns show high dispersion, from 47.68% in 2023 to just 1.83% in 2025.
The fund shows a beta near 1 (0.9954 to 1.0454) with favorable capture ratios — upside capture above 103% and downside capture below 93% — meaning it captures more of market gains while limiting losses in declines. Risk-adjusted returns are solid, with Calmar ratios above 1.0 in both 1Y (1.1457) and 3Y (1.0805) periods. Only one drawdown event exceeding 10% occurred, though recovery took 432 days, indicating patience is required after sharp corrections.
The portfolio is well diversified across 95 holdings, with the top 10 positions each under 3% of NAV, led by Reliance Industries at 2.87%. Sector allocation is spread across Electrical Equipment (12.1%), Banks (11.0%), Pharmaceuticals (8.0%), and Capital Markets (7.7%), with a notable tilt toward electrical equipment names like TD Power Systems, GE Vernova T&D, and Mtar Technologies. This diversified but growth-oriented construction supports the fund's multi-cap mandate.
The fund outperforms the category on 1Y SIP XIRR (15.56% vs 11.47%) but underperforms on 3Y SIP XIRR (11.77% vs 15.0%), suggesting recent momentum is stronger than its medium-term SIP record. Long-term lump-sum consistency is a clear strength, with positive alpha across 1Y through 15Y periods, though alpha narrows from 16.09% at 1Y to 3.33% at 15Y. Its low 0.63% expense ratio is competitive for the multi-cap category.
This fund suits investors seeking diversified, benchmark-beating equity exposure with a moderate-to-high risk tolerance and a horizon of at least 5-7 years, given the 432-day recovery from its maximum drawdown. SIP investors should note the 3Y XIRR lag versus category peers and consider it as part of a broader portfolio rather than a standalone core holding. It is appropriate for those comfortable with year-to-year return volatility, as seen in the swing from 47.68% in 2023 to 1.83% in 2025.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y to 15Y, with 3Y alpha of 12.52%
- Favorable capture profile with upside capture above 103% and downside capture below 93% across key periods
- Well-diversified 95-stock portfolio with no single holding above 2.87% of NAV and a competitive 0.63% expense ratio
- 3Y SIP XIRR of 11.77% trails the category average of 15.0%, indicating weaker medium-term SIP performance versus peers
- High calendar-year return dispersion (47.68% in 2023 to 1.83% in 2025) and a lengthy 432-day recovery from maximum drawdown
Generated on 13-10-2026, 3:13 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 | ₹12.73 L | 22.1% | -25.1% | 79.2% |
| 3 Years | ₹36.00 L | ₹42.81 L | 12.0% | 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 | 22.1% | 14.3% | 11.4% | +7.9% |
| 3 Years | 12.0% | 11.0% | 14.9% | +1.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 22.9% | 10.3% | -4.3% | 65.2% | 0.69 | 5.64 | 92% | — | — |
| 3 Years | 21.5% | 21.5% | 16.2% | 25.4% | 6.51 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.38 | 0.96 | 98.0% | 82.4% | 3.5% | -9.5% |
| 3 Years | +10.80 | 1.03 | 105.9% | 92.2% | 16.2% | 5.5% |
| 5 Years | +9.83 | 0.99 | 103.4% | 85.3% | 15.3% | 5.4% |
| 7 Years | +6.82 | 0.99 | 103.4% | 85.3% | 10.7% | 3.9% |
| 10 Years | +4.66 | 0.99 | 103.4% | 85.3% | 7.4% | 2.7% |
| 12 Years | +3.85 | 0.99 | 103.4% | 85.3% | 6.1% | 2.2% |
| 15 Years | +3.05 | 0.99 | 103.4% | 85.3% | 4.8% | 1.8% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Reliance Industries Limited | 2.87% |
| 2 | TD Power Systems Limited | 2.54% |
| 3 | The Federal Bank Limited | 2.41% |
| 4 | GE Vernova T&D India Limited | 2.29% |
| 5 | BSE Ltd | 2.23% |
| 6 | State Bank of India | 2.05% |
| 7 | Mtar Technologies Limited | 1.94% |
| 8 | Navin Fluorine International Limited | 1.86% |
| 9 | ICICI Bank Limited | 1.83% |
| 10 | Sai Life Sciences Ltd. | 1.82% |