HDFC Retirement Savings Fund - Equity Plan - 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.

Portfolio Turnover Ratio : 15.58%. Category average turnover ratio is 47.56%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 92.98% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 92.98%

No of Stocks : 68 (Category Avg - 53.86) | Large Cap Investments : 55.71%| Mid Cap Investments : 6.57% | Small Cap Investments : 15.07% | Other : 15.63%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	68	57.78
Top 5 Stock Weight	26.68%	18.04%
Top 10 Stock Weight	41.78%	28.12%
Top 3 Sector Weight	35.89%	20.39%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	146056.87	80305.02
Holdings in large cap stocks	55.71%	30.9%
Holdings in mid cap stocks	6.57%	8.92%
Holdings in small cap stocks	15.07%	9.54%

Category - Retirement Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	5923.8	8.50%	-0.02%	9.33% (Feb 2025)	8.5% (Oct 2025)	60.00 L	0.00
ICICI Bank Ltd.	Private sector bank	4305	6.18%	-0.26%	7.31% (Apr 2025)	6.18% (Oct 2025)	32.00 L	0.00
Reliance Industries Ltd.	Refineries & marketing	2972.8	4.27%	0.19%	4.5% (Apr 2025)	3.01% (Dec 2024)	20.00 L	0.00
Axis Bank Ltd.	Private sector bank	2958.7	4.25%	0.19%	4.55% (Apr 2025)	3.34% (Jan 2025)	24.00 L	0.00
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2427.9	3.48%	-0.11%	3.59% (Sep 2025)	2.15% (Dec 2024)	1.50 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2260	3.24%	0.15%	3.3% (Jun 2025)	2.89% (Dec 2024)	11.00 L	0.00
Infosys Ltd.	Computers - software & consulting	2223.5	3.19%	-0.04%	3.42% (Dec 2024)	2.28% (Jul 2025)	15.00 L	0.00
Kotak Mahindra Bank Ltd.	Private sector bank	2102.2	3.02%	0.04%	3.02% (Oct 2025)	2.35% (Nov 2024)	10.00 L	0.00
Tata Consultancy Services Ltd.	Computers - software & consulting	2064.2	2.96%	0.37%	2.96% (Oct 2025)	1.6% (May 2025)	6.75 L	75.00 k
State Bank Of India	Public sector bank	1874	2.69%	0.08%	2.79% (Nov 2024)	2.41% (Jul 2025)	20.00 L	0.00

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

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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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	21.95	5923.8	8.50%	-0.02%	9.33% (Feb 2025)	8.5% (Oct 2025)	60.00 L	0.00	Other	15.63
ICICI Bank Ltd.	Private sector bank	21.95	4305	6.18%	-0.26%	7.31% (Apr 2025)	6.18% (Oct 2025)	32.00 L	0.00	Large Cap	55.71
Reliance Industries Ltd.	Refineries & marketing	5.5	2972.8	4.27%	0.19%	4.5% (Apr 2025)	3.01% (Dec 2024)	20.00 L	0.00	Large Cap	55.71
Axis Bank Ltd.	Private sector bank	21.95	2958.7	4.25%	0.19%	4.55% (Apr 2025)	3.34% (Jan 2025)	24.00 L	0.00	Large Cap	55.71
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.98	2427.9	3.48%	-0.11%	3.59% (Sep 2025)	2.15% (Dec 2024)	1.50 L	0.00	Large Cap	55.71
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.24	2260	3.24%	0.15%	3.3% (Jun 2025)	2.89% (Dec 2024)	11.00 L	0.00	Large Cap	55.71
Infosys Ltd.	Computers - software & consulting	8.36	2223.5	3.19%	-0.04%	3.42% (Dec 2024)	2.28% (Jul 2025)	15.00 L	0.00	Large Cap	55.71
Kotak Mahindra Bank Ltd.	Private sector bank	21.95	2102.2	3.02%	0.04%	3.02% (Oct 2025)	2.35% (Nov 2024)	10.00 L	0.00	Large Cap	55.71
Tata Consultancy Services Ltd.	Computers - software & consulting	8.36	2064.2	2.96%	0.37%	2.96% (Oct 2025)	1.6% (May 2025)	6.75 L	75.00 k	Large Cap	55.71
State Bank Of India	Public sector bank	2.69	1874	2.69%	0.08%	2.79% (Nov 2024)	2.41% (Jul 2025)	20.00 L	0.00	Large Cap	55.71
HCL Technologies Limited	Computers - software & consulting	8.36	1541.5	2.21%	0.14%	2.69% (Dec 2024)	1.88% (Aug 2025)	10.00 L	0.00	Large Cap	55.71
Larsen & Toubro Ltd.	Civil construction	3.37	1511.6	2.17%	0.12%	2.19% (Mar 2025)	2.01% (Apr 2025)	3.75 L	0.00	Large Cap	55.71
Cipla Ltd.	Pharmaceuticals	5.58	1501.3	2.15%	-0.10%	2.41% (Aug 2025)	1.58% (May 2025)	10.00 L	0.00	Large Cap	55.71
ITC Limited	Diversified fmcg	1.99	1387.2	1.99%	0.01%	2.25% (Apr 2025)	1.91% (Feb 2025)	33.00 L	0.00	Large Cap	55.71
InterGlobe Aviation Ltd.	Airline	1.78	1237.5	1.78%	-0.06%	1.97% (Jul 2025)	1.17% (Nov 2024)	2.20 L	0.00	Large Cap	55.71
Bajaj Auto Ltd.	2/3 wheelers	3.23	1200.5	1.72%	-0.03%	1.77% (Aug 2025)	1.45% (Jul 2025)	1.35 L	0.00	Large Cap	55.71
Power Grid Corporation of India Ltd.	Power - transmission	1.65	1152.6	1.65%	-0.02%	1.67% (Aug 2025)	0.82% (Dec 2024)	40.00 L	0.00	Large Cap	55.71
DR. LAL PATHLABS Ltd.	Healthcare service provider	1.57	1097.4	1.57%	0.10%	1.57% (Oct 2025)	0% (Nov 2024)	3.50 L	35.00 k	Small Cap	15.07
Eicher Motors Ltd.	2/3 wheelers	3.23	1051.1	1.51%	-0.06%	1.57% (Sep 2025)	1.13% (Nov 2024)	1.50 L	0.00	Other	15.63
ICICI Lombard General Insurance Co Ltd.	General insurance	1.96	996.9	1.43%	0.02%	1.52% (Jun 2025)	1.18% (Dec 2024)	5.00 L	0.00	Large Cap	55.71
Havells India Ltd.	Consumer electronics	1.81	971	1.39%	0.04%	1.39% (Oct 2025)	0% (Nov 2024)	6.50 L	50.00 k	Large Cap	55.71
Lupin Ltd.	Pharmaceuticals	5.58	883.6	1.27%	-0.01%	1.28% (Sep 2025)	0% (Nov 2024)	4.50 L	0.00	Large Cap	55.71
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	5.5	856.8	1.23%	0.04%	1.27% (May 2025)	0.85% (Jan 2025)	18.00 L	0.00	Large Cap	55.71
Alkem Laboratories Ltd.	Pharmaceuticals	5.58	826	1.19%	0.10%	1.19% (Oct 2025)	0% (Nov 2024)	1.50 L	15.00 k	Mid Cap	6.57
Transport Corporation Of India Ltd.	Logistics solution provider	4.04	815.8	1.17%	-0.03%	1.29% (Dec 2024)	1.1% (Feb 2025)	6.79 L	0.00	Small Cap	15.07
HDFC Life Insurance Company Ltd.	Life insurance	2.27	805	1.16%	-0.08%	1.29% (Aug 2025)	0% (Nov 2024)	11.00 L	0.00	Large Cap	55.71
Max Financial Services Ltd.	Life insurance	2.27	773.3	1.11%	-0.07%	1.23% (Jun 2025)	0.9% (Feb 2025)	5.00 L	0.00	Mid Cap	6.57
Delhivery Ltd.	Logistics solution provider	4.04	745.5	1.07%	-0.01%	1.14% (Aug 2025)	0.6% (Mar 2025)	16.00 L	0.00	Other	15.63
Jindal Steel Ltd.	Iron & steel products	2.04	746.8	1.07%	-0.04%	1.11% (Sep 2025)	0.91% (Nov 2024)	7.00 L	0.00	Mid Cap	6.57
CreditAccess Grameen Ltd.	Microfinance institutions	1.06	740.3	1.06%	0.01%	1.06% (Aug 2025)	0% (Nov 2024)	5.20 L	0.00	Small Cap	15.07
United Spirits Ltd.	Breweries & distilleries	1.03	715.7	1.03%	0.04%	1.34% (Dec 2024)	0.76% (Aug 2025)	5.00 L	0.00	Large Cap	55.71
Gland Pharma Ltd.	Pharmaceuticals	5.58	675.1	0.97%	-0.07%	1.09% (Jul 2025)	0.78% (Apr 2025)	3.50 L	0.00	Other	15.63
Tata Steel Ltd.	Iron & steel products	2.04	676.5	0.97%	-0.04%	1.03% (Mar 2025)	0.68% (Dec 2024)	37.00 L	-3.00 L	Other	15.63
National Aluminium Co. Ltd.	Aluminium	0.84	585.4	0.84%	-0.05%	0.89% (Sep 2025)	0% (Nov 2024)	25.00 L	-3.00 L	Small Cap	15.07
- Apollo Hospitals Enterprises Ltd.	Hospital	0.83	576.1	0.83%	0.00%	0.87% (Aug 2025)	0% (Nov 2024)	75.00 k	0.00	Mid Cap	6.57
Kalpataru Power Transmission Ltd.	Civil construction	3.37	549.6	0.79%	-0.03%	0.94% (Dec 2024)	0.66% (Nov 2024)	4.37 L	0.00	Small Cap	15.07
Godrej Consumer Products Ltd	Personal care	0.75	525.7	0.75%	-0.07%	0.97% (Nov 2024)	0.75% (Oct 2025)	4.70 L	0.00	Large Cap	55.71
# The Ramco Cements Ltd.	Cement & cement products	0.75	522.2	0.75%	0.75%	0.75% (Oct 2025)	0% (Nov 2024)	5.00 L	5.00 L	Mid Cap	6.57
Blue Dart Express Ltd.	Logistics solution provider	4.04	492.9	0.71%	0.07%	0.71% (Oct 2025)	0% (Nov 2024)	75.00 k	0.00	Small Cap	15.07
Ceat Ltd.	Tyres & rubber products	0.69	483.9	0.69%	0.18%	0.69% (Oct 2025)	0% (Nov 2024)	1.20 L	20.00 k	Small Cap	15.07
Voltamp Transformers Ltd.	Heavy electrical equipment	0.92	481.2	0.69%	-0.01%	1.15% (Nov 2024)	0.69% (Oct 2025)	65.00 k	0.00	Small Cap	15.07
Gujarat State Petronet Ltd.	Gas transmission/marketing	0.67	464.5	0.67%	-0.02%	0.9% (Dec 2024)	0.66% (Aug 2025)	15.00 L	0.00	Mid Cap	6.57
Redington Ltd.	Trading & distributors	0.66	456.8	0.66%	-0.10%	0.76% (Sep 2025)	0.19% (Jul 2025)	18.00 L	0.00	Small Cap	15.07
The Anup Engineering Ltd.	Industrial products	0.66	461.4	0.66%	-0.04%	1.64% (Nov 2024)	0.66% (Oct 2025)	2.00 L	0.00	Other	15.63
- Gateway Rail Freight Ltd.	Logistics solution provider	4.04	447.4	0.64%	0.00%	0.76% (Nov 2024)	0.53% (Apr 2025)	70.00 L	0.00	Other	15.63
Akzo Nobel India Ltd.	Paints	0.58	405.2	0.58%	-0.04%	0.8% (Jan 2025)	0.58% (Oct 2025)	1.25 L	0.00	Small Cap	15.07
CRISIL Ltd.	Other financial services	0.57	394.4	0.57%	0.04%	0.88% (Dec 2024)	0.53% (Sep 2025)	80.02 k	0.00	Mid Cap	6.57
Chambal Fertilizers & Chemicals Ltd.	Fertilizers	0.55	384.7	0.55%	-0.06%	0.86% (Nov 2024)	0.39% (Jul 2025)	8.00 L	0.00	Small Cap	15.07
Greenply Industries Ltd.	Plywood boards/ laminates	0.55	381.9	0.55%	-0.01%	0.7% (Nov 2024)	0.55% (Oct 2025)	12.50 L	0.00	Small Cap	15.07
Star Health and Allied Insurance Co Ltd.	General insurance	1.96	370.8	0.53%	0.03%	0.59% (Dec 2024)	0.45% (Mar 2025)	7.50 L	0.00	Other	15.63
Bajaj Electricals Ltd.	Household appliances	0.52	359.6	0.52%	-0.05%	0.89% (Dec 2024)	0.52% (Oct 2025)	7.00 L	0.00	Small Cap	15.07
Finolex Cables Ltd.	Cables - electricals	0.51	355.3	0.51%	-0.04%	0.88% (Dec 2024)	0.51% (Oct 2025)	4.52 L	0.00	Small Cap	15.07
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.98	348.7	0.50%	-0.01%	1.14% (Nov 2024)	0.5% (Oct 2025)	1.00 L	0.00	Large Cap	55.71
PVR Inox Ltd.	Film production, distribution & exhibition	0.48	331.8	0.48%	0.04%	0.58% (Nov 2024)	0.4% (Jun 2025)	2.75 L	0.00	Small Cap	15.07
Great Eastern Shipping Co. Ltd.	Shipping	0.47	329.9	0.47%	0.02%	0.55% (Nov 2024)	0.42% (Aug 2025)	3.00 L	0.00	Small Cap	15.07
Finolex Industries Ltd.	Plastic products - industrial	0.45	310.2	0.45%	-0.04%	0.58% (Nov 2024)	0.42% (Apr 2025)	16.50 L	0.00	Other	15.63
VRL Logistic Ltd.	Logistics solution provider	4.04	313.4	0.45%	-0.01%	0.53% (Jul 2025)	0.41% (Apr 2025)	11.20 L	0.00	Small Cap	15.07
Symphony Ltd.	Consumer electronics	1.81	295.6	0.42%	-0.01%	0.67% (Nov 2024)	0.42% (Oct 2025)	3.16 L	0.00	Small Cap	15.07
PNC Infratech Ltd.	Civil construction	3.37	283.3	0.41%	-0.03%	0.56% (Dec 2024)	0.41% (Oct 2025)	10.10 L	0.00	Small Cap	15.07
Prestige Estates Projects Ltd.	Residential, commercial projects	0.38	261.7	0.38%	0.04%	0.42% (Jun 2025)	0% (Nov 2024)	1.50 L	0.00	Mid Cap	6.57
Tamil Nadu Newsprint & Papers Ltd.	Paper & paper products	0.36	249.3	0.36%	-0.02%	0.5% (Dec 2024)	0.34% (Mar 2025)	16.00 L	0.00	Small Cap	15.07
Mahindra Holidays & Resorts India Ltd.	Hotels & resorts	0.35	246.5	0.35%	-0.05%	0.46% (Nov 2024)	0.35% (Oct 2025)	7.50 L	0.00	Small Cap	15.07
Equitas Small Finance Bank Ltd.	Other bank	0.33	228	0.33%	-0.01%	0.45% (Jan 2025)	0.31% (Aug 2025)	40.00 L	0.00	Other	15.63
Timken India Ltd.	Abrasives & bearings	0.32	220.1	0.32%	0.01%	0.39% (Nov 2024)	0.27% (Apr 2025)	70.00 k	0.00	Small Cap	15.07
GNA Axles Ltd.	Auto components & equipments	0.3	211.8	0.30%	-0.01%	0.46% (Nov 2024)	0.3% (Oct 2025)	6.75 L	0.00	Small Cap	15.07
Cyient Ltd.	It enabled services	0.23	162.8	0.23%	-0.01%	0.56% (Nov 2024)	0.23% (Oct 2025)	1.40 L	0.00	Small Cap	15.07
KEC International Ltd.	Heavy electrical equipment	0.92	163.6	0.23%	-0.03%	0.44% (Nov 2024)	0.22% (Apr 2025)	2.00 L	0.00	Small Cap	15.07
Nilkamal Ltd.	Plastic products - consumer	0.16	108.5	0.16%	-0.01%	0.23% (Dec 2024)	0.16% (Oct 2025)	71.74 k	0.00	Small Cap	15.07
Nippon Life India Asset Management Ltd.	Asset management company		173.7	0.00%	-0.26%	-	-	-	-	Mid Cap	6.57

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

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# The Ramco Cements Ltd.	Cement & cement products	522.2	0.75%	0.75%	0.75% (Oct 2025)	0% (Nov 2024)	5.00 L	500000

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Nippon Life India Asset Management Ltd.	Asset management company	173.7	0.00%	-0.26%	1.14% (Nov 2024)	0% (Nov 2024)	0.00	-200000

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	8.50%	8.52%	8.67%	9.16%	8.96%	9.01%	9.25%	9.17%	9.33%	8.64%	8.79%	8.97%	8.43%
ICICI Bank Ltd.	6.18%	6.44%	6.79%	7.17%	6.90%	7.15%	7.31%	7.21%	6.92%	6.80%	6.57%	6.71%	6.71%
Axis Bank Ltd.	4.25%	4.06%	3.81%	3.88%	4.30%	4.42%	4.55%	4.42%	4.01%	3.34%	3.52%	3.78%	3.50%
Reliance Industries Ltd.	4.27%	4.08%	4.12%	4.21%	4.48%	4.39%	4.50%	3.84%	3.66%	3.43%	3.01%	3.23%	3.35%
Bharti Airtel Ltd.	3.24%	3.09%	3.16%	3.18%	3.30%	3.15%	3.28%	3.19%	3.10%	3.03%	2.89%	2.98%	2.97%
Infosys Ltd.	3.19%	3.23%	2.68%	2.28%	2.39%	2.41%	2.40%	2.63%	3.03%	3.19%	3.42%	3.40%	3.24%
Maruti Suzuki India Ltd.	3.48%	3.59%	3.37%	2.57%	2.50%	2.57%	2.65%	2.60%	2.89%	2.82%	2.15%	2.21%	2.04%
Kotak Mahindra Bank Ltd.	3.02%	2.98%	2.53%	2.39%	2.58%	2.56%	2.83%	2.90%	2.73%	2.58%	2.36%	2.35%	2.32%
State Bank Of India	2.69%	2.61%	2.44%	2.41%	2.45%	2.51%	2.53%	2.58%	2.47%	2.62%	2.63%	2.79%	2.75%
HCL Technologies Limited	2.21%	2.07%	1.88%	1.89%	2.19%	2.15%	2.13%	2.26%	2.40%	2.49%	2.69%	2.61%	2.51%
Larsen & Toubro Ltd.	2.17%	2.05%	2.05%	2.06%	2.05%	2.13%	2.01%	2.19%	2.13%	2.18%	2.05%	2.13%	2.08%
Tata Consultancy Services Ltd.	2.96%	2.59%	2.81%	2.76%	2.32%	1.60%	1.66%	1.81%	1.88%	1.74%	1.69%	1.78%	1.33%
ITC Limited	1.99%	1.98%	2.05%	2.06%	2.05%	2.13%	2.25%	2.19%	1.91%	1.97%	2.08%	2.06%	2.13%
Cipla Ltd.	2.15%	2.25%	2.41%	2.35%	1.80%	1.58%	1.74%	1.69%	1.77%	1.76%	1.77%	1.79%	1.82%
InterGlobe Aviation Ltd.	1.78%	1.84%	1.89%	1.97%	1.96%	1.81%	1.85%	1.88%	1.77%	1.28%	1.20%	1.17%	1.09%