HSBC 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.

Portfolio Turnover Ratio : 17.00%. Category average turnover ratio is 153.01%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 98.21% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.21%

No of Stocks : 52 (Category Avg - 44.44) | Large Cap Investments : 41.92%| Mid Cap Investments : 15.65% | Small Cap Investments : 23.38% | Other : 17.26%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	52	43.41
Top 5 Stock Weight	39.49%	32.46%
Top 10 Stock Weight	54.14%	49.59%
Top 3 Sector Weight	35.7%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	104117.61	72450.77
Holdings in large cap stocks	41.92%	37.14%
Holdings in mid cap stocks	15.65%	14.47%
Holdings in small cap stocks	23.38%	13.1%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2191.3	9.24%	0.58%	9.24% (Oct 2025)	6.56% (Nov 2024)	10.67 L	0.00
National Thermal Power Corporation Ltd.	Power generation	1975.7	8.33%	-0.29%	9.41% (Mar 2025)	7.15% (Dec 2024)	58.64 L	0.00
Bharat Electronics Ltd.	Aerospace & defense	1965.9	8.29%	-0.29%	8.58% (Sep 2025)	6.6% (Dec 2024)	46.14 L	-3.00 L
Larsen & Toubro Ltd.	Civil construction	1661.1	7.00%	0.49%	7.33% (Feb 2025)	6.35% (Jun 2025)	4.12 L	0.00
Reliance Industries Ltd.	Refineries & marketing	1571.7	6.63%	0.40%	6.63% (Oct 2025)	4.27% (Dec 2024)	10.57 L	0.00
Ultratech Cement Ltd.	Cement & cement products	943.8	3.98%	-0.71%	4.93% (Aug 2025)	3.85% (Nov 2024)	79.00 k	-9.90 k
Hindustan Aeronautics Ltd.	Aerospace & defense	840.5	3.54%	-0.14%	3.68% (Sep 2025)	0% (Nov 2024)	1.80 L	0.00
Power Finance Corporation Ltd.	Financial institution	600.4	2.53%	-0.11%	2.85% (Nov 2024)	2.48% (Aug 2025)	14.89 L	0.00
Aditya Birla Real Estate Ltd.	Paper & paper products	592.3	2.50%	0.20%	4.03% (Nov 2024)	2.3% (Sep 2025)	3.16 L	0.00
- GE T&D India Ltd.	Heavy electrical equipment	498.1	2.10%	0.00%	2.1% (Oct 2025)	1.1% (Feb 2025)	1.64 L	0.00

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

View complete holding

Complete equity Portfolio (as on 31st Oct,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
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	9.24	2191.3	9.24%	0.58%	9.24% (Oct 2025)	6.56% (Nov 2024)	10.67 L	0.00	Large Cap	41.92
National Thermal Power Corporation Ltd.	Power generation	9.7	1975.7	8.33%	-0.29%	9.41% (Mar 2025)	7.15% (Dec 2024)	58.64 L	0.00	Large Cap	41.92
Bharat Electronics Ltd.	Aerospace & defense	13.1	1965.9	8.29%	-0.29%	8.58% (Sep 2025)	6.6% (Dec 2024)	46.14 L	-3.00 L	Mid Cap	15.65
Larsen & Toubro Ltd.	Civil construction	11.02	1661.1	7.00%	0.49%	7.33% (Feb 2025)	6.35% (Jun 2025)	4.12 L	0.00	Large Cap	41.92
Reliance Industries Ltd.	Refineries & marketing	7.9	1571.7	6.63%	0.40%	6.63% (Oct 2025)	4.27% (Dec 2024)	10.57 L	0.00	Large Cap	41.92
Ultratech Cement Ltd.	Cement & cement products	3.98	943.8	3.98%	-0.71%	4.93% (Aug 2025)	3.85% (Nov 2024)	79.00 k	-9.90 k	Large Cap	41.92
Hindustan Aeronautics Ltd.	Aerospace & defense	13.1	840.5	3.54%	-0.14%	3.68% (Sep 2025)	0% (Nov 2024)	1.80 L	0.00	Other	17.26
Power Finance Corporation Ltd.	Financial institution	2.53	600.4	2.53%	-0.11%	2.85% (Nov 2024)	2.48% (Aug 2025)	14.89 L	0.00	Mid Cap	15.65
Aditya Birla Real Estate Ltd.	Paper & paper products	2.5	592.3	2.50%	0.20%	4.03% (Nov 2024)	2.3% (Sep 2025)	3.16 L	0.00	Mid Cap	15.65
- GE T&D India Ltd.	Heavy electrical equipment	11.58	498.1	2.10%	0.00%	2.1% (Oct 2025)	1.1% (Feb 2025)	1.64 L	0.00	Small Cap	23.38
Dixon Technologies (India) Ltd.	Consumer electronics	2.22	472.6	1.99%	-0.54%	3.05% (Dec 2024)	1.99% (Oct 2025)	30.50 k	-5.31 k	Other	17.26
ABB India Ltd.	Heavy electrical equipment	11.58	470.1	1.98%	-0.04%	2.58% (Nov 2024)	1.98% (Aug 2025)	90.05 k	0.00	Large Cap	41.92
KEI Industries Ltd.	Cables - electricals	3.91	445.5	1.88%	-0.06%	2.16% (Dec 2024)	1.43% (Mar 2025)	1.11 L	0.00	Small Cap	23.38
Hindalco Industries Ltd.	Aluminium	1.8	426.6	1.80%	0.14%	1.8% (Oct 2025)	1.21% (Dec 2024)	5.03 L	0.00	Large Cap	41.92
Titagarh Rail Systems Ltd.	Railway wagons	1.71	405.3	1.71%	0.63%	1.71% (Oct 2025)	0.95% (Apr 2025)	4.58 L	1.72 L	Small Cap	23.38
Amber Enterprises India Ltd.	Household appliances	1.69	401.8	1.69%	-0.06%	2.09% (Jul 2025)	1.45% (Nov 2024)	50.00 k	0.00	Small Cap	23.38
KEC International Ltd.	Heavy electrical equipment	11.58	388.9	1.64%	-0.15%	2.27% (Dec 2024)	1.48% (Apr 2025)	4.76 L	0.00	Small Cap	23.38
Kirloskar Pneumatic Co. Ltd.	Compressors, pumps & diesel engines	3.71	388.7	1.64%	-0.17%	2.52% (Nov 2024)	1.51% (Jan 2025)	3.47 L	0.00	Small Cap	23.38
Kirloskar Oil Engines Ltd.	Compressors, pumps & diesel engines	3.71	371.3	1.57%	0.10%	1.87% (Nov 2024)	1.07% (Feb 2025)	3.71 L	0.00	Small Cap	23.38
Suzlon Energy Ltd.	Heavy electrical equipment	11.58	369.6	1.56%	0.08%	1.86% (May 2025)	1.48% (Sep 2025)	62.32 L	0.00	Small Cap	23.38
Engineers India Ltd.	Civil construction	11.02	340.7	1.44%	0.03%	1.64% (Jun 2025)	0.72% (Dec 2024)	16.85 L	0.00	Small Cap	23.38
Polycab India Limited	Cables - electricals	3.91	339	1.43%	0.04%	1.43% (Oct 2025)	1.02% (Mar 2025)	44.00 k	0.00	Other	17.26
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	11.58	307.8	1.30%	0.11%	1.3% (Oct 2025)	0.82% (Jan 2025)	11.59 L	0.00	Mid Cap	15.65
Power Mech Projects Ltd.	Civil construction	11.02	305.5	1.29%	-0.14%	1.66% (Jun 2025)	1.1% (Feb 2025)	1.22 L	0.00	Small Cap	23.38
Siemens Ltd.	Heavy electrical equipment	11.58	303.4	1.28%	-0.04%	2.06% (Mar 2025)	1.26% (Apr 2025)	98.00 k	0.00	Large Cap	41.92
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	7.9	301.3	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	6.33 L	6.33 L	Large Cap	41.92
# MTAR Technologies Ltd.	Aerospace & defense	13.1	300.9	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	1.18 L	1.18 L	Other	17.26
Kennametal India Ltd.	Industrial products	2.82	296.4	1.25%	-0.03%	1.67% (Dec 2024)	1.25% (Oct 2025)	1.42 L	0.00	Small Cap	23.38
TD Power Systems Ltd.	Heavy electrical equipment	11.58	276.9	1.17%	0.26%	1.17% (Oct 2025)	0% (Nov 2024)	3.57 L	0.00	Other	17.26
- Jyoti CNC Automation Ltd.	Industrial products	2.82	238.7	1.01%	0.00%	1.5% (May 2025)	1.01% (Sep 2025)	2.76 L	0.00	Other	17.26
Vikram Solar Ltd.	Other electrical equipment	1.7	237.1	1.00%	0.01%	1% (Oct 2025)	0% (Nov 2024)	7.27 L	0.00	Other	17.26
Bansal Wire Industries Ltd.	Iron & steel products	0.96	228.1	0.96%	-0.14%	1.35% (Dec 2024)	0.96% (Oct 2025)	7.49 L	0.00	Other	17.26
Ajax Engineering Ltd.	Construction vehicles	0.95	224.3	0.95%	-0.08%	1.15% (Aug 2025)	0% (Nov 2024)	3.66 L	0.00	Other	17.26
Brigade Enterprises Ltd.	Residential, commercial projects	2.09	206.5	0.87%	0.10%	1.69% (Nov 2024)	0.77% (Sep 2025)	1.99 L	0.00	Small Cap	23.38
Siemens Energy India Ltd.	Power generation	9.7	198.8	0.84%	-0.09%	0.93% (Sep 2025)	0% (Nov 2024)	62.39 k	0.00	Other	17.26
Delhivery Ltd.	Logistics solution provider	0.82	194	0.82%	0.01%	0.86% (Aug 2025)	0.48% (Mar 2025)	4.16 L	0.00	Other	17.26
Phoenix Mills Ltd.	Residential, commercial projects	2.09	191.5	0.81%	0.05%	0.88% (Feb 2025)	0.71% (Jul 2025)	1.14 L	0.00	Small Cap	23.38
Grindwell Norton Ltd.	Abrasives & bearings	0.78	184.3	0.78%	0.03%	0.91% (Jan 2025)	0.71% (Jul 2025)	1.09 L	0.00	Small Cap	23.38
PNC Infratech Ltd.	Civil construction	11.02	176.4	0.74%	-0.06%	0.87% (Jan 2025)	0.71% (Mar 2025)	6.29 L	0.00	Small Cap	23.38
Bharat Bijlee Ltd.	Other electrical equipment	1.7	165	0.70%	-0.04%	0.82% (Nov 2024)	0.68% (Feb 2025)	54.58 k	0.00	Other	17.26
Transformers & Rectifiers (India) Ltd.	Power equipment	0.7	164.9	0.70%	-0.08%	0.89% (Mar 2025)	0.7% (Oct 2025)	3.70 L	0.00	Small Cap	23.38
Finolex Cables Ltd.	Cables - electricals	3.91	141.8	0.60%	-0.99%	2.12% (Dec 2024)	0.6% (Oct 2025)	1.80 L	-2.70 L	Small Cap	23.38
Pitti Engineering Ltd.	Industrial products	2.82	132.9	0.56%	-0.04%	0.79% (Nov 2024)	0.56% (Oct 2025)	1.40 L	0.00	Small Cap	23.38
Atlanta Electricals Ltd	Heavy electrical equipment	11.58	130.7	0.55%	0.10%	0.55% (Oct 2025)	0% (Nov 2024)	1.33 L	0.00	Other	17.26
J S W Energy Ltd.	Power generation	9.7	126.6	0.53%	-0.02%	0.55% (Sep 2025)	0% (Nov 2024)	2.40 L	0.00	Mid Cap	15.65
# Cummins India Ltd.	Compressors, pumps & diesel engines	3.71	119.5	0.50%	0.50%	0.5% (Oct 2025)	0% (Nov 2024)	27.50 k	27.50 k	Mid Cap	15.65
HG Infra Engineering Ltd.	Civil construction	11.02	100	0.42%	-0.05%	0.78% (Dec 2024)	0.42% (Oct 2025)	1.08 L	-8.10 k	Small Cap	23.38
- Hi-Tech Pipes Ltd.	Commodities	0.42	98.6	0.42%	0.00%	0.55% (Dec 2024)	0.32% (Aug 2025)	8.60 L	0.00	Other	17.26
DLF Ltd.	Residential, commercial projects	2.09	98.3	0.41%	0.01%	0.44% (Jun 2025)	0.39% (Apr 2025)	1.30 L	0.00	Large Cap	41.92
Happy Forgings Ltd.	Castings & forgings	0.38	91.1	0.38%	0.03%	0.41% (Jan 2025)	0.31% (Mar 2025)	89.19 k	0.00	Other	17.26
PG Electroplast Ltd.	Consumer electronics	2.22	55.4	0.23%	0.02%	0.4% (Mar 2025)	0% (Nov 2024)	97.00 k	0.00	Other	17.26
Ahluwalia Contracts (India) Ltd.	Civil construction	11.02	30.9	0.13%	-0.01%	0.14% (Sep 2025)	0.11% (Feb 2025)	32.54 k	0.00	Small Cap	23.38
Apar Industries Ltd.	Other electrical equipment	1.7	114.6	0.00%	-0.50%	-	-	-	-	Small Cap	23.38
Aegis Logistics Ltd.	Trading - gas		136.2	0.00%	-0.59%	-	-	-	-	Small Cap	23.38
Sterling and Wilson Solar Private Ltd.	Civil construction	11.02	149.7	0.00%	-0.65%	-	-	-	-	Other	17.26

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

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# MTAR Technologies Ltd.	Aerospace & defense	300.9	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	1.18 L	118100
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	301.3	1.27%	1.27%	1.27% (Oct 2025)	0% (Nov 2024)	6.33 L	632900
# Cummins India Ltd.	Compressors, pumps & diesel engines	119.5	0.50%	0.50%	0.5% (Oct 2025)	0% (Nov 2024)	27.50 k	27500

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Apar Industries Ltd.	Other electrical equipment	114.6	0.00%	-0.50%	1.96% (Dec 2024)	0% (Nov 2024)	-14005
Aegis Logistics Ltd.	Trading - gas	136.2	0.00%	-0.59%	2.17% (Nov 2024)	0% (Nov 2024)	-177800
Sterling and Wilson Solar Private Ltd.	Civil construction	149.7	0.00%	-0.65%	1.16% (Nov 2024)	0% (Nov 2024)	-618000

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
National Thermal Power Corporation Ltd.	8.33%	8.62%	8.43%	8.29%	7.94%	8.19%	9.24%	9.41%	9.14%	7.78%	7.15%	7.58%	8.42%
Bharti Airtel Ltd.	9.24%	8.66%	8.84%	8.63%	8.66%	8.28%	8.84%	8.30%	8.38%	7.35%	6.59%	6.56%	6.43%
Bharat Electronics Ltd.	8.29%	8.58%	7.97%	7.96%	8.37%	7.90%	6.86%	7.65%	6.97%	7.18%	6.60%	7.33%	7.78%
Larsen & Toubro Ltd.	7.00%	6.51%	6.77%	6.59%	6.35%	6.58%	6.36%	7.25%	7.33%	7.16%	6.65%	6.91%	7.50%
Reliance Industries Ltd.	6.63%	6.23%	6.30%	6.22%	6.41%	6.28%	6.60%	6.05%	6.35%	5.34%	4.27%	4.41%	3.75%
Ultratech Cement Ltd.	3.98%	4.69%	4.93%	4.60%	4.35%	4.17%	4.60%	4.59%	4.51%	4.43%	4.05%	3.85%	3.77%
Aditya Birla Real Estate Ltd.	2.50%	2.30%	2.42%	2.52%	3.11%	2.88%	2.69%	2.78%	2.94%	2.95%	3.15%	-	-
Century Textile & Industries Ltd.	-	-	-	-	-	-	-	-	-	-	-	4.03%	4.18%
Power Finance Corporation Ltd.	2.53%	2.64%	2.48%	2.58%	2.57%	2.53%	2.70%	2.77%	2.71%	2.73%	2.66%	2.85%	2.59%
Dixon Technologies (India) Ltd.	1.99%	2.53%	2.62%	2.80%	2.38%	2.42%	2.87%	2.32%	2.74%	2.56%	3.05%	3.04%	2.68%
Hindustan Aeronautics Ltd.	3.54%	3.68%	3.42%	2.50%	2.32%	2.46%	2.35%	2.21%	1.38%	1.52%	1.23%	-	-
ABB India Ltd.	1.98%	2.02%	1.98%	2.10%	2.21%	2.25%	2.21%	2.24%	2.22%	2.29%	2.48%	2.58%	2.56%
Kirloskar Pneumatic Co. Ltd.	1.64%	1.81%	1.86%	1.94%	1.75%	1.61%	1.54%	1.63%	1.53%	1.51%	2.04%	2.52%	2.43%
KEI Industries Ltd.	1.88%	1.94%	1.85%	1.80%	1.69%	1.67%	1.50%	1.43%	1.70%	1.93%	2.16%	2.04%	1.89%
KEC International Ltd.	1.64%	1.79%	1.69%	1.73%	1.77%	1.66%	1.48%	1.67%	1.63%	1.73%	2.27%	1.94%	1.79%