Nippon India Retirement Fund - Wealth Creation Scheme - 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 : 38.00%. 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 : 99.65% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 99.65%

No of Stocks : 71 (Category Avg - 53.86) | Large Cap Investments : 54.11%| Mid Cap Investments : 13.8% | Small Cap Investments : 4.84% | Other : 26.9%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	71	57.78
Top 5 Stock Weight	25.25%	18.04%
Top 10 Stock Weight	39.94%	28.12%
Top 3 Sector Weight	28.11%	20.39%

Category - Retirement Fund

Particulars	This Scheme	Category
Average mcap (Cr)	119211.72	80305.02
Holdings in large cap stocks	54.11%	30.9%
Holdings in mid cap stocks	13.8%	8.92%
Holdings in small cap stocks	4.84%	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	2300.4	7.06%	0.09%	7.41% (Apr 2025)	6.46% (Nov 2024)	23.30 L	0.00
ICICI Bank Ltd.	Private sector bank	2024.7	6.22%	-0.56%	9.15% (Apr 2025)	6.22% (Oct 2025)	15.05 L	-0.95 L
Reliance Industries Ltd.	Refineries & marketing	1523.6	4.68%	0.28%	4.9% (May 2025)	3.7% (Dec 2024)	10.25 L	0.00
State Bank Of India	Public sector bank	1265	3.88%	0.18%	3.88% (Oct 2025)	2.92% (Nov 2024)	13.50 L	0.00
Infosys Ltd.	Computers - software & consulting	1111.7	3.41%	0.01%	5.66% (Jan 2025)	3.4% (Sep 2025)	7.50 L	0.00
Larsen & Toubro Ltd.	Civil construction	1108.5	3.40%	-0.05%	3.46% (May 2025)	3% (Apr 2025)	2.75 L	-0.25 L
Bajaj Finance Ltd.	Non banking financial company (nbfc)	1094.9	3.36%	0.06%	3.36% (Oct 2025)	1.77% (Nov 2024)	10.50 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	922.5	2.83%	0.18%	2.83% (Oct 2025)	2.47% (Feb 2025)	4.49 L	0.00
National Thermal Power Corporation Ltd.	Power generation	842.4	2.59%	-0.09%	2.68% (Sep 2025)	2.23% (Dec 2024)	25.00 L	0.00
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	816.1	2.51%	-0.01%	3% (Jan 2025)	1.91% (Nov 2024)	2.34 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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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	16.57	2300.4	7.06%	0.09%	7.41% (Apr 2025)	6.46% (Nov 2024)	23.30 L	0.00	Other	26.9
ICICI Bank Ltd.	Private sector bank	16.57	2024.7	6.22%	-0.56%	9.15% (Apr 2025)	6.22% (Oct 2025)	15.05 L	-0.95 L	Large Cap	54.11
Reliance Industries Ltd.	Refineries & marketing	5.78	1523.6	4.68%	0.28%	4.9% (May 2025)	3.7% (Dec 2024)	10.25 L	0.00	Large Cap	54.11
State Bank Of India	Public sector bank	3.88	1265	3.88%	0.18%	3.88% (Oct 2025)	2.92% (Nov 2024)	13.50 L	0.00	Large Cap	54.11
Infosys Ltd.	Computers - software & consulting	5.76	1111.7	3.41%	0.01%	5.66% (Jan 2025)	3.4% (Sep 2025)	7.50 L	0.00	Large Cap	54.11
Larsen & Toubro Ltd.	Civil construction	4.72	1108.5	3.40%	-0.05%	3.46% (May 2025)	3% (Apr 2025)	2.75 L	-0.25 L	Large Cap	54.11
Bajaj Finance Ltd.	Non banking financial company (nbfc)	3.36	1094.9	3.36%	0.06%	3.36% (Oct 2025)	1.77% (Nov 2024)	10.50 L	0.00	Other	26.9
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.83	922.5	2.83%	0.18%	2.83% (Oct 2025)	2.47% (Feb 2025)	4.49 L	0.00	Large Cap	54.11
National Thermal Power Corporation Ltd.	Power generation	5.26	842.4	2.59%	-0.09%	2.68% (Sep 2025)	2.23% (Dec 2024)	25.00 L	0.00	Large Cap	54.11
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.55	816.1	2.51%	-0.01%	3% (Jan 2025)	1.91% (Nov 2024)	2.34 L	0.00	Large Cap	54.11
Axis Bank Ltd.	Private sector bank	16.57	739.7	2.27%	0.49%	3.44% (Mar 2025)	1.78% (Sep 2025)	6.00 L	1.00 L	Large Cap	54.11
Power Finance Corporation Ltd.	Financial institution	2.23	725.9	2.23%	-0.09%	2.35% (Jun 2025)	1.88% (Dec 2024)	18.00 L	0.00	Mid Cap	13.8
SBI Life Insurance Co Ltd.	Life insurance	2.57	684.5	2.10%	0.13%	2.1% (Oct 2025)	0.85% (Dec 2024)	3.50 L	0.00	Large Cap	54.11
Hindustan Aeronautics Ltd.	Aerospace & defense	2.7	631.8	1.94%	-0.08%	2.11% (May 2025)	0.92% (Feb 2025)	1.35 L	0.00	Other	26.9
Tech Mahindra Ltd.	Computers - software & consulting	5.76	605.4	1.86%	-0.01%	2.19% (Jun 2025)	0% (Nov 2024)	4.25 L	0.00	Large Cap	54.11
Ultratech Cement Ltd.	Cement & cement products	1.83	597.4	1.83%	-0.09%	1.92% (Sep 2025)	1.34% (Nov 2024)	50.00 k	0.00	Large Cap	54.11
Vedanta Ltd.	Diversified metals	1.82	592.3	1.82%	0.06%	1.82% (Oct 2025)	1.01% (Dec 2024)	12.00 L	0.00	Large Cap	54.11
InterGlobe Aviation Ltd.	Airline	1.73	562.5	1.73%	-0.03%	1.84% (Jul 2025)	1.05% (Nov 2024)	1.00 L	0.00	Large Cap	54.11
Hindustan Unilever Ltd.	Diversified fmcg	1.67	542.4	1.67%	-0.07%	1.87% (Nov 2024)	1.12% (Jun 2025)	2.20 L	0.00	Large Cap	54.11
Eternal Ltd.	E-retail/ e-commerce	1.66	540.2	1.66%	-0.08%	1.95% (Dec 2024)	0.9% (May 2025)	17.00 L	0.00	Other	26.9
HDFC Asset Management Co. Ltd.	Asset management company	1.65	537.9	1.65%	-0.09%	1.76% (Jul 2025)	0.63% (Nov 2024)	1.00 L	0.00	Large Cap	54.11
Motherson Sumi Systems Ltd.	Auto components & equipments	1.43	467.3	1.43%	-0.04%	1.95% (Nov 2024)	1.2% (Apr 2025)	44.34 L	0.00	Large Cap	54.11
Cummins India Ltd.	Compressors, pumps & diesel engines	1.4	456.1	1.40%	0.10%	1.52% (Nov 2024)	1.09% (Jun 2025)	1.05 L	0.00	Mid Cap	13.8
Dixon Technologies (India) Ltd.	Consumer electronics	1.38	449.3	1.38%	-0.26%	2.02% (Dec 2024)	1.38% (Oct 2025)	29.00 k	-3.00 k	Other	26.9
NLC India Ltd.	Power generation	5.26	445.9	1.37%	-0.16%	1.53% (Sep 2025)	1.08% (Jan 2025)	17.00 L	0.00	Small Cap	4.84
J S W Energy Ltd.	Power generation	5.26	422	1.30%	-0.04%	1.34% (Sep 2025)	0% (Nov 2024)	8.00 L	0.00	Mid Cap	13.8
Titan Company Ltd.	Gems, jewellery and watches	1.27	412.1	1.27%	0.26%	1.41% (Jan 2025)	0.99% (Jul 2025)	1.10 L	15.00 k	Large Cap	54.11
Crompton Greaves Consumer Electricals Ltd.	Household appliances	1.8	395.8	1.21%	-0.07%	1.55% (May 2025)	0.78% (Jan 2025)	14.00 L	0.00	Mid Cap	13.8
United Spirits Ltd.	Breweries & distilleries	1.91	393.6	1.21%	0.29%	1.65% (Apr 2025)	0.92% (Sep 2025)	2.75 L	55.00 k	Large Cap	54.11
Brigade Enterprises Ltd.	Residential, commercial projects	1.11	363.2	1.11%	0.12%	1.33% (Jan 2025)	0.99% (Sep 2025)	3.50 L	0.00	Small Cap	4.84
Bharat Petroleum Corporation Ltd.	Refineries & marketing	5.78	356.8	1.10%	0.03%	1.74% (Jul 2025)	0% (Nov 2024)	10.00 L	0.00	Large Cap	54.11
Kaynes Technology India Private Ltd.	Industrial products	1.99	355	1.09%	-0.08%	1.65% (Nov 2024)	0.55% (Apr 2025)	52.96 k	0.00	Other	26.9
- Lupin Ltd.	Pharmaceuticals	4.06	353.4	1.08%	0.00%	1.24% (Feb 2025)	0.77% (Nov 2024)	1.80 L	0.00	Large Cap	54.11
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	3.55	338.9	1.04%	-0.09%	1.13% (Sep 2025)	0% (Nov 2024)	1.39 L	0.00	Other	26.9
Federal Bank Ltd.	Private sector bank	16.57	331.3	1.02%	0.17%	1.52% (Nov 2024)	0.85% (Sep 2025)	14.00 L	0.00	Mid Cap	13.8
Page Industries Ltd.	Garments & apparels	1.01	329.6	1.01%	0.05%	1.14% (Jul 2025)	0% (Nov 2024)	8.00 k	500.00	Mid Cap	13.8
Hindalco Industries Ltd.	Aluminium	0.91	296.8	0.91%	0.07%	1.57% (Mar 2025)	0.74% (Jul 2025)	3.50 L	0.00	Large Cap	54.11
Cyient DLM Ltd.	Industrial products	1.99	292.4	0.90%	0.04%	1.47% (Nov 2024)	0.86% (Sep 2025)	6.47 L	0.00	Other	26.9
Eicher Motors Ltd.	2/3 wheelers	1.62	280.3	0.86%	-0.02%	1.43% (Apr 2025)	0% (Nov 2024)	40.00 k	0.00	Other	26.9
Apollo Hospitals Enterprises Ltd.	Hospital	0.83	268.8	0.83%	0.01%	0.85% (Aug 2025)	0% (Nov 2024)	35.00 k	0.00	Mid Cap	13.8
- Mishra Dhatu Nigam Ltd.	Aerospace & defense	2.7	247.4	0.76%	0.00%	0.85% (Jun 2025)	0.55% (Feb 2025)	6.42 L	0.00	Small Cap	4.84
K.P.R. Mill Ltd.	Other textile products	0.76	246	0.76%	-0.01%	0.81% (Jul 2025)	0.65% (Feb 2025)	2.30 L	0.00	Other	26.9
TVS Motor Company Ltd.	2/3 wheelers	1.62	245.6	0.75%	-0.01%	0.76% (Sep 2025)	0% (Nov 2024)	70.00 k	0.00	Mid Cap	13.8
J S W Steel Ltd.	Iron & steel products	0.74	241.2	0.74%	0.02%	0.96% (Apr 2025)	0% (Nov 2024)	2.00 L	0.00	Large Cap	54.11
Britannia Industries Ltd.	Packaged foods	0.72	233.5	0.72%	-0.03%	0.75% (Sep 2025)	0% (Nov 2024)	40.00 k	0.00	Large Cap	54.11
Abbott India Ltd.	Pharmaceuticals	4.06	232	0.71%	-0.03%	0.96% (Feb 2025)	0.71% (Oct 2025)	8.00 k	0.00	Mid Cap	13.8
United Breweries Ltd.	Breweries & distilleries	1.91	227.1	0.70%	-0.02%	0.87% (Apr 2025)	0.47% (Nov 2024)	1.26 L	0.00	Large Cap	54.11
- SRF Ltd.	Specialty chemicals	0.67	219.8	0.67%	0.00%	0.74% (Jun 2025)	0% (Nov 2024)	75.00 k	0.00	Mid Cap	13.8
Gland Pharma Ltd.	Pharmaceuticals	4.06	211.8	0.65%	-0.04%	0.71% (Jul 2025)	0.49% (Apr 2025)	1.10 L	0.00	Other	26.9
Schneider Electric Infrastructure Ltd.	Heavy electrical equipment	0.64	209.1	0.64%	-0.01%	0.78% (Jul 2025)	0% (Nov 2024)	2.50 L	0.00	Small Cap	4.84
Indian Hotels Company Limited	Hotels & resorts	1.15	200.3	0.61%	0.11%	0.61% (Oct 2025)	0% (Nov 2024)	2.70 L	50.00 k	Mid Cap	13.8
- Vikram Solar Ltd.	Other electrical equipment	0.6	196.6	0.60%	0.00%	0.65% (Aug 2025)	0% (Nov 2024)	6.03 L	0.00	Other	26.9
One 97 Communications Ltd.	Financial technology (fintech)	0.6	195.5	0.60%	0.07%	0.68% (Jul 2025)	0% (Nov 2024)	1.50 L	0.00	Other	26.9
Ellenbarrie Industrial Gases Ltd.	Industrial gases	0.6	194.4	0.60%	0.16%	0.6% (Oct 2025)	0% (Nov 2024)	4.20 L	1.22 L	Other	26.9
Blue Star Ltd.	Household appliances	1.8	193.7	0.59%	-0.12%	0.8% (Apr 2025)	0% (Nov 2024)	1.00 L	-0.20 L	Small Cap	4.84
Ipca Laboratories Ltd.	Pharmaceuticals	4.06	190.7	0.59%	-0.04%	0.74% (Mar 2025)	0.59% (Oct 2025)	1.50 L	0.00	Other	26.9
- Delhivery Ltd.	Logistics solution provider	0.57	186.4	0.57%	0.00%	0.63% (Jun 2025)	0% (Nov 2024)	4.00 L	0.00	Other	26.9
Gillette India Ltd.	Personal care	1.04	177.4	0.54%	-0.05%	0.59% (Sep 2025)	0% (Nov 2024)	19.67 k	0.00	Mid Cap	13.8
EIH Ltd	Hotels & resorts	1.15	175.4	0.54%	0.03%	1.6% (Dec 2024)	0.51% (Sep 2025)	4.50 L	0.00	Mid Cap	13.8
- Emcure Pharmaceuticals Ltd.	Pharmaceuticals	4.06	169.7	0.52%	0.00%	0.87% (Dec 2024)	0.51% (Jun 2025)	1.29 L	0.00	Other	26.9
ISGEC Heavy Engineering Ltd.	Civil construction	4.72	165.3	0.51%	-0.01%	0.88% (Dec 2024)	0.51% (Oct 2025)	1.88 L	0.00	Other	26.9
- Alkem Laboratories Ltd.	Pharmaceuticals	4.06	165.2	0.51%	0.00%	0.75% (Dec 2024)	0.45% (Jun 2025)	30.00 k	0.00	Mid Cap	13.8
Marico Ltd.	Personal care	1.04	162	0.50%	0.01%	0.91% (Apr 2025)	0% (Nov 2024)	2.25 L	0.00	Large Cap	54.11
Coforge Ltd.	Computers - software & consulting	5.76	160	0.49%	0.04%	0.49% (Oct 2025)	0% (Nov 2024)	90.00 k	0.00	Other	26.9
Sharda Motor Industries Ltd.	Auto ancillaries	0.48	157.4	0.48%	-0.02%	0.5% (Sep 2025)	0% (Nov 2024)	1.52 L	0.00	Other	26.9
Max Financial Services Ltd.	Life insurance	2.57	154.7	0.47%	-0.03%	0.51% (Aug 2025)	0% (Nov 2024)	1.00 L	0.00	Mid Cap	13.8
Afcons Infrastructure Ltd.	Civil construction	4.72	143.2	0.44%	-0.02%	0.46% (Sep 2025)	0% (Nov 2024)	3.20 L	-0.36 k	Other	26.9
Bajel Projects Ltd.	Power - transmission	0.42	136.4	0.42%	-0.03%	0.55% (Dec 2024)	0.36% (Mar 2025)	7.13 L	0.00	Other	26.9
Ion Exchange (india) Ltd.	Civil construction	4.72	120.1	0.37%	-0.01%	0.6% (Dec 2024)	0.37% (Oct 2025)	3.00 L	0.00	Other	26.9
PVR Inox Ltd.	Film production, distribution & exhibition	0.37	120.7	0.37%	0.03%	0.92% (Nov 2024)	0.34% (Sep 2025)	1.00 L	0.00	Small Cap	4.84
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.62	2.8	0.01%	0.00%	0% (Nov 2025)	0% (Nov 2025)	2.80 L	0.00	Other	26.9
Tata Consultancy Services Ltd.	Computers - software & consulting	5.76	144.4	0.00%	-0.45%	-	-	-	-	Large Cap	54.11

- 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
No new entrants in the portfolio in the last month.

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
Tata Consultancy Services Ltd.	Computers - software & consulting	144.4	0.00%	-0.45%	3.71% (Nov 2024)	0% (Nov 2024)	0.00	-50000

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
ICICI Bank Ltd.	6.22%	6.78%	7.11%	7.71%	7.72%	8.45%	9.15%	8.86%	8.45%	8.11%	7.80%	7.79%	7.86%
HDFC Bank Ltd.	7.06%	6.97%	7.05%	7.31%	7.12%	7.32%	7.41%	7.21%	7.30%	6.60%	6.47%	6.46%	6.33%
Reliance Industries Ltd.	4.68%	4.40%	4.42%	4.43%	4.81%	4.90%	4.84%	4.19%	4.21%	4.10%	3.70%	3.87%	4.05%
Infosys Ltd.	3.41%	3.40%	3.51%	3.52%	3.67%	3.67%	3.85%	4.80%	5.51%	5.66%	4.72%	4.59%	4.41%
State Bank Of India	3.88%	3.70%	3.45%	3.34%	3.38%	3.44%	3.41%	3.42%	3.26%	3.38%	3.02%	2.92%	2.89%
Larsen & Toubro Ltd.	3.40%	3.45%	3.44%	3.39%	3.36%	3.46%	3.00%	3.21%	3.11%	3.23%	3.07%	3.13%	3.08%
Axis Bank Ltd.	2.27%	1.78%	1.83%	1.99%	2.93%	3.18%	3.23%	3.44%	3.39%	3.03%	3.08%	3.07%	3.17%
Bajaj Finance Ltd.	3.36%	3.30%	2.93%	2.88%	2.86%	2.88%	2.77%	3.23%	3.29%	2.81%	2.08%	1.77%	1.89%
Bharti Airtel Ltd.	2.83%	2.65%	2.70%	2.67%	2.75%	2.61%	2.68%	2.56%	2.47%	2.76%	2.54%	2.56%	2.33%
National Thermal Power Corporation Ltd.	2.59%	2.68%	2.60%	2.60%	2.56%	2.41%	2.61%	2.58%	2.40%	2.31%	2.23%	2.40%	2.73%
Mahindra & Mahindra Ltd.	2.51%	2.52%	2.38%	2.33%	2.27%	2.18%	2.20%	2.05%	2.12%	3.00%	2.38%	1.91%	1.66%
Power Finance Corporation Ltd.	2.23%	2.32%	2.17%	2.29%	2.35%	2.16%	2.22%	2.31%	2.05%	2.19%	1.88%	1.93%	1.52%
Eternal Ltd.	1.66%	1.74%	1.70%	1.63%	0.97%	0.90%	2.16%	2.38%	-	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	1.79%	1.64%	1.95%	1.93%	1.69%
Tata Consultancy Services Ltd.	-	0.45%	0.49%	0.47%	0.53%	1.30%	1.33%	1.54%	1.96%	2.53%	3.61%	3.71%	3.50%
SBI Life Insurance Co Ltd.	2.10%	1.97%	2.01%	2.00%	1.96%	1.99%	1.98%	1.78%	1.76%	1.44%	0.85%	1.19%	1.36%