HDFC Nifty500 Multicap 50:25:25 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HDFC Nifty500 Multicap 50:25:25 Index Fund Direct Growth Plan has a NAV of ₹10.0744 as of 10 Sep 2026 and a scheme AUM of ₹517 Cr. Its 1-year, 3-year and 5-year returns are 2.21%, 0% and 0%, and the fund sits in the High Risk bucket. Our view is that this is a plain index solution for investors who can tolerate sharper swings and who want exposure to a diversified multicap structure rather than a short-term return story.
The fund is young, launched on 23 Aug 2024, so the return record is still limited. The available numbers suggest a modest recent outcome, while the portfolio profile is led by large financials, with meaningful weights in banks and other cyclical names.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.0744 as of 10 Sep 2026 |
| AUM | ₹517 Cr |
| Expense Ratio | 0.3% |
| Launch Date | 23 Aug 2024 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Arun Agarwal, Nandita Menezes |
The fund is managed by Arun Agarwal and Nandita Menezes.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.41% | -4.06% |
| 3M | 5.47% | 1.37% |
| 1Y | 2.21% | -7.31% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent picture is mixed but not weak in absolute terms. Over 1 month, the fund fell less than the benchmark, which suggests some relative resilience in a soft patch. Over 3 months, it moved ahead of the benchmark by a clear margin, which points to a steadier short-term recovery than the index.
The longer view is more important here, and it is still incomplete because the fund has not built a 3-year or 5-year record. Even so, the 1-year return of 2.21% is better than the benchmark’s -7.31%, so the fund has handled the past year better than the index measure shown here.
The daily pattern also looks uneven rather than linear. The fund experienced periods of pullback before stabilising and then improving over the 3-month window. That kind of movement is normal for an equity index strategy, but it also means investors should expect phases where the fund can look choppy even when the broader direction improves.
Overall, our view is that the fund’s recent behaviour is better than the benchmark in the periods available, but the absence of long-term history means the verdict rests more on benchmark tracking and portfolio design than on a mature performance record.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD HDFC Nifty500 Multicap 50:25:25 Index?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding HDFC Nifty500 Multicap 50:25:25 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HDFC Nifty500 Multicap 50:25:25 Index Fund Direct Growth Plan | 2.21% | Data not available | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 33.08% | 30.07% | Data not available |
| Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan | 26.95% | Data not available | Data not available |
| Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan | 26.94% | Data not available | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 24.33% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 23.74% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
In the available 1-year comparison set, this fund trails the stronger peer return figures by a wide margin. The gap is not surprising given the peer list is tilted toward thematic strategies that have had much stronger recent runs, while this fund has delivered a modest 2.21% over 1 year.
Because the fund has no 3-year or 5-year history yet, the longer-term comparison is less informative than the short-term one. The peers with longer records show far stronger 3-year outcomes where those figures are available, so the available evidence favours peers on established history, while this fund’s case rests on its index design and newer vintage rather than on mature compounding.
That makes the peer story split in two: short-term relative performance is clearly behind the leading peer returns, but the fund also lacks a long enough track record to be judged on the same longer-horizon footing.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd.£ | Bank | 3.94% |
| ICICI Bank Ltd. | Bank | 3.78% |
| Reliance Industries Ltd. | Crude Oil | 3.13% |
| Bharti Airtel Ltd. | Telecom | 2% |
| Larsen and Toubro Ltd. | Infrastructure | 1.72% |
| State Bank of India | Bank | 1.59% |
| Infosys Limited | IT | 1.44% |
| Axis Bank Ltd. | Bank | 1.36% |
| Kotak Mahindra Bank Limited | Bank | 1.12% |
| Mahindra & Mahindra Ltd. | Automobile & Ancillaries | 1.06% |
The largest holding is HDFC Bank Ltd.£ at 3.94%, which is sizeable for a single name but not extreme for a diversified equity index fund. The fall from the first holding to the tenth is gradual rather than abrupt, which suggests the portfolio is not dominated by one or two very large positions.
The combined weight of the displayed holdings is approximately 21.14%, so the visible basket accounts for only part of the portfolio. With 27 disclosed holdings in total, the remaining names may still matter, but the structure already shows that the fund spreads exposure across a fairly wide set of companies rather than concentrating heavily in the top names.
That matters for investor expectations. Banks appear repeatedly among the leading positions, so financials may have greater influence on near-term moves than a more evenly balanced sector mix would allow, while the presence of telecom, infrastructure, IT and industrial names adds some diversification across the top slice.
To see all holdings, visit the HDFC Nifty500 Multicap 50:25:25 Index Fund Direct Growth Plan page
Source data date: as of 10 Sep 2026
Who should invest
This fund suits investors who can handle High Risk volatility and who are comfortable with an equity index that may move unevenly in the short run. The available record is short, so it fits better as a medium- to long-term holding than as a quick performance chase.
The main trade-off is straightforward: you get a broad multicap-style equity exposure with modest short-term results so far, and the benchmark comparison suggests some resilience versus the index shown, but not a deep history of compounding. Investors who want stability or near-term predictability may find the swings more relevant than the portfolio design.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: No exit load.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of HDFC Nifty500 Multicap 50:25:25 Index Fund Direct Growth Plan?
The current NAV is ₹10.0744 as of 10 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 2.21%, while the 3-year and 5-year returns are not available yet because the fund is still relatively new.
How has it done versus the benchmark?
It has done better than the benchmark in the periods available here. The 1-month, 3-month and 1-year figures are all ahead of the benchmark return shown in the same windows.
How does it compare with the peer funds listed here?
The peer list shows much stronger 1-year returns for several funds, while this fund’s 1-year return is 2.21%. The shorter history here also means the 3-year and 5-year comparison is not yet meaningful for this fund.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund, and what is its exit load?
The fund is managed by Arun Agarwal and Nandita Menezes. It has no exit load.
Bottom line
This is a young High Risk index fund whose recent numbers are better than the benchmark shown, but whose longer-horizon story is still incomplete. The peer comparison is less flattering on the available 1-year figures, even though the fund’s own benchmark-relative trend has held up better. The portfolio is led by banks and other large, liquid names, which may keep the ride more closely tied to broad equity moves. It fits investors who want indexed equity exposure and can accept short-term swings while waiting for the track record to mature.
Published on 11 September 2026 at 4:17 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.