HSBC · Equity Savings

HSBC Equity Savings Fund

Hybrid Schemes - Equity Savings Fund Direct plan, growth launched 27 Sep 2011 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹41.15

−0.04% since 18 Sep 2026, the previous NAV

1 year

7.3%

return

3 years

13.1%

a year

5 years

not enough history

Since launch

13.3%

a year, over 3.8 years

Assets (AUM)

₹1,410 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.51% / 1.35%

a year, as of Aug 2026

Holdings

114

top ten are 34% of the fund · Aug 2026

Disclosed history

3.8 yrs

Nov 2022 – Aug 2026 · 5 of 11 checks could run

Fund managers

Cheenu Gupta · since Jul 2021 · equity portionMahesh Chhabria · since Jul 2023 · debt portionPraveen Ayathan · since Sep 2023Mohd. Asif Rizwi · since Jan 2025 · debt portionMayank Chaturvedi · since Sep 2025 · overseas investments

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 0.99 percentage points a year more than Direct

₹29,083 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

Run by Cheenu Gupta for 5.1 yrs

with Mahesh Chhabria, Praveen Ayathan, Mohd. Asif Rizwi, Mayank Chaturvedi. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Cheenu Gupta's other funds →

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 100% of three-year stretches, and averaged +3.0 percentage points a year across all of them

11 rolling windows since 2022 · ahead by 3.0 percentage points a year when it won — and never lost one. 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 Nov 2022

47 month-ends · ₹25.56 → ₹41.15, 1.6× since Nov 2022

Deepest fall (max drawdown)

−11.5%

2 Jan 2025 → 28 Feb 2025

Worst month

−7.0%

Jan 2025

Days to recover

194

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 · 114 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	HDFC Bank Limited equity	Banks	5.05%	Apr 2023	3.4 yrs	+1.00% points
2	ICICI Bank Limited equity	Banks	4.23%	Nov 2024	1.8 yrs	−0.39% points
3	TREPS / cash equivalents Treps · money market	—	3.68%	Nov 2022	3.8 yrs	−0.71% points
4	State Bank of India equity	Banks	3.63%	Aug 2024	2.1 yrs	−0.93% points
5	Axis Bank Limited equity	Banks	3.25%	Dec 2024	1.8 yrs	+0.56% points
6	7.06% GOI - 10-Apr-2028 government security	—	3.11%	Oct 2023	2.9 yrs	+1.20% points
7	The Federal Bank Limited equity	Banks	3.02%	Jan 2026	8 mo	+0.89% points
8	PB Fintech Limited equity	Financial Technology (Fintech)	3.01%	Oct 2024	1.9 yrs	+1.03% points
9	6.36% GOI 16-Feb-2031 government security	—	2.69%	Feb 2026	7 mo	+0.23% points
10	Mahindra & Mahindra Limited equity	Automobiles	2.12%	Feb 2025	1.6 yrs	+0.06% points
11	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.94%	Nov 2024	1.8 yrs	−0.62% points
12	Lenskart Solutions Limited equity	Retailing	1.93%	Jan 2026	8 mo	+1.16% points
13	Canara Bank equity	Banks	1.90%	Mar 2026	6 mo	+1.54% points
14	GE Vernova T&D India Limited equity	Electrical Equipment	1.70%	Sep 2023	3.0 yrs	+0.27% points
15	Kotak Mahindra Bank Limited equity	Banks	1.68%	Jan 2026	8 mo	−0.57% points
16	364 Days Treasury Bill 28-Jan-2027 government security	—	1.66%	Apr 2026	5 mo	−0.71% points
17	Bajaj Finance Limited equity	Finance	1.65%	Jun 2025	1.3 yrs	+1.59% points
18	364 Days Treasury Bill 04-Feb-2027 government security	—	1.65%	Mar 2026	6 mo	−0.72% points
19	Bank of Baroda^ derivative	—	1.60%	Aug 2026	1 mo	+1.60% points
20	HDFC Asset Management Company Limited equity	Capital Markets	1.59%	Jun 2026	3 mo	+1.59% points
21	Life Insurance Corporation Of India equity	Insurance	1.42%	Aug 2026	1 mo	+1.42% points
22	Indian Railway Finance Corporation Ltd** corporate bond	—	1.40%	Aug 2026	1 mo	+1.40% points
23	Meesho Limited equity	Retailing	1.39%	Jul 2026	2 mo	+1.39% points
24	Steel Authority of India Limited equity	Ferrous Metals	1.36%	Nov 2022	3.8 yrs	−0.71% points
25	Bharti Airtel Limited equity	Telecom - Services	1.34%	Feb 2025	1.6 yrs	+0.38% points
26	Varun Beverages Limited equity	Beverages	1.20%	Aug 2026	1 mo	+1.20% points
27	APAR INDUSTRIES LTD equity	Electrical Equipment	1.20%	Aug 2026	1 mo	+1.20% points
28	KFIN Technologies Limited equity	Capital Markets	1.15%	Jul 2026	2 mo	+1.15% points
29	Jio Financial Services Limited equity	Finance	1.14%	Jan 2025	1.7 yrs	−1.44% points
30	Divi''s Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.13%	Apr 2025	1.4 yrs	+0.51% points
31	Coforge Limited equity	IT - Software	1.08%	Aug 2026	1 mo	+1.08% points
32	Polycab India Limited equity	Industrial Products	1.08%	Jul 2025	1.2 yrs	+0.63% points
33	InterGlobe Aviation Limited equity	Transport Services	1.06%	Jul 2026	2 mo	+1.06% points
34	NABARD^ derivative	—	1.05%	Sep 2025	1.0 yrs	−0.45% points
35	7.04% GOI - 03-Jun-2029 government security	—	1.05%	Aug 2024	2.1 yrs	−0.50% points
36	7.38% GOI MAT 20-Jun-2027 government security	—	1.04%	Sep 2023	3.0 yrs	−0.50% points
37	TVS Motor Company Limited equity	Automobiles	1.03%	May 2026	4 mo	+0.20% points
38	Adani Enterprises Limited equity	Metals & Minerals Trading	1.02%	Apr 2026	5 mo	−0.49% points
39	FSN E-Commerce Ventures Limited equity	Retailing	0.95%	Jul 2025	1.2 yrs	−0.60% points
40	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.94%	Aug 2026	1 mo	+0.94% points
41	Cholamandalam Invest & Finance Co Ltd equity	Finance	0.84%	Nov 2022	3.8 yrs	+0.82% points
42	IDFC First Bank Limited equity	Banks	0.84%	Jul 2026	2 mo	+0.84% points
43	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.78%	Jun 2026	3 mo	+0.78% points
44	Radico Khaitan Limited equity	Beverages	0.77%	Feb 2025	1.6 yrs	+0.69% points
45	LIC Housing Finance Limited equity	Finance	0.76%	Jun 2024	2.3 yrs	−0.55% points
46	CG Power And Industrial Solutions Ltd equity	Electrical Equipment	0.75%	Jun 2023	3.3 yrs	+0.66% points
47	Reliance Industries Limited** corporate bond	—	0.75%	Jul 2026	2 mo	+0.75% points
48	Bandhan Bank Limited equity	Banks	0.74%	May 2026	4 mo	−0.63% points
49	Grasim Industries Limited equity	Cement & Cement Products	0.74%	Mar 2026	6 mo	−0.54% points
50	Reliance Industries Limited equity	Petroleum Products	0.74%	Sep 2024	2.0 yrs	−0.51% points
51	Hitachi Energy India Limited equity	Electrical Equipment	0.73%	Jul 2024	2.2 yrs	−0.48% points
52	Punjab National Bank equity	Banks	0.73%	Jan 2025	1.7 yrs	−0.06% points
53	JSW Steel Limited equity	Ferrous Metals	0.72%	May 2026	4 mo	+0.60% points
54	Godfrey Phillips India Limited equity	Cigarettes & Tobacco Products	0.72%	Feb 2025	1.6 yrs	+0.72% points
55	SIDBI** corporate bond	—	0.72%	Jun 2025	1.3 yrs	−0.31% points
56	7.32% GOI - 13-Nov-2030 government security	—	0.71%	Jul 2024	2.2 yrs	−0.30% points
57	ICICI Prudential AMC Ltd equity	Capital Markets	0.70%	Dec 2025	9 mo	−0.48% points
58	Shadowfax Technologies Limited equity	Transport Services	0.70%	Aug 2026	1 mo	+0.70% points
59	Aditya Infotech Limited equity	Industrial Manufacturing	0.70%	Jul 2025	1.2 yrs	−0.49% points
60	ABB India Limited equity	Electrical Equipment	0.68%	Aug 2024	2.1 yrs	−0.68% points
61	REC Limited** corporate bond	—	0.68%	Jun 2026	3 mo	+0.68% points
62	Siddhivinayak Securitisation Trust** corporate bond	—	0.67%	Sep 2025	1.0 yrs	−0.30% points
63	Bharat Electronics Limited equity	Aerospace & Defense	0.66%	Sep 2023	3.0 yrs	−1.56% points
64	HDFC Bank Limited^ derivative	—	0.65%	Mar 2026	6 mo	−0.28% points
65	Tata Steel Limited equity	Ferrous Metals	0.64%	Dec 2024	1.8 yrs	−0.72% points
66	Ambuja Cements Limited equity	Cement & Cement Products	0.59%	Mar 2026	6 mo	−0.25% points
67	Indian Energy Exchange Limited equity	Capital Markets	0.58%	Jul 2026	2 mo	+0.58% points
68	Container Corporation of India Limited equity	Transport Services	0.52%	Nov 2025	10 mo	−0.15% points
69	HDFC Life Insurance Company Limited equity	Insurance	0.51%	May 2026	4 mo	−0.15% points
70	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.47%	Apr 2026	5 mo	−1.50% points
71	Liquid Gold Series 24** corporate bond	—	0.47%	Aug 2026	1 mo	+0.47% points
72	Sedemac Mechatronics Ltd. equity	Auto Components	0.46%	Mar 2026	6 mo	−0.96% points
73	6.01% GOI 21Jul2030 government security	—	0.40%	Feb 2026	7 mo	−0.19% points
74	KALYAN JEWELLERS INDIA LIMITED equity	Consumer Durables	0.38%	Jun 2026	3 mo	+0.38% points
75	7.37% GOI 23OCT2028 government security	—	0.36%	Nov 2023	2.8 yrs	−0.15% points
76	Indus Towers Limited equity	Telecom - Services	0.34%	May 2026	4 mo	−0.16% points
77	Aditya Birla Capital Limited equity	Finance	0.34%	Apr 2026	5 mo	−0.09% points
78	Adani Port & Special Economic Zone Ltd equity	Transport Infrastructure	0.33%	Jun 2026	3 mo	+0.33% points
79	Larsen & Toubro Limited equity	Construction	0.32%	Nov 2022	3.8 yrs	−0.15% points
80	City Union Bank Limited equity	Banks	0.32%	Jan 2026	8 mo	−0.07% points
81	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.30%	Apr 2026	5 mo	−1.93% points
82	Nippon Life India Asset Management Ltd equity	Capital Markets	0.28%	Jul 2024	2.2 yrs	−0.10% points
83	Max Financial Services Limited equity	Insurance	0.21%	Apr 2026	5 mo	−0.12% points
84	RBL Bank Limited equity	Banks	0.20%	Nov 2025	10 mo	−0.48% points
85	Bank of Baroda equity	Banks	0.20%	Sep 2025	1.0 yrs	−0.13% points
86	Hindustan Unilever Limited equity	Diversified FMCG	0.18%	May 2026	4 mo	+0.12% points
87	Eicher Motors Limited equity	Automobiles	0.18%	Mar 2026	6 mo	−0.05% points
88	Billionbrains Garage Ventures Ltd. equity	Capital Markets	0.13%	Nov 2025	10 mo	−1.15% points
89	Max Healthcare Institute Limited equity	Healthcare Services	0.13%	Jun 2026	3 mo	+0.13% points
90	IndusInd Bank Limited equity	Banks	0.13%	May 2026	4 mo	+0.03% points
91	Godrej Consumer Products Limited equity	Personal Products	0.12%	Mar 2026	6 mo	−0.08% points
92	DLF Limited equity	Realty	0.12%	Jun 2026	3 mo	+0.12% points
93	TD Power Systems Limited equity	Electrical Equipment	0.11%	Aug 2026	1 mo	+0.11% points
94	Bank of India equity	Banks	0.10%	May 2026	4 mo	−0.10% points
95	KEI Industries Limited equity	Industrial Products	0.09%	Mar 2023	3.5 yrs	−0.02% points
96	Thermax Limited equity	Electrical Equipment	0.07%	Apr 2026	5 mo	−1.29% points
97	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.07%	Aug 2024	2.1 yrs	−0.01% points
98	Dixon Technologies (India) Limited equity	Consumer Durables	0.05%	Oct 2023	2.9 yrs	−0.01% points
99	Hindustan Zinc Limited equity	Non - Ferrous Metals	0.04%	May 2026	4 mo	−0.03% points
100	Hero MotoCorp Limited equity	Automobiles	0.04%	Mar 2026	6 mo	0.00% points
101	Kaynes Technology India Ltd. equity	Industrial Manufacturing	0.04%	Sep 2023	3.0 yrs	−0.01% points
102	Atlanta Electricals Limited equity	Electrical Equipment	0.04%	Apr 2026	5 mo	−0.91% points
103	ITC Limited equity	Diversified FMCG	0.04%	Mar 2026	6 mo	+0.03% points
104	Godrej Properties Limited equity	Realty	0.04%	Jun 2026	3 mo	+0.04% points
105	Medi Assist Healthcare Services Limited equity	Insurance	0.03%	Jan 2024	2.7 yrs	−0.01% points
106	PERSISTENT SYSTEMS LTD equity	IT - Software	0.02%	Mar 2024	2.5 yrs	−0.01% points
107	The Indian Hotels Company Limited equity	Leisure Services	0.02%	Nov 2022	3.8 yrs	0.00% points
108	Shriram Finance Limited equity	Finance	0.02%	Mar 2026	6 mo	−0.35% points
109	Eternal Limited equity	Retailing	0.01%	Feb 2024	2.6 yrs	−0.90% points
110	Prudent Corporate Advisory Services Ltd equity	Capital Markets	0.01%	Mar 2023	3.5 yrs	0.00% points
111	Hindalco Industries Limited equity	Non - Ferrous Metals	0.01%	Apr 2026	5 mo	−0.89% points
112	Union Bank of India equity	Banks	0.01%	Jul 2026	2 mo	+0.01% points
113	BSE Ltd equity	Capital Markets	0.00%	Oct 2024	1.9 yrs	−0.53% points
114	Net Current Assets (including cash & bank balances) cash equivalent	—	-1.67%	Nov 2022	3.8 yrs	−0.25% points

Showing 1–114 of 114 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks26.0% · 16.9%

Electrical Equipment5.8% · 2.4%

Finance4.8% · 5.5%

Capital Markets4.4%

Retailing4.3% · 6.5%

Automobiles4.2% · 1.8%

Pharmaceuticals & Biotechnology3.1% · 6.0%

Financial Technology (Fintech)3.0%

share of the book05%10%15%20%25%30%

By market cap, Aug 2026

Large cap47.2%

Mid cap24.7%

Small / micro cap5.5%

Cash & equivalents2.0%

Other20.7%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 47%
Mid cap 25%
Small / micro 5%
Cash & other 2%

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 100% of three-year stretches, and averaged +3.0 percentage points a year across all of them

11 rolling windows since 2022 · ahead by 3.0 percentage points a year when it won — and never lost one

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. It did not lose one of the 11, so the average across all of them is the average win, +3.0 percentage points.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

No category distribution for this measure yet.

windows measured11windows won11average across every window+3.04% points a year · median +3.26when ahead, by how much+3.04% points a year over 11 windowsworst window+2.22% points a year, ended Jan 2026best window+3.68% points a year, ended Jul 2026non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 11 rolling windows — under six years of NAV. The share is shown because it was measured; it is a start, not a record, and does not qualify for the home shelf until 36 windows exist.

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 100% 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 100% 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 0.99 percentage points a year more than Direct

₹29,083 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.

Why this matters: What does a Regular plan actually cost? 6 min

0.99% points a year

costliest in categorycheapest in category

90th percentile · top quartile of 8 funds · category median 1.27% points

on ₹1,00,000 over ten years₹29,083Direct vs Regular, annualised13.2% vs 12.3%measured over3.83 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

Turns over 154% of the portfolio a year

+0.02% points of excess return per unit of turnover

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.

Why this matters: What does a monthly portfolio not tell you? 6 min

154% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 8 funds · category median 51%

excess return per unit of turnover+0.02% points

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

Typical top-10 holding kept 22 months

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.

22 months

lowest in categoryhighest in category

12th percentile · bottom quartile of 8 funds · category median 51 months

active sharenot yet computable — needs index constituent files

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

5 of 10 top picks beat their peers over the next 6 months, and averaged 4.8 percentage points ahead of them

389 positions judged, one disclosure at a time · ahead by 19.7 percentage points when it won, behind by 11.4 when it lost

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 often, and by how much. The count and the average agree. Ahead by 19.7 percentage points in the 202 positions it won and behind by 11.4 in the 187 it lost, so the average across all 389 is +4.8 percentage points. The worst position was INE260B01028 at the Aug 2025 disclosure, 41.5 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

52%

lowest in categoryhighest in category

95th percentile · top decile of 8 funds

positions judged389beat the median stock202average across every position+4.80% points · median +0.56when ahead, by how much+19.72% points over 202 positionswhen behind, by how much−11.38% points over 187 positionsworst position−41.45% points, INE260B01028 at the Aug 2025 disclosurebest position+137.69% points, INE819V01029 at the Dec 2025 disclosure

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

₹1,410 Cr, 79th percentile in category; 94% of growth came from inflows

smaller than 21% of the funds in its category (7 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 2.46%

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.

79th percentile by AUM

largestsmallest

21th percentile · bottom quartile of 7 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.46% / 1.47% · category median 2.75%AUM, Aug 2023 → Aug 2026₹162 Cr → ₹1,410 Cr (+106% a year)of that change, from flows rather than returns94% net inflows · NAV +47% over the window

Assets under management, ₹ crore, Nov 2022 – Aug 2026

44 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.58% in Nov 2022 → 2.46% 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

Run by Cheenu Gupta for 5.1 yrs

with Mahesh Chhabria, Praveen Ayathan, Mohd. Asif Rizwi, Mayank Chaturvedi

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.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowCheenu Gupta (since Jul 2021), Mahesh Chhabria (since Jul 2023), Praveen Ayathan (since Oct 2023), Mohd. Asif Rizwi (since Feb 2025), Mayank Chaturvedi (since Oct 2025)share of the fund's life under the longest-serving current manager34%changes of hands in the archive8 — last Sep 2025

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Cheenu Gupta	equity portion	Jul 2021	now	13.8% vs 10.2% p.a. (+3.61% points)	100% of 9
Mahesh Chhabria	debt portion	Jul 2023*	now	13.8% vs 10.6% p.a. (+3.19% points)	100% of 1
Praveen Ayathan	fund manager	Sep 2023*	now	13.8% vs 10.3% p.a. (+3.45% points)	—
Mohd. Asif Rizwi	debt portion	Jan 2025*	now	5.8% vs 6.1% p.a. (−0.24% points)	—
Mayank Chaturvedi	overseas investments	Sep 2025	now	9.7% vs 6.1% (+3.59% points)	—
Ritesh Jain	debt portion	by Nov 2022†	Jun 2023	8.0% vs 4.7% (+3.25% points)	—
Hitesh Gondhia	fund manager	Sep 2023*	Mar 2025	13.5% vs 12.2% p.a. (+1.34% points)	—
Neelotpal Sahai	equity portion	Sep 2023*	Feb 2024	10.7% vs 9.6% (+1.07% points)	—
Sonal Gupta	overseas investments	Sep 2023*	Aug 2025	15.2% vs 12.0% p.a. (+3.20% points)	—
Abhishek Gupta	equity portion	Mar 2024*	Mar 2025	9.6% vs 8.7% p.a. (+0.92% points)	—
Kapil Punjabi	debt portion	Apr 2024*	Dec 2024	19.8% vs 9.9% (+9.90% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All 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 23% 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 HSBC Equity Savings Fund - Direct Growth	growth	₹41.15	21 Sep 2026
direct HSBC Equity Savings Fund - Direct Quarterly IDCW	idcw	₹18.39	21 Sep 2026
direct HSBC Equity Savings Fund - Direct Monthly IDCW	idcw	₹17.57	21 Sep 2026
regular HSBC Equity Savings Fund - Regular Growth	growth	₹36.72	21 Sep 2026
regular HSBC Equity Savings Fund - Regular Monthly IDCW	idcw	₹15.36	21 Sep 2026
regular HSBC Equity Savings Fund - Regular Quarterly IDCW	idcw	₹16.48	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹41.15
Regular growth NAV: ₹36.72
NAV divergence to date: 12.1% — same portfolio, priced differently
Regular costs more by: 0.99% points a year
On ₹1,00,000 over ten years: ₹29,083

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

Compare with

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