HDFC · Money Market

HDFC Money Market Fund

Debt Scheme - Money Market Fund Direct plan, growth benchmark: CRISIL Money Market A-I Index launched 18 Nov 1999 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹6,313.65

+0.06% since 18 Sep 2026, the previous NAV

1 year

6.6%

return

3 years

7.4%

a year

5 years

6.8%

a year

Since launch

57.2%

a year, over 12.0 years

Assets (AUM)

₹33,193 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.22% / 0.41%

a year, as of Aug 2026

Holdings

135

top ten are 24% of the fund · Aug 2026

Disclosed history

2.3 yrs

Apr 2024 – Aug 2026 · 3 of 11 checks could run

Fund managers

not parsed from the factsheets yet

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.27% a year more than Direct

₹1,58,172 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Not known yet: no factsheet named a manager for this fund.

How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

See what is missing →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 85% of three-year stretches, and averaged +39.6 points a year across all of them

109 rolling windows since 2014 · ahead by 47.5 points a year when it won, behind by 0.1 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹28.00 → ₹6,313.65, 225.5× since Sep 2014

Deepest fall (max drawdown)

−0.1%

11 May 2026 → 22 May 2026

Worst month

0.2%

May 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 135 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Indusind Bank Ltd.^ derivative	—	2.93%	Feb 2026	7 mo	-0.37%
2	Indian Overseas Bank^ derivative	—	2.92%	Feb 2026	7 mo	-0.37%
3	TREPS / cash equivalents TREPS - Tri-party Repo · money market	—	2.85%	Apr 2024	2.4 yrs	-0.08%
4	Small Industries Development Bank^ derivative	—	2.81%	Aug 2026	1 mo	+2.81%
5	Small Industries Development Bank^ derivative	—	2.49%	Feb 2026	7 mo	-0.32%
6	National Bank for Agri & Rural Dev.^ derivative	—	2.13%	Feb 2026	7 mo	-0.44%
7	National Bank for Agri & Rural Dev. money market	—	2.06%	Feb 2026	7 mo	-0.27%
8	182 Days TBILL MAT 040227^ derivative	—	2.06%	Aug 2026	1 mo	+2.06%
9	182 Days TBILL MAT 280127^ derivative	—	2.06%	Jul 2026	2 mo	+2.06%
10	Union Bank of India^ derivative	—	1.98%	Feb 2026	7 mo	+0.07%
11	Canara Bank money market	—	1.91%	Feb 2026	7 mo	-0.24%
12	Punjab & Sind Bank^ derivative	—	1.90%	Feb 2026	7 mo	-0.24%
13	Small Industries Development Bank^ derivative	—	1.90%	Feb 2026	7 mo	+0.25%
14	Bajaj Finance Ltd.^ derivative	—	1.90%	Apr 2026	5 mo	-0.25%
15	Punjab & Sind Bank^ derivative	—	1.67%	Mar 2026	6 mo	-0.30%
16	Kotak Mahindra Bank Limited money market	—	1.62%	Feb 2026	7 mo	-0.04%
17	182 Days Tbill ISD 250626 MAT 241226^ derivative	—	1.48%	Jun 2026	3 mo	+1.48%
18	Bank of Maharashtra^ derivative	—	1.47%	Feb 2026	7 mo	-0.19%
19	182 Days TBILL MAT 210127^ derivative	—	1.47%	Jul 2026	2 mo	+1.47%
20	National Bank for Agri & Rural Dev.^ derivative	—	1.46%	Feb 2026	7 mo	-0.19%
21	Punjab National Bank money market	—	1.46%	Apr 2026	5 mo	+0.55%
22	Yes Bank Ltd.^ derivative	—	1.46%	Feb 2026	7 mo	-1.84%
23	LIC Housing Finance Ltd.^ derivative	—	1.46%	Jul 2026	2 mo	+1.46%
24	Mindspace Business Parks REIT^ derivative	—	1.46%	Apr 2026	5 mo	-0.19%
25	Axis Bank Ltd. money market	—	1.39%	Jun 2026	3 mo	+1.39%
26	Punjab National Bank money market	—	1.38%	Mar 2026	6 mo	-0.18%
27	Bank of India^ derivative	—	1.31%	Feb 2026	7 mo	-0.17%
28	Canara Bank^ derivative	—	1.31%	Apr 2026	5 mo	+1.15%
29	Embassy Office Parks REIT^ derivative	—	1.09%	Apr 2026	5 mo	-0.14%
30	182 Days TBILL MAT 180227 government security	—	1.06%	Aug 2026	1 mo	+1.06%
31	Kotak Securities Ltd.^ derivative	—	1.02%	Feb 2026	7 mo	-0.13%
32	Canara Bank money market	—	1.00%	Jul 2026	2 mo	+1.00%
33	182 Days TBILL MAT 19112026^ derivative	—	0.89%	Jun 2026	3 mo	+0.89%
34	Au Small Finance Bank Ltd.^ derivative	—	0.88%	Feb 2026	7 mo	-0.11%
35	Bank of Baroda^ derivative	—	0.88%	Feb 2026	7 mo	-0.12%
36	Export - Import Bank of India^ derivative	—	0.87%	Jun 2026	3 mo	+0.87%
37	UCO Bank^ derivative	—	0.85%	Jul 2026	2 mo	+0.85%
38	Mindspace Business Parks REIT^ derivative	—	0.85%	Jun 2026	3 mo	+0.85%
39	Small Industries Development Bank^ derivative	—	0.84%	Aug 2026	1 mo	+0.84%
40	Canara Bank^ derivative	—	0.81%	Feb 2026	7 mo	-1.09%
41	TATA Capital Housing Finance Ltd.^ derivative	—	0.74%	Feb 2026	7 mo	-0.09%
42	182 Days TBILL MAT 171226^ derivative	—	0.74%	Aug 2026	1 mo	+0.74%
43	Axis Bank Ltd.^ derivative	—	0.73%	Feb 2026	7 mo	-0.76%
44	IDBI Bank Limited^ derivative	—	0.73%	Aug 2026	1 mo	+0.73%
45	National Bank for Financing Infrastructure and Development^ derivative	—	0.73%	Mar 2026	6 mo	-0.09%
46	Aditya Birla Capital ltd.^ derivative	—	0.73%	Feb 2026	7 mo	-0.09%
47	Aditya Birla Housing Finance Ltd^ derivative	—	0.73%	Mar 2026	6 mo	-0.09%
48	Bharti Telecom Limited^ derivative	—	0.73%	Mar 2026	6 mo	-0.09%
49	Birla Group Holdings Pvt. Ltd.^ derivative	—	0.73%	Feb 2026	7 mo	-0.09%
50	ICICI Securities Ltd^ derivative	—	0.73%	Feb 2026	7 mo	-0.09%
51	Au Small Finance Bank Ltd.^ derivative	—	0.72%	Mar 2026	6 mo	-0.10%
52	ICICI Securities Ltd^ derivative	—	0.72%	Jul 2026	2 mo	+0.72%
53	Punjab National Bank^ derivative	—	0.66%	Apr 2026	5 mo	0.00%
54	Muthoot Fincorp Limited^ derivative	—	0.66%	Mar 2026	6 mo	+0.24%
55	Aditya Birla Capital ltd.^ derivative	—	0.65%	Feb 2026	7 mo	-0.09%
56	6.75% Gujarat SDL - MAT 050227^ derivative	—	0.60%	Feb 2026	7 mo	-0.10%
57	National Bank for Agri & Rural Dev. money market	—	0.60%	Jun 2026	3 mo	+0.60%
58	Au Small Finance Bank Ltd.^ derivative	—	0.59%	Feb 2026	7 mo	-0.07%
59	National Bank for Agri & Rural Dev.^ derivative	—	0.59%	Feb 2026	7 mo	-0.07%
60	Punjab National Bank money market	—	0.59%	Jul 2026	2 mo	+0.59%
61	TATA Capital Housing Finance Ltd.^ derivative	—	0.59%	Feb 2026	7 mo	-0.07%
62	364 Days T Bill Mat 101226 government security	—	0.59%	Aug 2026	1 mo	+0.59%
63	National Bank for Agri & Rural Dev.^ derivative	—	0.58%	Jun 2026	3 mo	+0.58%
64	Small Industries Development Bank money market	—	0.58%	Feb 2026	7 mo	-0.24%
65	Union Bank of India^ derivative	—	0.58%	May 2026	4 mo	+0.33%
66	ICICI Securities Ltd^ derivative	—	0.58%	Jul 2026	2 mo	+0.58%
67	ICICI Securities Ltd^ derivative	—	0.58%	Feb 2026	7 mo	-0.08%
68	IGH Holdings Private Limited^ derivative	—	0.58%	Feb 2026	7 mo	-0.08%
69	Infina Finance Pvt. Ltd.^ derivative	—	0.58%	Feb 2026	7 mo	-0.08%
70	JM Financial Services Ltd.^ derivative	—	0.58%	Feb 2026	7 mo	-0.08%
71	Muthoot Fincorp Limited^ derivative	—	0.58%	Feb 2026	7 mo	-0.08%
72	Indian Bank^ derivative	—	0.56%	Aug 2026	1 mo	+0.56%
73	Pilani Investment and Industries Corporation Limited^ derivative	—	0.51%	Feb 2026	7 mo	-0.07%
74	Muthoot Fincorp Limited^ derivative	—	0.45%	Nov 2025	10 mo	-0.22%
75	Bank of Maharashtra^ derivative	—	0.44%	Feb 2026	7 mo	-0.06%
76	ICICI Bank Ltd.^ derivative	—	0.44%	Jun 2026	3 mo	+0.44%
77	Kotak Mahindra Bank Limited^ derivative	—	0.44%	Aug 2026	1 mo	+0.44%
78	Kotak Mahindra Bank Limited^ derivative	—	0.44%	Jul 2026	2 mo	+0.44%
79	National Bank for Agri & Rural Dev.^ derivative	—	0.44%	Aug 2026	1 mo	+0.44%
80	Union Bank of India^ derivative	—	0.44%	Jul 2026	2 mo	+0.44%
81	Aditya Birla Capital ltd.^ derivative	—	0.44%	Feb 2026	7 mo	-0.39%
82	Cholamandalam Investment & Finance Co. Ltd.^ derivative	—	0.44%	Apr 2026	5 mo	-0.05%
83	Infina Finance Pvt. Ltd.^ derivative	—	0.44%	Jul 2026	2 mo	+0.44%
84	Muthoot Finance Ltd.^ derivative	—	0.44%	Feb 2026	7 mo	-0.05%
85	Bank of Baroda money market	—	0.43%	Aug 2026	1 mo	+0.43%
86	Indian Bank^ derivative	—	0.43%	Jul 2026	2 mo	+0.43%
87	Indian Bank^ derivative	—	0.43%	Jul 2026	2 mo	+0.43%
88	Infina Finance Pvt. Ltd.^ derivative	—	0.43%	Mar 2026	6 mo	-0.06%
89	L&T Finance Ltd.^ derivative	—	0.43%	Jul 2026	2 mo	+0.43%
90	Bank of Baroda^ derivative	—	0.37%	Feb 2026	7 mo	-0.79%
91	Bank of Baroda^ derivative	—	0.37%	Aug 2026	1 mo	+0.37%
92	IIFL CAPITAL SERVICES LIMITED^ derivative	—	0.37%	Jun 2026	3 mo	+0.37%
93	National Bank for Financing Infrastructure and Development^ derivative	—	0.36%	Mar 2026	6 mo	-0.05%
94	7.51% Maharashtra SDL - Mat 240527^ derivative	—	0.30%	Aug 2026	1 mo	+0.30%
95	Canara Bank^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
96	ICICI Bank Ltd. money market	—	0.29%	Feb 2026	7 mo	-0.04%
97	Kotak Mahindra Bank Limited^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
98	National Bank for Agri & Rural Dev.^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
99	Small Industries Development Bank^ derivative	—	0.29%	Feb 2026	7 mo	-1.37%
100	Birla Group Holdings Pvt. Ltd.^ derivative	—	0.29%	Feb 2026	7 mo	-0.04%
101	Birla Group Holdings Pvt. Ltd.^ derivative	—	0.29%	Feb 2026	7 mo	-0.04%
102	DSP Finance Private Limited^ derivative	—	0.29%	Apr 2026	5 mo	-0.04%
103	DSP Finance Private Limited^ derivative	—	0.29%	Mar 2026	6 mo	-0.04%
104	LIC Housing Finance Ltd.^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
105	Mahindra & Mahindra Financial Services Ltd.^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
106	Motilal Oswal Financial Services Ltd.^ derivative	—	0.29%	Jul 2026	2 mo	+0.29%
107	Muthoot Finance Ltd.^ derivative	—	0.29%	Feb 2026	7 mo	-0.04%
108	Muthoot Finance Ltd.^ derivative	—	0.29%	Jul 2026	2 mo	+0.29%
109	Muthoot Fincorp Limited^ derivative	—	0.29%	Feb 2026	7 mo	-0.04%
110	Sundaram Home Finance Limited^ derivative	—	0.29%	Aug 2026	1 mo	+0.29%
111	Tata Realty and Infrastructure Ltd.^ derivative	—	0.29%	Feb 2026	7 mo	-0.04%
112	Au Small Finance Bank Ltd.^ derivative	—	0.28%	Aug 2026	1 mo	+0.28%
113	Corporate Debt Market Development Fund structured product	—	0.28%	Apr 2024	2.4 yrs	-0.04%
114	6.54% Maharashtra SDL Mat 090227^ derivative	—	0.23%	Jul 2026	2 mo	+0.23%
115	7.43% Gujarat SDL Mat 030127^ derivative	—	0.23%	Jun 2026	3 mo	+0.23%
116	7.52% Gujarat SDL - Mat 240527^ derivative	—	0.23%	Aug 2026	1 mo	+0.23%
117	Punjab National Bank^ derivative	—	0.22%	Jul 2026	2 mo	+0.22%
118	Punjab National Bank^ derivative	—	0.22%	Mar 2026	6 mo	-0.03%
119	Union Bank of India^ derivative	—	0.22%	Jul 2026	2 mo	+0.22%
120	IGH Holdings Private Limited^ derivative	—	0.22%	Mar 2026	6 mo	-0.02%
121	7.74% Tamil Nadu SDL Mat 010327^ derivative	—	0.15%	Jun 2026	3 mo	+0.15%
122	Bank of Baroda money market	—	0.15%	Jul 2026	2 mo	+0.15%
123	Canara Bank^ derivative	—	0.15%	Aug 2026	1 mo	-0.02%
124	Yes Bank Ltd.^ derivative	—	0.15%	Jul 2026	2 mo	+0.15%
125	Axis Finance Ltd.^ derivative	—	0.15%	Aug 2026	1 mo	+0.15%
126	Birla Group Holdings Pvt. Ltd.^ derivative	—	0.15%	Feb 2026	7 mo	-0.02%
127	HSBC InvestDirect Financial Services (India) Ltd.^ derivative	—	0.15%	Feb 2026	7 mo	-0.01%
128	Muthoot Finance Ltd.^ derivative	—	0.15%	Aug 2026	1 mo	+0.15%
129	Muthoot Finance Ltd.^ derivative	—	0.15%	Feb 2026	7 mo	-0.01%
130	Muthoot Fincorp Limited^ derivative	—	0.15%	Feb 2026	7 mo	-0.01%
131	Muthoot Fincorp Limited^ derivative	—	0.15%	Aug 2026	1 mo	+0.15%
132	Small Industries Development Bank^ derivative	—	0.14%	Jun 2026	3 mo	+0.14%
133	Canara Bank money market	—	0.07%	Aug 2026	1 mo	+0.07%
134	Punjab National Bank money market	—	0.07%	Feb 2026	7 mo	-0.42%
135	Net Current Assets cash equivalent	—	-2.27%	Apr 2024	2.4 yrs	-1.95%

Showing 1–135 of 135 rows per page10 25 50all

Largest sectors, latest disclosure

Not yet computable. Sector labels come from the disclosures; none were mapped for this fund.

By market cap, latest disclosure

Not yet computable. Needs cap tiers for every holding.

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 85% of three-year stretches, and averaged +39.6 points a year across all of them

109 rolling windows since 2014 · ahead by 47.5 points a year when it won, behind by 0.1 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 47.5 points a year in the 91 windows it won and behind by 0.1 in the 15 it lost, so the average across all 109 is +39.6 points. The worst window ended Jan 2019, 0.1 points behind.

85%

lowest in categoryhighest in category

73th percentile · above median of 24 funds · category median 46%

windows measured109windows won93average across every window+39.62 pts a year · median +0.10when ahead, by how much+47.47 pts a year over 91 windowswhen behind, by how much−0.06 pts a year over 15 windowsworst window−0.12 pts a year, ended Jan 2019best window+392.47 pts a year, ended Sep 2017non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 85% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 85% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 0.27% a year more than Direct

₹1,58,172 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

0.27 pp a year

costliest in categorycheapest in category

50th percentile · above median of 23 funds · category median 0.27 pp

on ₹1,00,000 over ten years₹1,58,172Direct vs Regular, annualised57.1% vs 56.8%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Not measurable yet. Needs at least two consecutive monthly disclosures.

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Not measurable yet. Needs the holdings history for this fund; not computed yet.

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

Not measurable yet. Detector not yet written: needs each disclosure's top ten joined to six months of forward prices. Holdings and prices are in hand.

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹33,193 Cr; 72% of growth came from inflows

Regular plan expense ratio 0.41% a year

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

0.41% TER

costliestcheapest

41th percentile · below median of 28 funds · category median 0.40%

expense ratio, Regular / Direct0.41% / 0.22% · category median 0.40%AUM, Sep 2023 → Aug 2026₹18,221 Cr → ₹33,193 Cr (+23% a year)of that change, from flows rather than returns72% net inflows · NAV +23% over the window

Assets under management, ₹ crore, Jun 2010 – Aug 2026

78 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.35% in Jun 2018 → 0.41% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Not measurable yet. Needs manager names from the monthly factsheet archive; none were parsed for this fund yet.

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 100% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct HDFC Money Market Fund - Growth Option - Direct Plan	growth	₹6,313.65	21 Sep 2026
direct HDFC Money Market Fund - Daily IDCW Option - Direct Plan	idcw	₹1,063.64	21 Sep 2026
direct HDFC Money Market Fund - Weekly IDCW Option -Direct Plan	idcw	₹1,063.63	21 Sep 2026
regular HDFC Money Market Fund - Growth Option	growth	₹6,176.84	21 Sep 2026
regular HDFC Money Market Fund - Daily IDCW Option	idcw	₹1,063.64	21 Sep 2026
regular HDFC Money Market Fund - Weekly IDCW Option	idcw	₹1,063.60	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹6,313.65
Regular growth NAV: ₹6,176.84
NAV divergence to date: 2.2% — same portfolio, priced differently
Regular costs more by: 0.27% a year
On ₹1,00,000 over ten years: ₹1,58,172

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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