HDFC Mutual Fund has withdrawn its proposed Gold-Silver Passive Fund of Fund NFO, blaming concerns that rising precious metal imports could worsen India’s trade balance. The move follows Prime Minister Modi’s call to curb gold and silver buying and higher import duties, as the government and firms prioritize conserving foreign exchange reserves amid global uncertainty.
HDFC Mutual Fund’s April 2026 portfolio stayed heavily focused on banks, with ICICI Bank, HDFC Bank and Axis Bank among the top holdings. The fund also expanded exposure to Reliance Industries and Bharti Airtel, alongside increased allocation to Kotak Mahindra Bank and Eternal, signaling a cautious broadening beyond core financials.
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HDFC Mutual Fund has updated rules for its HDFC Defence Fund. It raised the minimum investment amount required for fresh SIP registrations. The fund also capped new STP registrations at ₹25,000 per month per investor at the PAN level, with the facility available only on a monthly frequency from May 4.
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