Funds/Sectoral / Thematic/HDFC Defence Fund

HDFC Defence Fund

HDFC Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI

HDFC Defence Fund maintains a concentrated bet on India's aerospace and defence sector, with nearly half its portfolio in this theme, reflecting conviction in rising defence spending and manufacturing localization. The manager's slight trimming of Bharat Electronics while adding to MTAR Technologies suggests a tactical rotation towards higher-growth defence component makers over established names. With 83% in just ten stocks and minimal cash, the fund is fully committed to defence narratives but carries meaningful concentration risk for retail investors seeking diversification.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹27.1240	+9.02%	+12.73%	+9.38%	+21.37%	—	—

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

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

60.53%

Top 10 Weight

82.92%

Active Share

—

Large Cap

49.42%

Gini

0.544

What Changed2026-03-31 → 2026-04-30

Holdings: 24 → 24+0 added−0 removed17 weight shifts ≥ 0.1%

Stock	Sector	Weight
No new entries this month

Full Holdings

#	Holding	Sector	Class	% to NAV
1	Bharat Electronics Ltd. INE263A01024	Aerospace & Defense	EQUITY	16.55%
2	Bharat Forge Ltd. INE465A01025	Auto Components	EQUITY	14.57%
3	Hindustan Aeronautics Limited INE066F01020	Aerospace & Defense	EQUITY	12.96%
4	Solar Industries India Ltd. INE343H01029	Chemicals & Petrochemicals	EQUITY	10.79%
5	MTAR Technologies Limited INE864I01014	Electrical Equipment	EQUITY	5.66%
6	BEML Limited INE258A01024	Agricultural, Commercial & Construction Vehicles	EQUITY	5.66%
7	Astra Microwave Products Ltd. INE386C01029	Aerospace & Defense	EQUITY	5.08%
8	Bharat Dynamics Limited INE171Z01026	Aerospace & Defense	EQUITY	4.49%
9	Eicher Motors Ltd. INE066A01021	Automobiles	EQUITY	4.29%
10	Premier Explosives Ltd. INE863B01029	Chemicals & Petrochemicals	EQUITY	2.87%
11	Mazagon Dock Shipbuilders Ltd INE249Z01020	Industrial Manufacturing	EQUITY	2.68%
12	Data Patterns (India) Limited INE0IX101010	Aerospace & Defense	EQUITY	2.37%
13	Cyient DLM Limited INE055S01018	Aerospace & Defense	EQUITY	2.37%
14	Centum Electronics Ltd. INE320B01020	Aerospace & Defense	EQUITY	2.21%
15	Bosch Limited INE323A01026	Auto Components	EQUITY	2.15%
16	TREPS - Tri-party Repo		CASH_EQUIVALENT	2.09%
17	Power Mech Projects Ltd. INE211R01019	Construction	EQUITY	0.83%
18	AEQUS LIMITED INE947N01017	Aerospace & Defense	EQUITY	0.82%
19	Sedemac Mechatronics Limited INE00XB01019	Auto Components	EQUITY	0.80%
20	Rishabh instruments Limited INE0N2P01017	Electrical Equipment	EQUITY	0.30%

Sector Allocation

Aerospace & Defense47.1%

Auto Components17.5%

Chemicals & Petrochemicals13.7%

Electrical Equipment6.0%

Agricultural, Commercial & Construction Vehicles5.7%

Automobiles4.3%

Industrial Manufacturing2.9%

Construction0.8%

Industrial Products0.2%

Top 10 sectors by % to NAV. Excludes derivatives.