April 4, 2026
RA Jainee
HDFC Technology Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 11.31 |
| NAV Bonus (Rs.) | — |
| NAV IDCWÂ (Rs.) | 11.31 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | BSE Teck TRI |
| AUM Rs. | 1,363 Cr |
| Â | (As on 28-Feb-2026) |
| Expense | 0.99% |
| 1 Year Return (%) | -12.82 |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 4.94% |
⚖️ Sahifund Review – HDFC Technology Fund ✔
✓ PLUS: HDFC Technology Fund benefits from one big comfort factor — the credibility of HDFC Mutual Fund and a manager with relevant technology research background. The fund has also shown relatively better downside resilience than its benchmark BSE IT TRI in the 1-year period, which suggests some stock selection discipline even in a weak tech cycle. Its low turnover of just 9.59% is a positive, indicating a more patient and conviction-led portfolio approach rather than excessive churn. The fund’s 28-stock portfolio offers reasonable diversification within the tech theme, and the inclusion of some mid- and small-cap names gives it upside potential if the sector revives. For investors who specifically want to play a long-term digital / IT recovery theme, SIP investing here can still make tactical sense.
⚖️ MINUS: The problem is straightforward — performance is still weak and uninspiring. The fund has delivered a negative 1-year return of -12.82%, and it has also underperformed several established peers like SBI Technology Opportunities, ICICI Pru Technology and Tata Digital India. It is also a new fund (launched in Sept 2023), so there is no meaningful long-term record to evaluate. The expense ratio of 0.99% is on the higher side for a thematic fund that has not yet proven itself. Portfolio concentration is also quite high, with top 10 holdings at 74.12% and top 3 sectors at 98.57%, which means the fund is heavily dependent on a narrow set of tech trends. In short, this is a high-volatility sector fund that can deliver sharply only if the IT cycle turns strongly favorable.
Sahifund View (Decisive Line):
A wait-and-watch technology fund — suitable only for aggressive SIP investors who want to bet on a long-term IT recovery, not for core portfolio allocation.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.Â
Suitable For Which Investors?Â
Nobody should invest in Technology funds in our opinion, because:Â
• They have a narrow focus on only information technology companiesÂ
• Instead, diversified equity funds which invest across sectors are betterÂ
If you still choose to invest:Â
1. Invest only through SIPÂ
2. Have a 7+ year investment horizonÂ
3. Be prepared to withstand interim sharp declines in investment value.Â
Fund’s Investment Strategy:Â
The scheme seeks to provide long-term capital appreciation by investing predominantly in equity and equity related securities of Technology & technology related companies.Â
Fund Manager:Â
1) Balakumar BalasubramanianÂ
Education: Mr. Balasubramanian has done B.Tech, PGDM and CFAÂ
Experience: Prior to joining HDFC Mutual Fund, he has worked with Sanford C. Bernstein (India) Private Ltd, UBS Business Solutions (India) Pvt. Ltd, Cognizant Technology Solutions India Private Ltd, Capgemini India Private Ltd and Infosys LtdÂ
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | — |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 30 days |
Basic Details of HDFC Technology Fund   Â
| Fund House | HDFC Mutual Fund |
| Launch Date | 08-Sep-23 |
| Return Since Launch | 4.94% |
| Benchmark | BSE Teck TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 1,363 Cr |
| Â | (As on 28-Feb-2026) |
| Expense | 0.99% |
| Â | (As on 31-Mar-2026) |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 9.59% |
HDFC Technology Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| HDFC Technology Dir | -20.35 | 1.66 | -2.45 | -21.02 | -13.91 | -12.82 | — | — | — | — |
| BSE IT TRI | -20.14 | 2.42 | -0.36 | -21.00 | -11.64 | -15.96 | — | — | — | — |
| Equity: Sectoral-Technology | -19.42 | 1.67 | -1.34 | -20.05 | -12.72 | -9.92 | — | — | — | — |
| Rank within category | 17 | 8 | 15 | 17 | 16 | 12 | — | — | — | — |
| Number of funds in category | 19 | 20 | 19 | 19 | 19 | 18 | 5 | 4 | 4 | 4 |
Peer Comparison of HDFC Technology Fund
| Â | 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 Technology Dir | Unrated | -12.82 | — | — | 0.99 | 1,363 | 4.94 | 1.00 (30) | 2Y 6M | 9.59 |
| ICICI Pru Technology Dir | Unrated | -9.86 | 8.49 | 9.33 | 1.03 | 13,572 | 18.48 | 1.00 (15) | 13Y 3M | 47.00 |
| Tata Digital India Dir | Unrated | -11.76 | 8.68 | 9.67 | 0.56 | 9,896 | 15.91 | 0.25 (30) | 10Y 3M | 22.87 |
| SBI Technology Opportunities Dir | Unrated | -5.84 | 10.87 | 12.19 | 0.94 | 4,273 | 18.21 | 0.50 (15) | 13Y 3M | 27.00 |
| ABSL Digital India Dir | Unrated | -9.71 | 7.60 | 8.71 | 0.84 | 3,883 | 17.85 | 1.00 (30) | 13Y 3M | 49.00 |
HDFC Technology Fund Portfolio
| No. of Stocks | 28 |
| Top 10 Stocks | 74.12% |
| Top 5 Stocks | 55.18% |
| Top 3 Sectors | 98.57% |
| Portfolio P/B Ratio | 4.54 |
| Portfolio P/E Ratio | 24.30 |
Portfolio Breakup
| Â | Fund | Category |
| Average Mkt Cap (Rs Cr) | 1,57,300 | 2,40,803 |
| Giant (%) | — | — |
| Large (%) | 59.21 | 67.55 |
| Mid (%) | 19.01 | 21.68 |
| Small (%) | 21.77 | 22.98 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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