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    HDFC Innovation Fund

    ThematicDirect and Regular plans, Growth and IDCW options

    Data as on 30-10-2026

    HDFC Innovation Fund is a Thematic fund run by HDFC Mutual Fund. On 30-09-2026, it managed ₹3,152 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned 10.0% and its Regular plan returned 8.7%. Its benchmark, Nifty 500 TRI, returned −7.3% over the same year.

    NAV (Direct plan)
    ₹11.52
    ▼ 0.01%30-10-2026
    NAV (Regular plan)
    ₹11.34
    ▼ 0.01%30-10-2026
    Expense ratio
    1.02%Direct2.09%Regular
    Riskometer
    Very High
    Set by the fund house
    1 year return
    10.0%Direct8.7%Regular

    HDFC Innovation Fund NAV Today

    NAV on 30-10-2026: Direct Plan Growth ₹11.52 (down 0.01% that day); Regular Plan Growth ₹11.34 (down 0.01% that day).

    HDFC Innovation Fund Returns vs Nifty 500 TRI

    Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

    Trailing returns
    Period1M3M6M1Y3Y5Y10Y
    This fund (Direct)−1.16%+0.14%+11.94%+9.99%------
    This fund (Regular)−1.24%−0.14%+11.30%+8.70%------
    Nifty 500 TRI−0.75%−6.05%−2.83%−7.34%+10.22%+8.81%+12.51%
    Thematic average−2.09%−4.52%+0.86%−1.22%------
    Best in Thematic+11.54%+11.27%+22.16%+75.71%------
    Worst in Thematic−16.05%−11.74%−13.97%−22.44%------
    Rank in Thematic67/23530/23224/23229/215------

    Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

    HDFC Innovation Fund Year-wise Returns

    Return of each calendar year
    YearDirectRegularNifty 500 TRI
    2026to date+12.17%+11.10%−7.51%

    HDFC Innovation Fund Rolling Returns

    The return of every holding period in the fund's history, not only the one that ends today

    Rolling returns

    Each point is the yearly return of one 1-year holding period, plotted on the day it ended. There are 71 periods, one for each trading day from 17-07-2026 to 30-10-2026.

    −10%0%10%20%30%
    Jul 2025
    to
    Jul 2026
    Aug 2025
    to
    Aug 2026
    Aug 2025
    to
    Aug 2026
    Sept 2025
    to
    Sept 2026
    Oct 2025
    to
    Oct 2026
    Oct 2025
    to
    Oct 2026
    HDFC Innovation Fund (Direct)Nifty 500 TRI

    Every holding period at a glance

    PeriodPeriodsMedianLowestHighestWith a lossBenchmark medianBeat benchmark
    1 year7116.2%5.6%22.8%0%0.6%100%

    Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 500 TRI over the same days. Past returns do not promise future returns.

    HDFC Innovation Fund Risk

    How much it swings, and the falls an investor had to sit through

    Risk and return

    MeasureHDFC Innovation Fund (Direct)This fundNifty 500 TRI
    Return (CAGR)+9.99%−7.34%
    Standard deviation15.01%14.48%
    Sharpe ratio0.32-0.87
    Sortino ratio0.44-1.16
    Maximum drawdown−12.3% (31-03-2026)−14.7% (30-03-2026)
    Beta0.951.00
    Alpha+16.66%0.00%

    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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

    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.

    −15%−10%−5%0%
    2026
    HDFC Innovation Fund (Direct)Nifty 500 TRI
    Worst fallHigh before itBottomBack at the highTime to climb backBelow its high today
    HDFC Innovation Fund (Direct)−12.3%17-11-202531-03-202606-05-202636 days−5.5%
    Nifty 500 TRI−14.7%02-01-202630-03-2026Not yet--−8.4%

    From the Direct plan's daily NAV since 17-07-2025, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

    HDFC Innovation Fund vs Other Thematic Funds

    The five Thematic funds with the best three year return, and this fund. Direct plans.

    Fund nameRankAUM (Cr)Exp. ratio1Y return3Y return3Y alpha3Y beta3Y Sharpe3Y Sortino
    Nippon India Taiwan Equity Fund1/1331,1471.08%+75.71%+54.78%----1.382.03Compare
    HDFC Defence Fund2/13311,4930.90%+13.79%+34.76%−0.18%0.831.121.54Compare
    HDFC Pharma and Healthcare Fund3/1333,5011.05%+23.12%+30.53%+8.23%0.961.742.49Compare
    SBI Healthcare Opportunities Fund4/1335,8701.01%+17.12%+24.60%+3.61%0.881.422.03Compare
    Aditya Birla Sun Life International Equity Fund5/1333522.00%+13.97%+24.46%----1.492.16Compare
    HDFC Innovation Fund29/2153,1521.02%+9.99%----------

    AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

    HDFC Innovation Fund Expense Ratio and Costs

    What each plan charges a year, in force from 19-10-2026

    PlanBase expense ratioBrokerageTransaction costsLevies and GSTTotal expense ratioThematic medianCost rank (1 = cheapest)
    Direct0.76%0.03%0.01%0.22%1.02%1.18%67/235
    Regular1.67%0.03%0.01%0.38%2.09%2.41%43/235

    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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

    Direct vs Regular: what the gap cost

    Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

    Over the lastRegularDirectDirect earned more by₹1 lakh became (Regular)₹1 lakh became (Direct)
    1 year8.70%9.99%1.29%₹1,08,700₹1,09,990

    Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

    HDFC Innovation Fund SIP Calculator

    What a one-time or monthly investment in this fund would be worth today, from its own NAV history

    Growth of an investment

    Step up each year
    PeriodFor

    ₹10,000 on the first trading day of every month, from 17-07-2025 to 30-10-2026: 16 instalments, ₹1,60,000 in all.

    InvestmentInvestedValue nowGainReturn a year
    Direct planHDFC Innovation Fund (Direct) ₹1,60,000 ₹1,76,732 ₹16,732 15.0%
    Regular planHDFC Innovation Fund (Regular) ₹1,60,000 ₹1,75,258 ₹15,258 13.7%
    Nifty 500 TRI ₹1,60,000 ₹1,53,891 −₹6,109 −5.4%
    Category averageCategory average, 235 Thematic funds ₹1,60,000 ₹1,60,453 ₹453 0.4%
    ₹0₹50,000₹1.0 L₹1.5 L₹2.0 L
    2026
    Direct planHDFC Innovation Fund (Direct)Regular planHDFC Innovation Fund (Regular)Nifty 500 TRICategory averageCategory average, 235 Thematic fundsAmount invested

    From each plan's published NAV (Growth option), the benchmark's TRI and the category average, 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 Innovation Fund Asset Allocation

    Asset allocation as on 30-09-2026

    What the fund holds

    93.2%Equity

    AssetFundCategory
    Equity93.2%94.5%
    Cash and others6.8%4.0%

    Market cap of stocks

    Market capFundCategory
    Large Cap44.3%45.7%
    Mid Cap21.0%19.6%
    Small Cap22.6%24.1%
    Not on AMFI's list5.3%2.3%

    Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

    HDFC Innovation Fund Sector Allocation

    Sector allocation of the fund's stocks as on 30-09-2026

    Largest sectors

    1. Pharmaceuticals & Biotechnology16.5%

    2. Retailing14.8%

    3. Electrical Equipment8.3%

    4. Aerospace & Defense7.2%

    5. Finance5.4%

    6. Auto Components5.4%

    7. Automobiles4.4%

    8. Chemicals & Petrochemicals4.1%

    9. Power3.4%

    10. IT - Software3.3%

    The ten largest of 27 sectors. The other 17 add up to 20.3%.

    Sector changes

    SectorJuly 2026August 2026September 2026Change
    Pharmaceuticals & Biotechnology19.0%19.2%16.5%−2.5%
    Retailing15.8%15.7%14.8%−0.9%
    Electrical Equipment7.4%7.2%8.3%+1.0%
    Aerospace & Defense7.6%7.3%7.2%−0.4%
    Auto Components5.4%5.4%5.4%0.0%

    Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.

    HDFC Innovation Fund Portfolio Holdings

    As on 30-09-2026 · 78 holdings · from the fund house's monthly portfolio

    HoldingsSectorWeight%Holdings trend1M change
    Eternal LimitedRetailing9.19%−3.2%
    Bajaj Finance Ltd.Finance4.02%0.0%
    Divis Laboratories Ltd.Pharmaceuticals & Biotechnology3.32%−18.2%
    Rubicon Research LimitedPharmaceuticals & Biotechnology3.21%0.0%
    Bharat Electronics Ltd.Aerospace & Defense3.12%0.0%
    Mahindra & Mahindra Ltd.Automobiles3.10%0.0%
    Hindustan Aeronautics LimitedAerospace & Defense2.72%0.0%
    Sun Pharmaceutical Industries Ltd.Pharmaceuticals & Biotechnology2.54%0.0%
    LENSKART SOLUTIONS LIMITEDRetailing2.52%−11.5%
    PB Fintech LimitedFinancial Technology (Fintech)2.41%+26.5%

    HDFC Innovation Fund Stocks Bought and Sold

    All changes are between August 2026 and September 2026

    More
    Stocks bought and sold in September 2026
    Eternal LimitedReduced−3.2%9.19%
    Divis Laboratories Ltd.Reduced−18.2%3.32%
    PB Fintech LimitedAdded+26.5%2.41%
    LENSKART SOLUTIONS LIMITEDReduced−11.5%2.52%
    Reliance Industries Ltd.Reduced−20.4%1.62%
    Coforge LimitedReduced−41.8%0.77%
    Karamtara Engineering LimitedNewNew1.48%
    SRF Ltd.Reduced−2.1%1.33%
    Sai Life Sciences LimitedReduced−17.6%1.13%
    Ather Energy LimitedAdded+98.2%1.00%

    A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.

    What HDFC Innovation Fund bought and sold

    HDFC Innovation Fund Portfolio Overlap

    Funds with the most similar portfolios, across every fund house and category

    Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

    HDFC Innovation Fund Overview

    Fund facts from the scheme summary document, as on 16-10-2026

    Expense ratio (Direct)
    1.02%
    Expense ratio (Regular)
    2.09%
    Category
    Thematic
    Risk
    Very High
    Benchmark
    Nifty 500 TRI
    Launch date
    17-07-2025
    Minimum investment
    ₹100
    Minimum additional investment
    ₹100
    AUM
    ₹3,152.02 Cr (30-09-2026)
    Lock in
    None
    Scheme code (Direct)
    153620
    ISIN (Direct)
    INF179KC1JO7
    Scheme code (Regular)
    153619
    ISIN (Regular)
    INF179KC1JL3
    NAV history
    From 17-07-2025, 1.3 years
    Exit load
    • 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 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.

    Tax on HDFC Innovation Fund returns

    • HDFC Innovation Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
    • Units sold within 1 year: the gain is taxed at 20%.
    • Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
    • IDCW (dividend) payouts are added to your income and taxed at your slab rate.
    • A stamp duty of 0.005% is deducted when you invest.

    Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

    All plans and options

    PlanOptionNAVAs on
    directGrowth₹11.52130-10-2026
    directIDCW₹11.52130-10-2026
    regularGrowth₹11.34430-10-2026
    regularIDCW₹11.34430-10-2026

    About HDFC Innovation Fund

    HDFC Innovation Fund is a mutual fund from HDFC Mutual Fund. Its category is Thematic. It was launched on 17-07-2025. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 78 securities.

    Fund Manager

    • Amit Sinha

      Fund manager of HDFC Innovation Fund, since 17-07-2025

    • Gopal Agrawal

      Fund manager of HDFC Innovation Fund, since 01-09-2026

    • Bhagyesh Kagalkar

      Fund manager of HDFC Innovation Fund, since 26-08-2026

    See all funds of HDFC Mutual Fund

    AUM change

    September 2026
    ₹3,152.02 Cr
    −1.16% from August 2026
    August 2026
    ₹3,188.93 Cr
    +7.36% from July 2026
    July 2026
    ₹2,970.44 Cr
    +7.61% from June 2026

    AUM moves with money invested or taken out, and with the value of what the fund holds.

    Compare HDFC Innovation Fund with Other Funds

    Returns, risk, costs and the stocks they share, side by side

    Frequently Asked Questions for HDFC Innovation Fund

    What is the current NAV of HDFC Innovation Fund?

    The Direct plan NAV is ₹11.521. The Regular plan NAV is ₹11.344, as on 30-10-2026.

    What are the returns of HDFC Innovation Fund?

    The Direct plan returned +9.99% in 1 year. The Regular plan returned +8.70% in 1 year. These figures are as on 30-10-2026.

    What is the expense ratio of HDFC Innovation Fund?

    The Direct plan charges 1.02% a year. The Regular plan charges 2.09% a year. This is the figure the fund house reported to AMFI, in force from 19-10-2026.

    What is the AUM of HDFC Innovation Fund?

    HDFC Innovation Fund managed ₹3,152.02 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

    What are the top holdings of HDFC Innovation Fund?

    At the end of September 2026 the largest holdings were ETERNAL (9.19%), BAJFINANCE (4.02%), DIVISLAB (3.32%), RUBICON (3.21%), BEL (3.12%). The fund held 78 securities in all.

    What did HDFC Innovation Fund buy and sell in September 2026?

    It bought 3 new stocks: Rentomojo Limited, Moneyview Limited, Karamtara Engineering Limited. It sold out of 1: Anthem Biosciences Limited. It added shares in 2. It reduced 12.

    How do I invest in HDFC Innovation Fund?

    Through HDFC Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹100. You can invest once or through a monthly SIP.

    Who is the fund manager of HDFC Innovation Fund?

    Amit Sinha (since 17-07-2025), Gopal Agrawal (since 01-09-2026), Bhagyesh Kagalkar (since 26-08-2026).

    Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

    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.

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