HDFC Defense Fund Will Not Accept Requests for Fresh SIP registrations in Scheme From 22 July 2024

HDFC Defence Fund: Defense stocks listed in the Indian stock market are witnessing a strong rally. So there is a race among investors to invest in defense stocks and mutual funds related to the defense sector. HDFC Mutual Fund, after closing lump sum investment in HDFC Defense Fund in view of valuation concerns, is now going to impose restrictions on investment through Systematic Investment Plan as well. There will be no registration of new SIP in HDFC Defense Fund from July 22, 2024.

Asset management company HDFC Mutual Fund will not register new SIPs in HDFC Defense Fund from July 22, 2024. The SIPs registered before July 22 will be processed. Before June 2023, there was a ban on taking lump sum investment in the fund. HDFC Defense Fund is a sectoral fund that invests in stocks of defense companies or related sectors. This fund is benchmarked under Nifty India Defense Index TRI. Abhishek Poddar and Dhruv Muchhal manage this fund.

HDFC Mutual Fund is facing difficulties in deploying funds due to valuation concerns in defense sector stocks. But there will be no restrictions on redemption, switch-outs, STP-outs of investments. This is not the first time that asset management companies have taken this decision. Earlier also, asset management companies have imposed restrictions on taking lump sum investment in small cap funds and investing through SIP.

HDFC Defense Fund was launched on 2 June 2023. Since then, HDFC Defense Fund has given a return of 123.33 percent to investors. While in one year the fund has given a return of 132.73 percent. On July 10, 2024, the NAV of the fund was Rs 24.88 per unit.

HDFC Defence Fund manages a total fund of Rs 3667 crore and the fund's portfolio has 21 stocks in which more than half of the assets under management are invested in three defence companies Hindustan Aeronautics, Bharat Electronics and Astra Microwave Products. The remaining 50 percent AUM is invested in 18 stocks. The rise in defence stocks can be gauged from the fact that HAL's stock has risen by 183 percent in one year and Mazgaon Dock's stock has risen by 260 percent.

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