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Flexi Cap Fund SEBI Risk: Very High AMC: HDFC Mutual Fund

HDFC Flexi Cap Fund - Direct Plan - Growth

Benchmark: NIFTY 500 TRI • Manager: Roshi Jain • Portfolio Date: 2026-09-30
Composite Health Score
84.1/100
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: 53.0% (Score: 82.0) Debt: 0.0% (Score: 0.0) Cash / TREPS: 7.0%
Identifier Security Name Type Weight Sector / Rating Engine Score Diagnostic Notes
ICICIBANK ↗ ICICI Bank Ltd EQUITY 9.2% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
HDFCBANK ↗ HDFC Bank Ltd EQUITY 8.8% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
TREPS Tri-Party Repo & Cash CASH_EQUIVALENT 7.0% CASH 100.0 Liquid Cash / Sovereign Collateral
INFY ↗ Infosys Ltd EQUITY 6.5% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
AXISBANK ↗ Axis Bank Ltd EQUITY 5.2% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
RELIANCE ↗ Reliance Industries Ltd EQUITY 4.9% Energy & Petrochemicals 82.0 Verified 7-Pillar Equity Dossier Available
BHARTIARTL ↗ Bharti Airtel Ltd EQUITY 4.5% Telecom 82.0 Verified 7-Pillar Equity Dossier Available
SBIN ↗ State Bank of India EQUITY 4.1% PSU Banks 82.0 Verified 7-Pillar Equity Dossier Available
LT ↗ Larsen & Toubro Ltd EQUITY 3.8% Infrastructure 82.0 Verified 7-Pillar Equity Dossier Available
HINDUNILVR ↗ Hindustan Unilever Ltd EQUITY 3.2% FMCG 82.0 Verified 7-Pillar Equity Dossier Available
CIPLA ↗ Cipla Ltd EQUITY 2.8% Pharmaceuticals 82.0 Verified 7-Pillar Equity Dossier Available

02: True Diversification & Active Share

Exposing Closet Indexing: Active Share AS = 0.5 × ∑|w_fund - w_bench|
Active Share Score
68.4%
TRUE_ACTIVE_ALPHA

High Active Share: Portfolio significantly deviates from the passive benchmark, justified active fee.

Top 10 Holdings Concentration: 57.2%

03 & 04: Risk-Adjusted Alpha & Downside Capture

Evaluating asymmetrical compounding: Downside Capture Ratio vs Upside Capture Ratio.
Sortino Ratio
2.05
Downside Risk Only
Downside Capture
66.0%
Benchmark: ≤ 75%
Capture Spread
+40.0%
UCR (106.0%) - DCR
Hurst Exponent (H)
0.64
Persistent Momentum
3-Year Rolling Return Consistency: 84.5% 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
82.0 bps / yr (1.54% - 0.72%)
Time Horizon Direct Plan Value (Net) Regular Plan Value (Net) Cumulative Wealth Lost Percentage Corpus Destroyed
5 Years ₹1,706,419 ₹1,644,467 -₹61,952 3.6%
10 Years ₹2,911,865 ₹2,704,272 -₹207,592 7.1%
15 Years ₹4,968,860 ₹4,447,087 -₹521,773 10.5%
20 Years ₹8,478,955 ₹7,313,088 -₹1,165,868 13.8%

💡 Fiduciary Takeaway: A ₹10.0 Lakh investment loses ₹207,592 over 10 years purely to distributor commissions in the Regular plan.

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