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Banking & PSU Debt Fund SEBI Risk: Low to Moderate AMC: HDFC Mutual Fund

HDFC Banking and PSU Debt Fund - Direct Plan - Growth

Benchmark: NIFTY Banking & PSU Debt Index • Manager: Anil Bamboli • Portfolio Date: 2026-09-30
Composite Health Score
89.2/100
INSTITUTIONAL_ALPHA
🔒 Deep Dive

Look-Through Forensics & Audit Narrative

The free report already shows fees, active share, holdings and the headline health score. The Deep Dive opens up what sits underneath the portfolio.

  • Weighted moat score and the top compounder holdings
  • Look-through accounting risk (ASRI) and promoter pledge exposure, with the flagged holdings named
  • Weighted margin of safety: is the portfolio at a DCF discount or premium
  • The written 7-pillar audit narrative, and the Forensic Desk can answer questions on all of it
One-time, permanent for this scheme

01: Dual-Sleeve Constituent Decomposition

Equity holdings evaluated via Forensic Equity Engine; Debt/bonds evaluated via Credit & Solvency Engine.
Equity: 0.0% (Score: 72.0) Debt: 50.0% (Score: 86.6) Cash / TREPS: 12.0%
Identifier Security Name Type Weight Sector / Rating Engine Score Diagnostic Notes
IN0020230085 ↗ 7.18% Central Government Sovereign G-Sec 2033 DEBT 23.0% SOVEREIGN 92.0 Rating: SOVEREIGN
INE306N07MM3 ↗ Tata Capital Financial Services 8.85% Secured NCD 2027 DEBT 14.5% CRISIL AAA 91.8 CRISIL AAA | YTM: 8.52%
INE040A08377 ↗ HDFC Bank 7.95% Subordinated Tier-II Bond 2033 DEBT 12.5% CRISIL AAA 70.5 CRISIL AAA | YTM: 7.98%
TREPS TREPS Collateral CASH_EQUIVALENT 12.0% CASH 100.0 Liquid Cash / Sovereign Collateral

02: True Diversification & Active Share

Exposing Closet Indexing: Active Share AS = 0.5 × ∑|w_fund - w_bench|
Active Share Score
45.0%
MODERATE_ACTIVE

Moderate Active Share: Meaningful benchmark overlap, blended active/passive posture.

Top 10 Holdings Concentration: 62.0%

03 & 04: Risk-Adjusted Alpha & Downside Capture

Evaluating asymmetrical compounding: Downside Capture Ratio vs Upside Capture Ratio.
Sortino Ratio
2.95
Downside Risk Only
Downside Capture
28.0%
Benchmark: ≤ 75%
Capture Spread
+64.0%
UCR (92.0%) - DCR
Hurst Exponent (H)
0.58
Persistent Momentum
3-Year Rolling Return Consistency: 96.0% of windows

05: Intermediary Fee Drag & Wealth Destruction

Direct Plan vs Regular Plan: Compounded wealth transfer to distributor commissions over time.
Annual Distributor Commission Drag
45.0 bps / yr (0.75% - 0.3%)
Time Horizon Direct Plan Value (Net) Regular Plan Value (Net) Cumulative Wealth Lost Percentage Corpus Destroyed
5 Years ₹1,738,865 ₹1,704,120 -₹34,745 2.0%
10 Years ₹3,023,651 ₹2,904,024 -₹119,628 4.0%
15 Years ₹5,257,722 ₹4,948,804 -₹308,917 5.9%
20 Years ₹9,142,468 ₹8,433,355 -₹709,113 7.8%

💡 Fiduciary Takeaway: A ₹10.0 Lakh investment loses ₹119,628 over 10 years purely to distributor commissions in the Regular plan.

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