Aditya Birla Sun Life Retirement Fund - The 40s Plan - Direct - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Fund House : Aditya Birla Sun Life Mutual Fund

Equity Holding : 79.47% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 79.47%

No of Stocks : 52 (Category Avg - 54.07) | Large Cap Investments : 45.13%| Mid Cap Investments : 6.19% | Small Cap Investments : 5.33% | Other : 22.79%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	52	58.07
Top 5 Stock Weight	23.79%	18.28%
Top 10 Stock Weight	36.02%	28.52%
Top 3 Sector Weight	28.2%	21.04%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	104450.81	82708.23
Holdings in large cap stocks	45.13%	31.42%
Holdings in mid cap stocks	6.19%	9.08%
Holdings in small cap stocks	5.33%	9.01%

Category - Retirement Fund

Top 10 Stocks holding in Portfolio (as on 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity
# ICICI Bank Ltd.	Private sector bank	83.1	7.11%	0.00%	7.63% (Jul 2025)	6.71% (Dec 2024)	59.80 k
# HDFC Bank Ltd.	Private sector bank	63.6	5.44%	0.00%	5.49% (Jul 2025)	4.9% (Dec 2024)	63.12 k
# Infosys Ltd.	Computers - software & consulting	53.6	4.58%	0.00%	5.93% (Jan 2025)	4.32% (Oct 2025)	34.33 k
# Reliance Industries Ltd.	Refineries & marketing	41.2	3.53%	0.00%	3.36% (Jun 2025)	2.8% (Dec 2024)	26.30 k
# Larsen & Toubro Ltd.	Civil construction	36.6	3.13%	0.00%	3.63% (Nov 2024)	2.84% (Aug 2025)	9.00 k
# Ultratech Cement Ltd.	Cement & cement products	32.9	2.81%	0.00%	3.36% (Nov 2024)	2.76% (May 2025)	2.83 k
# Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	30.5	2.61%	0.00%	2.75% (Dec 2024)	2.33% (Aug 2025)	16.68 k
# State Bank Of India	Public sector bank	28.1	2.40%	0.00%	2.28% (Oct 2025)	1.92% (Feb 2025)	28.65 k
# Kotak Mahindra Bank Ltd.	Private sector bank	25.9	2.22%	0.00%	2.42% (Mar 2025)	1.91% (Nov 2024)	12.20 k
# Axis Bank Ltd.	Private sector bank	25.6	2.19%	0.00%	2.11% (Apr 2025)	0% (Nov 2024)	20.00 k

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 30th Nov,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
# ICICI Bank Ltd.	Private sector bank	16.96	83.1	7.11%	0.00%	7.63% (Jul 2025)	6.71% (Dec 2024)	59.80 k	0.00	Large Cap	45.13
# HDFC Bank Ltd.	Private sector bank	16.96	63.6	5.44%	0.00%	5.49% (Jul 2025)	4.9% (Dec 2024)	63.12 k	0.00	Other	22.79
# Infosys Ltd.	Computers - software & consulting	6.97	53.6	4.58%	0.00%	5.93% (Jan 2025)	4.32% (Oct 2025)	34.33 k	0.00	Large Cap	45.13
# Reliance Industries Ltd.	Refineries & marketing	3.53	41.2	3.53%	0.00%	3.36% (Jun 2025)	2.8% (Dec 2024)	26.30 k	0.00	Large Cap	45.13
# Larsen & Toubro Ltd.	Civil construction	3.7	36.6	3.13%	0.00%	3.63% (Nov 2024)	2.84% (Aug 2025)	9.00 k	0.00	Large Cap	45.13
# Ultratech Cement Ltd.	Cement & cement products	2.81	32.9	2.81%	0.00%	3.36% (Nov 2024)	2.76% (May 2025)	2.83 k	0.00	Large Cap	45.13
# Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	4.2	30.5	2.61%	0.00%	2.75% (Dec 2024)	2.33% (Aug 2025)	16.68 k	0.00	Large Cap	45.13
# State Bank Of India	Public sector bank	4.27	28.1	2.40%	0.00%	2.28% (Oct 2025)	1.92% (Feb 2025)	28.65 k	0.00	Large Cap	45.13
# Kotak Mahindra Bank Ltd.	Private sector bank	16.96	25.9	2.22%	0.00%	2.42% (Mar 2025)	1.91% (Nov 2024)	12.20 k	0.00	Large Cap	45.13
# Axis Bank Ltd.	Private sector bank	16.96	25.6	2.19%	0.00%	2.11% (Apr 2025)	0% (Nov 2024)	20.00 k	0.00	Large Cap	45.13
# Coforge Ltd.	Computers - software & consulting	6.97	23.7	2.03%	0.00%	2.1% (Dec 2024)	1.61% (Apr 2025)	12.42 k	0.00	Other	22.79
# ICICI Lombard General Insurance Co Ltd.	General insurance	1.86	21.7	1.86%	0.00%	1.91% (Jun 2025)	0% (Nov 2024)	11.00 k	0.00	Large Cap	45.13
# Hindalco Industries Ltd.	Aluminium	1.73	20.2	1.73%	0.00%	1.8% (Oct 2025)	0% (Nov 2024)	25.00 k	0.00	Large Cap	45.13
# Brigade Enterprises Ltd.	Residential, commercial projects	1.69	19.7	1.69%	0.00%	2.64% (Nov 2024)	1.74% (Sep 2025)	22.04 k	0.00	Small Cap	5.33
# Bharti Hexacom Ltd.	Telecom - equipment & accessories	1.51	17.7	1.51%	0.00%	3.18% (May 2025)	1.46% (Sep 2025)	10.00 k	0.00	Other	22.79
# Bajaj Auto Ltd.	2/3 wheelers	1.49	17.4	1.49%	0.00%	1.56% (Jan 2025)	1.33% (Jul 2025)	1.92 k	0.00	Large Cap	45.13
# Bluestone Jewellery and Lifestyle Ltd.	Gems, jewellery and watches	2.4	16.7	1.43%	0.00%	2.41% (Oct 2025)	0% (Nov 2024)	30.00 k	-0.10 L	Other	22.79
# National Thermal Power Corporation Ltd.	Power generation	1.42	16.7	1.42%	0.00%	1.67% (Mar 2025)	1.45% (Jun 2025)	51.00 k	0.00	Large Cap	45.13
# Dixon Technologies (India) Ltd.	Consumer electronics	1.4	16.3	1.40%	0.00%	1.76% (Dec 2024)	1.35% (Mar 2025)	1.12 k	0.00	Other	22.79
# Apollo Hospitals Enterprises Ltd.	Hospital	2.56	16.1	1.38%	0.00%	1.47% (Aug 2025)	0% (Nov 2024)	2.20 k	0.00	Mid Cap	6.19
# Avenue Supermarts Ltd.	Diversified retail	1.37	16	1.37%	0.00%	1.66% (Aug 2025)	1.25% (Dec 2024)	4.00 k	0.00	Large Cap	45.13
# Vedanta Ltd.	Diversified metals	1.35	15.8	1.35%	0.00%	1.27% (Mar 2025)	0% (Nov 2024)	30.00 k	0.00	Large Cap	45.13
# Max Financial Services Ltd.	Life insurance	2.15	15.3	1.31%	0.00%	1.26% (Aug 2025)	0.87% (Feb 2025)	9.00 k	0.00	Mid Cap	6.19
# S.J.S. Enterprises Ltd.	Auto components & equipments	1.92	15.3	1.31%	0.00%	1.51% (Oct 2025)	0.91% (Mar 2025)	9.00 k	-2.00 k	Other	22.79
# Eternal Ltd.	E-retail/ e-commerce	1.28	15	1.28%	0.00%	1.43% (Sep 2025)	0% (Nov 2024)	50.00 k	0.00	Other	22.79
# Torrent Pharmaceuticals Ltd.	Pharmaceuticals	4.2	14.9	1.27%	0.00%	1.29% (Jul 2025)	1.1% (May 2025)	4.00 k	0.00	Mid Cap	6.19
# Fortis Healthcare Ltd.	Hospital	2.56	13.8	1.18%	0.00%	2.63% (Jul 2025)	1.83% (Aug 2025)	15.00 k	-8.00 k	Other	22.79
# Oil & Natural Gas Corporation Ltd.	Oil exploration & production	1.17	13.6	1.17%	0.00%	1.35% (Jan 2025)	1.15% (Aug 2025)	56.00 k	0.00	Large Cap	45.13
# SBFC Finance Ltd.	Non banking financial company (nbfc)	2.38	13.6	1.17%	0.00%	1.23% (May 2025)	0.97% (Nov 2024)	1.26 L	0.00	Other	22.79
# Sai Life Sciences Ltd.	Petrochemicals	1.14	13.3	1.14%	0.00%	7.19% (Dec 2024)	0% (Nov 2024)	15.00 k	-5.00 k	Other	22.79
# Bank of Maharashtra	Public sector bank	4.27	13.2	1.13%	0.00%	1.14% (Nov 2024)	0.95% (Mar 2025)	2.25 L	0.00	Small Cap	5.33
# Ceat Ltd.	Tyres & rubber products	0.99	11.5	0.99%	0.00%	1.03% (Oct 2025)	0% (Nov 2024)	3.00 k	0.00	Small Cap	5.33
# Titan Company Ltd.	Gems, jewellery and watches	2.4	11.3	0.97%	0.00%	0.93% (Jan 2025)	0.81% (Mar 2025)	2.90 k	0.00	Large Cap	45.13
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	2.38	11.2	0.96%	0.00%	0.96% (Oct 2025)	0.63% (Nov 2024)	10.83 k	0.00	Other	22.79
# Mrs.Bectors Food Specialities Ltd.	Packaged foods	0.88	10.2	0.88%	0.00%	1.14% (Nov 2024)	0.87% (Sep 2025)	7.88 k	0.00	Other	22.79
# SBI Life Insurance Co Ltd.	Life insurance	2.15	9.8	0.84%	0.00%	0.83% (Oct 2025)	0% (Nov 2024)	5.00 k	0.00	Large Cap	45.13
# Voltas Limited	Household appliances	1.55	9.6	0.82%	0.00%	1.25% (Dec 2024)	0.88% (May 2025)	7.00 k	-1.00 k	Mid Cap	6.19
# Bank Of Baroda	Public sector bank	4.27	8.7	0.74%	0.00%	0.71% (Oct 2025)	0.57% (Feb 2025)	30.00 k	0.00	Large Cap	45.13
# Whirlpool Of India Ltd.	Household appliances	1.55	8.6	0.73%	0.00%	1.31% (Nov 2024)	0.72% (Feb 2025)	8.00 k	0.00	Mid Cap	6.19
# Devyani International Ltd.	Restaurants	0.72	8.4	0.72%	0.00%	0.95% (Aug 2025)	0% (Nov 2024)	62.05 k	0.00	Other	22.79
# Thermax Ltd.	Heavy electrical equipment	1.34	8	0.68%	0.00%	1.11% (Nov 2024)	0.75% (Oct 2025)	2.73 k	0.00	Mid Cap	6.19
# TD Power Systems Ltd.	Heavy electrical equipment	1.34	7.8	0.66%	0.00%	2.29% (May 2025)	0.69% (Aug 2025)	10.00 k	-5.77 k	Other	22.79
# Adani Ports And Special Economic Zone Ltd.	Port & port services	0.65	7.6	0.65%	0.00%	0.62% (Sep 2025)	0% (Nov 2024)	5.00 k	0.00	Large Cap	45.13
# Godrej Consumer Products Ltd	Personal care	0.64	7.5	0.64%	0.00%	0.73% (Apr 2025)	0.62% (Dec 2024)	6.50 k	0.00	Large Cap	45.13
# Vinati Organics Ltd.	Specialty chemicals	0.62	7.3	0.62%	0.00%	0.77% (Jun 2025)	0.65% (Oct 2025)	4.60 k	0.00	Other	22.79
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	1.92	7.2	0.61%	0.00%	0.83% (Nov 2024)	0.51% (Sep 2025)	14.00 k	0.00	Other	22.79
# Timken India Ltd.	Abrasives & bearings	0.59	6.9	0.59%	0.00%	0.66% (Nov 2024)	0.48% (Apr 2025)	2.20 k	0.00	Small Cap	5.33
# HG Infra Engineering Ltd.	Civil construction	3.7	6.6	0.57%	0.00%	1.02% (Dec 2024)	0.6% (Oct 2025)	7.66 k	0.00	Small Cap	5.33
# Birlasoft Ltd.	Computers - software & consulting	6.97	4.2	0.36%	0.00%	0.57% (Nov 2024)	0.34% (Sep 2025)	10.96 k	0.00	Small Cap	5.33
# Cipla Ltd.	Pharmaceuticals	4.2	3.8	0.32%	0.00%	0.34% (Aug 2025)	0.31% (May 2025)	2.46 k	0.00	Large Cap	45.13
# Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	2.38	2.9	0.25%	0.00%	0.24% (Oct 2025)	0.18% (Dec 2024)	1.70 k	0.00	Other	22.79
# Medi Assist Healthcare Services Ltd.	Healthcare service provider	0.2	2.4	0.20%	0.00%	0.35% (Jan 2025)	0.2% (Apr 2025)	4.99 k	0.00	Other	22.79

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No new entrants in the portfolio in the last month.

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
No complete exits in the portfolio in the last month.

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
ICICI Bank Ltd.	7.11%	6.84%	7.11%	7.32%	7.63%	7.36%	7.50%	7.59%	7.37%	6.99%	6.88%	6.71%	7.06%
HDFC Bank Ltd.	5.44%	5.29%	5.29%	5.26%	5.49%	5.37%	5.32%	5.40%	5.27%	5.31%	4.93%	4.90%	5.19%
Infosys Ltd.	4.58%	4.32%	4.36%	4.42%	4.46%	4.68%	4.65%	4.58%	4.93%	5.63%	5.93%	5.65%	5.65%
Sai Life Sciences Ltd.	1.14%	1.56%	1.52%	1.44%	2.79%	2.63%	2.63%	3.15%	4.83%	5.23%	6.59%	7.19%	-
Larsen & Toubro Ltd.	3.13%	3.08%	2.90%	2.84%	3.45%	3.44%	3.51%	3.28%	3.52%	3.39%	3.61%	3.48%	3.63%
Reliance Industries Ltd.	3.53%	3.32%	3.16%	3.12%	3.15%	3.36%	3.24%	3.29%	3.06%	3.07%	3.06%	2.80%	3.01%
Ultratech Cement Ltd.	2.81%	2.88%	3.05%	3.14%	2.99%	2.92%	2.76%	2.93%	2.98%	2.79%	2.99%	2.84%	3.36%
Sun Pharmaceutical Industries Ltd.	2.61%	2.40%	2.34%	2.33%	2.45%	2.38%	2.43%	2.72%	2.64%	2.58%	2.67%	2.75%	2.63%
Bharti Hexacom Ltd.	1.51%	1.58%	1.46%	1.55%	1.59%	1.66%	3.18%	3.01%	2.67%	2.53%	2.49%	2.55%	2.74%
Brigade Enterprises Ltd.	1.69%	1.94%	1.74%	1.78%	2.09%	2.27%	2.28%	2.20%	2.15%	2.21%	2.59%	2.62%	2.64%
Kotak Mahindra Bank Ltd.	2.22%	2.18%	2.14%	2.09%	2.08%	2.25%	2.20%	2.40%	2.42%	2.25%	2.13%	1.91%	1.91%
Fortis Healthcare Ltd.	1.18%	2.00%	1.97%	1.83%	2.63%	2.41%	2.18%	2.17%	2.27%	2.12%	2.09%	2.24%	2.08%
State Bank Of India	2.40%	2.28%	2.20%	2.01%	1.97%	2.00%	2.02%	2.01%	2.02%	1.92%	2.03%	1.99%	2.13%
Axis Bank Ltd.	2.19%	2.09%	1.99%	1.83%	1.84%	2.04%	2.07%	2.11%	2.01%	1.97%	1.81%	-	-
Bluestone Jewellery and Lifestyle Ltd.	1.43%	2.41%	2.12%	1.87%	-	-	-	-	-	-	-	-	-

No of Debt Holding 6 (Category Avg - 8.52) | Modified Duration 3.88 Years (Category Avg - 5.45)| Yield to Maturity 6.26% (Category Avg - 6.65%)

Portfolio Summary (as on 30th Nov,2025)

Security Type	% Weight	Category Average
GOI	13.45%	23.42%
T-Bills	0.00%	0.01%
NCD & Bonds	0.90%	8.64%
PTC	0.00%	0.32%

Category - Retirement Fund

Security Type	% Weight	Category Average
Government Backed	13.45%	23.43%
Low Risk	0.90%	8.96%
Moderate Risk	0.00%	0.00%
High Risk	0.00%	0.00%
Very High Risk	0.00%	0.00%
Others	0.00%	0.00%

Category - Retirement Fund

Debt holding in Portfolio (as on 30th Nov,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - Govt of India	GOI	Other			88.25	7.55%	8.50 L
Bond - Govt of India	GOI	Other			34.69	2.97%	3.50 L
Bond - Govt of India	GOI	Other			20.74	1.78%	2.00 L
Bond - HDFC Bank Ltd.	NCD & Bonds	Private sector bank	AAA	CRISIL	10.48	0.90%	10.00
Bond - Govt of India	GOI	Other			10.42	0.89%	1.00 L
Bond - Govt of India	GOI	Other			2.99	0.26%	30.00 k