HDFC Infrastructure Fund - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Equity Holding : 91.58% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 91.58%

No of Stocks : 55 (Category Avg - 44.32) | Large Cap Investments : 42.04%| Mid Cap Investments : 8.13% | Small Cap Investments : 22.41% | Other : 19%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	55	43.32
Top 5 Stock Weight	24.98%	32.47%
Top 10 Stock Weight	39.89%	49.62%
Top 3 Sector Weight	38.31%	43.58%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	87561.72	73233.13
Holdings in large cap stocks	42.04%	37.64%
Holdings in mid cap stocks	8.13%	14.46%
Holdings in small cap stocks	22.41%	12.73%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity
# Larsen & Toubro Ltd.	Civil construction	1546.5	6.15%	0.00%	5.92% (Oct 2025)	4.83% (Dec 2024)	3.80 L
# ICICI Bank Ltd.	Private sector bank	1527.7	6.08%	0.00%	7.75% (Apr 2025)	5.72% (Oct 2025)	11.00 L
# HDFC Bank Ltd.	Private sector bank	1410.6	5.61%	0.00%	5.76% (Feb 2025)	5.03% (Dec 2024)	14.00 L
# Kalpataru Power Transmission Ltd.	Civil construction	909.7	3.62%	0.00%	3.99% (Dec 2024)	3.08% (Apr 2025)	7.58 L
# InterGlobe Aviation Ltd.	Airline	885.2	3.52%	0.00%	3.49% (Jul 2025)	2.63% (Nov 2024)	1.50 L
# J. Kumar Infraprojects Ltd	Civil construction	820.3	3.26%	0.00%	4.72% (Jan 2025)	3.48% (Aug 2025)	14.00 L
# Reliance Industries Ltd.	Refineries & marketing	783.8	3.12%	0.00%	2.94% (Apr 2025)	2.47% (Dec 2024)	5.00 L
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	735.6	2.93%	0.00%	2.78% (Oct 2025)	2.56% (May 2025)	3.50 L
# National Thermal Power Corporation Ltd.	Power generation	718.2	2.86%	0.00%	3.38% (Mar 2025)	2.82% (Dec 2024)	22.00 L
# State Bank Of India	Public sector bank	689.6	2.74%	0.00%	2.55% (Oct 2025)	2.21% (Jul 2025)	7.04 L

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 30th Nov,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
# Larsen & Toubro Ltd.	Civil construction	19.23	1546.5	6.15%	0.00%	5.92% (Oct 2025)	4.83% (Dec 2024)	3.80 L	0.00	Large Cap	42.04
# ICICI Bank Ltd.	Private sector bank	14.23	1527.7	6.08%	0.00%	7.75% (Apr 2025)	5.72% (Oct 2025)	11.00 L	0.00	Large Cap	42.04
# HDFC Bank Ltd.	Private sector bank	14.23	1410.6	5.61%	0.00%	5.76% (Feb 2025)	5.03% (Dec 2024)	14.00 L	0.00	Other	19
# Kalpataru Power Transmission Ltd.	Civil construction	19.23	909.7	3.62%	0.00%	3.99% (Dec 2024)	3.08% (Apr 2025)	7.58 L	0.00	Small Cap	22.41
# InterGlobe Aviation Ltd.	Airline	3.52	885.2	3.52%	0.00%	3.49% (Jul 2025)	2.63% (Nov 2024)	1.50 L	0.00	Large Cap	42.04
# J. Kumar Infraprojects Ltd	Civil construction	19.23	820.3	3.26%	0.00%	4.72% (Jan 2025)	3.48% (Aug 2025)	14.00 L	0.00	Small Cap	22.41
# Reliance Industries Ltd.	Refineries & marketing	4.83	783.8	3.12%	0.00%	2.94% (Apr 2025)	2.47% (Dec 2024)	5.00 L	0.00	Large Cap	42.04
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.93	735.6	2.93%	0.00%	2.78% (Oct 2025)	2.56% (May 2025)	3.50 L	0.00	Large Cap	42.04
# National Thermal Power Corporation Ltd.	Power generation	2.86	718.2	2.86%	0.00%	3.38% (Mar 2025)	2.82% (Dec 2024)	22.00 L	0.00	Large Cap	42.04
# State Bank Of India	Public sector bank	2.97	689.6	2.74%	0.00%	2.55% (Oct 2025)	2.21% (Jul 2025)	7.04 L	0.00	Large Cap	42.04
# Axis Bank Ltd.	Private sector bank	14.23	639.9	2.54%	0.00%	2.48% (Apr 2025)	2.1% (Jul 2025)	5.00 L	0.00	Large Cap	42.04
# Ambuja Cements Ltd.	Cement & cement products	4.85	550.2	2.19%	0.00%	2.26% (Sep 2025)	1.92% (Nov 2024)	10.00 L	0.00	Large Cap	42.04
# Coal India Ltd.	Coal	2.09	526.6	2.09%	0.00%	2.98% (Feb 2025)	2.07% (Jul 2025)	14.00 L	0.00	Large Cap	42.04
# G R Infraprojects Ltd.	Civil construction	19.23	505.2	2.01%	0.00%	3.08% (Nov 2024)	2.04% (Apr 2025)	4.70 L	0.00	Other	19
# TD Power Systems Ltd.	Heavy electrical equipment	3.45	466.2	1.85%	0.00%	1.85% (May 2025)	1.21% (Aug 2025)	6.00 L	0.00	Other	19
# Adani Ports And Special Economic Zone Ltd.	Port & port services	3.07	455.1	1.81%	0.00%	1.97% (May 2025)	0% (Nov 2024)	3.00 L	0.00	Large Cap	42.04
# Apollo Hospitals Enterprises Ltd.	Hospital	1.75	440.1	1.75%	0.00%	1.84% (Aug 2025)	1.63% (May 2025)	60.00 k	0.00	Mid Cap	8.13
# Power Grid Corporation of India Ltd.	Power - transmission	1.72	431.9	1.72%	0.00%	1.93% (Apr 2025)	1% (Dec 2024)	16.00 L	0.00	Large Cap	42.04
# Bharat Petroleum Corporation Ltd.	Refineries & marketing	4.83	430.9	1.71%	0.00%	1.66% (Oct 2025)	0.94% (Nov 2024)	12.00 L	0.00	Large Cap	42.04
# Tata Steel Ltd.	Iron & steel products	1.67	419.9	1.67%	0.00%	1.77% (Oct 2025)	1.12% (Dec 2024)	25.00 L	0.00	Other	19
# Escorts Ltd.	Tractors	1.59	400.6	1.59%	0.00%	1.54% (Oct 2025)	1% (Nov 2024)	1.05 L	0.00	Small Cap	22.41
# Birla Corporation Ltd.	Cement & cement products	4.85	392	1.56%	0.00%	1.6% (Oct 2025)	1.25% (Apr 2025)	3.50 L	0.00	Small Cap	22.41
# Hindustan Aeronautics Ltd.	Aerospace & defense	2.27	363.4	1.45%	0.00%	1.57% (May 2025)	1.17% (Feb 2025)	80.00 k	0.00	Other	19
# NCC Ltd.	Civil construction	19.23	360	1.43%	0.00%	1.99% (Nov 2024)	1.33% (Feb 2025)	21.00 L	1.00 L	Small Cap	22.41
# Hindalco Industries Ltd.	Aluminium	1.38	347	1.38%	0.00%	1.41% (Oct 2025)	0.86% (Dec 2024)	4.29 L	0.00	Large Cap	42.04
# Delhivery Ltd.	Logistics solution provider	3.2	341	1.36%	0.00%	1.51% (Aug 2025)	0.88% (Mar 2025)	8.00 L	0.00	Other	19
# Indraprastha Gas Ltd.	Lpg/cng/png/lng supplier	1.27	319	1.27%	0.00%	1.44% (Feb 2025)	1.05% (Nov 2024)	16.00 L	0.00	Mid Cap	8.13
# Gujarat Pipavav Port Ltd.	Port & port services	3.07	316.1	1.26%	0.00%	1.33% (Nov 2024)	0.98% (Apr 2025)	17.69 L	0.00	Small Cap	22.41
# Paradeep Phosphates Ltd.	Fertilizers	1.26	317.2	1.26%	0.00%	2.59% (Apr 2025)	1.29% (Oct 2025)	20.00 L	0.00	Other	19
# Indus Towers Ltd.	Telecom - infrastructure	1.2	300.8	1.20%	0.00%	1.28% (Apr 2025)	0% (Nov 2024)	7.50 L	0.00	Large Cap	42.04
# Blue Dart Express Ltd.	Logistics solution provider	3.2	286	1.14%	0.00%	1.27% (Oct 2025)	0.74% (Jun 2025)	50.00 k	0.00	Small Cap	22.41
# Associated Cement Companies Ltd.	Cement & cement products	4.85	277.6	1.10%	0.00%	1.34% (Nov 2024)	1.06% (Jul 2025)	1.50 L	0.00	Mid Cap	8.13
# AIA Engineering Ltd.	Castings & forgings	1.04	262	1.04%	0.00%	0.93% (Jan 2025)	0.73% (Jul 2025)	67.84 k	0.00	Mid Cap	8.13
# Power Finance Corporation Ltd.	Financial institution	1.01	253.9	1.01%	0.00%	1.39% (Nov 2024)	1.07% (Aug 2025)	7.00 L	0.00	Mid Cap	8.13
# Ashoka Buildcon Ltd.	Civil construction	19.23	237	0.94%	0.00%	1.68% (Dec 2024)	0.93% (Aug 2025)	13.33 L	0.00	Small Cap	22.41
# Centum Electronics Ltd	Industrial products	2.22	235	0.93%	0.00%	1.1% (Aug 2025)	0.32% (Feb 2025)	99.41 k	0.00	Small Cap	22.41
# Gujarat State Petronet Ltd.	Gas transmission/marketing	0.91	230	0.91%	0.00%	1.18% (Jan 2025)	0.93% (Aug 2025)	8.00 L	0.00	Mid Cap	8.13
# Can Fin Homes Ltd.	Housing finance company	1.55	211.1	0.84%	0.00%	0.8% (Oct 2025)	0.65% (Feb 2025)	2.39 L	0.00	Small Cap	22.41
# Bharat Electronics Ltd.	Aerospace & defense	2.27	205.9	0.82%	0.00%	0.82% (Oct 2025)	0.58% (Feb 2025)	5.00 L	0.00	Mid Cap	8.13
# Inox Wind Ltd.	Heavy electrical equipment	3.45	200.4	0.80%	0.00%	1.84% (Nov 2024)	0.83% (Sep 2025)	14.90 L	0.00	Small Cap	22.41
# Voltamp Transformers Ltd.	Heavy electrical equipment	3.45	201.4	0.80%	0.00%	0.91% (Jun 2025)	0.41% (Nov 2024)	24.68 k	0.00	Small Cap	22.41
# Titagarh Rail Systems Ltd.	Railway wagons	0.72	181.9	0.72%	0.00%	0.96% (Jan 2025)	0.69% (Apr 2025)	2.20 L	0.00	Small Cap	22.41
# Repco Home Finance Ltd.	Housing finance company	1.55	178.7	0.71%	0.00%	0.85% (Nov 2024)	0.6% (Aug 2025)	4.28 L	0.00	Small Cap	22.41
# Gateway Rail Freight Ltd.	Logistics solution provider	3.2	176.5	0.70%	0.00%	0.99% (Nov 2024)	0.73% (Sep 2025)	30.00 L	0.00	Other	19
# Afcons Infrastructure Ltd.	Civil construction	19.23	173.8	0.69%	0.00%	0.95% (Dec 2024)	0.63% (Jul 2025)	4.30 L	30.00 k	Other	19
# Ceigall India Ltd.	Civil construction	19.23	169.5	0.67%	0.00%	0.96% (Dec 2024)	0.68% (Oct 2025)	7.00 L	0.00	Other	19
# Dynamatic Technologies Ltd.	Industrial products	2.22	166.5	0.66%	0.00%	0.62% (Dec 2024)	0.47% (Jul 2025)	18.00 k	0.00	Small Cap	22.41
# Indian Energy Exchange Ltd.	Exchange and data platform	0.66	167.2	0.66%	0.00%	0.68% (Aug 2025)	0% (Nov 2024)	12.00 L	0.00	Small Cap	22.41
# Premier Explosives Ltd.	Explosives	0.63	159.1	0.63%	0.00%	1.59% (Dec 2024)	0.61% (Aug 2025)	3.00 L	0.00	Other	19
# The Anup Engineering Ltd.	Industrial products	2.22	158.2	0.63%	0.00%	1.45% (Nov 2024)	0.62% (Aug 2025)	70.00 k	0.00	Other	19
# Timken India Ltd.	Abrasives & bearings	0.63	157.7	0.63%	0.00%	0.68% (Nov 2024)	0.51% (Apr 2025)	50.00 k	0.00	Small Cap	22.41
# IKIO Lighting Ltd.	Consumer electronics	0.47	118.3	0.47%	0.00%	0.67% (Nov 2024)	0.49% (Jul 2025)	6.25 L	0.00	Other	19
# Ahluwalia Contracts (India) Ltd.	Civil construction	19.23	114.8	0.46%	0.00%	0.46% (Sep 2025)	0% (Nov 2024)	1.15 L	0.00	Small Cap	22.41
# Tamil Nadu Newsprint & Papers Ltd.	Paper & paper products	0.4	100.8	0.40%	0.00%	0.53% (Dec 2024)	0.38% (Mar 2025)	7.00 L	0.00	Small Cap	22.41
# Indian Bank	Public sector bank	2.97	59.1	0.23%	0.00%	0.23% (Oct 2025)	0.15% (Dec 2024)	67.86 k	0.00	Mid Cap	8.13

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No new entrants in the portfolio in the last month.

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No complete exits in the portfolio in the last month.

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
ICICI Bank Ltd.	6.08%	5.72%	5.88%	7.32%	7.58%	7.25%	7.40%	7.75%	7.53%	7.44%	6.96%	6.76%	6.77%
Larsen & Toubro Ltd.	6.15%	5.92%	5.51%	5.51%	5.44%	5.38%	5.50%	5.31%	5.70%	5.71%	5.33%	4.83%	4.92%
HDFC Bank Ltd.	5.61%	5.35%	5.28%	5.36%	5.56%	5.41%	5.36%	5.63%	5.49%	5.76%	5.08%	5.03%	5.04%
J. Kumar Infraprojects Ltd	3.26%	3.57%	3.54%	3.48%	3.88%	3.90%	4.04%	3.92%	3.95%	4.64%	4.72%	4.64%	4.53%
Kalpataru Power Transmission Ltd.	3.62%	3.68%	3.77%	3.81%	3.43%	3.59%	3.40%	3.08%	3.17%	3.17%	3.43%	3.99%	3.20%
InterGlobe Aviation Ltd.	3.52%	3.26%	3.33%	3.41%	3.49%	3.46%	3.15%	3.29%	3.29%	3.19%	2.77%	2.77%	2.63%
National Thermal Power Corporation Ltd.	2.86%	2.87%	2.97%	2.90%	2.90%	2.84%	2.89%	3.26%	3.38%	3.26%	3.04%	2.82%	3.04%
Reliance Industries Ltd.	3.12%	2.87%	2.70%	2.73%	2.74%	2.90%	2.80%	2.94%	2.74%	2.85%	2.70%	2.47%	2.59%
Bharti Airtel Ltd.	2.93%	2.78%	2.61%	2.66%	2.64%	2.71%	2.56%	2.73%	2.60%	2.61%	2.78%	2.58%	2.61%
Coal India Ltd.	2.09%	2.10%	2.16%	2.11%	2.07%	2.12%	2.19%	2.25%	2.91%	2.98%	2.87%	2.65%	2.84%
State Bank Of India	2.74%	2.55%	2.44%	2.28%	2.21%	2.23%	2.25%	2.32%	2.33%	2.30%	2.33%	2.27%	2.37%
G R Infraprojects Ltd.	2.01%	2.12%	2.28%	2.37%	2.25%	2.39%	2.37%	2.04%	2.10%	2.24%	2.57%	2.80%	3.08%
Axis Bank Ltd.	2.54%	2.38%	2.24%	2.10%	2.10%	2.31%	2.35%	2.48%	2.37%	2.41%	2.11%	2.16%	2.28%
Ambuja Cements Ltd.	2.19%	2.19%	2.26%	2.04%	2.10%	2.01%	1.96%	2.03%	2.08%	1.99%	1.97%	1.96%	1.92%
Paradeep Phosphates Ltd.	1.26%	1.29%	1.55%	1.75%	2.04%	2.32%	2.58%	2.59%	2.09%	1.94%	2.26%	2.10%	2.09%