HDFC Multi Cap Fund vs Nippon India Multi Cap Fund
Portfolio overlap: how much of the two funds sits in the same stocks. Holdings as of Aug 2026.
Portfolio overlap
34.7%
Moderate overlap
Some shared stocks, different bets.
36
Common stocks
62
Only in HDFC Multi Cap Fund
63
Only in Nippon India Multi Cap Fund
Overlap adds the smaller weight of each common stock. Shares only; cash, bonds and REITs left out.
36 common stocks
HDFC Multi Cap FundNippon India Multi Cap Fund| Stock | HDFC Multi Cap Fund | Nippon India Multi Cap Fund | Overlap |
|---|---|---|---|
| HDFC Bank LtdFinancial Services | 3.43% | 6.64% | 3.43% |
| ICICI Bank LtdFinancial Services | 3.80% | 3.12% | 3.12% |
| Axis Bank LtdFinancial Services | 2.45% | 5.14% | 2.45% |
| Reliance Industries LtdEnergy | 2.44% | 1.72% | 1.72% |
| NTPC LtdUtilities | 1.65% | 1.73% | 1.65% |
| Mahindra & Mahindra LtdConsumer Discretionary | 1.32% | 1.56% | 1.32% |
| State Bank Of IndiaFinancial Services | 1.85% | 1.30% | 1.30% |
| Zomato LtdConsumer Discretionary | 2.07% | 1.05% | 1.05% |
| Jubilant Foodworks LtdConsumer Discretionary | 1.03% | 1.63% | 1.03% |
| AU Small Finance Bank LtdFinancial Services | 1.03% | 1.16% | 1.03% |
| Balkrishna Industries LtdConsumer Discretionary | 1.09% | 0.95% | 0.95% |
| Larsen & Toubro LtdIndustrials | 0.93% | 1.79% | 0.93% |
| HCL Technologies LtdTechnology | 1.09% | 0.93% | 0.93% |
| PB Fintech LtdTechnology | 1.43% | 0.89% | 0.89% |
| Infosys LtdTechnology | 0.88% | 3.43% | 0.88% |
| Divi'S Laboratories LtdHealthcare | 0.86% | 1.12% | 0.86% |
| Trent Ltd [Lakme Ltd]Consumer Discretionary | 0.93% | 0.86% | 0.86% |
| Max Financial Services LtdFinancial Services | 0.76% | 1.72% | 0.76% |
| Devyani International LtdConsumer Discretionary | 0.76% | 0.89% | 0.76% |
| Lupin LtdHealthcare | 0.82% | 0.74% | 0.74% |
| Indian Hotels Co. LtdConsumer Discretionary | 0.71% | 0.77% | 0.71% |
| Gland Pharma LtdHealthcare | 0.72% | 0.61% | 0.61% |
| Dixon Technologies (India) LtdConsumer Discretionary | 0.56% | 1.00% | 0.56% |
| ICICI Lombard General Insurance Company LtdFinancial Services | 1.19% | 0.55% | 0.55% |
| Blue Star LtdConsumer Discretionary | 0.66% | 0.52% | 0.52% |
| Akzo Nobel India LtdConsumer Discretionary | 0.88% | 0.51% | 0.51% |
| Multi Commodity Exchange of India LtdFinancial Services | 0.49% | 0.96% | 0.49% |
| SAI Life Sciences LtdHealthcare | 0.48% | 1.03% | 0.48% |
| ABB India LtdIndustrials | 0.96% | 0.48% | 0.48% |
| Ajanta Pharma LtdHealthcare | 0.61% | 0.48% | 0.48% |
| Vesuvius India LtdIndustrials | 0.47% | 1.09% | 0.47% |
| Delhivery LtdTransportation & Logistics | 0.68% | 0.47% | 0.47% |
| Interglobe Aviation LtdTransportation & Logistics | 1.05% | 0.46% | 0.46% |
| Timken India LtdIndustrials | 0.95% | 0.43% | 0.43% |
| Vishal Mega Mart LtdConsumer Discretionary | 0.43% | 0.84% | 0.43% |
| Ipca Laboratories LtdHealthcare | 0.57% | 0.43% | 0.43% |
| Total | 42.03% | 49.00% | 34.74% |
Only in HDFC Multi Cap Fund
62 stocks, 50.1% of the fund
- Britannia Industries LtdConsumer Staples2.11%
- Bharti Airtel LtdCommunication Services2.02%
- Kotak Mahindra Bank LtdFinancial Services1.52%
- PNB Housing Finance LtdFinancial Services1.34%
- Maruti Suzuki India LtdConsumer Discretionary1.20%
- Shriram Finance LtdFinancial Services1.20%
- Sona Blw Precision Forgings LtdConsumer Discretionary1.17%
- Alkem Laboratories LtdHealthcare1.16%
- Coforge LtdTechnology1.15%
- Tata Communications LtdCommunication Services1.13%
Only in Nippon India Multi Cap Fund
63 stocks, 46.5% of the fund
- Samvardhana Motherson International LtdConsumer Discretionary1.77%
- Swiggy LtdConsumer Discretionary1.76%
- Linde India LtdMaterials1.73%
- GE T&D India LtdIndustrials1.72%
- Bajaj Finance LtdFinancial Services1.71%
- Kennametal India LimtiedIndustrials1.43%
- Tata Consultancy Services LtdTechnology1.41%
- ITC LtdConsumer Staples1.27%
- FSN E-Commerce Ventures LtdConsumer Discretionary1.24%
- Avenue Supermarts LtdConsumer Discretionary1.21%
Check another pair
More Multi Cap pairs
What is mutual fund portfolio overlap?
Portfolio overlap is the share of two funds' money that sits in the same stocks in the same amounts. Two flexi cap funds that both hold HDFC Bank, ICICI Bank and Reliance overlap by the smaller of their weights in each of those stocks.
How is portfolio overlap calculated?
For every stock both funds hold, take the smaller of the two weights, then add them up. If one fund holds HDFC Bank at 8% and the other at 5%, that stock adds 5% to the overlap. Only shares count; cash, bonds, deposits and REITs are left out. The figures use each fund's latest monthly portfolio disclosure.
Is high overlap between two funds bad?
Not by itself. RuDo studied 33,153 pairs of diversified equity funds over five years to September 2026. Funds from different fund houses with 50% to 70% overlap shared mostly the index's largest stocks, and holding both still made returns swing 12% to 15% less around the index than holding either one. Overlap above 70% came mostly from two funds of the same fund house, which hold nearly the same portfolio.
How often does the overlap change?
Fund houses disclose their portfolios every month, so the overlap is refreshed as each new disclosure arrives. It moves slowly for most diversified funds and faster for focused or high-turnover funds.
Based on each fund's monthly portfolio disclosure. Past performance does not indicate future returns.