SBI Retirement Benefit Fund-Conservative Hybrid Direct Growth Plan Review 2026: NAV, Returns, Portfolio & Should You Invest?

SBI Retirement Benefit Fund-Conservative Hybrid Plan Direct Growth Plan has a NAV of ₹16.2088 as of 15 Sep 2026 and an AUM of ₹254 Cr. Its 1-year, 3-year and 5-year returns are 1.9%, 6.42% and 7.58%, and the scheme sits in the High Risk bucket.

Our view is that this is a retirement-oriented hybrid fund with a measured long-term profile rather than a fast-return story. The portfolio leans meaningfully on sovereign paper, cash and selected corporate debt, so the journey may be steadier than a pure equity fund, but recent returns also show that performance can be uneven.

Quick facts

Particular	Details
NAV	₹16.2088 as of 15 Sep 2026
AUM	₹254 Cr
Expense Ratio	1.17%
Launch Date	10 Feb 2021
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Solution Oriented
Exit Load	No exit load
Fund Managers	Rohit Shimpi, Ardhendu Bhattacharya

The fund is managed by Rohit Shimpi and Ardhendu Bhattacharya.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.92%	-4.81%
3M	0.7%	-3.63%
1Y	1.9%	-8.27%
3Y	6.42%	5.59%
5Y	7.58%	5.58%

The recent profile is mixed, but it is better than the benchmark in every period shown. Over 1 month and 3 months, the fund held up better than NIFTY 50 even though both were weak at points, which tells us the scheme has not fully tracked the benchmark’s swings.

The 1-year return is modest at 1.9%, yet it still stands ahead of the benchmark’s -8.27%. That gap matters because it suggests the fund protected capital better than the index over a difficult stretch, even if it did not generate strong absolute growth.

Longer term, the picture improves. The 3-year return of 6.42% and 5-year return of 7.58% both remain above the benchmark’s 5.59% and 5.58%. The time path is not perfectly smooth, however, so the fund appears to be a gradual compounder rather than a consistently straight-line performer.

That matters for investors who care about preservation as much as participation. The series indicates recovery after weaker patches, but also a pace of gains that is measured, not aggressive. In our view, the fund’s edge over the benchmark is clearer over 3 years and 5 years than it is in short bursts.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD SBI Retirement Benefit Fund-Conservative Hybrid 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
SBI Retirement Benefit Fund-Conservative Hybrid Plan Direct Growth Plan	1.9%	6.42%	7.58%
Aditya Birla SL Retirement Fund-30 Direct Growth Plan	11.24%	14.92%	11.8%
ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan	5.77%	16.4%	14.68%
ICICI Pru Retirement Fund-Hybrid Cons Plan Direct Growth Plan	5.21%	9.5%	8.61%
ICICI Pru Retirement Fund-Pure Equity Plan Direct Growth Plan	5.18%	18.43%	18.72%
Tata Retirement Sav Fund – Prog Plan Direct Growth Plan	4.45%	12.25%	10.26%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

On 1-year performance, the fund trails several peers that have posted materially higher gains, especially Aditya Birla SL Retirement Fund-30 Direct Growth Plan and the ICICI retirement funds. The gap is noticeable, so the recent return picture is not the strongest in this group.

The longer view is more balanced. Its 3-year and 5-year returns are below the stronger peer figures available here, but they are also ahead of some more moderate retirement funds. That makes the comparison less about a single weakness and more about a middle-of-the-pack long-term return profile.

Short-term and longer-term peer comparisons do not tell exactly the same story. The fund’s recent return is softer than the better peer numbers, while its multi-year result still shows that it has compounded positively over time.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	15.53%
6.64% CGL 2031	Government Securities	10.11%
7.74% State Government of Tamil Nadu 2036	Government Securities	7.9%
Bharat Sanchar Nigam Ltd.	Corporate Debt	3.9%
National Bank for Agriculture and Rural Development	Corporate Debt	3.9%
Summit Digitel Infrastructure Pvt. Ltd.	Corporate Debt	2.92%
HDFC Bank Ltd.	Bank	2.48%
ICICI Bank Ltd.	Bank	2.48%
Tata Power Renewable Energy Ltd. (Guaranteed BY Tata Power Ltd.)	Corporate Debt	1.99%
Torrent Power Ltd.	Corporate Debt	1.99%

The largest holding is TREPS at 15.53%, which is a meaningful cash and cash-equivalent allocation. That alone can shape how the fund behaves in the near term, especially when markets are choppy and the manager wants liquidity available.

The decline in weights from the top holding to the tenth is gradual rather than abrupt. The first few positions carry a noticeable share, but the mix then steps down into mid-sized debt and banking exposures, which may reduce reliance on any single issuer compared with a more concentrated portfolio.

Because the top 10 holdings account for approximately 53.2% of the portfolio and there are 53 disclosed holdings in total, the fund appears to spread the rest across a longer tail. That suggests a balance between a few influential positions and a broad set of smaller allocations, which may help smooth specific issuer risk while still leaving the top positions with greater influence.

To see all holdings, visit the SBI Retirement Benefit Fund-Conservative Hybrid Plan Direct Growth Plan page

Source data date: as of 15 Sep 2026

Who should invest

This fund may suit investors who can accept High Risk positioning but still want a retirement-oriented hybrid structure rather than a pure equity profile. The 1-year return has been soft, yet the 3-year and 5-year numbers are positive and better than the benchmark, which points to a patient holding period being more relevant than a short tactical view.

Its holding mix, with large allocations to TREPS, government securities and selected corporate debt, means the portfolio may behave differently from equity-heavy retirement funds. The main trade-off is that the portfolio can offer a steadier structure than equity-led peers, but the recent return profile has been less energetic than the stronger peer examples shown here.

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

No exit load applies.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of SBI Retirement Benefit Fund-Conservative Hybrid Plan Direct Growth Plan?
Its NAV is ₹16.2088 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 1.9% for 1 year, 6.42% for 3 years and 7.58% for 5 years.

How does the fund compare with NIFTY 50?
It has beaten NIFTY 50 across the 1-month, 3-month, 1-year, 3-year and 5-year periods shown here. The gap is especially visible over 1 year, where the benchmark is negative.

Which peer fund has a stronger 5-year return in the peer set shown?
Several peers show stronger 5-year figures, including ICICI Pru Retirement Fund-Pure Equity Plan Direct Growth Plan at 18.72% and ICICI Pru Retirement Fund-Hybrid Aggressive Plan Direct Growth Plan at 14.68%.

What is the minimum SIP in this fund?
The minimum SIP is ₹500.

Who manages the fund and what is its exit load?
The fund is managed by Rohit Shimpi and Ardhendu Bhattacharya. No exit load applies.

Bottom line

This fund’s shorter-term return pattern is softer than some of the stronger peer examples, but its 3-year and 5-year numbers remain positive and ahead of NIFTY 50. The portfolio is anchored by TREPS, government securities and a spread of debt and banking names, which gives it a more measured structure than an equity-heavy retirement fund. For investors comfortable with High Risk and looking for a retirement-oriented hybrid allocation over a longer horizon, the trade-off is a steadier composition with only moderate recent return momentum.

Published on 16 September 2026 at 6:06 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.