March 26, 2026
RA Jainee
HDFC Infrastructure Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 47.6 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 29.12 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | BSE India Infrastructure TRI |
| AUM Rs. | 2,417 Cr |
| (As on 28-Feb-2026) | |
| Expense | 1.15% |
| 1 Year Return (%) | 8.52 |
| 3 Year Return (%) | 22.02 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 11.59% |
⚖️ Sahifund Review – HDFC Infrastructure Fund ✔
PLUS: Stability, track record, cost efficiency
✓ Strong medium-term performance with 24.76% CAGR in 3 years and 23.21% in 5 years, showing solid wealth-creation potential in the infrastructure cycle.
✓ Has delivered better-than-category returns over 3 and 5 years, proving strong theme execution.
✓ Backed by HDFC Mutual Fund, which adds fund house credibility and investor comfort.
✓ Portfolio of 59 stocks gives decent diversification within the infrastructure theme.
✓ Very low turnover (7.96%) is a strong positive, reflecting stability and conviction-led investing.
✓ Reasonable portfolio valuation (P/E 16.85) suggests it is not excessively expensive for a thematic fund.
✓ Suitable for SIP investors who want to ride India’s long-term infra and capex story.
MINUS: Large AUM, large-cap bias, momentum lag
⚖️ Recent performance remains uneven, with 1-year return still weak despite strong long-term numbers.
⚖️ Has underperformed stronger peers like Franklin Build India, DSP TIGER and LIC MF Infra in some longer periods.
⚖️ Being a sectoral/thematic fund, risk is much higher than diversified equity funds.
⚖️ Portfolio is heavily concentrated, with top 3 sectors at 75.93%, which raises cyclical risk.
⚖️ Large-cap plus infra-cycle dependency means returns can be volatile if the sector theme cools off.
Sahifund View (Decisive Line):
A strong infrastructure play for high-risk SIP investors — but only as a satellite bet, not as your core mutual fund holding.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
Nobody should invest in Infrastructure funds in our opinion, because:
• They have a narrow focus on only infrastructure related companies
• Instead, diversified equity funds which invest across sectors/themes are better
If you still choose to invest:
1. Invest only through SIP
2. Have a 7+ year investment horizon
3. Be prepared to withstand interim sharp declines in investment value
Suitable For Which Investors?
The scheme aims to invest predominantly in a diversified portfolio of equity and equity related securities of companies which are either engaged in or expected to benefit from the growth and development of infrastructure. The scheme may also invest upto 35% of the fund in non-infrastructure related companies. The scheme shall invest across all market capitalization.
Fund Manager:
1) Ashish Shah
Education: MMS Finance, Bachelor of Engineering
Experience: Prior to joining the HDFC AMC, he was associated with JM Financial Institutional Securities Ltd, Centrum Broking Ltd, IDFC Securities Ltd, First Global Stockbroking Pvt. Ltd.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 100 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | 1 |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 30 days |
Basic Details of HDFC Infrastructure Fund
| Fund House | HDFC Mutual Fund |
| Launch Date | 01-Jan-13 |
| Return Since Launch | 11.59% |
| Benchmark | BSE India Infrastructure TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 2,417 Cr |
| (As on 28-Feb-2026) | |
| Expense | 1.15% |
| (As on 28-Feb-2026) | |
| Risk Grade | Average |
| Return Grade | High |
| Turnover | 7.96% |
HDFC Infrastructure Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| HDFC Infrastructure Dir | -9.71 | 1.98 | -10.30 | -9.60 | -10.13 | -1.37 | 24.76 | 23.21 | 15.09 | 12.86 |
| BSE India Infrastructure TRI | -8.05 | -3.38 | -10.79 | -7.52 | -10.60 | -3.98 | 25.14 | 21.63 | 17.57 | 16.12 |
| Equity: Thematic-Infrastructure | -7.27 | 2.05 | -8.52 | -7.07 | -7.81 | 0.84 | 21.77 | 20.99 | 18.34 | 16.72 |
| Rank within category | 19 | 15 | 23 | 19 | 17 | 13 | 7 | 7 | 17 | 19 |
| Number of funds in category | 23 | 23 | 23 | 23 | 22 | 21 | 19 | 19 | 19 | 19 |
Peer Comparison of HDFC Infrastructure Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| HDFC Infrastructure Dir | 4 star | -1.37 | 24.76 | 23.21 | 1.15 | 2,417 | 11.59 | 1.00 (30) | 13Y 2M | 7.96 |
| ICICI Pru Infrastructure Dir | 5 star | 0.43 | 22.20 | 25.18 | 1.15 | 8,098 | 15.73 | 1.00 (15) | 13Y 2M | 61.00 |
| DSP India T.I.G.E.R. Dir | 4 star | 6.00 | 25.29 | 23.95 | 0.74 | 5,460 | 15.85 | 1.00 (364) | 13Y 2M | 23.00 |
| Franklin Build India Dir | 5 star | 4.49 | 26.05 | 23.39 | 0.95 | 3,174 | 20.26 | 1.00 (365) | 13Y 2M | 20.39 |
| LIC MF Infrastructure Dir | 4 star | 4.69 | 27.74 | 23.67 | 0.98 | 1,007 | 14.90 | 1.00 (90) | 13Y 2M | 75.00 |
HDFC Infrastructure Fund Portfolio
| No. of Stocks | 59 |
| Top 10 Stocks | 41.32% |
| Top 5 Stocks | 26.04% |
| Top 3 Sectors | 75.93% |
| Portfolio P/B Ratio | 2.39 |
| Portfolio P/E Ratio | 16.85 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 1,05,831 | 1,35,657 |
| Giant (%) | — | — |
| Large (%) | 59.44 | 56.90 |
| Mid (%) | 3.41 | 16.83 |
| Small (%) | 37.15 | 29.05 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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