HDFC Multicap Fund
HDFC Mutual Fund·Multi Cap Fund·vs Nifty 500 Multicap 50:25:25 TRI
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 | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Primary | ₹17.9210 | +0.52% | -4.38% | -7.61% | -1.68% | +16.00% | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
118
Top 5 Weight
14.99%
Top 10 Weight
23.78%
Active Share
—
Large Cap
43.28%
Gini
0.343
What Changed2026-03-31 → 2026-04-30
Holdings: 124 → 120+3 added−7 removed29 weight shifts ≥ 0.1%
| 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
Banks15.1%
Auto Components6.9%
Finance6.7%
IT - Software5.7%
Pharmaceuticals & Biotechnology5.3%
Consumer Durables4.4%
Petroleum Products4.2%
Leisure Services4.2%
Insurance3.6%
Telecom - Services3.3%
Top 10 sectors by % to NAV. Excludes derivatives.