HDFC Multi Cap Fund

Fund of the Month: Invesco India Large Cap Fund

Fund Manager: Aditya Khemani, Amit Ganatra

SEBI Categorisation: Large & Mid Cap Fund

Type & Investment Objective :
To Generate capital appreciation from a diversified portfolio of predominantly Equity and Equity Related Instruments of Large and Midcap companies.

Fund Commentary

• As per AMC, Global markets in June were mixed, with South Korea (+13.9%), Japan (+6.6%), and the US SPX (+4.6%) among the top gainers, while Thailand (-5.2%), Indonesia (-3.5%), and France (-1.1%) were the top losers. Market sentiment was boosted by easing inflation, falling crude prices, and a ceasefire between Iran and Israel. Crude oil saw sharp volatility in June, spiking 22% to $79/bbl before cooling to $67/bbl following the ceasefire.
• As per AMC, India’s valuations now offer better risk-reward post recent correction. Our long-term premiums to global and emerging markets have receded though AMC continues to be at average or modestly above average relative to our own history. With the overall economic cycle in an expansionary space, AMC believes the small and midcap space to provide a fresh opportunity post recent correction.
• As per AMC, the domestic outlook on interest rates, liquidity, government spending, fiscal deficit, inflation, and a good monsoon all remain supportive of a potential acceleration in corporate earnings momentum in the coming quarters.
  
  Sectoral Overweights
• Consumer Discretionary: Expect consumption to pick up gradually over the next 3-4 quarters hence AMC are overweight the sector
• Real Estate: Bullish on this space as AMC is seeing the larger established players taking market share away from the smaller players and hence growing at a much faster rate
  
  Sectoral Underweights
• Consumer Staples: Within the staples, most of the categories have high penetration and hence the growth rate will not be material and hence AMC has chosen to be overweight on discretionary vs staples.
• Utilities: Within the space AMC doesn’t see not many companies offering both reasonable growth and a decent ROE. So, AMC have chosen to be underweight for the valuations at which they are trading.
  
  Sectoral Attribution – Fund Vs Benchmark – 1 Year Performance
• Stock selection in consumer discretionary, healthcare, information technology and financials were the key contributors for the fund while top Detractor was allocation and selection within real estate sector.

This fund is recommended for investors with an investment horizon of 2-3 years, in line with investors’ individual risk profile and product suitability.

Top Holdings                                                                                                                                                                                       ( As 30 June 2025 )

Returns (%)                                                                                                                                                                         ( As on 31 July 202 )

Absolute for <= 1 year and compounded annualized for > 1 year

Scheme Features

• Options: Growth and Income Distribution cum capital withdrawal (IDCW)
• Minimum Investment amount: Rs. 100
• Load Structure Exit Load: If redeemed bet. 0 Year to 1 Year; Exit Load is 1%; If units are redeemed/switched out within 1 year from the date of allotment:if upto 10% of units allotted are redeemed/switched out - Nil.Any redemption / switch-out of units in excess of 10% of units allotted - 1%.If units are redeemed/switched out after 1 year from the date of allotment, no exit load is payable
• Benchmark Index: NIFTY Large Midcap 250 TRI

       - Apr 2025 [Fund Size in Crs] 7,886.66

       - NAV: 52 Week High / Low: Rs. 102.13 / 80.96

Product Label

This product is suitable for investors who are seeking^: capital appreciation over long-term Investments predominantly in equity and equity-related instruments of large and midcap companies

Source for entire data stated above is ICRA Analytics Ltd. (For Disclaimer of ICRA Analytics Ltd, refer https://icraanalytics.com/home/disclaimer)

Disclaimer: This document has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. HDFC Bank Limited ("HDFC Bank") does not warrant its completeness and accuracy. This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument / units of Mutual Fund. Recipients of this information should rely on their own investigations and take their own professional advice. Neither HDFC Bank nor any of its employees shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material. HDFC Bank and its affiliates, officers, directors, key managerial persons and employees, including persons involved in the preparation or issuance of this material may, from time to time, have investments / positions in Mutual Funds / schemes referred in the document. HDFC Bank may at any time solicit or provide commercial banking, credit or other services to the Mutual Funds / AMCs referred to herein.

Accordingly, information may be available to HDFC Bank, which is not reflected in this material, and HDFC Bank may have acted upon or used the information prior to, or immediately following its publication. HDFC Bank neither guarantees nor makes any representations or warranties, express or implied, with respect to the fairness, correctness, accuracy, adequacy, reasonableness, viability for any particular purpose or completeness of the information and views. Further, HDFC Bank disclaims all liability in relation to use of data or information used in this report which is sourced from third parties.

HDFC Bank House, 1 st Floor, C.S. No. 6 \ 242, Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Phone: (91)-22-66527100, ext 7111, Fax: (91)-22-24900983 \ 24900858

HDFC Bank is a AMFI-registered Mutual Fund Distributor & a Corporate Agent for Insurance products.

Mutual fund investments are subject to market risks, read all scheme related documents carefully.