HDFC Retirement Fund-Hybrid-Equity Direct Growth Plan Review 2026: NAV, Returns, Portfolio & Should You Invest?

HDFC Retirement Fund-Hybrid-Equity Plan Direct Growth Plan has a current NAV of ₹41.988 as of 10 Sep 2026 and an AUM of ₹1,603 Cr. Its 1-year, 3-year and 5-year returns are -4.08%, 7.04% and 9.24%, respectively, and the scheme carries a High Risk label.

Our view is that this is a long-horizon retirement-oriented hybrid equity fund with meaningful equity exposure, but its near-term performance has been uneven. The 5-year return is steadier than the 1-year result, while the portfolio’s larger positions in banks and cash equivalents suggest a mix that may cushion some volatility without removing equity-market risk.

Quick facts

Particular	Details
NAV	₹41.988 as of 10 Sep 2026
AUM	₹1,603 Cr
Expense Ratio	0.93%
Launch Date	25 Feb 2016
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Solution Oriented
Exit Load	NIL – Upon completion of Lock-in Period
Fund Managers	Chirag Setalvad, Anupam Joshi, Nandita Menezes, Arun Agarwal

The fund is managed by Chirag Setalvad, Anupam Joshi, Nandita Menezes and Arun Agarwal.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.25%	-4.06%
3M	1.78%	1.37%
1Y	-4.08%	-7.31%
3Y	7.04%	6.07%
5Y	9.24%	5.91%

The short-term picture is mixed, but it is not as weak as the benchmark in the same windows. Over 1 month and 1 year, the fund stayed ahead of the Nifty 50, while the 3-month period also held a small edge. That matters because the fund has not simply tracked the benchmark in a mechanical way; it has shown some ability to preserve relative ground during a difficult year, even though the absolute 1-year return is still negative.

The longer record is more constructive. The 3-year and 5-year returns are both ahead of the benchmark, which tells us the strategy has compounded better than the index over a fuller cycle. The 5-year outcome is especially important for a retirement-oriented product, because it reflects a period long enough to absorb multiple market phases rather than a single stretch of market strength or weakness.

That said, the return path has not been smooth. The one-year pattern looks softer than the 3-year and 5-year trend, so the recent experience is less reassuring than the longer-run record. For investors, the main takeaway is that the fund appears capable of delivering better medium-term compounding than the benchmark, but it can still go through weak patches that test patience.

In our view, the most useful way to read the performance is as a trade-off between stability and upside. The fund has not been consistently strong across every period, but the longer horizon has been more supportive than the recent one.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD HDFC Retirement Fund-Hybrid-Equity Plan?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

Already holding HDFC Retirement Fund-Hybrid-Equity Plan? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
HDFC Retirement Fund-Hybrid-Equity Plan Direct Growth Plan	-4.08%	7.04%	9.24%
Aditya Birla SL Retirement Fund-30 Direct Growth Plan	14.79%	16.18%	12.49%
Tata Retirement Sav Fund – Prog Plan Direct Growth Plan	8.66%	13.2%	11.09%
ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan	8.65%	17.37%	15.41%
ICICI Pru Retirement Fund-Pure Equity Plan Direct Growth Plan	8.44%	19.37%	19.59%
Tata Retirement Sav Fund – Mod Plan Direct Growth Plan	8.26%	12.43%	10.96%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is weaker than every peer listed here, while the 3-year and 5-year figures also trail the stronger peer results on view. That creates a clear short-term and long-term gap versus several peers, even though the fund remains ahead of its benchmark over the same multi-year windows. For investors, the key distinction is that the peer set shows a wider spread of medium- and long-term outcomes than the benchmark comparison alone.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS – Tri-Party Repo	Cash & Cash Equivalents and Net Assets	7.98%
ICICI Bank Ltd.	Bank	6.35%
HDFC Bank Ltd.£	Bank	5.31%
7.93% Bajaj Finance Ltd.^	Corporate Debt	4.31%
Reliance Industries Ltd.	Crude Oil	3.58%
Kotak Mahindra Bank Limited	Bank	3.4%
State Bank of India	Bank	3.3%
Axis Bank Ltd.	Bank	3.24%
Maruti Suzuki India Limited	Automobile & Ancillaries	2.53%
Bharti Airtel Ltd.	Telecom	2.26%

The top 10 holdings account for approximately 42.26% of the portfolio.

To see all holdings, visit the HDFC Retirement Fund-Hybrid-Equity Plan Direct Growth Plan page

The largest holding is TREPS – Tri-Party Repo at 7.98%. That is a meaningful cash-and-equivalent buffer, and it may reduce some day-to-day swings relative to a fully equity-heavy mix, although it also means part of the portfolio is not chasing market upside at all times.

The drop from the first holding to the tenth is gradual rather than abrupt. The top positions include several large banks, one corporate debt holding and a few diversified equity names, so influence is shared across multiple holdings rather than resting on a single dominant stock. That structure could make the portfolio less dependent on one company outcome, even though banks still play a large role.

Because the top 10 holdings together make up 42.26% of the portfolio and there are 60 disclosed holding rows in total, the portfolio looks only moderately concentrated at the visible top end. A longer tail of smaller holdings may continue to diversify the scheme, but the disclosed top positions are still important enough to shape overall behaviour.

Source data date: as of 10 Sep 2026

Who should invest

This fund is suited to investors who are comfortable with High Risk and can stay invested for a long horizon. The 1-year return was weak, but the 3-year and 5-year figures are more stable, and that pattern fits a retirement-oriented structure better than a short-term allocation.

The main trade-off is that the fund has not delivered smooth results across all periods, even though it has stayed ahead of the benchmark over the longer windows. Its portfolio mix, with banks, cash equivalents and some debt exposure, may soften volatility somewhat, but it still carries equity-market risk. For investors who want a product that can weather cycles and do not need near-term consistency, the fund is more relevant than for those looking for a steady short-duration outcome.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: NIL upon completion of lock-in period. No exit load after holding period.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of HDFC Retirement Fund-Hybrid-Equity Plan Direct Growth Plan?
Its NAV is ₹41.988 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are -4.08% for 1 year, 7.04% for 3 years and 9.24% for 5 years.

How does the fund compare with the benchmark?
It has outperformed the Nifty 50 over 1 year, 3 years and 5 years in the figures available here, even though the 1-year return is still negative.

How does it compare with the listed peer funds?
Its 1-year return is weaker than the listed peers, and its 3-year and 5-year returns are also below several of them. The longer-term comparison therefore looks less favourable than the benchmark comparison.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

What is the risk profile, and who manages the fund?
The fund is tagged High Risk and is managed by Chirag Setalvad, Anupam Joshi, Nandita Menezes and Arun Agarwal. It also has a 5-year lock-in period and no exit load after the holding period.

Bottom line

This fund’s recent performance is softer than its longer-run record, and the contrast is clear when you compare the 1-year number with the 3-year and 5-year figures. It remains ahead of the benchmark over the longer windows, but several peer funds have shown stronger returns on the same horizons. The portfolio leans heavily on banks, while TREPS adds a cash-and-equivalent buffer. For long-horizon investors who can handle High Risk and want a retirement-oriented structure, it may be relevant; for those seeking smoother short-term outcomes, the return path is less appealing.

Published on 11 September 2026 at 12:56 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.