HDFC Retirement Savings Fund

Hybrid

India Debt Medium Duration

Others

Aggressive growth Investor Profile

Investor Profile

4–7 yearsInvestment Horizon

HNI, UHNI, Retail Investor, Mass AffluentTarget Segments

SEBI registered equity mutual fund suitable for all investor categoriesRegulatory Fit

Hdfc Retirement Savings Fund - Equity Plan invests mainly in stocks for long-term wealth growth.

What This Strategy Does

HDFC Retirement Savings Equity Reg is an equity fund which captures India's ₹200+ trillion retirement savings opportunity through a multi-cap portfolio construction, deploying capital across financials, industrials, and technology to achieve broad-based earnings growth.

CW Expert Research Notes

Consistent Outperformance

The fund has demonstrated resilient benchmark-relative behavior, outperforming in 10 of the past 12 years, highlighting its ability to deliver consistent earnings participation across market cycles.

Differentiated Construction

The fund's distinct overweight in financials and industrials, coupled with an underweight in energy and basic materials relative to peers, reflects a differentiated investment process that expresses conviction through sector positioning.

Defensive Characteristics

With a beta of 0.86 and a sharpe ratio of 0.59, the fund exhibits defensive qualities that could provide downside protection and mitigate portfolio risk during periods of heightened market volatility.

Performance and Risk Analysis

Historical returns, volatility patterns, and how this fund has performed relative to its benchmark.

Fund Performance

0.0% AnnuallyAlpha

+12.6% vs +9.9% benchmarkSince Inception

+8.2% vs +6.3% benchmark3Y Annualized

+11.3% vs +6.5% benchmark5Y Annualized

HDFC Retirement Savings Fund

Benchmark Index

Benchmark Performance Comparison

Hdfc Retirement Savings Fund

NIFTY 50 + FD Returns

Risk Profile

Standard Deviation15.3%

Maximum Drawdown-15.2% | Oct 2024

Sharpe Ratio-0.67

Detailed Risks

Market Risk

Potential recession in India could dampen consumer demand, impacting fund's cyclical exposure.

Liquidity Risk

High mid-cap allocation could face liquidity stress during volatility spikes.

Concentration Risk

Concentrated sector bets could magnify drawdowns if regulatory risks materialize.

Specific Strategy Risk

Competitive pressures or policy changes could disrupt key retirement savings drivers.

Strategy Details

A closer look at the investment thesis, portfolio construction, and current holdings.

Core Investment Theme

Provides exposure to India's most resilient businesses across market cycles. These market leaders typically reinvest cash flows into sustainable competitive advantages, translating into steady wealth creation without dramatic volatility.

Broader Market View

Market Outlook

Equity markets appear to be entering a mid-cycle phase, with an attractive entry point supported by consumption recovery, earnings normalization, and capex revival. While risks such as margin pressures remain, the fund's tilt towards consumer, financial services, and technology positions it to capitalize on these macro drivers.

Why This Strategy is Attractive Now

The strategy seems well-positioned for the current environment with exposure to market leaders across consumer cyclicals, financials, and technology. Its balanced approach, with around 70 holdings and moderate risk metrics, aligns with a mid-cycle, risk-adjusted positioning. The diversification stands to benefit from multiple return drivers.

Investment Style & Process

Investment Style

The portfolio exhibits characteristics of a Quality Growth strategy, emphasizing companies with durable competitive advantages, consistent earnings growth, and reasonable valuations relative to their long-term potential.

Why it Makes Sense

In the current environment of moderating economic growth and elevated uncertainty, a Quality Growth approach can provide exposure to companies with resilient business models, pricing power, and the ability to compound earnings through cycles.

High-Level Investment Process

Sourcing: The strategy appears to focus on companies with sustainable competitive advantages, strong balance sheets, and attractive growth runways, sourced through rigorous fundamental research and industry expertise. Selection: The selection process suggests a preference for companies with durable pricing power, high returns on capital, and the ability to reinvest cash flows at attractive rates, while maintaining valuation discipline. Construction: Portfolio construction is consistent with a focus on risk management through diversification across sectors and market capitalization segments, while allowing high-conviction ideas to emerge as significant holdings.

Portfolio Holdings Overview

SectoralAllocation

Financial Services33.32%

Technology8.78%

Services10.77%

Capital Goods19.87%

Utilities4.45%

Consumers14.93%

Energy & Infra7.89%

Geographic Allocation

Domestic100%

Top Stock Holdings

CompanySectorAllocation

HDFC Bank LtdFinancial Services6.88%

ICICI Bank LtdFinancial Services6.57%

Reliance Industries LtdEnergy & Infra5.31%

Axis Bank LtdFinancial Services4.52%

Treps - Tri-Party RepoUtilities4.10%

Kotak Mahindra Bank LtdFinancial Services3.98%

State Bank of IndiaFinancial Services3.17%

Maruti Suzuki India LtdConsumers3.13%

Infosys LtdTechnology2.81%

Bharti Airtel LtdServices2.80%

Fund House Management

The asset management company’s track record, AUM scale, and fund manager credentials.

Fund Manager Track Record

Nandita Menezes

Ms. Nandita Menezes has experience of 1 years. Manages 81 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹2,56,735 Cr

91 years

Combined Team Experience

₹ 12,23,810 Cr

Assets Under Management

Arun Agarwal

Co-Portfolio Manager

Mr. Arun Agarwal has experience of 28 years. Manages 108 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹2,56,735 Cr Holds a B.Com degree.

Srinivasan Ramamurthy

Co-Portfolio Manager

Mr. Srinivasan Ramamurthy has experience of 18 years. Manages 67 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹2,40,998 Cr Holds a M.B.A. degree.

Dhruv Muchhal

Co-Portfolio Manager

Mr. Dhruv Muchhal has experience of 13 years. Manages 334 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹4,43,585 Cr Holds a B.Com degree.

Anupam Joshi

Co-Portfolio Manager

Mr. Anupam Joshi has experience of 29 years. Manages 115 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹25,757 Cr Holds a PGDBM degree.

Arun Agarwal

Co-Portfolio Manager

Mr. Arun Agarwal has experience of 28 years. Manages 108 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹2,56,735 Cr Holds a B.Com degree.

Srinivasan Ramamurthy

Co-Portfolio Manager

Mr. Srinivasan Ramamurthy has experience of 18 years. Manages 67 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹2,40,998 Cr Holds a M.B.A. degree.

Dhruv Muchhal

Co-Portfolio Manager

Mr. Dhruv Muchhal has experience of 13 years. Manages 334 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹4,43,585 Cr Holds a B.Com degree.

Anupam Joshi

Co-Portfolio Manager

Mr. Anupam Joshi has experience of 29 years. Manages 115 funds at HDFC Asset Management Co Ltd with an AUM of approximately ₹25,757 Cr Holds a PGDBM degree.

CW Expert Take

HDFC AMC brings institutional rigour to focussed investing. Their strength lies in process consistency, whether managing large-cap equity or credit strategies, they maintain disciplined frameworks that have weathered multiple market cycles. The fund house benefits from deep research capabilities and a stable investment team that translates macro insights into portfolio positioning.

Investment Philosophy & Approach

Disciplined Approach

HDFC AMC follows a disciplined investment approach focused on rigorous research.

Long-Term Perspective

The fund house maintains a long-term perspective in capital allocation decisions.

Risk Management

Robust risk management practices are integral to the investment process.

Operational & Regulatory Details

What it costs to invest, transaction mechanics, and regulatory disclosures you should know.

Costs and Fees

Total Expense Ratio (TER)1.78%

Regulatory & Tax Information

INF179KB1MG8

ISIN

DailyDealing Frequency

LTCG | >1Year 12.5%% on gain above 1.25 Lakh

STCG | <1Year 20%%

Tax Implications (India)