HSBC Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

HSBC Money Market Fund Direct Growth Plan had a NAV of ₹29.9263 as of 09 Sep 2026 and managed ₹6,992 Cr of scheme assets. Its 1-year, 3-year and 5-year returns are 6.63%, 7.35% and 6.54%, and the fund sits in the Balanced Risk category.

Our view is that this is a steady debt option rather than a return-chasing one. The portfolio is built around short-term money-market instruments such as certificates of deposit, so the fund may suit investors who want moderate stability with a clear income-oriented profile.

Quick facts

Particular	Details
NAV	₹29.9263 as of 09 Sep 2026
AUM	₹6,992 Cr
Expense Ratio	0.15%
Launch Date	01 Jan 2013
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load
Fund Managers	Mahesh Chhabria, Abhishek Iyer

The fund is managed by Mahesh Chhabria and Abhishek Iyer.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.63%	-4.69%
3M	2.05%	0.93%
1Y	6.63%	-7.16%
3Y	7.35%	6%
5Y	6.54%	5.87%

The recent pattern is constructive. Over 1 month and 3 months, the fund stayed in positive territory, while the benchmark was more uneven and even negative over the 1-month stretch. That tells us the fund has kept a steadier profile in the very short term, which is useful for investors who want less day-to-day movement than an equity-like benchmark.

The longer view is also consistent. The 1-year return of 6.63% is close to the 3-year figure of 7.35% and the 5-year figure of 6.54%, which suggests the fund has delivered a fairly stable compounding path rather than sharp jumps followed by pullbacks. The benchmark’s 1-year return is negative, so the fund has clearly been ahead over that period, while the 3-year and 5-year spreads are narrower.

That mix matters. The fund is not built to outrun a broad equity index over every window, but its return pattern shows more consistency across horizons than the benchmark’s recent behaviour. For debt investors, that consistency is often more relevant than headline outperformance in a single period.

Overall, the fund looks more controlled than volatile, with the short-term pattern broadly aligned to the longer-term trend. We think that makes it easier to assess as a cash-management or low-drift debt allocation than as a tactical return play.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD HSBC Money Market?

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 Money Market Fund Direct Growth Plan	6.63%	7.35%	6.54%
Union Money Market Fund Direct Growth Plan	6.92%	7.26%	6.49%
Bank of India Money Market Fund Direct Growth Plan	6.79%	Data not available	Data not available
LIC MF Money Market Fund Direct Growth Plan	6.78%	6.84%	Data not available
Bandhan Money Market Fund Direct Growth Plan	6.78%	7.45%	6.68%
Tata Money Market Fund Direct Growth Plan	6.78%	7.58%	6.85%

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

On the 1-year number, HSBC Money Market Fund Direct Growth Plan sits below Union Money Market Fund Direct Growth Plan, but it remains close to the other money-market peers listed here. That keeps the fund competitive on recent performance without implying a clear short-term edge in every comparison.

The 3-year and 5-year picture is more balanced. HSBC Money Market Fund Direct Growth Plan is ahead of Union Money Market Fund Direct Growth Plan on 3-year return, but behind Tata Money Market Fund Direct Growth Plan and Bandhan Money Market Fund Direct Growth Plan where those longer periods are available. The pattern suggests the fund is broadly in the same performance band as its peers, with some windows stronger and some weaker.

Because the short-term and longer-term comparisons do not tell exactly the same story, we think the fund reads as a steady option rather than a standout for every horizon. That is not a weakness in a money-market style debt fund; it simply reflects a return profile that is measured and fairly even.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sidbi**	Certificate of Deposit	5.83%
HDFC Bank Limited**	Certificate of Deposit	5.19%
The Federal Bank Limited**	Certificate of Deposit	5.18%
Axis Bank Limited**	Certificate of Deposit	4.88%
Union Bank of India**	Certificate of Deposit	4.85%
Canara Bank^	Certificate of Deposit	4.46%
NABARD^	Certificate of Deposit	3.8%
Canara Bank**	Certificate of Deposit	3.13%
Bank of Baroda**	Certificate of Deposit	3.11%
NABARD**	Certificate of Deposit	3.11%

The top 10 holdings account for approximately 43.54% of the portfolio.

To see all holdings, visit the HSBC Money Market Fund Direct Growth Plan page

The largest holding, Sidbi**, is 5.83%, so no single position dominates the fund on its own. The drop from the first holding to the tenth is not extreme, which suggests the larger positions are spaced fairly evenly rather than heavily front-loaded.

Even so, the displayed holdings together account for 43.54% of the portfolio, and there are 47 disclosed holding rows in total. That tells us the fund is not a narrow single-bet portfolio, but it does keep a meaningful share in its larger certificate-of-deposit positions.

Because the visible holdings are all in the same sector label, the fund may be relying on a consistent credit-and-liquidity style across multiple issuers rather than a wide spread across very different asset types. That structure could help keep the portfolio predictable, while still leaving room for the smaller tail of holdings to contribute.

Source data date: as of 09 Sep 2026

Who should invest

This fund is best understood as a debt allocation for investors who can accept moderate risk and want a calmer return path than equity-heavy options. The Balanced Risk profile, the stable 1-year to 5-year return range, and the short-term resilience versus the benchmark all point to a fund that suits a medium to longer holding period rather than a quick-entry, quick-exit approach.

The trade-off is straightforward: you get a steadier pattern and income-oriented exposure, but you should not expect dramatic upside. The peer comparisons also show a fairly even field, so the fund looks more like a stable participant in its segment than a vehicle for aggressive outperformance.

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 09 Sep 2026

Frequently asked questions

What is the current NAV of HSBC Money Market Fund Direct Growth Plan?
The current NAV is ₹29.9263 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.63% for 1 year, 7.35% for 3 years and 6.54% for 5 years.

How does the fund compare with the benchmark?
It has outperformed the benchmark over 1 year, 3 years and 5 years. The benchmark’s 1-year return is -7.16%, while the fund’s 1-year return is 6.63%.

How does it compare with other money market funds on recent returns?
Its 1-year return is broadly in the same range as the other funds listed, with some peers slightly ahead and others close behind. Over 3 years and 5 years, the comparison is mixed rather than one-sided.

What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.

Who manages the fund and what is the exit load?
The fund is managed by Mahesh Chhabria and Abhishek Iyer. The exit load is nil, so no exit load applies on redemption.

Bottom line

HSBC Money Market Fund Direct Growth Plan has a measured return profile that looks more consistent over time than dramatic in any one period. Its shorter-term numbers are steady, its longer-term returns stay in a similar band, and it compares well with the benchmark across all the periods shown. The portfolio is built around certificate-of-deposit positions, which gives it a clear money-market character and a relatively even spread across disclosed holdings. For investors who want a debt fund with a calmer profile and do not need high-upside equity-like moves, it fits that brief well.

Published on 10 September 2026 at 11:51 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.