HDFC Defence Fund October 2026 portfolio: Active mutual fund adds 3 stocks; raises stake in BEL, Tata Motors and others
HDFC Defence Fund has reshuffled its portfolio in October 2026, increasing its holdings in five existing stocks and adding three new stocks. With these additions, the fund’s total portfolio expanded to 27 stocks by the end of October.
HDFC Defence Fund is India’s only open-ended equity thematic scheme that invests mainly in equities of companies operating in the defence and allied sectors.
The fund manager has the flexibility to actively invest across segments such as aerospace and defence, auto components, chemicals and petrochemicals, industrial manufacturing, and other related industries.
The fund’s assets under management (AUM) stood at ₹11,493 crore as of 30 September 2026, declining to ₹11,131 crore as of 31 October 2026.
As of 9 November 2026, HDFC Defence Fund delivered a one-year return of 21.04%, outperforming its benchmark, Nifty India Defence TRI, which returned 14.19%. However, over three years, the fund’s return stood at 34.08%, lower than the benchmark’s 39.70%.
Here’s how the fund’s holdings changed between 30 September and 31 October 2026.
| Stock name | September 2026 (lakh shares) | October 2026 (lakh shares) | Increase (lakh shares) |
| Bharat Electronics | 440.00 | 470.18 | 30.18 |
| Tata Motors | 29.04 | 30.46 | 1.42 |
| BEML | 29.51 | 30.11 | 0.60 |
| Bharat Forge | 77.03 | 77.51 | 0.48 |
| Bosch | 1.00 | 1.13 | 0.13 |
*Source: HDFC Defence Fund Monthly Disclosure
Bharat Electronics accounted for the largest increase in the fund’s holdings. Its shareholding rose by 30.18 lakh shares, from 440 lakh shares in September to 470.18 lakh shares in October 2026.
HDFC Defence Fund also increased its holdings in Tata Motors by 1.42 lakh shares, taking its total holding to 30.46 lakh shares. Its exposure to BEML rose to 30.11 lakh shares, while Bharat Forge holdings increased to 77.51 lakh shares. Bosch holdings also increased by 0.13 lakh shares to 1.13 lakh shares.
Three new stocks added in October 2026
These stocks were not present in the September 2026 holdings list.
| Stock name | October 2026 holdings (lakh shares) |
| Tonbo Imaging India | 14.54 |
| PTC Industries | 0.24 |
| Bonfiglioli Transmissions | 4.55 |
*Source: HDFC Defence Fund Monthly Disclosure
Among the new additions, Tonbo Imaging India had the highest holding at 14.54 lakh shares, followed by Bonfiglioli Transmissions at 4.55 lakh shares. PTC Industries accounted for 0.24 lakh shares.
Stocks where HDFC Defence Fund decreased holdings in October 2026
HDFC Defence Fund did not reduce or completely exit its holdings in any of the stocks in October. Among these, Premier Explosives remained the largest unchanged holding at 46.61 lakh shares, followed by Astra Microwave Products at 45.23 lakh shares and Cyient DLM at 40 lakh shares.
| Stock name | Percentage of NAV (%) – October 2026 |
| Bharat Electronics | 15.63 |
| Hindustan Aeronautics | 13.54 |
| Bharat Forge | 11.98 |
| Solar Industries | 10.13 |
| Astra Microwave Products | 6.16 |
| BEML | 5.38 |
| Eicher Motors | 4.86 |
| Bosch | 4.79 |
| MTAR Technologies | 4.61 |
| Bharat Dynamics | 2.89 |
*Source: HDFC Defence Fund Monthly Disclosure
Bharat Electronics continued to be the fund’s largest portfolio holding, accounting for 15.63% of its net asset value (NAV). Hindustan Aeronautics and Bharat Forge are the next two largest holdings, accounting for 13.54% and 11.98% of NAV, respectively.
Disclaimer: This is for informational purposes only and should not be construed as investment advice. Investors should consult a SEBI-registered advisor before making investment decisions.
