HDFC – Top 100 Fund: Historical Returns, Stock Portfolio, SIP Performance Annualised 35.22 % Returns and more

The HDFC Top 100 Fund is a standout performer in the realm of large-cap mutual funds, consistently delivering robust returns and showcasing an investment strategy that focuses on stability and growth. Managed by HDFC Mutual Fund, this fund leverages its substantial assets to invest primarily in well-established companies, offering investors a reliable avenue for wealth creation.

Fund Overview


  • Fund Category: Large Cap Fund
  • Fund House: HDFC Mutual Fund
  • NAV (as of 27th May 2024): ₹1146.465 (-0.05%)
  • Crisil Rank: Above average performance among peers
  • Fund Size: ₹33,170.08 Cr (10.32% of category investment)
  • Expense Ratio: 1.04% (category average: 0.91%)
  • Risk Level: Very High

Investment Profile and Strategy

The HDFC Top 100 Fund is tailored for investors aiming to park their money for at least 3-4 years, looking to achieve high returns while being prepared for moderate losses. It emphasizes equity investments, with 98.08% of its portfolio dedicated to domestic equities. Within this, 80.33% is invested in large-cap stocks, and 5.5% in mid-cap stocks, providing a blend of stability and growth potential.

Top Holdings and Sector Allocation

The fund’s portfolio is diversified across 46 stocks, focusing on sectors such as banking, refineries, power generation, civil construction, telecom services, and IT. This strategic allocation helps mitigate risk and harness growth opportunities across different segments of the economy. Here are some key holdings and their sectors:

  1. ICICI Bank Ltd.
    • Investment Value: ₹33,178.1 million (10.00%)
    • Overview: Known for its vast network and strong digital banking capabilities, Its consistent performance and strategic growth initiatives make it a cornerstone of the fund’s portfolio.
  2. HDFC Bank Ltd.
    • Investment Value: ₹26,565.8 million (8.01%)
    • Overview: Its inclusion in the portfolio reflects the fund’s confidence in its long-term growth prospects.
  3. Reliance Industries Ltd.
    • Investment Value: ₹22,905.1 million (6.91%)
    • Overview: Its diversified business model provides stability and growth, aligning well with the fund’s objectives.
  4. National Thermal Power Corporation Ltd. (NTPC)
    • Investment Value: ₹19,856.1 million (5.99%)
    • Overview: NTPC is India’s largest power utility company, contributing significantly to the country’s energy requirements.
  5. Larsen & Toubro Ltd. (L&T)
    • Investment Value: ₹18,191.7 million (5.48%)
    • Overview: L&T is a leading engineering and construction company, playing a pivotal role in India’s infrastructure development.
  6. Bharti Airtel Ltd.
    • Investment Value: ₹15,764.2 million (4.75%)
    • Overview: Its growth in data services and digital offerings adds significant value to the portfolio.
  7. Infosys Ltd.
    • Investment Value: ₹15,028.9 million (4.53%)
    • Overview: Its stable revenue streams and growth in digital services make it a key holding.

Risk and Performance Metrics

  • The fund exhibits lower volatility compared to its peers, as indicated by a standard deviation of 11.4 versus the category average of 11.53. 
  • Its beta of 0.93 suggests less sensitivity to market movements. This implies that the fund experiences smaller fluctuations in value relative to the broader market, providing a more stable investment experience.
  • The Sharpe Ratio of 1.25, significantly higher than the category average of 0.89, highlights the fund’s superior risk-adjusted returns.
  • Similarly, Treynor’s Ratio and Jenson’s Alpha also point to better performance, with values of 0.15 and 4.44 respectively, compared to category averages of 0.11 and 0.22.

Historical Returns 

1-Year Growth

  • Over the past year, the HDFC Top 100 Fund has displayed exceptional growth, delivering a return of 37.04%. 
  • This performance surpasses not only the benchmark return of 31.45% but also the category average of 35.25%. Such stellar performance underscores the fund’s ability to generate substantial returns for investors even in a volatile market environment.

2-Year Growth

  • Zooming out to a two-year horizon, the fund continues to shine. With a return of 77.87% over this period, the Fund has significantly outperformed the category average of 17.79%.
  • On an annualized basis, this translates to an impressive return of 21.14%.

5-Year Growth

  • Looking at a longer-term perspective, the HDFC Top 100 Fund has demonstrated its expertise in wealth creation. Over five years, investors have witnessed substantial growth, with the fund delivering a return of 112.49%. 
  • This translates to an annualized return of 16.25%, surpassing the category average of 16.61%. Such consistent growth over the years reaffirms the fund’s ability to deliver value to investors over the long haul.

SIP Performance

Period Invested for ₹1000 SIP Started on Investments Latest Value Absolute Returns Annualised Returns
1 Year 26-May-23 12000 14179.62 18.16 % 35.22 %
2 Year 27-May-22 24000 32038.08 33.49 % 30.51 %
3 Year 27-May-21 36000 51327.51 42.58 % 24.44 %
5 Year 27-May-19 60000 106121.56 76.87 % 23 %
10 Year 27-May-14 120000 276974.78 130.81 % 15.96 %

Tax Implications

  • Long-term capital gains (LTCG) tax, applicable for holdings over one year, is 10% on gains exceeding ₹1 lakh. 
  • Short-term capital gains (STCG) tax, for holdings less than a year, is 15%. These rates exclude any additional cess or surcharge, which must be factored in when planning to redeem investments.

Portfolio Turnover Ratio

The fund’s portfolio turnover ratio stands at 15.62%, significantly lower than the category average of 189.70%. This indicates a buy-and-hold strategy where the fund manager maintains stocks for longer periods, potentially leading to lower transaction costs and more stable returns.

In summary, the HDFC Top 100 Fund offers a robust investment option for those looking to benefit from the stability and growth potential of large-cap stocks. Its diversified portfolio, strategic stock selection, and superior risk-adjusted returns make it a compelling choice for discerning investors.