HDFC Retirement Fund - Equity
This is the Direct plan of HDFC Retirement Fund - Equity — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
Performance
Scorecard
★★★★☆4/5 vs 27 of 28 Retirement Fund peers- Performance 60%
- Risk 15%
- Cost 10%
- Downside 15%
How this is computed
Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Retirement Fund (same plan and option). 27 of the 28 Retirement Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +8.44% · ranks 14 of 27 Retirement Funds
Volatility 12.3% vs 9.0% category avg
0.9% expense vs 1.1% category avg
98% of rolling 3Y windows were positive
Strengths & concerns
Generated from this fund's own numbers against its sub-category — each point names the figure behind it.
Strengths
- 5-year return (+10.91%) beats the Retirement Fund average (+8.40%)
- Low expense ratio (0.92%) vs the Retirement Fund average of 1.13%
- Consistent — positive in 98% of rolling 3-year windows
Concerns
- Trails the Retirement Fund average on 1M/3M/6M/1Y — 1Y by 8.28pp
- 3-year return (+8.44%) trails the Retirement Fund average (+9.35%)
- Ranks #29 of 29 on 1-year return in its Retirement Fund cohort
- Weaker risk-adjusted returns — Sharpe 0.16 below the Retirement Fund average of 0.23
- More volatile than its Retirement Fund peers (12.3% vs 9.0%)
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (Retirement Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -4.86% | -3.41% | -1.45% |
| 3M abs | -5.21% | -2.56% | -2.65% |
| 6M abs | +2.23% | +6.33% | -4.10% |
| 1Y CAGR | -7.44% | +0.84% | -8.28% |
| 3Y CAGR | +8.44% | +9.35% | -0.91% |
| 5Y CAGR | +10.91% | +8.40% | +2.51% |
Category average across peers in Retirement Fund (up to 28 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).
Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.
Category rank
Vs 28 peers in Retirement Fund
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into HDFC Retirement Fund - Equity, valued at the latest NAV. XIRR annualizes for each installment’s timing.
Calendar-year returns
What the fund actually returned in each year, not the smoothed average.
| Year | Fund | Nifty 500 TRI | Diff | |
|---|---|---|---|---|
| 2026part | -9.98% | -7.18% | -2.80% | |
| 2025 | +6.24% | +7.94% | -1.70% | |
| 2024 | +19.33% | +16.43% | +2.90% | |
| 2023 | +34.15% | +27.43% | +6.72% | |
| 2022 | +9.95% | +4.34% | +5.61% | |
| 2021 | +44.27% | +31.59% | +12.68% | |
| 2020 | +19.76% | +18.33% | +1.43% | |
| 2019 | +6.61% | +8.95% | -2.34% | |
| 2018 | -4.51% | -2.33% | -2.18% | |
| 2017 | +39.94% | +37.35% | +2.59% |
January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.
Recent changes
Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.
- Fund manager change — now managed by Chirag Setalvad, Gopal Agrawal; Srinivasan Ramamurthy, Dhruv Muchhal stepped away07 Sep 2026
Taxation
Taxed as equityThis is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.
Flat, on the whole gain
On gains above ₹1.25 L per financial year
Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity93.58%
- Cash & Equivalents4.91%
- Other0.94%
- Real Estate / REITs0.57%
AMC Profile
HDFC Mutual Fund is run by HDFC Asset Management, part of the HDFC Bank group and listed on the exchanges since 2018. It has been in business since 1999, absorbed Zurich India's schemes in 2003, and is consistently among the two or three largest fund houses by assets.
Fund Managers
AJAnupam JoshiManaging since 07 Mar 2026
Fund Manager - Fixed Income
• PGDBM Finance from Chetana’s Institute of Management & Research
Collectively over 19 years experience in Fund management, research and dealing • October 2015 till Date: HDFC Asset Management Company Limited • August 2008 till September 2015: IDFC Asset Management Company Limited Last Position Held: Director - Investments
- HDFC Aggressive Hybrid Fund
- HDFC Corporate Bond Fund
- HDFC CRISIL-IBX Financial Services 3-6 Months Debt Index Fund
- HDFC CRISIL-IBX Financial Services 9-12 Months Debt Index Fund
- HDFC Liquid Fund
- HDFC Nifty G-Sec Apr 2029 Index Fund
- HDFC Nifty G-Sec Dec 2026 Index Fund
- HDFC Nifty G-Sec July 2031 Index Fund
- HDFC Nifty G-Sec Jun 2027 Index Fund
- HDFC Nifty G-Sec Jun 2036 Index Fund
- HDFC Nifty G-Sec Sep 2032 Index Fund
- HDFC Nifty SDL Oct 2026 Index Fund
- HDFC NIFTY SDL Plus G-Sec Jun 2027 40:60 Index Fund
- HDFC Ultra Short to Short Term Fund
- HDFC Gold ETF - Growth Option
- HDFC Long Term Fund - Direct Plan - Growth Option
- HDFC Medium to Long Term Fund - Direct Plan - Growth Option
AAArun AgarwalManaging since 01 Apr 2025
• B.Com • Chartered Accountant
Collectively over 27 years’ experience in equity, debt and derivative dealing, fund management, internal audit and treasury operations. • September 16, 2010 till Date: HDFC Asset Management Company Limited
- HDFC Arbitrage Fund
- HDFC Balanced Advantage Fund
- HDFC BSE 500 ETF - Growth Option
- HDFC BSE 500 Index Fund
- HDFC BSE India Sector Leaders Index Fund
- HDFC BSE REITS and Commercial Real Estate Index Fund
- HDFC BSE Sensex ETF - Growth Option
- HDFC BSE Sensex Index Fund
- HDFC Equity Savings Fund
- HDFC Gold ETF Fund of Fund
- HDFC Multi-Asset Allocation Fund
- HDFC NIFTY 100 Equal Weight Index Fund
- HDFC NIFTY 100 ETF - Growth Option
- HDFC NIFTY 100 Index Fund
- HDFC NIFTY 50 ETF - Growth Option
- HDFC Nifty 50 Index Fund
- HDFC NIFTY BANK ETF - Growth Option
- HDFC NIFTY GROWTH SECTORS 15 ETF - Growth Option
- HDFC Nifty India Consumption Index Fund
- HDFC Nifty India Digital Index Fund
- HDFC NIFTY IT ETF - Growth Option
- HDFC NIFTY LargeMidcap 250 Index Fund
- HDFC Nifty Metal ETF - Growth Option
- HDFC Nifty Metal ETF FOF
- HDFC NIFTY Midcap 150 ETF - Growth Option
- HDFC NIFTY Midcap 150 Index Fund
- HDFC NIFTY NEXT 50 ETF - Growth Option
- HDFC NIFTY Next 50 index Fund
- HDFC NIFTY Private Bank ETF - Growth Option
- HDFC NIFTY PSU BANK ETF - Growth Option
- HDFC NIFTY Realty Index Fund
- HDFC NIFTY Smallcap 250 ETF - Growth Option
- HDFC NIFTY Smallcap 250 Index Fund
- HDFC Nifty Top 20 Equal Weight Index Fund
- HDFC NIFTY100 Low Volatility 30 ETF - Growth Option
- HDFC NIFTY100 Low Volatility 30 Index Fund
- HDFC NIFTY100 QUALITY 30 ETF - Growth Option
- HDFC Nifty100 Quality 30 Index Fund
- HDFC NIFTY200 MOMENTUM 30 ETF - Growth Option
- HDFC NIFTY200 Momentum 30 Index Fund
- HDFC NIFTY50 Equal Weight Index Fund
- HDFC NIFTY50 VALUE 20 ETF - Growth Option
- HDFC NIFTY500 Multicap 50:25:25 Index Fund
- HDFC Silver ETF Fund of Fund
NMNandita MenezesManaging since 01 Apr 2025
• B.Com (University of Mumbai)
Collectively over 3 years’ experience in Equity Dealing and auditing • December 29, 2021 till Date: HDFC Asset Management Company Limited • April 26, 2020 till March 5, 2021: S.R. Batliboi & Co LLP Last Position held: Executive - Assurance
- HDFC Arbitrage Fund
- HDFC Balanced Advantage Fund
- HDFC BSE 500 ETF - Growth Option
- HDFC BSE 500 Index Fund
- HDFC BSE India Sector Leaders Index Fund
- HDFC BSE REITS and Commercial Real Estate Index Fund
- HDFC BSE Sensex Index Fund
- HDFC Equity Savings Fund
- HDFC Gold ETF Fund of Fund
- HDFC Multi-Asset Allocation Fund
- HDFC NIFTY 100 Equal Weight Index Fund
- HDFC NIFTY 100 Index Fund
- HDFC Nifty 50 Index Fund
- HDFC Nifty India Consumption Index Fund
- HDFC Nifty India Digital Index Fund
- HDFC NIFTY LargeMidcap 250 Index Fund
- HDFC Nifty Metal ETF FOF
- HDFC NIFTY Midcap 150 ETF - Growth Option
- HDFC NIFTY Midcap 150 Index Fund
- HDFC NIFTY Next 50 index Fund
- HDFC NIFTY Realty Index Fund
- HDFC NIFTY Smallcap 250 ETF - Growth Option
- HDFC NIFTY Smallcap 250 Index Fund
- HDFC Nifty Top 20 Equal Weight Index Fund
- HDFC NIFTY100 Low Volatility 30 Index Fund
- HDFC Nifty100 Quality 30 Index Fund
- HDFC NIFTY200 Momentum 30 Index Fund
- HDFC NIFTY50 Equal Weight Index Fund
- HDFC NIFTY500 Multicap 50:25:25 Index Fund
- HDFC Silver ETF Fund of Fund
CSChirag SetalvadManaging since 01 Sep 2026
Head - Equities
• B.Sc. in Business Administration - University of North Carolina, Chapel Hill. • CFA (CFA Institute) • Chartered Accountant
Collectively over 29 years of experience, of which 25 years in Fund Management investment banking. March 19, 2007 till Date: HDFC Asset Management Limited
GAGopal AgrawalManaging since 01 Sep 2026
• B.E., • MBM • B.E (Jadavpur University)
Collectively over 22 years experience in Fund Management and 2.5 years in Equity Research • July 9, 2020 till Date: HDFC Asset Management Company Limited • July 23, 2018 till June 30, 2020: DSP Investment Managers Private Limited Last Position Held: Senior Fund Manager and Head-Macro strategy • April 03, 2017 till July 16, 2018: TATA Asset Management Company Limited Last Position Held: CIO-Equity • October 01, 2007 till March 31, 2017: Mirae Asset Global Investments (India) Pvt. Ltd.. Last Position Held: CIO-Equity and Chief Strategist
Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.
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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.
From the blog
Frequently asked questions
What is the NAV of HDFC Retirement Fund - Equity?
As of 05 Oct 2026, the NAV of HDFC Retirement Fund - Equity is ₹53.08 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has HDFC Retirement Fund - Equity delivered?
HDFC Retirement Fund - Equity has returned -7.44% over 1 year, +8.44% per year over 3 years, +10.91% per year over 5 years and +17.05% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.
What is the expense ratio of HDFC Retirement Fund - Equity?
HDFC Retirement Fund - Equity charges an expense ratio of 0.92% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.
What are the top holdings of HDFC Retirement Fund - Equity?
HDFC Retirement Fund - Equity's largest holdings are ICICI Bank Ltd. (7.7%), HDFC Bank Ltd. (6.6%), Reliance Industries Ltd. (4.7%), Axis Bank Ltd. (4.5%) and Kotak Mahindra Bank Limited (4.2%). Holdings are disclosed monthly and change over time.
How risky is HDFC Retirement Fund - Equity?
HDFC Retirement Fund - Equity is rated high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 12.3% and its worst peak-to-trough fall in our sample was -34.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What does the Sharpe ratio of 0.16 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HDFC Retirement Fund - Equity's 0.16 means it has rewarded its volatility with excess return. Higher is better.
What is the benchmark of HDFC Retirement Fund - Equity?
HDFC Retirement Fund - Equity is benchmarked against the NIFTY 500 Index (Total Returns Index). Its alpha and beta on this page are measured against that index.
Who manages HDFC Retirement Fund - Equity?
HDFC Retirement Fund - Equity is managed by Anupam Joshi, Arun Agarwal, Nandita Menezes, Chirag Setalvad and Gopal Agrawal at HDFC.
How is HDFC Retirement Fund - Equity taxed?
HDFC Retirement Fund - Equity is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.