EquityMulti Cap FundRegularGrowthVery High

HSBC Multi Cap Fund

Q: What is the NAV of HSBC Multi Cap Fund?

As of 05 Oct 2026, the NAV of HSBC Multi Cap Fund is ₹19.67 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has HSBC Multi Cap Fund delivered?

HSBC Multi Cap Fund has returned +5.42% over 1 year, +15.84% per year over 3 years and +20.20% 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 Multi Cap Fund?

HSBC Multi Cap Fund charges an expense ratio of 2.03% 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 Multi Cap Fund?

HSBC Multi Cap Fund's largest holdings are TD Power Systems Limited (3.0%), HDFC Bank Limited (2.8%), The Federal Bank Limited (2.6%), APAR INDUSTRIES LTD (2.4%) and ICICI Bank Limited (2.3%). Holdings are disclosed monthly and change over time.

Q: How risky is HSBC Multi Cap Fund?

HSBC Multi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.3% and its worst peak-to-trough fall in our sample was -20.3%. 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 0.57 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Multi Cap Fund's 0.57 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of HSBC Multi Cap Fund?

HSBC Multi Cap Fund is benchmarked against the NIFTY 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages HSBC Multi Cap Fund?

HSBC Multi Cap Fund is managed by Venugopal Manghat, Mahesh Chhabria and Sonal Gupta at HSBC.

Q: How is HSBC Multi Cap Fund taxed?

HSBC Multi 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 Multi Cap Mutual Funds

NAV

₹19.67

+0.53% 1D

as of 05 Oct 2026

This is the Regular plan of HSBC Multi 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

+4.89%absolute

52-week rangePrev NAV ₹19.56

Latest ₹19.67

Low ₹16.6875th percentile of its 52-week rangeHigh ₹20.66

Scorecard

★★★★★5/5 vs 22 of 32 Multi 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 Multi Cap Fund (same plan and option). 22 of the 32 Multi Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +15.84% · ranks 2 of 22 Multi Cap Funds

RiskModerate

Volatility 16.3% vs 14.9% category avg

CostLow

2.0% 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 Multi Cap Fund average on 1M/3M/6M/1Y — 1Y by 2.77pp
3-year return (+15.84%) beats the Multi Cap Fund average (+12.34%)
Stronger risk-adjusted returns — Sharpe 0.57 vs 0.39 Multi Cap Fund average
Low expense ratio (2.03%) vs the Multi Cap Fund average of 2.40%
Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.03%

Category 2.40%▼0.37%

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

29.41

Category —

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

0.57

Category 0.39▲0.18

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.

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 500 Multicap 50:25:25 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.

03 Feb 2023

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

Definitions

Absolute return over the last 1 month (not annualized)

-3.60%

Absolute return over the last 3 months (not annualized)

-0.14%

Absolute return over the last 6 months (not annualized)

+15.52%

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

+3.54%

Annualized returns (≥1Y — CAGR)

Definitions

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

+5.42%

3-year annualized return (CAGR)

+15.84%

5-year annualized return (CAGR)

—

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.

+20.20%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

16.28%

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

0.57

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

0.78

Largest peak-to-trough decline over full history

-20.28%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

5.45%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

1.05

How much of the fund's movement Nifty 500 TRI explains

87.1%

Excess return per unit of beta (market risk)

8.72

Active return over the benchmark per unit of tracking error

0.93

Annualized std dev of fund-minus-benchmark returns

6.45%

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

119.8%

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

97.9%

Computed vs the Nifty 500 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 (Multi Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-3.60%	-4.34%	+0.74%
3M abs	-0.14%	-1.78%	+1.64%
6M abs	+15.52%	+13.42%	+2.10%
1Y CAGR	+5.42%	+2.65%	+2.77%
3Y CAGR	+15.84%	+12.34%	+3.50%
5Y CAGR	—	+11.64%	—

Category average across peers in Multi Cap Fund (up to 32 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 32 peers in Multi Cap Fund

1Y return

+5.42%

Beats 71% · rank #10

3Y return

+15.84%

Beats 95.2% · rank #2

5Y return

—

Sharpe

0.57

Beats 90.5% · rank #3

Sortino

0.78

Beats 90.5% · rank #3

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

₹3.60L

Current value

₹4.01L

Absolute

+11.28%

XIRR

+7.46%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into HSBC Multi 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 500 TRI	Diff
2026part	+3.54%	-7.18%	+10.72%
2025	+1.13%	+7.94%	-6.81%
2024	+28.57%	+16.43%	+12.14%
2023part	+45.88%	—	—

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

901

Expense ratio

2.03%

AUM

₹5,538Cr

Portfolio turnover

46%

Exit load

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

P/E ratio

29.4

P/B ratio

6.0

Avg market cap

₹2,18,123Cr

P/E & P/B are portfolio-weighted harmonic means across 92 of 101 equity holdings (91% 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 · Multi Cap Fund

Compare all


HSBC Multi Cap FundThis fund HSBC · Regular · Growth	★★★★★	+5.42%	+15.84%	—	—	2.03%	₹5,538Cr
Axis Multicap Fund Axis · Regular · Growth	★★★★★	+6.56%	+17.24%	—	—	1.98%	₹9,775Cr
WhiteOak Capital Multi Cap Fund WhiteOak Capital · Regular · Growth	★★★★☆	+3.03%	+15.71%	—	—	2.21%	₹3,513Cr
Bank of India Multi Cap Fund Bank of India · Regular · Growth	★★★☆☆	+8.28%	+15.36%	—	—	2.48%	₹1,091Cr
LIC MF Multi Cap Fund LIC · Regular · Growth	★★★★☆	+3.98%	+15.19%	—	—	2.14%	₹1,895Cr
Mahindra Manulife Multi Cap Fund Mahindra Manulife · Regular · Growth	★★★★☆	+8.03%	+14.69%	+12.68%	—	2.17%	₹6,527Cr

Market-cap allocation · AMFI bands, Jul 2026

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

Large cap40.7%
Mid cap28.8%
Small cap30.5%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity98.18%
Cash & Equivalents1.82%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Axis Multicap Fund Axis · Multi Cap Fund	45.0%	★★★★★	1.00%	+18.51%
HSBC Flexi Cap Fund HSBC · Flexi Cap Fund	42.4%	★★★☆☆	1.30%	+15.21%
HSBC Value Fund HSBC · Value Fund	42.3%	★★★★☆	0.88%	+14.49%
Edelweiss Multi Cap Fund Edelweiss · Multi Cap Fund	41.1%	★★☆☆☆	0.71%	—
Edelweiss ELSS Tax Saver Fund Edelweiss · ELSS	40.2%	★★★☆☆	0.93%	+12.42%
HSBC Small Cap Fund HSBC · Small Cap Fund	40.1%	★☆☆☆☆	0.77%	+13.92%
Axis Large & Mid Cap Fund Axis · Large & Mid Cap Fund	39.9%	★★★★★	0.83%	+13.98%
Edelweiss Large & Mid Cap Fund Edelweiss · Large & Mid Cap Fund	39.7%	★★★★☆	0.68%	+13.05%

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)

1 holding — 0.77% 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.

Mtar Technologies LimitedLong-term · Stage IV0.77%

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.

-20.3%16 Dec 2024 → 28 Feb 2025
Fell over 2 months, back to the old high on 17 Jun 2026 — 16 months under water after the low.
-8.9%24 Sep 2024 → 13 Nov 2024
Fell over 2 months, back to the old high on 11 Dec 2024 — 28 days under water after the low.
-7.5%03 Jun 2024 → 04 Jun 2024
Fell over 1 day, back to the old high on 11 Jun 2024 — 7 days 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.

Fund size over time

Quarterly average AUM · AMFI

₹5,538Cr

April - June 2026

+7%

since January - March 2026

+₹312.98Cr

est. net flow, last quarter

At or near its largest, ₹5,538Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

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

VMVenugopal ManghatManaging since 30 Jan 2023

Role

CIO - Equity

Education

MBA Finance, BSC (Mathematics) PUBLIC

Experience

Equities from November 24, 2012 till May 25, 2016 – Equity Investments from – Equities from June 19

Funds managed (3)

All schemes Venugopal Manghat runs →

MCMahesh ChhabriaManaging since 01 Apr 2024

Role

VP Fund Management Fixed Income

Education

Masters in Management Studies (M.M.S)

Experience

Over 15 years of experience HSBC Asset Management (India) Private Limited as SVP - Fund Management - Fixed Income (Since March 01, 2024) as VP - Fund Management - Fixed Income (from November 26, 2022 – February 28, 2024) Prior Assignments: L&T Investment Management Ltd Fixed Income – Fund Manager from November 25, 2021 to November 25, 2022. L&T Investment Management Ltd Dealer in Fixed Income since June, 2015 till November 24, 2021 Edelweiss Securities Ltd Fixed Income dealer from October 2013 - June 2015 Derivium Traditions Pvt. Ltd. Fixed Income dealer from February 2013- October 2013 L&T Investment Management Ltd. Associate in Investment Operations from November 2012 – February 2013. FIL Fund Management Pvt. Ltd. Associate in Investment Operations from August 2010 – November, 2012 Edelweiss Securities Limited as Equity dealer from March 2007 to May 2014. Karvy Stock Broking Limited as Equity dealer from June 2005 to March 2007

Funds managed (11)

All schemes Mahesh Chhabria runs →

SGSonal GuptaManaging since 30 Jan 2023

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

Venugopal Manghat Mahesh Chhabria Sonal Gupta

Top holdings

TD Power Systems Limited HDFC Bank Limited The Federal Bank Limited APAR INDUSTRIES LTD ICICI Bank Limited Sai Life Sciences Ltd.Tata Motors Limited Reliance Industries Limited Navin Fluorine International Limited State Bank of India Radico Khaitan Limited HAPPY FORGINGS 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.

Run SIP calculator Add to compare

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 Multi Cap funds

Multi cap funds must hold at least 25% each in large, mid and small-cap stocks at all times. The fixed minimums give more mid- and small-cap exposure than a flexi cap, and usually more volatility.

Frequently asked questions

What is the NAV of HSBC Multi Cap Fund?

As of 05 Oct 2026, the NAV of HSBC Multi Cap Fund is ₹19.67 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has HSBC Multi Cap Fund delivered?

HSBC Multi Cap Fund has returned +5.42% over 1 year, +15.84% per year over 3 years and +20.20% 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 Multi Cap Fund?

HSBC Multi Cap Fund charges an expense ratio of 2.03% 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 Multi Cap Fund?

HSBC Multi Cap Fund's largest holdings are TD Power Systems Limited (3.0%), HDFC Bank Limited (2.8%), The Federal Bank Limited (2.6%), APAR INDUSTRIES LTD (2.4%) and ICICI Bank Limited (2.3%). Holdings are disclosed monthly and change over time.

How risky is HSBC Multi Cap Fund?

HSBC Multi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.3% and its worst peak-to-trough fall in our sample was -20.3%. 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 0.57 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Multi Cap Fund's 0.57 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of HSBC Multi Cap Fund?

HSBC Multi Cap Fund is benchmarked against the NIFTY 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Who manages HSBC Multi Cap Fund?

HSBC Multi Cap Fund is managed by Venugopal Manghat, Mahesh Chhabria and Sonal Gupta at HSBC.

How is HSBC Multi Cap Fund taxed?

HSBC Multi 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.