HSBC Multi Asset Allocation Fund - Regular Plan - 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 : 69.14% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 69.14%

No of Stocks : 64 (Category Avg - 68.29) | Large Cap Investments : 22.5%| Mid Cap Investments : 7.05% | Small Cap Investments : 7.68% | Other : 31.91%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	64	65.29
Top 5 Stock Weight	22.22%	16.86%
Top 10 Stock Weight	34.93%	25.65%
Top 3 Sector Weight	19.31%	19.37%

Category - Multi Asset Allocation

Particulars	This Scheme	Category
Average mcap (Cr)	45703.04	75034.55
Holdings in large cap stocks	22.5%	30.66%
Holdings in mid cap stocks	7.05%	6.09%
Holdings in small cap stocks	7.68%	4.36%

Category - Multi Asset Allocation

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	1M Change in Qty
# Eternal Ltd.	E-retail/ e-commerce	1433.5	5.79%	0.00%	6.91% (Aug 2025)	4.82% (Mar 2025)	47.77 L	0.00
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	1171.9	4.74%	0.00%	4.85% (Aug 2025)	0.41% (Dec 2024)	5.58 L	0.00
# HDFC Bank Ltd.	Private sector bank	1151	4.65%	0.00%	5.91% (Jul 2025)	0% (Nov 2024)	11.42 L	-1.21 L
# Larsen & Toubro Ltd.	Civil construction	990.3	4.00%	0.00%	3.55% (Oct 2025)	0.07% (Jul 2025)	2.43 L	31.24 k
# FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	752.6	3.04%	0.00%	1.54% (Oct 2025)	0% (Nov 2024)	28.16 L	13.16 L
# ITC Limited	Diversified fmcg	725.1	2.93%	0.00%	3.15% (Sep 2025)	0% (Nov 2024)	17.94 L	0.00
# GE T&D India Ltd.	Heavy electrical equipment	716.3	2.89%	0.00%	4.01% (Dec 2024)	2.58% (Feb 2025)	2.49 L	0.00
# Ashok Leyland Ltd.	Commercial vehicles	621.5	2.51%	0.00%	2.09% (Sep 2025)	0% (Nov 2024)	39.30 L	5.77 L
# Billionbrains Garage Ventures Ltd.	Stockbroking & allied	548.5	2.22%	2.22%	0% (Dec 2025)	0% (Dec 2025)	34.52 L	34.52 L
# Bharat Electronics Ltd.	Aerospace & defense	534.8	2.16%	0.00%	2.04% (Jun 2025)	1.52% (Feb 2025)	12.99 L	2.55 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
# Eternal Ltd.	E-retail/ e-commerce	8.87	1433.5	5.79%	0.00%	6.91% (Aug 2025)	4.82% (Mar 2025)	47.77 L	0.00	Other	31.91
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.74	1171.9	4.74%	0.00%	4.85% (Aug 2025)	0.41% (Dec 2024)	5.58 L	0.00	Large Cap	22.5
# HDFC Bank Ltd.	Private sector bank	5.7	1151	4.65%	0.00%	5.91% (Jul 2025)	0% (Nov 2024)	11.42 L	-1.21 L	Other	31.91
# Larsen & Toubro Ltd.	Civil construction	4	990.3	4.00%	0.00%	3.55% (Oct 2025)	0.07% (Jul 2025)	2.43 L	31.24 k	Large Cap	22.5
# FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	8.87	752.6	3.04%	0.00%	1.54% (Oct 2025)	0% (Nov 2024)	28.16 L	13.16 L	Other	31.91
# ITC Limited	Diversified fmcg	2.93	725.1	2.93%	0.00%	3.15% (Sep 2025)	0% (Nov 2024)	17.94 L	0.00	Large Cap	22.5
# GE T&D India Ltd.	Heavy electrical equipment	4.56	716.3	2.89%	0.00%	4.01% (Dec 2024)	2.58% (Feb 2025)	2.49 L	0.00	Small Cap	7.68
# Ashok Leyland Ltd.	Commercial vehicles	2.51	621.5	2.51%	0.00%	2.09% (Sep 2025)	0% (Nov 2024)	39.30 L	5.77 L	Mid Cap	7.05
# Billionbrains Garage Ventures Ltd.	Stockbroking & allied	2.22	548.5	2.22%	2.22%	0% (Dec 2025)	0% (Dec 2025)	34.52 L	34.52 L	Other	31.91
# Bharat Electronics Ltd.	Aerospace & defense	2.59	534.8	2.16%	0.00%	2.04% (Jun 2025)	1.52% (Feb 2025)	12.99 L	2.55 L	Mid Cap	7.05
# Coforge Ltd.	Computers - software & consulting	3.18	483.3	1.95%	0.00%	2.27% (Oct 2025)	0% (Nov 2024)	2.53 L	-0.54 L	Other	31.91
# Safari Industries (India) Ltd.	Plastic products - consumer	1.78	441.1	1.78%	0.00%	1.78% (Feb 2025)	0.84% (Nov 2024)	1.82 L	0.00	Small Cap	7.68
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	2.21	416	1.68%	0.00%	1.75% (Sep 2025)	0% (Nov 2024)	4.01 L	0.00	Other	31.91
# CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	4.56	407.7	1.65%	0.00%	3.18% (Dec 2024)	0.99% (Apr 2025)	6.06 L	0.00	Small Cap	7.68
# HDFC Asset Management Co. Ltd.	Asset management company	2.69	390.3	1.58%	0.00%	1.63% (Oct 2025)	0.02% (Feb 2025)	1.46 L	73.00 k	Large Cap	22.5
# Kaynes Technology India Private Ltd.	Industrial products	1.61	375	1.52%	0.00%	2.1% (Sep 2025)	0.21% (Feb 2025)	68.30 k	0.00	Other	31.91
# PB Fintech Ltd.	Financial technology (fintech)	1.35	332.9	1.35%	0.00%	2.97% (Jan 2025)	0.1% (Oct 2025)	1.83 L	1.70 L	Other	31.91
# Lenskart Solutions Ltd.	Speciality retail	1.34	330.1	1.33%	1.33%	0% (Dec 2025)	0% (Dec 2025)	8.04 L	8.04 L	Other	31.91
# InterGlobe Aviation Ltd.	Airline	1.33	329.8	1.33%	0.00%	1.45% (Aug 2025)	0% (Nov 2024)	55.89 k	0.00	Large Cap	22.5
# Divis Laboratories Ltd.	Pharmaceuticals	1.48	329	1.33%	0.00%	1.43% (Aug 2025)	0% (Nov 2024)	50.80 k	0.00	Large Cap	22.5
# Anthem Biosciences Ltd.	Biotechnology	1.32	326.4	1.32%	0.00%	1.63% (Aug 2025)	0% (Nov 2024)	5.14 L	80.52 k	Other	31.91
# Dixon Technologies (India) Ltd.	Consumer electronics	1.23	303.7	1.23%	0.00%	2.64% (Jul 2025)	1.34% (Oct 2025)	20.80 k	0.00	Other	31.91
# Tenneco Clean Air India Ltd.	Auto components & equipments	1.23	303.7	1.23%	1.23%	0% (Dec 2025)	0% (Dec 2025)	6.27 L	6.27 L	Other	31.91
# Max Financial Services Ltd.	Life insurance	1.16	287.3	1.16%	1.16%	0% (Dec 2025)	0% (Dec 2025)	1.69 L	1.69 L	Mid Cap	7.05
# Britannia Industries Ltd.	Packaged foods	1.14	281.2	1.14%	0.00%	0.48% (Sep 2025)	0% (Nov 2024)	48.10 k	29.80 k	Large Cap	22.5
# Nippon Life India Asset Management Ltd.	Asset management company	2.69	274	1.11%	0.00%	1.89% (Jul 2025)	0.53% (Feb 2025)	3.13 L	0.00	Mid Cap	7.05
# State Bank Of India	Public sector bank	1.05	259.4	1.05%	0.00%	1.03% (Oct 2025)	0% (Nov 2024)	2.65 L	0.00	Large Cap	22.5
# Reliance Industries Ltd.	Refineries & marketing	1.01	249.7	1.01%	1.01%	0% (Dec 2025)	0% (Dec 2025)	1.59 L	1.59 L	Large Cap	22.5
# ICICI Bank Ltd.	Private sector bank	5.7	246.9	1.00%	0.00%	2.4% (Apr 2025)	0.08% (Dec 2024)	1.78 L	0.00	Large Cap	22.5
# Home First Finance Company India Ltd.	Housing finance company	0.97	241	0.97%	0.00%	1.22% (Aug 2025)	0% (Nov 2024)	2.17 L	0.00	Other	31.91
# Multi Commodity Exchange Of India Ltd.	Exchange and data platform	0.94	210.5	0.85%	0.00%	0.87% (Jun 2025)	0.54% (Feb 2025)	20.90 k	0.00	Small Cap	7.68
# Persistent Systems Ltd.	Computers - software & consulting	3.18	209.1	0.84%	0.00%	2.36% (Jan 2025)	0.42% (Sep 2025)	32.91 k	-9.97 k	Other	31.91
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	1.05	202.1	0.82%	0.00%	3.99% (Apr 2025)	0.78% (Oct 2025)	53.80 k	0.00	Large Cap	22.5
# Hero Motocorp Ltd.	2/3 wheelers	0.71	175.4	0.71%	0.00%	2.7% (May 2025)	0% (Nov 2024)	28.40 k	-0.16 L	Large Cap	22.5
# Global Health Ltd.	Hospital	1.16	158.3	0.64%	0.00%	1.46% (Feb 2025)	0% (Nov 2024)	1.27 L	0.00	Other	31.91
# Max Healthcare Institute Ltd.	Hospital	1.16	127.9	0.52%	0.00%	2.18% (Jun 2025)	0% (Nov 2024)	1.10 L	-3.21 L	Other	31.91
# SBI Cards and Payment Services Ltd.	Non banking financial company (nbfc)	2.21	123.4	0.50%	0.00%	1.63% (Sep 2025)	0% (Nov 2024)	1.40 L	-2.84 L	Other	31.91
# Hindustan Aeronautics Ltd.	Aerospace & defense	2.59	106.8	0.43%	0.00%	1.78% (Apr 2025)	0.46% (Oct 2025)	23.50 k	0.00	Other	31.91
# Hexaware Technologies Ltd.	Computers - software & consulting	3.18	84.9	0.34%	0.00%	1.99% (Feb 2025)	0% (Nov 2024)	1.12 L	0.00	Other	31.91
# Ultratech Cement Ltd.	Cement & cement products	0.28	69.3	0.28%	0.00%	1.6% (Mar 2025)	0% (Nov 2024)	5.97 k	0.00	Large Cap	22.5
# Transformers & Rectifiers (India) Ltd.	Power equipment	0.27	66.7	0.27%	0.00%	4% (Dec 2024)	1.56% (Oct 2025)	2.46 L	-6.00 L	Small Cap	7.68
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	1.05	56.8	0.23%	0.00%	1.05% (Sep 2025)	0% (Nov 2024)	3.57 k	-0.11 L	Large Cap	22.5
# Jubilant Foodworks Ltd.	Restaurants	0.2	48.5	0.20%	0.00%	2.16% (Jun 2025)	0% (Nov 2024)	80.60 k	-5.83 L	Other	31.91
# Lupin Ltd.	Pharmaceuticals	1.48	37.1	0.15%	0.00%	1.63% (Apr 2025)	0.15% (Sep 2025)	17.80 k	0.00	Large Cap	22.5
# KEI Industries Ltd.	Cables - electricals	0.15	36.1	0.15%	0.00%	1.08% (Nov 2024)	0.15% (Jul 2025)	8.70 k	0.00	Small Cap	7.68
# National Thermal Power Corporation Ltd.	Power generation	0.11	26.3	0.11%	0.00%	0.14% (Nov 2024)	0.11% (Oct 2025)	80.58 k	0.00	Large Cap	22.5
# Jyoti CNC Automation Ltd.	Industrial products	1.61	23.4	0.09%	0.00%	2.33% (Dec 2024)	0.08% (Oct 2025)	23.14 k	0.00	Other	31.91
# BSE Ltd.	Exchange and data platform	0.94	22.4	0.09%	0.00%	4.44% (Jan 2025)	0.07% (Sep 2025)	7.70 k	0.00	Small Cap	7.68
# Axis Bank Ltd.	Private sector bank	5.7	11.9	0.05%	0.00%	2.38% (Apr 2025)	0% (Nov 2024)	9.27 k	0.00	Large Cap	22.5
# LTIMindtree Ltd.	Computers - software & consulting	3.18	9.1	0.04%	0.00%	1.53% (Jan 2025)	0% (Nov 2024)	1.50 k	0.00	Mid Cap	7.05
# Swiggy Ltd.	E-retail/ e-commerce	8.87	8.7	0.04%	0.00%	1.95% (Dec 2024)	0.04% (May 2025)	23.00 k	0.00	Other	31.91
# Godrej Consumer Products Ltd	Personal care	0.03	8.2	0.03%	0.00%	0.98% (Apr 2025)	0% (Nov 2024)	7.14 k	0.00	Large Cap	22.5
# Shriram Finance Ltd.	Non banking financial company (nbfc)	2.21	6.9	0.03%	0.00%	1.25% (Jun 2025)	0% (Nov 2024)	8.10 k	0.00	Other	31.91
# L&T Technology Services Ltd.	It enabled services	0.03	6.7	0.03%	0.00%	0.86% (Jan 2025)	0% (Nov 2024)	1.50 k	0.00	Mid Cap	7.05
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	4.56	5.6	0.02%	0.00%	1.08% (Nov 2024)	0% (Nov 2024)	19.40 k	-5.57 L	Mid Cap	7.05
# Trent Limited	Speciality retail	1.34	2.1	0.01%	0.00%	4.56% (Jun 2025)	0.01% (Sep 2025)	500.00	0.00	Mid Cap	7.05
# Infosys Ltd.	Computers - software & consulting	3.18	2	0.01%	0.00%	2.44% (Feb 2025)	0% (Nov 2024)	1.30 k	0.00	Large Cap	22.5
# Indian Hotels Company Limited	Hotels & resorts	0.01	1.5	0.01%	0.00%	1.6% (Mar 2025)	0.01% (Aug 2025)	2.00 k	0.00	Mid Cap	7.05
- Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	2.21	1	0.00%	0.00%	1.3% (Jun 2025)	0% (Nov 2024)	600.00	-0.26 L	Other	31.91
- Blue Star Ltd.	Household appliances	0	1	0.00%	0.00%	3.28% (Mar 2025)	0% (Oct 2025)	550.00	0.00	Small Cap	7.68
- Siemens Ltd.	Heavy electrical equipment	4.56	0.7	0.00%	0.00%	0.96% (Nov 2024)	0% (Aug 2025)	215.00	0.00	Large Cap	22.5
- Siemens Energy India Ltd.	Power generation	0.11	0.7	0.00%	0.00%	0% (Jun 2025)	0% (Nov 2024)	215.00	0.00	Other	31.91
- Prudent Corporate Advisory Services Ltd.	Financial products distributor	0	0.6	0.00%	0.00%	0.94% (Jan 2025)	0% (Jul 2025)	227.00	0.00	Other	31.91
- Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	1.48	0.4	0.00%	0.00%	2.34% (Apr 2025)	0% (Nov 2024)	200.00	0.00	Large Cap	22.5

- 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
# Reliance Industries Ltd.	Refineries & marketing	249.7	1.01%	1.01%	0% (Dec 2025)	0% (Dec 2025)	1.59 L	159300
# Lenskart Solutions Ltd.	Speciality retail	330.1	1.33%	1.33%	0% (Dec 2025)	0% (Dec 2025)	8.04 L	804200
# Tenneco Clean Air India Ltd.	Auto components & equipments	303.7	1.23%	1.23%	0% (Dec 2025)	0% (Dec 2025)	6.27 L	627446
# Max Financial Services Ltd.	Life insurance	287.3	1.16%	1.16%	0% (Dec 2025)	0% (Dec 2025)	1.69 L	168812
# Billionbrains Garage Ventures Ltd.	Stockbroking & allied	548.5	2.22%	2.22%	0% (Dec 2025)	0% (Dec 2025)	34.52 L	3452000

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
Eternal Ltd.	5.79%	6.30%	6.79%	6.91%	6.81%	5.86%	5.41%	10.88%	9.64%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	5.54%	5.09%	5.37%	5.64%
HDFC Bank Ltd.	4.65%	5.18%	5.25%	5.54%	5.91%	5.87%	5.84%	5.45%	4.79%	4.74%	-	-	-
Bharti Airtel Ltd.	4.74%	4.76%	4.58%	4.85%	4.47%	4.71%	4.45%	4.61%	4.38%	4.14%	0.45%	0.41%	0.44%
GE T&D India Ltd.	2.89%	3.14%	3.22%	3.18%	3.64%	3.65%	3.60%	2.83%	2.88%	2.58%	3.71%	4.01%	3.54%
Trent Limited	0.01%	0.01%	0.01%	0.63%	2.06%	4.56%	4.24%	4.00%	4.21%	4.00%	3.89%	4.48%	4.46%
Suzlon Energy Ltd.	-	-	-	-	-	-	-	-	-	-	-	2.27%	3.16%
ITC Limited	2.93%	3.13%	3.15%	2.88%	1.86%	1.88%	1.93%	2.03%	-	-	-	-	-
Transformers & Rectifiers (India) Ltd.	0.27%	1.56%	1.80%	1.91%	2.00%	1.92%	2.10%	2.05%	3.85%	3.15%	3.36%	4.00%	3.67%
Billionbrains Garage Ventures Ltd.	2.22%	-	-	-	-	-	-	-	-	-	-	-	-
Triveni Turbine Ltd.	-	-	-	-	-	-	-	-	-	-	1.98%	2.04%	2.20%
Mahindra & Mahindra Ltd.	0.82%	0.78%	0.81%	0.79%	1.55%	3.12%	3.94%	3.99%	3.71%	3.76%	1.07%	1.00%	1.03%
CG Power and Industrial Solutions Ltd.	1.65%	1.85%	1.96%	1.94%	1.86%	1.02%	1.05%	0.99%	1.56%	1.92%	2.98%	3.18%	2.99%
Dixon Technologies (India) Ltd.	1.23%	1.34%	1.48%	1.60%	2.64%	2.35%	2.36%	2.21%	1.58%	1.75%	1.74%	1.94%	1.78%
Bharat Electronics Ltd.	2.16%	1.85%	1.84%	1.78%	1.85%	2.04%	1.91%	1.81%	1.78%	1.52%	1.67%	1.55%	1.70%

No of Debt Holding 13 (Category Avg - 17.81) | Modified Duration 2.99 Years (Category Avg - 2.55)| Yield to Maturity 6.76% (Category Avg - 6.49%)

Portfolio Summary (as on 30th Nov,2025)

Security Type	% Weight	Category Average
GOI	3.30%	7.00%
CD	0.39%	0.78%
T-Bills	0.00%	0.72%
CP	0.59%	0.45%
NCD & Bonds	6.90%	8.17%
PTC	0.78%	0.09%

Category - Multi Asset Allocation

Security Type	% Weight	Category Average
Government Backed	3.30%	7.72%
Low Risk	8.66%	9.31%
Moderate Risk	0.00%	0.00%
High Risk	0.00%	0.00%
Very High Risk	0.00%	0.00%
Others	0.00%	0.00%

Category - Multi Asset Allocation

Debt holding in Portfolio (as on 30th Nov,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - Govt of India	GOI	Other			346.38	1.40%	35.00 L
Bond - Bajaj Finance Ltd.	NCD & Bonds	Non banking financial company (nbfc)	AAA	CRISIL	272.72	1.10%	2.50 k
Bond - Power Finance Corporation Ltd.	NCD & Bonds	Financial institution	AAA	CRISIL	272.72	1.10%	250.00
Bond - National Bank for Agriculture & Rural Development	NCD & Bonds	Financial institution	LAAA	ICRA	267.40	1.08%	2.50 k
Bond - Rural Electrification Corporation Limited	NCD & Bonds	Financial institution	LAAA	ICRA	264.60	1.07%	2.50 k
Bond - Small Industries Development Bank Of India	NCD & Bonds	Financial institution	AAA	CRISIL	264.53	1.07%	2.50 k
Bond - Govt of India	GOI	Other			264.91	1.07%	25.00 L
Bond - Bajaj Housing Finance Ltd.	NCD & Bonds	Housing finance company	AAA	CRISIL	262.53	1.06%	2.50 k
Bond - Govt of India	GOI	Other			204.72	0.83%	20.00 L
Bond - India Universal Trust	PTC	Ptc	INDAAA	FITCH	193.34	0.78%	20.00
Bond - Mindspace Business Parks REIT	CP	Real estate investment trusts (reits)	P1+	CRISIL	145.79	0.59%	300.00
Bond - Power Finance Corporation Ltd.	NCD & Bonds	Financial institution	AAA	CRISIL	102.84	0.42%	100.00
Bond - Export Import Bank Of India	CD	Financial institution	P1+	CRISIL	97.07	0.39%	200.00

Name	Type of Instrument	Weight (%)
MF Units	MF Units	3.25%
TREPS	TREPS	3.05%
MF Units	MF Units	3.01%
MF Units	MF Units	2.85%
MF Units	MF Units	2.59%
MF Units	MF Units	2.19%
MF Units	MF Units	2.00%
Net Receivables	Net Receivables	-0.04%