Nippon India Banking & Financial Services Fund - 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 : 23.00%. Category average turnover ratio is 167.64%. 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 : 97.25% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 97.25%

No of Stocks : 32 (Category Avg - 44.43) | Large Cap Investments : 46.59%| Mid Cap Investments : 12.54% | Small Cap Investments : 4.31% | Other : 33.81%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	32	43.31
Top 5 Stock Weight	50.02%	32.32%
Top 10 Stock Weight	67.05%	49.31%
Top 3 Sector Weight	66.85%	43.27%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	92912.30	72871.69
Holdings in large cap stocks	46.59%	37.3%
Holdings in mid cap stocks	12.54%	14.28%
Holdings in small cap stocks	4.31%	12.55%

Category - Sectoral/Thematic

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	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	12161.1	15.61%	-0.19%	21.77% (Dec 2024)	15.61% (Nov 2025)	1.21 Cr	0.00
- ICICI Bank Ltd.	Private sector bank	10936.2	14.04%	0.00%	16.15% (Jul 2025)	13.93% (Jun 2025)	78.75 L	0.00
Axis Bank Ltd.	Private sector bank	7130.5	9.15%	-0.82%	9.97% (Oct 2025)	8.98% (Dec 2024)	55.72 L	-5.28 L
State Bank Of India	Public sector bank	5539.3	7.11%	-0.59%	7.7% (Oct 2025)	4.55% (Dec 2024)	56.58 L	-5.43 L
SBI Cards and Payment Services Ltd.	Non banking financial company (nbfc)	3201.2	4.11%	0.19%	4.11% (Nov 2025)	2.66% (Dec 2024)	36.37 L	2.75 L
Federal Bank Ltd.	Private sector bank	3199.7	4.11%	0.22%	4.11% (Nov 2025)	2.09% (Apr 2025)	1.24 Cr	0.00
SBI Life Insurance Co Ltd.	Life insurance	2890.4	3.71%	-0.10%	4.35% (Aug 2025)	2.88% (Dec 2024)	14.70 L	0.00
Bajaj Finserv Ltd	Holding company	2671.5	3.43%	-0.10%	3.53% (Oct 2025)	2.28% (Dec 2024)	12.76 L	0.00
Bank Of Baroda	Public sector bank	2345.5	3.01%	0.02%	3.01% (Nov 2025)	0% (Dec 2024)	80.94 L	0.00
Kotak Mahindra Bank Ltd.	Private sector bank	2155.4	2.77%	0.08%	4.69% (Dec 2024)	2.21% (Jul 2025)	10.15 L	50.00 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
HDFC Bank Ltd.	Private sector bank	48.06	12161.1	15.61%	-0.19%	21.77% (Dec 2024)	15.61% (Nov 2025)	1.21 Cr	0.00	Other	33.81
- ICICI Bank Ltd.	Private sector bank	48.06	10936.2	14.04%	0.00%	16.15% (Jul 2025)	13.93% (Jun 2025)	78.75 L	0.00	Large Cap	46.59
Axis Bank Ltd.	Private sector bank	48.06	7130.5	9.15%	-0.82%	9.97% (Oct 2025)	8.98% (Dec 2024)	55.72 L	-5.28 L	Large Cap	46.59
State Bank Of India	Public sector bank	10.12	5539.3	7.11%	-0.59%	7.7% (Oct 2025)	4.55% (Dec 2024)	56.58 L	-5.43 L	Large Cap	46.59
SBI Cards and Payment Services Ltd.	Non banking financial company (nbfc)	7.49	3201.2	4.11%	0.19%	4.11% (Nov 2025)	2.66% (Dec 2024)	36.37 L	2.75 L	Other	33.81
Federal Bank Ltd.	Private sector bank	48.06	3199.7	4.11%	0.22%	4.11% (Nov 2025)	2.09% (Apr 2025)	1.24 Cr	0.00	Mid Cap	12.54
SBI Life Insurance Co Ltd.	Life insurance	8.67	2890.4	3.71%	-0.10%	4.35% (Aug 2025)	2.88% (Dec 2024)	14.70 L	0.00	Large Cap	46.59
Bajaj Finserv Ltd	Holding company	3.43	2671.5	3.43%	-0.10%	3.53% (Oct 2025)	2.28% (Dec 2024)	12.76 L	0.00	Other	33.81
Bank Of Baroda	Public sector bank	10.12	2345.5	3.01%	0.02%	3.01% (Nov 2025)	0% (Dec 2024)	80.94 L	0.00	Large Cap	46.59
Kotak Mahindra Bank Ltd.	Private sector bank	48.06	2155.4	2.77%	0.08%	4.69% (Dec 2024)	2.21% (Jul 2025)	10.15 L	50.00 k	Large Cap	46.59
Max Financial Services Ltd.	Life insurance	8.67	2062.3	2.65%	0.17%	2.78% (Aug 2025)	1.97% (Feb 2025)	12.12 L	0.00	Mid Cap	12.54
Cholamandalam Financial Holdings Ltd.	Investment company	4.63	1965	2.52%	-0.05%	3.11% (Feb 2025)	2.25% (Dec 2024)	10.64 L	51.66 k	Small Cap	4.31
Indusind Bank Ltd.	Private sector bank	48.06	1858	2.38%	0.10%	4.24% (Feb 2025)	2.22% (Sep 2025)	21.64 L	0.00	Large Cap	46.59
L&T Finance Holdings Ltd.	Investment company	4.63	1645.8	2.11%	0.22%	2.11% (Nov 2025)	0% (Dec 2024)	52.69 L	0.00	Mid Cap	12.54
Bajaj Finance Ltd.	Non banking financial company (nbfc)	7.49	1399.2	1.80%	-0.60%	2.8% (Feb 2025)	1.8% (Nov 2025)	13.49 L	-3.88 L	Other	33.81
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.79	1391.2	1.79%	0.10%	1.79% (Nov 2025)	1.12% (Feb 2025)	1.38 L	0.00	Small Cap	4.31
Equitas Small Finance Bank Ltd.	Other bank	3.5	1382.9	1.77%	0.14%	1.93% (Jun 2025)	1.21% (Mar 2025)	2.16 Cr	0.00	Other	33.81
Au Small Finance Bank Ltd.	Other bank	3.5	1350.7	1.73%	0.08%	2.33% (Apr 2025)	1.44% (Sep 2025)	14.14 L	0.00	Mid Cap	12.54
UTI Asset Management Co. Pvt. Ltd.	Asset management company	2.82	1303.1	1.67%	-0.22%	2.44% (Dec 2024)	1.67% (Apr 2025)	11.42 L	0.00	Other	33.81
HDFC Life Insurance Company Ltd.	Life insurance	8.67	1241.7	1.59%	0.01%	1.96% (Aug 2025)	1.55% (Dec 2024)	16.25 L	0.00	Large Cap	46.59
Angel One Ltd.	Stockbroking & allied	1.53	1193.4	1.53%	0.07%	1.87% (May 2025)	1.13% (Dec 2024)	4.41 L	0.00	Other	33.81
KFIN Technologies Ltd.	Financial technology (fintech)	2.62	1032.7	1.33%	-0.09%	1.61% (Mar 2025)	1.1% (May 2025)	9.78 L	0.00	Other	33.81
HDFC Asset Management Co. Ltd.	Asset management company	2.82	899.4	1.15%	-0.05%	1.39% (Aug 2025)	0% (Dec 2024)	3.36 L	1.68 L	Large Cap	46.59
ICICI Lombard General Insurance Co Ltd.	General insurance	0.96	751.5	0.96%	-0.05%	1.14% (Jan 2025)	0.96% (Nov 2025)	3.81 L	0.00	Large Cap	46.59
One 97 Communications Ltd.	Financial technology (fintech)	2.62	685	0.88%	-0.02%	1.71% (Dec 2024)	0.88% (Nov 2025)	5.19 L	0.00	Other	33.81
PNB Housing Finance Ltd.	Housing finance company	1.63	657.4	0.84%	-0.05%	0.89% (Oct 2025)	0% (Dec 2024)	7.26 L	0.00	Mid Cap	12.54
Aavas Financiers Ltd.	Housing finance company	1.63	618.8	0.79%	-0.09%	1.41% (Mar 2025)	0.79% (Nov 2025)	4.00 L	0.00	Mid Cap	12.54
ICICI Prudential Life Insurance Co Ltd.	Life insurance	8.67	563	0.72%	0.01%	0.8% (Jun 2025)	0% (Dec 2024)	9.08 L	0.00	Large Cap	46.59
# Piramal Finance Ltd.	Non banking financial company (nbfc)	7.49	542.7	0.70%	0.70%	0.7% (Nov 2025)	0% (Dec 2024)	3.50 L	3.50 L	Other	33.81
HDB Financial Services Ltd.	Non banking financial company (nbfc)	7.49	443.5	0.57%	0.01%	0.64% (Aug 2025)	0% (Dec 2024)	5.78 L	0.00	Other	33.81
Seshaasai Technologies Ltd.	Financial technology (fintech)	2.62	320.9	0.41%	-0.12%	0.57% (Sep 2025)	0% (Dec 2024)	10.74 L	0.00	Other	33.81
# Sundaram Finance Limited	Non banking financial company (nbfc)	7.49	242.3	0.31%	0.31%	0.31% (Nov 2025)	0% (Dec 2024)	51.24 k	51.24 k	Mid Cap	12.54

- 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
# Sundaram Finance Limited	Non banking financial company (nbfc)	242.3	0.31%	0.31%	0.31% (Nov 2025)	0% (Dec 2024)	51.24 k	51236
# Piramal Finance Ltd.	Non banking financial company (nbfc)	542.7	0.70%	0.70%	0.7% (Nov 2025)	0% (Dec 2024)	3.50 L	350398

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.	15.61%	15.80%	15.97%	16.92%	17.37%	17.68%	20.01%	20.90%	21.06%	21.38%	21.05%	21.77%	21.97%
ICICI Bank Ltd.	14.04%	14.04%	14.77%	15.75%	16.15%	13.93%	14.97%	15.19%	15.23%	15.55%	15.93%	16.15%	16.32%
Axis Bank Ltd.	9.15%	9.97%	9.61%	9.12%	9.02%	9.29%	9.66%	9.87%	9.74%	9.61%	9.19%	8.98%	8.18%
State Bank Of India	7.11%	7.70%	7.53%	7.00%	6.72%	5.31%	5.50%	5.49%	5.70%	5.01%	5.54%	4.55%	4.78%
SBI Life Insurance Co Ltd.	3.71%	3.81%	3.66%	4.35%	4.29%	4.14%	4.11%	3.30%	3.07%	3.03%	3.10%	2.88%	2.96%
SBI Cards and Payment Services Ltd.	4.11%	3.92%	3.62%	3.41%	3.04%	3.46%	3.50%	3.41%	3.65%	3.72%	3.40%	2.66%	2.80%
Bajaj Finserv Ltd	3.43%	3.53%	3.20%	3.14%	3.09%	3.15%	3.23%	3.21%	3.50%	3.50%	3.20%	2.28%	2.29%
Kotak Mahindra Bank Ltd.	2.77%	2.69%	2.68%	2.26%	2.21%	2.33%	2.33%	3.03%	3.16%	3.28%	4.61%	4.69%	4.62%
Indusind Bank Ltd.	2.38%	2.28%	2.22%	2.29%	2.95%	3.20%	3.13%	3.30%	2.60%	4.24%	4.18%	4.02%	3.83%
Federal Bank Ltd.	4.11%	3.89%	3.33%	3.13%	2.92%	2.68%	2.09%	2.09%	2.17%	2.15%	2.23%	2.95%	3.70%
Cholamandalam Financial Holdings Ltd.	2.52%	2.57%	2.66%	2.50%	2.65%	2.93%	2.77%	2.84%	3.10%	3.11%	2.83%	2.25%	2.58%
Bank Of Baroda	3.01%	2.99%	2.91%	2.70%	2.67%	2.69%	2.30%	1.47%	-	-	-	-	-
Bajaj Finance Ltd.	1.80%	2.40%	2.41%	2.43%	2.45%	2.51%	2.58%	2.49%	2.74%	2.80%	2.54%	2.18%	2.10%
Max Financial Services Ltd.	2.65%	2.48%	2.66%	2.78%	2.52%	2.67%	2.54%	2.27%	2.12%	1.97%	2.17%	2.15%	2.18%
UTI Asset Management Co. Pvt. Ltd.	1.67%	1.89%	2.07%	2.11%	2.10%	1.97%	1.90%	1.67%	1.84%	1.75%	1.90%	2.44%	2.35%