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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
₹1,176 Cr
down ₹15.6 Cr vs Nov 2025
- Stocks held
- 49
- down 2 vs Nov 2025
- Top 10 weight
- 42.7%
- of the portfolio in its ten largest
- Cash & debt
- 8.1%
- cash, money market and debt
- Moves this month
- 2 in · 4 out
- added to 10, trimmed 26
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In December 2025 it disclosed 49 stocks worth ₹1,176 Cr, down ₹15.6 Cr from Nov 2025. Its largest positions were State Bank of India (6.2%), Multi Commodity Exchange of India Limited (6.0%), Axis Bank Limited (4.9%); the ten largest together made up 42.7% of the portfolio, and Banks was the biggest sector at 18.7% of its equity. Cash and debt stood at 8.1%. Compared with Nov 2025 the fund entered 2 new stocks and exited 4.
Against 226 other Sectoral / Thematic funds
Concentration
43%
Top-10 weight is higher than 43% of peers
Breadth
62%
Holds more stocks than 62% of peers
Cash
89%
Holds more cash than 89% of peers
Holdings in December 2025
Download CSVEvery line the fund disclosed, with the change against Nov 2025. Click a column to sort; click a company to see every fund that owns it.
- Cash, TREPS & receivables
- Weight
- 8.08%
- Δ weight
- down 0.80 pts
- Value
- ₹95 Cr
- Δ value
- down ₹10.7 Cr
- Status
- Trimmed
- Weight
- 6.21%
- Δ weight
- up 0.10 pts
- Value
- ₹73 Cr
- Δ value
- up ₹24 L
- Status
- Held
- Weight
- 6.01%
- Δ weight
- up 0.64 pts
- Value
- ₹70.7 Cr
- Δ value
- up ₹6.7 Cr
- Status
- Added
- Weight
- 4.94%
- Δ weight
- up 0.02 pts
- Value
- ₹58.1 Cr
- Δ value
- down ₹47 L
- Status
- Trimmed
- Weight
- 4.75%
- Δ weight
- up <0.01 pts
- Value
- ₹55.9 Cr
- Δ value
- down ₹72 L
- Status
- Trimmed
- Weight
- 4.33%
- Δ weight
- up 0.08 pts
- Value
- ₹50.9 Cr
- Δ value
- up ₹31 L
- Status
- Added
- Weight
- 3.55%
- Δ weight
- up 0.05 pts
- Value
- ₹41.8 Cr
- Δ value
- up ₹8 L
- Status
- Held
- Weight
- 3.55%
- Δ weight
- down 0.10 pts
- Value
- ₹41.7 Cr
- Δ value
- down ₹1.7 Cr
- Status
- Trimmed
- Weight
- 3.49%
- Δ weight
- up 0.17 pts
- Value
- ₹41 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 3.37%
- Δ weight
- up 0.12 pts
- Value
- ₹39.6 Cr
- Δ value
- up ₹85 L
- Status
- Added
- Weight
- 2.55%
- Δ weight
- down 0.05 pts
- Value
- ₹29.9 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 2.51%
- Δ weight
- up 0.16 pts
- Value
- ₹29.5 Cr
- Δ value
- up ₹1.5 Cr
- Status
- Added
- Weight
- 2.50%
- Δ weight
- up 0.06 pts
- Value
- ₹29.4 Cr
- Δ value
- up ₹28 L
- Status
- Added
- Weight
- 2.43%
- Δ weight
- up 0.93 pts
- Value
- ₹28.5 Cr
- Δ value
- up ₹10.7 Cr
- Status
- Added
- Weight
- 2.33%
- Δ weight
- down 0.26 pts
- Value
- ₹27.4 Cr
- Δ value
- down ₹3.4 Cr
- Status
- Trimmed
- Weight
- 2.22%
- Δ weight
- down 0.29 pts
- Value
- ₹26.1 Cr
- Δ value
- down ₹3.9 Cr
- Status
- Trimmed
- Weight
- 2.19%
- Δ weight
- up 0.18 pts
- Value
- ₹25.8 Cr
- Δ value
- up ₹1.8 Cr
- Status
- Added
- Weight
- 1.91%
- Δ weight
- down 0.01 pts
- Value
- ₹22.5 Cr
- Δ value
- down ₹41 L
- Status
- Trimmed
- Weight
- 1.85%
- Δ weight
- up <0.01 pts
- Value
- ₹21.8 Cr
- Δ value
- down ₹24 L
- Status
- Trimmed
- Weight
- 1.67%
- Δ weight
- up 0.04 pts
- Value
- ₹19.6 Cr
- Δ value
- up ₹27 L
- Status
- Added
- Weight
- 1.61%
- Δ weight
- up 0.08 pts
- Value
- ₹18.9 Cr
- Δ value
- up ₹64 L
- Status
- Added
- Weight
- 1.54%
- Δ weight
- up 0.03 pts
- Value
- ₹18.1 Cr
- Δ value
- up ₹7 L
- Status
- Held
- Weight
- 1.51%
- Δ weight
- up 0.03 pts
- Value
- ₹17.8 Cr
- Δ value
- up ₹8 L
- Status
- Held
- Weight
- 1.51%
- Δ weight
- up 0.02 pts
- Value
- ₹17.7 Cr
- Δ value
- up ₹4 L
- Status
- Held
- Weight
- 1.39%
- Δ weight
- up 0.01 pts
- Value
- ₹16.3 Cr
- Δ value
- down ₹8 L
- Status
- Trimmed
- Weight
- 1.35%
- Δ weight
- down 0.04 pts
- Value
- ₹15.9 Cr
- Δ value
- down ₹68 L
- Status
- Trimmed
- Weight
- 1.32%
- Δ weight
- up 0.01 pts
- Value
- ₹15.6 Cr
- Δ value
- down ₹8 L
- Status
- Trimmed
- Weight
- 1.21%
- Δ weight
- up 1.21 pts
- Value
- ₹14.3 Cr
- Δ value
- up ₹14.3 Cr
- Status
- New
- Weight
- 1.20%
- Δ weight
- up 0.57 pts
- Value
- ₹14.1 Cr
- Δ value
- up ₹6.6 Cr
- Status
- Added
- Weight
- 1.17%
- Δ weight
- up 0.06 pts
- Value
- ₹13.7 Cr
- Δ value
- up ₹56 L
- Status
- Added
- Weight
- 1.11%
- Δ weight
- down 0.01 pts
- Value
- ₹13 Cr
- Δ value
- down ₹31 L
- Status
- Trimmed
- Weight
- 1.04%
- Δ weight
- up 0.07 pts
- Value
- ₹12.3 Cr
- Δ value
- up ₹62 L
- Status
- Added
- Weight
- 1.04%
- Δ weight
- down 0.14 pts
- Value
- ₹12.2 Cr
- Δ value
- down ₹1.9 Cr
- Status
- Trimmed
- Weight
- 1.01%
- Δ weight
- up 0.01 pts
- Value
- ₹11.8 Cr
- Δ value
- down ₹9 L
- Status
- Trimmed
- Weight
- 0.93%
- Δ weight
- up <0.01 pts
- Value
- ₹10.9 Cr
- Δ value
- down ₹14 L
- Status
- Trimmed
- Weight
- 0.92%
- Δ weight
- down 0.06 pts
- Value
- ₹10.9 Cr
- Δ value
- down ₹83 L
- Status
- Trimmed
- Weight
- 0.88%
- Δ weight
- down 0.01 pts
- Value
- ₹10.4 Cr
- Δ value
- down ₹29 L
- Status
- Trimmed
- Weight
- 0.87%
- Δ weight
- up 0.09 pts
- Value
- ₹10.3 Cr
- Δ value
- up ₹91 L
- Status
- Added
- Weight
- 0.87%
- Δ weight
- up 0.04 pts
- Value
- ₹10.2 Cr
- Δ value
- up ₹32 L
- Status
- Added
- Weight
- 0.86%
- Δ weight
- down 0.03 pts
- Value
- ₹10.1 Cr
- Δ value
- down ₹49 L
- Status
- Trimmed
- Weight
- 0.81%
- Δ weight
- down 0.04 pts
- Value
- ₹9.6 Cr
- Δ value
- down ₹66 L
- Status
- Trimmed
- Weight
- 0.78%
- Δ weight
- up 0.01 pts
- Value
- ₹9.2 Cr
- Δ value
- down ₹1 L
- Status
- Held
- Weight
- 0.77%
- Δ weight
- down 0.17 pts
- Value
- ₹9.1 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 0.73%
- Δ weight
- down 0.01 pts
- Value
- ₹8.5 Cr
- Δ value
- down ₹27 L
- Status
- Trimmed
- Weight
- 0.66%
- Δ weight
- down 0.02 pts
- Value
- ₹7.7 Cr
- Δ value
- down ₹33 L
- Status
- Trimmed
- Weight
- 0.55%
- Δ weight
- down 0.07 pts
- Value
- ₹6.5 Cr
- Δ value
- down ₹96 L
- Status
- Trimmed
- Weight
- 0.49%
- Δ weight
- up 0.49 pts
- Value
- ₹5.8 Cr
- Δ value
- up ₹5.8 Cr
- Status
- New
- Weight
- 0.48%
- Δ weight
- down <0.01 pts
- Value
- ₹5.6 Cr
- Δ value
- down ₹8 L
- Status
- Trimmed
- Weight
- 0.47%
- Δ weight
- down 0.01 pts
- Value
- ₹5.5 Cr
- Δ value
- down ₹15 L
- Status
- Trimmed
- Weight
- 0.45%
- Δ weight
- down 0.02 pts
- Value
- ₹5.3 Cr
- Δ value
- down ₹36 L
- Status
- Trimmed
- TVS Motor Company Ltd.Other
- Weight
- 0.03%
- Δ weight
- up <0.01 pts
- Value
- ₹32 L
- Δ value
- up ₹0 L
- Status
- Held
What changed, Nov 2025 to Dec 2025
New New positions (2)
- Greenlam Industries Limited1.2% · ₹14.3 Cr
- Bayer Cropscience Limited0.5% · ₹5.8 Cr
Exited Exited (4)
- Laurus Labs Limitedwas 1.3% · ₹15.9 Cr
- InterGlobe Aviation Limitedwas 0.8% · ₹9.1 Cr
- Crompton Greaves Consumer Electricals Limitedwas 0.7% · ₹8.9 Cr
- Shivalik Bimetal Controls Ltdwas 0.3% · ₹3.5 Cr
Added Biggest additions
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 Nov 2025, the weight rose most in Capital Markets (+0.5 pts) and Fertilizers & Agrochemicals (+0.5 pts), and fell most in Transport Services (−0.8 pts) and Pharmaceuticals & Biotechnology (−0.5 pts).
- Capital Markets8.8% → 9.3%+0.5 pts
- Fertilizers & Agrochemicals1.0% → 1.5%+0.5 pts
- Electrical Equipment2.8% → 3.1%+0.4 pts
- Consumer Durables6.2% → 6.4%+0.2 pts
- Automobiles7.8% → 7.9%+0.1 pts
- Transport Services0.8% → 0.0%exited−0.8 pts
- Pharmaceuticals & Biotechnology5.3% → 4.9%−0.5 pts
- IT - Software12.1% → 11.9%−0.2 pts
- Healthcare Services6.4% → 6.2%−0.2 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 | Dec 2024 | Jun 2025 | Sep 2025 | Nov 2025 | Dec 2025 |
|---|---|---|---|---|---|
| Banks | 16.4% | 17.6% | 17.4% | 18.6% | 18.7% |
| IT - Software | — | 9.2% | 8.6% | 12.1% | 11.9% |
| Capital Markets | 6.6% | 8.2% | 7.4% | 8.8% | 9.3% |
| Automobiles | 8.8% | 6.6% | 7.5% | 7.8% | 7.9% |
| Consumer Durables | 11.3% | 6.4% | 6.8% | 6.2% | 6.4% |
| Healthcare Services | 4.0% | 4.7% | 4.9% | 6.4% | 6.2% |
| Industrial Products | 7.8% | 5.9% | 5.9% | 5.9% | 5.8% |
| Pharmaceuticals & Biotechnology | 12.9% | 5.5% | 6.2% | 5.3% | 4.9% |
| Telecom - Services | — | 2.6% | 2.5% | 3.8% | 3.9% |
| Electrical Equipment | 3.2% | 2.1% | 3.0% | 2.8% | 3.1% |
Allocation in Dec 2025change vs Nov 2025
- Banks (4)18.7%▲ 0.1 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.
Cash & debt, Dec 2025
8.1%
▼ 0.8 pts vs Nov 2025
- Cash alone
- 8.1%
- cash and net receivables
- A year earlier
- 45.8%
- Dec 2024 · now ▼ 37.7 pts
- Last 12 months
- 5.4% – 21.5%
- 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.