HDFC Small Cap Fund

(An open ended equity scheme predominantly investing in small cap stocks)

May 2024

AUM
April 2024

INR 29,685.32 Cr.

Investment Objective
To provide long-term capital appreciation /income by investing predominantly in Small-Cap companies. There is no assurance
that the investment objective of the Scheme will be realized.

HDFC Small Cap Fund: Investment Strategy

 Focus on quality companies, with sound financial strength and reasonable return on equity
 Invest at sensible valuations in companies trading at reasonable multiples (P/E, P/B, EV/EBITDA etc.)
 Aim to minimize mistakes by investing in companies with sustainable and understandable business models, with good
management quality
 Sector Allocation is primarily a function of stock selection
 Portfolio to be invested between 90-100%, as far as possible

Top 10 Equity Holdings (as on 30th April, 2024)

Company Industry* % to
NAV
Firstsource Solutions Ltd. Commercial Services & Supplies 4.19
Bank of Baroda Banks 4.06
Sonata Software Ltd. IT - Software 3.30
eClerx Services Limited Commercial Services & Supplies 2.96
Aster DM Healthcare Limited Healthcare Services 2.44
Great Eastern Shipping Company Ltd. Transport Services 2.33
Power Mech Projects Ltd. Construction 2.05
Equitas Small Finance Bank Ltd Banks 1.98
Bajaj Electricals Ltd. Consumer Durables 1.97
PNC Infratech Ltd. Construction 1.96
* Industry classification as recommended by AMFI. For complete portfolio details please refer to the website www.hdfcfund.com

Top 10 Sectoral Trend (as on 30th April, 2024) Quantitative Data (Risk Ratios)
% to NAV
Industry Standard Deviation 15.733%
Nov Dec Jan Feb Mar Apr
23 23 24 24 24 24
Beta 0.839
Services 15.1 14.8 14.8 14.6 15.1 15.3
Financial Services 12.3 12.8 12.5 12.8 12.4 12.5 Sharpe Ratio* 1.425
Capital Goods 12.2 11.0 10.3 10.1 10.7 11.0
Healthcare 11.3 11.0 11.2 11.7 11.2 10.7 Computed for the 3 - year period ended d April 30,
2024. Based on month end NAV.* Risk free Rate: 6.75%
Construction 5.5 5.5 6.1 6.1 6.8 7.1 (Source: FIMMDA MIBOR)
Automobile and Auto Components 6.6 6.5 6.2 5.8 5.9 6.6
Consumer Durables 6.6 6.1 6.3 6.0 5.7 6.0 Portfolio Turnover Ratio
Information Technology 5.1 5.2 5.0 5.3 5.4 4.4
Chemicals 2.8 3.0 2.6 2.7 2.8 3.2 Portfolio Turnover Ratio
Fast Moving Consumer Goods 3.3 3.3 3.4 3.1 3.2 3.1 (Last 1 Year) : 10.80%

Market Cap Segment wise Exposure

Nov 2023 Dec 2023 Jan 2024 Feb 2024 Mar 2024 Apr 2024
Large Cap 3.3% 3.7% 3.7% 4.7% 5.0% 4.9%
Mid Cap 8.0% 7.9% 7.7% 7.7% 7.9% 7.9%
Small Cap 81.3% 79.2% 78.7% 77.0% 77.9% 78.5%
% of Net Assets (As per AMFI classification as on December 2023)

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 HDFC Small Cap Fund
(An open ended equity scheme predominantly investing in small cap stocks)

May 2024

Fund Facts
Category of Scheme Small Cap Fund
Fund Manager* Chirag Setalvad (since June 28, 2014)
Inception Date April 3, 2008
Benchmark S&P BSE 250 SmallCap (Total Returns Index)
Investment Regular Plan, Direct Plan. Under Each Plan: Growth & Income Distribution cum Capital Withdrawal (IDCW) Option. The IDCW
Plans / Options Option offers following Sub-Options: Payout of Income Distribution cum Capital Withdrawal (IDCW) Option; and Reinvestment of
Income Distribution cum Capital Withdrawal (IDCW) Option.
• In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed / switched-out within 1
Exit Load year from the date of allotment.
• No Exit Load is payable if Units are redeemed / switchedout after 1 year from the date of allotment.
*Dedicated fund manager for overseas investments : Mr. Dhruv Muchhal (since June 22, 2023)

What's In What's Out (30th April, 2024 vs 31st March 2024)

Entry Exit
Company Name Industry Company Name Industry
Angel One Ltd. Capital Markets Procter & Gamble Health Ltd. Pharmaceuticals & Biotechnology
(Erstwhile Angel Broking Ltd.)

Increased Decreased
Company Name Industry Company Name Industry
CIE Automotive India Ltd. Auto Components Sonata Software Ltd. IT - Software
Blue Dart Express Ltd. Transport Services Shaily Engineering Plastics Ltd. Industrial Products
G R Infraprojects Ltd. Construction IDFC Ltd. Finance
Zensar Technologies Ltd. IT - Software BEML Ltd. Agricultural, Commercial &
Aster DM Healthcare Ltd. Healthcare Services Construction Vehicles

Cyient Ltd. IT - Services Nilkamal Ltd. Consumer Durables

VRL Logistics Ltd. Transport Services Voltamp Transformers Ltd. Electrical Equipment

Bajaj Electricals Ltd. Consumer Durables The Great Eastern Shipping Transport Services
Company Ltd.
Eris Lifesciences Ltd. Pharmaceuticals & Biotechnology
The Federal Bank Ltd. Banks
La Opala RG Ltd. Consumer Durables
Oriental Carbon & Chemicals Ltd. Chemicals & Petrochemicals
Shoppers Stop Ltd. Retailing
Suprajit Engineering Ltd. Auto Components
Chalet Hotels Ltd. Leisure Services
First Source Solutions Ltd. Commercial Services & Supplies
Aditya Vision Ltd. Commercial Services & Supplies
PVR INOX Ltd. Entertainment
eClerx Services Ltd. Commercial Services & Supplies
IFGL Refractories Ltd. Industrial Products
Safari Industries (India) Ltd. Consumer Durables
Vesuvius India Ltd. Industrial Products
Sudarshan Chemical Industries Ltd. Chemicals & Petrochemicals
Transport Corporation Of India Ltd. Transport Services
L G Balakrishnan & Bros Ltd. Auto Components

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 HDFC Small Cap Fund
(An open ended equity scheme predominantly investing in small cap stocks)

May 2024

Product Labelling

This product is suitable for investors who are seeking* Riskometer#

Modera
 To generate long term capital appreciation/income oderate High tely
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w t erate Hi

Mo Lo
Investment predominantly in Small-Cap companies

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

Very
Low

High
RISKOMETER
*Investors should consult their financial advisers, if in doubt about whether the product is suitable for them. Investors understand that their principal will be at
very high risk
# For latest Riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
Stocks/Sectors referred should not be construed as an investment advice or a recommendation by HDFC Mutual Fund (“the Fund”) / HDFC
AMC to buy or sell the stock or any other security covered under the respective sector/s. The Fund may or may not have any present or future
positions in these stocks/sectors.

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MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.