HSBC has highest equity allocation
Among the four schemes, HSBC has the highest equity allocation at 98.8%, followed by Invesco at 97%, WhiteOak at 96.8% and Edelweiss at 96.7%.
Edelweiss has 3% in debt and 0.2% in cash, while Invesco holds a relatively higher 2.7% cash allocation alongside 0.3% debt. HSBC has 1.4% in debt and a marginal negative cash allocation as shown in the comparison.
WhiteOak’s allocation is more diversified across instruments, with 1.6% in REITs and InvITs, 11.3% in debt and -8.9% cash, alongside its 96.8% equity allocation.
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WhiteOak has strongest mid and small-cap tilt
The biggest difference emerges in market-cap positioning.
WhiteOak has just 6% of its equity portfolio in large caps, while 72% is allocated to midcaps and 22% to small caps. This gives it the strongest exposure to mid and smaller companies among the four funds.
Edelweiss, in contrast, has the highest large-cap allocation at 19%, with 69% in midcaps and 12% in small caps.
HSBC allocates 10% to large caps, 68% to midcaps and 22% to small caps, while Invesco has 17% in large caps, 63% in midcaps and 20% in small caps.
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Federal Bank is the common conviction
The Federal Bank is the standout consensus stock, appearing among the top 10 holdings of all four schemes. Its weight ranges from 2.8% in WhiteOak to 6.4% in Invesco. HSBC has a 4.9% allocation, while Edelweiss holds 4%.
Beyond the common bet, however, portfolio strategies diverge.
Edelweiss has notable positions in BSE at 2.3% and Multi Commodity Exchange at 2.3%, along with Marico and Persistent Systems. HSBC’s portfolio features Lenskart Solutions at 4.1%, FSN E-Commerce Ventures at 4% and Piramal Finance at 3.7%.
Invesco has the most concentrated top holding, with Prestige Estates Projects at 7.2%, followed by Federal Bank at 6.4% and Max Healthcare Institute at 6.2%.
WhiteOak’s leading holdings include Max Financial Services at 3.1%, Bharti Hexacom at 2.9% and Federal Bank at 2.8%.
Edelweiss vs HSBC vs Invesco vs WhiteOak Midcap Funds
| Parameter | Edelweiss | HSBC | Invesco | WhiteOak |
|---|---|---|---|---|
| Equity allocation | 96.7% | 98.8% | 97.0% | 96.8% |
| Large-cap allocation | 19% | 10% | 17% | 6% |
| Mid-cap allocation | 69% | 68% | 63% | 72% |
| Small-cap allocation | 12% | 22% | 20% | 22% |
| Common holding | Federal Bank (4.0%) | Federal Bank (4.9%) | Federal Bank (6.4%) | Federal Bank (2.8%) |
| Key differentiated holding | MCX (2.3%), BSE (2.3%) | Lenskart (4.1%), Nykaa (4.0%) | Prestige Estates (7.2%), Max Healthcare (6.2%) | Max Financial (3.1%), Bharti Hexacom (2.9%) |
| Notable sector tilt | Banks, capital markets, auto components | Electrical equipment, retailing, banks | Retailing, banks, healthcare services | Pharmaceuticals, finance, banks |
| Distinctive strategy | Larger large-cap cushion | Highest equity deployment | High-conviction stock bets | Strongest mid/small-cap focus |
Sector bets reveal different strategies
Sector allocations further underline the divergence. Edelweiss leads with 11.9% in banks, while capital markets account for 7.9% and auto components 7.5%.
HSBC’s largest sector allocation is electrical equipment at 15.2%, followed by retailing at 11.5% and banks at 11.5%.
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Invesco has 15.5% in retailing, 14.7% in banks and 12.9% in healthcare services, while WhiteOak has its biggest exposure to pharmaceuticals and biotechnology at 9.9%, followed by finance at 7.6% and banks at 6%.
The comparison underlines that India’s midcap fund universe is far from uniform: managers are using different combinations of market-cap exposure, sector bets and stock-level conviction to navigate the same market.
Disclaimer: Business Today provides market and personal news for informational purposes only and should not be construed as investment advice. All mutual fund investments are subject to market risks. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.