HSBC · Multi Cap

HSBC Multi Cap Fund

Equity Scheme - Multi Cap Fund Direct plan, growth launched 10 Jan 2023 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹21.23

+0.08% since 18 Sep 2026, the previous NAV

1 year

8.1%

return

3 years

18.9%

a year

5 years

not enough history

Since launch

23.8%

a year, over 3.6 years

Assets (AUM)

₹6,503 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.51% / 1.56%

a year, as of Aug 2026

Holdings

103

top ten are 24% of the fund · Aug 2026

Disclosed history

3.7 yrs

Jan 2023 – Aug 2026 · 5 of 11 checks could run

Fund managers

Venugopal Manghat · since Jan 2023 · equity portionMahesh Chhabria · 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 1.59% a year more than Direct

₹1,01,282 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 Venugopal Manghat for 3.6 yrs

with Mahesh Chhabria, 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.

Venugopal Manghat's other funds →

NAVTracking gap

NAV sits 0.6 bp from its disclosed portfolio, but the replication is noisy

5 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 100% of three-year stretches, and averaged +4.0 points a year across all of them

8 rolling windows since 2023 · ahead by 4.0 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 3 checks 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 Feb 2023

44 month-ends · ₹9.92 → ₹21.23, 2.1× since Feb 2023

Deepest fall (max drawdown)

−20.1%

16 Dec 2024 → 28 Feb 2025

Worst month

−10.5%

Mar 2026

Days to recover

432

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 · 103 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	TD Power Systems Limited equity	Electrical Equipment	3.01%	Aug 2026	1 mo	+3.01%
2	HDFC Bank Limited equity	Banks	2.80%	Feb 2023	3.6 yrs	-0.36%
3	The Federal Bank Limited equity	Banks	2.57%	Feb 2023	3.6 yrs	+0.16%
4	TREPS / cash equivalents Treps · money market	—	2.56%	Jan 2023	3.7 yrs	+1.34%
5	APAR INDUSTRIES LTD equity	Electrical Equipment	2.39%	Feb 2026	7 mo	+0.60%
6	ICICI Bank Limited equity	Banks	2.30%	Jan 2023	3.7 yrs	+0.47%
7	Sai Life Sciences Ltd. equity	Pharmaceuticals & Biotechnology	1.98%	Dec 2024	1.8 yrs	+0.16%
8	Tata Motors Limited equity	Agricultural, Commercial & Construction Vehicles	1.98%	Jun 2026	3 mo	+1.98%
9	Reliance Industries Limited equity	Petroleum Products	1.98%	Feb 2023	3.6 yrs	-0.89%
10	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.95%	Feb 2026	7 mo	+0.09%
11	State Bank of India equity	Banks	1.95%	Feb 2023	3.6 yrs	-0.10%
12	Radico Khaitan Limited equity	Beverages	1.85%	Jan 2025	1.7 yrs	+0.17%
13	HAPPY FORGINGS LIMITED equity	Industrial Products	1.83%	Jun 2026	3 mo	+1.83%
14	Larsen & Toubro Limited equity	Construction	1.60%	Jan 2023	3.7 yrs	-0.01%
15	Shriram Finance Limited equity	Finance	1.53%	Jan 2025	1.7 yrs	+0.30%
16	Divi''s Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.48%	Jul 2024	2.2 yrs	+0.27%
17	Oberoi Realty Limited equity	Realty	1.48%	Sep 2024	2.0 yrs	+0.39%
18	Eternal Limited equity	Retailing	1.42%	Apr 2024	2.4 yrs	+0.38%
19	Engineers India Limited equity	Construction	1.41%	Mar 2024	2.5 yrs	+0.40%
20	Multi Commodity Exchange of India Ltd. equity	Capital Markets	1.41%	Jan 2026	8 mo	-0.11%
21	Hero MotoCorp Limited equity	Automobiles	1.40%	Jun 2025	1.3 yrs	+0.44%
22	Thangamayil Jewellery Limited equity	Consumer Durables	1.39%	Sep 2024	2.0 yrs	+0.06%
23	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.35%	Nov 2024	1.8 yrs	+0.15%
24	Karur Vysya Bank Limited equity	Banks	1.34%	Jan 2023	3.7 yrs	+0.05%
25	FINOLEX CABLES LTD equity	Industrial Products	1.33%	Feb 2026	7 mo	-0.08%
26	Mahindra & Mahindra Financial Serv Ltd. equity	Finance	1.33%	Jul 2026	2 mo	+1.33%
27	PARAS DEFENCE AND SPACE TECHNOLOGIES LTD equity	Aerospace & Defense	1.32%	Jun 2026	3 mo	+1.32%
28	Neuland Laboratories Ltd equity	Pharmaceuticals & Biotechnology	1.31%	Jan 2024	2.7 yrs	+0.19%
29	Kotak Mahindra Bank Limited equity	Banks	1.25%	Jan 2026	8 mo	-0.07%
30	Jubilant Foodworks Limited equity	Leisure Services	1.22%	May 2024	2.3 yrs	+0.24%
31	Max Healthcare Institute Limited equity	Healthcare Services	1.22%	May 2025	1.3 yrs	-0.09%
32	GE Vernova T&D India Limited equity	Electrical Equipment	1.22%	Apr 2023	3.4 yrs	-1.07%
33	Cummins India Limited equity	Industrial Products	1.19%	Aug 2025	1.1 yrs	-0.40%
34	Bharti Airtel Limited equity	Telecom - Services	1.17%	May 2024	2.3 yrs	+0.06%
35	TVS Motor Company Limited equity	Automobiles	1.14%	Mar 2023	3.5 yrs	+0.57%
36	Nippon Life India Asset Management Ltd equity	Capital Markets	1.11%	Jul 2024	2.2 yrs	-0.35%
37	Tech Mahindra Limited equity	IT - Software	1.09%	Mar 2023	3.5 yrs	-0.06%
38	Hindustan Aeronautics Limited equity	Aerospace & Defense	1.05%	May 2025	1.3 yrs	-0.03%
39	UltraTech Cement Limited equity	Cement & Cement Products	1.04%	Feb 2023	3.6 yrs	-0.17%
40	K.P.R. Mill Ltd equity	Textiles & Apparels	1.03%	Feb 2023	3.6 yrs	+0.06%
41	Lenskart Solutions Limited equity	Retailing	1.03%	Apr 2026	5 mo	+0.76%
42	CCL Products (India) Limited equity	Agricultural Food & other Products	1.01%	Mar 2023	3.5 yrs	-0.13%
43	Eicher Motors Limited equity	Automobiles	0.96%	Aug 2025	1.1 yrs	-0.04%
44	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.96%	May 2026	4 mo	-0.01%
45	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.94%	May 2026	4 mo	-0.09%
46	Lupin Limited equity	Pharmaceuticals & Biotechnology	0.92%	Oct 2024	1.9 yrs	-0.74%
47	FSN E-Commerce Ventures Limited equity	Retailing	0.91%	Feb 2026	7 mo	+0.12%
48	City Union Bank Limited equity	Banks	0.91%	Nov 2025	10 mo	+0.03%
49	JSW Steel Limited equity	Ferrous Metals	0.88%	Mar 2026	6 mo	+0.37%
50	VIJAYA DIAGNOSTIC CENTRE LIMITED equity	Healthcare Services	0.87%	May 2026	4 mo	+0.12%
51	Thyrocare Technologies Limited equity	Healthcare Services	0.84%	Aug 2026	1 mo	+0.84%
52	Titan Company Limited equity	Consumer Durables	0.84%	May 2025	1.3 yrs	+0.07%
53	CRAFTSMAN AUTOMATION LIMITED equity	Auto Components	0.81%	Dec 2025	9 mo	+0.05%
54	Siemens Energy India Limited equity	Electrical Equipment	0.79%	May 2026	4 mo	-0.03%
55	RBL Bank Limited equity	Banks	0.77%	Nov 2025	10 mo	-0.04%
56	Mtar Technologies Limited equity	Electrical Equipment	0.77%	Oct 2025	11 mo	-1.17%
57	Aster DM Healthcare Limited equity	Healthcare Services	0.72%	Jul 2025	1.2 yrs	-0.08%
58	Cholamandalam Invest & Finance Co Ltd equity	Finance	0.70%	Aug 2023	3.1 yrs	+0.02%
59	Billionbrains Garage Ventures Ltd. equity	Capital Markets	0.70%	May 2026	4 mo	-0.08%
60	Ratnamani Metals & Tubes Limited equity	Industrial Products	0.70%	Jan 2023	3.7 yrs	-0.08%
61	MphasiS Limited equity	IT - Software	0.69%	Jul 2026	2 mo	+0.69%
62	eClerx Services Limited equity	Commercial Services & Supplies	0.69%	Oct 2023	2.9 yrs	-0.32%
63	Bharat Forge Limited equity	Auto Components	0.68%	Jun 2026	3 mo	+0.68%
64	Kirloskar Oil Engines Ltd equity	Industrial Products	0.66%	Dec 2025	9 mo	-0.04%
65	Maruti Suzuki India Limited equity	Automobiles	0.66%	Nov 2024	1.8 yrs	-0.08%
66	Siemens Limited equity	Electrical Equipment	0.66%	Feb 2023	3.6 yrs	-0.06%
67	NTPC Limited equity	Power	0.65%	Jan 2023	3.7 yrs	-0.24%
68	Delhivery Limited equity	Transport Services	0.65%	Jul 2025	1.2 yrs	-0.09%
69	Hindalco Industries Limited equity	Non - Ferrous Metals	0.65%	Jan 2026	8 mo	-1.12%
70	Senores Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.63%	Dec 2025	9 mo	+0.14%
71	Piramal Finance Ltd equity	Finance	0.63%	Jan 2026	8 mo	+0.02%
72	Sumitomo Chemical India Limited equity	Fertilizers & Agrochemicals	0.61%	Feb 2023	3.6 yrs	-0.06%
73	Motilal Oswal Financial Services equity	Capital Markets	0.60%	May 2025	1.3 yrs	+0.01%
74	POWER MECH PROJECTS LIMITED equity	Construction	0.60%	Feb 2023	3.6 yrs	-0.09%
75	Time Technoplast Limited equity	Industrial Products	0.57%	Jan 2025	1.7 yrs	-0.05%
76	KEI Industries Limited equity	Industrial Products	0.57%	Feb 2023	3.6 yrs	-0.03%
77	Mahindra & Mahindra Limited equity	Automobiles	0.56%	Jan 2023	3.7 yrs	-0.04%
78	HDFC Asset Management Company Limited equity	Capital Markets	0.53%	Sep 2023	3.0 yrs	-0.10%
79	Manipal Health Enterprises Limited equity	Healthcare Services	0.53%	Aug 2026	1 mo	+0.53%
80	Lemon Tree Hotels Limited equity	Leisure Services	0.52%	Feb 2023	3.6 yrs	-0.33%
81	Birla Corporation Limited equity	Cement & Cement Products	0.48%	Jul 2025	1.2 yrs	-0.16%
82	Infosys Limited equity	IT - Software	0.45%	Feb 2023	3.6 yrs	-0.08%
83	BSE Ltd equity	Capital Markets	0.44%	Jan 2026	8 mo	-1.79%
84	Trent Limited equity	Retailing	0.44%	Jun 2026	3 mo	+0.44%
85	BIKAJI FOODS INTERNATIONAL LIMITED equity	Food Products	0.42%	Feb 2025	1.6 yrs	-0.14%
86	Nesco Limited equity	Commercial Services & Supplies	0.42%	Jul 2025	1.2 yrs	-0.13%
87	Bajaj Finance Limited equity	Finance	0.42%	Jul 2026	2 mo	+0.42%
88	Hindustan Unilever Limited equity	Diversified FMCG	0.40%	May 2024	2.3 yrs	-0.72%
89	Indian Bank equity	Banks	0.36%	Jan 2026	8 mo	-0.03%
90	Angel One Limited equity	Capital Markets	0.36%	May 2026	4 mo	-0.13%
91	PTC INDUSTRIES LIMITED equity	Industrial Products	0.34%	Mar 2026	6 mo	+0.05%
92	Bharat Bijlee Ltd. equity	Electrical Equipment	0.34%	Jul 2024	2.2 yrs	-0.12%
93	Thermax Limited equity	Electrical Equipment	0.33%	May 2026	4 mo	-0.19%
94	PERSISTENT SYSTEMS LTD equity	IT - Software	0.33%	Mar 2024	2.5 yrs	-0.03%
95	Marico Limited equity	Agricultural Food & other Products	0.32%	Sep 2024	2.0 yrs	-0.31%
96	Britannia Industries Limited equity	Food Products	0.29%	Sep 2025	1.0 yrs	-0.29%
97	Epigral Limited equity	Chemicals & Petrochemicals	0.28%	Sep 2024	2.0 yrs	-0.08%
98	HCL Technologies Limited equity	IT - Software	0.25%	Aug 2024	2.1 yrs	-0.01%
99	Jyoti Cnc Automation Ltd equity	Industrial Manufacturing	0.25%	Jan 2025	1.7 yrs	+0.08%
100	Godfrey Phillips India Limited equity	Cigarettes & Tobacco Products	0.23%	Jul 2025	1.2 yrs	-0.06%
101	INDO-MIM Limited equity	Industrial Manufacturing	0.19%	Jul 2026	2 mo	+0.19%
102	Housing and Urban Development Corp. Ltd. equity	Finance	0.05%	Feb 2024	2.6 yrs	-0.74%
103	Net Current Assets (including cash & bank balances) cash equivalent	—	-0.74%	Jan 2023	3.7 yrs	+0.05%

Showing 1–103 of 103 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks14.2% · 13.0%

Electrical Equipment10.4% · 5.7%

Pharmaceuticals & Biotechnology8.6% · 5.8%

Industrial Products7.2% · 3.2%

Capital Markets5.1% · 6.5%

Automobiles4.7% · 7.1%

Finance4.7% · 6.2%

Healthcare Services4.2%

share of the book05%10%15%

By market cap, Aug 2026

Large cap34.1%

Mid cap32.0%

Small / micro cap32.1%

Cash & equivalents1.8%

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 34%
Mid cap 32%
Small / micro 32%
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 +4.0 points a year across all of them

8 rolling windows since 2023 · ahead by 4.0 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 8, so the average across all of them is the average win, +4.0 points.

100%

lowest in categoryhighest in category

95th percentile · top decile of 22 funds · category median 49%

windows measured8windows won8average across every window+4.00 pts a year · median +4.02when ahead, by how much+4.00 pts a year over 8 windowsworst window+3.23 pts a year, ended Sep 2026best window+4.78 pts a year, ended Apr 2026non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 8 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 1.59% a year more than Direct

₹1,01,282 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.

1.59 pp a year

costliest in categorycheapest in category

49th percentile · below median of 32 funds · category median 1.58 pp

on ₹1,00,000 over ten years₹1,01,282Direct vs Regular, annualised23.7% vs 22.1%measured over3.58 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 94% of the portfolio a year

+0.02 pts 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.

94% a year

costliest in categorycheapest in category

50th percentile · above median of 28 funds · category median 94%

excess return per unit of turnover+0.02 pts

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 32 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.

32 months

lowest in categoryhighest in category

76th percentile · top quartile of 28 funds · category median 23 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 6.2 points ahead of them

380 positions judged, one disclosure at a time · ahead by 23.4 points when it won, behind by 13.5 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 23.4 points in the 203 positions it won and behind by 13.5 in the 177 it lost, so the average across all 380 is +6.2 points. The worst position was INE721A01013 at the Sep 2024 disclosure, 63.3 points behind.

53%

lowest in categoryhighest in category

59th percentile · above median of 28 funds

positions judged380beat the median stock203average across every position+6.17 pts · median +1.77when ahead, by how much+23.35 pts over 203 positionswhen behind, by how much−13.52 pts over 177 positionsworst position−63.26 pts, INE721A01013 at the Sep 2024 disclosurebest position+97.53 pts, INE146L01010 at the Dec 2023 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

₹6,503 Cr, 70th percentile in category; 76% of growth came from inflows

smaller than 30% of the funds in its category (28 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 2.05%

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.

70th percentile by AUM

largestsmallest

30th percentile · below median of 28 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.05% / 0.81% · category median 2.22%AUM, Aug 2023 → Aug 2026₹1,589 Cr → ₹6,503 Cr (+60% a year)of that change, from flows rather than returns76% net inflows · NAV +73% over the window

Assets under management, ₹ crore, Jan 2023 – Aug 2026

43 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.18% in Feb 2023 → 2.05% 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 headline and record disagree

Run by Venugopal Manghat for 3.6 yrs

with Mahesh Chhabria, 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.

3.6 yrs · Venugopal Manghat

newest teamlongest-serving

87th percentile · top quartile of 13 funds · category median 1.8 yrs

running it nowVenugopal Manghat (since Jan 2023), Mahesh Chhabria (since Feb 2025), Mayank Chaturvedi (since Oct 2025)share of the fund's life under the longest-serving current manager100%changes of hands in the archive6 — 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
Venugopal Manghat	equity portion	Jan 2023*	now	24.0% vs 20.2% p.a. (+3.77 pp)	100% of 6
Mahesh Chhabria	debt portion	Jan 2025*	now	4.6% vs 5.3% p.a. (−0.72 pp)	—
Mayank Chaturvedi	overseas investments	Sep 2025	now	9.7% vs 9.2% (+0.48 pp)	—
Kapil Lal Punjabi	debt portion	Jan 2023*	Jan 2024	57.1% vs 43.5% (+13.68 pp)	—
Neelotpal Sahai	equity portion	Sep 2023*	Feb 2024	29.3% vs 18.8% (+10.53 pp)	—
Sonal Gupta	overseas investments	Sep 2023*	Aug 2025	22.9% vs 18.6% p.a. (+4.23 pp)	—
Kapil Punjabi	debt portion	Feb 2024*	Dec 2024	23.6% vs 20.6% (+3.08 pp)	—
Gautam Bhupal	equity portion	Mar 2024*	Mar 2025	6.0% vs 8.2% p.a. (−2.16 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 3.6 years, against a 5-year figure on display. Mayank Chaturvedi joined roughly 1.0 years ago. A record earned under different people is not evidence about these ones.

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. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

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

NAV sits 0.6 bp from its disclosed portfolio, but the replication is noisy

What this means. 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.

Latest gap beyond expense accrual

−0.6 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

5noisy

30 Jun 2026 +13 bp · 31 Aug 2026 +10 bp · 28 Jul 2026 +8.6 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 25 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct HSBC Multi Cap Fund - Direct - Growth	growth	₹21.23	21 Sep 2026
direct HSBC Multi Cap Fund - Direct - IDCW	idcw	₹20.50	21 Sep 2026
regular HSBC Multi Cap Fund - Regular - Growth	growth	₹20.24	21 Sep 2026
regular HSBC Multi Cap Fund - Regular - IDCW	idcw	₹16.64	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹21.23
Regular growth NAV: ₹20.24
NAV divergence to date: 4.9% — same portfolio, priced differently
Regular costs more by: 1.59% a year
On ₹1,00,000 over ten years: ₹1,01,282

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

Compare with

same category, by size

Nippon India Multi Cap Fund Kotak Multi Cap Fund SBI MultiCap Fund HDFC Multi Cap Fund pick any fund…