HSBC Global Emerging Markets Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC Global Emerging Markets Fund Direct Growth Plan currently has a NAV of ₹38.8847 as of 09 Sep 2026 and an AUM of ₹519 Cr. Its 1-year, 3-year and 5-year returns are 52.99%, 29.63% and 12.76%, and the scheme sits in the High Risk bucket.

Our view is that the fund has shown strong shorter-term momentum, but the 5-year return profile is much more moderate, which fits a fund of fund with a concentrated overseas allocation. The portfolio is dominated by one underlying overseas equity fund, so the return path can be meaningfully different from a broad Indian equity fund or the Nifty 50 benchmark.

Quick facts

Particular	Details
NAV	₹38.8847 as of 09 Sep 2026
AUM	₹519 Cr
Expense Ratio	1.12%
Launch Date	02 Jan 2013
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	1% on or before 1Y, Nil after 1Y
Fund Managers	Sonal Gupta

The fund is managed by Sonal Gupta.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	4.14%	-4.06%
3M	3.19%	1.37%
1Y	52.99%	-7.31%
3Y	29.63%	6.07%
5Y	12.76%	5.91%

The recent return pattern is noticeably stronger than the benchmark. Over 1 month, 3 months and 1 year, the fund stayed ahead of the Nifty 50, and the gap is especially wide over 1 year because the benchmark is still negative for that period while the fund has posted a strong gain.

The longer horizon is more balanced. The 3-year return of 29.63% remains comfortably ahead of the benchmark’s 6.07%, while the 5-year return of 12.76% is also above the benchmark’s 5.91%. That tells us the fund has not only benefited from a strong recent run; it has also compounded better than the benchmark over a full cycle, though the advantage is less dramatic at 5 years than it is at 1 year.

The monthly and quarterly path suggests some unevenness rather than a straight line. There have been dips and recoveries within each period, which is normal for an overseas equity-linked fund. Even so, the direction over the full 3-year and 5-year windows has been positive, so the recent strength looks like an extension of a broader uptrend rather than a one-off move.

For investors, the key point is that the fund has behaved better than the benchmark across every listed period, but the scale of outperformance varies materially by horizon. The 1-year number is the most striking, while the 5-year number gives a more tempered picture of what the strategy has delivered through a longer market cycle.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HSBC Global Emerging Markets?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
HSBC Global Emerging Markets Fund Direct Growth Plan	52.99%	29.63%	12.76%
Edelweiss Emerging Markets Opp Eq. Offshore Fund Direct Growth Plan	55.7%	29.52%	11.97%
Kotak Global Emerging Market Overseas Equity Active FOF Direct Growth Plan	46%	27.35%	12.66%
HSBC Asia Pacific (Ex Japan) DYF Direct Growth Plan	39.66%	28.4%	15.47%
HSBC Brazil Fund Direct Growth Plan	36.09%	16.75%	9.97%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On the 1-year measure, the fund is close to the strongest peer in this set and ahead of the rest of the group except Edelweiss. The 3-year figure is also competitive, with only a small gap versus the stronger peer in that window, while remaining ahead of the others listed here. Over 5 years, the fund is still ahead of two peers but trails HSBC Asia Pacific (Ex Japan) DYF Direct Growth Plan, so the longer-term picture is a bit more mixed than the recent one.

That split matters. The short-term comparison suggests the fund has entered a strong phase, but the 5-year comparison shows that some peers have delivered a better longer-run compound outcome. For investors, that means the fund can look attractive on recent momentum without assuming the longer-term edge is equally large in every overseas strategy.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HSBC Gif Global Emerging Markets Equity	Overseas Mutual Fund Units	96.39%
TREPS	Cash & Cash Equivalents and Net Assets	3.8%

The largest holding, HSBC Gif Global Emerging Markets Equity, accounts for 96.39% of the portfolio. That makes the structure very straightforward at the disclosed level: one overseas equity fund is likely to have the dominant influence on returns, while the cash and cash-equivalent sleeve is comparatively small.

The gap between the largest holding and the rest is steep. With only two disclosed holdings, the listed portfolio does not show a long chain of mid-sized positions, so there is little diversification within the visible sleeve. In practical terms, the fund may move closely with the performance of the underlying overseas market exposure it holds.

Because the combined disclosed weight is 100% across just two holdings, the portfolio looks highly concentrated in a single underlying position rather than spread across many distinct assets. That concentration may help keep the structure clean, but it also means the fund’s risk and return pattern could be heavily shaped by one investment decision set.

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and who can stay invested through uneven overseas market cycles. The 1-year and 3-year numbers show strong momentum, but the 5-year return is more measured, so the fund is better viewed as a medium- to long-horizon allocation than a short-term play.

The benchmark comparison is useful here: the fund has stayed ahead of the Nifty 50 across all listed periods, but the real driver is its overseas equity fund exposure rather than a domestic index-style pattern. Investors who are already familiar with equity volatility and want international diversification may find the structure interesting, while those seeking smoother returns may find the concentration uncomfortable.

The main trade-off is clear: the fund offers the possibility of strong upside from a focused overseas allocation, but it can also move sharply because most of the portfolio sits in one underlying holding.

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 09 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Global Emerging Markets Fund Direct Growth Plan?
The current NAV is ₹38.8847 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 52.99% for 1 year, 29.63% for 3 years and 12.76% for 5 years.

How has the fund performed against the benchmark?
It has stayed ahead of the Nifty 50 across 1 month, 3 months, 1 year, 3 years and 5 years. The widest gap is at 1 year, where the benchmark return is negative.

How does it compare with the peer funds listed here?
Its 1-year return is close to the strongest peer in the set, and its 3-year return is also competitive. Over 5 years, one peer is ahead, so the longer-term picture is more mixed than the recent one.

Is there a minimum SIP amount?
No minimum SIP amount is stated here, so we are not listing one.

What are the fund’s risk and portfolio characteristics?
It is tagged High Risk and the portfolio is dominated by HSBC Gif Global Emerging Markets Equity at 96.39%. Sonal Gupta manages the scheme, and the exit load is 1% on or before 1 year, nil after 1 year.

Bottom line

HSBC Global Emerging Markets Fund Direct Growth Plan has shown a much stronger recent run than its benchmark, and its 3-year and 5-year numbers also stay ahead of the Nifty 50. Compared with the listed peer set, the recent return picture is competitive, though the longer-term edge is not uniform across all peers. The fund’s High Risk tag and its very concentrated portfolio make it best suited to investors who are comfortable with overseas equity volatility and want a focused international exposure rather than broad diversification.

Published on 11 September 2026 at 10:07 AM 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.