HSBC Infrastructure Fund vs Kotak Infrastructure and Economic Reform Fund
HSBC Infrastructure Fund and Kotak Infrastructure and Economic Reform Fund are both Infrastructure Funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR +15.79% vs +16.90%, 5-year CAGR — vs +17.87%, volatility 21.13% vs 21.63%, maximum drawdown −25.35% vs −46.00%. Their portfolios overlap by 33% (14 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Fund house | HSBC Mutual Fund | Kotak Mahindra Mutual Fund |
| Compared as | Infrastructure Funds | Infrastructure Funds |
| NAV | ₹55.6492 | ₹83.8480 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 28 Nov 2022 | 2 Feb 2015 |
| Track record | 3.9 yrs | 11.8 yrs |
| Fund size (AUM) | ₹2,379 Cr | ₹2,334 Cr |
| Securities held | 49 | 48 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| 1 month | −3.08% | +0.71% |
| 3 months | −3.22% | −0.59% |
| 6 months | −3.57% | +3.22% |
| 1 year | +4.51% | +5.74% |
| 3 years (CAGR) | +15.79% | +16.90% |
| 5 years (CAGR) | — | +17.87% |
| 7 years (CAGR) | — | +21.40% |
| 10 years (CAGR) | — | +16.52% |
| Since launch (CAGR) | +19.27% | +15.25% |
| SIP return (XIRR, 5 years) ⓘ | — | +16.11% |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| 2026 (year to date) | +6.88% | +8.05% |
| 2025 | −3.38% | −2.41% |
| 2024 | +29.43% | +34.29% |
| 2023 | +52.22% | +39.21% |
| 2022 | — | +17.25% |
| 2021 | — | +59.43% |
Risk
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Volatility (annualised) ⓘ | 21.13% | 21.63% |
| Downside volatility ⓘ | 13.11% | 14.52% |
| Sharpe ratio ⓘ | 0.44 | 0.48 |
| Sortino ratio ⓘ | 0.71 | 0.72 |
| Maximum drawdown ⓘ | −25.35% | −46.00% |
| Recovery from that fall | 16 months | 10 months |
| Current fall from peak | −5.95% | −1.95% |
| Rolling 1-year return: worst | −11.37% | −34.23% |
| Rolling 1-year return: median | +11.54% | +14.78% |
| Rolling 1-year return: best | +77.32% | +98.89% |
| Share of 1-year periods with a loss | 22.59% | 24.06% |
Against each fund's benchmark
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Beta ⓘ | 1.19 | 1.24 |
| Alpha (Jensen's, annualised) ⓘ | +4.40% | +4.54% |
| R² ⓘ | 74.81 | 80.32 |
| Upside capture | 133.04% | 136.17% |
| Downside capture | 122.37% | 125.28% |
| Tracking error | 11.16% | 10.31% |
| Information ratio | 0.42 | 0.49 |
| Treynor ratio | 7.07 | 7.03 |
Portfolio
Asset mix
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Equity | 95.82% | 98.67% |
| Cash & equivalents | 4.18% | 1.33% |
Market-cap split (share of fund assets)
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Large Cap | 53.05% | 45.34% |
| Mid Cap | 9.59% | 10.24% |
| Small Cap | 27.05% | 38.50% |
| Unclassified | 6.13% | 4.59% |
Concentration
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Top 10 holdings | 50.87% | 45.89% |
| Effective number of stocks ⓘ | 28.5 | 29.4 |
| Securities held | 49 | 48 |
Portfolio overlap: 33%
14 companies are held by both funds; by weight, 33% of the two portfolios is the same. That is a moderate overlap.
| Held by both | HSBC Infrastructure | Kotak Infrastructure and Economic Reform |
|---|---|---|
| Larsen & Toubro Limited | 6.99% | 8.70% |
| Bharti Airtel Limited | 6.46% | 7.45% |
| Reliance Industries Limited | 4.43% | 7.32% |
| UltraTech Cement Limited | 3.64% | 2.82% |
| InterGlobe Aviation Limited | 4.09% | 2.31% |
| Engineers India Ltd. | 2.19% | 3.71% |
| Bharat Electronics Limited | 5.79% | 1.66% |
| Jyoti CNC Automation Ltd | 1.64% | 1.63% |
| ABB India Limited | 1.94% | 1.47% |
| Atlanta Electricals Limited | 1.01% | 1.24% |
| KSH International Ltd. | 0.63% | 1.16% |
| Cummins India Limited | 0.55% | 1.65% |
| NTPC Limited | 7.68% | 0.47% |
| Ashok Leyland Limited | 0.36% | 1.98% |
Top 10 holdings
HSBC Infrastructure
- NTPC Limited7.68%
- Larsen & Toubro Limited6.99%
- Bharti Airtel Limited6.46%
- Bharat Electronics Limited5.79%
- MTAR Technologies Limited4.67%
- Reliance Industries Limited4.43%
- InterGlobe Aviation Limited4.09%
- UltraTech Cement Limited3.64%
- Kirloskar Oil Engines Limited3.60%
- Hindustan Aeronautics Limited3.52%
Kotak Infrastructure and Economic Reform
- Larsen & Toubro Limited8.70%
- Bharti Airtel Limited7.45%
- Reliance Industries Limited7.32%
- Kalpataru Projects International Ltd3.73%
- Engineers India Ltd.3.71%
- Indus Towers Limited3.60%
- Solar Industries India Limited3.04%
- Kajaria Ceramics Limited2.86%
- UltraTech Cement Limited2.82%
- Mahindra Logistics Limited2.66%
Sector exposure
| HSBC Infrastructure | Kotak Infrastructure and Economic Reform | |
|---|---|---|
| Electrical Equipment | 20.25% | 5.49% |
| Construction | 10.16% | 19.42% |
| Industrial Products | 14.46% | 8.14% |
| Telecom - Services | 6.46% | 11.05% |
| Power | 9.73% | 0.47% |
| Aerospace & Defense | 9.31% | 1.66% |
| Auto Components | 0.00% | 7.44% |
| Petroleum Products | 4.43% | 7.32% |
| Transport Services | 5.46% | 6.26% |
| Consumer Durables | 1.40% | 5.24% |
| Cement & Cement Products | 3.64% | 5.15% |
| Industrial Manufacturing | 4.63% | 5.10% |
| Chemicals & Petrochemicals | 0.00% | 3.04% |
| Finance | 0.00% | 2.90% |
Questions people ask
What is the difference between HSBC Infrastructure and Kotak Infrastructure and Economic Reform returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return +4.51% vs +5.74%; 3-year CAGR +15.79% vs +16.90%; 5-year CAGR — vs +17.87%; 10-year CAGR — vs +16.52%. Past returns do not indicate future returns.
How do HSBC Infrastructure and Kotak Infrastructure and Economic Reform compare on risk?
Volatility (36 monthly returns, annualised) 21.13% vs 21.63%; Sharpe ratio 0.44 vs 0.48; Sortino ratio 0.71 vs 0.72; maximum drawdown −25.35% vs −46.00%; beta 1.19 vs 1.24.
How much do HSBC Infrastructure and Kotak Infrastructure and Economic Reform overlap?
By weight, 33% of the two portfolios is invested in the same companies; 14 stocks are held by both, the largest shared positions being Larsen & Toubro Limited, Bharti Airtel Limited, Reliance Industries Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of HSBC Infrastructure and Kotak Infrastructure and Economic Reform?
HSBC Infrastructure: large cap 53.1%, mid cap 9.6%, small cap 27.1%. Kotak Infrastructure and Economic Reform: large cap 45.3%, mid cap 10.2%, small cap 38.5% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 5 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.