Funds/Sectoral / Thematic/HDFC Non-Cyclical Consumer Fund

HDFC Non-Cyclical Consumer Fund

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

The fund remains deeply committed to domestic consumption, with retail and discretionary plays forming over half the portfolio—Eternal, HUL, and Vishal Mega Mart anchor a thesis on rising middle-class spending. The manager's recent moves into power stocks while trimming fintech suggest a tactical shift toward defensive consumption and infrastructure beneficiaries, even as the concentrated top-10 exposure at 53% reflects conviction in mega-cap consumer leaders. The slight build in M&M signals confidence in auto demand recovery amid rural consumption tailwinds.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹12.9820	+2.29%	-5.81%	-9.60%	-6.19%	—	—

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

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

33.06%

Top 10 Weight

52.50%

Active Share

—

Large Cap

63.68%

Gini

0.492

What Changed2026-03-31 → 2026-04-30

Holdings: 49 → 50+2 added−1 removed29 weight shifts ≥ 0.1%

Stock	Sector	Weight
Adani Power (Mundra) Limited	Power	1.11%
The Tata Power Company Ltd.	Power	1.00%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	Eternal Limited INE758T01015	Retailing	EQUITY	9.07%
2	Hindustan Unilever Ltd. INE030A01027	Diversified FMCG	EQUITY	8.46%
3	Mahindra & Mahindra Ltd. INE101A01026	Automobiles	EQUITY	5.47%
4	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	5.35%
5	Vishal Mega Mart Limited INE01EA01019	Retailing	EQUITY	4.71%
6	United Spirits Limited INE854D01024	Beverages	EQUITY	4.67%
7	Godrej Consumer Products Ltd. INE102D01028	Personal Products	EQUITY	4.44%
8	Titan Company Ltd. INE280A01028	Consumer Durables	EQUITY	4.00%
9	Varun Beverages Ltd INE200M01039	Beverages	EQUITY	3.27%
10	TREPS - Tri-party Repo		CASH_EQUIVALENT	3.19%
11	Maruti Suzuki India Limited INE585B01010	Automobiles	EQUITY	3.06%
12	Britannia Industries Ltd. INE216A01030	Food Products	EQUITY	2.99%
13	Asian Paints Limited INE021A01026	Consumer Durables	EQUITY	2.97%
14	Trent Ltd. INE849A01020	Retailing	EQUITY	2.75%
15	TVS Motor Company Ltd. INE494B01023	Automobiles	EQUITY	2.52%
16	Nestle India Ltd. INE239A01024	Food Products	EQUITY	2.42%
17	Chalet Hotels Ltd. INE427F01016	Leisure Services	EQUITY	2.28%
18	Sona Blw Precision Forgings INE073K01018	Auto Components	EQUITY	2.08%
19	Sedemac Mechatronics Limited INE00XB01019	Auto Components	EQUITY	1.84%
20	LENSKART SOLUTIONS LIMITED INE956O01016	Retailing	EQUITY	1.61%

Sector Allocation

Retailing21.4%

Automobiles13.1%

Consumer Durables10.6%

Diversified FMCG8.7%

Beverages8.4%

Personal Products6.5%

Food Products5.5%

Telecom - Services5.3%

Leisure Services4.9%

Auto Components4.9%

Top 10 sectors by % to NAV. Excludes derivatives.