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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
₹1,145 Cr
down ₹30.5 Cr vs Dec 2025
- Stocks held
- 50
- up 1 vs Dec 2025
- Top 10 weight
- 41.8%
- of the portfolio in its ten largest
- Cash & debt
- 8.0%
- cash, money market and debt
- Moves this month
- 1 in · 0 out
- added to 10, trimmed 35
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In January 2026 it disclosed 50 stocks worth ₹1,145 Cr, down ₹30.5 Cr from Dec 2025. Its largest positions were State Bank of India (7.0%), Axis Bank Limited (5.5%), Infosys Limited (4.5%); the ten largest together made up 41.8% of the portfolio, and Banks was the biggest sector at 20.0% of its equity. Cash and debt stood at 8.0%. Compared with Dec 2025 the fund entered 1 new stock and exited 0.
Against 226 other Sectoral / Thematic funds
Concentration
40%
Top-10 weight is higher than 40% of peers
Breadth
64%
Holds more stocks than 64% of peers
Cash
89%
Holds more cash than 89% of peers
Holdings in January 2026
Download CSVEvery line the fund disclosed, with the change against Dec 2025. Click a column to sort; click a company to see every fund that owns it.
- Cash, TREPS & receivables
- Weight
- 8.01%
- Δ weight
- down 0.07 pts
- Value
- ₹91.7 Cr
- Δ value
- down ₹3.3 Cr
- Status
- Trimmed
- Weight
- 6.99%
- Δ weight
- up 0.78 pts
- Value
- ₹80 Cr
- Δ value
- up ₹7.1 Cr
- Status
- Added
- Weight
- 5.48%
- Δ weight
- up 0.54 pts
- Value
- ₹62.7 Cr
- Δ value
- up ₹4.6 Cr
- Status
- Added
- Weight
- 4.51%
- Δ weight
- up 0.19 pts
- Value
- ₹51.7 Cr
- Δ value
- up ₹81 L
- Status
- Added
- Weight
- 4.51%
- Δ weight
- down 0.24 pts
- Value
- ₹51.7 Cr
- Δ value
- down ₹4.2 Cr
- Status
- Trimmed
- Weight
- 3.84%
- Δ weight
- down 2.17 pts
- Value
- ₹44 Cr
- Δ value
- down ₹26.7 Cr
- Status
- Trimmed
- Weight
- 3.60%
- Δ weight
- up 0.05 pts
- Value
- ₹41.2 Cr
- Δ value
- down ₹49 L
- Status
- Trimmed
- Weight
- 3.41%
- Δ weight
- down 0.14 pts
- Value
- ₹39.1 Cr
- Δ value
- down ₹2.7 Cr
- Status
- Trimmed
- Weight
- 3.37%
- Δ weight
- up <0.01 pts
- Value
- ₹38.5 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 3.32%
- Δ weight
- down 0.17 pts
- Value
- ₹38 Cr
- Δ value
- down ₹3 Cr
- Status
- Trimmed
- Weight
- 2.77%
- Δ weight
- up 0.27 pts
- Value
- ₹31.7 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Weight
- 2.72%
- Δ weight
- up 0.29 pts
- Value
- ₹31.1 Cr
- Δ value
- up ₹2.6 Cr
- Status
- Added
- Weight
- 2.64%
- Δ weight
- up 0.09 pts
- Value
- ₹30.2 Cr
- Δ value
- up ₹27 L
- Status
- Added
- Weight
- 2.55%
- Δ weight
- up 0.04 pts
- Value
- ₹29.2 Cr
- Δ value
- down ₹34 L
- Status
- Trimmed
- Weight
- 2.27%
- Δ weight
- up 0.05 pts
- Value
- ₹25.9 Cr
- Δ value
- down ₹14 L
- Status
- Trimmed
- Weight
- 2.14%
- Δ weight
- down 0.19 pts
- Value
- ₹24.6 Cr
- Δ value
- down ₹2.9 Cr
- Status
- Trimmed
- Weight
- 2.03%
- Δ weight
- down 0.16 pts
- Value
- ₹23.2 Cr
- Δ value
- down ₹2.5 Cr
- Status
- Trimmed
- Weight
- 1.89%
- Δ weight
- down 0.02 pts
- Value
- ₹21.7 Cr
- Δ value
- down ₹78 L
- Status
- Trimmed
- Weight
- 1.85%
- Δ weight
- up <0.01 pts
- Value
- ₹21.2 Cr
- Δ value
- down ₹53 L
- Status
- Trimmed
- Weight
- 1.56%
- Δ weight
- down 0.05 pts
- Value
- ₹17.9 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 1.55%
- Δ weight
- up 0.04 pts
- Value
- ₹17.7 Cr
- Δ value
- down ₹3 L
- Status
- Held
- Weight
- 1.53%
- Δ weight
- down 0.14 pts
- Value
- ₹17.5 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 1.49%
- Δ weight
- up 1.49 pts
- Value
- ₹17.1 Cr
- Δ value
- up ₹17.1 Cr
- Status
- New
- Weight
- 1.47%
- Δ weight
- down 0.04 pts
- Value
- ₹16.9 Cr
- Δ value
- down ₹86 L
- Status
- Trimmed
- Weight
- 1.45%
- Δ weight
- up 0.06 pts
- Value
- ₹16.6 Cr
- Δ value
- up ₹30 L
- Status
- Added
- Weight
- 1.27%
- Δ weight
- down 0.05 pts
- Value
- ₹14.5 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 1.26%
- Δ weight
- down 0.10 pts
- Value
- ₹14.4 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 1.23%
- Δ weight
- up 0.02 pts
- Value
- ₹14.1 Cr
- Δ value
- down ₹17 L
- Status
- Trimmed
- Weight
- 1.20%
- Δ weight
- up 0.03 pts
- Value
- ₹13.7 Cr
- Δ value
- up ₹1 L
- Status
- Held
- Weight
- 1.15%
- Δ weight
- up 0.12 pts
- Value
- ₹13.2 Cr
- Δ value
- up ₹1 Cr
- Status
- Added
- Weight
- 1.15%
- Δ weight
- down 0.39 pts
- Value
- ₹13.1 Cr
- Δ value
- down ₹4.9 Cr
- Status
- Trimmed
- Weight
- 1.11%
- Δ weight
- down 0.09 pts
- Value
- ₹12.7 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 1.06%
- Δ weight
- down 0.05 pts
- Value
- ₹12.1 Cr
- Δ value
- down ₹88 L
- Status
- Trimmed
- Weight
- 1.02%
- Δ weight
- up 0.01 pts
- Value
- ₹11.7 Cr
- Δ value
- down ₹14 L
- Status
- Trimmed
- Weight
- 0.97%
- Δ weight
- down 0.07 pts
- Value
- ₹11.1 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 0.96%
- Δ weight
- up 0.04 pts
- Value
- ₹11 Cr
- Δ value
- up ₹13 L
- Status
- Added
- Weight
- 0.92%
- Δ weight
- up 0.05 pts
- Value
- ₹10.5 Cr
- Δ value
- up ₹31 L
- Status
- Added
- Weight
- 0.89%
- Δ weight
- up 0.01 pts
- Value
- ₹10.2 Cr
- Δ value
- down ₹16 L
- Status
- Trimmed
- Weight
- 0.86%
- Δ weight
- down 0.01 pts
- Value
- ₹9.9 Cr
- Δ value
- down ₹39 L
- Status
- Trimmed
- Weight
- 0.84%
- Δ weight
- down 0.02 pts
- Value
- ₹9.6 Cr
- Δ value
- down ₹52 L
- Status
- Trimmed
- Weight
- 0.83%
- Δ weight
- down 0.09 pts
- Value
- ₹9.5 Cr
- Δ value
- down ₹1.3 Cr
- Status
- Trimmed
- Weight
- 0.79%
- Δ weight
- down 0.02 pts
- Value
- ₹9.1 Cr
- Δ value
- down ₹45 L
- Status
- Trimmed
- Weight
- 0.77%
- Δ weight
- down <0.01 pts
- Value
- ₹8.8 Cr
- Δ value
- down ₹26 L
- Status
- Trimmed
- Weight
- 0.74%
- Δ weight
- down 0.04 pts
- Value
- ₹8.5 Cr
- Δ value
- down ₹73 L
- Status
- Trimmed
- Weight
- 0.73%
- Δ weight
- up 0.01 pts
- Value
- ₹8.4 Cr
- Δ value
- down ₹14 L
- Status
- Trimmed
- Weight
- 0.71%
- Δ weight
- up 0.25 pts
- Value
- ₹8.1 Cr
- Δ value
- up ₹2.7 Cr
- Status
- Added
- Weight
- 0.64%
- Δ weight
- down 0.02 pts
- Value
- ₹7.3 Cr
- Δ value
- down ₹44 L
- Status
- Trimmed
- Weight
- 0.56%
- Δ weight
- up 0.07 pts
- Value
- ₹6.5 Cr
- Δ value
- up ₹66 L
- Status
- Added
- Weight
- 0.48%
- Δ weight
- down 0.07 pts
- Value
- ₹5.5 Cr
- Δ value
- down ₹97 L
- Status
- Trimmed
- Weight
- 0.43%
- Δ weight
- down 0.05 pts
- Value
- ₹5 Cr
- Δ value
- down ₹67 L
- Status
- Trimmed
- Weight
- 0.43%
- Δ weight
- down 0.04 pts
- Value
- ₹4.9 Cr
- Δ value
- down ₹62 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, Dec 2025 to Jan 2026
New New positions (1)
- Samvardhana Motherson International Limited1.5% · ₹17.1 Cr
Exited Exited (0)
None.
Added Biggest additions
- State Bank of Indiaup ₹7.1 Cr (+0.78% pts)
- Axis Bank Limitedup ₹4.6 Cr (+0.54% pts)
- Sona BLW Precision Forgings Limitedup ₹2.7 Cr (+0.25% pts)
- Gland Pharma Limitedup ₹2.6 Cr (+0.29% pts)
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 Dec 2025, the weight rose most in Auto Components (+1.8 pts) and Banks (+1.3 pts), and fell most in Capital Markets (−2.2 pts) and Healthcare Services (−0.4 pts).
- Auto Components2.9% → 4.7%+1.8 pts
- Banks18.7% → 20.0%+1.3 pts
- Power2.7% → 3.0%+0.3 pts
- IT - Software11.9% → 12.1%+0.3 pts
- Pharmaceuticals & Biotechnology4.9% → 5.0%+0.2 pts
- Capital Markets9.3% → 7.1%−2.2 pts
- Healthcare Services6.2% → 5.9%−0.4 pts
- Industrial Products5.8% → 5.5%−0.3 pts
- Consumer Durables6.4% → 6.2%−0.2 pts
- Automobiles7.9% → 7.7%−0.2 pts
- Construction2.8% → 2.6%−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 | Jan 2025 | Jul 2025 | Oct 2025 | Dec 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Banks | 11.4% | 16.9% | 18.4% | 18.7% | 20.0% |
| IT - Software | — | 8.6% | 11.8% | 11.9% | 12.1% |
| Automobiles | 10.3% | 6.7% | 7.6% | 7.9% | 7.7% |
| Capital Markets | 7.6% | 7.5% | 8.4% | 9.3% | 7.1% |
| Consumer Durables | 8.9% | 6.9% | 6.8% | 6.4% | 6.2% |
| Healthcare Services | 4.7% | 5.0% | 5.1% | 6.2% | 5.9% |
| Industrial Products | 8.7% | 6.1% | 6.0% | 5.8% | 5.5% |
| Pharmaceuticals & Biotechnology | 9.7% | 6.2% | 6.6% | 4.9% | 5.0% |
| Auto Components | 1.9% | 2.5% | 3.0% | 2.9% | 4.7% |
| Telecom - Services | 5.0% | 2.6% | 3.8% | 3.9% | 3.7% |
Allocation in Jan 2026change vs Dec 2025
- Banks (4)20.0%▲ 1.3 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, Jan 2026
8.0%
▼ 0.1 pts vs Dec 2025
- Cash alone
- 8.0%
- cash and net receivables
- A year earlier
- 21.5%
- Jan 2025 · now ▼ 13.5 pts
- Last 12 months
- 5.4% – 16.1%
- 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.