Fundalysisby DARKHORSESTOCKS

Scheme

HDFC Retirement Fund Equity Plan

Holds 72 companies worth ₹6,242 Cr in Sept 2026.

  • Fund house

    HDFCThe fund house that runs this scheme.

  • AUM

    ₹6,645 CrHDFC Retirement Fund Equity Plan's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 5.0% on Aug 2026, ₹6,998 Cr.

  • Largest holding

    ICICI BankICICI Bank is 7.4% of this scheme's NAV.

  • Fund manager

    Anupam JoshiRuns it since 7 Mar 2026, as the fund house dates it. With Chirag Setalvad (fund manager), Arun Agarwal (arbitrage), Nandita Menezes (arbitrage), Gopal Agrawal (overseas).

Overview(14 Sept 2026)

Fund managers5

  1. Anupam JoshiFund manager, debt · Mar 2026 · 25y · PGDM
  2. Chirag SetalvadFund manager, equity · Sept 2026 · 29y
  3. Arun AgarwalArbitrage · Apr 2025 · 25y · CA B.Com
  4. Nandita MenezesArbitrage · Apr 2025
  5. Gopal AgrawalOverseas · Sept 2026 · 21y · B.E.
  1. Dhruv MuchhalJun 2023 – Sept 2026

Key facts

Benchmark
NIFTY 500 Index (Total Returns Index)
Risk
Very High
Expense
Regular 1.88% · Direct 0.92%
Exit load
Fresh investments by investors including SIP / STP registrations, etc effective June 2, 2018: Exit Load (Upon completion of lock-in period): Nil Existing investments by investors including SIP / STP registrations, etc until June 1, 2018: Exit Load (Upon completion of lock-in period of 5 years) In respect of each purchase/switch-in of units offered under the respective Investment Plan(s) • An Exit Load of 1% is payable if Units are redeemed/ switched-out before completion of 60 years of age • No Exit Load is payable if Units are redeemed / switched-out on or after attainment of 60 years of age.
Started
25 Feb 2016
Minimum
₹100

Source.Its Scheme Summary Document as of 14 Sept 2026 at AMFI.

What changed(25 changes)

Sept 2026

6 changes
  1. Expense ratio
    14 SeptRegular 1.89% → 1.88%Direct 0.94% → 0.92%
  2. Renamed
    14 SeptHDFC Retirement Savings Fund - Equity Plan → HDFC Retirement Fund - Equity Plan
  3. Chirag Setalvad joined
    11 Septas fund manager (equity)
  4. Gopal Agrawal joined
    11 Septfor overseas investments
  5. Dhruv Muchhal left
    11 Septran it for overseas investments from Jun 2023
  6. Srinivasan Ramamurthy left
    11 Septran it as fund manager (equity) from Dec 2021

Aug 2026

1 change
  1. Expense ratio
    13 AugRegular 1.9% → 1.89%Direct 0.96% → 0.94%

Jul 2026

1 change
  1. Expense ratio
    14 JulRegular 1.8% → 1.9%Direct 0.87% → 0.96%

Source.Its filings at NSE, since Sept 2024.

Fund managers over time(Feb 2016 – now)

  1. Anupam Joshi
  2. Chirag Setalvad
  3. Arun Agarwal
  4. Nandita Menezes
  5. Gopal Agrawal
  6. Dhruv Muchhal
  7. Srinivasan Ramamurthy
  8. Shobhit Mehrotra
MainCoSlice20172019202120232025
Fig. 1.Who ran it when: each manager from the date the fund house gives, or the first document listing them where it gives none, to when they left. A slice is part of it: overseas, gold and silver, or arbitrage.

Costs(Sept 2024 – Sept 2026)

Every change to the expense ratio, newest first.
16 changesRegularDirectΔ pt
14 Sept 20261.88%0.92%0.02
13 Aug 20261.89%0.94%0.02
14 Jul 20261.90%0.96%0.09
11 Jun 20261.80%0.87%0.01
12 May 20261.83%0.86%0.06
12 Apr 20261.78%0.80%0.01
11 Mar 20261.77%0.79%0.08
14 Oct 20251.76%0.71%0.03
13 Jun 20251.77%0.74%0.04
12 May 20251.78%0.78%0.16
27 Mar 20251.79%0.94%0.13
12 Feb 20251.79%0.81%0.06
1 Jan 20251.77%0.75%0.05
13 Dec 20241.77%0.70%0.01
14 Nov 20241.78%0.71%0.05
15 Sept 20241.77%0.66%–
Direct plan, 14 Sept 2026
0.92%
Regular plan 1.88% · Exit load Fresh investments by investors including SIP / STP registrations, etc effective June 2, 2018: Exit Load (Upon completion of lock-in period): Nil Existing investments by investors including SIP / STP registrations, etc until June 1, 2018: Exit Load (Upon completion of lock-in period of 5 years) In respect of each purchase/switch-in of units offered under the respective Investment Plan(s) • An Exit Load of 1% is payable if Units are redeemed/ switched-out before completion of 60 years of age • No Exit Load is payable if Units are redeemed / switched-out on or after attainment of 60 years of age.
Fig. 1.Total expense ratio a year, each plan's, as its Scheme Summary Documents state it, filing by filing at NSE. A change holds until the next.

Objective and risk(14 Sept 2026)

Objective

The investment objective of the Investment Plans under the Scheme is to provide long-term capital appreciation / income by investing in a mix of equity and debt instruments to help investors meet their retirement goals.There is no assurance that the investment objective of the Scheme will be achieved.

Risk, type and benchmark

Riskometer
Very High
At launch
Moderately High
Type
An open ended retirement solution oriented scheme having a lock-in of 5 years or till retirement age (whichever is earlier)
Benchmark
NIFTY 500 Index (Total Returns Index)

Asset allocation it may hold% of NAV

  1. Equity and Equity related Instruments
    Allowed80–100%
  2. Debt Securities (including securitised debt) and money market instruments
    Allowed0–20%Holds6.1%
  3. Units issued by InvITs
    Allowed0–10%Holds0.0%
  4. Non-convertible preference shares
    Allowed0–10%

Holds in Sept 2026.93.9% equity · 6.1% debt and cash

How to invest(14 Sept 2026)

Buying

To start
₹100, then any amount
To add
₹100, then any amount
Systematic
For Systematic Investmet Plan (SIP) Daily, Weekly, Monthly, Quarterly, Half Yearly and Yearly For Systematic Withdrawal Advantage Plan (SWAP) Fixed SWAP - Monthly, Quarterly, Half Yearly, Yearly Variable SWAP - Quarterly, Half Yearly, Yearly For Sytematic Transfer Plan (STP) Fixed Systematic Transfer Plan (FSTP) - Daily, Weekly, Monthly, Quarterly Capital Appreciation Systematic Transfer Plan (CASTP) - Monthly, Quarterly
Dates
SIP: For Daily SIP- All Business Days For Weekly SIP- Any business day between Monday to Friday, (Default date is Wednesday) For all other frequnecies - Any date fo the month. If it happens to be a non-Business Day, SIP will be processed on the next Business Day (Default date = 10th of the month) SWP: For Fixed and Variable SWP- Any date. Default Date: 25th STP For Daily FSTP- All Business days For Weekly FSTP-Monday,Tuesday,Wednesday,Thursday,Friday (Default Day) For Monthly FSTP and CASTP - 1,5,10#,15,20,25 For Quarterly FSTP and CASTP - 1,5,10#,15,20,25 #Default Date
Minimum
For SIP DSIP, WSIP, MSIP - Rs. 100; QSIP - Rs. 1500; HSIP - Rs. 2500; YSIP - Rs. 5000. For SWAP Fixed SWAP - Rs. 100; Variable SWAP - Rs. 300. For STP Fixed STP (FSTP) Daily FSTP - Rs. 500; Weekly FSTP - Rs. 500; Monthly FSTP - Rs. 1000; Quarterly FSTP -Rs. 3000. Capital Appreciation STP (CASTP) Monthly CASTP - Rs. 300; Quarterly CASTP - Rs 1000., then for SIP and SWAP Re. 1/- thereafter; For STP FSTP Daily, Monthly, Quarterly FSTP - Rs. 100 thereafter Weekly FSTP - any amount thereafter CASTP Mulitples will be based on the appreciated amount
Instalments
SIP: Minimum number of installments under DSIP- 2 Minimum number of Installments under WSIP and MSIP : - In respect of each SIP Installment between Rs.300 to Rs.499 in value - 20 - In respect of each SIP Installment between Rs.500 to Rs.999 in value - 12. In respect of each SIP Installment equal to or greater than Rs 1,000 in value - 6 Minimum number of installments under QSIP : - In respect of each SIP Installment between Rs.1,500 to Rs.2,999 in value- 4; In respect of each SIP Installment equal to or greater than Rs. 3,000 in value- 2 Minimum number of installments under HYSIP: - In respect of each SIP Installment equal to or greater than Rs. 2,500 in value- 2 Minimum number of installments under YSIP: - In respect of each SIP Installment equal to or greater than Rs. 5,000 in value- 1 SWP: For Fixed and Variable SWP- 2 STP: Under Daily FSTP: -where installment amount is less than Rs. 1,000 : 12 - where installment amount is equal to or greater than Rs. 1,000: 6 Under Weekly STP : - Where installment amount is less than Rs. 1,000: 12 installments - Where installment amount is equal to or greater than Rs. 1,000: 6 installments However, for weekly STP in equity linked savings schemes, there should be a minimum of 6 installments for enrollment. Under Monthly FSTP & Monthly CASTP : - Minimum 6 installments, Under Quarterly FSTP & Quarterly CASTP : - Minimum 2 installments. Further, the minimum balance in the Unit holders account or the minimum amount of application at the time of enrolment for STP in the Transferor Scheme should be Rs. 12,000. There will be no maximum duration for STP enrolment.

Selling and switching

To redeem
Rs.100 and and multiples of Rs.1 thereafter or No minimum redemption criterion for Unit based redemption units
Minimum balance
There is no minimum balance amount requirement. or There is no minimum balance amount in units requirement. units
Switch minimum
Switch - in: Rs.100 and any amount thereafter. Additional Amount:. Rs. 100 Switch-out :Rs. 100 and multiples of Rs. 1/- thereafter
Switch multiples
Any amount
Switch most
Switch in: Not Applicable Switch out: Not applicable. or Switch in: Not Applicable. Switch out: Not applicable. units

Scheme details(14 Sept 2026)

What it is

Category
Retirement Fund
Offer
5 Feb 2016 to 19 Feb 2016
Started
25 Feb 2016
Plans
Regular Plan and Direct Plan offered under the Plan shall have Growth Option only.
Face value
₹10
Listed
No

How it is run

Swing pricing
No
Side-pocketing
No
Custodian
The Hongkong and Shanghai Banking Corporation Limited
Auditor
S.R. Batliboi & Co. LLP – Chartered Accountants
Registrar
Computer Age Management Services Limited
SEBI code
HDFC/O/S/RET/15/08/0024