Edelweiss vs HSBC vs Invesco vs WhiteOak: How India’s top midcap funds are positioning portfolios

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

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.