Fundalysisby DARKHORSESTOCKS

Scheme

HDFC ELSS Tax Saver Fund

Holds 61 companies worth ₹14,842 Cr in Sept 2026.

  • Fund house

    HDFCThe fund house that runs this scheme.

  • AUM

    ₹14,949 CrHDFC ELSS Tax Saver Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 6.5% on Aug 2026, ₹15,992 Cr.

  • Largest holding

    ICICI BankICICI Bank is 9.1% of this scheme's NAV.

  • Fund manager

    Amar KalkundrikarRuns it since 8 Dec 2025, as the fund house dates it. With Gopal Agrawal (overseas).

Overview(8 Oct 2026)

Fund managers2

  1. Amar KalkundrikarFund manager · Dec 2025 · 23y · CA CFA MBA
  2. Gopal AgrawalOverseas · Sept 2026 · 21y · B.E.
  1. Dhruv MuchhalJun 2023 – Sept 2026
  2. Roshi JainJan 2022 – Dec 2025

Key facts

Benchmark
NIFTY 500 Index (Total Returns Index)
Risk
Very High
Expense
Regular 1.77% · Direct 1.21%
Exit load
Nil
Started
31 Mar 1996
Minimum
₹500

Source.Its Scheme Summary Document as of 8 Oct 2026 at AMFI.

What changed(23 changes)

Sept 2026

5 changes
  1. Gopal Agrawal joined
    14 Septfor overseas investments
  2. Dhruv Muchhal left
    14 Septran it for overseas investments from Jun 2023
  3. Expense ratio
    14 SeptRegular 1.74% → 1.75%Direct 1.18% → 1.19%
  4. Renamed
    14 SeptHDFC ELSS Tax saver → HDFC ELSS - Tax Saver Fund
  5. Category
    14 SeptEquity Linked Savings Scheme → ELSS - Tax Saver Fund

Aug 2026

1 change
  1. Expense ratio
    13 AugRegular 1.76% → 1.74%Direct 1.19% → 1.18%

Jul 2026

1 change
  1. Expense ratio
    14 JulRegular 1.69% → 1.76%Direct 1.11% → 1.19%

Source.Its filings at NSE, since Sept 2024.

Fund managers over time(Jan 2022 – now)

  1. Amar Kalkundrikar
  2. Gopal Agrawal
  3. Dhruv Muchhal
  4. Roshi Jain
MainCoSlice2023202420252026
Fig. 1.Who ran it when: each manager from the date the fund house gives, or the first document listing them where it gives none, to when they left. A slice is part of it: overseas, gold and silver, or arbitrage.

Costs(Sept 2024 – Oct 2026)

Every change to the expense ratio, newest first.
18 changesRegularDirectΔ pt
14 Sept 20261.75%1.19%0.01
13 Aug 20261.74%1.18%0.01
14 Jul 20261.76%1.19%0.08
12 May 20261.69%1.11%0.01
12 Apr 20261.72%1.10%0.01
11 Mar 20261.71%1.09%0.01
14 Oct 20251.70%1.08%0.01
14 Aug 20251.70%1.09%0.02
14 Jul 20251.68%1.07%0.01
13 Jun 20251.68%1.08%0.02
12 May 20251.66%1.06%0.06
11 Apr 20251.67%1.12%0.01
27 Mar 20251.66%1.11%0.04
12 Feb 20251.66%1.07%0.03
9 Jan 20251.69%1.10%0.01
1 Jan 20251.70%1.11%0.02
14 Nov 20241.71%1.09%0.01
15 Sept 20241.70%1.08%–
Direct plan, 14 Sept 2026
1.19%
Regular plan 1.75% · Exit load nil
Fig. 1.Total expense ratio a year, each plan's, as its Scheme Summary Documents state it, filing by filing at NSE. A change holds until the next.

Objective and risk(8 Oct 2026)

Objective

To generate capital appreciation / income from a portfolio, comprising predominantly of equity & equity related instruments. There is no assurance that the investment objective of the Scheme will be achieved.

Risk, type and benchmark

Riskometer
Very High
Type
An open ended scheme with attributes in accordance with Equity Linked Saving Scheme, 2005 notified by Ministry of Finance
Benchmark
NIFTY 500 Index (Total Returns Index)

Asset allocation it may hold% of NAV

  1. Equity and Equity Related Instruments
    Allowed80–100%Holds99.2%
  2. Money market instruments, Other liquid instruments and Units of Mutual Fund
    Allowed0–20%

Holds in Sept 2026.99.2% equity · 0.8% debt and cash

How to invest(8 Oct 2026)

Buying

To start
₹500, then in multiples of ₹500
To add
₹500, then in multiples of ₹500
Systematic
For Systematic Investmet Plan (SIP) Daily, Weekly, Monthly, Quarterly, Half Yearly and Yearly For Systematic Withdrawal Advantage Plan (SWAP) Fixed SWAP - Monthly, Quarterly, Half Yearly, Yearly Variable SWAP - Quarterly, Half Yearly, Yearly For Sytematic Transfer Plan (STP) Fixed Systematic Transfer Plan (FSTP) - Daily, Weekly, Monthly, Quarterly Capital Appreciation Systematic Transfer Plan (CASTP) - Monthly, Quarterly
Dates
SIP: For Daily SIP- All Business Days For Weekly SIP- Any business day between Monday to Friday, (Default date is Wednesday) For all other frequnecies - Any date fo the month. If it happens to be a non-Business Day, SIP will be processed on the next Business Day (Default date = 10th of the month) SWP: For Fixed and Variable SWP- Any date. Default Date: 25th STP For Daily FSTP- All Business days For Weekly FSTP-Monday,Tuesday,Wednesday,Thursday,Friday (Default Day) For Monthly FSTP and CASTP - 1,5,10#,15,20,25 For Quarterly FSTP and CASTP - 1,5,10#,15,20,25 #Default Date
Minimum
For SIP DSIP, WSIP, MSIP - Rs. 500 QSIP - Rs. 1500 HSIP - Rs. 500 YSIP - Rs. 500 For SWAP Fixed and Variable SWAP - Rs. 500 For STP Fixed STP (FSTP) Daily FSTP - Rs. 500 Weekly FSTP - Rs. 500 Monthly FSTP - Rs. 1000 Quarterly FSTP -Rs. 3000 Capital Appreciation STP (CASTP) Not Allowed, then for SIP Rs 500 thereafter. For SWAP Rs 500 thereafter; For STP FSTP Daily, Weekly, Monthly, Quarterly FSTP - Rs. 500 thereafter CASTP Not applicable
Instalments
SIP Minimum number of installments under DSIP: 2; Minimum number of Installments under WSIP and MSIP : 6; Minimum number of installments under QSIP : 2; Minimum number of installments under HYSIP: 2 Minimum number of installments under YSIP: 1 SWAP For Fixed and Variable SWAP- 2 STP Under Daily, Weekly, Monthly and Quarterly FSTP: -6; Under Monthly CASTP : - 6 Under Quarterly CASTP : - 2 Further, the minimum balance in the Unit holders account or the minimum amount of application at the time of enrolment for STP in the Transferor Scheme should be Rs. 12,000. There will be no maximum duration for STP enrolment.

Selling and switching

To redeem
Rs.500 and and multiples of Rs.1 thereafter or No minimum redemption criterion for Unit based redemption units
Minimum balance
There is no minimum balance amount requirement. or There is no minimum balance amount in units requirement. units
Switch minimum
Switch - in: Rs.500 in multiples of Rs.500 thereafter. Switch-out :Rs. 500 and multiples of Rs. 1/- thereafter
Switch multiples
Any amount
Switch most
Switch in: Not Applicable Switch out: Not applicable. or Switch in: Not Applicable. Switch out: Not applicable. units

Scheme details(8 Oct 2026)

What it is

Category
ELSS - Tax Saver Fund
Started
31 Mar 1996
Plans
Plans:Regular and Direct. Each Plan offers the following sub-options: · a)Growth Option. · b)Income Distribution cum Capital Withdrawal (IDCW) Option. This Option offers following Sub-Options / facilities: · • Payout of Income Distribution cum Capital Withdrawal (IDCW) Option / facility
Face value
₹10
Listed
No

How it is run

Swing pricing
No
Side-pocketing
No
Custodian
Citibank N.A
Auditor
S.R. Batliboi & Co. LLP – Chartered Accountants
Registrar
Computer Age Management Services Limited
SEBI code
HDFC/O/E/ELS/95/12/0003