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Sectoral / Thematic · HSBC Mutual Fund · AMFI code 151145HSBC Business Cycles Fund
Disclosed for 26 months, Nov 2022 to Aug 2026.
Portfolio value
₹967 Cr
up ₹112 Cr vs Feb 2025
- Stocks held
- 60
- down 1 vs Feb 2025
- Top 10 weight
- 40.2%
- of the portfolio in its ten largest
- Cash & debt
- 2.8%
- cash, money market and debt
- Moves this month
- 0 in · 1 out
- added to 10, trimmed 6
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In March 2025 it disclosed 60 stocks worth ₹967 Cr, up ₹112 Cr from Feb 2025. Its largest positions were ICICI Bank Limited (5.9%), Reliance Industries Limited (5.3%), Trent Limited (5.3%); the ten largest together made up 40.2% of the portfolio, and Banks was the biggest sector at 15.8% of its equity. Cash and debt stood at 2.8%. Compared with Feb 2025 the fund entered 0 new stocks and exited 1.
Against 226 other Sectoral / Thematic funds
Concentration
34%
Top-10 weight is higher than 34% of peers
Breadth
85%
Holds more stocks than 85% of peers
Cash
40%
Holds more cash than 40% of peers
Holdings in March 2025
Download CSVEvery line the fund disclosed, with the change against Feb 2025. Click a column to sort; click a company to see every fund that owns it.
- Weight
- 5.92%
- Δ weight
- down 0.06 pts
- Value
- ₹57.3 Cr
- Δ value
- up ₹6.1 Cr
- Status
- Added
- Weight
- 5.29%
- Δ weight
- down 0.34 pts
- Value
- ₹51.2 Cr
- Δ value
- up ₹3 Cr
- Status
- Added
- Weight
- 5.27%
- Δ weight
- down 0.16 pts
- Value
- ₹51 Cr
- Δ value
- up ₹4.5 Cr
- Status
- Added
- Weight
- 5.18%
- Δ weight
- down 0.33 pts
- Value
- ₹50.1 Cr
- Δ value
- up ₹3 Cr
- Status
- Added
- Weight
- 4.66%
- Δ weight
- down 0.34 pts
- Value
- ₹45.1 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Weight
- 3.11%
- Δ weight
- up 0.23 pts
- Value
- ₹30.1 Cr
- Δ value
- up ₹5.5 Cr
- Status
- Added
- Weight
- 2.95%
- Δ weight
- down 0.07 pts
- Value
- ₹28.6 Cr
- Δ value
- up ₹2.7 Cr
- Status
- Added
- Cash, TREPS & receivables
- Weight
- 2.75%
- Δ weight
- up 0.46 pts
- Value
- ₹26.6 Cr
- Δ value
- up ₹7 Cr
- Status
- Added
- Weight
- 2.65%
- Δ weight
- down 0.04 pts
- Value
- ₹25.6 Cr
- Δ value
- up ₹2.6 Cr
- Status
- Added
- Weight
- 2.58%
- Δ weight
- up 0.01 pts
- Value
- ₹25 Cr
- Δ value
- up ₹3 Cr
- Status
- Added
- Weight
- 2.55%
- Δ weight
- up 0.64 pts
- Value
- ₹24.7 Cr
- Δ value
- up ₹8.3 Cr
- Status
- Added
- Weight
- 2.48%
- Δ weight
- up 0.93 pts
- Value
- ₹23.9 Cr
- Δ value
- up ₹10.7 Cr
- Status
- Added
- Weight
- 2.45%
- Δ weight
- down 0.10 pts
- Value
- ₹23.7 Cr
- Δ value
- up ₹1.9 Cr
- Status
- Added
- Weight
- 2.33%
- Δ weight
- up 0.01 pts
- Value
- ₹22.6 Cr
- Δ value
- up ₹2.7 Cr
- Status
- Added
- Weight
- 2.33%
- Δ weight
- up 0.25 pts
- Value
- ₹22.5 Cr
- Δ value
- up ₹4.8 Cr
- Status
- Added
- Weight
- 2.09%
- Δ weight
- up 0.79 pts
- Value
- ₹20.2 Cr
- Δ value
- up ₹9.1 Cr
- Status
- Added
- Weight
- 1.99%
- Δ weight
- up 0.09 pts
- Value
- ₹19.3 Cr
- Δ value
- up ₹3 Cr
- Status
- Added
- Weight
- 1.97%
- Δ weight
- up 0.09 pts
- Value
- ₹19 Cr
- Δ value
- up ₹2.9 Cr
- Status
- Added
- Weight
- 1.87%
- Δ weight
- down 0.01 pts
- Value
- ₹18.1 Cr
- Δ value
- up ₹2 Cr
- Status
- Added
- Weight
- 1.82%
- Δ weight
- down 0.02 pts
- Value
- ₹17.7 Cr
- Δ value
- up ₹1.9 Cr
- Status
- Added
- Weight
- 1.78%
- Δ weight
- up 0.06 pts
- Value
- ₹17.2 Cr
- Δ value
- up ₹2.5 Cr
- Status
- Added
- Weight
- 1.77%
- Δ weight
- down 0.13 pts
- Value
- ₹17.1 Cr
- Δ value
- up ₹84 L
- Status
- Added
- Weight
- 1.75%
- Δ weight
- up 0.20 pts
- Value
- ₹16.9 Cr
- Δ value
- up ₹3.7 Cr
- Status
- Added
- Weight
- 1.64%
- Δ weight
- up 0.08 pts
- Value
- ₹15.9 Cr
- Δ value
- up ₹2.5 Cr
- Status
- Added
- Weight
- 1.57%
- Δ weight
- down 0.01 pts
- Value
- ₹15.2 Cr
- Δ value
- up ₹1.7 Cr
- Status
- Added
- Weight
- 1.50%
- Δ weight
- up 0.06 pts
- Value
- ₹14.5 Cr
- Δ value
- up ₹2.2 Cr
- Status
- Added
- Weight
- 1.47%
- Δ weight
- down 0.21 pts
- Value
- ₹14.2 Cr
- Δ value
- down ₹13 L
- Status
- Trimmed
- Weight
- 1.41%
- Δ weight
- up 0.03 pts
- Value
- ₹13.6 Cr
- Δ value
- up ₹1.8 Cr
- Status
- Added
- Weight
- 1.31%
- Δ weight
- down 0.01 pts
- Value
- ₹12.7 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 1.29%
- Δ weight
- up 0.01 pts
- Value
- ₹12.5 Cr
- Δ value
- up ₹1.5 Cr
- Status
- Added
- Weight
- 1.26%
- Δ weight
- up <0.01 pts
- Value
- ₹12.2 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 1.25%
- Δ weight
- down 0.05 pts
- Value
- ₹12.1 Cr
- Δ value
- up ₹97 L
- Status
- Added
- Weight
- 1.20%
- Δ weight
- up 0.01 pts
- Value
- ₹11.6 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 1.03%
- Δ weight
- down 0.61 pts
- Value
- ₹9.9 Cr
- Δ value
- down ₹4.1 Cr
- Status
- Trimmed
- Weight
- 1.02%
- Δ weight
- down 0.05 pts
- Value
- ₹9.9 Cr
- Δ value
- up ₹70 L
- Status
- Added
- Weight
- 1.00%
- Δ weight
- up 0.01 pts
- Value
- ₹9.7 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 0.96%
- Δ weight
- down 0.02 pts
- Value
- ₹9.3 Cr
- Δ value
- up ₹90 L
- Status
- Added
- Weight
- 0.95%
- Δ weight
- up 0.03 pts
- Value
- ₹9.2 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 0.92%
- Δ weight
- down 0.13 pts
- Value
- ₹8.9 Cr
- Δ value
- down ₹4 L
- Status
- Held
- Weight
- 0.86%
- Δ weight
- down 0.08 pts
- Value
- ₹8.3 Cr
- Δ value
- up ₹25 L
- Status
- Added
- Weight
- 0.83%
- Δ weight
- down 0.04 pts
- Value
- ₹8.1 Cr
- Δ value
- up ₹63 L
- Status
- Added
- Weight
- 0.82%
- Δ weight
- down 0.15 pts
- Value
- ₹8 Cr
- Δ value
- down ₹33 L
- Status
- Trimmed
- Weight
- 0.74%
- Δ weight
- up 0.04 pts
- Value
- ₹7.2 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 0.73%
- Δ weight
- up 0.04 pts
- Value
- ₹7 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 0.66%
- Δ weight
- down 0.10 pts
- Value
- ₹6.4 Cr
- Δ value
- down ₹13 L
- Status
- Trimmed
- Weight
- 0.65%
- Δ weight
- down 0.02 pts
- Value
- ₹6.3 Cr
- Δ value
- up ₹55 L
- Status
- Added
- Weight
- 0.64%
- Δ weight
- up 0.02 pts
- Value
- ₹6.2 Cr
- Δ value
- up ₹93 L
- Status
- Added
- Weight
- 0.64%
- Δ weight
- up 0.01 pts
- Value
- ₹6.2 Cr
- Δ value
- up ₹82 L
- Status
- Added
- Weight
- 0.63%
- Δ weight
- down 0.08 pts
- Value
- ₹6.1 Cr
- Δ value
- up ₹5 L
- Status
- Added
- Weight
- 0.62%
- Δ weight
- down 0.07 pts
- Value
- ₹6 Cr
- Δ value
- up ₹15 L
- Status
- Added
- Weight
- 0.62%
- Δ weight
- down 0.03 pts
- Value
- ₹6 Cr
- Δ value
- up ₹47 L
- Status
- Added
- Weight
- 0.54%
- Δ weight
- down 0.01 pts
- Value
- ₹5.2 Cr
- Δ value
- up ₹51 L
- Status
- Added
- Weight
- 0.51%
- Δ weight
- down 0.08 pts
- Value
- ₹5 Cr
- Δ value
- down ₹11 L
- Status
- Trimmed
- Weight
- 0.51%
- Δ weight
- up 0.01 pts
- Value
- ₹5 Cr
- Δ value
- up ₹68 L
- Status
- Added
- Weight
- 0.51%
- Δ weight
- down 0.01 pts
- Value
- ₹4.9 Cr
- Δ value
- up ₹49 L
- Status
- Added
- Weight
- 0.51%
- Δ weight
- up 0.07 pts
- Value
- ₹4.9 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 0.42%
- Δ weight
- up 0.02 pts
- Value
- ₹4 Cr
- Δ value
- up ₹64 L
- Status
- Added
- Weight
- 0.35%
- Δ weight
- up 0.07 pts
- Value
- ₹3.4 Cr
- Δ value
- up ₹95 L
- Status
- Added
- Weight
- 0.34%
- Δ weight
- down 0.04 pts
- Value
- ₹3.2 Cr
- Δ value
- up ₹1 L
- Status
- Held
- Weight
- 0.28%
- Δ weight
- down 0.04 pts
- Value
- ₹2.7 Cr
- Δ value
- down ₹3 L
- Status
- Trimmed
- Bharat Bijlee LimitedBharat Bijlee Ltd. · history in this fund
- Weight
- 0.26%
- Δ weight
- up 0.01 pts
- Value
- ₹2.5 Cr
- Δ value
- up ₹34 L
- Status
- Added
What changed, Feb 2025 to Mar 2025
New New positions (0)
None.
Exited Exited (1)
- Jindal Stainless Limitedwas 0.8% · ₹7.1 Cr
Added Biggest additions
- Kotak Mahindra Bank Limitedup ₹10.7 Cr (+0.93% pts)
- Hindustan Aeronautics Limitedup ₹9.1 Cr (+0.79% pts)
- Power Mech Projects Limitedup ₹8.3 Cr (+0.64% pts)
- ICICI Bank Limitedup ₹6.1 Cr (−0.06% 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 Feb 2025, the weight rose most in Aerospace & Defense (+1.1 pts) and Construction (+0.7 pts), and fell most in Ferrous Metals (−0.8 pts) and Gas (−0.6 pts).
- Aerospace & Defense4.3% → 5.3%+1.1 pts
- Construction11.3% → 12.0%+0.7 pts
- Banks15.2% → 15.8%+0.6 pts
- Industrial Products5.5% → 5.7%+0.1 pts
- Electrical Equipment4.6% → 4.8%+0.1 pts
- Industrial Manufacturing2.4% → 2.5%+0.1 pts
- Ferrous Metals0.8% → 0.0%exited−0.8 pts
- Gas1.7% → 1.1%−0.6 pts
- Textiles & Apparels3.1% → 2.8%−0.3 pts
- Petroleum Products5.8% → 5.4%−0.3 pts
- Capital Markets9.6% → 9.3%−0.3 pts
- Retailing5.6% → 5.4%−0.1 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 | Nov 2023 | Jun 2024 | Dec 2024 | Feb 2025 | Mar 2025 |
|---|---|---|---|---|---|
| Banks | 19.0% | 13.0% | 11.2% | 15.2% | 15.8% |
| Construction | 16.0% | 17.6% | 13.7% | 11.3% | 12.0% |
| Capital Markets | 4.5% | 4.9% | 9.6% | 9.6% | 9.3% |
| Consumer Durables | 5.8% | 5.5% | 6.1% | 6.8% | 6.8% |
| Finance | 0.9% | 3.9% | 5.5% | 5.7% | 5.7% |
| Industrial Products | 10.7% | 8.3% | 6.6% | 5.5% | 5.7% |
| Petroleum Products | 3.9% | 4.7% | 3.5% | 5.8% | 5.4% |
| Retailing | 4.5% | 6.4% | 6.8% | 5.6% | 5.4% |
| Aerospace & Defense | 2.2% | 3.4% | 4.2% | 4.3% | 5.3% |
| Electrical Equipment | 2.8% | 3.9% | 5.5% | 4.6% | 4.8% |
Allocation in Mar 2025change vs Feb 2025
- Banks (5)15.8%
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, Mar 2025
2.8%
▲ 0.5 pts vs Feb 2025
- Cash alone
- 2.8%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 1.4% – 3.7%
- lowest to highest · record 4.8% in Nov 2022
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.