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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
₹2,089 Cr
up ₹222 Cr vs Mar 2026
- Stocks held
- 78
- up 2 vs Mar 2026
- Top 10 weight
- 29.5%
- of the portfolio in its ten largest
- Cash & debt
- 2.7%
- cash, money market and debt
- Moves this month
- 20 in · 18 out
- added to 10, trimmed 10
Axis Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from Axis Mutual Fund. In June 2026 it disclosed 78 stocks worth ₹2,089 Cr, up ₹222 Cr from Mar 2026. Its largest positions were Larsen & Toubro Limited (4.1%), ICICI Bank Limited (3.6%), Axis Bank Limited (3.6%); the ten largest together made up 29.5% of the portfolio, and Banks was the biggest sector at 18.6% of its equity. Cash and debt stood at 2.7%. Compared with Mar 2026 the fund entered 20 new stocks and exited 18.
Against 229 other Sectoral / Thematic funds
Concentration
7%
Top-10 weight is higher than 7% of peers
Breadth
95%
Holds more stocks than 95% of peers
Cash
38%
Holds more cash than 38% of peers
What these mean: concentration · cash
Holdings in June 2026
Download CSVEvery line the fund disclosed, with the change against Mar 2026. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| Larsen & Toubro Limited | 4.08% | up 0.51 pts | ₹85.3 Cr | up ₹18.7 Cr | Added |
| ICICI Bank Limited | 3.65% | down 0.44 pts | ₹76.2 Cr | down ₹10 L | Held |
| Axis Bank Limited | 3.64% | up 0.12 pts | ₹76.1 Cr | up ₹10.4 Cr | Added |
| HDFC Bank Limited | 3.26% | up 0.43 pts | ₹68 Cr | up ₹15.3 Cr | Added |
| Grasim Industries Limited | 2.64% | up 2.64 pts | ₹55.1 Cr | up ₹55.1 Cr | New |
| Kotak Mahindra Bank Limited | 2.64% | down 0.02 pts | ₹55.1 Cr | up ₹5.5 Cr | Added |
| Mahindra & Mahindra Limited | 2.49% | up 0.16 pts | ₹52 Cr | up ₹8.5 Cr | Added |
| Eternal Limited | 2.44% | up 1.79 pts | ₹50.9 Cr | up ₹38.8 Cr | Added |
| Bharti Airtel Limited | 2.35% | up 0.02 pts | ₹49 Cr | up ₹5.6 Cr | Added |
| Aether Industries Ltd. | 2.30% | up 0.23 pts | ₹48.1 Cr | up ₹9.4 Cr | Added |
| Cash, TREPS & receivables | 2.24% | down 2.09 pts | ₹46.7 Cr | down ₹34.1 Cr | Trimmed |
| IndusInd Bank Limited | 2.21% | up 0.20 pts | ₹46.2 Cr | up ₹8.6 Cr | Added |
| BSE Limited | 2.09% | up 0.47 pts | ₹43.6 Cr | up ₹13.3 Cr | Added |
| Reliance Industries Limited | 2.01% | down 0.53 pts | ₹42 Cr | down ₹5.5 Cr | Trimmed |
| Cummins India Limited | 1.90% | up 0.21 pts | ₹39.6 Cr | up ₹8.1 Cr | Added |
| One 97 Communications Limited | 1.77% | up 0.11 pts | ₹37.1 Cr | up ₹5.9 Cr | Added |
| CreditAccess Grameen Limited | 1.65% | up 0.28 pts | ₹34.4 Cr | up ₹8.8 Cr | Added |
| Solar Industries India Limited | 1.61% | up 0.45 pts | ₹33.6 Cr | up ₹11.9 Cr | Added |
| CG Power and Industrial Solutions Limited | 1.55% | up 0.18 pts | ₹32.3 Cr | up ₹6.8 Cr | Added |
| Mankind Pharma Limited | 1.53% | up 0.18 pts | ₹32 Cr | up ₹6.8 Cr | Added |
| Industries Limited | 1.53% | up 0.06 pts | ₹32 Cr | up ₹4.5 Cr | Added |
| Jindal Steel & Power Limited | 1.43% | down 0.41 pts | ₹29.8 Cr | down ₹4.6 Cr | Trimmed |
| Aarti Industries Limited | 1.38% | up 0.04 pts | ₹28.9 Cr | up ₹3.7 Cr | Added |
| Vishal Mega Mart Limited | 1.37% | up <0.01 pts | ₹28.7 Cr | up ₹3.1 Cr | Added |
| Bajaj Finance Limited | 1.37% | up 1.37 pts | ₹28.6 Cr | up ₹28.6 Cr | New |
| Jyoti CNC Automation Ltd | 1.35% | down 0.06 pts | ₹28.2 Cr | up ₹1.9 Cr | Added |
| Delhivery Limited | 1.31% | up 0.02 pts | ₹27.4 Cr | up ₹3.2 Cr | Added |
| NTPC Limited | 1.30% | down 1.16 pts | ₹27.2 Cr | down ₹18.8 Cr | Trimmed |
| Max Healthcare Institute Limited | 1.28% | up 0.06 pts | ₹26.7 Cr | up ₹3.9 Cr | Added |
| Tata Motors Ltd | 1.23% | up 1.23 pts | ₹25.7 Cr | up ₹25.7 Cr | New |
| Sona BLW Precision Forgings Limited | 1.20% | up 0.16 pts | ₹25.1 Cr | up ₹5.6 Cr | Added |
| Asian Paints Limited | 1.18% | up 0.38 pts | ₹24.6 Cr | up ₹9.7 Cr | Added |
| Bharat Heavy Electricals Limited | 1.12% | down 0.01 pts | ₹23.4 Cr | up ₹2.2 Cr | Added |
| RBL Bank Limited | 1.11% | up 0.13 pts | ₹23.2 Cr | up ₹5 Cr | Added |
| Hyundai Motor India Ltd | 1.09% | down 0.05 pts | ₹22.8 Cr | up ₹1.5 Cr | Added |
| Oil & Natural Gas Corporation Limited | 1.06% | down 0.25 pts | ₹22.1 Cr | down ₹2.2 Cr | Trimmed |
| Bosch Limited | 1.05% | up 1.05 pts | ₹22 Cr | up ₹22 Cr | New |
| Endurance Technologies Limited | 1.03% | up 0.08 pts | ₹21.6 Cr | up ₹3.7 Cr | Added |
| Coforge Limited | 1.02% | up 1.02 pts | ₹21.4 Cr | up ₹21.4 Cr | New |
| Ambuja Cements Limited | 1.02% | up 0.15 pts | ₹21.2 Cr | up ₹5 Cr | Added |
| Titagarh Rail Systems Limited | 0.98% | up 0.26 pts | ₹20.5 Cr | up ₹7.1 Cr | Added |
| Vedanta Aluminium Metal Limited | 0.97% | up 0.97 pts | ₹20.3 Cr | up ₹20.3 Cr | New |
| PNB Housing Finance Limited | 0.96% | up 0.96 pts | ₹20.1 Cr | up ₹20.1 Cr | New |
| Bajaj Finserv Limited | 0.95% | down 0.02 pts | ₹19.9 Cr | up ₹1.7 Cr | Added |
| RHI Magnesita India Limited | 0.89% | down 0.02 pts | ₹18.5 Cr | up ₹1.5 Cr | Added |
| Hindustan Unilever Limited | 0.87% | down 0.99 pts | ₹18.2 Cr | down ₹16.6 Cr | Trimmed |
| City Union Bank Limited | 0.86% | up 0.03 pts | ₹18 Cr | up ₹2.5 Cr | Added |
| Welspun Corp Limited | 0.86% | up 0.86 pts | ₹18 Cr | up ₹18 Cr | New |
| Pine Labs Limited | 0.86% | up 0.34 pts | ₹18 Cr | up ₹8.3 Cr | Added |
| Brigade Enterprises Limited | 0.79% | down 0.07 pts | ₹16.6 Cr | up ₹42 L | Added |
What changed, Mar 2026 to Jun 2026
New New positions (20)
- Grasim Industries Limited2.6% · ₹55.1 Cr
- Bajaj Finance Limited1.4% · ₹28.6 Cr
- Tata Motors Ltd1.2% · ₹25.7 Cr
- Bosch Limited1.1% · ₹22 Cr
- Coforge Limited1.0% · ₹21.4 Cr
- Vedanta Aluminium Metal Limited1.0% · ₹20.3 Cr
- PNB Housing Finance Limited1.0% · ₹20.1 Cr
- Welspun Corp Limited0.9% · ₹18 Cr
- Minda Corporation Limited0.8% · ₹15.9 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 Mar 2026, the weight rose most in Retailing (+1.5 pts) and Agricultural, Commercial & Construction Vehicles (+1.2 pts), and fell most in Pharmaceuticals & Biotechnology (−2.4 pts) and Diversified FMCG (−2.2 pts).
- Retailing3.0% → 4.5%+1.5 pts
- Agricultural, Commercial & Construction Vehicles0.1% → 1.3%+1.2 pts
- Leisure Services0.8% → 2.0%+1.2 pts
- Industrial Products4.9% → 6.0%+1.1 pts
- Auto Components4.3% → 5.4%+1.0 pts
- Non - Ferrous Metals1.6% → 2.5%+0.9 pts
- Pharmaceuticals & Biotechnology5.2% → 2.9%−2.4 pts
- Diversified FMCG3.1% → 0.9%−2.2 pts
- Electrical Equipment4.9% → 3.4%−1.5 pts
- Power2.6% → 1.3%−1.3 pts
- Telecom - Services3.5% → 2.4%−1.1 pts
- Beverages1.6% → 0.7%−0.9 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 | Mar 2026 | Mar 2026 | Jun 2026 |
|---|---|---|---|
| Banks | 17.8% | 17.8% | 18.6% |
| Chemicals & Petrochemicals | 6.2% | 6.2% | 6.9% |
| Industrial Products | 4.9% | 4.9% | 6.0% |
| Auto Components | 4.3% | 4.3% | 5.4% |
| Finance | 4.8% | 4.8% | 5.1% |
| Retailing | 3.0% | 3.0% | 4.5% |
| Construction | 3.8% | 3.8% | 4.2% |
| Cement & Cement Products | 4.3% | 4.3% | 3.8% |
| Automobiles | 3.9% | 3.9% | 3.7% |
| Electrical Equipment | 4.9% | 4.9% | 3.4% |
Allocation in Jun 2026change vs Mar 2026
- Banks (8)18.6%▲ 0.8 pts
- Chemicals & Petrochemicals (5)6.9%▲ 0.7 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, Jun 2026
2.7%
▼ 2.1 pts vs Mar 2026
- Cash alone
- 2.2%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 1.6% – 4.9%
- lowest to highest · record 4.9% in Mar 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.