Funds/Multi Asset Allocation/HDFC Multi-Asset Allocation Fund

HDFC Multi-Asset Allocation Fund

HDFC Mutual Fund·Multi Asset Allocation·vs Nifty 200 TRI

The manager is maintaining a defensive equity posture with substantial gold and cash buffers, signaling caution about near-term volatility while staying meaningfully exposed to growth. The heavy concentration in banking and energy reflects conviction in established blue-chips, though the addition of Jubilant Foodworks alongside trimming of pharma suggests tactical rotation toward domestic consumption rather than structural repositioning. Recent repositioning in liquid instruments and reduced repo allocation indicate flexibility to deploy capital opportunistically rather than defensive repositioning.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹73.5780	-0.13%	-3.69%	-1.90%	+5.25%	+12.70%	+11.92%

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

Portfolio Metrics(latest month)

Holdings

119

Top 5 Weight

29.23%

Top 10 Weight

39.75%

Active Share

—

Large Cap

52.51%

Gini

0.586

What Changed2026-03-31 → 2026-04-30

Holdings: 123 → 121+2 added−4 removed23 weight shifts ≥ 0.1%

Stock	Sector	Weight
Jubilant Foodworks Limited	Leisure Services	0.49%
6.48% GOI MAT 061035	Sovereign	0.16%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	HDFC Gold Exchange Traded Fund INF179KC1981		GOLD	11.15%
2	TREPS - Tri-party Repo		CASH_EQUIVALENT	7.53%
3	Reliance Industries Ltd. INE002A01018	Petroleum Products	EQUITY	5.75%
4	HDFC Bank Ltd.£ INE040A01034	Banks	EQUITY	4.39%
5	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	4.37%
6	NTPC Limited INE733E01010	Power	EQUITY	3.57%
7	Axis Bank Ltd. INE238A01034	Banks	EQUITY	2.37%
8	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	2.35%
9	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	2.34%
10	Maruti Suzuki India Limited INE585B01010	Automobiles	EQUITY	1.78%
11	Sun Pharmaceutical Industries Ltd. INE044A01036	Pharmaceuticals & Biotechnology	EQUITY	1.68%
12	Infosys Limited INE009A01021	IT - Software	EQUITY	1.51%
13	Tata Consultancy Services Ltd. INE467B01029	IT - Software	EQUITY	1.47%
14	Power Grid Corporation of India Ltd. INE752E01010	Power	EQUITY	1.44%
15	Hindalco Industries Ltd. INE038A01020	Non - Ferrous Metals	EQUITY	1.37%
16	State Bank of India INE062A01020	Banks	EQUITY	1.36%
17	Oil & Natural Gas Corporation Ltd. INE213A01029	Oil	EQUITY	1.27%
18	Muthoot Finance Ltd.^ INE414G07JQ6	CRISIL - AA+	EQUITY	1.27%
19	Larsen and Toubro Ltd. INE018A01030	Construction	EQUITY	1.23%
20	7.18% GOI MAT 140833 IN0020230085	Sovereign	DEBT	1.18%

Sector Allocation

Banks15.5%

Petroleum Products6.3%

Power5.3%

Automobiles4.9%

Pharmaceuticals & Biotechnology4.8%

IT - Software4.6%

Sovereign3.6%

Telecom - Services3.0%

Consumer Durables2.7%

CRISIL - AAA2.6%

Top 10 sectors by % to NAV. Excludes derivatives.