HDFC Multicap Fund
The fund maintains a defensive, financials-heavy positioning with banks commanding over 15 percent of the portfolio, suggesting conviction in India's credit cycle and domestic consumption story. Recent portfolio churn—swapping out TCS and Bajaj Finance for cement and auto plays—signals the manager is rotating toward cyclical recovery themes while trimming some of the larger-cap exposure. The modest 2.9 percent cash buffer and 120-stock spread indicate balanced conviction across ideas rather than concentrated bets.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|
| Primary | ₹18.0530 | -1.09% | -2.44% | +16.00% | — |
Portfolio Metrics(latest month)
vs Category Peers
Active Stock PickerActive Share = ½Σ|wfund − wpeer|, computed using leave-one-out peer portfolio within SEBI category.
Similar Funds in Category
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| UltraTech Cement Limited | 0.95% |
| Eicher Motors Ltd. | 0.54% |
| SRF Ltd. | 0.39% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | HDFC Bank Ltd.£ INE040A01034 | 3.81% |
| 2 | ICICI Bank Ltd. INE090A01021 | 3.40% |
| 3 | Reliance Industries Ltd. INE002A01018 | 2.89% |
| 4 | Axis Bank Ltd. INE238A01034 | 2.52% |
| 5 | TREPS - Tri-party Repo | 2.47% |
| 6 | Britannia Industries Ltd. INE216A01030 | 2.37% |
| 7 | Bharti Airtel Ltd. INE397D01024 | 2.22% |
| 8 | NTPC Limited INE733E01010 | 1.86% |
| 9 | Larsen and Toubro Ltd. INE018A01030 | 1.72% |
| 10 | Eternal Limited INE758T01015 | 1.57% |
| 11 | ICICI Lombard General Insurance Co INE765G01017 | 1.42% |
| 12 | State Bank of India INE062A01020 | 1.41% |
| 13 | Infosys Limited INE009A01021 | 1.39% |
| 14 | Mahindra & Mahindra Ltd. INE101A01026 | 1.32% |
| 15 | Kotak Mahindra Bank Limited INE237A01036 | 1.32% |
| 16 | PNB Housing Finance Ltd. INE572E01012 | 1.28% |
| 17 | Maruti Suzuki India Limited INE585B01010 | 1.25% |
| 18 | Tata Steel Ltd. INE081A01020 | 1.24% |
| 19 | PB Fintech Limited INE417T01026 | 1.24% |
| 20 | Shriram Finance Ltd. INE721A01047 | 1.17% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.
Frequently Asked Questions
How many stocks does HDFC Multicap Fund hold?
HDFC Multicap Fund holds 118 stocks as per the latest AMFI portfolio disclosure. The top 5 positions account for 14.99% of NAV.
What is the largest holding in HDFC Multicap Fund?
The largest position in HDFC Multicap Fund is HDFC Bank Ltd.£, accounting for 3.81% of NAV in the Banks sector.
Is HDFC Multicap Fund a concentrated or diversified fund?
With a Gini coefficient of 0.343, HDFC Multicap Fund is well-diversified. The HHI concentration index is 12,238 bps, which is above the 2500 bps threshold for high concentration. The top 5 holdings together make up 14.99% of the portfolio.
What is the market cap allocation of HDFC Multicap Fund?
Based on SEBI's AMFI classification, HDFC Multicap Fund's equity portfolio is split as: Large Cap: 43.28%, Mid Cap: 25.25%, Small Cap: 26.31%. This reflects the fund's positioning within the market cap spectrum.
Which sectors does HDFC Multicap Fund invest in most?
HDFC Multicap Fund has the highest allocation to Banks (15.09%), Auto Components (6.87%), Finance (6.65%). The fund is invested across 36 sectors in total.
How actively managed is HDFC Multicap Fund compared to other Multi Cap Fund funds?
HDFC Multicap Fund has an Active Share of 57.97%, classifying it as "Active Stock Picker" among 30 Multi Cap Fund peers. This indicates a moderate level of differentiation from category peers.
What changed in HDFC Multicap Fund's portfolio in the latest month?
Between 2026-03-31 and 2026-04-30, HDFC Multicap Fund added 3 new stocks (including UltraTech Cement Limited) and exited 7 stocks (including Bajaj Finance Ltd.). Total holding count decreased from 124 to 120 stocks.