HDFC Technology Fund
Sectoral/ Thematic · HDFC Asset Management Company Limited
Among the 946 funds in its category, most others have grown money faster than this one. ₹1 lakh invested 3 years ago would be about ₹1.2 lakh today. Investing ₹10,000 every month for the last 3 years would have put in ₹3.7 lakh and grown it to about ₹3.6 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹70,280. Expect meaningful ups and downs on the way.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.HDFC Technology Fund is a Sectoral/ Thematic fund from HDFC Asset Management Company Limited. It has a track record of about 3.0 years. As of the latest data it carries an RS rating of 43/99 (its recent momentum versus category peers) and a King Score of 21/100 (a long-term quality composite). The current NAV is ₹11.9 (as of 2026-09-16).
Growth of ₹100 - last 3 years
HDFC Technology Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -5.52% | -3.47% |
| 3 months | 7.32% | 2.0% |
| 6 months | 4.72% | 10.56% |
| 1 year | -13.67% | 4.78% |
| 3 years (CAGR) | 5.46% | 13.85% |
Its trailing one-year return is -13.67%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | HDFC Technology Fund | Benchmark |
|---|---|---|
| 2024 | +34.9% | +22.0% |
| 2025 | -4.3% | -12.6% |
| 2026 | -16.3% | -22.0% |
HDFC Technology Fund beat its benchmark in 3 of the last 3 calendar years. That is a strong hit-rate - most active funds fail to clear their index this often. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in HDFC Technology Fund would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹355,255 | -2.63% |
Over 3 years, ₹370,000 invested in monthly instalments would have grown to about ₹355,255 - an XIRR of -2.63%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -29.72% | -26.37% |
| Worst drawdown (3Y) | -29.72% | -20.9% |
| Volatility (1Y) | 26.19% | 19.02% |
| Sharpe (3Y) | -0.04 | 0.31 |
| Sortino (3Y) | -0.05 | 0.82 |
| Beta (3Y) | 0.75 | 0.91 |
| Alpha (3Y) | 6.86% | 6.12% |
| Up capture | 82.6% | 97.13% |
| Down capture | 69.7% | 81.47% |
| Bull-market return | 25.2% | 30.78% |
| Bear-market return | -38.3% | -23.76% |
Timing matters more than people admit: the best possible 1-year stretch in HDFC Technology Fund (starting 2023-10-26) gained 49.0%, while the worst (starting 2025-06-27) lost 24.0%. The worst peak-to-bottom fall HDFC Technology Fund has ever put investors through is -29.72% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -38.3% annualised, versus 25.2% in rising markets. It has captured roughly 82.6% of its benchmark's up-moves and 69.7% of its down-moves.
How HDFC Technology Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), HDFC Technology Fund has historically returned about -38.3% annualised, versus roughly 25.2% when the market is rising. Its deepest fall on record is -29.72%. Right now it sits about 23.28% below its all-time high (last hit 2024-12-13). The real question isn't the average year - it's whether you could hold on through the worst one.
How HDFC Technology Fund ranks in its category
Percentile versus its ~946 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
Rolling-return data isn't available for this fund yet.
What HDFC Technology Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 72.1% of the portfolio, across 27 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
HDFC Technology Fund shares ICICI Prudential Innovation Fund (5%), HDFC Transportation and Logistics Fund (3%), ICICI Prudential Transportation And Logistics Fund (0%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages HDFC Technology Fund - and how good are they?
HDFC Technology Fund is managed by Dhruv Muchhal and Balakumar B. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Dhruv Muchhal's full record
Dhruv Muchhal currently runs 36 funds, across Aggressive Hybrid Fund, Banking and PSU Fund, Conservative Hybrid Fund, Credit Risk Fund and more, with about ₹541,304 Cr under management. The book's average King Score is 66.5/100. Their strongest fund by King Score is HDFC Transportation and Logistics Fund (89/100); HDFC Technology Fund ranks #32 of 36 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | HDFC Transportation and Logistics Fund | 82 | 89 | 8.3% | 16.7% | 7.7% | 24.1% | n/a | n/a | 0.98 | n/a | -23.5% |
| 2 | HDFC Medium Term Debt Fund | 84 | 87 | 1.7% | 3.5% | 6.7% | 7.8% | 6.7% | 7.5% | 1.06 | 8.2% | -3.5% |
| 3 | HDFC Liquid Fund | 88 | 86 | 1.6% | 3.4% | 6.6% | 7.0% | 6.3% | 6.1% | 1.22 | 6.8% | -0.2% |
| 4 | HDFC Value Fund | 86 | 84 | 2.6% | 9.0% | 5.5% | 14.8% | 13.5% | 14.3% | 0.57 | 17.2% | -43.9% |
| 5 | HDFC Defence Fund | 87 | 83 | 3.6% | 21.2% | 20.6% | 36.0% | n/a | n/a | 1.06 | n/a | -34.5% |
| 6 | HDFC Ultra Short Term Fund | 81 | 82 | 1.8% | 3.4% | 6.5% | 7.2% | 6.5% | n/a | 1.33 | 6.0% | -1.0% |
| 7 | HDFC Short Term Debt Fund | 78 | 80 | 1.2% | 2.8% | 5.7% | 7.5% | 6.5% | 7.4% | 0.94 | 7.9% | -2.7% |
| 8 | HDFC Income Fund | 77 | 79 | 1.2% | 2.4% | 4.2% | 6.7% | 5.7% | 5.9% | 0.09 | 6.8% | -10.6% |
| 9 | HDFC Credit Risk Debt Fund | 73 | 79 | 2.0% | 3.9% | 7.4% | 8.2% | 7.1% | 7.9% | 1.58 | 8.2% | -2.6% |
| 10 | HDFC Banking and PSU Debt Fund | 66 | 79 | 1.0% | 2.6% | 5.2% | 7.1% | 6.2% | 7.2% | 0.46 | 7.9% | -3.1% |
| 11 | HDFC Flexi Cap Fund | 45 | 79 | 1.8% | 4.6% | 0.3% | 14.5% | 16.5% | 15.7% | 0.62 | 17.8% | -41.8% |
| 12 | HDFC Focused Fund | 41 | 78 | 0.9% | 2.7% | -2.0% | 14.2% | 17.5% | 14.5% | 0.61 | 17.1% | -45.6% |
| 13 | HDFC Hybrid Debt Fund | 68 | 77 | 0.1% | 0.9% | 1.9% | 7.1% | 7.7% | 8.3% | 0.15 | 10.3% | -12.1% |
| 14 | HDFC Long Duration Debt Fund | 74 | 76 | 0.7% | 1.6% | 2.3% | 5.8% | n/a | n/a | -0.17 | 6.4% | -6.0% |
| 15 | HDFC Equity Savings Fund | 64 | 75 | 0.7% | 1.9% | 2.4% | 8.0% | 8.1% | 9.6% | 0.3 | 11.4% | -16.9% |
| 16 | HDFC Mid Cap Fund | 60 | 75 | 2.1% | 8.6% | 5.7% | 16.6% | 18.1% | 17.2% | 0.63 | 23.3% | -39.5% |
| 17 | HDFC Gilt Fund | 52 | 75 | 0.9% | 1.8% | 3.5% | 6.3% | 5.4% | 6.0% | -0.07 | 7.3% | -11.9% |
| 18 | HDFC Dynamic Debt Fund | 82 | 71 | 1.6% | 2.7% | 4.8% | 6.6% | 5.8% | 6.2% | 0.05 | 7.1% | -7.5% |
| 19 | HDFC ELSS Tax saver | 23 | 70 | -0.5% | 0.4% | -6.1% | 11.7% | 13.5% | 13.0% | 0.39 | 15.6% | -44.1% |
| 20 | HDFC Banking & Financial Services Fund | 45 | 67 | -1.1% | 3.7% | 5.5% | 11.2% | 11.6% | n/a | 0.28 | 17.2% | -21.7% |
| 21 | HDFC Business Cycle Fund | 71 | 65 | 4.8% | 13.4% | 2.1% | 10.6% | n/a | n/a | 0.29 | 13.7% | -18.0% |
| 22 | HDFC Large and Mid Cap Fund | 40 | 64 | 0.4% | 5.7% | -0.5% | 11.8% | 13.8% | 14.4% | 0.34 | 17.0% | -39.5% |
| 23 | HDFC Large Cap Fund | 58 | 60 | -0.5% | 0.8% | -3.5% | 8.0% | 10.5% | 12.2% | 0.11 | 15.0% | -40.8% |
| 24 | HDFC Infrastructure Fund | 16 | 56 | -3.1% | 2.8% | -3.3% | 13.7% | 18.7% | 11.4% | 0.41 | 12.9% | -63.1% |
| 25 | HDFC Multi Cap Fund | 20 | 46 | -0.1% | 4.4% | -3.2% | 10.7% | n/a | n/a | 0.27 | 21.6% | -20.2% |
| 26 | HDFC Multi-Asset Fund | 22 | 45 | 0.2% | 0.6% | 2.7% | 11.3% | 10.7% | 11.4% | 0.62 | 12.9% | -27.1% |
| 27 | HDFC Hybrid Equity Fund | 39 | 44 | 0.2% | 0.3% | -4.7% | 5.8% | 7.9% | 10.1% | -0.07 | 13.0% | -33.6% |
| 28 | HDFC Consumption Fund | 32 | 44 | 1.4% | 6.5% | -8.9% | 10.3% | n/a | n/a | 0.24 | n/a | -23.5% |
| 29 | HDFC Small Cap Fund | 7 | 41 | 1.8% | 9.7% | -3.0% | 10.2% | 14.4% | 17.5% | 0.22 | 21.2% | -48.3% |
| 30 | HDFC Housing Opportunities Fund | 7 | 37 | -3.9% | -0.4% | -6.7% | 8.4% | 10.8% | n/a | 0.11 | 18.1% | -42.2% |
| 31 | HDFC MNC Fund | 59 | 33 | 3.0% | 10.2% | 0.6% | 6.8% | n/a | n/a | 0.03 | 8.7% | -24.5% |
| 32 | HDFC Technology Fund (this page) | 43 | 21 | 7.3% | 4.7% | -13.7% | 5.5% | n/a | n/a | -0.04 | n/a | -29.7% |
| 33 | HDFC Pharma and Healthcare Fund | 97 | n/a | 10.1% | 25.4% | 24.4% | n/a | n/a | n/a | 1.65 | n/a | -14.9% |
| 34 | HDFC Innovation Fund | 91 | n/a | 10.5% | 21.2% | 14.3% | n/a | n/a | n/a | n/a | n/a | -12.2% |
| 35 | HDFC Manufacturing fund | 66 | n/a | 2.7% | 10.9% | 5.1% | n/a | n/a | n/a | 0.04 | n/a | -21.5% |
| 36 | HDFC Diversified Equity All Cap Active FOF | n/a | n/a | 0.5% | 4.1% | n/a | n/a | n/a | n/a | n/a | n/a | -13.6% |
Balakumar B's full record
Balakumar B currently runs 1 fund, across Sectoral/ Thematic, with about ₹1,334 Cr under management. The book's average King Score is 21.0/100. This fund is the highest-scored fund they run (King 21/100).
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 1.05% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹100 |
| Fund size (AUM) | ₹1,334 Cr |
| Age | 3.0 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY_IT |
How HDFC Technology Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| HDFC Transportation and Logistics Fund | 82 | 89 | 24.1% |
| ICICI Prudential Transportation And Logistics Fund | 78 | 87 | 21.1% |
| ICICI Prudential Innovation Fund | 56 | 87 | 17.8% |
| LIC MF Healthcare Fund | 91 | 87 | 21.4% |
| Kotak Manufacture in India Fund | 81 | 83 | 19.1% |
| quant BFSI Fund | 78 | 83 | 21.5% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
HDFC Technology Fund review: the bottom line
Related
Frequently asked questions
Is HDFC Technology Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, HDFC Technology Fund scores 21/100 on our King Score and RS 43/99 within its category, has compounded 5.46% a year over three years, and its worst drawdown was -29.72%. Compare those against your needs and the peer table above.
What is the NAV of HDFC Technology Fund today?
The latest NAV is ₹11.9 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the expense ratio of HDFC Technology Fund?
The Direct-plan expense ratio is 1.05% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of HDFC Technology Fund?
HDFC Technology Fund is managed by Dhruv Muchhal; Balakumar B.
Is HDFC Technology Fund safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -29.72% - ₹1 lakh briefly becoming about ₹70,280. As a sectoral & thematic fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is HDFC Technology Fund good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 3 years grew ₹3.7 lakh into about ₹3.6 lakh (XIRR -2.63%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of HDFC Technology Fund?
A ₹10,000/month SIP over 3 years would have grown to about ₹355,255 (an XIRR of -2.63%) on ₹370,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does HDFC Technology Fund rank among similar funds?
On 3-year returns it sits around the 18th percentile of its category, and its consistency ranks 3th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is HDFC Technology Fund tax-efficient / what about capital gains?
As a sectoral & thematic fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See HDFC Technology Fund live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.