HSBC Infrastructure Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
HSBC Infrastructure Fund Direct Growth Plan currently has a NAV of ₹58.0442 as of 09 Sep 2026 and manages ₹2,466 Cr. Its 1-year, 3-year and 5-year returns are 12.85%, 15.67% and 18.65% respectively, and the scheme is tagged High Risk. Our view is that the fund has rewarded patient investors over longer periods, but the path has not been smooth, so it suits those who can accept sharp swings in an infrastructure-oriented equity strategy.
The portfolio is led by large operating and capital-goods names, which can help in a strong capex cycle but also makes results more sensitive to infrastructure sentiment. Compared with the benchmark, the fund has been meaningfully ahead over 1, 3 and 5 years, which supports a constructive long-term read while still demanding a higher tolerance for volatility.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹58.0442 as of 09 Sep 2026 |
| AUM | ₹2,466 Cr |
| Expense Ratio | 1.05% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y |
| Fund Managers | Venugopal Manghat, Gautam Bhupal |
The fund is managed by Venugopal Manghat and Gautam Bhupal.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 1.02% | -4.69% |
| 3M | 6.16% | 0.93% |
| 1Y | 12.85% | -7.16% |
| 3Y | 15.67% | 6.00% |
| 5Y | 18.65% | 5.87% |
The latest month and quarter show that the fund has stayed positive while the benchmark was weaker or only mildly positive. That matters because the current trend is not just a one-off spike; it suggests the portfolio has kept participating in the broader recovery phase in a more forceful way than the index.
The 1-year return of 12.85% is solid, but the sharper point is the gap versus the benchmark’s -7.16%. Our read is that the fund has handled a choppier environment better than the market benchmark, although that also reflects the fund’s more cyclical infrastructure tilt rather than smooth all-weather behaviour.
The longer record remains supportive. Over 3 years, the fund at 15.67% has stayed well ahead of the benchmark’s 6.00%, and over 5 years the gap remains wide at 18.65% versus 5.87%. The time pattern also shows swings along the way, so the long-term compounding has come with periodic drawdowns and recoveries rather than a straight-line rise.
For investors, the main takeaway is that recent strength is consistent with the longer trend, not a break from it. The fund has outpaced the benchmark across every shown period, but the price of that outperformance is a high-volatility profile that can move around more sharply than a broad market index.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD HSBC Infrastructure?
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 HSBC Infrastructure? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| HSBC Infrastructure Fund Direct Growth Plan | 12.85% | 15.67% | 18.65% |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 71.49% | 36.55% | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 30.08% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 28.85% | Data not available | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 28.6% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 27.47% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year view, the fund trails the strongest peer figures in this set, with several peers posting materially higher gains. The picture changes on the longer horizon: the fund’s 3-year return is available and strong, while most peer entries here do not show 3-year or 5-year figures, so the broader comparison is more informative on the short end than on the long end.
What stands out is that the fund’s own medium- and long-term record is built differently from the more concentrated peer returns shown here. It does not match the highest 1-year numbers in this peer set, but the available 3-year and 5-year results still point to durable compounding over time. That makes the peer view useful, but not decisive on its own.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| NTPC Limited | Power | 7.52% |
| Larsen & Toubro Limited | Infrastructure | 7.25% |
| Bharat Electronics Limited | Capital Goods | 5.96% |
| Bharti Airtel Limited | Telecom | 5.69% |
| TREPS | Cash & Cash Equivalents and Net Assets | 4.76% |
| Reliance Industries Limited | Crude Oil | 4.60% |
| Mtar Technologies Limited | Capital Goods | 4.07% |
| Ultratech Cement Limited | Construction Materials | 3.67% |
| Hindustan Aeronautics Limited | Capital Goods | 3.50% |
| Interglobe Aviation Limited | Aviation | 3.30% |
The largest holding, NTPC Limited, is 7.52%, which is sizable but not dominant on its own. The tenth holding is 3.30%, so the decline from the top name to the tenth is noticeable rather than abrupt, suggesting that the fund spreads risk across several large positions instead of leaning on one or two outsized bets.
The top 10 holdings together account for approximately 50.32% of the portfolio, leaving the rest of the exposure across 36 other holdings. That mix suggests a moderate level of concentration in the leading names, while still leaving room for a meaningful tail of smaller positions that may reduce reliance on any single stock.
Because the portfolio mixes power, infrastructure, capital goods, telecom and related cyclical areas, performance may be more sensitive to the investment cycle than a broad diversified equity fund. The construction of the top holdings indicates a portfolio that can benefit when infrastructure-led earnings improve, but it can also feel more uneven when that theme cools.
To see all holdings, visit the HSBC Infrastructure Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and are comfortable with a sector-tilted equity strategy that may swing more than the market benchmark. The 1-year, 3-year and 5-year return pattern is stronger than the benchmark, but the journey has been uneven, so a longer horizon is important.
Our view is that the fund is better suited to investors who want infrastructure exposure as part of a broader equity allocation rather than as a core all-weather holding. The trade-off is clear: you may get stronger long-term compounding if the theme stays in favour, but you also need to accept periods of underperformance, sharper movement and a more cyclical return path.
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: Nil up to 10% of units and 1% for above the limits on or before 1 year; nil after 1 year.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of HSBC Infrastructure Fund Direct Growth Plan?
The current NAV is ₹58.0442 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 12.85% over 1 year, 15.67% over 3 years and 18.65% over 5 years.
How does the fund compare with the benchmark?
It has stayed ahead of the Nifty 50 across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over 1 year and over 5 years.
How does it compare with the peer funds shown here?
Its 1-year return is lower than several peer funds in this comparison, but its available 3-year and 5-year record still shows steady long-term compounding. The short-term view and the longer-term view do not tell the same story.
Is there a minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Venugopal Manghat and Gautam Bhupal. The exit load is nil up to 10% of units and 1% for above the limits on or before 1 year, and nil after 1 year.
Bottom line
HSBC Infrastructure Fund Direct Growth Plan has a stronger long-term record than its benchmark, and the recent return pattern broadly supports that longer view. Against the peer figures shown here, the 1-year result is not the strongest, but the longer-term numbers remain respectable. The portfolio is concentrated enough in a handful of cyclical names to matter, yet still spread across a wider set of holdings. That combination makes it a fit for investors who want infrastructure exposure and can live with High Risk and uneven returns.
Published on 10 September 2026 at 12:15 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.