EquityLarge & Mid Cap FundRegularGrowthVery High

HSBC Large & Mid Cap Fund

Q: What is the NAV of HSBC Large & Mid Cap Fund?

As of 01 Oct 2026, the NAV of HSBC Large & Mid Cap Fund is ₹28.62 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has HSBC Large & Mid Cap Fund delivered?

HSBC Large & Mid Cap Fund has returned +6.13% over 1 year, +14.98% per year over 3 years, +12.35% per year over 5 years and +15.09% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund charges an expense ratio of 2.43% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund's largest holdings are ICICI Bank Limited (7.0%), Lenskart Solutions Limited (4.7%), HDFC Bank Limited (4.7%), Meesho Limited (3.3%) and Ather Energy Limited (3.2%). Holdings are disclosed monthly and change over time.

Q: How risky is HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.7% and its worst peak-to-trough fall in our sample was -36.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.48 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Large & Mid Cap Fund's 0.48 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is benchmarked against the NIFTY Large Midcap 250 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is managed by Cheenu Gupta and Sonal Gupta at HSBC.

Q: How is HSBC Large & Mid Cap Fund taxed?

HSBC Large & Mid Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

HSBC Mutual Fund · Best Large & Mid Cap Mutual Funds

NAV

₹28.62

-0.55% 1D

as of 01 Oct 2026

This is the Regular plan of HSBC Large & Mid Cap Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+7.08%CAGR

52-week rangePrev NAV ₹28.78

Latest ₹28.62

Low ₹24.4966th percentile of its 52-week rangeHigh ₹30.72

Scorecard

★★★★☆4/5 vs 27 of 35 Large & Mid Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Large & Mid Cap Fund (same plan and option). 27 of the 35 Large & Mid Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +14.98% · ranks 3 of 26 Large & Mid Cap Funds

RiskHigh

Volatility 17.7% vs 14.6% category avg

CostAverage

2.4% expense vs 2.4% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Ahead of the Large & Mid Cap Fund average on 3M/6M/1Y — 1Y by 7.09pp
3-year return (+14.98%) beats the Large & Mid Cap Fund average (+11.19%)
5-year return (+12.35%) beats the Large & Mid Cap Fund average (+10.59%)
Ranks #2 of 33 on 1-year return in its Large & Mid Cap Fund cohort
Stronger risk-adjusted returns — Sharpe 0.48 vs 0.31 Large & Mid Cap Fund average

Concerns

More volatile than its Large & Mid Cap Fund peers (17.7% vs 14.6%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.43%

Category 2.38%▲0.05%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

31.19

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.48

Category 0.31▲0.17

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil If units redeemed or switched out are over and above the limit within 1 year from the date of allotment – 1% If units are redeemed or switched out on or after 1 year from the date of allotment – Nil A switch-out or a withdrawal under SWP may also attract an Exit Load like any Redemption. No Exit load will be chargeable in case of switches made between different options of the Scheme. No Exit load will be chargeable in case of Units allotted on account.

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

NIFTY Large Midcap 250 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

04 Apr 2019

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.51%

Absolute return over the last 3 months (not annualized)

-3.16%

Absolute return over the last 6 months (not annualized)

+14.33%

Absolute return since 1 Jan of this year (not annualized)

+4.89%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+6.13%

3-year annualized return (CAGR)

+14.98%

5-year annualized return (CAGR)

+12.35%

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+15.09%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

17.70%

Excess return per unit of total volatility (rf = 6.5%)

0.48

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.63

Largest peak-to-trough decline over full history

-36.20%

Benchmark ratios (vs Nifty Midcap 150 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Midcap 150 TRI

1.62%

Sensitivity to Nifty Midcap 150 TRI moves; 1 = moves with the index

0.95

How much of the fund's movement Nifty Midcap 150 TRI explains

88.7%

Excess return per unit of beta (market risk)

9.16

Active return over the benchmark per unit of tracking error

0.20

Annualized std dev of fund-minus-benchmark returns

6.38%

Fund's share of benchmark gains in up months (100 = matches index)

98.8%

Fund's share of benchmark losses in down months (lower is better)

92.3%

Computed vs the Nifty Midcap 150 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Large & Mid Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.51%	-6.00%	+0.49%
3M abs	-3.16%	-3.89%	+0.73%
6M abs	+14.33%	+8.19%	+6.14%
1Y CAGR	+6.13%	-0.96%	+7.09%
3Y CAGR	+14.98%	+11.19%	+3.79%
5Y CAGR	+12.35%	+10.59%	+1.76%

Category average across peers in Large & Mid Cap Fund (up to 35 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 35 peers in Large & Mid Cap Fund

1Y return

+6.13%

Beats 96.9% · rank #2

3Y return

+14.98%

Beats 92% · rank #3

5Y return

+12.35%

Beats 80% · rank #6

Sharpe

0.48

Beats 88% · rank #4

Sortino

0.63

Beats 84% · rank #5

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹8.36L

Absolute

+39.38%

XIRR

+13.66%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into HSBC Large & Mid Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty Midcap 150 TRI	Diff
2026part	+4.89%	-1.81%	+6.70%
2025	-3.51%	+6.24%	-9.75%
2024	+38.57%	+24.74%	+13.83%
2023	+30.32%	+45.27%	-14.95%
2022	-3.80%	+4.09%	-7.89%
2021	+35.08%	+48.31%	-13.23%
2020	+15.26%	+26.10%	-10.84%
2019part	+4.73%	+2.09%	+2.64%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

Recent changes

Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.

Fund manager change — now managed by Sonal Gupta; Mayank Chaturvedi, Dipan S. Parikh stepped away
25 Sep 2026

History points

1,846

Expense ratio

2.43%

AUM

₹4,570Cr

Portfolio turnover

156%

Exit load

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

31.2

P/B ratio

6.4

Avg market cap

₹2,12,700Cr

P/E & P/B are portfolio-weighted harmonic means across 74 of 85 equity holdings (81% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Large & Mid Cap Fund

Compare all


HSBC Large & Mid Cap FundThis fund HSBC · Regular · Growth	★★★★☆	+6.13%	+14.98%	+12.35%	—	2.43%	—
Invesco India Large & Mid Cap Fund Invesco · Regular · Growth	★★★★★	+4.75%	+19.76%	+14.91%	—	1.87%	—
Motilal Oswal Large and Midcap Fund Motilal Oswal · Regular · Growth	★★★★★	+4.53%	+19.09%	+16.69%	—	1.79%	₹17,050Cr
Bandhan Large & Mid Cap Fund Bandhan · Regular · Growth	★★★★☆	+0.40%	+14.92%	+14.57%	—	2.27%	—
Axis Large & Mid Cap Fund Axis · Regular · Growth	★★★★★	+2.49%	+12.72%	+10.08%	—	1.87%	—
ICICI Prudential Large & Mid Cap Fund ICICI Prudential · Regular · Growth	★★★★★	-3.97%	+12.37%	+12.84%	—	2.00%	—

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap45.8%
Mid cap42.0%
Small cap12.2%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity99.32%
Cash & Equivalents0.68%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
HSBC Multi Asset Allocation Fund HSBC · Multi Asset Allocation	68.3% of 74% equity	★★★☆☆	0.97%	—
HSBC Midcap Fund HSBC · Mid Cap Fund	59.0%	★★★★☆	1.10%	+21.81%
HSBC Equity Savings Fund HSBC · Equity Savings	44.9% of 77% equity	★★★★☆	1.41%	+12.32%
HSBC Aggressive Hybrid Fund HSBC · Aggressive Hybrid Fund	41.2% of 75% equity	★★★☆☆	0.97%	+12.36%
Axis Multicap Fund Axis · Multi Cap Fund	32.6%	★★★★★	1.00%	+18.29%
Axis ELSS- Tax Saver Fund Axis · ELSS	32.2%	★★★☆☆	1.05%	+9.28%
Axis Midcap Fund Axis · Mid Cap Fund	31.4%	★★★☆☆	0.83%	+15.07%
HSBC Financial Services fund HSBC · Sectoral/ Thematic	31.4%	★★★☆☆	0.98%	—

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

2 holdings — 4.66% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

PB Fintech LimitedShort-term · Stage I2.96%
Avalon Technologies LimitedLong-term · Stage I1.70%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-36.2%20 Feb 2020 → 23 Mar 2020
Fell over 32 days, back to the old high on 17 Nov 2020 — 8 months under water after the low.
-25.2%16 Dec 2024 → 28 Feb 2025
Fell over 2 months, back to the old high on 19 Jun 2026 — 16 months under water after the low.
-21.9%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 07 Jun 2023 — 12 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

AMC Profile

HSBC Mutual Fund is the Indian arm of HSBC Asset Management and has operated here since 2002. It roughly tripled in size by acquiring L&T Mutual Fund in 2022 and merging the two line-ups.

Launched

26 May 2002

Total AUM

₹1,56,995Cr+9.8% QoQ

Avg AUM · July - September 2026

Website

assetmanagement.hsbc.co.in/en

Fund Managers

CGCheenu GuptaStart date not disclosed

Role

SVP Fund Management Equities Vice President – Dealing Equities Associate Vice President – Dealing Fixed Income

Education

PUBLICPUBLIC CFA Charter (USA), PGDBM (Finance) - SPJIMR, B.E. (I.T)

Experience

Over 19 years of experience HSBC Asset Management (India) Private. Limited as SVP Fund Management Equities (Since November 26, 2022) Prior Assignments: L&T Investment Management Limited Fund Manager – Equity from July 01, 2021 to November 25, 2022. Canara Robeco Asset Management Company Limited as Equity - Fund Manager (March 2018 – June 2021) Tata AIA Life Insurance Company Limited Equity Fund Manager (from August 2009 - February 2018)

Funds managed (4)

All schemes Cheenu Gupta runs →

SGSonal GuptaStart date not disclosed

Role

Head of Research – Equity

Education

CFA Charter from CFA Institute, USA Post Graduate Diploma in Management from Indian Institute of Management, Bangalore. Bachelors in Mechanical Engineering, Delhi College of Engineering, Delhi University

Experience

Over 22 years of experience HSBC Asset Management (India) Private. Limited as Head Research – Equities (Since November 26, 2022) Prior Assignments: L&T Investment Management Limited as Head of Research – Equity from June 1, 2021 to November 25, 2022 UBS Securities India Pvt Ltd from June 19, 2006 till May 28, 2021 [Director – Equity Research (since Mar’ 2010)]

Funds managed (5)

All schemes Sonal Gupta runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Cheenu Gupta Sonal Gupta

Top holdings

ICICI Bank Limited Lenskart Solutions Limited HDFC Bank Limited Meesho Limited Ather Energy Limited The Federal Bank Limited PB Fintech Limited TVS Motor Company Limited GE Vernova T&D India Limited FSN E-Commerce Ventures Limited Piramal Finance Ltd InterGlobe Aviation Limited

HSBC in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Large & Mid Cap funds

Large & mid cap funds keep at least 35% each in large-cap and mid-cap stocks. They aim to blend the stability of big companies with the higher growth — and higher swings — of mid caps.

Frequently asked questions

What is the NAV of HSBC Large & Mid Cap Fund?

As of 01 Oct 2026, the NAV of HSBC Large & Mid Cap Fund is ₹28.62 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has HSBC Large & Mid Cap Fund delivered?

HSBC Large & Mid Cap Fund has returned +6.13% over 1 year, +14.98% per year over 3 years, +12.35% per year over 5 years and +15.09% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund charges an expense ratio of 2.43% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund's largest holdings are ICICI Bank Limited (7.0%), Lenskart Solutions Limited (4.7%), HDFC Bank Limited (4.7%), Meesho Limited (3.3%) and Ather Energy Limited (3.2%). Holdings are disclosed monthly and change over time.

How risky is HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.7% and its worst peak-to-trough fall in our sample was -36.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.48 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Large & Mid Cap Fund's 0.48 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is benchmarked against the NIFTY Large Midcap 250 TRI. Its alpha and beta on this page are measured against that index.

Who manages HSBC Large & Mid Cap Fund?

HSBC Large & Mid Cap Fund is managed by Cheenu Gupta and Sonal Gupta at HSBC.

How is HSBC Large & Mid Cap Fund taxed?

HSBC Large & Mid Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.