HDFC Mid-Cap Opportunities Fund - Presentation (April 2024) (1).pdf

Midcap

1. (An ope n-ende d equity scheme
predom inantly investing
in mid cap stocks)
HDFC Mid-Cap
Opportunit ies Fund
SPOT POTEN TIAL EARLY
Presen ting

2. Top 100
Next 150
251
st
Company
onwards
Source: Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017, wherein the universe of “Small Cap” shall consist of companies below
250th company in terms of full market capitalization.
*AMFI - As on 31st December 2023. ^Stock cut off – Market Cap above ` 150 Cr. 1,884 small cap companies mentioned above are those small cap companies with market cap>` 150 Cr.
2
Refer disclaimer on Page 22
Market Cap
segment
Large
Mid
Small
Number of
companies*
100
150
1884 ^
Market Cap Range *
` 67,017 Cr and above
` 64,425 Cr to ` 21,994 Cr
Below ` 21,994 Cr
% of Total Market
Cap^*
65%
18%
17%
Cumulative Market Cap^*
(Rs Trillion)
~207
~57
~56
What are Mid-Cap s ?
Market
Capitalization
Large
caps – 100
Companies
Mid caps
150 Companies
Small caps 1,884 Companies^
Below ` 21,994 Cr

3. Comparable risk adjusted returns over long term
Return - Risk Ratio
#
(10 Years)
Returns ^
Volatility *
NIFTY 100 TRI
17.1%
16.3%
NIFTY MidCap 150 TRI
25.5%
20.2%
Risk Adjusted returns (Large Caps and Mid Caps)
Averag e Annualized Monthly Returns & Volatilit y
(Mar’14 to Mar’24)
Source : MFI, Past performance may or may not be sustained in future and is not a guarantee of any future returns. TRI - Total Returns Index
^ Returns based on Average monthly returns calculated on monthly rolling basis for respective Period (March’14 to March’24).
* Annualized volatility based on standard deviation of monthly rolling monthly returns for the respective period (March’14 to March’24).
# Return to Risk Ratio = Annualized Average of Monthly returns / Annualized Volatility for the period.
Refer disclaimer on Page 22
3
Nifty 100 T RI Nifty Midcap 150 T RI
1.05
1.26
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40

4. Valuation La ndscap e
Source:-Bloomberg, Kotak Institutional Equities , As of 31st March 2024
Proxies used : Large Cap – S&P BSE 100, Mid Caps –NIFTY MidCap 100 Index used as proxy for Mid Caps due to unavailability of historical data for NIFTY MidCap 150 Index (Benchmark).
Refer disclaimer on Page 22
4
NIFTY MidCap 100 Inde x
5 Year Average
10 Year Average
As of 31-Mar-2024
1 Year For ward P/E
22.0
18.7
28.3
Relative Valuation : Mid Cap vs Large CapHistorical Valuations : Mid Cap
5
10
15
20
25
30
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
NSE Midcap100 P/E Avg
Mean+1SD Mean-1SD
(20)
(10)
0
10
20
30
40
50
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
Midcap100/Nifty Avg

5. HDFC Mid-Cap Opportunit ies Fund

6. Why HDFC Mid-Cap Opportunit ies Fund?
*In ter ms of Month end AUM as on March 31, 2024. S ource – MF I. Inception Date: June 25, 2007.
Refer disclaimer on Page 22
 Opportunity to invest in a portfolio of predom inantly mid sized companies
 Aims to provide diversi fication to an investo r’s overall equity mutual fund portfolio
 Experienced fund managemen t and research teams wit h a track record of managing equity assets
across market cycles
 Emphasi s on risk managemen t – portfolio diversi fication across stocks and secto rs; focus on good
quality bus inesses
 One of the largest fund in t he mid-cap category wit h a track record of more than 15 years*
6

7. Current Investmen t Approach of HDFC Mid-Cap Opportunit ies Fund
The current investment str ategy is subject to change depending on the mar ket conditions.
Refer disclaimer on Page 22
7
 Invest p redom inantly in mid cap companies
 Maintain judic ious diversi fication across stocks & secto rs
 Identify companies wit h sound financial strengt h and
sustaina ble business models, with reasona ble growth prospects
Investmen t
Approach
Investmen t
Strateg y
 To follow a stock specific approach
 Constru ct the portfolio on a botto m up basi s
 Focus on good qua lity companies at accep table valuations
 Long term o rientation (result ing in low portfolio turnover)
 Stick to circle of competence

8. Portfolio Stati stics
Company Name
Indian Hotels Company Ltd.
Tata Communications Limited
Apollo Tyres Ltd.
Max Financial Services Ltd.
Max Healthcare Institute Limited
The Federal Bank Ltd.
Indian Bank
Ipca Laboratories Ltd.
Hindustan Petroleum Corp. Ltd.
Coforge Limited
% to NAV
Top 5 Holding %
Top 10 Holding %
Beta
Portfolio Turnover Ratio (Last 1 Year)
Number of Stocks
Fund Size (Rs in Crores)
17.4
31.2
0.861
18.46%
68
60,418
Segment
Large Cap
Mid Cap
Small Cap
Cash, Cash Equivalents
and Net Current Assets
% of Total Assets
12.9%
65.7%
13.9%
7.5%
Top 10 Holdings (Mar’ 24) Portfolio Statistics Segment-wise break up
of equity holding
Data is As of March 31, 2024
For complete por tfolio, please r efer www.hdfcfund.c om
The Fund may or may not have any present or future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a
research report or a recommendation to buy or sell any security covered under the respective sector/s.
Refer disclaimer on Page 22
8
4.6
3.4
3.2
3.2
3.1
3.1
2.9
2.7
2.6
2.5

9. 1
Portfolio Constru ct
Fund Size vs Weighted Average Market Cap
Benchmark O verlap %
% of Net Assets
Portfolio is focused on Mid Caps backed
by robust investment process
Weighted averag e market
capitalization lower than category averag e,
in spite of larger fund size
Low Benchmark o verlap provides an
opportunity for alpha generation
Source: MFI Explorer, Capitaline, Bloomberg Data as on 31st March 2024. Benchmark – NIFTY Midcap 150 TRI Index
For complete portfolio, refer our website www.hdfcfund.com. The current investment strategy is subject to change depending on the market conditions.
Refer disclaimer on Page 22
9
-
Fund Size Weighted Average Market Cap
(` in Cr)
Scheme Category Average Benchmark
Less than
` 10,000 cr
` 10,000 -
` 20,000 cr
` 20,000 -
` 30,000 cr
More than
` 40,000
%ofNetAssets
Scheme Benchmark
6 7
11
69
0
3
9
86
0
20
40
60
80
100
60,418
55,932
10,251
72,874
40,090
-
20,000
40,000
60,000
80,000
39
36 35 34 33 31
0
50
100
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Market Cap break-up

10. How the portfolio stacks up in terms o f valuations ?
Focus on good qua lity companies, trading at reasona ble valuations
Source:-Bloomberg, As of Mar’24, Benchmark – NIFTY Midcap 150 TRI Index
^ FY25 Forward P/E considered
For detailed por tfolio r efer www .hdfcfund.c om.
Refer disclaimer on Page 22
P/E Bands ^ - Scheme vs Benchmark
10
%ofNetAssets
P/E Bands
Scheme Benchmark
-
5
10
15
20
25
30
35
40
45
50
<=20 20-25 25-30 >30 NA

11. Sector-wise Allocation
Sector Allocation: Largely a function of botto m-up stock selection
Refer disclaimer on Page 22
11
% of Net Assets
Financials
Consumer Discretionary
Industrials
Health Care
Materials
Information Technology
Communication Services
Energy
Consumer Staples
Utilities
Real Estate
Scheme Benchmark
Source:-Bloomberg (Sector classification as per AMFI). As of 31st March 2024.For detailed portfolio refer wwww.hdfcfund.com. The Fund may or may not have any present or future
positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy or sell any security
covered under the respective sector/s .The same has been prepared on the basis of information, which is already available in publicly accessible media.
0
5
10
15
20
25

12. Sectoral Overw eight / Underw eights
Key Overweights / (Underw eight)
Refer disclaimer on Page 22
12
%ofNetAssets
UtilitiesReal
Estate
Health
Care
Consumer
Staples
Materials Energy Consumer
Discretionary
Communication
Services
FinancialsInformation
Technology
Industrials
Source:-Bloomberg (Sector classification as per AMFI). As of 31st March 2024.For detailed portfolio refer wwww.hdfcfund.com. The Fund may or may not have any present or
future positions in these stocks/sectors. The above statements / analysis should not be construed as an investment advice or a research report or a recommendation to buy
or sell any security covered under the respective sector/s .
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0

13. Low Portfolio Turnover Ratio – High Portfolio Conviction
Source: MF I, As on March 31, 2024.
For complete por tfolio as on March 31, 2024 please r efer www .hdfcfund.c om
Refer disclaimer on Page 22
13
Portfolio Turnover (%)
Portfolio Turnover Ratio % Long Term Average
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
0
10
20
30
40
50
60

14. Consistent Performan ce Over Long T erm
Returns CAGR ( %)
More than 15%
More than 10%
More than 0%
Less than 0%
Number of Observations
3 Years 1 Year
49%
59%
78%
22%
3868
63%
79%
96%
4%
3385
61%
86%
100%
0%
2886
88%
100%
100%
0%
1660
5 Years 10 Years
Over a 5 year horizon, investment in HDFC Mid-Cap Opportunities Fund has always yielded positive returns.
Further, in ~ 85% instances, returns exceeded 10% CAGR
14
Refer disclaimer on Page 22
Note : The above table shows the performance on a daily rolling returns basis for respective periods (1,3,5,7 and 10 years) since March 31, 1996. The % instances are
calculated on the basis of total observations for respective rolling period. Rolling return period – Jun 25, 1997 to March 31, 2024.
Past performance may or may not be sustained in future and is not a guarantee of any future returns. The above returns are of Regular plan - growth option. Returns
greater than 1 year period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. Different plans viz. Regular Plan
and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission charged in the Regular Plan. Scheme Inception Date : Jun 25, 1997.
For Complete performance and other details please refer page no 17-19.

15. Product F eatures
Type of S cheme An open ended equity scheme predominantly investing in mid cap stocks
Inception Date June 25, 200 7
Fund Manager $ Mr. Chirag Setalvad
Benchmar k NIFTY Midcap 150 (Total Returns Index)
Purchase/A dditional P urchase: ` 100 and any amount ther eafter
Investment P lans Regular Plan & Direct Plan
Investment Objective
Investment Options
Load Structur e
(Under Each Plan/Option)
Minimum Application
Amount
To provide long-term capital appreciation/income by investing predominantly in Mid-Cap companies.
There is no assurance that the investment objective of the Scheme will be realized.
Exit Load:
the date of allotment
• In respect of each purchase / switch-in of units, an exit load of 1.00% is payable if units are redeemed / switched – out within 1 year from
• No exit load is payable if units are redeemed / switched – out after 1 year from the date of allotment
No Entry/ Exit Load shall be levied on bonus units and units allotted on IDCW reinvestment.
For further details on load str ucture, please r efer to the S cheme Infor mation D ocument.
$ Fund Manager Overseas investment – Mr. Priya R anjan.
15
Refer disclaimer on Page 22
Under Each Plan: Growth & Income Distribution cum Capital Withdrawal (IDCW) Option. The IDCW Option offers IDCW Payout and Reinvestment facility
Entry Load: Not Applicable.
• In respect of systematic transactions such as SIP , STP etc exit load prevailing on the date of registration/enrolment shall be levied
For further details, refer SID and KIM available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund

16. HDFC Mid-Cap Opportunit ies Fund – Asset Allocation Pattern
Under normal circumstan ces, the asset allocation (% of total assets) o f the Scheme’s
portfolio will be as follows :
Types of Instru ments
Equity and E quity R elated Instr uments of Mid C ap companies* *
Equity and E quity R elated Instr uments other than above
Debt Securities ( including secur itised debt) and money mar ket instr uments.
Units issued by REI Ts and InvIT s
Non-conver tible pr eference shar es
65
0
0
0
0
100
35
35
10
10
High
High
Low to Medium
Medium to H igh
Low to Medium
Minimum Allocation
(% of Total Assets)
Maximum Allocation
(% of Total Assets)
Risk Profile
** Investmen t universe o f “Mid Cap”:
16
Refer disclaimer on Page 22
The investment universe of “Mid Cap” shall comprise companies as defined by SEBI from time to time. In terms of SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October
6, 2017, the universe of “Mid Cap” shall consist of 101st to 250th company in terms of full market capitalization and that the Scheme will be required to adhere the following:
- The list of stocks of Mid Cap companies prepared by AMFI in this regard will be adopted.
- The said list would be uploaded on the AMFI website and would be updated every six months based on the data as on the end of June and December of each year or periodically
as specified by SEBI.
- Subsequent to any updation in the said list as uploaded by AMFI, the portfolio of the Scheme will be rebalanced within a period of one month.
The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI (Mutual Funds) Regulations as amended from time to time. The Scheme may
invest upto a maximum 35% of the total assets in Foreign Securities and upto 100% of its total assets in Derivatives.

17. HDFC Mid-Cap Opportunit ies Fund – SIP Performan ce summary
An SIP s ince incep tion of ` 10,000 invested systemati cally on the first bus iness d ay of every
month (total investmen t ~`20.20 l akh) in HDF C Mid-Cap Opportunit ies Fund would have
grown to ~` 140.95 l akh by March 31, 2024 (Refer b elow table).
SIP Investmen ts 10 year SIP15 year SIPSince Incep tion* 5 year SIP 1 year SIP3 year SIP
Total A mount Invested ( ` in Lacs)
Mkt V alue As on March 31, 2024 ( ` in Lacs)
Returns(%)
Benchmar k Returns(%)#
Additional B enchmar k Returns(%)##
17
HDFC Mid-Cap Opportunities Fund – Assuming Investment of ` 10,000 on the first Business Day of every Month over a period of time.
Refer disclaimer on Page 22
20.20 18.00 12.00 6.00 3.60 1.20
140.95 101.31 35.38 12.77 5.65 1.48
20.34 20.66 20.50 30.77 31.55 46.62
18.64 19.39 20.82 29.96 28.59 45.80
13.38 13.79 14.84 18.52 16.79 27.35
Past performance may or may not be sustained in future and is not a guarantee of any future returns. CAGR returns are computed after accounting for the cash flow by using
XIRR method (investment internal rate of return) for Regular Plan - Growth Option. Load is not taken into consideration for computation of performance. Different plans viz.
Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses
/ commission charged in the Regular Plan. The Scheme is managed by Chirag Setalvad since June 25, 2007. The above investment simulation is for illustrative purposes only
and should not be construed as a promise on minimum returns and safeguard of capital. # Benchmark Index: NIFTY Midcap 150 (Total Returns Index), ## Additional
Benchmark Index: NIFTY 50 (Total Returns Index). *Inception Date : June 25, 2007. Since Inception Date = Date of First allotment in the Scheme / Plan. Returns as on March
31, 2024.

18. HDFC Mid-Cap Opportunit ies Fund – Scheme Performan ce summary
Period
Benchmark
Returns (%)#
Scheme
Returns (%)
Additional Benchmark
Returns(%)##
Additional Benchmark
(`) ##
Benchmark (`)#
Value of `10,000 invested
Scheme (`)
Last 1 Y ear
Last 3 Y ears
Last 5 Y ears
Last 10 Y ears
Since Inception*
18
NAV as on March 31, 2024 is ` 156.816 (per unit)
Refer disclaimer on Page 22
57.22 57.54 30.08 15,722 15,754 13,008
28.76 26.56 16.35 21,362 20,245 15,736
22.69 23.31 15.27 27,862 28,530 20,356
21.41 21.70 14.16 69,711 71,259 37,606
17.83 15.40 11.68 1,56,816 1,10,476 63,804
Past performance may or may not be sustained in future and is not a guarantee of any future returns. The above returns are of Regular plan - Growth Option. Returns greater than 1 year
period are compounded annualized (CAGR). Load is not taken into consideration for computation of performance. # Benchmark Index: NIFTY Midcap 150 (Total Returns Index).
## Additional Benchmark Index : NIFTY 50 (Total Returns Index). Different plans viz. Regular Plan and Direct Plan have a different expense structure. The expenses of the Direct Plan
under the Scheme will be lower to the extent of the distribution expenses / commission charged in the Regular Plan. Returns as on March 31, 2024. The Scheme is managed by Chirag
Setalvad since June 25, 2007. *Inception Date : June 25, 2007. Since Inception Date = Date of First allotment in the Scheme / Plan. Benchmark and Additional Benchmark performance is
computed as on 28th March, 2024, since values for 31st March 2024 are not available.

19. Performan ce of Other schemes managed by the Fund man ager
Performan ce of other funds managed by Chirag Setal vad, Fund Man ager of HDFC Mid-Cap Opportunit ies
Fund ( who man ages total 4 schemes whic h have completed 1 year)
Managing Sc heme since Last 5 Years (%)
28-Jun-14
2-Apr-07
2-Apr-07
Last 3 Years (%)
30.54
27.55
15.61
12.67
18.47
12.67
21.34
21.70
13.82
13.02
15.94
13.02
Last 1 Year (%)
47.72
59.31
22.86
22.17
28.06
22.17
HDFC Small Cap Fund§
Benchmark - S&P BSE 250 S mallC ap (Total R eturns Index)
HDFC Hybrid Equity Fund‡
Benchmark - NI FTY 50 H ybrid Composite D ebt 65:35 Index
HDFC Children's Gift Fund‡
Benchmark - NI FTY 50 H ybrid Composite D ebt 65:35 Index
19
Refer disclaimer on Page 22
On account of difference in the type of the Scheme, asset allocation, investment strategy, inception dates, the performance of these schemes is strictly not comparable.
Common notes for all the above tables: Past performance may or may not be sustained in future and is not a guarantee of any future returns. Returns greater than 1 year period are
Compounded. Annualised (CAGR). Load is not taken into consideration for computation of above performance(s). Different plans viz. Regular Plan and Direct Plan have different
expense structure. The expenses of the Direct Plan under the scheme will be lower to the extent of the distribution expenses/commission charged in the Regular Plan. The above
returns are of Regular Plan - Growth Option. ‡Additional Benchmark performance is computed as on 28th March, 2024, since values for 31st March 2024 are not available. § Benchmark
and Additional Benchmark performance is computed as on 28th March, 2024, since values for 31st March 2024 are not available. Returns as on March 31, 2024.

20. Product L abelling & Riskometer
Refer disclaimer on Page 22.
20
Product L abelling & Riskometer
This product is suitable for
investors who are seeking*:
 To generate long-term capital appreciation / income
 Investment predominantly in Mid-Cap companies
#For latest riskometer, investors may refer to the Monthly Portfolios disclosed on the website of the Fund viz. www.hdfcfund.com
Benchmark and Scheme riskometer is as of March 31, 2024.
*Investors should consult their financial advisers, if in doubt about whether
the product is suitable for them.
V
e
r
y
H
ig
h
Lo w t o
M
od e r a te
L
o
w
Moderate
Moderately
High
H
i
g
h
RISKOMETER
Investors understand that their principal will be at
very high risk

21. Benchmark & Riskometer
21
Refer disclaimer on Page 22.
Benchmark and R iskometer as on March 31, 2024.

22. Disclaimer
MUTUAL FUND INVESTM ENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUME NTS CAREFU LLY
22
The presentation dated May 06, 2024 has been prepared by HDFC Asset Management Company Limited (HDFC AMC) 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 given is for general purposes only. Past performance may or may not be sustained in future. The current investment strategies
are subject to change depending on market conditions. The statements are given in summary form and do not purport to be complete. The views / information
provided do not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this
information. The information/ data herein alone are not sufficient and should not be used for the development or implementation of an investment strategy.
The statements contained herein may include statements of future expectations and other forward-looking statements that are based on our current views and
involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied
in such statements. Stocks/Sectors referred in the presentation are illustrative and should not be construed as an investment advice or a research report or a
recommended by HDFC Mutual Fund / HDFC AMC. The Fund may or may not have any present or future positions in these sectors. HDFC Mutual Fund/ HDFC AMC
is not guaranteeing any returns on investments made in the Scheme(s). The data/statistics are given to explain general market trends in the securities market,
it should not be construed as any research report/research recommendation. Neither HDFC AMC and HDFC Mutual Fund nor any person connected with them,
accepts any liability arising from the use of this document. The recipient(s) before acting on any information herein should make his/her/their own
investigation and seek appropriate professional advice and shall alone be fully responsible / liable for any decision taken on the basis of information contained
herein. For complete portfolio/details refer to our website www.hdfcfund.com

23. Thank You