Baroda BNP Paribas Retirement Fund - Direct Plan - 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.

Equity Holding : 73.31% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 73.31%

No of Stocks : 52 (Category Avg - 54.14) | Large Cap Investments : 33.93%| Mid Cap Investments : 10.41% | Small Cap Investments : 5.35% | Other : 23.62%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	52	58.15
Top 5 Stock Weight	17.03%	18.35%
Top 10 Stock Weight	26.81%	28.59%
Top 3 Sector Weight	23.78%	21.13%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	73753.74	82994.66
Holdings in large cap stocks	33.93%	31.48%
Holdings in mid cap stocks	10.41%	9.12%
Holdings in small cap stocks	5.35%	8.97%

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
# HDFC Bank Ltd.	Private sector bank	221.7	5.54%	0.00%	5.75% (Jul 2025)	4.84% (Jan 2025)	2.20 L
# ICICI Bank Ltd.	Private sector bank	146.2	3.65%	0.00%	4.49% (Jul 2025)	3.46% (Jan 2025)	1.05 L
# Reliance Industries Ltd.	Refineries & marketing	128.4	3.21%	0.00%	3.5% (Jun 2025)	2.45% (Dec 2024)	81.90 k
# Larsen & Toubro Ltd.	Civil construction	96.9	2.42%	0.00%	2.45% (Oct 2025)	0.97% (Apr 2025)	23.80 k
# Infosys Ltd.	Computers - software & consulting	88.5	2.21%	0.00%	4.28% (Jan 2025)	2.14% (Oct 2025)	56.70 k
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	87.3	2.18%	0.00%	2.25% (Jun 2025)	2.04% (Dec 2024)	41.52 k
# Eternal Ltd.	E-retail/ e-commerce	79.5	1.99%	0.00%	2.29% (Sep 2025)	0.99% (Mar 2025)	2.65 L
# Divis Laboratories Ltd.	Pharmaceuticals	76.4	1.91%	0.00%	2.34% (Nov 2024)	1.78% (Sep 2025)	11.80 k
# Travel Food Services Ltd.	Restaurants	74.3	1.86%	0.00%	1.94% (Sep 2025)	0% (Nov 2024)	55.20 k
# InterGlobe Aviation Ltd.	Airline	73.8	1.84%	0.00%	1.86% (Sep 2025)	0% (Nov 2024)	12.50 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
# HDFC Bank Ltd.	Private sector bank	13.3	221.7	5.54%	0.00%	5.75% (Jul 2025)	4.84% (Jan 2025)	2.20 L	0.00	Other	23.62
# ICICI Bank Ltd.	Private sector bank	13.3	146.2	3.65%	0.00%	4.49% (Jul 2025)	3.46% (Jan 2025)	1.05 L	0.00	Large Cap	33.93
# Reliance Industries Ltd.	Refineries & marketing	3.21	128.4	3.21%	0.00%	3.5% (Jun 2025)	2.45% (Dec 2024)	81.90 k	0.00	Large Cap	33.93
# Larsen & Toubro Ltd.	Civil construction	2.42	96.9	2.42%	0.00%	2.45% (Oct 2025)	0.97% (Apr 2025)	23.80 k	0.00	Large Cap	33.93
# Infosys Ltd.	Computers - software & consulting	6.03	88.5	2.21%	0.00%	4.28% (Jan 2025)	2.14% (Oct 2025)	56.70 k	0.00	Large Cap	33.93
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.18	87.3	2.18%	0.00%	2.25% (Jun 2025)	2.04% (Dec 2024)	41.52 k	0.00	Large Cap	33.93
# Eternal Ltd.	E-retail/ e-commerce	1.99	79.5	1.99%	0.00%	2.29% (Sep 2025)	0.99% (Mar 2025)	2.65 L	0.00	Other	23.62
# Divis Laboratories Ltd.	Pharmaceuticals	2.75	76.4	1.91%	0.00%	2.34% (Nov 2024)	1.78% (Sep 2025)	11.80 k	0.00	Large Cap	33.93
# Travel Food Services Ltd.	Restaurants	1.86	74.3	1.86%	0.00%	1.94% (Sep 2025)	0% (Nov 2024)	55.20 k	0.00	Other	23.62
# InterGlobe Aviation Ltd.	Airline	1.84	73.8	1.84%	0.00%	1.86% (Sep 2025)	0% (Nov 2024)	12.50 k	0.00	Large Cap	33.93
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	4.45	72.7	1.82%	0.00%	1.71% (Jun 2025)	1% (Feb 2025)	2.50 L	0.00	Mid Cap	10.41
# Britannia Industries Ltd.	Packaged foods	1.66	66.4	1.66%	0.00%	1.81% (Sep 2025)	0% (Nov 2024)	11.35 k	0.00	Large Cap	33.93
# Tech Mahindra Ltd.	Computers - software & consulting	6.03	65.3	1.63%	0.00%	1.67% (Aug 2025)	0% (Nov 2024)	43.01 k	0.00	Large Cap	33.93
# Hitachi Energy India Ltd.	Heavy electrical equipment	4.45	63.2	1.58%	0.00%	1.99% (May 2025)	0.96% (Nov 2024)	2.87 k	-0.32 k	Other	23.62
# Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	2.37	57.5	1.44%	0.00%	1.45% (Nov 2024)	1.19% (May 2025)	15.30 k	0.00	Large Cap	33.93
# Au Small Finance Bank Ltd.	Other bank	2.45	56.7	1.42%	0.00%	1.38% (Jun 2025)	0.99% (Mar 2025)	59.40 k	0.00	Mid Cap	10.41
# Titan Company Ltd.	Gems, jewellery and watches	1.37	54.7	1.37%	0.00%	1.34% (Oct 2025)	0% (Nov 2024)	14.00 k	0.00	Large Cap	33.93
# Ultratech Cement Ltd.	Cement & cement products	2.21	53.4	1.33%	0.00%	1.53% (Aug 2025)	0% (Nov 2024)	4.60 k	0.00	Large Cap	33.93
# Kotak Mahindra Bank Ltd.	Private sector bank	13.3	53.1	1.33%	0.00%	1.53% (Mar 2025)	0% (Nov 2024)	25.00 k	0.00	Large Cap	33.93
# Navin Flourine International Ltd.	Commodity chemicals	1.32	53	1.32%	0.00%	1.42% (Oct 2025)	0.99% (May 2025)	9.24 k	-0.56 k	Small Cap	5.35
# Radico Khaitan Ltd.	Breweries & distilleries	1.28	51.3	1.28%	0.00%	1.28% (Oct 2025)	0% (Nov 2024)	16.00 k	0.00	Small Cap	5.35
# Sagility India Ltd.	It enabled services	1.27	50.7	1.27%	0.00%	1.36% (Oct 2025)	0.88% (Nov 2024)	10.13 L	0.00	Other	23.62
# Fortis Healthcare Ltd.	Hospital	2.25	50.6	1.26%	0.00%	1.44% (Oct 2025)	0% (Nov 2024)	55.00 k	0.00	Other	23.62
# TVS Motor Company Ltd.	2/3 wheelers	1.21	48.2	1.20%	0.00%	1.25% (Sep 2025)	0.86% (Dec 2024)	13.65 k	0.00	Mid Cap	10.41
# Persistent Systems Ltd.	Computers - software & consulting	6.03	47.3	1.18%	0.00%	1.12% (Oct 2025)	0% (Nov 2024)	7.45 k	0.00	Other	23.62
# Vishal Mega Mart Ltd.	Diversified retail	1.16	46.5	1.16%	0.00%	1.36% (Sep 2025)	0% (Nov 2024)	3.42 L	0.00	Other	23.62
# Cummins India Ltd.	Compressors, pumps & diesel engines	1.16	46.3	1.16%	0.00%	1.22% (Oct 2025)	0% (Nov 2024)	10.33 k	-0.67 k	Mid Cap	10.41
# Axis Bank Ltd.	Private sector bank	13.3	44.8	1.12%	0.00%	1.1% (Oct 2025)	0% (Nov 2024)	35.00 k	0.00	Large Cap	33.93
# State Bank Of India	Public sector bank	2.08	44.1	1.10%	0.00%	1.08% (Oct 2025)	0.93% (Jul 2025)	45.00 k	0.00	Large Cap	33.93
# Nippon Life India Asset Management Ltd.	Asset management company	1.09	43.8	1.09%	0.00%	1.15% (Sep 2025)	0% (Nov 2024)	50.00 k	0.00	Mid Cap	10.41
# One 97 Communications Ltd.	Financial technology (fintech)	1.96	43.6	1.09%	0.00%	1.1% (Oct 2025)	0% (Nov 2024)	33.00 k	0.00	Other	23.62
# National Thermal Power Corporation Ltd.	Power generation	1.06	42.4	1.06%	0.00%	1.31% (Mar 2025)	1.01% (Dec 2024)	1.30 L	0.00	Large Cap	33.93
# Max Financial Services Ltd.	Life insurance	1.05	42	1.05%	0.00%	1.23% (Jun 2025)	0.97% (Feb 2025)	24.70 k	-4.50 k	Mid Cap	10.41
# GE T&D India Ltd.	Heavy electrical equipment	4.45	42	1.05%	0.00%	2.99% (Dec 2024)	0.61% (Apr 2025)	14.59 k	0.00	Small Cap	5.35
# Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	1.82	41.5	1.04%	0.00%	1.41% (Mar 2025)	0.66% (Dec 2024)	23.91 k	0.00	Other	23.62
# Indiqube Spaces Ltd.	Diversified commercial services	1.04	41.4	1.04%	0.00%	1.11% (Sep 2025)	0% (Nov 2024)	1.84 L	0.00	Other	23.62
# Ujjivan Small Finance Bank Ltd.	Other bank	2.45	41	1.03%	0.00%	1% (Oct 2025)	0% (Nov 2024)	7.54 L	0.00	Other	23.62
# City Union Bank Ltd.	Private sector bank	13.3	40.7	1.02%	0.00%	0.88% (Oct 2025)	0% (Nov 2024)	1.50 L	0.00	Mid Cap	10.41
# LTIMindtree Ltd.	Computers - software & consulting	6.03	40.2	1.01%	0.00%	1.11% (Jan 2025)	0% (Nov 2024)	6.60 k	0.00	Mid Cap	10.41
# Max Healthcare Institute Ltd.	Hospital	2.25	39.5	0.99%	0.00%	1.11% (Jun 2025)	0.96% (Nov 2024)	34.00 k	0.00	Other	23.62
# Punjab National Bank	Public sector bank	2.08	39.1	0.98%	0.00%	0.98% (Oct 2025)	0% (Nov 2024)	3.14 L	0.00	Large Cap	33.93
# Hindalco Industries Ltd.	Aluminium	0.97	38.8	0.97%	0.00%	1.04% (Oct 2025)	0.8% (May 2025)	48.00 k	0.00	Large Cap	33.93
# Hyundai Motor India Ltd.	Passenger cars & utility vehicles	2.37	37.2	0.93%	0.00%	1.1% (Sep 2025)	0% (Nov 2024)	16.00 k	0.00	Other	23.62
# Ambuja Cements Ltd.	Cement & cement products	2.21	35.2	0.88%	0.00%	0.98% (Jul 2025)	0.67% (Nov 2024)	64.00 k	0.00	Large Cap	33.93
# PB Fintech Ltd.	Financial technology (fintech)	1.96	34.9	0.87%	0.00%	1.26% (Dec 2024)	0.84% (Apr 2025)	19.20 k	0.00	Other	23.62
# Multi Commodity Exchange Of India Ltd.	Exchange and data platform	0.87	34.9	0.87%	0.00%	0.82% (Oct 2025)	0% (Nov 2024)	3.46 k	0.00	Small Cap	5.35
# Cipla Ltd.	Pharmaceuticals	2.75	33.7	0.84%	0.00%	0.97% (Nov 2024)	0.84% (May 2025)	22.00 k	0.00	Large Cap	33.93
# Linde India Ltd.	Industrial gases	0.83	33.4	0.83%	0.00%	1.1% (May 2025)	0.77% (Dec 2024)	5.60 k	0.00	Small Cap	5.35
# Adani Ports And Special Economic Zone Ltd.	Port & port services	0.8	31.9	0.80%	0.00%	0.79% (May 2025)	0.66% (Jan 2025)	21.00 k	0.00	Large Cap	33.93
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	1.82	31.1	0.78%	0.00%	0.8% (Oct 2025)	0% (Nov 2024)	30.00 k	0.00	Other	23.62
# Federal Bank Ltd.	Private sector bank	13.3	25.8	0.64%	0.64%	0% (Dec 2025)	0% (Dec 2025)	1.00 L	1.00 L	Mid Cap	10.41
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.21	0.5	0.01%	0.00%	0% (Dec 2025)	0% (Dec 2025)	52.00 k	0.00	Other	23.62

- 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
# Federal Bank Ltd.	Private sector bank	25.8	0.64%	0.64%	0% (Dec 2025)	0% (Dec 2025)	1.00 L	100000

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
HDFC Bank Ltd.	5.54%	5.54%	5.56%	5.50%	5.75%	5.65%	5.61%	5.69%	5.14%	5.25%	4.84%	4.96%	5.16%
ICICI Bank Ltd.	3.65%	3.62%	3.77%	4.30%	4.49%	4.34%	4.43%	4.48%	4.44%	3.54%	3.46%	3.48%	3.62%
Reliance Industries Ltd.	3.21%	3.11%	2.97%	2.92%	2.95%	3.50%	3.39%	3.43%	2.83%	2.87%	2.85%	2.45%	2.67%
Infosys Ltd.	2.21%	2.14%	2.17%	2.19%	2.22%	2.33%	2.32%	2.28%	2.24%	3.72%	4.28%	4.21%	4.27%
Bharti Airtel Ltd.	2.18%	2.18%	2.07%	2.06%	2.06%	2.25%	2.13%	2.19%	2.24%	2.19%	2.13%	2.04%	2.15%
Divis Laboratories Ltd.	1.91%	2.03%	1.78%	1.90%	2.02%	2.06%	2.04%	2.16%	2.14%	2.19%	2.10%	2.25%	2.34%
InterGlobe Aviation Ltd.	1.84%	1.79%	1.86%	1.85%	1.61%	1.61%	-	-	-	-	-	-	-
Eternal Ltd.	1.99%	2.15%	2.29%	2.19%	1.71%	1.19%	1.09%	1.09%	1.98%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	1.18%	1.10%	1.05%	1.09%
Travel Food Services Ltd.	1.86%	1.86%	1.94%	1.82%	0.97%	-	-	-	-	-	-	-	-
360 ONE WAM Ltd.	-	-	-	-	-	-	-	-	1.01%	1.76%	1.67%	2.04%	1.86%
Adani Wilmar Ltd.	-	-	-	-	-	-	-	1.48%	1.50%	1.54%	1.57%	-	-
Hitachi Energy India Ltd.	1.58%	1.45%	1.52%	-	-	-	-	-	-	-	-	-	-
ABB Power Products and Systems India Ltd.	-	-	-	1.60%	1.66%	1.82%	1.99%	1.53%	1.40%	0.96%	1.03%	1.13%	0.96%
ITC Limited	-	-	-	-	-	1.34%	1.37%	1.43%	1.44%	1.50%	1.59%	1.69%	1.71%
Britannia Industries Ltd.	1.66%	1.69%	1.81%	1.51%	1.47%	1.48%	0.72%	-	-	-	-	-	-
Larsen & Toubro Ltd.	2.42%	2.45%	2.31%	2.25%	1.02%	1.02%	1.04%	0.97%	1.06%	1.04%	1.10%	1.09%	1.16%

No of Debt Holding 7 (Category Avg - 8.55) | Modified Duration 10.01 Years (Category Avg - 5.45)| Yield to Maturity 7.17% (Category Avg - 6.65%)

Portfolio Summary (as on 30th Nov,2025)

Security Type	% Weight	Category Average
GOI	17.87%	23.44%
T-Bills	0.00%	0.01%
NCD & Bonds	3.59%	8.56%
PTC	0.00%	0.32%

Category - Retirement Fund

Security Type	% Weight	Category Average
Government Backed	17.87%	23.45%
Low Risk	3.59%	8.87%
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			616.62	15.41%	62.22 L
Bond - Jamnagar Utilities & Power Pvt. Ltd.	NCD & Bonds	Power generation	AAA	CRISIL	51.23	1.28%	500.00
Bond - Govt of India	GOI	Other			50.67	1.27%	5.00 L
Bond - National Thermal Power Corporation Ltd.	NCD & Bonds	Power generation	AAA	CRISIL	49.62	1.24%	500.00
Bond - Piramal Capital and Housing Finance Ltd.	NCD & Bonds	Housing finance company	LAA	ICRA	42.82	1.07%	57.14 k
Bond - Govt of India	GOI	Other			28.13	0.70%	3.00 L
Bond - Govt of India	GOI	Other			19.48	0.49%	2.00 L