HDFC MNC Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC MNC Fund Direct Growth Plan currently has a NAV of ₹14.367 as of 17 September 2026, with scheme AUM of ₹566 Cr. Its 1-year, 3-year and 5-year returns are 0.43%, 6.8% and 0% respectively, and the fund sits in the High Risk category.

Our view is that this is a differentiated equity fund with a compact, quality-led portfolio, but the return record is still uneven against the benchmark pattern and weak over the very recent period. It may suit investors who can tolerate sharp swings and want exposure that is meaningfully different from a broad large-cap index.

Quick facts

Particular	Details
NAV	₹14.367 as of 17 Sep 2026
AUM	₹566 Cr
Expense Ratio	1.24%
Launch Date	09 Mar 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Nikhil Mathur

The fund is managed by Nikhil Mathur.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.86%	-3.66%
3M	2.4%	-3.71%
1Y	0.43%	-7.13%
3Y	6.8%	5.82%
5Y	Data not available	Data not available

The recent picture is mixed. Over one month, the fund slipped slightly more than the benchmark, but over three months it recovered while the benchmark stayed in negative territory. That tells us the strategy can diverge meaningfully from the index over short stretches, which is useful for differentiation but also means returns may not track the market cleanly.

Over one year, the fund is only marginally positive while the benchmark is negative, so the fund has held up better on that horizon. The three-year number is also ahead of the benchmark, but not by a wide margin. In other words, the medium-term case is more constructive than the latest one-month patch, yet it still does not look like a steady, low-volatility compounding profile.

The time pattern supports that view. The 1-year path has included several drawdowns and recoveries rather than a smooth upward climb, and the 3-year path shows a stronger longer arc but with noticeable interruptions. For investors, that usually means the fund may reward patience, but the ride can be choppy.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD HDFC MNC?

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 MNC? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
HDFC MNC Fund Direct Growth Plan	0.43%	6.8%	0%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On one-year numbers, the fund trails all five peer funds listed here by a wide margin, which shows that the recent return profile has been distinctly softer than the comparison set. The picture is less negative on three-year performance, where the fund is ahead of the benchmark and only the two-year-plus cycle can be meaningfully judged against the peer set because most peers do not disclose longer figures here.

That creates a split story: the short-term peer gap is large, while the medium-term comparison is more balanced. For investors, the key point is that the fund’s current return momentum is not as strong as the faster-moving peer strategies, even though its three-year outcome is better than the broad benchmark and the portfolio profile is very different from the index.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Maruti Suzuki India Limited	Automobile & Ancillaries	9.03%
Britannia Industries Ltd.	FMCG	6.48%
Hindustan Unilever Ltd.	FMCG	6.05%
Nestle India Ltd.	FMCG	5.1%
Cummins India Ltd.	Automobile & Ancillaries	4.63%
United Spirits Limited	Alcohol	4.56%
Bosch Limited	Automobile & Ancillaries	3.94%
Torrent Pharmaceuticals Ltd.	Healthcare	3.85%
Timken India Ltd.	Automobile & Ancillaries	3.08%
Neuland Laboratories Limited	Healthcare	3.07%

The largest holding is Maruti Suzuki India Limited at 9.03%, so it is big enough to have a visible influence on the portfolio, though it is not overwhelmingly dominant on its own. From there, weights step down fairly quickly into the 6% range and then into the 3% range by the tenth holding.

The top ten holdings together account for approximately 49.79% of the portfolio, and the scheme has 41 disclosed holdings in total. That combination suggests a portfolio that is anchored by a meaningful core of large positions, but still leaves room for a longer tail of smaller holdings beyond the visible top ten.

Because the weights are spread across several sectors rather than concentrated in a single theme, the fund may not be driven by one bet alone. At the same time, the biggest names still likely have greater influence on outcomes than the smaller positions, so investors should expect the portfolio to reflect its higher-conviction ideas more clearly than a very broad index-style basket would.

HDFC MNC Fund Direct Growth Plan is the page with all holdings.

To see all holdings, visit the HDFC MNC Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can handle High Risk equity exposure and are comfortable with short periods of weakness if the broader thesis plays out over time. The 3-year return is better than the benchmark, but the 1-year result is barely positive and the most recent month was soft, so a short horizon would not suit the profile well.

The cleaner fit is for a longer horizon, ideally with patience through uneven stretches. The main trade-off is that the portfolio looks differentiated and quality-oriented, but that comes with choppier near-term behaviour and less striking recent momentum than the stronger peer names in the comparison set.

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: 1% on or before 1Y, Nil after 1Y.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of HDFC MNC Fund Direct Growth Plan?
The current NAV is ₹14.367 as of 17 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 0.43%, its 3-year return is 6.8%, and its 5-year return is Data not available in the available record.

How does HDFC MNC Fund Direct Growth Plan compare with the benchmark?
It is ahead of the Nifty 50 over 1 year and 3 years, while the benchmark remains negative over 1 year and has a stronger 3-year figure than the fund’s one-year result. Over 1 month, the fund is slightly behind the benchmark.

How does it compare with the peer funds listed here on 1-year return?
Its 1-year return of 0.43% is well below the peer funds listed here, which all have much stronger 1-year numbers in the comparison table.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What is the exit load and who manages the fund?
The exit load is 1% on or before 1 year and nil after 1 year. The fund is managed by Nikhil Mathur.

Bottom line

HDFC MNC Fund Direct Growth Plan shows a mixed profile: recent performance is soft, but the 3-year figure is better than the benchmark and the longer path has been more constructive than the latest month. Compared with the listed peers, the 1-year number is clearly weaker, which means the fund has not matched the stronger short-term momentum in that group. Its High Risk tag and concentrated top holdings make it a fund for investors who are comfortable with uneven returns and want a differentiated portfolio rather than a benchmark-like ride.

Published on 18 September 2026 at 11:59 AM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.