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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
₹2,039 Cr
down ₹129 Cr vs Aug 2026
- Stocks held
- 85
- up 6 vs Aug 2026
- Top 10 weight
- 29.2%
- of the portfolio in its ten largest
- Cash & debt
- 4.3%
- cash, money market and debt
- Moves this month
- 9 in · 3 out
- added to 10, trimmed 60
Axis Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from Axis Mutual Fund. In September 2026 it disclosed 85 stocks worth ₹2,039 Cr, down ₹129 Cr from Aug 2026. Its largest positions were Larsen & Toubro Limited (3.8%), Axis Bank Limited (3.6%), ICICI Bank Limited (3.6%); the ten largest together made up 29.2% of the portfolio, and Banks was the biggest sector at 18.2% of its equity. Cash and debt stood at 4.3%. Compared with Aug 2026 the fund entered 9 new stocks and exited 3.
Against 229 other Sectoral / Thematic funds
Concentration
6%
Top-10 weight is higher than 6% of peers
Breadth
97%
Holds more stocks than 97% of peers
Cash
63%
Holds more cash than 63% of peers
What these mean: concentration · cash
Holdings in September 2026
Download CSVEvery line the fund disclosed, with the change against Aug 2026. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| Cash, TREPS & receivables | 3.85% | up 0.10 pts | ₹78.6 Cr | down ₹2.7 Cr | Trimmed |
| Larsen & Toubro Limited | 3.79% | down 0.04 pts | ₹77.4 Cr | down ₹5.9 Cr | Trimmed |
| Axis Bank Limited | 3.60% | up 0.01 pts | ₹73.4 Cr | down ₹4.4 Cr | Trimmed |
| ICICI Bank Limited | 3.59% | down 0.12 pts | ₹73.2 Cr | down ₹7.3 Cr | Trimmed |
| HDFC Bank Limited | 3.34% | up 0.38 pts | ₹68 Cr | up ₹4 Cr | Added |
| Kotak Mahindra Bank Limited | 2.72% | up 0.24 pts | ₹55.5 Cr | up ₹1.8 Cr | Added |
| Grasim Industries Limited | 2.67% | down 0.09 pts | ₹54.4 Cr | down ₹5.5 Cr | Trimmed |
| Aether Industries Ltd. | 2.58% | up 0.17 pts | ₹52.7 Cr | up ₹25 L | Held |
| Bharti Airtel Limited | 2.47% | up 0.07 pts | ₹50.3 Cr | down ₹1.6 Cr | Trimmed |
| Industries Limited | 2.22% | up 0.14 pts | ₹45.3 Cr | up ₹16 L | Held |
| IndusInd Bank Limited | 2.21% | down 0.13 pts | ₹45.1 Cr | down ₹5.8 Cr | Trimmed |
| Reliance Industries Limited | 2.17% | up 0.30 pts | ₹44.2 Cr | up ₹3.7 Cr | Added |
| One 97 Communications Limited | 1.96% | down 0.24 pts | ₹39.9 Cr | down ₹7.8 Cr | Trimmed |
| HCL Technologies Limited | 1.94% | down 0.01 pts | ₹39.6 Cr | down ₹2.6 Cr | Trimmed |
| Jindal Steel & Power Limited | 1.56% | up 0.02 pts | ₹31.9 Cr | down ₹1.6 Cr | Trimmed |
| Eternal Limited | 1.56% | down 0.09 pts | ₹31.8 Cr | down ₹4 Cr | Trimmed |
| Solar Industries India Limited | 1.51% | up 0.06 pts | ₹30.9 Cr | down ₹64 L | Trimmed |
| Sona BLW Precision Forgings Limited | 1.51% | up 0.12 pts | ₹30.9 Cr | up ₹63 L | Added |
| Mahindra & Mahindra Limited | 1.50% | down 0.77 pts | ₹30.6 Cr | down ₹18.6 Cr | Trimmed |
| Bajaj Finance Limited | 1.49% | down 0.05 pts | ₹30.3 Cr | down ₹3.1 Cr | Trimmed |
| CreditAccess Grameen Limited | 1.44% | down 0.01 pts | ₹29.3 Cr | down ₹2.1 Cr | Trimmed |
| NTPC Limited | 1.35% | up 0.06 pts | ₹27.6 Cr | down ₹40 L | Trimmed |
| Vishal Mega Mart Limited | 1.35% | down 0.04 pts | ₹27.5 Cr | down ₹2.6 Cr | Trimmed |
| Bosch Limited | 1.27% | up <0.01 pts | ₹25.9 Cr | down ₹1.6 Cr | Trimmed |
| Tata Motors Ltd | 1.26% | down 0.06 pts | ₹25.7 Cr | down ₹3 Cr | Trimmed |
| TD Power Systems Limited | 1.19% | down 0.07 pts | ₹24.3 Cr | down ₹3.1 Cr | Trimmed |
| Hyundai Motor India Ltd | 1.19% | down 0.02 pts | ₹24.3 Cr | down ₹2.1 Cr | Trimmed |
| PNB Housing Finance Limited | 1.16% | up 0.14 pts | ₹23.7 Cr | up ₹1.5 Cr | Added |
| Titagarh Rail Systems Limited | 1.12% | up 0.07 pts | ₹22.9 Cr | up ₹0 L | Held |
| Asian Paints Limited | 1.10% | down 0.04 pts | ₹22.4 Cr | down ₹2.3 Cr | Trimmed |
| Aurobindo Pharma Limited | 1.09% | up 1.09 pts | ₹22.3 Cr | up ₹22.3 Cr | New |
| Mankind Pharma Limited | 1.08% | down 0.33 pts | ₹22 Cr | down ₹8.4 Cr | Trimmed |
| Endurance Technologies Limited | 1.05% | down 0.02 pts | ₹21.5 Cr | down ₹1.7 Cr | Trimmed |
| Hindustan Zinc Limited | 1.04% | up 0.01 pts | ₹21.2 Cr | down ₹1.1 Cr | Trimmed |
| RBL Bank Limited | 1.01% | up 0.11 pts | ₹20.6 Cr | up ₹1.2 Cr | Added |
| Canara Bank | 0.98% | up <0.01 pts | ₹19.9 Cr | down ₹1.2 Cr | Trimmed |
| Hindustan Copper Limited | 0.98% | down 0.04 pts | ₹19.9 Cr | down ₹2.2 Cr | Trimmed |
| Pine Labs Limited | 0.97% | up 0.10 pts | ₹19.7 Cr | up ₹89 L | Added |
| Amber Enterprises India Limited | 0.95% | down 0.07 pts | ₹19.5 Cr | down ₹2.8 Cr | Trimmed |
| Delhivery Limited | 0.95% | down 0.02 pts | ₹19.4 Cr | down ₹1.7 Cr | Trimmed |
| RHI Magnesita India Limited | 0.95% | up 0.09 pts | ₹19.4 Cr | up ₹67 L | Added |
| Bajaj Finserv Limited | 0.95% | down 0.09 pts | ₹19.3 Cr | down ₹3.2 Cr | Trimmed |
| ABB India Limited | 0.94% | down 0.06 pts | ₹19.2 Cr | down ₹2.4 Cr | Trimmed |
| Brigade Enterprises Limited | 0.93% | down 0.07 pts | ₹19 Cr | down ₹2.7 Cr | Trimmed |
| Ambuja Cements Limited | 0.92% | down 0.01 pts | ₹18.8 Cr | down ₹1.4 Cr | Trimmed |
| Bharat Forge Limited | 0.92% | down 0.03 pts | ₹18.7 Cr | down ₹1.7 Cr | Trimmed |
| Vedanta Aluminium Metal Limited | 0.92% | up 0.01 pts | ₹18.7 Cr | down ₹1 Cr | Trimmed |
| PI Industries Limited | 0.87% | up 0.26 pts | ₹17.7 Cr | up ₹4.5 Cr | Added |
| Cummins India Limited | 0.84% | down 0.01 pts | ₹17.2 Cr | down ₹1.2 Cr | Trimmed |
| Swiggy Limited | 0.83% | down 0.05 pts | ₹17 Cr | down ₹2.2 Cr | Trimmed |
What changed, Aug 2026 to Sep 2026
New New positions (9)
- Aurobindo Pharma Limited1.1% · ₹22.3 Cr
- Neogen Chemicals Ltd.0.8% · ₹15.5 Cr
- Marico Limited0.6% · ₹11.5 Cr
- Gland Pharma Limited0.5% · ₹10.5 Cr
- Onemi Technology Solutions Limited0.3% · ₹6.6 Cr
- InterGlobe Aviation Limited0.3% · ₹6 Cr
- Dr. Reddy's Laboratories Limited0.2% · ₹4 Cr
- Cyient Dlm Ltd0.1% · ₹2 Cr
- Syngene International Limited0.1% · ₹1.3 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 Aug 2026, the weight rose most in Pharmaceuticals & Biotechnology (+1.6 pts) and Chemicals & Petrochemicals (+0.8 pts), and fell most in Industrial Manufacturing (−1.0 pts) and Automobiles (−0.8 pts).
- Pharmaceuticals & Biotechnology2.7% → 4.3%+1.6 pts
- Chemicals & Petrochemicals6.5% → 7.3%+0.8 pts
- Agricultural Food & Other Products0.0% → 0.6%new+0.6 pts
- Ferrous Metals1.9% → 2.4%+0.4 pts
- Industrial Products5.6% → 6.0%+0.3 pts
- Finance5.3% → 5.6%+0.3 pts
- Industrial Manufacturing2.5% → 1.4%−1.0 pts
- Automobiles3.6% → 2.8%−0.8 pts
- Retailing5.1% → 4.4%−0.7 pts
- Diversified FMCG0.6% → 0.0%exited−0.6 pts
- IT - Software4.3% → 3.8%−0.5 pts
- Leisure Services2.4% → 1.9%−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 | Mar 2026 | Jun 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|
| Banks | 17.8% | 18.6% | 18.4% | 18.2% |
| Chemicals & Petrochemicals | 6.2% | 6.9% | 6.5% | 7.3% |
| Auto Components | 4.3% | 5.4% | 6.6% | 6.6% |
| Industrial Products | 4.9% | 6.0% | 5.6% | 6.0% |
| Finance | 4.8% | 5.1% | 5.3% | 5.6% |
| Retailing | 3.0% | 4.5% | 5.1% | 4.4% |
| Pharmaceuticals & Biotechnology | 5.2% | 2.9% | 2.7% | 4.3% |
| Construction | 3.8% | 4.2% | 4.0% | 4.0% |
| IT - Software | 3.4% | 3.0% | 4.3% | 3.8% |
| Cement & Cement Products | 4.3% | 3.8% | 3.9% | 3.8% |
Allocation in Sep 2026change vs Aug 2026
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, Sep 2026
4.3%
▲ 0.1 pts vs Aug 2026
- Cash alone
- 3.9%
- 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.