A research-note dissection of one of India's oldest large-cap mutual funds
Active Share
HDFC Top 100 Fund
vs Nifty 100 TRI
40%
60 percent identical to the index
The threshold
"Genuinely Active"
Cremers and Petajisto floor
60%
Below this is closet indexing
Rs 38432Cr
AUM . Apr 2026
India's oldest large-cap fund. 29 years live. 60 percent of the portfolio is the index. Charging active fees on top.
Stripped down the factsheet. The same ten names that are 53 percent of the Nifty 100 are 53 percent of the fund. The fee buys you the 40 percent that may or may not work.
Swipe . the line-by-line strip-down . anatomy . performance . the rupee math →