The HDFC Defence Fund increased exposure to select stocks in March while keeping the total number of holdings unchanged at 22, as per ACE MF data. The fund did not reduce stakes in any existing positions during the month.
Changes were limited to additions in a few names and one full exit, indicating a selective reshuffle within the existing portfolio.
The fund added 50,000 shares of Hindustan Aeronautics, taking total holdings to 25.50 lakh shares. It also purchased around 45,000 shares of Eicher Motors, increasing its holding to 4.95 lakh shares.
Among other additions, 10.51 lakh shares of Aequs were bought, taking the total to nearly 17.68 lakh shares. The fund also added 2.70 lakh shares of Bharat Electronics, along with smaller quantities in Solar Industries and Bosch.
A new stock, Sedemac Mechatronics, was introduced with 3.97 lakh shares valued at ₹60.15 crore.
The fund exited Avalon Technologies by selling 1.33 lakh shares worth ₹13.64 crore.
Holdings in 15 stocks remained unchanged, including Astra Microwave Products, Bharat Dynamics, Mazagon Dock Shipbuilders and Data Patterns (India).
Capital Goods accounted for 52.68% of the portfolio, followed by Automobiles and Ancillaries at 21.69% and Chemicals at 12.94%. Smaller allocations were spread across Electricals, Shipbuilding, Telecom, and Infrastructure.
In terms of market capitalisation, 50.38% of the portfolio was in large-cap stocks, 19.77% in mid-caps, and 25.14% in small-caps.
Based on allocation to net asset value, Bharat Electronics had the highest weight at 18.70%, followed by Bharat Forge at 15.27%. Hindustan Aeronautics and Solar Industries accounted for 12.18% and 10.54%, respectively.
Launched in June 2023, the fund is benchmarked against the Nifty India Defence TRI. It has delivered a CAGR of 37.42% since inception, with returns of 31.53% over 1 year and 4.37% over 3 months.
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The changes in March were limited to incremental additions and one exit, with the broader portfolio composition remaining largely stable.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Mutual Fund Investments are subject to market risks, read all the related documents carefully before investing.
Published on: Apr 15, 2026, 2:55 PM IST
Team Angel One
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