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Sectoral / Thematic · HDFC Mutual Fund · AMFI code 150805HDFC Business Cycle Fund
Disclosed for 10 months, Jan 2026 to Oct 2026.Published as: HDFC Business Cycle Fund (An open ended equity scheme following business cycle based investing theme)
Portfolio value
₹2,573 Cr
down ₹72.7 Cr vs Sep 2026
- Stocks held
- 65
- up 4 vs Sep 2026
- Top 10 weight
- 39.8%
- of the portfolio in its ten largest
- Cash & debt
- 9.6%
- cash, money market and debt
- Moves this month
- 5 in · 1 out
- added to 10, trimmed 48
Holdings as of the end of October 2026, from HDFC Mutual Fund’s monthly portfolio disclosure. Fund houses publish each month’s portfolio within 10 days of the month end, and this page is updated after they do. How the data is checked
HDFC Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from HDFC Mutual Fund. In October 2026 it disclosed 65 stocks worth ₹2,573 Cr, down ₹72.7 Cr from Sep 2026. Its largest positions were Bharti Airtel Limited (6.6%), Kotak Mahindra Bank Limited (6.0%), ICICI Bank Limited (5.7%); the ten largest together made up 39.8% of the portfolio, and Banks was the biggest sector at 19.4% of its equity. Cash and debt stood at 9.6%. Compared with Sep 2026 the fund entered 5 new stocks and exited 1.
Against 244 other Sectoral / Thematic funds
Concentration
30%
Top-10 weight is higher than 30% of peers
Breadth
87%
Holds more stocks than 87% of peers
Cash
91%
Holds more cash than 91% of peers
What these mean: concentration · cash
Holdings in October 2026
Download CSVEvery line the fund disclosed, with the change against Sep 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 | 8.54% | down 2.29 pts | ₹220 Cr | down ₹66.7 Cr | Trimmed |
| Bharti Airtel Limited | 6.57% | up 0.88 pts | ₹169 Cr | up ₹18.6 Cr | Added |
| Kotak Mahindra Bank Limited | 6.05% | up 0.73 pts | ₹156 Cr | up ₹15 Cr | Added |
| ICICI Bank Limited | 5.66% | up 0.46 pts | ₹146 Cr | up ₹8 Cr | Added |
| Titan Company Limited | 4.44% | down 0.02 pts | ₹114 Cr | down ₹3.9 Cr | Trimmed |
| HDFC Bank Limited | 3.26% | up 0.02 pts | ₹83.8 Cr | down ₹1.9 Cr | Trimmed |
| Eternal Limited | 3.16% | up 0.30 pts | ₹81.3 Cr | up ₹5.6 Cr | Added |
| Pearl Global Industries Limited | 3.14% | down 0.14 pts | ₹80.7 Cr | down ₹6.1 Cr | Trimmed |
| Anthem Biosciences Limited | 2.97% | down 0.81 pts | ₹76.4 Cr | down ₹23.6 Cr | Trimmed |
| Clean Max Enviro Energy Solution Pvt Ltd Clean Max Enviro Energy Solutions Limited · history in this fund | 2.29% | down 0.09 pts | ₹59 Cr | down ₹4 Cr | Trimmed |
| Cholamandalam Investment and Finance Company Limited | 2.29% | up 0.02 pts | ₹59 Cr | down ₹1.3 Cr | Trimmed |
| Home First Finance Company India Limited | 2.23% | down 0.01 pts | ₹57.4 Cr | down ₹1.8 Cr | Trimmed |
| Swiggy Limited | 2.23% | up 0.29 pts | ₹57.3 Cr | up ₹6.1 Cr | Added |
| Bajaj Auto Limited | 2.18% | down 0.05 pts | ₹56.2 Cr | down ₹2.8 Cr | Trimmed |
| Vishal Mega Mart Limited | 2.16% | down 0.35 pts | ₹55.7 Cr | down ₹11 Cr | Trimmed |
| Aadhar Housing Finance Limited | 2.15% | down 0.02 pts | ₹55.4 Cr | down ₹2.1 Cr | Trimmed |
| IndusInd Bank Limited | 2.14% | down 0.10 pts | ₹55.1 Cr | down ₹4.2 Cr | Trimmed |
| Acme Solar Holdings Ltd | 1.93% | down 0.11 pts | ₹49.6 Cr | down ₹4.2 Cr | Trimmed |
| Aether Industries Ltd. | 1.90% | down 0.04 pts | ₹48.9 Cr | down ₹2.5 Cr | Trimmed |
| Fortis Healthcare Limited | 1.75% | up 0.04 pts | ₹45 Cr | down ₹11 L | Held |
| Eris Lifesciences Limited | 1.69% | down <0.01 pts | ₹43.5 Cr | down ₹1.3 Cr | Trimmed |
| Zetwerk Manufacturing Businesses Limited | 1.49% | up 1.49 pts | ₹38.4 Cr | up ₹38.4 Cr | New |
| Aptus Value Housing Finance India Limited | 1.48% | down 0.27 pts | ₹38.1 Cr | down ₹8.2 Cr | Trimmed |
| Mankind Pharma Limited | 1.40% | up 0.03 pts | ₹36 Cr | down ₹16 L | Held |
| GE Vernova T&D India Limited | 1.19% | down 0.02 pts | ₹30.5 Cr | down ₹1.4 Cr | Trimmed |
| Bharat Dynamics Limited | 1.17% | down 0.13 pts | ₹30.2 Cr | down ₹4.2 Cr | Trimmed |
| Leela Palaces Hotels & Resorts Limited | 1.17% | up 0.14 pts | ₹30.2 Cr | up ₹2.9 Cr | Added |
| InterGlobe Aviation Limited | 1.16% | up 0.01 pts | ₹29.9 Cr | down ₹65 L | Trimmed |
| Jio Platforms Limited | 1.15% | up 1.15 pts | ₹29.5 Cr | up ₹29.5 Cr | New |
| ICICI Prudential Asset Management Company Limited | 1.13% | down 0.14 pts | ₹29.1 Cr | down ₹4.6 Cr | Trimmed |
| Global Health Limited | 1.11% | down 0.05 pts | ₹28.6 Cr | down ₹2.1 Cr | Trimmed |
| Embassy Office Parks REIT REIT / InvIT | 1.11% | down 0.02 pts | ₹28.5 Cr | down ₹1.4 Cr | Trimmed |
| Government of India Debt | 1.09% | up 0.02 pts | ₹28.1 Cr | down ₹28 L | Trimmed |
| Le Travenues Technology Ltd | 1.03% | down 0.14 pts | ₹26.5 Cr | down ₹4.5 Cr | Trimmed |
| KSB Limited | 1.03% | down 0.29 pts | ₹26.5 Cr | down ₹8.3 Cr | Trimmed |
| SRF Limited | 0.98% | down 0.03 pts | ₹25.2 Cr | down ₹1.5 Cr | Trimmed |
| PB Fintech Limited | 0.95% | down 0.03 pts | ₹24.4 Cr | down ₹1.6 Cr | Trimmed |
| Chalet Hotels Limited | 0.91% | down 0.02 pts | ₹23.5 Cr | down ₹1.2 Cr | Trimmed |
| Adani Ports and Special Economic Zone Limited | 0.86% | up 0.05 pts | ₹22.1 Cr | up ₹62 L | Added |
| CG Power and Industrial Solutions Limited | 0.85% | down 0.03 pts | ₹21.9 Cr | down ₹1.4 Cr | Trimmed |
| Timken India Limited | 0.80% | down 0.06 pts | ₹20.5 Cr | down ₹2 Cr | Trimmed |
| Dhoot Transmission Ltd | 0.69% | up 0.04 pts | ₹17.7 Cr | up ₹65 L | Added |
| Sona BLW Precision Forgings Limited | 0.62% | up 0.06 pts | ₹16 Cr | up ₹1.1 Cr | Added |
| Torrent Pharmaceuticals Limited | 0.54% | down 0.01 pts | ₹13.8 Cr | down ₹56 L | Trimmed |
| Bosch Limited | 0.53% | up 0.02 pts | ₹13.7 Cr | up ₹3 L | Held |
| Dixon Technologies (India) Limited | 0.51% | up 0.51 pts | ₹13.2 Cr | up ₹13.2 Cr | New |
| G R Infraprojects Limited | 0.50% | down 0.02 pts | ₹12.9 Cr | down ₹78 L | Trimmed |
| Wework India Management Limited | 0.49% | down 0.01 pts | ₹12.6 Cr | down ₹51 L | Trimmed |
| RHI Magnesita India Limited | 0.48% | down 0.04 pts | ₹12.3 Cr | down ₹1.3 Cr | Trimmed |
| Axis Bank Limited | 0.47% | up 0.01 pts | ₹12.1 Cr | down ₹9 L | Trimmed |
What changed, Sep 2026 to Oct 2026
New New positions (5)
- Zetwerk Manufacturing Businesses Limited1.5% · ₹38.4 Cr
- Jio Platforms Limited1.1% · ₹29.5 Cr
- Dixon Technologies (India) Limited0.5% · ₹13.2 Cr
- Bonfiglioli Transmissions Limited0.2% · ₹5.7 Cr
- Paras Healthcare Limited0.2% · ₹5.6 Cr
Exited Exited (1)
- Ceigall India Ltd.was 0.2% · ₹6.6 Cr
Added Biggest additions
- Bharti Airtel Limitedup ₹18.6 Cr (+0.88% pts)
- Kotak Mahindra Bank Limitedup ₹15 Cr (+0.73% pts)
- ICICI Bank Limitedup ₹8 Cr (+0.46% pts)
- Swiggy Limitedup ₹6.1 Cr (+0.29% pts)
- Eternal Limitedup ₹5.6 Cr (+0.30% pts)
- Leela Palaces Hotels & Resorts Limitedup ₹2.9 Cr (+0.14% pts)
- Sona BLW Precision Forgings Limitedup ₹1.1 Cr (+0.06% pts)
- Dhoot Transmission Ltdup ₹65 L (+0.04% pts)
- Adani Ports and Special Economic Zone Limitedup ₹62 L (+0.05% pts)
- Shiprocket Limitedup ₹31 L (+0.02% pts)
Trimmed Biggest reductions
- Anthem Biosciences Limiteddown ₹23.6 Cr (−0.81% pts)
- Glass Wall Systems India Limiteddown ₹19.3 Cr (−0.72% pts)
- Vishal Mega Mart Limiteddown ₹11 Cr (−0.35% pts)
- KSB Limiteddown ₹8.3 Cr (−0.29% pts)
- Aptus Value Housing Finance India Limiteddown ₹8.2 Cr (−0.27% pts)
- Pearl Global Industries Limiteddown ₹6.1 Cr (−0.14% pts)
- Rentomojo Limiteddown ₹4.7 Cr (−0.17% pts)
- ICICI Prudential Asset Management Company Limiteddown ₹4.6 Cr (−0.14% pts)
- Le Travenues Technology Ltddown ₹4.5 Cr (−0.14% pts)
- Bharat Dynamics Limiteddown ₹4.2 Cr (−0.13% 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 Sep 2026, the weight rose most in Telecom - Services (+2.1 pts) and Industrial Manufacturing (+1.9 pts), and fell most in Pharmaceuticals & Biotechnology (−1.1 pts) and Other Construction Materials (−0.8 pts).
- Telecom - Services6.5% → 8.5%+2.1 pts
- Industrial Manufacturing0.4% → 2.3%+1.9 pts
- Banks18.7% → 19.4%+0.8 pts
- Consumer Durables5.3% → 5.7%+0.4 pts
- Healthcare Services3.3% → 3.4%+0.2 pts
- Pharmaceuticals & Biotechnology8.4% → 7.3%−1.1 pts
- Other Construction Materials1.3% → 0.5%−0.8 pts
- Industrial Products3.6% → 3.0%−0.7 pts
- Finance9.6% → 9.0%−0.5 pts
- Construction1.3% → 0.9%−0.4 pts
- Power5.5% → 5.1%−0.3 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 2026 | Jul 2026 | Sep 2026 | Oct 2026 |
|---|---|---|---|---|
| Banks | 18.0% | 18.1% | 18.7% | 19.4% |
| Finance | 10.3% | 10.3% | 9.6% | 9.0% |
| Retailing | 11.4% | 8.3% | 8.7% | 8.7% |
| Telecom - Services | 6.9% | 6.6% | 6.5% | 8.5% |
| Pharmaceuticals & Biotechnology | 9.0% | 7.6% | 8.4% | 7.3% |
| Consumer Durables | 5.1% | 5.2% | 5.3% | 5.7% |
| Power | 3.7% | 4.7% | 5.5% | 5.1% |
| Textiles & Apparels | 1.3% | 2.7% | 3.7% | 3.5% |
| Leisure Services | 1.3% | 3.2% | 3.6% | 3.5% |
| Healthcare Services | 3.7% | 4.4% | 3.3% | 3.4% |
Allocation in Oct 2026change vs Sep 2026
- Banks (5)19.4%▲ 0.8 pts
- Finance (4)9.0%▼ 0.5 pts
- Retailing (4)8.7%
- Telecom - Services (2)8.5%▲ 2.1 pts
- Pharmaceuticals & Biotechnology (4)7.3%▼ 1.1 pts
- Consumer Durables (3)5.7%▲ 0.4 pts
- Power (3)5.1%▼ 0.3 pts
- Textiles & Apparels (1)3.5%▼ 0.3 pts
- Leisure Services (3)3.5%▼ 0.1 pts
- Healthcare Services (3)3.4%▲ 0.2 pts
- Chemicals & Petrochemicals (2)3.2%▼ 0.2 pts
- Industrial Products (5)3.0%▼ 0.7 pts
- Automobiles (2)2.8%▼ 0.2 pts
- Industrial Manufacturing (4)2.3%▲ 1.9 pts
- Electrical Equipment (2)2.3%▼ 0.1 pts
- Auto Components (3)2.0%▲ 0.1 pts
- Transport Services (2)1.6%
- Aerospace & Defense (1)1.3%▼ 0.2 pts
- Capital Markets (1)1.3%▼ 0.2 pts
- Realty (1)1.2%▼ 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, Oct 2026
9.6%
▼ 2.3 pts vs Sep 2026
- Cash alone
- 8.6%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 2.0% – 11.9%
- lowest to highest · record 11.9% in Sep 2026
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 10 months
| Month | Portfolio value | Stocks | Entered | Exited | Cash | Cash & debt | Turnover |
|---|---|---|---|---|---|---|---|
| Oct 2026 | ₹2,573 Cr | 65 | 5 | 1 | 8.6% | 9.6% | 36% |
| Sep 2026 | ₹2,646 Cr | 61 | 2 | 5 | 10.9% | 11.9% | 35% |
| Aug 2026 | ₹2,775 Cr | 64 | 5 | 1 | 4.4% | 5.5% | 38% |
| Jul 2026 | ₹2,739 Cr | 60 | 2 | 2 | 6.0% | 7.0% | 40% |
| Jun 2026 | ₹2,703 Cr | 60 | 3 | 0 | 1.0% | 2.0% | 45% |
| May 2026 | ₹2,577 Cr | 57 | 3 | 3 | 5.2% | 6.3% | 51% |
| Apr 2026 | ₹2,604 Cr | 57 | 3 | 5 | 8.3% | 9.4% | 55% |
| Mar 2026 | ₹2,334 Cr | 59 | 0 | 2 | 5.7% | 6.9% | 59% |
| Feb 2026 | ₹2,650 Cr | 61 | 1 | 0 | 1.7% | 2.7% | 61% |
| Jan 2026 | ₹2,678 Cr | 60 | 6.9% | 6.9% | 66% |