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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
₹998 Cr
up ₹30.5 Cr vs Mar 2025
- Stocks held
- 63
- up 3 vs Mar 2025
- Top 10 weight
- 38.8%
- of the portfolio in its ten largest
- Cash & debt
- 4.0%
- cash, money market and debt
- Moves this month
- 3 in · 0 out
- added to 10, trimmed 26
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In April 2025 it disclosed 63 stocks worth ₹998 Cr, up ₹30.5 Cr from Mar 2025. Its largest positions were ICICI Bank Limited (6.1%), Reliance Industries Limited (5.7%), Multi Commodity Exchange of India Limited (5.3%); the ten largest together made up 38.8% of the portfolio, and Banks was the biggest sector at 16.3% of its equity. Cash and debt stood at 4.0%. Compared with Mar 2025 the fund entered 3 new stocks and exited 0.
Against 226 other Sectoral / Thematic funds
Concentration
28%
Top-10 weight is higher than 28% of peers
Breadth
86%
Holds more stocks than 86% of peers
Cash
60%
Holds more cash than 60% of peers
Holdings in April 2025
Download CSVEvery line the fund disclosed, with the change against Mar 2025. Click a column to sort; click a company to see every fund that owns it.
- Weight
- 6.08%
- Δ weight
- up 0.15 pts
- Value
- ₹60.6 Cr
- Δ value
- up ₹3.3 Cr
- Status
- Added
- Weight
- 5.66%
- Δ weight
- up 0.36 pts
- Value
- ₹56.4 Cr
- Δ value
- up ₹5.2 Cr
- Status
- Added
- Weight
- 5.26%
- Δ weight
- up 0.08 pts
- Value
- ₹52.5 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Weight
- 4.96%
- Δ weight
- down 0.31 pts
- Value
- ₹49.5 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 4.76%
- Δ weight
- up 0.10 pts
- Value
- ₹47.5 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Cash, TREPS & receivables
- Weight
- 4.00%
- Δ weight
- up 1.25 pts
- Value
- ₹39.9 Cr
- Δ value
- up ₹13.3 Cr
- Status
- Added
- Weight
- 2.46%
- Δ weight
- down 0.12 pts
- Value
- ₹24.6 Cr
- Δ value
- down ₹41 L
- Status
- Trimmed
- Weight
- 2.44%
- Δ weight
- down 0.04 pts
- Value
- ₹24.4 Cr
- Δ value
- up ₹41 L
- Status
- Added
- Weight
- 2.43%
- Δ weight
- down 0.02 pts
- Value
- ₹24.2 Cr
- Δ value
- up ₹53 L
- Status
- Added
- Weight
- 2.38%
- Δ weight
- down 0.17 pts
- Value
- ₹23.8 Cr
- Δ value
- down ₹89 L
- Status
- Trimmed
- Weight
- 2.34%
- Δ weight
- up 0.01 pts
- Value
- ₹23.3 Cr
- Δ value
- up ₹80 L
- Status
- Added
- Weight
- 2.30%
- Δ weight
- up 0.65 pts
- Value
- ₹22.9 Cr
- Δ value
- up ₹7 Cr
- Status
- Added
- Weight
- 2.29%
- Δ weight
- down 0.05 pts
- Value
- ₹22.8 Cr
- Δ value
- up ₹26 L
- Status
- Added
- Weight
- 2.23%
- Δ weight
- down 0.73 pts
- Value
- ₹22.2 Cr
- Δ value
- down ₹6.4 Cr
- Status
- Trimmed
- Weight
- 2.17%
- Δ weight
- up 0.09 pts
- Value
- ₹21.7 Cr
- Δ value
- up ₹1.5 Cr
- Status
- Added
- Weight
- 2.12%
- Δ weight
- down 0.99 pts
- Value
- ₹21.2 Cr
- Δ value
- down ₹9 Cr
- Status
- Trimmed
- Weight
- 2.05%
- Δ weight
- down 0.60 pts
- Value
- ₹20.4 Cr
- Δ value
- down ₹5.2 Cr
- Status
- Trimmed
- Weight
- 1.99%
- Δ weight
- down 0.01 pts
- Value
- ₹19.8 Cr
- Δ value
- up ₹55 L
- Status
- Added
- Weight
- 1.82%
- Δ weight
- down 0.14 pts
- Value
- ₹18.2 Cr
- Δ value
- down ₹82 L
- Status
- Trimmed
- Weight
- 1.81%
- Δ weight
- down 0.02 pts
- Value
- ₹18 Cr
- Δ value
- up ₹39 L
- Status
- Added
- Weight
- 1.80%
- Δ weight
- down 0.06 pts
- Value
- ₹18 Cr
- Δ value
- down ₹8 L
- Status
- Held
- Weight
- 1.68%
- Δ weight
- down 0.09 pts
- Value
- ₹16.7 Cr
- Δ value
- down ₹37 L
- Status
- Trimmed
- Weight
- 1.65%
- Δ weight
- up 0.08 pts
- Value
- ₹16.5 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.57%
- Δ weight
- up 0.16 pts
- Value
- ₹15.6 Cr
- Δ value
- up ₹2 Cr
- Status
- Added
- Weight
- 1.50%
- Δ weight
- up 0.03 pts
- Value
- ₹15 Cr
- Δ value
- up ₹74 L
- Status
- Added
- Weight
- 1.45%
- Δ weight
- down 0.30 pts
- Value
- ₹14.5 Cr
- Δ value
- down ₹2.5 Cr
- Status
- Trimmed
- Weight
- 1.39%
- Δ weight
- down 0.39 pts
- Value
- ₹13.9 Cr
- Δ value
- down ₹3.3 Cr
- Status
- Trimmed
- Weight
- 1.34%
- Δ weight
- up 0.09 pts
- Value
- ₹13.4 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.33%
- Δ weight
- down 0.18 pts
- Value
- ₹13.2 Cr
- Δ value
- down ₹1.3 Cr
- Status
- Trimmed
- Weight
- 1.27%
- Δ weight
- up 0.02 pts
- Value
- ₹12.7 Cr
- Δ value
- up ₹53 L
- Status
- Added
- Weight
- 1.23%
- Δ weight
- down 0.08 pts
- Value
- ₹12.3 Cr
- Δ value
- down ₹41 L
- Status
- Trimmed
- Weight
- 1.15%
- Δ weight
- down 0.04 pts
- Value
- ₹11.5 Cr
- Δ value
- down ₹5 L
- Status
- Held
- Weight
- 1.12%
- Δ weight
- down 0.17 pts
- Value
- ₹11.1 Cr
- Δ value
- down ₹1.3 Cr
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- up 1.00 pts
- Value
- ₹10 Cr
- Δ value
- up ₹10 Cr
- Status
- New
- Weight
- 0.98%
- Δ weight
- up 0.06 pts
- Value
- ₹9.8 Cr
- Δ value
- up ₹92 L
- Status
- Added
- Weight
- 0.97%
- Δ weight
- up 0.02 pts
- Value
- ₹9.7 Cr
- Δ value
- up ₹44 L
- Status
- Added
- Weight
- 0.97%
- Δ weight
- down 0.06 pts
- Value
- ₹9.7 Cr
- Δ value
- down ₹25 L
- Status
- Trimmed
- Weight
- 0.96%
- Δ weight
- up 0.13 pts
- Value
- ₹9.5 Cr
- Δ value
- up ₹1.6 Cr
- Status
- Added
- Weight
- 0.93%
- Δ weight
- down 0.02 pts
- Value
- ₹9.2 Cr
- Δ value
- up ₹4 L
- Status
- Held
- Weight
- 0.91%
- Δ weight
- down 0.11 pts
- Value
- ₹9 Cr
- Δ value
- down ₹84 L
- Status
- Trimmed
- Weight
- 0.90%
- Δ weight
- down 0.10 pts
- Value
- ₹8.9 Cr
- Δ value
- down ₹74 L
- Status
- Trimmed
- Weight
- 0.88%
- Δ weight
- up 0.02 pts
- Value
- ₹8.8 Cr
- Δ value
- up ₹44 L
- Status
- Added
- Weight
- 0.79%
- Δ weight
- down 0.04 pts
- Value
- ₹7.9 Cr
- Δ value
- down ₹15 L
- Status
- Trimmed
- Weight
- 0.71%
- Δ weight
- down 0.01 pts
- Value
- ₹7.1 Cr
- Δ value
- up ₹8 L
- Status
- Added
- Weight
- 0.70%
- Δ weight
- down 0.04 pts
- Value
- ₹7 Cr
- Δ value
- down ₹15 L
- Status
- Trimmed
- Weight
- 0.70%
- Δ weight
- up 0.03 pts
- Value
- ₹7 Cr
- Δ value
- up ₹54 L
- Status
- Added
- Weight
- 0.64%
- Δ weight
- down 0.01 pts
- Value
- ₹6.4 Cr
- Δ value
- up ₹10 L
- Status
- Added
- Weight
- 0.60%
- Δ weight
- down 0.02 pts
- Value
- ₹6 Cr
- Δ value
- up ₹2 L
- Status
- Held
- Weight
- 0.59%
- Δ weight
- down 0.04 pts
- Value
- ₹5.8 Cr
- Δ value
- down ₹19 L
- Status
- Trimmed
- Weight
- 0.57%
- Δ weight
- down 0.07 pts
- Value
- ₹5.7 Cr
- Δ value
- down ₹49 L
- Status
- Trimmed
- Weight
- 0.57%
- Δ weight
- down 0.06 pts
- Value
- ₹5.7 Cr
- Δ value
- down ₹38 L
- Status
- Trimmed
- Weight
- 0.56%
- Δ weight
- down 0.08 pts
- Value
- ₹5.6 Cr
- Δ value
- down ₹60 L
- Status
- Trimmed
- Weight
- 0.56%
- Δ weight
- up 0.02 pts
- Value
- ₹5.6 Cr
- Δ value
- up ₹36 L
- Status
- Added
- Weight
- 0.54%
- Δ weight
- up 0.03 pts
- Value
- ₹5.4 Cr
- Δ value
- up ₹46 L
- Status
- Added
- Weight
- 0.53%
- Δ weight
- up 0.53 pts
- Value
- ₹5.3 Cr
- Δ value
- up ₹5.3 Cr
- Status
- New
- Weight
- 0.52%
- Δ weight
- up 0.01 pts
- Value
- ₹5.2 Cr
- Δ value
- up ₹24 L
- Status
- Added
- Weight
- 0.50%
- Δ weight
- down 0.01 pts
- Value
- ₹5 Cr
- Δ value
- up ₹8 L
- Status
- Added
- Weight
- 0.46%
- Δ weight
- up 0.46 pts
- Value
- ₹4.6 Cr
- Δ value
- up ₹4.6 Cr
- Status
- New
- Weight
- 0.44%
- Δ weight
- down 0.07 pts
- Value
- ₹4.4 Cr
- Δ value
- down ₹53 L
- Status
- Trimmed
- Weight
- 0.38%
- Δ weight
- down 0.04 pts
- Value
- ₹3.8 Cr
- Δ value
- down ₹29 L
- Status
- Trimmed
- Weight
- 0.33%
- Δ weight
- down 0.01 pts
- Value
- ₹3.3 Cr
- Δ value
- up ₹4 L
- Status
- Added
- Weight
- 0.31%
- Δ weight
- down 0.04 pts
- Value
- ₹3.1 Cr
- Δ value
- down ₹26 L
- Status
- Trimmed
- Bharat Bijlee LimitedBharat Bijlee Ltd. · history in this fund
- Weight
- 0.26%
- Δ weight
- down <0.01 pts
- Value
- ₹2.6 Cr
- Δ value
- up ₹3 L
- Status
- Added
- Weight
- 0.24%
- Δ weight
- down 0.04 pts
- Value
- ₹2.4 Cr
- Δ value
- down ₹32 L
- Status
- Trimmed
What changed, Mar 2025 to Apr 2025
New New positions (3)
- Eternal Limited1.0% · ₹10 Cr
- TBO Tek Limited0.5% · ₹5.3 Cr
- Swiggy Limited0.5% · ₹4.6 Cr
Exited Exited (0)
None.
Added Biggest additions
- Mangalore Chemicals & Fertilizers Limitedup ₹7 Cr (+0.65% pts)
- Reliance Industries Limitedup ₹5.2 Cr (+0.36% pts)
- ICICI Bank Limitedup ₹3.3 Cr (+0.15% 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 Mar 2025, the weight rose most in Retailing (+1.3 pts) and Fertilizers & Agrochemicals (+0.7 pts), and fell most in Construction (−0.9 pts) and Consumer Durables (−0.9 pts).
- Retailing5.4% → 6.7%+1.3 pts
- Fertilizers & Agrochemicals1.7% → 2.4%+0.7 pts
- Leisure Services1.0% → 1.6%+0.6 pts
- Petroleum Products5.4% → 5.9%+0.4 pts
- Banks15.8% → 16.3%+0.4 pts
- Capital Markets9.3% → 9.6%+0.3 pts
- Construction12.0% → 11.1%−0.9 pts
- Consumer Durables6.8% → 5.9%−0.9 pts
- Aerospace & Defense5.3% → 4.5%−0.9 pts
- Industrial Products5.7% → 5.0%−0.7 pts
- Chemicals & Petrochemicals2.9% → 2.7%−0.2 pts
- Electrical Equipment4.8% → 4.6%−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 | Apr 2024 | Jun 2024 | Dec 2024 | Mar 2025 | Apr 2025 |
|---|---|---|---|---|---|
| Banks | 14.2% | 13.0% | 11.2% | 15.8% | 16.3% |
| Construction | 18.0% | 17.6% | 13.7% | 12.0% | 11.1% |
| Capital Markets | 5.7% | 4.9% | 9.6% | 9.3% | 9.6% |
| Retailing | 5.8% | 6.4% | 6.8% | 5.4% | 6.7% |
| Petroleum Products | 4.9% | 4.7% | 3.5% | 5.4% | 5.9% |
| Consumer Durables | 5.6% | 5.5% | 6.1% | 6.8% | 5.9% |
| Finance | 3.9% | 3.9% | 5.5% | 5.7% | 5.8% |
| Industrial Products | 8.3% | 8.3% | 6.6% | 5.7% | 5.0% |
| Electrical Equipment | 2.6% | 3.9% | 5.5% | 4.8% | 4.6% |
| Aerospace & Defense | 2.9% | 3.4% | 4.2% | 5.3% | 4.5% |
Allocation in Apr 2025change vs Mar 2025
- Banks (5)
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 2025
4.0%
▲ 1.2 pts vs Mar 2025
- Cash alone
- 4.0%
- cash and net receivables
- A year earlier
- 2.2%
- Apr 2024 · now ▲ 1.8 pts
- Last 12 months
- 1.4% – 4.0%
- 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.