Hdfc Asset Management Co. Ltd. · NSE:HDFCAMC
Hdfc Asset Management — Investor Presentation (July 2026)
68 slides from Hdfc Asset Management's investor presentation, July 2026
Slide 1: Cut Through the Noise. Engage with Clarity.
by HDFC Mutual Fund Cut Through the Noise. Engage with Clarity. July 2026 HDFC Mutual Fund: SEBI Registration Number: MF/044/00/6
Slide 2: Setting the context
Setting the context In today’s investment landscape, markets are increasingly influenced by geopolitical developments and rapidly evolving global dynamics. Shifts in narratives, from risk-off to risk-on, and vice versa can be swift, often driven by events that are difficult to predict but quick to imp
Slide 3: Table of Contents
Table of Contents 01 Macro Guide 02 Valuation Guide 03 Asset Allocation Guide 04 Investor Guide 06 HDFC MF Edge 03/68
Slide 4: Macro Guide
Macro Guide Headwinds, Tailwinds and More… 04/68
Slide 5: What has shaped the market sentiment recently?
What has shaped the market sentiment recently? 1. India’s Resilience amid challenging global backdrop Several key Indian economic indicators remained resilient through the West Asia conflict (Covered in TTP - Weathering the Headwinds: Signs of Underlying Economic Strength) 2. Healthy Q4FY26 earnings
Slide 6: Equity: Winners and Laggards
Equity: Winners and Laggards Index Type Index Name 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years YTD FYTD Nifty 50 TRI 1.7 7.4 -8.1 -5.4 8.8 10.0 12.5 -8.1 7.3 Nifty Next 50 TRI 0.9 18.9 3.8 4.8 18.8 14.2 14.5 3.8 18.7 Nifty 100 TRI 1.5 9.4 -6.1 -3.6 10.5 10.5 12.8 -6.1 9.3 Broad Based N
Slide 7: Resilient Domestic Economic Activity Amidst Global Uncertainty
Resilient Domestic Economic Activity Amidst Global Uncertainty Tailwinds Headwinds Resilient Economic Activity: The high frequency indicators for June Global Uncertainty: Resumption of hostilities between US and 2026 suggest that economic activity continues to hold up well. Iran could be a risk to w
Slide 8: 2026: Gold and Mag 7 slow down; Korea, Taiwan power Emerging Markets
2026 : Gold and Mag 7 slow down; Korea, Taiwan power Emerging Markets After 2 strong years, 2026 has seen muted returns for Mag 7 as capital continued to chase Korean, Taiwanese Chipmakers resulting in outperformance of Emerging Markets. Gold, after a strong performance in 2025, has corrected owing
Slide 9: Indian Equities: Mean Reversion on the Cards after 2+ years of Underperformance
Indian Equities: Mean Reversion on the Cards after 2+ years of Underperformance AI-linked themes in South Korea and Taiwan have continued to outshine other markets, including India, over the past couple of years. Recent profit-booking in Korea/Taiwan has resulted in sharp correction though. Rupee Dep
Slide 10: The Narratives that Defined the First Half of 2026
The Narratives that Defined the First Half of 2026 US Tariff Threats / Gold @ USD 5000/troy Greenland/ FPI Outflows and India Inflation: Trade Deals / Free ounce, Silver’s record Venezuela/Iran – Rupee under Low Base, Higher Trade Agreements run / Subsequent Fragmented World: Pressure Forecasts/ New co
Slide 11: Out of the Strait - Out of the Woods? - Not Yet
Out of the Strait - Out of the Woods? - Not Yet Transits out of the Strait of Hormuz, which had recovered Crude which had corrected from $100+to below $80 in through June on signs of easing tensions, have stalled June-26 on signs of easing tensions has seen renewed again following renewed hostility
Slide 12: Middle East Conflict to Continue Weighing on Gold?
Middle East Conflict to Continue Weighing on Gold? Gold, has been weighed down by Middle East Conflict Amidst the uncertainty surrounding the Middle East as higher energy prices fueled inflation and raised Conflict, probability of Fed Rate Hike continues to remain expectations that Central Banks would h
Slide 13: Energy Prices Remain a Key Monitorable for Inflation Outlook
Energy Prices Remain a Key Monitorable for Inflation Outlook India being a large importer of energy, the renewed spike in crude following the breakdown of the US-Iran ceasefire remains a key monitorable for India's inflation outlook. Oil and metal prices have historically exhibited a positive correlati
Slide 14: El-Nino remains a Key Risk – Better Buffer Stock and Irrigation could Cushion Impact
El-Nino remains a Key Risk – Better Buffer Stock and Irrigation could Cushion Impact After opening on a weak footing, India’s 2026 South-west Monsoon has shown signs of recovery in the first week of July, with deficit vs Normal Rainfall reducing from 40% at June-end to 15% as of 8th July 2026. Improv
Slide 15: Exports Surged to An All-Time High in May'26
Exports Surged to An All-Time High in May’26 Merchandise Exports surged 18% YoY in May’26 to an Indian Rupee has depreciated vs Peers in the last 12 All-Time High of $45.2 Bn, led by Engineering, months, making Indian exporters more competitive Electronics and Petroleum Products. INR against Other C
Slide 16: Trade Agreements to Pave the Way for Exports Growth
Trade Agreements to Pave the Way for Exports Growth Proposed Trade Agreements with EU, US and UK could boost India’s Exports by ~$ 50 Bn annually once implemented FTAs Partners ($, bn) Exports 2026E ($, bn) Exports 2029E ($, bn) Potential Increase per year ($, bn) EU 92 183 30 USA 97 144 16 UK 14 25
Slide 17: Weakness in Capital Flows has Weighed on Rupee
Weakness in Capital Flows has Weighed on Rupee Rupee’s depreciation over the past 12-18 months has been driven by decline in capital flows, rather than weak fundamentals. As of May’26, In real trade-weighted terms, the INR was at its most undervalued level since the 2013 Taper Tantrum, indicating the
Slide 18: Series of Reforms by RBI to support the Rupee and Balance of Payments
Series of Reforms by RBI to support the Rupee and Balance of Payments Measure Benefits/Potential Inflows RBI to bear the full hedging cost till September 30, 2026 Could Attract Potential Inflows of ~$40 Bn to $60 Bn (India for raising fresh 3-5-year FCNR(B) deposits by Authorized received USD 34 billi
Slide 19: 2013 FCNR(B) Scheme provided Relief to INR - 2026 to see the same?
2013 FCNR(B) Scheme provided Relief to INR - 2026 to see the same? FX reserves improved by $68bn in next three years post USD/INR rate stabilized post the swap scheme in 2013 relief measures in 2013 vs. the depreciating trend earlier Fiscal Year Change in FX Reserve ($) USD/INR 120 May/13 Aug/13 Mar
Slide 20: India vs Emerging Markets – Reversal of Recent Underperformance on The Cards
India vs Emerging Markets – Reversal of Recent Underperformance on The Cards Up to Jun’25, India had outperformed most Emerging Markets (in USD terms) over a 10 year period owing to strong growth potential and deep, yet diverse equity market However, the recent euphoria around AI-related themes has
Slide 21: Diversified India Could Appeal to Foreign Investors With any Reversal of AI-led Trend
Diversified India Could Appeal to Foreign Investors With any Reversal of AI-led Trend Sector Split - MSCI Korea & MSCI Taiwan Indices Sharp Outperformance of Korea and Taiwan, led by the AI and Semiconductor rally has pushed both above India in the MSCI EM Technology Other Sectors Index MSCI Taiwan 8
Slide 22: FY26 Earnings Growth – Mid and Small Caps outperform Large Caps
FY26 Earnings Growth – Mid and Small Caps outperform Large Caps PAT Growth in FY26 was stronger than PAT Growth (YoY, %) Particulars PAT Growth Estimated Estimated FY25 led by Mid and Small Caps in FY26 PAT Growth PAT Growth Indices FY26 FY26 (YoY, %) in FY27 in FY28 30% (Ex-Banks) (YoY, %) (YoY, %)
Slide 23: Financials Have Borne the Maximum Brunt of FPI outflows
Financials Have Borne the Maximum Brunt of FPI outflows Financials, especially Private Banks, have borne the impact of FPI outflows over the past year and a half While AI related euphoria in certain markets continues to remain a key variable for flows into India, possible stability of INR going forward
Slide 24: Valuation Divergence in Banking Sector
Valuation Divergence in Banking Sector Underperformance of Private Banks over the past few years has resulted in improved valuation attractiveness As of 30-Jun-2026, while Private Sector Banks were trading 20% below Long-Term Average, Public Sector Banks were trading ~30% above the Long-Term Average
Slide 25: IPO Comeback – A Potential Positive for Equity Markets
IPO Comeback – A Potential Positive for Equity Markets Weaker equity market sentiment owing to the West Asia Conflict led to a lower number of IPOs in the recent past The possibility of West Asia truce could revive IPO activity, with 159 IPOs already approved by SEBI and 65 more in the approval pipel
Slide 26: Data Centres and Nuclear Power Dominate New Investment/Capex Proposals
Data Centres and Nuclear Power Dominate New Investment/Capex Proposals Nuclear power and data centres, between them accounted for more than 80 per cent of aggregate announcements in Q1FY27. The surge in nuclear power owes much to the SHANTI Act, passed in December. The Act replaces the Atomic Energy
Slide 27: India Economic Calendar
India Economic Calendar Date Indicator Impact on Indian investors 24-Jul-26 HSBC India PMI Composite Indicates growth momentum; 24-Jul-26 Foreign Exchange Reserves Indicates currency stability; rising reserves support INR and investor confidence. 28-Jul-26 Industrial Production (YoY) Key gauge of eco
Slide 28: Valuation Guide
Valuation Guide Looking beyond Premiums 28/68
Slide 29: Indian Equities: Strong Fundamentals and Investor Optimism lends premium vs. peers
Indian Equities: A potent combination of Strong Fundamentals and Investor Optimism lends premium vs. peers While India’s Market Cap to GDP is above Long-Term Average, India's valuation (P/E) premium to Emerging it also reflects India’s strong structural growth drivers, higher Markets close to 10 Year
Slide 30: Moderation in India's Valuations on a Relative Basis Improve its Attractiveness
Moderation in India’s Valuations on a Relative Basis Improve its Attractiveness India’s under performance vs global peers over the past India’s share in global market cap is now below India’s couple of years has led to a dip in India’s share in global Contribution to World GDP market cap India's Sha
Slide 31: Valuations Relative to Long-Term History for Large/Mid/Small Caps
Valuations Relative to Long-Term History for Large/Mid/Small Caps Large Cap : NIFTY 100 Index trading Mid Cap : NIFTY Mid Cap 100 Index Small Cap :BSE 250 Small Cap Index at a discount of ~4% to its 10-Year trading at a premium of ~15% to its trading at a premium of ~26% to its Average valuation mul
Slide 32: Valuation Opportunities Emerging Across Market Caps
Valuation Opportunities Emerging Across Market Caps As of 30-June-26, 42% of the stocks in As of 30-Jun-26, 37 of the stocks in As of 30-Jun-26, 43% of the stocks in BSE NIFTY 100 Index are trading below 25X. NIFTY Midcap 150 Index are trading 250 Smallcap Index are trading below a And approx. 30% o
Slide 33: Sectoral Valuations have Moderated Meaningfully post the Recent Correction
Sectoral Valuations have Moderated Meaningfully post the Recent Correction 12 months forward Price To Earnings 30-Jun-26 10y Avg Premium/(discount) Electric utilities 15.1 11.7 28.8 Cement 38.2 31.8 20.2 Pharma 29.5 24.6 20.0 PSU banks 1.3 1.1 13.5 Metals 11.9 10.7 10.3 Oil & gas 13.6 13.0 4.6 CD 65
Slide 34: Improved Attractiveness of Equity vs. Debt
Improved Attractiveness of Equity vs. Debt Gap between 10-Year G-Sec Yield and Earnings Yield (1/Price to Earnings Ratio) has reduced recently indicating improved attractiveness of Equity vs Debt Lower gap indicates better attractiveness of Equity vs Debt and vice versa 10 Year G-Sec Yield – NIFTY E
Slide 35: Asset Allocation Guide
Asset Allocation Guide A Simplistic Ready Reckoner 35/68
Slide 36: Why Diversification across Asset Classes holds the key?
Why Diversification across Asset Classes holds the key? Equity Debt Gold 70% 60% 57% 50% 37% 40% 30% 20% 19% 20% 20% 14% 16% 11% 12% 10% 11% 7% 5% 8% 8% 5% 7% 8% 7% 10% 5% 4% 3% 3% 2% 0% 0% -1% -3% -10% -10% -20% -14% -30% -40% -38% -50% FY 98-00 FY 00-03 FY 03-08 FY 08-11 FY 11-17 FY 17-20 COVID-19
Slide 37: However, there is no one size fits all with Asset Allocation
However, there is no one size fits all with Asset Allocation A longer horizon can enable more risk-taking with higher allocation to equities Investment A shorter time frame would mandate a more conservative approach with higher Horizon allocation to Fixed Income Investor’s ability and willingness to
Slide 38: Asset Allocation Framework
Asset Allocation Framework Why Equity? Why Debt? Why Gold? Enables potential long-term Provides relative stability to portfolio Safe Haven asset class that Role in Portfolio wealth creation provides hedge against inflation Higher long-term return potential Lower return potential and volatility compar
Slide 39: HDFC Balanced Advantage Fund: Power of Staying Invested
HDFC Balanced Advantage Fund : Power of Staying Invested Longer an Investor stayed invested in HDFC Balanced Advantage Fund, the better was the wealth creation On an average, Rs 1 Lakh invested in the Scheme since inception (01-Feb-1994), became Rs 2.58 Lakhs in 5 Years and Rs 6.7 Lakhs in 10 Years
Slide 40: Simplistic Product Mix
Simplistic Product Mix 40% : HDFC Flexi Cap Fund Aggressive 15% : HDFC Small Cap Fund 15% : HDFC Mid Cap Fund (Equity Allocation 5%: HDFC Income Plus Arbitrage Omni FoF range 70%-80%) 15% : HDFC Equity Savings Fund 10% : HDFC Gold ETF Fund of Fund 20% : HDFC Flexi Cap Fund Moderate 15% : HDFC Large
Slide 41: Investor Guide
Investor Guide Interesting conversation on Systematic Investing 41/68
Slide 42: Wealth Creation to Income Generation – HDFC Balanced Advantage Fund
Wealth Creation to Income Generation – HDFC Balanced Advantage Fund Lump Sum SIP SWP Value of ₹10 lakh invested as a Value of ₹10,000 invested Corpus value after investing lump sum monthly through SIP ₹10 lakh and withdrawing ₹5,000 per month through SWP 80 70 ₹15.7 Cr ₹19.2 Cr 50 Corpus ₹12.4 Cr In
Slide 43: Pausing SIP equivalent to pausing your Dreams!
Pausing SIP equivalent to pausing your Dreams! Investor A and Investor B start a monthly SIP of Rs.10,000 in the HDFC Flexi Cap Fund Assumption: Both investors begin their SIPs in the same year as the market crisis and continue investing for a total period of five years. However, during this time, B
Slide 44: HDFC MF Edge
HDFC MF Edge 44/68
Slide 45: Our Vision and Mission
Our Vision and Mission A highly trusted brand with long term orientation Wide physical network Pedigree Known for setting Industry Purpose and state-of-the-art benchmarks and solid corporate (Mission) s P digital assets governance practices rm eo To be the wealth tfo pl creator for every e Pla India
Slide 46: Why Choose HDFC MF
Why Choose HDFC MF At HDFC AMC, our aim is to help our clients achieve the investment outcomes they seek Some of the key factors that distinguish us from our peers include: Strong parentage that Long-term track record Sound risk management Ability to service clients reinforces our market in select s
Slide 47: Our Prudent Investment Philosophy
Our Prudent Investment Philosophy Active Investing that creates Long-term Value Aligning the investment strategy/asset allocation with the fund objective/mandate Investment Discipline Not compromising on sanctity of the product or mandate even under ‘competitive pressures’ Avoid investing in assets
Slide 48: Performance – HDFC Balanced Advantage Fund
Performance HDFC Balanced Advantage Fund A. SIP Performance^ - Regular Plan - Growth Option Since Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP Total Amount Invested (₹ in lacs) 38.90 18.00 12.00 6.00 3.60 1.20 Market Value as on June 30, 2026 (₹ in lacs) 1,569.78 56.93 25.17 8
Slide 49: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Srinivasan Ramamurthy (who manages total 10 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Multi-Asset Active FOF Ja
Slide 50: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Nandita Menezes (who manages total 30 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Retirement Savings Fund - Hybri
Slide 51: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Arun Agarwal (who manages total 43 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Retirement Savings Fund - Hybrid-E
Slide 52: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Gopal Agrawal (who manages total 3 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Dividend Yield Fund Dec 18, 2020 -
Slide 53: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Anil Bamboli (who manages total 15 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Income Plus Arbitrage Active FOF J
Slide 54: Performance – HDFC Flexi Cap Fund
Performance HDFC Flexi Cap Fund A. SIP Performance^ - Regular Plan - Growth Option Since Inception* 15 year SIP 10 year SIP 5 year SIP 3 year SIP 1 year SIP Total Amount Invested (₹ in lacs) 37.80 18.00 12.00 6.00 3.60 1.20 Market Value as on June 30, 2026 (₹ in lacs) 2,196.07 65.98 28.77 8.77 4.15
Slide 55: Other Funds managed by the Fund Manager
Others Funds managed by the Fund Manager Performance of other funds managed by Amit Ganatra (who manages total 2 schemes which have completed 1 year) Managing Returns (%) as on June 30, 2026 Scheme since Last 1 year (%) Last 3 years (in %) Last 5 years (in %) HDFC Focused Fund Feb 01, 2026 -0.90 16.
Slide 56: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# NIFTY 500 Index (TRI) HDFC Flexi Cap Fund To generate long-term capital appreciation/ income (An open ended dynamic equity scheme investi
Slide 57: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# 50% NIFTY 50 TRI + 40% NIFTY Composite Debt Index + 10% Gold derived as per HDFC Multi-Asset regulatory norms Active FOF~ Capital appreci
Slide 58: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# NIFTY Equity Savings Index Capital appreciation while generating income over (Total Returns Index) HDFC Equity medium to long term. Savin
Slide 59: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# NIFTY 50 Hybrid Composite Debt 65:35 HDFC Retirement A corpus to provide for pension in the form of income Index (Total Returns Index) Sa
Slide 60: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# HDFC Multi-Asset 65% Nifty 50 TRI + 22.5% Nifty Composite To generate long-term capitalappreciation / income Debt Index +10% Domestic Pri
Slide 61: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# Domestic Prices of physical Silver HDFC Silver ETF (derived as per regulatory norms) Capital appreciation over long term. Fund of Fund~ A
Slide 62: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking*: Scheme Riskometer# Name of the Benchmark and Riskometer# 40% NIFTY 50 Arbitrage Index (TRI) + 60% HDFC Income Plus NIFTY Composite Debt Index Arbitrage Active FOF~ Capital appreciation over long
Slide 63: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for Scheme Riskometer# Name of the Benchmark investors who are seeking*: and Riskometer# HDFC Ultra Short 40% NIFTY 50 Arbitrage Potential Risk Class Index (TRI) + 60% NIFTY (Maximum risk the Scheme can take) Term Fund Composi
Slide 64: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking* Scheme Riskometer# HDFC Multi-Asset Allocation Fund • To generate long-term capital appreciation / income (An open-ended scheme investing in Equity and • Investments in a diversified portfolio of
Slide 65: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking* Scheme Riskometer# HDFC Small Cap Fund • To generate long-term capital appreciation / income (An open ended equity scheme predominantly • Investment predominantly in Small-cap companies investing
Slide 66: Product Labelling and Riskometers
Product Labelling and Riskometers Name of Scheme This product is suitable for investors who are seeking* Scheme Riskometer# HDFC Equity Savings Fund • Capital appreciation while generating income over medium to (An open ended scheme investing in equity, long term. arbitrage and debt) • Provide capit
Slide 67: Disclaimer
Disclaimer The views expressed herein are as of July 24, 2026 and are based on internal data, publicly available information and other sources believed to be reliable. Any calculations made are approximations, meant as guidelines only, which you must confirm before relying on them. The information co
Slide 68: Thank You
Thank You
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