HDFC Manufacturing Fund vs Kotak Manufacture In India Fund
Direct Plan, Growth option · Data as on 30-10-2026
HDFC Manufacturing Fund is a Thematic fund and Kotak Manufacture In India Fund is a Thematic fund. In the year to 30-10-2026, HDFC Manufacturing Fund (Direct) returned −0.9% and Kotak Manufacture In India Fund (Direct) returned 6.2%. HDFC Manufacturing Fund charges 0.95% a year and Kotak Manufacture In India Fund 0.76% (Direct plans). Their portfolios overlap 29.5%: they hold 24 of the same securities.
HDFC Manufacturing Fund
Thematic
- 1 year return
- −0.9%
- Expense ratio
- 0.95%
- NAV
- ₹11.33
Kotak Manufacture In India Fund
Thematic
- 1 year return
- 6.2%
- Expense ratio
- 0.76%
- NAV
- ₹22.21
Which is better, HDFC Manufacturing or Kotak Manufacture In India? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Manufacture In India returned more over 1 year: 6.2% against −0.9%.
- Kotak Manufacture In India costs less: 0.76% a year against 0.95% (Direct plans).
- HDFC Manufacturing fell less in its worst fall since 16-05-2024: −21.5% against −22.3%.
- HDFC Manufacturing holds more in large companies: 49.8% of the fund in large caps against 38.6%.
- HDFC Manufacturing is the larger fund: ₹10,280 Cr against ₹3,132 Cr.
- Their portfolios overlap 29.5%: 24 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | HDFC Manufacturing Fund | Kotak Manufacture In India Fund |
|---|---|---|
| Fund house | HDFC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹10,280 Cr (30-09-2026) | ₹3,132 Cr (30-09-2026) |
| NAV | ₹11.33 (Direct) | ₹22.21 (Direct) |
| Expense ratio (Direct) | 0.95% | 0.76% |
| Expense ratio (Regular) | 1.85% | 2.08% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 16-05-2024 | 22-02-2022 |
| Minimum investment | ₹100 | ₹100 |
| Lock in | None | None |
| Fund managers | Rakesh Sethia, Gopal Agrawal, Bhagyesh Kagalkar | Harsha Upadhyaya, Abhishek Bisen |
| Exit load | In respect of each purchase/switch-in of units, an Exit load of 1% is payable if units are redeemed/switched-out within 1 month from the date of allotment. No Exit Load is payable if units are redeemed / switched-out after 1 month from the date of allotment. In respect of Systematic Transactions such as SIP, Flex SIP, STP, Flex STP, Swing STP, Exit Load, if any, prevailing on the date of registration / enrolment shall be levied. | 0.5% for redemption within 90 Days |
HDFC Manufacturing vs Kotak Manufacture In India: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | −4.85% | −4.99% | −0.72% | −0.95% | -- | -- | -- |
| Kotak Manufacture In India Fund (Direct) | −5.87% | −3.37% | +3.31% | +6.20% | +18.88% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
HDFC Manufacturing vs Kotak Manufacture In India: Year-wise Returns
| Year | HDFC ManufacturingHDFC Manufacturing | Kotak Manufacture In IndiaKotak Manufacture In India | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +0.20% | +5.71% | −2.54% |
| 2025 | +8.17% | +9.02% | +12.28% |
| 2024 | -- | +27.83% | +25.99% |
| 2023 | -- | +34.40% | +34.87% |
HDFC Manufacturing vs Kotak Manufacture In India: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 360 of them, one for each trading day from 16-05-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
HDFC Manufacturing Fund (Direct)
Kotak Manufacture In India Fund (Direct)
Nifty India Manufacturing TRI
to
Jun 2025Sept 2024
to
Sept 2025Dec 2024
to
Dec 2025Mar 2025
to
Mar 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HDFC Manufacturing | 14.7 | 26.1 | 30.6 | 16.9 | 10.0 | 1.7 | 0.0 | 6.8% | 6.9% | −4.2% | 23.5% | 36% |
| Kotak Manufacture In India | 12.8 | 15.8 | 16.4 | 21.1 | 17.5 | 11.7 | 4.7 | 11.0% | 11.5% | −3.8% | 32.3% | 85% |
| Nifty India Manufacturing TRI | 21.4 | 15.0 | 15.3 | 27.2 | 13.1 | 6.1 | 1.9 | 8.5% | 9.5% | −6.6% | 29.7% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty India Manufacturing TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 16-05-2024. Past returns do not promise future returns.
HDFC Manufacturing vs Kotak Manufacture In India: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 16-05-2024 to 30-10-2026: 30 instalments, ₹3,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HDFC ManufacturingHDFC Manufacturing Fund (Direct) | ₹3,00,000 | ₹3,12,897 | ₹12,897 | 3.3% |
| Kotak Manufacture In IndiaKotak Manufacture In India Fund (Direct) | ₹3,00,000 | ₹3,33,998 | ₹33,998 | 8.6% |
HDFC ManufacturingHDFC Manufacturing Fund (Direct)
Kotak Manufacture In IndiaKotak Manufacture In India Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
HDFC Manufacturing vs Kotak Manufacture In India: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HDFC Manufacturing Fund (Direct) | Kotak Manufacture In India Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.95% | +6.20% |
| Standard deviation | 16.40% | 15.82% |
| Sharpe ratio | -0.38 | 0.06 |
| Sortino ratio | -0.51 | 0.08 |
| Maximum drawdown | −12.0% (30-03-2026) | −11.6% (23-03-2026) |
| Beta | 1.00 | 0.96 |
| Alpha | +0.78% | +7.63% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | HDFC Manufacturing Fund (Direct) | Kotak Manufacture In India Fund (Direct) |
|---|---|---|
| Return (CAGR) | +4.75% | +18.64% |
| Standard deviation | 15.83% | 14.54% |
| Sharpe ratio | -0.07 | 0.87 |
| Sortino ratio | -0.09 | 1.18 |
| Maximum drawdown | −21.5% (28-02-2025) | −22.3% (28-02-2025) |
| Beta | 0.93 | 0.93 |
| Alpha | −0.59% | +3.05% |
From daily NAVs, 16-05-2024 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
HDFC Manufacturing Fund (Direct)
Kotak Manufacture In India Fund (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | −21.5% | 27-09-2024 | 28-02-2025 | 06-05-2026 | 14 months | −8.6% |
| Kotak Manufacture In India Fund (Direct) | −22.3% | 27-09-2024 | 28-02-2025 | 18-09-2025 | 7 months | −8.5% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 16-05-2024, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HDFC Manufacturing Fund (Direct)
Kotak Manufacture In India Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HDFC Manufacturing Fund (Direct) | 93% | 91% | 4.44% |
| Kotak Manufacture In India Fund (Direct) | 108% | 90% | 5.71% |
From month-end values since 16-05-2024. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
HDFC Manufacturing vs Kotak Manufacture In India: Portfolio Overlap
From each fund's latest monthly portfolio: HDFC Manufacturing Fund, September 2026; Kotak Manufacture In India Fund, September 2026
Holdings in common
- Overlap
- 29.5%
- Held by both
- 24
- Only in HDFC Manufacturing
- 65
- Only in Kotak Manufacture In India
- 36
| Security | % of HDFC Manufacturing | % of Kotak Manufacture In India |
|---|---|---|
| Divis Laboratories Ltd. | 6.01% | 3.71% |
| Mahindra & Mahindra Ltd. | 3.50% | 3.53% |
| Reliance Industries Ltd. | 4.50% | 2.84% |
| Maruti Suzuki India Limited | 3.33% | 2.48% |
| Bharat Electronics Ltd. | 2.42% | 2.51% |
| Sun Pharmaceutical Industries Ltd. | 1.90% | 4.35% |
| Dixon Technologies (India) Ltd. | 1.85% | 2.09% |
| Hindustan Petroleum Corp. Ltd. | 1.83% | 1.23% |
| Hindalco Industries Ltd. | 1.19% | 2.41% |
| Bharat Petroleum Corporation Ltd. | 1.68% | 1.06% |
| Bosch Limited | 0.82% | 1.50% |
| Tata Motors Limited | 2.87% | 0.81% |
| KSH International Limited | 0.78% | 1.04% |
| Tata Steel Ltd. | 0.75% | 3.41% |
| Carborundum Universal Ltd. | 0.65% | 1.00% |
| Schaeffler India Ltd. | 0.61% | 1.12% |
| ABB India Ltd. | 0.61% | 1.08% |
| Graphite India Ltd. | 0.58% | 2.44% |
| Anthem Biosciences Limited | 0.42% | 1.18% |
| Biocon Ltd. | 0.39% | 1.18% |
| TENNECO CLEAN AIR INDIA LIMITED | 0.30% | 1.16% |
| INDO-MIM Limited | 0.26% | 3.27% |
| Laser Power and Infra Limited | 0.24% | 0.59% |
| Lumino Industries Limited | 0.10% | 0.98% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.5% means 29.5% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in HDFC Manufacturing Fund
| Security | % of fund |
|---|---|
| JSW Steel Ltd. | 3.29% |
| Hindustan Aeronautics Limited | 2.38% |
| Bajaj Auto Limited | 2.22% |
| Cummins India Ltd. | 2.06% |
| Cyient DLM Limited | 2.02% |
Largest holdings only in Kotak Manufacture In India Fund
| Security | % of fund |
|---|---|
| RUBICON RESEARCH LIMITED | 4.31% |
| TVS Motor Company Ltd. | 3.28% |
| DEE DEVELOPMENT ENGINEEERS LTD | 2.92% |
| Hero MotoCorp Ltd. | 2.68% |
| POWERICA LIMITED | 1.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HDFC Manufacturing | Kotak Manufacture In India |
|---|---|---|
| Equity | 97.2% | 95.9% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.8% | 4.1% |
Market cap of stocks
| Market cap | HDFC Manufacturing | Kotak Manufacture In India |
|---|---|---|
| Large Cap | 49.8% | 38.6% |
| Mid Cap | 14.7% | 18.6% |
| Small Cap | 31.7% | 31.1% |
| Not on AMFI's list | 1.1% | 7.5% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | HDFC Manufacturing | Kotak Manufacture In India |
|---|---|---|
| Pharmaceuticals and Biotechnology | 0.0% | 17.8% |
| Pharmaceuticals & Biotechnology | 15.7% | 0.0% |
| Automobiles | 13.0% | 13.7% |
| Industrial Manufacturing | 2.5% | 11.0% |
| Auto Components | 8.6% | 6.4% |
| Aerospace & Defense | 8.4% | 0.0% |
| Petroleum Products | 8.0% | 5.1% |
| Industrial Products | 8.0% | 7.9% |
| Aerospace and Defense | 0.0% | 5.7% |
The six largest sectors of each fund's stocks, % of the fund.
HDFC Manufacturing vs Kotak Manufacture In India: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HDFC Manufacturing Fund | Kotak Manufacture In India Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.95% | 0.76% |
| Base expense ratio (Direct) | 0.73% | 0.56% |
| Total expense ratio (Regular) | 1.85% | 2.08% |
| Base expense ratio (Regular) | 1.50% | 1.67% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare HDFC Manufacturing with
Compare Kotak Manufacture In India with
HDFC Manufacturing Fund vs Kotak Manufacture In India Fund: Frequently Asked Questions
What is the difference between HDFC Manufacturing Fund and Kotak Manufacture In India Fund?
HDFC Manufacturing Fund is a Thematic fund, Kotak Manufacture In India Fund is a Thematic fund, run by HDFC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 29.5%. HDFC Manufacturing Fund charges 0.95% a year and Kotak Manufacture In India Fund 0.76%.
Which has given higher returns, HDFC Manufacturing Fund or Kotak Manufacture In India Fund?
Over 1 year: HDFC Manufacturing Fund −0.95%, Kotak Manufacture In India Fund +6.20%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HDFC Manufacturing Fund or Kotak Manufacture In India Fund?
Kotak Manufacture In India Fund charges less: 0.76% a year against 0.95%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HDFC Manufacturing Fund and Kotak Manufacture In India Fund overlap?
29.5%. They hold 24 of the same securities, the largest shared ones being DIVISLAB, M&M, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HDFC Manufacturing Fund or Kotak Manufacture In India Fund?
On SEBI's riskometer, HDFC Manufacturing Fund is rated Very High and Kotak Manufacture In India Fund Very High. Over 1 years, the standard deviation of daily returns was 16.40% and 15.82% a year.
Can I invest in both HDFC Manufacturing Fund and Kotak Manufacture In India Fund?
Yes. 29.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HDFC Manufacturing Fund and Kotak Manufacture In India Fund?
HDFC Manufacturing Fund: Rakesh Sethia, Gopal Agrawal, Bhagyesh Kagalkar. Kotak Manufacture In India Fund: Harsha Upadhyaya, Abhishek Bisen.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.