HDFC Manufacturing Fund Direct Growth
HDFC Manufacturing Fund Direct Growth is a thematic equity fund from HDFC Mutual Fund, launched in May 2024. Foliyo’s research tags it Emerging.
- NAV (30 October 2026)
- ₹11.33
- Fund size
- ₹10,280 Cr
- Expense ratio
- 0.95%
- 1-year return
- −1.0%
−1.0%in 1 year+12.1%since May 2024 · 4.7% a yearWhy hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
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Foliyo’s view: Emerging
Emerging A promising young fund: ranks 37 of 103 in Equity - Other.
Why it is tagged Emerging
Foliyo’s Research Desk tags a fund Emerging when it is under 3 years old and its first year is among the strongest in its category, judged against every peer’s last year over the same months on 1-year return (25% of the weight), how often it stayed ahead of the peer median (15%), Sharpe ratio (15%), worst fall (10%), downside capture (10%) and expense ratio (15%). HDFC Manufacturing Fund ranks 37 of 103 in Equity - Other, 2.4 years after launch. An Emerging tag says the start is strong; it becomes a Leader, Strong, Steady or Laggard call once the fund has a 3-year record.
Pros
- Ahead of the peer median in 81.6% of rolling 1-year periods (weekly, last 3 years)
- Expense ratio 0.95% vs peer median 1.16%
Cons
- Downside capture (1Y) 93
Against similar funds
Figures from the review of 23 October 2026, against the median of the 103 funds in Equity - Other. Green means better than the median.
- 1-year return
- −2.0% +1.2 pts median −3.3%
- Expense ratio
- 0.95% −0.21 pts median 1.16%
- Cash
- 0.7% median 3.2%
- Fund size
- ₹10,280 Cr median ₹1,495 Cr
Returns
Direct Growth plan, to 30 October 2026.
| Period | Fund | Category average |
|---|---|---|
| 1 month | −4.8% | — |
| 3 months | −5.0% | — |
| 6 months | −0.7% | — |
| 1 year | −1.0% | — |
| Since launch (a year) | 4.7% | — |
Portfolio
Portfolio as of 30 September 2026: 93 holdings, price to earnings 29.4, price to book 3.7.
Asset allocation
- Equity 99.3%
- Cash & equivalents 0.7%
Market cap split
- Large cap 49.8%
- Small cap 33.4%
- Mid cap 14.7%
- Other 2.1%
Top sectors
- Consumer Cyclical 27.1%
- Industrials 26.0%
- Healthcare 16.6%
- Basic Materials 13.1%
- Energy 8.0%
- Technology 5.7%
- Consumer Defensive 1.3%
- Other 2.1%
Top 10 holdings
- Divi's Laboratories Ltd, Healthcare: 6.01%
- Reliance Industries Ltd, Energy: 4.50%
- Mahindra & Mahindra Ltd, Consumer Cyclical: 3.50%
- Maruti Suzuki India Ltd, Consumer Cyclical: 3.33%
- JSW Steel Ltd, Basic Materials: 3.29%
- Tata Motors Ltd, Consumer Cyclical: 2.87%
- Bharat Electronics Ltd, Industrials: 2.42%
- Hindustan Aeronautics Ltd Ordinary Shares, Industrials: 2.38%
- Bajaj Auto Ltd, Consumer Cyclical: 2.22%
- Cummins India Ltd, Industrials: 2.06%
Fund managers
- Dhruv MuchhalSince 16 May 2024
- Rakesh Sethia (lead)Since 16 May 2024
Investment objective
Main Objective of the Scheme is to provide long-term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in manufacturing activity.
Fund details
| Category | Equity - Other |
|---|---|
| Fund house | HDFC Mutual Fund |
| Launch date | 16 May 2024 |
| Benchmark | Nifty India Manufacturing TR INR |
| Riskometer | Very High Risk |
| Expense ratio | 0.95% (September 2026) |
| Exit load | In respect of each purchase/switch-in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 month from the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 month from the date of allotment |
| ISIN (Direct Growth) | INF179KC1II1 |
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
What is the NAV of HDFC Manufacturing Fund Direct Growth today?
The NAV of HDFC Manufacturing Fund Direct Growth was ₹11.3300 on 30 October 2026.
Why does Foliyo tag HDFC Manufacturing Fund as Emerging?
Foliyo’s Research Desk tags a fund Emerging when it is under 3 years old and its first year is among the strongest in its category, judged against every peer’s last year over the same months on 1-year return (25% of the weight), how often it stayed ahead of the peer median (15%), Sharpe ratio (15%), worst fall (10%), downside capture (10%) and expense ratio (15%). HDFC Manufacturing Fund ranks 37 of 103 in Equity - Other, 2.4 years after launch. An Emerging tag says the start is strong; it becomes a Leader, Strong, Steady or Laggard call once the fund has a 3-year record.
What is the expense ratio of HDFC Manufacturing Fund Direct Growth?
0.95% a year, as disclosed for September 2026, against a median of 1.16% for similar funds.
What is the fund size (AUM) of HDFC Manufacturing Fund?
₹10,280 Cr as of 30 September 2026.
What returns has HDFC Manufacturing Fund Direct Growth given?
−1.0% over the last year and 4.7% a year since launch, to 30 October 2026. Past returns don’t say what it will return next.
Who manages HDFC Manufacturing Fund?
Dhruv Muchhal, Rakesh Sethia (lead).
What is the exit load of HDFC Manufacturing Fund?
In respect of each purchase/switch-in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 month from the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 month from the date of allotment
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research