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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
₹1,166 Cr
up ₹23.3 Cr vs Apr 2026
- Stocks held
- 41
- down 11 vs Apr 2026
- Top 10 weight
- 48.3%
- of the portfolio in its ten largest
- Cash & debt
- 17.8%
- cash, money market and debt
- Moves this month
- 8 in · 19 out
- added to 10, trimmed 16
DSP Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from DSP Mutual Fund. In May 2026 it disclosed 41 stocks worth ₹1,166 Cr, up ₹23.3 Cr from Apr 2026. Its largest positions were HDFC Bank Limited (9.3%), ICICI Bank Limited (8.5%), Axis Bank Limited (7.2%); the ten largest together made up 48.3% of the portfolio, and Banks was the biggest sector at 31.4% of its equity. Cash and debt stood at 17.8%. Compared with Apr 2026 the fund entered 8 new stocks and exited 19.
Against 229 other Sectoral / Thematic funds
Concentration
54%
Top-10 weight is higher than 54% of peers
Breadth
45%
Holds more stocks than 45% of peers
Cash
98%
Holds more cash than 98% of peers
What these mean: concentration · cash
Holdings in May 2026
Download CSVEvery line the fund disclosed, with the change against Apr 2026. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| Cash, TREPS & receivables | 17.76% | up 7.98 pts | ₹207 Cr | up ₹95.3 Cr | Added |
| HDFC Bank Limited | 9.28% | up 1.41 pts | ₹108 Cr | up ₹18.3 Cr | Added |
| ICICI Bank Limited | 8.48% | up 1.82 pts | ₹98.9 Cr | up ₹22.7 Cr | Added |
| Axis Bank Limited | 7.19% | up 0.21 pts | ₹83.8 Cr | up ₹4 Cr | Added |
| Larsen & Toubro Limited | 4.23% | up 0.75 pts | ₹49.4 Cr | up ₹9.5 Cr | Added |
| Mahindra & Mahindra Limited | 3.93% | down 0.15 pts | ₹45.9 Cr | down ₹78 L | Trimmed |
| Reliance Industries Limited | 3.27% | up 3.27 pts | ₹38.1 Cr | up ₹38.1 Cr | New |
| Bharti Airtel Limited | 3.11% | down 0.16 pts | ₹36.3 Cr | down ₹1.1 Cr | Trimmed |
| NTPC Limited | 2.96% | down 0.16 pts | ₹34.5 Cr | down ₹1.1 Cr | Trimmed |
| Maruti Suzuki India Limited | 2.94% | down 0.10 pts | ₹34.3 Cr | down ₹49 L | Trimmed |
| Asian Paints Limited | 2.91% | up 0.19 pts | ₹33.9 Cr | up ₹2.9 Cr | Added |
| DLF Limited | 2.89% | up 2.89 pts | ₹33.7 Cr | up ₹33.7 Cr | New |
| UltraTech Cement Limited | 2.88% | up 1.89 pts | ₹33.5 Cr | up ₹22.3 Cr | Added |
| Hero MotoCorp Limited | 2.57% | up 1.56 pts | ₹30 Cr | up ₹18.4 Cr | Added |
| Voltas Limited | 1.74% | down 0.30 pts | ₹20.3 Cr | down ₹3 Cr | Trimmed |
| Schaeffler India Limited | 1.66% | up 0.22 pts | ₹19.4 Cr | up ₹2.9 Cr | Added |
| Hyundai Motor India Ltd | 1.57% | up 0.55 pts | ₹18.3 Cr | up ₹6.7 Cr | Added |
| HDFC Life Insurance Company Limited | 1.49% | down 0.01 pts | ₹17.4 Cr | up ₹23 L | Added |
| Shree Cement Limited | 1.30% | up 1.30 pts | ₹15.1 Cr | up ₹15.1 Cr | New |
| Nippon Life India Asset Management Limited | 1.20% | down 0.59 pts | ₹14 Cr | down ₹6.4 Cr | Trimmed |
| Coromandel International Limited | 1.13% | down 0.17 pts | ₹13.2 Cr | down ₹1.7 Cr | Trimmed |
| United Breweries Limited | 1.11% | down 0.14 pts | ₹13 Cr | down ₹1.4 Cr | Trimmed |
| Multi Commodity Exchange of India Limited | 1.08% | down 2.17 pts | ₹12.5 Cr | down ₹24.5 Cr | Trimmed |
| Max Financial Services Limited | 1.04% | up 0.03 pts | ₹12.1 Cr | up ₹64 L | Added |
| Bayer Cropscience Limited | 1.04% | down 0.08 pts | ₹12.1 Cr | down ₹68 L | Trimmed |
| JSW Infrastructure Ltd | 1.02% | down 0.01 pts | ₹11.8 Cr | up ₹14 L | Added |
| Apollo Tyres Limited | 0.97% | down 0.05 pts | ₹11.3 Cr | down ₹40 L | Trimmed |
| Carborundum Universal Limited | 0.95% | up 0.05 pts | ₹11 Cr | up ₹83 L | Added |
| State Bank of India | 0.84% | down 0.61 pts | ₹9.8 Cr | down ₹6.7 Cr | Trimmed |
| Sudarshan Chemical Industries Limited | 0.81% | up <0.01 pts | ₹9.5 Cr | up ₹24 L | Added |
| Info Edge (India) Limited | 0.81% | up 0.81 pts | ₹9.5 Cr | up ₹9.5 Cr | New |
| SBI Life Insurance Company Limited | 0.76% | down 0.01 pts | ₹8.9 Cr | up ₹5 L | Added |
| InterGlobe Aviation Limited | 0.74% | up 0.26 pts | ₹8.6 Cr | up ₹3.1 Cr | Added |
| Siemens Limited | 0.68% | down 0.50 pts | ₹8 Cr | down ₹5.5 Cr | Trimmed |
| TVS Motor Company Limited | 0.68% | down 0.80 pts | ₹7.9 Cr | down ₹9 Cr | Trimmed |
| Hindustan Aeronautics Limited | 0.68% | up 0.68 pts | ₹7.9 Cr | up ₹7.9 Cr | New |
| ICICI Prudential Life Insurance Company Limited | 0.67% | up 0.23 pts | ₹7.8 Cr | up ₹2.8 Cr | Added |
| Trent Limited | 0.50% | up 0.50 pts | ₹5.8 Cr | up ₹5.8 Cr | New |
| Siemens Energy India Limited | 0.43% | down 0.59 pts | ₹5 Cr | down ₹6.6 Cr | Trimmed |
| Bharat Petroleum Corporation Limited | 0.27% | up 0.27 pts | ₹3.2 Cr | up ₹3.2 Cr | New |
| Hindustan Petroleum Corporation Limited | 0.26% | up 0.26 pts | ₹3 Cr | up ₹3 Cr | New |
| Kalpataru Projects International Limited | 0.16% | down 1.45 pts | ₹1.9 Cr | down ₹16.6 Cr | Trimmed |
| TVS Motor Company Ltd. Other | 0.03% | down <0.01 pts | ₹33 L | up ₹0 L | Added |
What changed, Apr 2026 to May 2026
New New positions (8)
- Reliance Industries Limited3.3% · ₹38.1 Cr
- DLF Limited2.9% · ₹33.7 Cr
- Shree Cement Limited1.3% · ₹15.1 Cr
- Info Edge (India) Limited0.8% · ₹9.5 Cr
- Hindustan Aeronautics Limited0.7% · ₹7.9 Cr
- Trent Limited0.5% · ₹5.8 Cr
- Bharat Petroleum Corporation Limited0.3% · ₹3.2 Cr
- Hindustan Petroleum Corporation Limited0.3% · ₹3 Cr
Exited Exited (19)
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 Apr 2026, the weight rose most in Banks (+5.9 pts) and Petroleum Products (+4.6 pts), and fell most in Pharmaceuticals & Biotechnology (−4.0 pts) and Consumer Durables (−3.6 pts).
- Banks25.5% → 31.4%+5.9 pts
- Petroleum Products0.0% → 4.6%new+4.6 pts
- Cement & Cement Products1.1% → 5.1%+4.0 pts
- Automobiles11.8% → 14.2%+2.4 pts
- Realty1.9% → 3.5%+1.6 pts
- Retailing0.0% → 1.6%new+1.6 pts
- Pharmaceuticals & Biotechnology4.0% → 0.0%exited−4.0 pts
- Consumer Durables9.3% → 5.7%−3.6 pts
- Capital Markets6.2% → 2.8%−3.4 pts
- IT - Software3.1% → 0.0%exited−3.1 pts
- Healthcare Services2.9% → 0.0%exited−2.9 pts
- IT - Services1.2% → 0.0%exited−1.2 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 | May 2025 | Nov 2025 | Feb 2026 | Apr 2026 | May 2026 |
|---|---|---|---|---|---|
| Banks | 18.1% | 18.6% | 20.6% | 25.5% | 31.4% |
| Automobiles | 6.5% | 7.8% | 7.6% | 11.8% | 14.2% |
| Consumer Durables | 6.4% | 6.2% | 7.3% | 9.3% | 5.7% |
| Construction | 2.9% | 2.8% | 2.3% | 5.8% | 5.3% |
| Cement & Cement Products | — | — | — | 1.1% | 5.1% |
| Insurance | 2.0% | 2.1% | 2.3% | 4.1% | 4.8% |
| Petroleum Products | — | — | — | — | 4.6% |
| Telecom - Services | 2.6% | 3.8% | 3.5% | 3.6% | 3.8% |
| Power | 12.2% | 2.7% | 3.2% | 3.5% | 3.6% |
| Realty | 2.0% | 1.8% | 1.7% | 1.9% | 3.5% |
Allocation in May 2026change vs Apr 2026
- Banks (4)31.4%▲ 5.9 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, May 2026
17.8%
▲ 8.0 pts vs Apr 2026
- Cash alone
- 17.7%
- cash and net receivables
- A year earlier
- 5.4%
- May 2025 · now ▲ 12.4 pts
- Last 12 months
- 4.5% – 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.