HSBC Infrastructure Fund vs Kotak Infrastructure And Economic Reform Fund
Direct Plan, Growth option · Data as on 30-10-2026
HSBC Infrastructure Fund is a Sectoral fund and Kotak Infrastructure And Economic Reform Fund is a Thematic fund. In the 3 years to 30-10-2026, HSBC Infrastructure Fund (Direct) returned 14.8% a year and Kotak Infrastructure And Economic Reform Fund (Direct) returned 15.1% a year. HSBC Infrastructure Fund charges 1.13% a year and Kotak Infrastructure And Economic Reform Fund 0.85% (Direct plans). Their portfolios overlap 33.0%: they hold 14 of the same securities.
HSBC Infrastructure Fund
Sectoral
- 3 year return
- 14.8%
- Expense ratio
- 1.13%
- NAV
- ₹53.76
Kotak Infrastructure And Economic Reform Fund
Thematic
- 3 year return
- 15.1%
- Expense ratio
- 0.85%
- NAV
- ₹79.11
Which is better, HSBC Infrastructure or Kotak Infrastructure And Economic Reform? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Infrastructure And Economic Reform returned more over 3 years: 15.1% a year against 14.8%.
- HSBC Infrastructure returned more over 1 year: 0.4% against −0.4%.
- Kotak Infrastructure And Economic Reform costs less: 0.85% a year against 1.13% (Direct plans).
- Kotak Infrastructure And Economic Reform swung less over 3 years: a standard deviation of 17.5% a year against 19.1%.
- HSBC Infrastructure fell less in its worst fall since 28-11-2022: −25.4% against −27.7%.
- HSBC Infrastructure is the larger fund: ₹2,379 Cr against ₹2,334 Cr.
- Their portfolios overlap 33.0%: 14 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 | HSBC Infrastructure Fund | Kotak Infrastructure And Economic Reform Fund |
|---|---|---|
| Fund house | HSBC Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Sectoral | Thematic |
| AUM | ₹2,379 Cr (30-09-2026) | ₹2,334 Cr (30-09-2026) |
| NAV | ₹53.76 (Direct) | ₹79.11 (Direct) |
| Expense ratio (Direct) | 1.13% | 0.85% |
| Expense ratio (Regular) | 2.15% | 2.15% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty Infrastructure TRI | Nifty Infrastructure TRI |
| Launch date | 27-09-2007 | 25-02-2008 |
| Minimum investment | ₹5,000 | ₹100 |
| Lock in | None | None |
| Fund managers | Venugopal Manghat, Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh | Nalin Rasik |
| Exit load | Exit load for units in excess of 10% of the investment, 1% will be charged for redemption within 90 days. | 0.5% for redemption within 90 Days |
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: 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 |
|---|---|---|---|---|---|---|---|
| HSBC Infrastructure Fund (Direct) | −4.83% | −2.12% | −4.42% | +0.36% | +14.81% | -- | -- |
| Kotak Infrastructure And Economic Reform Fund (Direct) | −4.00% | −3.46% | −1.28% | −0.36% | +15.14% | +16.83% | +15.66% |
| Sectoral average | −1.70% | −4.49% | +2.30% | −0.58% | +15.61% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | +13.76% |
Category average: the average of the 20 Sectoral funds and the 235 Thematic funds, same plan type.
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: Year-wise Returns
| Year | HSBC InfrastructureHSBC Infrastructure | Kotak Infrastructure And Economic ReformKotak Infrastructure And Economic Reform | Nifty Infrastructure TRI |
|---|---|---|---|
| 2026to date | +3.25% | +1.95% | −7.85% |
| 2025 | −3.38% | −2.41% | +14.64% |
| 2024 | +29.43% | +34.29% | +16.79% |
| 2023 | +52.22% | +39.21% | +40.08% |
| 2022 | -- | +17.25% | +7.49% |
| 2021 | -- | +59.43% | +37.77% |
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: Rolling Returns
Every holding period of both funds, against Nifty Infrastructure TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 226 of them, one for each trading day from 28-11-2025 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.
HSBC Infrastructure Fund (Direct)
Kotak Infrastructure And Economic Reform Fund (Direct)
Nifty Infrastructure TRI
to
Dec 2025Feb 2023
to
Feb 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HSBC Infrastructure | 0.0 | 0.0 | 0.0 | 7.5 | 33.2 | 58.4 | 0.9 | 20.4% | 21.3% | 13.3% | 25.5% | 81% |
| Kotak Infrastructure And Economic Reform | 0.0 | 0.0 | 0.0 | 2.7 | 60.6 | 36.7 | 0.0 | 19.1% | 19.0% | 13.9% | 23.5% | 31% |
| Nifty Infrastructure TRI | 0.0 | 0.0 | 0.0 | 15.0 | 29.2 | 54.0 | 1.8 | 19.6% | 20.5% | 11.4% | 25.5% | -- |
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 Infrastructure 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 28-11-2022. Past returns do not promise future returns.
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: 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 28-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| HSBC InfrastructureHSBC Infrastructure Fund (Direct) | ₹4,80,000 | ₹5,94,392 | ₹1,14,392 | 10.7% |
| Kotak Infrastructure And Economic ReformKotak Infrastructure And Economic Reform Fund (Direct) | ₹4,80,000 | ₹5,93,381 | ₹1,13,381 | 10.6% |
HSBC InfrastructureHSBC Infrastructure Fund (Direct)
Kotak Infrastructure And Economic ReformKotak Infrastructure And Economic Reform 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.
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | HSBC Infrastructure Fund (Direct) | Kotak Infrastructure And Economic Reform Fund (Direct) |
|---|---|---|
| Return (CAGR) | +0.36% | −0.36% |
| Standard deviation | 17.90% | 17.54% |
| Sharpe ratio | -0.27 | -0.32 |
| Sortino ratio | -0.37 | -0.43 |
| Maximum drawdown | −11.9% (23-10-2026) | −13.1% (31-03-2026) |
| Beta | 1.02 | 1.05 |
| Alpha | +8.33% | +7.89% |
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 | HSBC Infrastructure Fund (Direct) | Kotak Infrastructure And Economic Reform Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.81% | +15.14% |
| Standard deviation | 19.14% | 17.50% |
| Sharpe ratio | 0.46 | 0.52 |
| Sortino ratio | 0.61 | 0.69 |
| Maximum drawdown | −25.4% (28-02-2025) | −27.7% (03-03-2025) |
| Beta | 1.02 | 0.92 |
| Alpha | +0.84% | +1.94% |
From daily NAVs, 30-10-2023 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 | HSBC Infrastructure Fund (Direct) | Kotak Infrastructure And Economic Reform Fund (Direct) |
|---|---|---|
| Return (CAGR) | +18.31% | +14.70% |
| Standard deviation | 17.64% | 16.11% |
| Sharpe ratio | 0.69 | 0.56 |
| Sortino ratio | 0.92 | 0.75 |
| Maximum drawdown | −25.4% (28-02-2025) | −46.0% (24-03-2020) |
| Beta | 1.00 | 0.76 |
| Alpha | +4.15% | +5.62% |
From daily NAVs, 28-11-2022 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.
HSBC Infrastructure Fund (Direct)
Kotak Infrastructure And Economic Reform Fund (Direct)
Nifty Infrastructure TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| HSBC Infrastructure Fund (Direct) | −25.4% | 27-09-2024 | 28-02-2025 | 18-06-2026 | 16 months | −9.2% |
| Kotak Infrastructure And Economic Reform Fund (Direct) | −27.7% | 27-09-2024 | 03-03-2025 | 13-08-2026 | 17 months | −7.5% |
| Nifty Infrastructure TRI | −20.6% | 27-09-2024 | 28-02-2025 | 29-10-2025 | 8 months | −9.3% |
From daily values since 28-11-2022, 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.
HSBC Infrastructure Fund (Direct)
Kotak Infrastructure And Economic Reform Fund (Direct)
Nifty Infrastructure TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
HSBC Infrastructure Fund (Direct)
Kotak Infrastructure And Economic Reform Fund (Direct)
Nifty Infrastructure TRI
Against Nifty Infrastructure TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| HSBC Infrastructure Fund (Direct) | 103% | 79% | 11.22% |
| Kotak Infrastructure And Economic Reform Fund (Direct) | 101% | 83% | 11.04% |
From month-end values since 28-11-2022. 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.
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: Portfolio Overlap
From each fund's latest monthly portfolio: HSBC Infrastructure Fund, September 2026; Kotak Infrastructure And Economic Reform Fund, September 2026
Holdings in common
- Overlap
- 33.0%
- Held by both
- 14
- Only in HSBC Infrastructure
- 35
- Only in Kotak Infrastructure And Economic Reform
- 34
| Security | % of HSBC Infrastructure | % of 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 Limited | 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 LIMITED | 0.63% | 1.16% |
| Cummins India Limited | 0.55% | 1.65% |
| NTPC Limited | 7.68% | 0.47% |
| Ashok Leyland Limited | 0.36% | 1.98% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 33.0% means 33.0% 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 HSBC Infrastructure Fund
| Security | % of fund |
|---|---|
| Mtar Technologies Limited | 4.67% |
| Kirloskar Oil Engines Ltd | 3.60% |
| Hindustan Aeronautics Limited | 3.52% |
| TD Power Systems Limited | 3.02% |
| GE Vernova T&D India Limited | 2.90% |
Largest holdings only in Kotak Infrastructure And Economic Reform Fund
| Security | % of fund |
|---|---|
| KALPATARU PROJECTS INTERNATIONAL LIMITED | 3.73% |
| Indus Towers Ltd. | 3.60% |
| Solar Industries India Limited | 3.04% |
| Kajaria Ceramics Ltd. | 2.86% |
| Mahindra Logistics Ltd | 2.66% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | HSBC Infrastructure | Kotak Infrastructure And Economic Reform |
|---|---|---|
| Equity | 95.8% | 98.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.2% | 1.3% |
Market cap of stocks
| Market cap | HSBC Infrastructure | Kotak Infrastructure And Economic Reform |
|---|---|---|
| Large Cap | 53.0% | 45.3% |
| Mid Cap | 9.6% | 10.2% |
| Small Cap | 27.1% | 38.5% |
| Not on AMFI's list | 6.1% | 4.6% |
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 | HSBC Infrastructure | Kotak Infrastructure And Economic Reform |
|---|---|---|
| Electrical Equipment | 20.3% | 5.5% |
| Construction | 10.2% | 19.4% |
| Industrial Products | 14.5% | 8.1% |
| Telecom - Services | 6.5% | 11.1% |
| Power | 9.7% | 0.5% |
| Aerospace & Defense | 9.3% | 0.0% |
| Auto Components | 0.0% | 7.4% |
| Petroleum Products | 4.4% | 7.3% |
| Transport Services | 5.5% | 6.3% |
The six largest sectors of each fund's stocks, % of the fund.
HSBC Infrastructure vs Kotak Infrastructure And Economic Reform: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | HSBC Infrastructure Fund | Kotak Infrastructure And Economic Reform Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.13% | 0.85% |
| Base expense ratio (Direct) | 0.88% | 0.63% |
| Total expense ratio (Regular) | 2.15% | 2.15% |
| Base expense ratio (Regular) | 1.74% | 1.73% |
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.
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HSBC Infrastructure Fund vs Kotak Infrastructure And Economic Reform Fund: Frequently Asked Questions
What is the difference between HSBC Infrastructure Fund and Kotak Infrastructure And Economic Reform Fund?
HSBC Infrastructure Fund is a Sectoral fund, Kotak Infrastructure And Economic Reform Fund is a Thematic fund, run by HSBC Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 33.0%. HSBC Infrastructure Fund charges 1.13% a year and Kotak Infrastructure And Economic Reform Fund 0.85%.
Which has given higher returns, HSBC Infrastructure Fund or Kotak Infrastructure And Economic Reform Fund?
Over 1 year: HSBC Infrastructure Fund +0.36%, Kotak Infrastructure And Economic Reform Fund −0.36%. Over 3 years: HSBC Infrastructure Fund +14.81% a year, Kotak Infrastructure And Economic Reform Fund +15.14% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, HSBC Infrastructure Fund or Kotak Infrastructure And Economic Reform Fund?
Kotak Infrastructure And Economic Reform Fund charges less: 0.85% a year against 1.13%. These are the Direct plans' total expense ratios reported to AMFI.
How much do HSBC Infrastructure Fund and Kotak Infrastructure And Economic Reform Fund overlap?
33.0%. They hold 14 of the same securities, the largest shared ones being LT, BHARTIARTL, RELIANCE. From each fund's latest monthly portfolio.
Which is riskier, HSBC Infrastructure Fund or Kotak Infrastructure And Economic Reform Fund?
On SEBI's riskometer, HSBC Infrastructure Fund is rated Very High and Kotak Infrastructure And Economic Reform Fund Very High. Over 3 years, the standard deviation of daily returns was 19.14% and 17.50% a year.
Which is better for SIP, HSBC Infrastructure Fund or Kotak Infrastructure And Economic Reform Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,97,099 in HSBC Infrastructure Fund (XIRR 4.5% a year) and ₹4,02,323 in Kotak Infrastructure And Economic Reform Fund (XIRR 5.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both HSBC Infrastructure Fund and Kotak Infrastructure And Economic Reform Fund?
Yes. 33.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages HSBC Infrastructure Fund and Kotak Infrastructure And Economic Reform Fund?
HSBC Infrastructure Fund: Venugopal Manghat, Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh. Kotak Infrastructure And Economic Reform Fund: Nalin Rasik.
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.