Funds/Conservative Hybrid Fund/HDFC Hybrid Debt Fund

HDFC Hybrid Debt Fund

HDFC Mutual Fund·Conservative Hybrid Fund·vs Peer Median

The fund remains positioned as a conservative income generator with a heavily skewed debt-heavy hybrid allocation featuring over one-third exposure to sovereign bonds and a near-complete AAA/AA+ credit quality mandate. Recent portfolio changes signal the manager's preference for government securities and development finance institutions over corporate credit, evidenced by the meaningful increase in liquid TREPS positions alongside new positions in NABARD and SIDBI. This defensive posture suggests anticipation of either sustained yield opportunities or preference for lower credit risk in the current environment.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Regular Growth	₹82.0014	-0.67%	-1.77%	-1.45%	-0.10%	+8.02%	+8.32%

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

106

Top 5 Weight

15.72%

Top 10 Weight

25.95%

Active Share

—

Large Cap

16.39%

Gini

0.418

What Changed2026-03-31 → 2026-04-30

Holdings: 108 → 108+3 added−3 removed5 weight shifts ≥ 0.1%

Stock	Sector	Weight
6.48% GOI MAT 061035	Sovereign	1.92%
National Bank for Agri & Rural Dev.^	CRISIL - AAA	1.53%
Small Industries Development Bank^	CRISIL - AAA	0.46%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	7.34% GOI MAT 220464 IN0020240035	Sovereign	DEBT	4.11%
2	TREPS - Tri-party Repo		CASH_EQUIVALENT	3.36%
3	Floating Rate GOI 2034 IN0020210137	Sovereign	DEBT	3.15%
4	7.23% GOI MAT 150439^ IN0020240027	Sovereign	DEBT	3.07%
5	7.09% GOI MAT 050854 IN0020240118	Sovereign	DEBT	2.89%
6	Indian Railways Finance Corp. Ltd.^ INE053F07BD9	CRISIL - AAA	EQUITY	2.50%
7	7.3% GOI MAT 190653 IN0020230051	Sovereign	DEBT	2.22%
8	7.18% GOI MAT 240737 IN0020230077	Sovereign	DEBT	2.15%
9	6.68% GOI MAT 170931^ IN0020170042	Sovereign	DEBT	1.97%
10	6.9% GOI MAT 150465 IN0020250018	Sovereign	DEBT	1.95%
11	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	1.94%
12	6.48% GOI MAT 061035 IN0020250091	Sovereign	DEBT	1.92%
13	HDFC Bank Ltd.£ INE040A01034	Banks	EQUITY	1.66%
14	Altius Telecom Infrastructure Trust^ INE0BWS07045	CRISIL - AAA	EQUITY	1.66%
15	National Highways Authority of India^ INE906B07GP0	CRISIL - AAA	EQUITY	1.57%
16	National Bank for Agri & Rural Dev.^ INE261F08EF5	ICRA - AAA	EQUITY	1.54%
17	Pipeline Infrastructure Pvt. Ltd.^ INE01XX07034	CRISIL - AAA	EQUITY	1.54%
18	Export - Import Bank of India^ INE514E08GB4	CRISIL - AAA	EQUITY	1.54%
19	Bajaj Housing Finance Ltd.^ INE377Y07474	CRISIL - AAA	EQUITY	1.54%
20	National Bank for Agri & Rural Dev.^ INE261F08EA6	CRISIL - AAA	EQUITY	1.53%

Sector Allocation

Sovereign36.3%

CRISIL - AAA29.1%

Banks7.3%

CARE - AAA3.8%

IT - Software1.7%

Power1.6%

ICRA - AA+1.6%

Petroleum Products1.6%

ICRA - AAA1.5%

Pharmaceuticals & Biotechnology1.5%

Top 10 sectors by % to NAV. Excludes derivatives.