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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
₹1,474 Cr
up ₹4.2 Cr vs Aug 2026
- Stocks held
- 55
- up 3 vs Aug 2026
- Top 10 weight
- 55.6%
- of the portfolio in its ten largest
- Largest position
- 10.8%
- NIFTY Oct26
- Cash & debt
- 6.5%
- cash, money market and debt
- Moves this month
- 3 in · 0 out
- added to 10, trimmed 39
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In September 2026 it disclosed 55 stocks worth ₹1,474 Cr, up ₹4.2 Cr from Aug 2026. Its largest positions were NIFTY Oct26 (10.8%), ICICI Bank Limited (9.8%), HDFC Bank Limited (9.5%); the ten largest together made up 55.6% of the portfolio, and Banks was the biggest sector at 31.7% of its equity. Cash and debt stood at 6.5%. Compared with Aug 2026 the fund entered 3 new stocks and exited 0.
Against 229 other Sectoral / Thematic funds
Concentration
73%
Top-10 weight is higher than 73% of peers
Breadth
78%
Holds more stocks than 78% of peers
Cash
81%
Holds more cash than 81% 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.
| NIFTY Oct26 Derivative | 10.77% | up 10.77 pts | ₹159 Cr | up ₹159 Cr | New |
| ICICI Bank Limited | 9.85% | up 0.40 pts | ₹145 Cr | up ₹6.4 Cr | Added |
| HDFC Bank Limited | 9.55% | up 1.06 pts | ₹141 Cr | up ₹15.9 Cr | Added |
| Cash, TREPS & receivables | 6.52% | down 0.25 pts | ₹96.1 Cr | down ₹3.3 Cr | Trimmed |
| Axis Bank Limited | 5.42% | down 0.34 pts | ₹79.9 Cr | down ₹4.8 Cr | Trimmed |
| Bharti Airtel Limited | 4.44% | down 0.15 pts | ₹65.5 Cr | down ₹2 Cr | Trimmed |
| Larsen & Toubro Limited | 3.98% | down 0.21 pts | ₹58.7 Cr | down ₹3 Cr | Trimmed |
| Reliance Industries Limited | 3.12% | down 0.25 pts | ₹45.9 Cr | down ₹3.5 Cr | Trimmed |
| Mahindra & Mahindra Limited | 3.11% | down 0.26 pts | ₹45.8 Cr | down ₹3.6 Cr | Trimmed |
| NTPC Limited | 2.71% | down 0.05 pts | ₹40 Cr | down ₹58 L | Trimmed |
| UltraTech Cement Limited | 2.68% | down 0.03 pts | ₹39.6 Cr | down ₹29 L | Trimmed |
| DLF Limited | 2.67% | down 0.02 pts | ₹39.4 Cr | down ₹12 L | Held |
| Asian Paints Limited | 2.63% | down 0.01 pts | ₹38.7 Cr | up ₹4 L | Held |
| Maruti Suzuki India Limited | 2.30% | down 0.21 pts | ₹33.9 Cr | down ₹2.9 Cr | Trimmed |
| Hero MotoCorp Limited | 2.28% | up 0.01 pts | ₹33.5 Cr | up ₹19 L | Added |
| HDFC Life Insurance Company Limited | 1.61% | down 0.07 pts | ₹23.8 Cr | down ₹1 Cr | Trimmed |
| Hyundai Motor India Ltd | 1.45% | down 0.13 pts | ₹21.4 Cr | down ₹1.8 Cr | Trimmed |
| Schaeffler India Limited | 1.24% | down 0.04 pts | ₹18.3 Cr | down ₹55 L | Trimmed |
| Page Industries Limited | 1.19% | up 0.02 pts | ₹17.6 Cr | up ₹28 L | Added |
| Voltas Limited | 1.18% | down 0.14 pts | ₹17.5 Cr | down ₹2 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.13% | up 0.15 pts | ₹16.6 Cr | up ₹2.3 Cr | Added |
| Shree Cement Limited | 1.06% | down 0.04 pts | ₹15.6 Cr | down ₹60 L | Trimmed |
| Power Grid Corporation of India Limited | 1.04% | down 0.02 pts | ₹15.4 Cr | down ₹18 L | Trimmed |
| Life Insurance Corporation Of India | 0.96% | down 0.06 pts | ₹14.1 Cr | down ₹81 L | Trimmed |
| Multi Commodity Exchange of India Limited | 0.95% | down 0.03 pts | ₹14 Cr | down ₹42 L | Trimmed |
| Oil & Natural Gas Corporation Limited | 0.93% | up 0.07 pts | ₹13.7 Cr | up ₹1.1 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 0.86% | up 0.31 pts | ₹12.6 Cr | up ₹4.6 Cr | Added |
| State Bank of India | 0.85% | up 0.01 pts | ₹12.5 Cr | up ₹22 L | Added |
| Info Edge (India) Limited | 0.83% | down 0.33 pts | ₹12.2 Cr | down ₹4.8 Cr | Trimmed |
| Bharat Petroleum Corporation Limited | 0.81% | down 0.06 pts | ₹12 Cr | down ₹83 L | Trimmed |
| Apollo Tyres Limited | 0.78% | down 0.07 pts | ₹11.5 Cr | down ₹98 L | Trimmed |
| United Breweries Limited | 0.77% | down 0.10 pts | ₹11.4 Cr | down ₹1.5 Cr | Trimmed |
| SBI Life Insurance Company Limited | 0.77% | down 0.02 pts | ₹11.4 Cr | down ₹30 L | Trimmed |
| Hindustan Petroleum Corporation Limited | 0.68% | down 0.03 pts | ₹10 Cr | down ₹44 L | Trimmed |
| Max Financial Services Limited | 0.68% | down 0.10 pts | ₹10 Cr | down ₹1.4 Cr | Trimmed |
| Timken India Limited | 0.66% | up 0.39 pts | ₹9.8 Cr | up ₹5.7 Cr | Added |
| Bayer Cropscience Limited | 0.66% | down 0.06 pts | ₹9.7 Cr | down ₹92 L | Trimmed |
| Carborundum Universal Limited | 0.60% | down 0.16 pts | ₹8.8 Cr | down ₹2.3 Cr | Trimmed |
| Bank of Baroda | 0.53% | down 0.02 pts | ₹7.8 Cr | down ₹27 L | Trimmed |
| HDFC Asset Management Company Limited | 0.52% | up 0.03 pts | ₹7.6 Cr | up ₹44 L | Added |
| Sudarshan Chemical Industries Limited | 0.46% | down 0.03 pts | ₹6.8 Cr | down ₹36 L | Trimmed |
| Nippon Life India Asset Management Limited | 0.46% | down 0.42 pts | ₹6.8 Cr | down ₹6.1 Cr | Trimmed |
| Hindustan Aeronautics Limited | 0.45% | down 0.01 pts | ₹6.6 Cr | down ₹19 L | Trimmed |
| Indus Towers Limited | 0.43% | down 0.02 pts | ₹6.3 Cr | down ₹27 L | Trimmed |
| Canara HSBC Life Insurance Co Ltd | 0.41% | down 0.02 pts | ₹6.1 Cr | down ₹31 L | Trimmed |
| TVS Motor Company Limited | 0.39% | down 0.02 pts | ₹5.7 Cr | down ₹33 L | Trimmed |
| Siemens Limited | 0.39% | down 0.08 pts | ₹5.7 Cr | down ₹1.2 Cr | Trimmed |
| Trent Limited | 0.37% | down 0.04 pts | ₹5.4 Cr | down ₹53 L | Trimmed |
| Nuvoco Vistas Corporation Ltd. | 0.28% | up 0.28 pts | ₹4.2 Cr | up ₹4.2 Cr | New |
| Aditya Birla Sun Life AMC Limited | 0.27% | down 0.02 pts | ₹3.9 Cr | down ₹22 L | Trimmed |
What changed, Aug 2026 to Sep 2026
New New positions (3)
- Nuvoco Vistas Corporation Ltd.0.3% · ₹4.2 Cr
- Computer Age Management Services Limited0.2% · ₹3.5 Cr
- GSPL India Transco Ltd<0.1% · ₹71 L
Exited Exited (0)
None.
Added Biggest additions
- HDFC Bank Limitedup ₹15.9 Cr (+1.06% pts)
- ICICI Bank Limitedup ₹6.4 Cr (+0.40% pts)
- Timken India Limitedup ₹5.7 Cr (+0.39% pts)
- ICICI Prudential Life Insurance Company Limitedup ₹4.6 Cr (+0.31% pts)
- InterGlobe Aviation Limitedup ₹2.3 Cr (+0.15% pts)
- Birla Corporation Limitedup ₹1.9 Cr (+0.13% pts)
- Oil & Natural Gas Corporation Limitedup ₹1.1 Cr (+0.07% pts)
- HDFC Asset Management Company Limitedup ₹44 L (+0.03% pts)
- Page Industries Limitedup ₹28 L (+0.02% pts)
- State Bank of Indiaup ₹22 L (+0.01% pts)
Trimmed Biggest reductions
- Nippon Life India Asset Management Limiteddown ₹6.1 Cr (−0.42% pts)
- Axis Bank Limiteddown ₹4.8 Cr (−0.34% pts)
- Info Edge (India) Limiteddown ₹4.8 Cr (−0.33% pts)
- Mahindra & Mahindra Limiteddown ₹3.6 Cr (−0.26% pts)
- Reliance Industries Limiteddown ₹3.5 Cr (−0.25% pts)
- Larsen & Toubro Limiteddown ₹3 Cr (−0.21% pts)
- Maruti Suzuki India Limiteddown ₹2.9 Cr (−0.21% pts)
- Carborundum Universal Limiteddown ₹2.3 Cr (−0.16% pts)
- Bharti Airtel Limiteddown ₹2 Cr (−0.15% pts)
- Voltas Limiteddown ₹2 Cr (−0.14% 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 Aug 2026, the weight rose most in Banks (+1.5 pts) and Cement & Cement Products (+0.4 pts), and fell most in Automobiles (−0.7 pts) and Retailing (−0.4 pts).
- Banks30.1% → 31.7%+1.5 pts
- Cement & Cement Products4.6% → 5.1%+0.4 pts
- Industrial Products1.2% → 1.5%+0.3 pts
- Transport Services1.2% → 1.4%+0.2 pts
- Automobiles12.2% → 11.5%−0.7 pts
- Retailing1.9% → 1.4%−0.4 pts
- Petroleum Products5.9% → 5.6%−0.4 pts
- Construction5.0% → 4.8%−0.2 pts
- Capital Markets3.2% → 2.9%−0.2 pts
- Consumer Durables5.1% → 4.9%−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 | Sep 2025 | Mar 2026 | Jun 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|---|---|
| Banks | 17.4% | 18.9% | 32.2% | 30.1% | 31.7% |
| Automobiles | 7.5% | 7.3% | 13.5% | 12.2% | 11.5% |
| Insurance | 2.0% | 2.1% | 4.9% | 6.3% | 6.4% |
| Telecom - Services | 2.5% | 3.6% | 3.6% | 6.1% | 5.9% |
| Petroleum Products | — | — | 5.4% | 5.9% | 5.6% |
| Cement & Cement Products | — | — | 5.3% | 4.6% | 5.1% |
| Consumer Durables | 6.8% | 6.9% | 5.3% | 5.1% | 4.9% |
| Construction | 2.9% | 2.0% | 4.9% | 5.0% | 4.8% |
| Power | 11.7% | 3.4% | 3.1% | 4.6% | 4.5% |
| Realty | 1.8% | 1.7% | 3.4% | 3.2% | 3.2% |
Allocation in Sep 2026change vs Aug 2026
- Banks (5)31.7%▲ 1.5 pts
- Automobiles (5)11.5%▼ 0.7 pts
- Insurance (6)6.4%▲ 0.1 pts
- Telecom - Services (2)5.9%▼ 0.2 pts
- Petroleum Products (3)5.6%▼ 0.4 pts
- Cement & Cement Products (4)5.1%▲ 0.4 pts
- Consumer Durables (3)4.9%▼ 0.2 pts
- Construction (1)4.8%▼ 0.2 pts
- Power (2)4.5%
- Realty (1)3.2%
- Capital Markets (5)2.9%▼ 0.2 pts
- Auto Components (2)2.4%▼ 0.1 pts
- Industrial Products (2)1.5%▲ 0.3 pts
- Textiles & Apparels (1)1.4%
- Retailing (2)1.4%▼ 0.4 pts
- Transport Services (1)1.4%▲ 0.2 pts
- Oil (1)1.1%▲ 0.1 pts
- Beverages (1)0.9%▼ 0.1 pts
- Chemicals & Petrochemicals (2)0.8%
- Fertilizers & Agrochemicals (1)0.8%▼ 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. More on reading cash.
Cash & debt, Sep 2026
6.5%
▼ 0.2 pts vs Aug 2026
- Cash alone
- 6.5%
- cash and net receivables
- A year earlier
- 6.9%
- Sep 2025 · now ▼ 0.4 pts
- Last 12 months
- 3.2% – 17.8%
- 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.
All 22 months
| Month | Portfolio value | Stocks | Entered | Exited | Cash | Cash & debt | Turnover |
|---|---|---|---|---|---|---|---|
| Sep 2026 | ₹1,474 Cr | 55 | 3 | 0 | 6.5% | 6.5% | — |
| Aug 2026 | ₹1,469 Cr | 52 | 6 | 0 | 6.8% | 6.8% | — |
| Jul 2026 | ₹1,334 Cr | 46 | 5 | 2 | 7.7% | 3.2% | — |
| Jun 2026 | ₹1,268 Cr | 43 | 3 | 1 | 5.7% | 5.7% | — |
| May 2026 | ₹1,166 Cr | 41 | 8 | 19 | 17.7% | 17.8% | — |
| Apr 2026 | ₹1,143 Cr | 52 | 11 | 9 | 9.8% | 9.8% | — |
| Mar 2026 | ₹1,028 Cr | 50 | 1 | 1 | 4.5% | 4.5% | — |
| Feb 2026 | ₹1,155 Cr | 50 | 0 | 0 | 6.9% | 6.9% | — |
| Jan 2026 | ₹1,145 Cr | 50 | 1 | 0 | 8.0% | 8.0% | — |
| Dec 2025 | ₹1,176 Cr | 49 | 2 | 4 | 8.1% | 8.1% | — |
| Nov 2025 | ₹1,191 Cr | 51 | 2 | 1 | 8.9% | 8.9% | — |
| Oct 2025 | ₹1,181 Cr | 50 | 3 | 2 | 10.1% | 10.1% | — |
| Sep 2025 | ₹1,138 Cr | 49 | 0 | 0 | 6.9% | 6.9% | — |
| Aug 2025 | ₹1,124 Cr | 49 | 0 | 0 | 7.7% | 7.7% | — |
| Jul 2025 | ₹1,134 Cr | 49 | 1 | 0 | 7.4% | 7.4% | — |
| Jun 2025 | ₹1,148 Cr | 48 | 0 | 0 | 6.8% | 6.8% | — |
| May 2025 | ₹1,082 Cr | 48 | 4 | 1 | 5.4% | 5.4% | — |
| Apr 2025 | ₹1,029 Cr | 45 | 2 | 0 | 13.6% | 13.6% | — |
| Mar 2025 | ₹977 Cr | 43 | 0 | 0 | 15.5% | 15.5% | — |
| Feb 2025 | ₹874 Cr | 43 | 1 | 0 | 16.0% | 16.1% | — |
| Jan 2025 | ₹918 Cr | 42 | 3 | 0 | 21.5% | 21.5% | — |
| Dec 2024 | ₹917 Cr | 39 | 45.8% | 45.8% | — |