SMALL IS

POWERFUL!
HDFC SMALL CAP FUND
(An open ended equity scheme predominantly
investing in Small Cap stocks)

April 2023
 Table of Contents

Small Cap Universe

Why Small Caps?
Sector-wise presence – Large Caps vs Small Caps
Case for Active investing in Small Caps
Valuation Landscape
Putting Small Cap valuations into perspective
Long Term approach to small cap investing
Taking the SIP Route
HDFC Small Cap Fund
- Current Investment Approach
- Portfolio Statistics
- Portfolio Construct
- Risk mitigation through wider diversification
- How the portfolio stacks up in terms of valuations
- Sector-Wise allocation
- Sectoral Overweights/(Underweights)
- Portfolio Turnover
- Rolling returns
Scheme Performance disclosures
Disclaimer & Risk Factors

Refer Page 29 for Disclaimers

20
2
Small Caps
 Small Cap Universe

Market
Capitalization

Market Cap Number of Market Cap Range * Cumulative Market Cap^* % of Total Market
segment companies* (Rs Trillion) Cap^* Large
Large 100 ₹ 48,898 Cr and above ~191 70% Top 100
caps – 100
Mid 150 ₹ 16,813 Cr to ₹ 48,687 Cr ~44 16% Companies
Small 1688^ Below ₹ 16,813 Cr ~39 14%

Mid caps Next 150

150 Companies

251st
Large Universe of Small Caps provides more Company
Small caps 1,688 Companies^
opportunities for alpha generation. onwards
Below ₹ 16,813 Cr

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 2022. ^Stock cut off – Market Cap above ₹ 150 Cr. 1,688 small cap companies mentioned above are those small cap companies
with market cap>₹ 150 Cr.
Refer Page 29 for Disclaimers 4
 Why Small Caps?

Scope for returns owing to potential Under Researched: Limited Analyst Coverage
increase in size and analyst coverage

As the size of the business increases, more analysts tend to

start tracking the company Index Average Analyst Coverage
Institutional holding often increases as companies get larger S&P BSE 100 Index 32
Better disclosure levels can lead to greater familiarity and S&P BSE 150 MidCap Index 18
higher multiples S&P BSE 250 SmallCap Index 8

As a result, mispriced smaller stocks may get re-priced

For small cap stocks, company specific factors have a much

higher impact than macro factors

Source: Bloomberg, HDFC AMC Internal Research, Company Reports

Average analyst coverage is the simple average of number of analysts covering various index constituents as on March 31st 2023.
Small Cap stocks carry a higher risk of market fluctuations and are also prone to higher liquidity risks. Small cap stocks are strictly not comparable with large cap stocks.
Refer Page 29 for Disclaimers 5
 Sector-Wise Presence – Large Caps vs Small Caps

Small Caps^ provide investment opportunities in segments of the economy which are not covered by Large Caps*.

30 S&P BSE 100 Index S&P BSE 250 SmallCap Index

S&P BSE 100 :
25 High
% Weight in Index

Concentration in
20 some industries

15
S&P BSE 250 SmallCap:
10 Opportunities in segments not covered by
Large Caps
5 S&P BSE S&P BSE 250
Key Statistics 100 Small Cap
0
Top 5 Industries (%) 59.5 33.7
Banks

IT Services

Consumer Staples Distribution & Retail

Oil, Gas & Consumable Fuels

Trading Companies & Distributors

Financial Services

Transportation Infrastructure
Automobiles

Tobacco

Hotels, Restaurants & Leisure

Personal Care Products

Health Care Providers & Services

Construction & Engineering

Chemicals

Life Sciences Tools & Services

Pharmaceuticals

Real Estate Management & Development

Aerospace & Defense

Metals & Mining

Specialty Retail
Consumer Finance

Industrial Conglomerates
Construction Materials

Electrical Equipment

Gas Utilities
Wireless Telecommunication Services

Food Products

Insurance

Textiles, Apparel & Luxury Goods

Electric Utilities
Independent Power and Renewable
Top 10 Industries (%) 75.5 52.5

Electricity Producers

Source : MFI Explorer .GICS Industry classification

Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017. The universe of “Large Cap” shall consist of companies up to 100th company in terms
of full market capitalization. The universe of “Small Cap” shall consist of companies below 250th company in terms of full market capitalization.
* As represented by S&P BSE 100 Index, ^ As represented by S&P BSE 250 SmallCap Index
Stocks/sectors referred above are illustrative and are not recommended by HDFC Mutual Fund/AMC. 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.
6
Refer Page 29 for Disclaimers
 Case for Active investing in Small Caps

Number of S&P BSE 250 SmallCap Index companies in various return ranges

Return Range 1 Year 3 Year 5 Year

FY23 FY22 FY21 FY20 FY19 FY18
CAGR CAGR

> 20% 62 161 39 62 121 209 13 33 83

10%-20% 17 23 37 17 19 3 5 12 22
0-10% 28 27 59 28 23 3 9 19 24
Below 0% 141 9 65 141 72 5 183 136 55
Total companies 248 220 200 248 235 220 210 200 184

Divergence of returns aids active stock picking

Source: Bloomberg. Returns as of 31st March 2023. S&P BSE 250 SmallCap Index Constituents as of 31-Dec-22 considered for both the tables on this slide. 3 and 5 year returns are
CAGR%, while others are absolute %. Total Number of companies does not add up to 250 due to certain constituents(as of Dec’22) not being listed for the entire reference period.
Mutual Fund/AMC is not guaranteeing returns on investments made in any scheme.
Refer Page 29 for Disclaimers
7
 Valuation Landscape

Historical Valuations : Small Cap Relative Valuation : Small Cap vs Large Cap
25 20
BSE Smallcap 250 Avg Smallcap/Nifty Avg
Mean+1SD Mean-1SD 10
20
18.2 0

(10) (10.3)
15.5
15
14.9 (20) (14.4)

11.6 (30)
10
(40)

5 (50)

Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

Mar-23
Mar-13

Mar-14

Mar-15

Mar-16

Mar-17

Mar-18

Mar-19

Mar-20

Mar-21

Mar-22

Mar-23
S&P BSE 250 SmallCap Index 1 Year Forward P/E

5 Year Average 16.3

10 Year Average 14.9
As of 31-Mar-23 15.5

Source:-Bloomberg, As of 31st March 2023

Proxies used : Large Cap – S&P BSE 100, Small Caps –S&P BSE 250 SmallCap Index
Refer Page 29 for Disclaimers
8
 Putting Small Cap valuations into perspective

While small cap market capitalization as a % of total market capitalization is above long term average,
valuation divergence still present within Small Caps presents an opportunity for alpha generation

Small Cap Market Cap as % of Total Market Cap* P/E Bands of S&P BSE 250 SmallCap Index
(Number. of companies.)^
16% 90
15% 80
Mar-18, 14.7% Mar-23, 14% 80
14%
70

Number of companies
13%
12.8% 60
12%
11% 50 44
10% 40
9% Mar-20, 9.2% 27
30 22
8% 21
Average
20
7%
10
6%
0
<=15 15-20 20-25 25-30 >=30

P/E Bands
Source:-Bloomberg, Capitaline,
* Top 100 Companies by Market Capitalization considered Large Caps, next 150 companies considered Mid Caps and companies beyond 250th company in terms of market
capitalization considered Small Caps.
^ FY24 Forward PE as of 31st March 2023 considered for constituents of S&P BSE 250 SmallCap Index. FY24 Forward P/E not available for 56 companies in the Index.
Refer Page 29 for Disclaimers 9
 Long term approach to investing in small caps

As investment horizon increases, variability of returns reduces significantly.

S&P BSE 250 Small Cap Index TRI : Daily Rolling Returns Range

250 Maximum Minimum % of positive instances 120%

221.1
200
99.8% 100%

% of positive instances
150 87% 80%
76%
CAGR (%)

100
60%
60% 45.1
50
24.3 18.7
40%
-
-7.2 -0.4
(50)
-22.6 20%

-70.9
(100) 0%
1 Year 3 Years 5 Years 10 Years

Source : MFI Explorer, Daily Rolling returns from inception of S&P BSE 250 Small Cap Index TRI (16th September 2005 to 31st March 2023). Past Performance may or may not be
sustained in future. Returns greater than 1 year period are compounded annualized (CAGR). Mutual Fund/AMC is not guaranteeing returns on investments made in any scheme.
Refer Page 29 for Disclaimers
10
 Taking the SIP Route

Why SIP? Why SIP in HDFC Small Cap Fund?

Imbibes financial discipline. An open ended scheme with a well defined

portfolio strategy.
Drops of water help fill a glass –
Small and regular investments build a Targeted allocation to small cap stocks with
corpus over time. good growth and earnings potential.

Eliminates the need to time the markets. Given the volatility that small caps bring to the
portfolio, an SIP helps weather such inherent
Option to pause/ stop at anytime thus volatility
providing flexibility.

Aids in long term wealth creation.

For SIP Performance of the Scheme, please refer slide no 25, Refer Page 29 for Disclaimers
11
HDFC
Small Cap
Fund
 Current Investment Approach of HDFC Small Cap Fund

Stock Selection Sector Allocation Market Capitalization

Focus on quality companies, Primarily a function of stock 65% to 100% of Total
with sound financial strength and selection Assets are invested in
reasonable return on equity Small Caps
Portfolio overweight/
Invest at sensible valuations in underweight vs benchmark 0 to 35% of Total Assets
companies trading at reasonable controlled to manage portfolio are invested in Large and
multiples (P/E, P/B, EV/EBITDA risk by the Fund Manager
Mid Cap
etc.)
Portfolio to be invested
Aim to minimize mistakes by between 90-100%, as far as
investing in companies with possible
sustainable and understandable
business models, with good
management quality

The current investment strategy is subject to change depending on the market conditions, Refer Page 29 for Disclaimers
13
 Portfolio Statistics

Top 10 Holdings

Company Name % to NAV Portfolio Statistics

Sonata Software Ltd. 5.3 Top 5 Holding % 19.5

Bank of Baroda 4.2 Top 10 Holding %. 32.6
Bajaj Electricals Ltd. 3.9 Beta 0.907
Firstsource Solutions Ltd. 3.3 Portfolio Turnover Ratio (Last 1 Year) 9.22%
Great Eastern Shipping Company Ltd. 2.9 Number of stocks 73
Kirloskar Ferrous Industries Ltd. 2.8 Fund Size (Rs Cr) 14,922
Aster DM Healthcare Limited 2.7
IDFC Ltd. 2.7 Segment-wise break up of equity holding*
eClerx Services Limited 2.6
KEI Industries Ltd. 2.4 Segment % of Total Assets

Large Cap 4.2

Mid Cap 7.2
Small Cap 80.7
Cash, Cash Equivalents and Net Current Assets 7.9

Data is As of 31st March 2023, * Market cap Classification has been done basis list provided by AMFI for the half year ended 31-Mar-23
For complete portfolio, please refer www.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 .
Refer Page 29 for Disclaimers
14
 Portfolio Construct

Portfolio is focused on Small Caps, backed by Weighted average market capitalisation lower than
robust investments process category average, in spite of being one of the largest
funds in the category

Portfolio break-up by market cap Fund Size vs Weighted Average Market Cap
HDFC Small Cap Fund 40,000
60 S&P BSE 250 SmallCap index Scheme 34,429
49 35,000 Category Average
50 Benchmark *
42 43 30,000
% of Net Assets

40
25,000
30

₹ Cr
30 27 20,000
14,963
15,000 12,685
20 9,911
9 10,000 6,015
10
5,000
- -
Less than ₹ 5,000 Crore to More than Fund Size Weighted Average Market Cap
₹ 5000 Crore ₹ 10,000 Crore ₹ 10,000 Crore

Source: Capitaline, Data as on 31st March 2023. Benchmark – S&P BSE 250 SmallCap Index TRI. For complete portfolio, refer our website www.hdfcfund.com
The current investment strategy is subject to change depending on the market conditions. Equity Exposure of Fund rebased to 100%
Refer Page 29 for Disclaimers
15
 Risk Mitigation through wider diversification

Aim to mitigate risk in small caps by wider Average weight per stock of 1.2% for Small caps
diversification of the portfolio. Average Top 10 (Mar’23) vs 1.5% for Mid-caps
holding % of ~33% since Dec’19

Top 10 Holdings (%) (LHS) Number of Stocks (RHS)

80 80
70 75
Maximum Minimum Average Highest Lowest
60 70 Number individual individual weight Market Market
Top 10 Holdings %

Number of Stocks
50 65 of Stocks stock stock per Cap Cap
37 39 38 weight % weight % stock % (₹ Cr)^ (₹ Cr)^
40 36 35 35 60
33 32 32 34 33
28 29 Large cap 1 4.2% 4.2% 4.2% 87,293 87,293
30 26 55
Mid cap 4 1.8% 0.8% 1.5% 35,881 15,811
20 50
Small cap 68 5.2% 0.1% 1.2% 148 33,125
10 45
0 40
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

Source : MFI Explorer, Capitaline. ^ BSE Market Cap as of 31st March 2023
Market cap Classification as per SEBI circular (SEBI / HO/ IMD/ DF3/ CIR/ P/ 2017/ 114) dated October 6, 2017. Market cap Classification has been done basis list provided by AMFI
for the half year ended 31-Dec-22. The current investment strategy is subject to change depending on the market condition. For complete portfolio details refer www.hdfcfund.com
Portfolio as on 31st March 2023
Refer Page 29 for Disclaimers
16
 How the portfolio stacks up in terms of valuations?

Focus on good quality companies, trading at reasonable valuations

40 P/E Bands ^ - Scheme vs Benchmark

35
Scheme Benchmark 34
33
30

25
25
21
20
20
17
15
13
10 9
10 9
7
5 3

-
<=15 15-20 20-25 25-30 >30 NA

Source:-Bloomberg, Capitaline, MFI Explorer. As of Mar’23, Benchmark – S&P BSE 250 SmallCap Index TRI
^ FY24 Forward P/E considered
For detailed portfolio refer wwww.hdfcfund.com
Refer Page 29 for Disclaimers 17
 Sector-wise Allocation

Sector allocation : Largely a function of bottom-up stock selection

35.0 Scheme Benchmark

30.0

25.0

20.0

15.0

10.0

5.0

-
Industrials Consumer Materials Financials Information Health Care Consumer Staples Energy Communication Real Estate
Discretionary Technology Services

Note :Source:-Bloomberg (Sector classification as per AMFI). As of 31st March 2023.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.
Refer Page 29 for Disclaimers 18
 Sectoral Overweights/(Underweights)

Overweight /(Underweight) %

8
7.0

4
% of Net Assets

2 1.4 1.2

(2) -1.1 -1.3 -1.5 -1.8 -1.9

-2.5
(4) -3.5
4.0

(6)
Industrials Energy Consumer Financials Communication Consumer Information Real Estate Utilities Materials Health Care
Discretionary Services Staples Technology

Source:-Bloomberg. As of 31st March 2023. For detailed portfolio refer www.hdfcfund.com

The Fund may or may not have any present or future positions in these stocks/sectors.
The above 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 Page 29 for Disclaimers
19
 Consistently Low Portfolio Turnover Ratio -
High Portfolio Conviction

50
Portfolio Turnover Ratio 3 Year Average

40

Average Portfolio Turnover Ratio of ~ 8%, indicates conviction

30 in stock picking and long term approach to investing.
PTR (%)

20

10

-
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

Source:-MFI Explorer .As of 31st March 2023. For complete portfolio please refer to our website www.hdfcfund.com
Refer Page 29 for Disclaimers
20
 HDFC Small Cap Fund : 3 Year returns (daily rolling)

3 Year Rolling returns (Daily rolling)

Annualized HDFC Small Cap Fund S&P BSE 250 Small Cap
Returns (CAGR) (% of Instances) Index TRI (% of Instances
Since June-2014 *
>15% 64% 40%
HDFC Small Cap Fund has yielded 3 year returns exceeding
10% to 15% 6% 19%
15% CAGR in 62% instances vs 38% instances for benchmark
(S&P BSE 250 Small Cap Index TRI ) 0% to 10% 18% 22%

HDFC Small Cap Fund has yielded positive 3 year returns in 87% Less than 0 12% 19%
instances vs 80% instances for benchmark (S&P BSE 250 Small Total 100 100
Cap Index TRI )

HDFC Small Cap Fund has higher average and median 3 Year
returns as compared to benchmark (S&P BSE 250 Small Cap Key Statistics
Index TRI )
Key Return HDFC Small Cap Fund S&P BSE 250 Small Cap Index
Statistics (3 Year Returns % CAGR) TRI (3 Year Returns % CAGR)

Minimum (9.9) (17.0)

Maximum 48.2 45.1
Average 14.6 10.8
Median 17.6 13.3
Source:-MFI Explorer. As of 31 March 2023.
st

* Data since 27th June 2014 considered i.e. the date on which the Scheme was acquired by HDFC Mutual Fund from Morgan Stanley and
repositioned as HDFC Small & Mid Cap Fund. Prior to that date, the scheme was named Morgan Stanley A.C.E Fund and was a multicap fund.
Consequently, first 3 year period is as of 27th June 2017. Total number of instances = 1424
Past Performance may or may not be sustained in the future. For detailed performance please refer Slide 25. HDFC Mutual Fund/AMC is not guaranteeing any returns on investments
made in this Fund. In view of the individual circumstances and risk profile, each investor is advised to consult his / her professional advisor before making a decision to invest in the
Scheme. Historical performance indications and financial market scenarios are not the reliable indicator for current or future performance. The Fund may or may not have any present
or future positions in the Stocks/Sectors. For complete performance details, refer slides 25 and 26.
21
Refer Page 29 for Disclaimers
 Fund Performance

100 Scheme/Benchmark Returns Since Inception

90 CAGR (%)*

80 HDFC Small Cap Fund– Growth (Scheme) 14.84%

S&P BSE 250 SmallCap TRI (Benchmark) 8.38%
70
60
Fund vs Benchmark
50 Scheme Benchmark
40
30
20
10
0
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23

₹ 10,000 invested in HDFC Small Cap Fund, at inception, would have grown to ₹ 79,644 vis-à-vis ₹ 33,422 for S&P BSE 250 SmallCap Index TRI as on March 31, 2023

Source: MFI, IISL . For Complete performance details please refer page 25 and 26. S&P BSE 250 SmallCap Index TRI is indexed to a base unit of 10. Past performance may or may not be
sustained in the future. HDFC Mutual Fund/AMC is not guaranteeing returns on investments made in this scheme.
* Since Inception date of HDFC Small Cap Fund – 03/04/2008. CAGR - Compounded Annual Growth Rate
Refer Page 29 for Disclaimers
22
 Fund Facts

Type of Scheme An open ended equity scheme predominantly investing in Small Cap stocks
Inception Date
April 3, 2008
(Date of allotment)
Investment Objective To provide long-term capital appreciation / income by investing predominantly in Small-Cap companies.
Fund Manager $ Mr. Chirag Setalvad
Plans Direct Plan
Regular Plan

Options Regular Plan, Direct Plan. Under Each Plan: Growth & Income Distribution cum Capital Withdrawal (IDCW) Option. The IDCW Option offers following Sub-Options:
Payout of Income Distribution cum Capital Withdrawal (IDCW) Option; and Reinvestment of Income Distribution cum Capital Withdrawal (IDCW) Option.

Minimum Application Amount Purchase: ₹ 100 and any amount thereafter

(Under Each Plan/Option) Additional Purchase: ₹ 100 and any amount thereafter

Load Structure Not Applicable. Upfront commission shall be paid directly by the investor to the ARN Holder (AMFI registered Distributor) based on the investors’
Entry Load
assessment of various factors including the service rendered by the ARN Holder.
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 the date of allotment.
No Exit Load is payable if Units are redeemed / switched-out after 1 year from the date of allotment.
Exit Load
In case of Systematic Transactions such as SIP, GSIP, STP, Flex STP, Swing STP, Flex index; Exit Load, if any,
prevailing on the date of registration / enrolment shall be levied.

Benchmark Index S&P BSE 250 SmallCap TRI

$ Fund Manager Overseas investment – Mr Priya Ranjan For further details, refer SID and KIM available on www.hdfcfund.com and at Investor Service Centres of HDFC Mutual Fund
Refer Page 29 for Disclaimers
23
 Asset Allocation

Under normal circumstances, the asset allocation of the scheme’s portfolio will be as follows:

Minimum Allocation Maximum Allocation Risk Profile of

Type of Instruments
(% of Total Assets) (% of Total Assets) the Instrument

Equity and equity related instruments of Small Cap companies** 65 100 High
Equity and equity related instruments other than Small Cap companies 0 35 High
Debt Securities (including securitised debt) and money market instruments 0 35 Low to Medium
Units issued by REITs and InvITs 0 10 Medium to High
Non-convertible preference shares 0 10 Low to Medium

The Scheme may invest up to 100% of its total assets in Derivatives.

The Scheme may invest up to 35% of its total assets in foreign securities.
** Investment universe of “Small Cap”:
The investment universe of “Small 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 “Small Cap” shall consist of 251st company onwards in terms of full market
capitalization and that the Scheme will be required to adhere the following:
The list of stocks of Small 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. For further details, refer SID, KIM available on website www.hdfcfund.com and at Investor Service Centres (ISCs) of
HDFC Mutual Fund.
Refer Page 29 for Disclaimers
24
 Scheme Performance

SIP Performance- HDFC Small Cap Fund - Regular Plan- Growth Option
SIP since inception of ₹10,000 invested systematically on the first business day of every month (total investment ~₹18.00 lakh) in HDFC Small Cap Fund would have grown to ~ ₹71.75 lakh by
March 31, 2023 (refer below table).

Since Inception* 15 Year SIP 10 Year SIP 5 Year SIP 3 Year SIP 1 Year SIP

Total Amount Invested (₹ in lacs) 18.00 18.00 12.00 6.00 3.60 1.20
Market Value as on March 31, 2023 (₹ in lacs) 71.75 71.75 29.78 9.95 5.36 1.29
Returns (%) 16.74 16.74 17.32 20.36 27.69 13.56
Benchmark Returns (%) # 11.59 11.59 12.97 16.21 19.38 -3.61
Additional Benchmark Returns (%) ## 12.23 12.23 12.43 12.91 13.42 0.55

CAGR returns are computed after accounting for the cash flow by using XIRR method (investment internal rate of return). The above investment simulation is for illustrative purposes only and should not
be construed as a promise on minimum returns and safeguard of capital. SIP - Systematic Investment Plan.

HDFC Small Cap Fund-Performance-Regular Plan-Growth Option NAV as on March 31, 2023 Rs.79.644 (per unit)

Additional Value of investment of (₹) 10,000

Scheme Benchmark
Period Benchmark
Returns (%) Returns (%)# Scheme (₹) Benchmark (₹)# Additional Benchmark (₹)##
Returns (%)##
Last 1 Year 12.16 -3.14 0.59 11,216 9,686 10,059
Last 3 Years 45.25 41.43 27.80 30,642 28,292 20,871
Last 5 Years 12.45 8.36 12.72 18,007 14,952 18,222
Last 10 Years 18.36 14.15 13.18 54,069 37,642 34,538
Since Inception* 14.84 8.38 10.30 79,644 33,422 43,502

Common notes for all tables:: *Inception Date: April 03, 2008. The Scheme is managed by Mr. Chirag Setalvad since June 28, 2014, # Benchmark Index: S&P BSE 250 SmallCap TRI ## Additional Benchmark Index:
NIFTY 50 TRI. Past performance may or may not be sustained in the future. TRI - Total Returns Index. Returns as on March 31, 2023. 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. Returns greater than 1 year period are compounded annualized (CAGR).
Load is not taken into consideration for computation of above performance(s). Refer Page 29 for Disclaimers 25
 Scheme Performance

Performance of other funds managed by Chirag Setalvad, Fund Manager of HDFC Small Cap Fund
( who manages total 4 schemes which have completed 1 year)

Managing Scheme since Returns (%) as on March 31, 2023

Last 1 Year (%) Last 3 Years (%) Last 5 Years (%)

HDFC Children's Gift Fund 2-Apr-07 9.21 26.82 12.11

Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 1.89 20.17 11.31
HDFC Hybrid Equity Fund 2-Apr-07 6.61 25.92 10.75
Benchmark - NIFTY 50 Hybrid Composite Debt 65:35 Index 1.89 20.17 11.31
HDFC Mid-Cap Opportunities Fund 25-Jun-07 9.87 36.73 12.43
Benchmark - NIFTY Midcap 150 TRI 2.77 37.34 12.44

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 the future. 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. Returns as on March 31,
2023. The above returns are of Regular Plan - Growth Option.

Refer Page 29 for Disclaimers

26
 Product Labelling & Riskometer

Riskometer# Name of the Benchmark

This product is suitable for investors who are seeking*: and Riskometer

• To generate long-term capital appreciation / income S&P BSE 250 SmallCap

(Total Returns Index)
• Investment predominantly in Small-Cap companies

*Investors should consult their financial advisers if in doubt

about whether the product is suitable for them.
#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 as on March 31, 2023. Refer Disclaimer on Slide No. 29 27
 Product Labelling & Riskometer

Scheme Riskometer Name of the Scheme(s) Name and Riskometer of Benchmark

NIFTY Midcap 150 (Total Returns Index)

• HDFC Mid-Cap Opportunities Fund

NIFTY 50 Hybrid Composite Debt 65:35 Index

• HDFC Hybrid Equity Fund Modera

Moderate High tely
o
w t erate Hi
• HDFC Children's Gift Fund

Mo Lo

gh
d

Very
Low

High
RISKOMETER
Investors understand that their principal will be at
high risk

Benchmark and Scheme Riskometer as on March 31, 2023. Refer Disclaimer on Slide No. 29 28
Disclaimer

The presentation dated April 26th, 2023 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 / AMC. The Fund may or may not have any present or
future positions in these sectors. HDFC Mutual Fund/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

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.

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