HDFC Retirement Savings Fund - Hybrid- 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 : 14.04%. Category average turnover ratio is 48.08%. 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 : 70.78% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 70.78%

No of Stocks : 66 (Category Avg - 53.59) | Large Cap Investments : 41.02%| Mid Cap Investments : 5.2% | Small Cap Investments : 12.54% | Other : 12.02%

Portfolio Summary (as on 30th Sep,2025)

Particulars	This Scheme	Category
No. of Stocks	66	57.56
Top 5 Stock Weight	21.2%	17.9%
Top 10 Stock Weight	32.41%	27.77%
Top 3 Sector Weight	29.3%	20.49%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	110853.75	78714.39
Holdings in large cap stocks	41.02%	30.65%
Holdings in mid cap stocks	5.2%	8.76%
Holdings in small cap stocks	12.54%	9.59%

Category - Retirement Fund

Top 10 Stocks holding in Portfolio (as on 30th Sep,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	1141.2	6.79%	-0.09%	7.24% (Jul 2025)	6.57% (Jan 2025)	12.00 L	0.00
ICICI Bank Ltd.	Private sector bank	943.6	5.61%	-0.29%	6.21% (Apr 2025)	5.61% (Sep 2025)	7.00 L	0.00
Reliance Industries Ltd.	Refineries & marketing	545.6	3.25%	-0.02%	3.53% (Jun 2025)	2.31% (Dec 2024)	4.00 L	0.00
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	480.9	2.86%	0.19%	2.86% (Sep 2025)	1.41% (Oct 2024)	30.00 k	0.00
Axis Bank Ltd.	Private sector bank	452.6	2.69%	0.17%	2.95% (Apr 2025)	2.52% (Aug 2025)	4.00 L	0.00
State Bank Of India	Public sector bank	436.2	2.60%	0.18%	2.65% (Nov 2024)	2.32% (Feb 2025)	5.00 L	0.00
Kotak Mahindra Bank Ltd.	Private sector bank	378.6	2.25%	0.01%	2.63% (Mar 2025)	1.87% (Oct 2024)	1.90 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	375.7	2.24%	-0.04%	2.62% (Jan 2025)	2.24% (May 2025)	2.00 L	0.00
Infosys Ltd.	Computers - software & consulting	360.5	2.14%	0.31%	2.51% (Jan 2025)	1.83% (Aug 2025)	2.50 L	43.14 k
Tata Consultancy Services Ltd.	Computers - software & consulting	332.2	1.98%	-0.16%	2.14% (Aug 2025)	0% (Oct 2024)	1.15 L	0.00

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

View complete holding

Complete equity Portfolio (as on 30th Sep,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	18.23	1141.2	6.79%	-0.09%	7.24% (Jul 2025)	6.57% (Jan 2025)	12.00 L	0.00	Other	12.02
ICICI Bank Ltd.	Private sector bank	18.23	943.6	5.61%	-0.29%	6.21% (Apr 2025)	5.61% (Sep 2025)	7.00 L	0.00	Large Cap	41.02
Reliance Industries Ltd.	Refineries & marketing	3.91	545.6	3.25%	-0.02%	3.53% (Jun 2025)	2.31% (Dec 2024)	4.00 L	0.00	Large Cap	41.02
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.27	480.9	2.86%	0.19%	2.86% (Sep 2025)	1.41% (Oct 2024)	30.00 k	0.00	Large Cap	41.02
Axis Bank Ltd.	Private sector bank	18.23	452.6	2.69%	0.17%	2.95% (Apr 2025)	2.52% (Aug 2025)	4.00 L	0.00	Large Cap	41.02
State Bank Of India	Public sector bank	2.6	436.2	2.60%	0.18%	2.65% (Nov 2024)	2.32% (Feb 2025)	5.00 L	0.00	Large Cap	41.02
Kotak Mahindra Bank Ltd.	Private sector bank	18.23	378.6	2.25%	0.01%	2.63% (Mar 2025)	1.87% (Oct 2024)	1.90 L	0.00	Large Cap	41.02
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.24	375.7	2.24%	-0.04%	2.62% (Jan 2025)	2.24% (May 2025)	2.00 L	0.00	Large Cap	41.02
Infosys Ltd.	Computers - software & consulting	6.51	360.5	2.14%	0.31%	2.51% (Jan 2025)	1.83% (Aug 2025)	2.50 L	43.14 k	Large Cap	41.02
Tata Consultancy Services Ltd.	Computers - software & consulting	6.51	332.2	1.98%	-0.16%	2.14% (Aug 2025)	0% (Oct 2024)	1.15 L	0.00	Large Cap	41.02
Cipla Ltd.	Pharmaceuticals	4.56	300.7	1.79%	-0.13%	1.92% (Aug 2025)	1.33% (May 2025)	2.00 L	0.00	Large Cap	41.02
ITC Limited	Diversified fmcg	1.67	281.1	1.67%	-0.06%	1.86% (Oct 2024)	1.6% (Feb 2025)	7.00 L	0.00	Large Cap	41.02
HCL Technologies Limited	Computers - software & consulting	6.51	277	1.65%	-0.10%	2.12% (Dec 2024)	1.54% (Jul 2025)	2.00 L	0.00	Large Cap	41.02
Larsen & Toubro Ltd.	Civil construction	2.3	274.4	1.63%	-0.32%	2.12% (Nov 2024)	1.63% (Sep 2025)	75.00 k	-0.15 L	Large Cap	41.02
Bajaj Auto Ltd.	2/3 wheelers	1.29	217	1.29%	-0.01%	1.33% (Feb 2025)	1.11% (Dec 2024)	25.00 k	0.00	Large Cap	41.02
DR. LAL PATHLABS Ltd.	Healthcare service provider	1.21	202.7	1.21%	0.03%	1.21% (Sep 2025)	0% (Oct 2024)	65.00 k	5.58 k	Small Cap	12.54
Power Grid Corporation of India Ltd.	Power - transmission	1.17	196.2	1.17%	0.01%	1.34% (Apr 2025)	0.9% (Feb 2025)	7.00 L	0.00	Large Cap	41.02
ICICI Lombard General Insurance Co Ltd.	General insurance	1.12	189	1.12%	0.01%	1.22% (Oct 2024)	1.11% (Aug 2025)	1.00 L	0.00	Large Cap	41.02
Max Financial Services Ltd.	Life insurance	2.62	181.2	1.08%	-0.03%	1.12% (Jun 2025)	0.77% (Feb 2025)	1.15 L	0.00	Mid Cap	5.2
Lumax Industries Ltd.	Auto components & equipments	2.79	176.1	1.05%	0.17%	1.05% (Sep 2025)	0.45% (Jan 2025)	34.86 k	0.00	Small Cap	12.54
Havells India Ltd.	Consumer electronics	1.03	172.7	1.03%	-0.03%	1.06% (Aug 2025)	0% (Oct 2024)	1.15 L	0.00	Large Cap	41.02
# Alkem Laboratories Ltd.	Pharmaceuticals	4.56	162.8	0.97%	0.97%	0.97% (Sep 2025)	0% (Oct 2024)	30.00 k	30.00 k	Mid Cap	5.2
Vesuvius India Ltd.	Electrodes & refractories	0.92	153.8	0.92%	0.01%	1.07% (May 2025)	0.81% (Feb 2025)	3.00 L	0.00	Other	12.02
HDFC Life Insurance Company Ltd.	Life insurance	2.62	151.3	0.90%	-0.03%	0.96% (Jun 2025)	0% (Oct 2024)	2.00 L	0.00	Large Cap	41.02
City Union Bank Ltd.	Private sector bank	18.23	149.6	0.89%	0.06%	0.9% (Jun 2025)	0.7% (Feb 2025)	7.00 L	0.00	Mid Cap	5.2
Suprajit Engineering Ltd.	Auto components & equipments	2.79	137.4	0.82%	0.01%	0.97% (Oct 2024)	0.71% (Apr 2025)	2.97 L	0.00	Small Cap	12.54
CreditAccess Grameen Ltd.	Microfinance institutions	0.81	135.3	0.81%	-0.03%	0.84% (Aug 2025)	0% (Oct 2024)	1.00 L	0.00	Small Cap	12.54
Tata Steel Ltd.	Iron & steel products	0.8	135	0.80%	0.06%	0.8% (Sep 2025)	0.61% (Dec 2024)	8.00 L	0.00	Other	12.02
Transport Corporation Of India Ltd.	Logistics solution provider	1.82	129.9	0.77%	0.01%	0.8% (Dec 2024)	0.67% (Feb 2025)	1.10 L	0.00	Small Cap	12.54
Godrej Consumer Products Ltd	Personal care	0.69	116.7	0.69%	-0.06%	0.81% (Oct 2024)	0.68% (Dec 2024)	1.00 L	0.00	Large Cap	41.02
Gland Pharma Ltd.	Pharmaceuticals	4.56	114.2	0.68%	0.03%	0.71% (Jul 2025)	0.5% (Apr 2025)	57.34 k	0.00	Other	12.02
Alembic Pharmaceuticals Ltd.	Pharmaceuticals	4.56	112.7	0.67%	-0.04%	0.89% (Oct 2024)	0.63% (Feb 2025)	1.25 L	0.00	Mid Cap	5.2
Kalpataru Power Transmission Ltd.	Civil construction	2.3	112.9	0.67%	-0.01%	0.68% (Aug 2025)	0.53% (Feb 2025)	90.00 k	0.00	Small Cap	12.54
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	3.91	110.9	0.66%	0.09%	0.78% (Dec 2024)	0.57% (Aug 2025)	2.50 L	0.00	Large Cap	41.02
National Aluminium Co. Ltd.	Aluminium	0.64	106.9	0.64%	0.08%	0.64% (Sep 2025)	0% (Oct 2024)	5.00 L	0.00	Small Cap	12.54
SBI Life Insurance Co Ltd.	Life insurance	2.62	107.4	0.64%	-0.01%	0.66% (May 2025)	0% (Oct 2024)	60.00 k	0.00	Large Cap	41.02
SKF India Ltd.	Abrasives & bearings	0.89	103.7	0.62%	0.03%	0.72% (Oct 2024)	0.53% (Apr 2025)	22.00 k	0.00	Small Cap	12.54
- UTI Asset Management Co. Pvt. Ltd.	Asset management company	0.62	104.3	0.62%	0.00%	0.64% (Jul 2025)	0.35% (Feb 2025)	80.00 k	0.00	Other	12.02
Crompton Greaves Consumer Electricals Ltd.	Household appliances	1.03	102	0.61%	-0.09%	0.91% (Nov 2024)	0.61% (Sep 2025)	3.50 L	0.00	Mid Cap	5.2
Redington Ltd.	Trading & distributors	0.59	99.2	0.59%	0.15%	0.59% (Sep 2025)	0.15% (Apr 2025)	3.50 L	50.00 k	Small Cap	12.54
The Anup Engineering Ltd.	Industrial products	0.56	93.9	0.56%	0.03%	1.15% (Nov 2024)	0.53% (Aug 2025)	40.00 k	0.00	Other	12.02
Gujarat State Petronet Ltd.	Gas transmission/marketing	0.55	92.9	0.55%	0.03%	0.74% (Oct 2024)	0.52% (Aug 2025)	3.00 L	0.00	Mid Cap	5.2
Delhivery Ltd.	Logistics solution provider	1.82	90	0.54%	-0.02%	0.56% (Aug 2025)	0% (Oct 2024)	2.00 L	0.00	Other	12.02
- Blue Dart Express Ltd.	Logistics solution provider	1.82	85.6	0.51%	0.00%	0.51% (Sep 2025)	0% (Oct 2024)	15.00 k	0.00	Small Cap	12.54
CIE AUTOMOTIVE INDIA Ltd.	Auto components & equipments	2.79	80.6	0.48%	0.02%	0.63% (Oct 2024)	0.46% (Aug 2025)	2.00 L	0.00	Small Cap	12.54
- Goodyear India Ltd.	Tyres & rubber products	0.47	78.4	0.47%	0.00%	0.52% (Oct 2024)	0.42% (Mar 2025)	80.00 k	0.00	Small Cap	12.54
- United Spirits Ltd.	Breweries & distilleries	0.47	79.5	0.47%	0.00%	1.03% (Dec 2024)	0.47% (Aug 2025)	60.00 k	0.00	Large Cap	41.02
Voltamp Transformers Ltd.	Heavy electrical equipment	0.68	79.6	0.47%	-0.05%	0.86% (Oct 2024)	0.47% (Sep 2025)	11.00 k	0.00	Small Cap	12.54
Sonata Software Ltd.	Computers - software & consulting	6.51	77.9	0.46%	-0.02%	0.55% (Nov 2024)	0.31% (Mar 2025)	2.25 L	0.00	Small Cap	12.54
Procter & Gamble Health Ltd.	Pharmaceuticals	4.56	75.7	0.45%	-0.01%	0.46% (Aug 2025)	0.38% (Apr 2025)	12.00 k	0.00	Small Cap	12.54
Bayer Cropscience Ltd.	Pesticides & agrochemicals	0.43	72.2	0.43%	-0.04%	0.63% (Oct 2024)	0.43% (Sep 2025)	15.00 k	0.00	Mid Cap	5.2
Bajaj Electricals Ltd.	Household appliances	1.03	70.9	0.42%	-0.03%	0.72% (Oct 2024)	0.42% (Sep 2025)	1.30 L	0.00	Small Cap	12.54
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.27	68.5	0.41%	-0.07%	1.04% (Oct 2024)	0.41% (Sep 2025)	20.00 k	-5.00 k	Large Cap	41.02
Equitas Small Finance Bank Ltd.	Other bank	0.39	66	0.39%	0.04%	0.51% (Oct 2024)	0.35% (Aug 2025)	11.55 L	0.00	Other	12.02
Finolex Industries Ltd.	Plastic products - industrial	0.36	60	0.36%	-0.02%	0.58% (Oct 2024)	0.33% (Apr 2025)	3.00 L	0.00	Other	12.02
Tamil Nadu Newsprint & Papers Ltd.	Paper & paper products	0.33	55.4	0.33%	-0.01%	0.42% (Dec 2024)	0.28% (Mar 2025)	3.50 L	0.00	Small Cap	12.54
PVR Inox Ltd.	Film production, distribution & exhibition	0.32	53.8	0.32%	-0.02%	0.5% (Oct 2024)	0.29% (Jun 2025)	50.00 k	0.00	Small Cap	12.54
- Mahindra Holidays & Resorts India Ltd.	Hotels & resorts	0.3	50	0.30%	0.00%	0.34% (Oct 2024)	0.26% (Mar 2025)	1.42 L	0.00	Small Cap	12.54
- GNA Axles Ltd.	Auto components & equipments	2.79	49.4	0.29%	0.00%	0.42% (Nov 2024)	0.29% (Sep 2025)	1.60 L	0.00	Small Cap	12.54
Wipro Ltd.	Computers - software & consulting	6.51	47.9	0.28%	-0.02%	0.8% (Jan 2025)	0.28% (Sep 2025)	2.00 L	0.00	Large Cap	41.02
Timken India Ltd.	Abrasives & bearings	0.89	45.2	0.27%	0.01%	0.32% (Nov 2024)	0.23% (Apr 2025)	15.00 k	0.00	Small Cap	12.54
Cyient Ltd.	It enabled services	0.24	40.1	0.24%	-0.01%	0.47% (Nov 2024)	0.24% (Sep 2025)	35.00 k	0.00	Small Cap	12.54
KEC International Ltd.	Heavy electrical equipment	0.68	34.9	0.21%	0.02%	0.37% (Oct 2024)	0.17% (Apr 2025)	40.00 k	0.00	Small Cap	12.54
Popular Vehicles and Services Ltd.	Auto dealer	0.21	35	0.21%	0.05%	0.26% (Oct 2024)	0.15% (Apr 2025)	2.41 L	0.00	Other	12.02
Rolex Rings Private Ltd.	Auto components & equipments	2.79	25.9	0.15%	-0.01%	0.41% (Oct 2024)	0.15% (Sep 2025)	20.00 k	0.00	Other	12.02
- Nilkamal Ltd.	Plastic products - consumer	0.14	23.3	0.14%	0.00%	0.19% (Oct 2024)	0.14% (Sep 2025)	15.00 k	0.00	Small Cap	12.54
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	4.56	35.6	0.00%	-0.21%	-	-	-	-	Mid Cap	5.2

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

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Alkem Laboratories Ltd.	Pharmaceuticals	162.8	0.97%	0.97%	0.97% (Sep 2025)	0% (Oct 2024)	30.00 k	30000
# Bond - Bajaj Finance Ltd.	Non banking financial company (nbfc)	716.1	4.26%	4.26%	0% (Oct 2025)	0% (Oct 2025)	7.00 k	7000

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	35.6	0.00%	-0.21%	0.84% (Nov 2024)	0% (Oct 2024)	0.00	-10000

Trend in stock holdings (Top 15 Holding)

Stock	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024	Sep 2024
HDFC Bank Ltd.	6.79%	6.88%	7.24%	7.07%	7.04%	7.18%	7.00%	7.00%	6.57%	6.73%	6.81%	6.60%	5.90%
ICICI Bank Ltd.	5.61%	5.90%	6.20%	5.96%	6.11%	6.21%	6.02%	5.67%	5.65%	5.68%	5.75%	5.74%	5.52%
Reliance Industries Ltd.	3.25%	3.27%	3.32%	3.53%	3.43%	3.50%	3.26%	2.83%	2.85%	2.31%	2.45%	2.53%	2.74%
Axis Bank Ltd.	2.69%	2.52%	2.55%	2.82%	2.88%	2.95%	2.81%	2.73%	2.54%	2.69%	2.87%	2.94%	2.67%
State Bank Of India	2.60%	2.42%	2.38%	2.42%	2.45%	2.45%	2.46%	2.32%	2.49%	2.51%	2.65%	2.60%	2.44%
Bharti Airtel Ltd.	2.24%	2.28%	2.29%	2.37%	2.24%	2.32%	2.49%	2.38%	2.62%	2.51%	2.57%	2.56%	2.65%
Kotak Mahindra Bank Ltd.	2.25%	2.24%	2.25%	2.42%	2.38%	2.61%	2.63%	2.43%	2.33%	1.92%	1.90%	1.87%	1.95%
Infosys Ltd.	2.14%	1.83%	1.87%	1.95%	1.95%	1.93%	2.07%	2.35%	2.51%	2.46%	2.43%	2.31%	2.40%
Maruti Suzuki India Ltd.	2.86%	2.67%	2.26%	2.19%	2.23%	2.29%	2.21%	2.41%	1.98%	1.72%	1.75%	1.41%	1.64%
Larsen & Toubro Ltd.	1.63%	1.95%	1.96%	1.94%	2.00%	1.87%	2.01%	1.92%	2.07%	2.05%	2.12%	2.07%	2.05%
HCL Technologies Limited	1.65%	1.75%	1.54%	1.78%	1.73%	1.71%	1.78%	1.86%	1.95%	2.12%	2.04%	1.96%	1.95%
ITC Limited	1.67%	1.73%	1.72%	1.72%	1.77%	1.85%	1.83%	1.60%	1.73%	1.84%	1.81%	1.86%	1.93%
Tata Consultancy Services Ltd.	1.98%	2.14%	2.09%	2.04%	1.46%	1.50%	1.61%	1.17%	-	-	-	-	-
Cipla Ltd.	1.79%	1.92%	1.86%	1.55%	1.33%	1.45%	1.38%	1.42%	1.43%	1.45%	1.45%	1.48%	1.54%
Bajaj Auto Ltd.	1.29%	1.30%	1.20%	1.23%	1.30%	1.25%	1.26%	1.33%	1.14%	1.11%	1.14%	1.25%	1.53%

No of Debt Holding 12 (Category Avg - 8.55) | Modified Duration 3.53 Years (Category Avg - 5.49)| Yield to Maturity 6.51% (Category Avg - 6.70%)

Portfolio Summary (as on 30th Sep,2025)

Security Type	% Weight	Category Average
GOI	9.32%	23.75%
T-Bills	0.00%	0.00%
NCD & Bonds	8.47%	9.04%
PTC	0.00%	0.34%

Category - Retirement Fund

Security Type	% Weight	Category Average
Government Backed	9.32%	23.76%
Low Risk	8.47%	9.39%
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 Sep,2025)

Instrument	Type	Sector	Rating	Rating Agency	Value (Mn)	% of Total Holding	Quantity
Bond - Bajaj Finance Ltd.	NCD & Bonds	Non banking financial company (nbfc)	AAA	CRISIL	716.10	4.26%	7.00 k
Bond - Govt of India	GOI	Other			312.15	1.86%	30.00 L
Bond - Govt of India	GOI	Other			305.40	1.82%	31.00 L
Bond - Govt of India	GOI	Other			258.24	1.54%	25.00 L
Bond - Govt of India	GOI	Other			257.18	1.53%	25.00 L
Bond - Bajaj Housing Finance Ltd.	NCD & Bonds	Housing finance company	AAA	CRISIL	250.33	1.49%	2.50 k
Bond - Muthoot Finance Pvt. Ltd.	NCD & Bonds	Non banking financial company (nbfc)	LAA+	ICRA	250.66	1.49%	2.50 k
Bond - Govt of India	GOI	Other			207.41	1.23%	20.00 L
Bond - Mahindra Rural Housing Finance Ltd.	NCD & Bonds	Housing finance company	AA+	FITCH	153.99	0.92%	150.00
Bond - Govt of India	GOI	Other			131.86	0.78%	12.50 L
Bond - Govt of India	GOI	Other			94.34	0.56%	10.00 L
Bond - Power Grid Corporation of India Ltd.	NCD & Bonds	Power - transmission	AAA	CRISIL	51.48	0.31%	50.00