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Sectoral / Thematic · DSP Mutual Fund · AMFI code 153121DSP Business Cycle Fund
Disclosed for 22 months, Dec 2024 to Sep 2026.
Portfolio value
₹1,191 Cr
up ₹10 Cr vs Oct 2025
- Stocks held
- 51
- up 1 vs Oct 2025
- Top 10 weight
- 41.7%
- of the portfolio in its ten largest
- Cash & debt
- 8.9%
- cash, money market and debt
- Moves this month
- 2 in · 1 out
- added to 10, trimmed 22
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In November 2025 it disclosed 51 stocks worth ₹1,191 Cr, up ₹10 Cr from Oct 2025. Its largest positions were State Bank of India (6.1%), Multi Commodity Exchange of India Limited (5.4%), Axis Bank Limited (4.9%); the ten largest together made up 41.7% of the portfolio, and Banks was the biggest sector at 18.6% of its equity. Cash and debt stood at 8.9%. Compared with Oct 2025 the fund entered 2 new stocks and exited 1.
Against 226 other Sectoral / Thematic funds
Concentration
40%
Top-10 weight is higher than 40% of peers
Breadth
68%
Holds more stocks than 68% of peers
Cash
91%
Holds more cash than 91% of peers
Holdings in November 2025
Download CSVEvery line the fund disclosed, with the change against Oct 2025. Click a column to sort; click a company to see every fund that owns it.
- Cash, TREPS & receivables
- Weight
- 8.87%
- Δ weight
- down 1.21 pts
- Value
- ₹106 Cr
- Δ value
- down ₹13.4 Cr
- Status
- Trimmed
- Weight
- 6.11%
- Δ weight
- up 0.21 pts
- Value
- ₹72.7 Cr
- Δ value
- up ₹3.1 Cr
- Status
- Added
- Weight
- 5.37%
- Δ weight
- up 0.40 pts
- Value
- ₹63.9 Cr
- Δ value
- up ₹5.3 Cr
- Status
- Added
- Weight
- 4.92%
- Δ weight
- up 0.14 pts
- Value
- ₹58.6 Cr
- Δ value
- up ₹2.1 Cr
- Status
- Added
- Weight
- 4.75%
- Δ weight
- up 0.30 pts
- Value
- ₹56.6 Cr
- Δ value
- up ₹4.1 Cr
- Status
- Added
- Weight
- 4.25%
- Δ weight
- up 0.18 pts
- Value
- ₹50.6 Cr
- Δ value
- up ₹2.5 Cr
- Status
- Added
- Weight
- 3.64%
- Δ weight
- down 0.20 pts
- Value
- ₹43.4 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 3.50%
- Δ weight
- up 0.05 pts
- Value
- ₹41.7 Cr
- Δ value
- up ₹93 L
- Status
- Added
- Weight
- 3.32%
- Δ weight
- up 0.01 pts
- Value
- ₹39.6 Cr
- Δ value
- up ₹41 L
- Status
- Added
- Weight
- 3.25%
- Δ weight
- up 0.06 pts
- Value
- ₹38.7 Cr
- Δ value
- up ₹98 L
- Status
- Added
- Weight
- 2.60%
- Δ weight
- up 0.06 pts
- Value
- ₹30.9 Cr
- Δ value
- up ₹97 L
- Status
- Added
- Weight
- 2.59%
- Δ weight
- down 0.33 pts
- Value
- ₹30.9 Cr
- Δ value
- down ₹3.7 Cr
- Status
- Trimmed
- Weight
- 2.51%
- Δ weight
- up 0.15 pts
- Value
- ₹29.9 Cr
- Δ value
- up ₹2 Cr
- Status
- Added
- Weight
- 2.44%
- Δ weight
- down 0.10 pts
- Value
- ₹29.1 Cr
- Δ value
- down ₹94 L
- Status
- Trimmed
- Weight
- 2.35%
- Δ weight
- down <0.01 pts
- Value
- ₹28 Cr
- Δ value
- up ₹18 L
- Status
- Added
- Weight
- 2.01%
- Δ weight
- up 0.04 pts
- Value
- ₹23.9 Cr
- Δ value
- up ₹66 L
- Status
- Added
- Weight
- 1.92%
- Δ weight
- up 0.16 pts
- Value
- ₹22.9 Cr
- Δ value
- up ₹2.1 Cr
- Status
- Added
- Weight
- 1.85%
- Δ weight
- down 0.03 pts
- Value
- ₹22 Cr
- Δ value
- down ₹12 L
- Status
- Trimmed
- Weight
- 1.62%
- Δ weight
- down 0.14 pts
- Value
- ₹19.4 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 1.54%
- Δ weight
- down 0.02 pts
- Value
- ₹18.3 Cr
- Δ value
- down ₹11 L
- Status
- Trimmed
- Weight
- 1.51%
- Δ weight
- up 1.51 pts
- Value
- ₹18 Cr
- Δ value
- up ₹18 Cr
- Status
- New
- Weight
- 1.49%
- Δ weight
- down 0.13 pts
- Value
- ₹17.8 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 1.49%
- Δ weight
- down 0.08 pts
- Value
- ₹17.7 Cr
- Δ value
- down ₹84 L
- Status
- Trimmed
- Weight
- 1.49%
- Δ weight
- down 0.01 pts
- Value
- ₹17.7 Cr
- Δ value
- up ₹2 L
- Status
- Held
- Weight
- 1.39%
- Δ weight
- down 0.10 pts
- Value
- ₹16.6 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 1.38%
- Δ weight
- down 0.06 pts
- Value
- ₹16.4 Cr
- Δ value
- down ₹57 L
- Status
- Trimmed
- Weight
- 1.33%
- Δ weight
- up 0.09 pts
- Value
- ₹15.9 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 1.31%
- Δ weight
- down 0.05 pts
- Value
- ₹15.6 Cr
- Δ value
- down ₹49 L
- Status
- Trimmed
- Weight
- 1.18%
- Δ weight
- up 0.08 pts
- Value
- ₹14.1 Cr
- Δ value
- up ₹1.1 Cr
- Status
- Added
- Weight
- 1.12%
- Δ weight
- up 0.13 pts
- Value
- ₹13.3 Cr
- Δ value
- up ₹1.7 Cr
- Status
- Added
- Weight
- 1.10%
- Δ weight
- down 0.01 pts
- Value
- ₹13.2 Cr
- Δ value
- up ₹2 L
- Status
- Held
- Weight
- 1.00%
- Δ weight
- up 0.01 pts
- Value
- ₹11.9 Cr
- Δ value
- up ₹20 L
- Status
- Added
- Weight
- 0.98%
- Δ weight
- up 0.05 pts
- Value
- ₹11.7 Cr
- Δ value
- up ₹71 L
- Status
- Added
- Weight
- 0.98%
- Δ weight
- down 0.08 pts
- Value
- ₹11.6 Cr
- Δ value
- down ₹84 L
- Status
- Trimmed
- Weight
- 0.94%
- Δ weight
- down 0.02 pts
- Value
- ₹11.2 Cr
- Δ value
- down ₹9 L
- Status
- Trimmed
- Weight
- 0.93%
- Δ weight
- up 0.01 pts
- Value
- ₹11 Cr
- Δ value
- up ₹22 L
- Status
- Added
- Weight
- 0.90%
- Δ weight
- up 0.01 pts
- Value
- ₹10.7 Cr
- Δ value
- up ₹26 L
- Status
- Added
- Weight
- 0.89%
- Δ weight
- up 0.89 pts
- Value
- ₹10.6 Cr
- Δ value
- up ₹10.6 Cr
- Status
- New
- Weight
- 0.86%
- Δ weight
- down 0.12 pts
- Value
- ₹10.2 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 0.83%
- Δ weight
- down 0.47 pts
- Value
- ₹9.9 Cr
- Δ value
- down ₹5.5 Cr
- Status
- Trimmed
- Weight
- 0.79%
- Δ weight
- down 0.01 pts
- Value
- ₹9.4 Cr
- Δ value
- down ₹3 L
- Status
- Held
- Weight
- 0.77%
- Δ weight
- down 0.05 pts
- Value
- ₹9.2 Cr
- Δ value
- down ₹47 L
- Status
- Trimmed
- Weight
- 0.76%
- Δ weight
- up 0.03 pts
- Value
- ₹9.1 Cr
- Δ value
- up ₹43 L
- Status
- Added
- Weight
- 0.74%
- Δ weight
- down 0.06 pts
- Value
- ₹8.9 Cr
- Δ value
- down ₹58 L
- Status
- Trimmed
- Weight
- 0.74%
- Δ weight
- down 0.02 pts
- Value
- ₹8.8 Cr
- Δ value
- down ₹13 L
- Status
- Trimmed
- Weight
- 0.68%
- Δ weight
- down 0.05 pts
- Value
- ₹8.1 Cr
- Δ value
- down ₹54 L
- Status
- Trimmed
- Weight
- 0.63%
- Δ weight
- down 0.07 pts
- Value
- ₹7.5 Cr
- Δ value
- down ₹71 L
- Status
- Trimmed
- Weight
- 0.63%
- Δ weight
- up 0.10 pts
- Value
- ₹7.4 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 0.48%
- Δ weight
- up 0.02 pts
- Value
- ₹5.7 Cr
- Δ value
- up ₹26 L
- Status
- Added
- Weight
- 0.48%
- Δ weight
- up 0.03 pts
- Value
- ₹5.7 Cr
- Δ value
- up ₹43 L
- Status
- Added
- Weight
- 0.47%
- Δ weight
- down 0.08 pts
- Value
- ₹5.6 Cr
- Δ value
- down ₹93 L
- Status
- Trimmed
- Weight
- 0.29%
- Δ weight
- down 0.03 pts
- Value
- ₹3.5 Cr
- Δ value
- down ₹35 L
- Status
- Trimmed
- TVS Motor Company Ltd.Other
- Weight
- 0.03%
- Δ weight
- down <0.01 pts
- Value
- ₹32 L
- Δ value
- up ₹0 L
- Status
- Held
What changed, Oct 2025 to Nov 2025
New New positions (2)
- Syngene International Limited1.5% · ₹18 Cr
- Dhanuka Agritech Limited0.9% · ₹10.6 Cr
Exited Exited (1)
- Mankind Pharma Limitedwas 1.2% · ₹14.1 Cr
Added Biggest additions
- Multi Commodity Exchange of India Limitedup ₹5.3 Cr (+0.40% pts)
- Mahindra & Mahindra Limitedup ₹4.1 Cr (+0.30% pts)
- State Bank of India
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 Oct 2025, the weight rose most in Healthcare Services (+1.3 pts) and Fertilizers & Agrochemicals (+1.0 pts), and fell most in Pharmaceuticals & Biotechnology (−1.3 pts) and Chemicals & Petrochemicals (−0.7 pts).
- Healthcare Services5.1% → 6.4%+1.3 pts
- Fertilizers & Agrochemicals0.0% → 1.0%new+1.0 pts
- Capital Markets8.4% → 8.8%+0.4 pts
- IT - Software11.8% → 12.1%+0.3 pts
- Automobiles7.6% → 7.8%+0.2 pts
- Banks18.4% → 18.6%+0.2 pts
- Pharmaceuticals & Biotechnology6.6% → 5.3%−1.3 pts
- Chemicals & Petrochemicals2.5% → 1.9%−0.7 pts
- Consumer Durables6.8% → 6.2%−0.6 pts
- Realty2.0% → 1.8%−0.2 pts
- Industrial Products6.0% → 5.9%−0.2 pts
- Power2.8% → 2.7%−0.1 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 | May 2025 | Aug 2025 | Oct 2025 | Nov 2025 |
|---|---|---|---|---|
| Banks | 18.1% | 16.9% | 18.4% | 18.6% |
| IT - Software | 9.2% | 9.2% | 11.8% | 12.1% |
| Capital Markets | 7.1% | 7.2% | 8.4% | 8.8% |
| Automobiles | 6.5% | 7.2% | 7.6% | 7.8% |
| Healthcare Services | 4.8% | 5.2% | 5.1% | 6.4% |
| Consumer Durables | 6.4% | 6.8% | 6.8% | 6.2% |
| Industrial Products | 6.2% | 5.7% | 6.0% | 5.9% |
| Pharmaceuticals & Biotechnology | 5.5% | 6.0% | 6.6% | 5.3% |
| Telecom - Services | 2.6% | 2.6% | 3.8% | 3.8% |
| Auto Components | 2.6% | 2.4% | 3.0% | 3.0% |
Allocation in Nov 2025change vs Oct 2025
- Banks (4)18.6%▲ 0.2 pts
- IT - Software (4)12.1%
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.
Cash & debt, Nov 2025
8.9%
▼ 1.2 pts vs Oct 2025
- Cash alone
- 8.9%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 5.4% – 45.8%
- lowest to highest · record 45.8% in Dec 2024
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.