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Sectoral / Thematic · Axis Mutual Fund · AMFI code 151366Axis Business Cycles Fund
Disclosed for 7 months, Jan 2026 to Sep 2026.
Portfolio value
₹2,145 Cr
down ₹14 L vs Jan 2026
- Stocks held
- 74
- down 12 vs Jan 2026
- Top 10 weight
- 33.3%
- of the portfolio in its ten largest
- Cash & debt
- 1.8%
- cash, money market and debt
- Moves this month
- 3 in · 15 out
- added to 10, trimmed 25
Axis Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from Axis Mutual Fund. In February 2026 it disclosed 74 stocks worth ₹2,145 Cr, down ₹14 L from Jan 2026. Its largest positions were ICICI Bank Limited (7.3%), Larsen & Toubro Limited (3.7%), HDFC Bank Limited (3.6%); the ten largest together made up 33.3% of the portfolio, and Banks was the biggest sector at 23.4% of its equity. Cash and debt stood at 1.8%. Compared with Jan 2026 the fund entered 3 new stocks and exited 15.
Against 229 other Sectoral / Thematic funds
Concentration
12%
Top-10 weight is higher than 12% of peers
Breadth
94%
Holds more stocks than 94% of peers
Cash
27%
Holds more cash than 27% of peers
What these mean: concentration · cash
Holdings in February 2026
Download CSVEvery line the fund disclosed, with the change against Jan 2026. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| ICICI Bank Limited | 7.32% | up 0.13 pts | ₹157 Cr | up ₹2.7 Cr | Added |
| Larsen & Toubro Limited | 3.65% | up 0.30 pts | ₹78.3 Cr | up ₹6.3 Cr | Added |
| HDFC Bank Limited | 3.58% | down 0.32 pts | ₹76.7 Cr | down ₹6.9 Cr | Trimmed |
| State Bank of India | 3.26% | up 0.34 pts | ₹69.9 Cr | up ₹7.2 Cr | Added |
| Reliance Industries Limited | 2.98% | up 1.38 pts | ₹64 Cr | up ₹29.7 Cr | Added |
| UltraTech Cement Limited | 2.91% | down <0.01 pts | ₹62.3 Cr | down ₹8 L | Held |
| Kotak Mahindra Bank Limited | 2.72% | up 0.05 pts | ₹58.3 Cr | up ₹1 Cr | Added |
| Axis Bank Limited | 2.37% | up 1.67 pts | ₹50.9 Cr | up ₹35.9 Cr | Added |
| Mahindra & Mahindra Limited | 2.33% | up 0.20 pts | ₹50 Cr | up ₹4.2 Cr | Added |
| GE Vernova T&D India Limited | 2.16% | up 0.35 pts | ₹46.2 Cr | up ₹7.4 Cr | Added |
| Infosys Limited | 2.05% | down 1.61 pts | ₹44 Cr | down ₹34.6 Cr | Trimmed |
| Bharti Airtel Limited | 1.95% | down 0.41 pts | ₹41.9 Cr | down ₹8.7 Cr | Trimmed |
| One 97 Communications Limited | 1.86% | up 0.41 pts | ₹39.8 Cr | up ₹8.7 Cr | Added |
| Hindustan Unilever Limited | 1.84% | down 0.03 pts | ₹39.6 Cr | down ₹59 L | Trimmed |
| IndusInd Bank Limited | 1.73% | up 0.11 pts | ₹37.1 Cr | up ₹2.4 Cr | Added |
| HDFC Life Insurance Company Limited | 1.70% | up 0.10 pts | ₹36.5 Cr | up ₹2.1 Cr | Added |
| Aether Industries Ltd. | 1.61% | down 0.07 pts | ₹34.6 Cr | down ₹1.6 Cr | Trimmed |
| Cummins India Limited | 1.60% | up 0.26 pts | ₹34.3 Cr | up ₹5.5 Cr | Added |
| Shriram Transport Finance Company Limited Shriram Finance Limited · history in this fund | 1.55% | down 1.07 pts | ₹33.3 Cr | down ₹23 Cr | Trimmed |
| Industries Limited | 1.53% | down 0.01 pts | ₹32.9 Cr | down ₹22 L | Trimmed |
| BSE Limited | 1.42% | down 0.05 pts | ₹30.5 Cr | down ₹1 Cr | Trimmed |
| Jyoti CNC Automation Ltd | 1.39% | up 0.02 pts | ₹29.8 Cr | up ₹51 L | Added |
| CreditAccess Grameen Limited | 1.39% | down 0.27 pts | ₹29.7 Cr | down ₹5.8 Cr | Trimmed |
| Vishal Mega Mart Limited | 1.34% | down 0.09 pts | ₹28.6 Cr | down ₹2 Cr | Trimmed |
| Sona BLW Precision Forgings Limited | 1.33% | up 0.38 pts | ₹28.5 Cr | up ₹8.2 Cr | Added |
| Cash, TREPS & receivables | 1.33% | up 0.21 pts | ₹28.5 Cr | up ₹4.4 Cr | Added |
| Mankind Pharma Limited | 1.32% | up 0.07 pts | ₹28.3 Cr | up ₹1.6 Cr | Added |
| CG Power and Industrial Solutions Limited | 1.32% | up 0.18 pts | ₹28.2 Cr | up ₹3.8 Cr | Added |
| Hyundai Motor India Ltd | 1.21% | down 0.02 pts | ₹25.9 Cr | down ₹37 L | Trimmed |
| Endurance Technologies Limited | 1.21% | up 0.11 pts | ₹25.9 Cr | up ₹2.3 Cr | Added |
| Max Healthcare Institute Limited | 1.20% | up 0.15 pts | ₹25.8 Cr | up ₹3.2 Cr | Added |
| Delhivery Limited | 1.17% | up 0.03 pts | ₹25.1 Cr | up ₹61 L | Added |
| Ashok Leyland Limited | 1.16% | down 0.21 pts | ₹24.8 Cr | down ₹4.5 Cr | Trimmed |
| Solar Industries India Limited | 1.13% | up <0.01 pts | ₹24.3 Cr | up ₹4 L | Held |
| Jindal Steel & Power Limited | 1.13% | up 0.16 pts | ₹24.2 Cr | up ₹3.4 Cr | Added |
| City Union Bank Limited | 1.06% | down 0.07 pts | ₹22.8 Cr | down ₹1.5 Cr | Trimmed |
| Torrent Pharmaceuticals Limited | 1.05% | up 0.09 pts | ₹22.6 Cr | up ₹1.9 Cr | Added |
| Bajaj Finserv Limited | 1.04% | up 0.02 pts | ₹22.3 Cr | up ₹46 L | Added |
| RHI Magnesita India Limited | 1.02% | down 0.18 pts | ₹21.9 Cr | down ₹3.9 Cr | Trimmed |
| ITC Limited | 1.02% | up 1.02 pts | ₹21.9 Cr | up ₹21.9 Cr | New |
| NTPC Limited | 1.01% | up 0.07 pts | ₹21.7 Cr | up ₹1.5 Cr | Added |
| Tata Steel Limited | 0.98% | up 0.18 pts | ₹21 Cr | up ₹3.9 Cr | Added |
| Indus Towers Limited | 0.95% | up 0.02 pts | ₹20.3 Cr | up ₹48 L | Added |
| Aarti Industries Limited | 0.94% | up 0.94 pts | ₹20.2 Cr | up ₹20.2 Cr | New |
| Ambuja Cements Limited | 0.94% | down 0.02 pts | ₹20.2 Cr | down ₹39 L | Trimmed |
| RBL Bank Limited | 0.94% | up 0.06 pts | ₹20.1 Cr | up ₹1.3 Cr | Added |
| Varun Beverages Limited | 0.88% | down 0.04 pts | ₹18.9 Cr | down ₹83 L | Trimmed |
| Tata Consultancy Services Limited | 0.86% | down 0.34 pts | ₹18.4 Cr | down ₹7.3 Cr | Trimmed |
| Tenneco Clean Air India Limited | 0.83% | up 0.08 pts | ₹17.9 Cr | up ₹1.8 Cr | Added |
| Trent Limited | 0.83% | up 0.02 pts | ₹17.8 Cr | up ₹52 L | Added |
What changed, Jan 2026 to Feb 2026
New New positions (3)
- ITC Limited1.0% · ₹21.9 Cr
- Aarti Industries Limited0.9% · ₹20.2 Cr
- Healthcare Global Enterprises Limited0.5% · ₹10.7 Cr
Exited Exited (15)
- Vedanta Limitedwas 1.1% · ₹24.2 Cr
- Tech Mahindra Limitedwas 0.9% · ₹18.7 Cr
- REC Limitedwas 0.8% · ₹17.4 Cr
- TVS Motor Company Limitedwas 0.7% · ₹14.4 Cr
- National Securities Depository Limitedwas 0.5% · ₹11.7 Cr
Sectors
Which sectors the fund is moving towards and away from, and where its money sits now. Shares are of the fund’s classified equity holdings, so they add up to 100%.
Where the weight moved
Compared with
Since Jan 2026, the weight rose most in Banks (+2.0 pts) and Auto Components (+1.3 pts), and fell most in Finance (−3.0 pts) and IT - Software (−2.9 pts).
- Banks21.4% → 23.4%+2.0 pts
- Auto Components3.4% → 4.7%+1.3 pts
- Petroleum Products1.9% → 3.0%+1.1 pts
- Diversified FMCG1.9% → 2.9%+1.0 pts
- Chemicals & Petrochemicals4.2% → 5.1%+0.9 pts
- Electrical Equipment3.6% → 4.3%+0.8 pts
- Finance7.9% → 4.9%−3.0 pts
- IT - Software5.8% → 3.0%−2.9 pts
- Diversified Metals1.1% → 0.0%exited−1.1 pts
- Capital Markets2.2% → 1.6%−0.6 pts
- Consumer Durables0.5% → 0.0%exited−0.5 pts
- Automobiles4.1% → 3.6%−0.5 pts
A sector’s weight changes when the fund buys or sells, and also when its shares rise or fall in price, so a change is not by itself a sign of buying or selling.
Main sectors’ weights over time
| Sector | Jan 2026 | Feb 2026 |
|---|---|---|
| Banks | 21.4% | 23.4% |
| Chemicals & Petrochemicals | 4.2% | 5.1% |
| Pharmaceuticals & Biotechnology | 4.6% | 5.0% |
| Finance | 7.9% | 4.9% |
| Auto Components | 3.4% | 4.7% |
| Cement & Cement Products | 4.5% | 4.5% |
| Electrical Equipment | 3.6% | 4.3% |
| Industrial Products | 4.2% | 4.2% |
| Construction | 3.6% | 3.7% |
| Automobiles | 4.1% | 3.6% |
Allocation in Feb 2026change vs Jan 2026
- Banks (8)23.4%▲ 2.0 pts
- Chemicals & Petrochemicals (5)5.1%▲ 0.9 pts
Cash and debt
The share of the portfolio not in shares: cash and net receivables, money-market instruments and bonds, as disclosed each month. Cash can dip below zero when payables, often on derivative positions, exceed it. A change here describes what the fund did; it is not a signal. More on reading cash.
Cash & debt, Feb 2026
1.8%
▲ 0.2 pts vs Jan 2026
- Cash alone
- 1.3%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 1.6% – 1.8%
- lowest to highest · record 1.8% in Feb 2026
History
Disclosed portfolio value by month, with the stocks the fund entered and exited against its previous disclosure. Every month is a link to that portfolio.