HDFC Banking and Financial Services Fund
The fund remains heavily concentrated in large-cap banking with nearly 62% in banks and a top-5 concentration exceeding half the portfolio, betting on sustained credit growth and financial deepening in India. Recent portfolio tweaks—trimming HDFC and ICICI while adding smaller finance players and fintech exposure—suggest the manager is rotating toward underpenetrated lending segments and emerging financial services, though the core conviction in tier-one banks remains unchanged. The minimal cash position and tight focus indicate confidence in the banking and financial services story but limited downside protection.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Primary | ₹16.8430 | -1.89% | -8.25% | -5.61% | +1.95% | +12.73% | — |
Portfolio Metrics(latest month)
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| Poonawalla Fincorp Ltd | 1.29% |
| OnEMI Technology Solutions Limited | 0.59% |
| Indian Bank | 0.42% |
| Bombay Stock Exchange Limited (BSE) | 0.29% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | HDFC Bank Ltd.£ INE040A01034 | 14.92% |
| 2 | ICICI Bank Ltd. INE090A01021 | 13.23% |
| 3 | Axis Bank Ltd. INE238A01034 | 8.38% |
| 4 | Kotak Mahindra Bank Limited INE237A01036 | 7.75% |
| 5 | State Bank of India INE062A01020 | 6.85% |
| 6 | Shriram Finance Ltd. INE721A01047 | 4.60% |
| 7 | Bajaj Finance Ltd. INE296A01032 | 3.91% |
| 8 | SBI Life Insurance Company Ltd. INE123W01016 | 3.21% |
| 9 | Au Small Finance Bank Ltd. INE949L01017 | 3.02% |
| 10 | Five-Star Business Finance Limited INE128S01021 | 2.51% |
| 11 | Karur Vysya Bank Ltd. INE036D01028 | 2.20% |
| 12 | ICICI Lombard General Insurance Co INE765G01017 | 2.12% |
| 13 | Billionbrains Garage Ventures Limited (Groww) INE0HOQ01053 | 2.07% |
| 14 | CanFin Homes Ltd. INE477A01020 | 2.05% |
| 15 | Angel One Ltd. INE732I01021 | 2.01% |
| 16 | Home First Finance Company India Ltd INE481N01025 | 1.86% |
| 17 | Equitas Small Finance Bank Ltd INE063P01018 | 1.64% |
| 18 | Max Financial Services Ltd. INE180A01020 | 1.63% |
| 19 | TREPS - Tri-party Repo | 1.63% |
| 20 | Indusind Bank Ltd. INE095A01012 | 1.61% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.