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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
₹1,143 Cr
up ₹115 Cr vs Mar 2026
- Stocks held
- 52
- up 2 vs Mar 2026
- Top 10 weight
- 44.5%
- of the portfolio in its ten largest
- Cash & debt
- 9.8%
- cash, money market and debt
- Moves this month
- 11 in · 9 out
- added to 10, trimmed 15
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In April 2026 it disclosed 52 stocks worth ₹1,143 Cr, up ₹115 Cr from Mar 2026. Its largest positions were HDFC Bank Limited (7.9%), Axis Bank Limited (7.0%), ICICI Bank Limited (6.7%); the ten largest together made up 44.5% of the portfolio, and Banks was the biggest sector at 25.5% of its equity. Cash and debt stood at 9.8%. Compared with Mar 2026 the fund entered 11 new stocks and exited 9.
Against 226 other Sectoral / Thematic funds
Concentration
45%
Top-10 weight is higher than 45% of peers
Breadth
72%
Holds more stocks than 72% of peers
Cash
94%
Holds more cash than 94% of peers
Holdings in April 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.
- Cash, TREPS & receivables
- Weight
- 9.78%
- Δ weight
- up 5.30 pts
- Value
- ₹112 Cr
- Δ value
- up ₹65.8 Cr
- Status
- Added
- Weight
- 7.87%
- Δ weight
- up 7.87 pts
- Value
- ₹90 Cr
- Δ value
- up ₹90 Cr
- Status
- New
- Weight
- 6.98%
- Δ weight
- up 1.81 pts
- Value
- ₹79.8 Cr
- Δ value
- up ₹26.7 Cr
- Status
- Added
- Weight
- 6.66%
- Δ weight
- up 4.05 pts
- Value
- ₹76.1 Cr
- Δ value
- up ₹49.3 Cr
- Status
- Added
- Weight
- 4.08%
- Δ weight
- down 0.25 pts
- Value
- ₹46.7 Cr
- Δ value
- up ₹2.2 Cr
- Status
- Added
- Weight
- 3.49%
- Δ weight
- up 3.49 pts
- Value
- ₹39.9 Cr
- Δ value
- up ₹39.9 Cr
- Status
- New
- Weight
- 3.28%
- Δ weight
- down 0.17 pts
- Value
- ₹37.4 Cr
- Δ value
- up ₹2.1 Cr
- Status
- Added
- Weight
- 3.24%
- Δ weight
- down 0.80 pts
- Value
- ₹37.1 Cr
- Δ value
- down ₹4.5 Cr
- Status
- Trimmed
- Weight
- 3.11%
- Δ weight
- down 0.10 pts
- Value
- ₹35.6 Cr
- Δ value
- up ₹2.5 Cr
- Status
- Added
- Weight
- 3.04%
- Δ weight
- up 3.04 pts
- Value
- ₹34.8 Cr
- Δ value
- up ₹34.8 Cr
- Status
- New
- Weight
- 2.72%
- Δ weight
- up 2.72 pts
- Value
- ₹31.1 Cr
- Δ value
- up ₹31.1 Cr
- Status
- New
- Weight
- 2.04%
- Δ weight
- down 0.23 pts
- Value
- ₹23.3 Cr
- Δ value
- up ₹2 L
- Status
- Held
- Weight
- 2.02%
- Δ weight
- down 0.72 pts
- Value
- ₹23.1 Cr
- Δ value
- down ₹5.1 Cr
- Status
- Trimmed
- Weight
- 1.95%
- Δ weight
- down 0.07 pts
- Value
- ₹22.3 Cr
- Δ value
- up ₹1.5 Cr
- Status
- Added
- Weight
- 1.79%
- Δ weight
- up 0.21 pts
- Value
- ₹20.4 Cr
- Δ value
- up ₹4.2 Cr
- Status
- Added
- Weight
- 1.72%
- Δ weight
- up 0.09 pts
- Value
- ₹19.6 Cr
- Δ value
- up ₹2.9 Cr
- Status
- Added
- Weight
- 1.63%
- Δ weight
- down 1.21 pts
- Value
- ₹18.7 Cr
- Δ value
- down ₹10.6 Cr
- Status
- Trimmed
- Weight
- 1.61%
- Δ weight
- up 0.10 pts
- Value
- ₹18.5 Cr
- Δ value
- up ₹2.8 Cr
- Status
- Added
- Weight
- 1.50%
- Δ weight
- up 1.50 pts
- Value
- ₹17.1 Cr
- Δ value
- up ₹17.1 Cr
- Status
- New
- Weight
- 1.48%
- Δ weight
- down 1.12 pts
- Value
- ₹16.9 Cr
- Δ value
- down ₹9.8 Cr
- Status
- Trimmed
- Weight
- 1.46%
- Δ weight
- down 0.08 pts
- Value
- ₹16.7 Cr
- Δ value
- up ₹81 L
- Status
- Added
- Weight
- 1.45%
- Δ weight
- down 5.63 pts
- Value
- ₹16.6 Cr
- Δ value
- down ₹56.2 Cr
- Status
- Trimmed
- Weight
- 1.45%
- Δ weight
- down 0.05 pts
- Value
- ₹16.5 Cr
- Δ value
- up ₹1.1 Cr
- Status
- Added
- Weight
- 1.30%
- Δ weight
- down 0.09 pts
- Value
- ₹14.9 Cr
- Δ value
- up ₹54 L
- Status
- Added
- Weight
- 1.25%
- Δ weight
- down 0.22 pts
- Value
- ₹14.3 Cr
- Δ value
- down ₹80 L
- Status
- Trimmed
- Weight
- 1.18%
- Δ weight
- up 0.17 pts
- Value
- ₹13.5 Cr
- Δ value
- up ₹3.1 Cr
- Status
- Added
- Weight
- 1.16%
- Δ weight
- down 0.01 pts
- Value
- ₹13.3 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.14%
- Δ weight
- up 0.08 pts
- Value
- ₹13 Cr
- Δ value
- up ₹2.2 Cr
- Status
- Added
- Weight
- 1.12%
- Δ weight
- up 0.16 pts
- Value
- ₹12.8 Cr
- Δ value
- up ₹2.9 Cr
- Status
- Added
- Weight
- 1.11%
- Δ weight
- up 0.04 pts
- Value
- ₹12.7 Cr
- Δ value
- up ₹1.7 Cr
- Status
- Added
- Weight
- 1.11%
- Δ weight
- down 0.18 pts
- Value
- ₹12.6 Cr
- Δ value
- down ₹58 L
- Status
- Trimmed
- Weight
- 1.02%
- Δ weight
- up 0.02 pts
- Value
- ₹11.7 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.02%
- Δ weight
- down 0.12 pts
- Value
- ₹11.7 Cr
- Δ value
- down ₹11 L
- Status
- Trimmed
- Weight
- 1.02%
- Δ weight
- up 0.13 pts
- Value
- ₹11.6 Cr
- Δ value
- up ₹2.5 Cr
- Status
- Added
- Weight
- 1.02%
- Δ weight
- up 1.02 pts
- Value
- ₹11.6 Cr
- Δ value
- up ₹11.6 Cr
- Status
- New
- Weight
- 1.01%
- Δ weight
- up 1.01 pts
- Value
- ₹11.6 Cr
- Δ value
- up ₹11.6 Cr
- Status
- New
- Weight
- 1.01%
- Δ weight
- down 1.04 pts
- Value
- ₹11.5 Cr
- Δ value
- down ₹9.5 Cr
- Status
- Trimmed
- Weight
- 0.99%
- Δ weight
- down 3.28 pts
- Value
- ₹11.4 Cr
- Δ value
- down ₹32.5 Cr
- Status
- Trimmed
- Weight
- 0.99%
- Δ weight
- up 0.99 pts
- Value
- ₹11.3 Cr
- Δ value
- up ₹11.3 Cr
- Status
- New
- Weight
- 0.95%
- Δ weight
- down 0.03 pts
- Value
- ₹10.8 Cr
- Δ value
- up ₹82 L
- Status
- Added
- Weight
- 0.89%
- Δ weight
- up 0.08 pts
- Value
- ₹10.2 Cr
- Δ value
- up ₹1.9 Cr
- Status
- Added
- Weight
- 0.84%
- Δ weight
- down <0.01 pts
- Value
- ₹9.6 Cr
- Δ value
- up ₹95 L
- Status
- Added
- Weight
- 0.83%
- Δ weight
- down 0.03 pts
- Value
- ₹9.4 Cr
- Δ value
- up ₹62 L
- Status
- Added
- Weight
- 0.81%
- Δ weight
- up 0.07 pts
- Value
- ₹9.2 Cr
- Δ value
- up ₹1.7 Cr
- Status
- Added
- Weight
- 0.78%
- Δ weight
- up 0.78 pts
- Value
- ₹8.9 Cr
- Δ value
- up ₹8.9 Cr
- Status
- New
- Weight
- 0.52%
- Δ weight
- down 0.63 pts
- Value
- ₹6 Cr
- Δ value
- down ₹5.8 Cr
- Status
- Trimmed
- Weight
- 0.48%
- Δ weight
- up 0.48 pts
- Value
- ₹5.5 Cr
- Δ value
- up ₹5.5 Cr
- Status
- New
- Weight
- 0.46%
- Δ weight
- down 0.20 pts
- Value
- ₹5.3 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 0.44%
- Δ weight
- up 0.44 pts
- Value
- ₹5 Cr
- Δ value
- up ₹5 Cr
- Status
- New
- Weight
- 0.42%
- Δ weight
- down 0.61 pts
- Value
- ₹4.8 Cr
- Δ value
- down ₹5.8 Cr
- Status
- Trimmed
- Weight
- 0.42%
- Δ weight
- down 0.01 pts
- Value
- ₹4.8 Cr
- Δ value
- up ₹41 L
- Status
- Added
- Weight
- 0.19%
- Δ weight
- down 0.67 pts
- Value
- ₹2.2 Cr
- Δ value
- down ₹6.7 Cr
- Status
- Trimmed
- Weight
- 0.15%
- Δ weight
- down 0.21 pts
- Value
- ₹1.7 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- TVS Motor Company Ltd.Other
- Weight
- 0.03%
- Δ weight
- down <0.01 pts
- Value
- ₹32 L
- Δ value
- down ₹0 L
- Status
- Held
What changed, Mar 2026 to Apr 2026
New New positions (11)
- HDFC Bank Limited7.9% · ₹90 Cr
- Larsen & Toubro Limited3.5% · ₹39.9 Cr
- Maruti Suzuki India Limited3.0% · ₹34.8 Cr
- Asian Paints Limited2.7% · ₹31.1 Cr
- HDFC Life Insurance Company Limited1.5% · ₹17.1 Cr
- Hyundai Motor India Ltd1.0% · ₹11.6 Cr
- Hero MotoCorp Limited1.0% · ₹11.6 Cr
- UltraTech Cement Limited1.0% · ₹11.3 Cr
- SBI Life Insurance Company Limited0.8% · ₹8.9 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 Banks (+6.5 pts) and Automobiles (+4.5 pts), and fell most in IT - Software (−6.9 pts) and Industrial Products (−4.6 pts).
- Banks18.9% → 25.5%+6.5 pts
- Automobiles7.3% → 11.8%+4.5 pts
- Construction2.0% → 5.8%+3.9 pts
- Consumer Durables6.9% → 9.3%+2.4 pts
- Insurance2.1% → 4.1%+2.0 pts
- Cement & Cement Products0.0% → 1.1%new+1.1 pts
- IT - Software10.0% → 3.1%−6.9 pts
- Industrial Products5.8% → 1.2%−4.6 pts
- Healthcare Services6.3% → 2.9%−3.4 pts
- Pharmaceuticals & Biotechnology5.2% → 4.0%−1.3 pts
- Finance1.2% → 0.0%exited−1.2 pts
- Electrical Equipment3.4% → 2.4%−1.0 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 | Apr 2025 | Oct 2025 | Jan 2026 | Mar 2026 | Apr 2026 |
|---|---|---|---|---|---|
| Banks | 20.9% | 18.4% | 20.0% | 18.9% | 25.5% |
| Automobiles | 7.3% | 7.6% | 7.7% | 7.3% | 11.8% |
| Consumer Durables | 7.1% | 6.8% | 6.2% | 6.9% | 9.3% |
| Capital Markets | 8.3% | 8.4% | 7.1% | 7.1% | 6.2% |
| Construction | 3.0% | 2.8% | 2.6% | 2.0% | 5.8% |
| Auto Components | 1.6% | 3.0% | 4.7% | 5.2% | 4.4% |
| Insurance | 1.9% | 2.0% | 2.1% | 2.1% | 4.1% |
| Pharmaceuticals & Biotechnology | 6.3% | 6.6% | 5.0% | 5.2% | 4.0% |
| Telecom - Services | 2.9% | 3.8% | 3.7% | 3.6% | 3.6% |
| Power | 14.9% | 2.8% | 3.0% | 3.4% | 3.5% |
Allocation in Apr 2026change vs Mar 2026
- Banks (4)25.5%▲ 6.5 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, Apr 2026
9.8%
▲ 5.3 pts vs Mar 2026
- Cash alone
- 9.8%
- cash and net receivables
- A year earlier
- 13.6%
- Apr 2025 · now ▼ 3.8 pts
- Last 12 months
- 4.5% – 10.1%
- 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.