HSBC Value Fund - Direct 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.

Category : Value Fund

Equity Holding : 98.26% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.26%

No of Stocks : 76 (Category Avg - 59.90) | Large Cap Investments : 37.61%| Mid Cap Investments : 14.95% | Small Cap Investments : 29.33% | Other : 16.37%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	76	59.1
Top 5 Stock Weight	17.86%	25.06%
Top 10 Stock Weight	31.42%	40.16%
Top 3 Sector Weight	31.03%	32.83%

Category - Value Fund

Particulars	This Scheme	Category
Average mcap (Cr)	83243.25	111582.87
Holdings in large cap stocks	37.61%	44.89%
Holdings in mid cap stocks	14.95%	12.27%
Holdings in small cap stocks	29.33%	13.87%

Category - Value Fund

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
# HDFC Bank Ltd.	Private sector bank	6140.5	4.22%	0.00%	4.56% (Feb 2025)	3.52% (Dec 2024)	60.94 L	0.00
# Multi Commodity Exchange Of India Ltd.	Exchange and data platform	6010	4.13%	0.00%	3.85% (Oct 2025)	2.52% (Mar 2025)	5.97 L	0.00
# State Bank Of India	Public sector bank	5220.9	3.59%	0.00%	3.48% (Oct 2025)	2.16% (Dec 2024)	53.33 L	0.00
# Reliance Industries Ltd.	Refineries & marketing	4341.8	2.98%	0.00%	2.97% (Apr 2025)	2.26% (Dec 2024)	27.70 L	0.00
# ICICI Bank Ltd.	Private sector bank	4283.5	2.94%	0.00%	4.78% (Apr 2025)	2.89% (Oct 2025)	30.84 L	0.00
# Hero Motocorp Ltd.	2/3 wheelers	4270.9	2.93%	0.00%	3.28% (Sep 2025)	0% (Nov 2024)	6.92 L	-1.31 L
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	4104.9	2.82%	0.00%	2.73% (Sep 2025)	1.92% (Nov 2024)	10.93 L	0.00
# Karur Vysya Bank Ltd	Private sector bank	3917.2	2.69%	0.00%	2.68% (Oct 2025)	2.11% (Dec 2024)	1.58 Cr	0.00
# Shriram Finance Ltd.	Non banking financial company (nbfc)	3826.9	2.63%	0.00%	2.92% (Jun 2025)	0% (Nov 2024)	44.93 L	0.00
# Federal Bank Ltd.	Private sector bank	3619.5	2.49%	0.00%	2.66% (Mar 2025)	1.97% (Sep 2025)	1.40 Cr	0.00

- 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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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
# HDFC Bank Ltd.	Private sector bank	14.41	6140.5	4.22%	0.00%	4.56% (Feb 2025)	3.52% (Dec 2024)	60.94 L	0.00	Other	16.37
# Multi Commodity Exchange Of India Ltd.	Exchange and data platform	4.13	6010	4.13%	0.00%	3.85% (Oct 2025)	2.52% (Mar 2025)	5.97 L	0.00	Small Cap	29.33
# State Bank Of India	Public sector bank	9.99	5220.9	3.59%	0.00%	3.48% (Oct 2025)	2.16% (Dec 2024)	53.33 L	0.00	Large Cap	37.61
# Reliance Industries Ltd.	Refineries & marketing	5.31	4341.8	2.98%	0.00%	2.97% (Apr 2025)	2.26% (Dec 2024)	27.70 L	0.00	Large Cap	37.61
# ICICI Bank Ltd.	Private sector bank	14.41	4283.5	2.94%	0.00%	4.78% (Apr 2025)	2.89% (Oct 2025)	30.84 L	0.00	Large Cap	37.61
# Hero Motocorp Ltd.	2/3 wheelers	2.93	4270.9	2.93%	0.00%	3.28% (Sep 2025)	0% (Nov 2024)	6.92 L	-1.31 L	Large Cap	37.61
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.78	4104.9	2.82%	0.00%	2.73% (Sep 2025)	1.92% (Nov 2024)	10.93 L	0.00	Large Cap	37.61
# Karur Vysya Bank Ltd	Private sector bank	14.41	3917.2	2.69%	0.00%	2.68% (Oct 2025)	2.11% (Dec 2024)	1.58 Cr	0.00	Small Cap	29.33
# Shriram Finance Ltd.	Non banking financial company (nbfc)	2.92	3826.9	2.63%	0.00%	2.92% (Jun 2025)	0% (Nov 2024)	44.93 L	0.00	Other	16.37
# Federal Bank Ltd.	Private sector bank	14.41	3619.5	2.49%	0.00%	2.66% (Mar 2025)	1.97% (Sep 2025)	1.40 Cr	0.00	Mid Cap	14.95
# Canara Bank	Public sector bank	9.99	3450.3	2.37%	0.00%	2.17% (Oct 2025)	0.54% (Feb 2025)	2.28 Cr	0.00	Other	16.37
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	5.31	3395.2	2.33%	0.00%	2.46% (Oct 2025)	0.48% (Feb 2025)	74.21 L	0.00	Large Cap	37.61
# Godfrey Phillips India Ltd.	Cigarettes & tobacco products	2.25	3274.5	2.25%	0.00%	3.78% (Aug 2025)	1.34% (Jan 2025)	11.40 L	0.00	Small Cap	29.33
# Punjab National Bank	Public sector bank	9.99	3177.4	2.18%	0.00%	2.19% (Oct 2025)	1.11% (Dec 2024)	2.55 Cr	0.00	Large Cap	37.61
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	1.93	2809.8	1.93%	0.00%	2.52% (Apr 2025)	1.83% (Sep 2025)	13.37 L	0.00	Large Cap	37.61
# Indian Bank	Public sector bank	9.99	2697	1.85%	0.00%	1.86% (Oct 2025)	1.23% (Dec 2024)	30.99 L	0.00	Mid Cap	14.95
# Infosys Ltd.	Computers - software & consulting	6.63	2473	1.70%	0.00%	2.49% (Jan 2025)	0.95% (Jul 2025)	15.85 L	0.00	Large Cap	37.61
# National Thermal Power Corporation Ltd.	Power generation	1.67	2430.4	1.67%	0.00%	3.46% (Nov 2024)	1.75% (Oct 2025)	74.45 L	0.00	Large Cap	37.61
# Coromandel International Ltd.	Fertilizers	2.63	2316.6	1.59%	0.00%	1.89% (Jul 2025)	1.27% (Nov 2024)	9.73 L	0.00	Mid Cap	14.95
# GE T&D India Ltd.	Heavy electrical equipment	3.47	2261.7	1.55%	0.00%	2.25% (Dec 2024)	1.32% (Apr 2025)	7.85 L	-0.92 L	Small Cap	29.33
# PNB Housing Finance Ltd.	Housing finance company	2.66	2229.3	1.53%	0.00%	1.94% (Jun 2025)	1.37% (Aug 2025)	24.63 L	0.00	Mid Cap	14.95
# Larsen & Toubro Ltd.	Civil construction	3.93	2199.5	1.51%	0.00%	1.66% (Jan 2025)	1.38% (Apr 2025)	5.40 L	0.00	Large Cap	37.61
# Tech Mahindra Ltd.	Computers - software & consulting	6.63	2155.5	1.48%	0.00%	2.98% (Jan 2025)	1.41% (Oct 2025)	14.21 L	0.00	Large Cap	37.61
# Power Mech Projects Ltd.	Civil construction	3.93	1943.2	1.34%	0.00%	2.01% (Mar 2025)	1.19% (Feb 2025)	8.17 L	0.00	Small Cap	29.33
# Jindal Steel Ltd.	Iron & steel products	3.5	1925	1.32%	0.00%	1.43% (Sep 2025)	0.93% (Jan 2025)	18.43 L	0.00	Mid Cap	14.95
# Jindal Stainless Ltd.	Iron & steel products	3.5	1906.3	1.31%	0.00%	1.82% (Dec 2024)	1.2% (May 2025)	24.72 L	0.00	Small Cap	29.33
# Sobha Ltd.	Residential, commercial projects	3.21	1863.2	1.28%	0.00%	1.4% (Jul 2025)	1.18% (Mar 2025)	12.12 L	0.00	Small Cap	29.33
# The Ramco Cements Ltd.	Cement & cement products	2.33	1841.9	1.27%	0.00%	1.51% (Jul 2025)	0.9% (Nov 2024)	17.75 L	0.00	Mid Cap	14.95
# Power Finance Corporation Ltd.	Financial institution	2.11	1813.2	1.25%	0.00%	2.13% (Nov 2024)	1.79% (Jun 2025)	49.99 L	-0.19 Cr	Mid Cap	14.95
# Axis Bank Ltd.	Private sector bank	14.41	1803.7	1.24%	0.00%	2.09% (Apr 2025)	1.09% (Aug 2025)	14.10 L	0.00	Large Cap	37.61
# Zensar Technologies Ltd.	Computers - software & consulting	6.63	1803.7	1.24%	0.00%	2.22% (Jan 2025)	1.4% (Oct 2025)	24.06 L	-1.03 L	Small Cap	29.33
# KEC International Ltd.	Heavy electrical equipment	3.47	1677.9	1.15%	0.00%	3.44% (Dec 2024)	1.39% (Apr 2025)	24.47 L	-5.56 L	Small Cap	29.33
# Oberoi Realty Ltd.	Residential, commercial projects	3.21	1660.7	1.14%	0.00%	1.88% (Dec 2024)	1.16% (Sep 2025)	10.08 L	0.00	Mid Cap	14.95
# Wipro Ltd.	Computers - software & consulting	6.63	1645.3	1.13%	0.00%	2.63% (Jan 2025)	1.11% (Oct 2025)	65.94 L	0.00	Large Cap	37.61
# Can Fin Homes Ltd.	Housing finance company	2.66	1640	1.13%	0.00%	1.12% (Oct 2025)	0.92% (Feb 2025)	18.54 L	0.00	Small Cap	29.33
# Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	1.07	1560.5	1.07%	0.00%	1.86% (Apr 2025)	0.99% (Sep 2025)	8.52 L	0.00	Large Cap	37.61
# Paradeep Phosphates Ltd.	Fertilizers	2.63	1512.6	1.04%	0.00%	3.38% (Apr 2025)	1.11% (Oct 2025)	95.38 L	0.00	Other	16.37
# Balrampur Chini Mills Ltd.	Sugar	1	1458	1.00%	0.00%	1.44% (May 2025)	1.04% (Oct 2025)	32.57 L	0.00	Small Cap	29.33
# Pearl Global Industries Limited	Trading – textiles	1	1456.3	1.00%	0.00%	0.03% (Oct 2025)	0% (Nov 2024)	8.62 L	8.29 L	Other	16.37
# Hindalco Industries Ltd.	Aluminium	0.99	1439.8	0.99%	0.00%	1.05% (Oct 2025)	0.79% (Dec 2024)	17.81 L	0.00	Large Cap	37.61
# Aditya Birla Real Estate Ltd.	Paper & paper products	1.39	1399.2	0.96%	0.00%	1.37% (Jun 2025)	0.97% (Sep 2025)	7.89 L	0.00	Mid Cap	14.95
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.78	1396	0.96%	0.00%	1.03% (Sep 2025)	0.49% (Dec 2024)	87.80 k	0.00	Large Cap	37.61
# CCL Products (India) Ltd.	Tea & coffee	0.96	1392.7	0.96%	0.00%	0.92% (May 2025)	0.29% (Apr 2025)	13.81 L	0.00	Small Cap	29.33
# Hindustan Unilever Ltd.	Diversified fmcg	1.76	1375.4	0.95%	0.00%	1.02% (Sep 2025)	0% (Nov 2024)	5.58 L	0.00	Large Cap	37.61
# Varun Beverages Ltd.	Other beverages	0.9	1314.9	0.90%	0.00%	1.17% (Mar 2025)	0.83% (Jan 2025)	27.31 L	0.00	Other	16.37
# Welspun Living Ltd.	Other textile products	2.39	1287	0.88%	0.88%	0% (Dec 2025)	0% (Dec 2025)	86.48 L	86.48 L	Small Cap	29.33
# K.P.R. Mill Ltd.	Other textile products	2.39	1275.5	0.88%	0.00%	1.08% (Apr 2025)	0.86% (Aug 2025)	11.82 L	0.00	Other	16.37
# Ratnamani Metals & Tubes Ltd.	Iron & steel products	3.5	1260.7	0.87%	0.00%	1.33% (Nov 2024)	0.9% (Oct 2025)	5.31 L	0.00	Small Cap	29.33
# Housing & Urban Development Corporation Ltd.	Financial institution	2.11	1246.2	0.86%	0.00%	0.86% (Oct 2025)	0% (Nov 2024)	52.08 L	0.00	Small Cap	29.33
# Kotak Mahindra Bank Ltd.	Private sector bank	14.41	1205.9	0.83%	0.00%	0.98% (Mar 2025)	0.73% (Nov 2024)	5.68 L	0.00	Large Cap	37.61
# Birla Corporation Ltd.	Cement & cement products	2.33	1200.5	0.82%	0.00%	1.05% (Jul 2025)	0.74% (Apr 2025)	10.72 L	0.00	Small Cap	29.33
# ITC Limited	Diversified fmcg	1.76	1182.9	0.81%	0.00%	1.72% (Dec 2024)	0.86% (Oct 2025)	29.26 L	0.00	Large Cap	37.61
# HCL Technologies Limited	Computers - software & consulting	6.63	1170.1	0.80%	0.00%	1.01% (Dec 2024)	0% (Nov 2024)	7.20 L	4.42 L	Large Cap	37.61
# Brigade Enterprises Ltd.	Residential, commercial projects	3.21	1144.8	0.79%	0.00%	1.64% (Nov 2024)	0.84% (Sep 2025)	12.79 L	0.00	Small Cap	29.33
# Jubilant Foodworks Ltd.	Restaurants	1.14	1140.7	0.78%	0.00%	1.04% (Apr 2025)	0.79% (Oct 2025)	18.97 L	0.00	Other	16.37
# Finolex Cables Ltd.	Cables - electricals	0.78	1132.4	0.78%	0.00%	1.32% (Dec 2024)	0.83% (Oct 2025)	15.12 L	0.00	Small Cap	29.33
# Siemens Ltd.	Heavy electrical equipment	3.47	1120.3	0.77%	0.00%	1.42% (Mar 2025)	0% (Nov 2024)	3.40 L	0.00	Large Cap	37.61
# Oil India Ltd.	Oil exploration & production	0.76	1104.8	0.76%	0.00%	0.85% (Jul 2025)	0% (Nov 2024)	26.74 L	0.00	Mid Cap	14.95
# Globus Spirits Ltd.	Breweries & distilleries	0.72	1044.9	0.72%	0.00%	0.91% (Jul 2025)	0.63% (Dec 2024)	9.81 L	0.00	Small Cap	29.33
# Time Technoplast Ltd.	Plastic products - industrial	0.72	1042.8	0.72%	0.00%	0.73% (Aug 2025)	0% (Nov 2024)	52.00 L	8.95 L	Small Cap	29.33
# Vardhman Textiles Ltd.	Other textile products	2.39	916.5	0.63%	0.00%	0.78% (Dec 2024)	0.63% (Sep 2025)	20.97 L	0.00	Other	16.37
# PNC Infratech Ltd.	Civil construction	3.93	914.5	0.63%	0.00%	0.94% (Jan 2025)	0.72% (Oct 2025)	36.96 L	0.00	Small Cap	29.33
# Jindal Saw Ltd.	Steel products	0.57	830.8	0.57%	0.00%	1.28% (Nov 2024)	0.62% (Oct 2025)	51.04 L	0.00	Other	16.37
# Nippon Life India Asset Management Ltd.	Asset management company	0.55	795.3	0.55%	0.00%	0.58% (Sep 2025)	0% (Nov 2024)	9.08 L	0.00	Mid Cap	14.95
# Epigral Ltd.	Specialty chemicals	0.51	748.1	0.51%	0.00%	0.68% (Jul 2025)	0.28% (Dec 2024)	4.95 L	0.00	Other	16.37
# KNR Constructions	Civil construction	3.93	649.1	0.45%	0.00%	1.03% (Dec 2024)	0.51% (Oct 2025)	40.52 L	0.00	Small Cap	29.33
# JK Paper Ltd.	Paper & paper products	1.39	626.1	0.43%	0.00%	1.36% (Nov 2024)	0.44% (Jul 2025)	17.03 L	0.00	Small Cap	29.33
# V.I.P. Industries Ltd	Plastic products - consumer	0.4	584.6	0.40%	0.00%	0.5% (Jul 2025)	0% (Nov 2024)	15.51 L	0.00	Small Cap	29.33
# Sapphire Foods India Ltd.	Restaurants	1.14	521.6	0.36%	0.00%	0.51% (Aug 2025)	0% (Nov 2024)	20.97 L	0.00	Other	16.37
# Thangamayil Jewellery Ltd.	Gems, jewellery and watches	0.32	472.3	0.32%	0.00%	0.24% (Aug 2025)	0% (Nov 2024)	1.45 L	0.00	Small Cap	29.33
# HDB Financial Services Ltd.	Non banking financial company (nbfc)	2.92	420.9	0.29%	0.00%	0.32% (Aug 2025)	0% (Nov 2024)	5.49 L	0.00	Other	16.37
# Sonata Software Ltd.	Computers - software & consulting	6.63	412.2	0.28%	0.00%	1.06% (Nov 2024)	0.3% (Oct 2025)	11.53 L	0.00	Small Cap	29.33
# J K Lakshmi Cement Ltd.	Cement & cement products	2.33	353.8	0.24%	0.00%	0.33% (Jul 2025)	0.27% (Feb 2025)	4.66 L	0.00	Small Cap	29.33
# Bayer Cropscience Ltd.	Pesticides & agrochemicals	0.24	346.9	0.24%	0.00%	0.34% (Jul 2025)	0.25% (Oct 2025)	74.46 k	0.00	Mid Cap	14.95
# Bharat Bijlee Ltd.	Other electrical equipment	0.19	278.6	0.19%	0.00%	0.22% (Sep 2025)	0% (Nov 2024)	96.48 k	0.00	Other	16.37
# Somany Ceramics Ltd.	Ceramics	0.11	154.3	0.11%	0.00%	0.19% (Nov 2024)	0.12% (Mar 2025)	3.65 L	0.00	Small Cap	29.33
Indian Hotels Company Limited	Hotels & resorts		597.2	0.00%	-0.42%	-	-	-	-	Mid Cap	14.95

- 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
# Welspun Living Ltd.	Other textile products	1287	0.88%	0.88%	0% (Dec 2025)	0% (Dec 2025)	86.48 L	8647800

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
Indian Hotels Company Limited	Hotels & resorts	597.2	0.00%	-0.42%	1.02% (Dec 2024)	0.42% (Oct 2025)	0.00	-805000

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
HDFC Bank Ltd.	4.22%	4.20%	4.23%	4.29%	4.45%	4.34%	4.45%	4.48%	4.42%	4.56%	3.56%	3.52%	3.53%
ICICI Bank Ltd.	2.94%	2.89%	3.34%	3.71%	3.85%	3.70%	4.06%	4.78%	4.69%	4.56%	4.27%	4.14%	4.17%
Multi Commodity Exchange Of India Ltd.	4.13%	3.85%	3.39%	3.26%	3.32%	3.80%	2.96%	2.79%	2.52%	2.82%	3.56%	3.67%	3.61%
State Bank Of India	3.59%	3.48%	3.39%	3.16%	3.07%	2.64%	2.75%	2.72%	2.77%	2.19%	2.22%	2.16%	2.26%
Reliance Industries Ltd.	2.98%	2.87%	2.76%	2.78%	2.79%	2.96%	2.95%	2.97%	2.55%	2.61%	2.48%	2.26%	2.38%
Godfrey Phillips India Ltd.	2.25%	2.45%	2.81%	3.78%	3.06%	2.97%	3.03%	2.88%	2.15%	1.70%	1.34%	1.47%	1.55%
Hero Motocorp Ltd.	2.93%	3.18%	3.28%	3.09%	2.24%	1.90%	1.73%	0.98%	-	-	-	-	-
Mahindra & Mahindra Ltd.	2.82%	2.66%	2.73%	2.58%	2.53%	2.47%	2.44%	2.44%	2.31%	2.44%	2.06%	1.96%	1.92%
Karur Vysya Bank Ltd	2.69%	2.68%	2.43%	2.50%	2.51%	2.51%	2.19%	2.19%	2.19%	2.29%	2.44%	2.11%	2.28%
Federal Bank Ltd.	2.49%	2.32%	1.97%	1.99%	2.06%	2.13%	2.28%	2.61%	2.66%	2.46%	2.34%	2.37%	2.48%
Paradeep Phosphates Ltd.	1.04%	1.11%	1.45%	2.74%	2.84%	2.40%	3.21%	3.38%	2.52%	2.13%	2.36%	2.18%	2.18%
National Thermal Power Corporation Ltd.	1.67%	1.75%	1.85%	1.80%	1.80%	2.02%	2.38%	2.57%	2.70%	2.31%	1.91%	1.86%	3.46%
Bharti Airtel Ltd.	1.93%	1.92%	1.83%	1.87%	1.85%	2.02%	1.96%	2.52%	2.44%	2.40%	2.24%	2.07%	2.00%
Shriram Finance Ltd.	2.63%	2.35%	2.02%	2.23%	2.37%	2.92%	2.05%	1.99%	2.22%	1.46%	0.49%	-	-
Wipro Ltd.	1.13%	1.11%	1.89%	2.00%	1.95%	2.05%	2.03%	2.00%	2.26%	2.60%	2.63%	2.16%	2.05%