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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
₹1,101 Cr
down ₹51.6 Cr vs Jun 2025
- Stocks held
- 73
- up 9 vs Jun 2025
- Top 10 weight
- 32.2%
- of the portfolio in its ten largest
- Cash & debt
- 2.0%
- cash, money market and debt
- Moves this month
- 21 in · 12 out
- added to 10, trimmed 35
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In February 2026 it disclosed 73 stocks worth ₹1,101 Cr, down ₹51.6 Cr from Jun 2025. Its largest positions were ICICI Bank Limited (5.3%), Reliance Industries Limited (5.1%), HDFC Bank Limited (4.0%); the ten largest together made up 32.2% of the portfolio, and Banks was the biggest sector at 16.9% of its equity. Cash and debt stood at 2.0%. Compared with Jun 2025 the fund entered 21 new stocks and exited 12.
Against 226 other Sectoral / Thematic funds
Concentration
11%
Top-10 weight is higher than 11% of peers
Breadth
92%
Holds more stocks than 92% of peers
Cash
30%
Holds more cash than 30% of peers
Holdings in February 2026
Download CSVEvery line the fund disclosed, with the change against Jun 2025. Click a column to sort; click a company to see every fund that owns it.
- Weight
- 5.32%
- Δ weight
- down 0.01 pts
- Value
- ₹58.6 Cr
- Δ value
- down ₹2.8 Cr
- Status
- Trimmed
- Weight
- 5.08%
- Δ weight
- down 0.14 pts
- Value
- ₹56 Cr
- Δ value
- down ₹4.3 Cr
- Status
- Trimmed
- Weight
- 3.98%
- Δ weight
- down 0.31 pts
- Value
- ₹43.8 Cr
- Δ value
- down ₹5.6 Cr
- Status
- Trimmed
- Weight
- 3.13%
- Δ weight
- down 2.39 pts
- Value
- ₹34.5 Cr
- Δ value
- down ₹29.1 Cr
- Status
- Trimmed
- Weight
- 2.72%
- Δ weight
- up 0.26 pts
- Value
- ₹30 Cr
- Δ value
- up ₹1.6 Cr
- Status
- Added
- Weight
- 2.58%
- Δ weight
- up 0.47 pts
- Value
- ₹28.5 Cr
- Δ value
- up ₹4 Cr
- Status
- Added
- Weight
- 2.50%
- Δ weight
- up 0.87 pts
- Value
- ₹27.5 Cr
- Δ value
- up ₹8.7 Cr
- Status
- Added
- Weight
- 2.40%
- Δ weight
- up 2.40 pts
- Value
- ₹26.5 Cr
- Δ value
- up ₹26.5 Cr
- Status
- New
- Weight
- 2.27%
- Δ weight
- up 0.23 pts
- Value
- ₹25 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 2.27%
- Δ weight
- up 0.03 pts
- Value
- ₹25 Cr
- Δ value
- down ₹82 L
- Status
- Trimmed
- Weight
- 2.26%
- Δ weight
- up 0.20 pts
- Value
- ₹24.8 Cr
- Δ value
- up ₹1.1 Cr
- Status
- Added
- Weight
- 2.08%
- Δ weight
- up 0.01 pts
- Value
- ₹22.9 Cr
- Δ value
- down ₹97 L
- Status
- Trimmed
- Weight
- 2.06%
- Δ weight
- up 0.85 pts
- Value
- ₹22.7 Cr
- Δ value
- up ₹8.8 Cr
- Status
- Added
- Weight
- 2.06%
- Δ weight
- up 2.06 pts
- Value
- ₹22.7 Cr
- Δ value
- up ₹22.7 Cr
- Status
- New
- Weight
- 2.04%
- Δ weight
- up 2.04 pts
- Value
- ₹22.4 Cr
- Δ value
- up ₹22.4 Cr
- Status
- New
- Cash, TREPS & receivables
- Weight
- 2.00%
- Δ weight
- down 2.13 pts
- Value
- ₹22 Cr
- Δ value
- down ₹25.6 Cr
- Status
- Trimmed
- Weight
- 1.97%
- Δ weight
- up 1.97 pts
- Value
- ₹21.7 Cr
- Δ value
- up ₹21.7 Cr
- Status
- New
- Weight
- 1.93%
- Δ weight
- down 0.49 pts
- Value
- ₹21.2 Cr
- Δ value
- down ₹6.7 Cr
- Status
- Trimmed
- Weight
- 1.76%
- Δ weight
- up 0.89 pts
- Value
- ₹19.4 Cr
- Δ value
- up ₹9.4 Cr
- Status
- Added
- Weight
- 1.76%
- Δ weight
- up 0.49 pts
- Value
- ₹19.3 Cr
- Δ value
- up ₹4.8 Cr
- Status
- Added
- Weight
- 1.75%
- Δ weight
- down 0.47 pts
- Value
- ₹19.2 Cr
- Δ value
- down ₹6.3 Cr
- Status
- Trimmed
- Weight
- 1.60%
- Δ weight
- down 0.28 pts
- Value
- ₹17.7 Cr
- Δ value
- down ₹4.1 Cr
- Status
- Trimmed
- Weight
- 1.54%
- Δ weight
- down 0.16 pts
- Value
- ₹17 Cr
- Δ value
- down ₹2.6 Cr
- Status
- Trimmed
- Weight
- 1.46%
- Δ weight
- down 0.03 pts
- Value
- ₹16 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 1.45%
- Δ weight
- up 0.07 pts
- Value
- ₹15.9 Cr
- Δ value
- up ₹4 L
- Status
- Held
- Weight
- 1.45%
- Δ weight
- up 1.45 pts
- Value
- ₹15.9 Cr
- Δ value
- up ₹15.9 Cr
- Status
- New
- Weight
- 1.44%
- Δ weight
- down 0.04 pts
- Value
- ₹15.8 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 1.44%
- Δ weight
- up 1.44 pts
- Value
- ₹15.8 Cr
- Δ value
- up ₹15.8 Cr
- Status
- New
- Weight
- 1.38%
- Δ weight
- up 1.38 pts
- Value
- ₹15.2 Cr
- Δ value
- up ₹15.2 Cr
- Status
- New
- Weight
- 1.37%
- Δ weight
- down 0.21 pts
- Value
- ₹15.1 Cr
- Δ value
- down ₹3.2 Cr
- Status
- Trimmed
- Weight
- 1.35%
- Δ weight
- up 1.35 pts
- Value
- ₹14.9 Cr
- Δ value
- up ₹14.9 Cr
- Status
- New
- Weight
- 1.32%
- Δ weight
- up 0.07 pts
- Value
- ₹14.5 Cr
- Δ value
- up ₹15 L
- Status
- Added
- Weight
- 1.25%
- Δ weight
- up 1.25 pts
- Value
- ₹13.7 Cr
- Δ value
- up ₹13.7 Cr
- Status
- New
- Weight
- 1.25%
- Δ weight
- down 0.47 pts
- Value
- ₹13.7 Cr
- Δ value
- down ₹6.1 Cr
- Status
- Trimmed
- DDB DEWAN HSG FINANCE CORPORATION LTDPiramal Finance Limited · history in this fund
- Weight
- 1.18%
- Δ weight
- up 1.18 pts
- Value
- ₹13 Cr
- Δ value
- up ₹13 Cr
- Status
- New
- Weight
- 1.16%
- Δ weight
- up 0.73 pts
- Value
- ₹12.7 Cr
- Δ value
- up ₹7.8 Cr
- Status
- Added
- Weight
- 1.14%
- Δ weight
- up 0.21 pts
- Value
- ₹12.5 Cr
- Δ value
- up ₹1.8 Cr
- Status
- Added
- Weight
- 1.04%
- Δ weight
- up 1.04 pts
- Value
- ₹11.5 Cr
- Δ value
- up ₹11.5 Cr
- Status
- New
- Weight
- 1.03%
- Δ weight
- down 0.35 pts
- Value
- ₹11.3 Cr
- Δ value
- down ₹4.6 Cr
- Status
- Trimmed
- Weight
- 1.02%
- Δ weight
- up 1.02 pts
- Value
- ₹11.3 Cr
- Δ value
- up ₹11.3 Cr
- Status
- New
- Weight
- 1.02%
- Δ weight
- down 0.82 pts
- Value
- ₹11.3 Cr
- Δ value
- down ₹10 Cr
- Status
- Trimmed
- Weight
- 1.01%
- Δ weight
- down 0.25 pts
- Value
- ₹11.1 Cr
- Δ value
- down ₹3.4 Cr
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- down 1.64 pts
- Value
- ₹11 Cr
- Δ value
- down ₹19.4 Cr
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- up <0.01 pts
- Value
- ₹11 Cr
- Δ value
- down ₹47 L
- Status
- Trimmed
- Weight
- 0.96%
- Δ weight
- up 0.31 pts
- Value
- ₹10.5 Cr
- Δ value
- up ₹3.1 Cr
- Status
- Added
- Weight
- 0.85%
- Δ weight
- down 0.42 pts
- Value
- ₹9.3 Cr
- Δ value
- down ₹5.3 Cr
- Status
- Trimmed
- Weight
- 0.83%
- Δ weight
- down 0.29 pts
- Value
- ₹9.2 Cr
- Δ value
- down ₹3.7 Cr
- Status
- Trimmed
- Weight
- 0.83%
- Δ weight
- up 0.08 pts
- Value
- ₹9.2 Cr
- Δ value
- up ₹54 L
- Status
- Added
- Weight
- 0.81%
- Δ weight
- up 0.81 pts
- Value
- ₹8.9 Cr
- Δ value
- up ₹8.9 Cr
- Status
- New
- Weight
- 0.78%
- Δ weight
- up 0.78 pts
- Value
- ₹8.6 Cr
- Δ value
- up ₹8.6 Cr
- Status
- New
- Weight
- 0.76%
- Δ weight
- down 0.05 pts
- Value
- ₹8.3 Cr
- Δ value
- down ₹98 L
- Status
- Trimmed
- Weight
- 0.75%
- Δ weight
- down 0.19 pts
- Value
- ₹8.3 Cr
- Δ value
- down ₹2.6 Cr
- Status
- Trimmed
- Weight
- 0.75%
- Δ weight
- down 0.09 pts
- Value
- ₹8.2 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 0.67%
- Δ weight
- up 0.67 pts
- Value
- ₹7.4 Cr
- Δ value
- up ₹7.4 Cr
- Status
- New
- Weight
- 0.64%
- Δ weight
- up 0.64 pts
- Value
- ₹7 Cr
- Δ value
- up ₹7 Cr
- Status
- New
- Weight
- 0.63%
- Δ weight
- up 0.17 pts
- Value
- ₹7 Cr
- Δ value
- up ₹1.6 Cr
- Status
- Added
- Weight
- 0.62%
- Δ weight
- down 0.58 pts
- Value
- ₹6.8 Cr
- Δ value
- down ₹7 Cr
- Status
- Trimmed
- Weight
- 0.61%
- Δ weight
- down 0.05 pts
- Value
- ₹6.8 Cr
- Δ value
- down ₹88 L
- Status
- Trimmed
- Weight
- 0.60%
- Δ weight
- down 0.25 pts
- Value
- ₹6.6 Cr
- Δ value
- down ₹3.2 Cr
- Status
- Trimmed
- Weight
- 0.59%
- Δ weight
- up 0.07 pts
- Value
- ₹6.5 Cr
- Δ value
- up ₹51 L
- Status
- Added
- Weight
- 0.54%
- Δ weight
- down 1.44 pts
- Value
- ₹5.9 Cr
- Δ value
- down ₹16.9 Cr
- Status
- Trimmed
- Weight
- 0.53%
- Δ weight
- up 0.53 pts
- Value
- ₹5.9 Cr
- Δ value
- up ₹5.9 Cr
- Status
- New
- Weight
- 0.52%
- Δ weight
- down 0.15 pts
- Value
- ₹5.7 Cr
- Δ value
- down ₹1.9 Cr
- Status
- Trimmed
- Weight
- 0.51%
- Δ weight
- up 0.51 pts
- Value
- ₹5.6 Cr
- Δ value
- up ₹5.6 Cr
- Status
- New
- Weight
- 0.49%
- Δ weight
- down 0.03 pts
- Value
- ₹5.4 Cr
- Δ value
- down ₹62 L
- Status
- Trimmed
- Weight
- 0.48%
- Δ weight
- up 0.48 pts
- Value
- ₹5.3 Cr
- Δ value
- up ₹5.3 Cr
- Status
- New
- Weight
- 0.46%
- Δ weight
- down 0.04 pts
- Value
- ₹5.1 Cr
- Δ value
- down ₹72 L
- Status
- Trimmed
- Bharat Bijlee LimitedBharat Bijlee Ltd. · history in this fund
- Weight
- 0.40%
- Δ weight
- up 0.16 pts
- Value
- ₹4.4 Cr
- Δ value
- up ₹1.6 Cr
- Status
- Added
- Weight
- 0.38%
- Δ weight
- down 0.06 pts
- Value
- ₹4.2 Cr
- Δ value
- down ₹85 L
- Status
- Trimmed
- Weight
- 0.37%
- Δ weight
- down 0.16 pts
- Value
- ₹4.1 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 0.32%
- Δ weight
- down 0.27 pts
- Value
- ₹3.5 Cr
- Δ value
- down ₹3.2 Cr
- Status
- Trimmed
- Weight
- 0.21%
- Δ weight
- down 0.02 pts
- Value
- ₹2.3 Cr
- Δ value
- down ₹35 L
- Status
- Trimmed
- Weight
- 0.19%
- Δ weight
- up 0.19 pts
- Value
- ₹2.1 Cr
- Δ value
- up ₹2.1 Cr
- Status
- New
- Weight
- 0.13%
- Δ weight
- up 0.13 pts
- Value
- ₹1.5 Cr
- Δ value
- up ₹1.5 Cr
- Status
- New
- TVS Motor Company Ltd.Other
- Weight
- 0.02%
- Δ weight
- up 0.02 pts
- Value
- ₹21 L
- Δ value
- up ₹21 L
- Status
- New
What changed, Jun 2025 to Feb 2026
New New positions (21)
- ICICI Prudential Asset Management Company Limited2.4% · ₹26.5 Cr
- RBL Bank Limited2.1% · ₹22.7 Cr
- MTAR Technologies Limited2.0% · ₹22.4 Cr
- InterGlobe Aviation Limited2.0% · ₹21.7 Cr
- Canara Robeco Mutual Fund1.4% · ₹15.9 Cr
- Paradeep Phosphates Limited1.4% · ₹15.8 Cr
- Tata Motors Ltd1.4% · ₹15.2 Cr
- Tata Steel Limited1.3% · ₹14.9 Cr
- Wakefit Innovations Limited1.2% · ₹13.7 Cr
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 Jun 2025, the weight rose most in Transport Services (+2.6 pts) and Banks (+2.5 pts), and fell most in Retailing (−4.3 pts) and Construction (−3.9 pts).
- Transport Services0.0% → 2.6%new+2.6 pts
- Banks14.4% → 16.9%+2.5 pts
- Aerospace & Defense4.7% → 7.2%+2.5 pts
- Industrial Manufacturing2.3% → 3.8%+1.5 pts
- Agricultural, Commercial & Construction Vehicles0.0% → 1.4%new+1.4 pts
- Ferrous Metals0.0% → 1.4%new+1.4 pts
- Retailing9.2% → 4.9%−4.3 pts
- Construction10.8% → 6.9%−3.9 pts
- Capital Markets10.7% → 9.1%−1.6 pts
- Industrial Products5.5% → 4.3%−1.2 pts
- Electrical Equipment4.8% → 3.8%−1.0 pts
- Cement1.9% → 1.0%−0.9 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 | Feb 2023 | Feb 2025 | Jun 2025 | Jun 2025 | Jun 2025 | Feb 2026 |
|---|---|---|---|---|---|---|
| Banks | 24.3% | 15.2% | 14.4% | 14.4% | 14.4% | 16.9% |
| Capital Markets | 0.9% | 9.6% | 10.7% | 10.7% | 10.7% | 9.1% |
| Aerospace & Defense | 1.8% | 4.3% | 4.7% | 4.7% | 4.7% | 7.2% |
| Construction | 13.8% | 11.3% | 10.8% | 10.8% | 10.8% | 6.9% |
| Consumer Durables | 5.0% | 6.8% | 5.3% | 5.3% | 5.3% | 6.5% |
| Finance | 3.5% | 5.7% | 5.3% | 5.3% | 5.3% | 6.4% |
| Petroleum Products | 3.8% | 5.8% | 5.5% | 5.5% | 5.5% | 5.2% |
| Retailing | 2.6% | 5.6% | 9.2% | 9.2% | 9.2% | 4.9% |
| Industrial Products | 9.8% | 5.5% | 5.5% | 5.5% | 5.5% | 4.3% |
| Electrical Equipment | 3.6% | 4.6% | 4.8% | 4.8% | 4.8% | 3.8% |
Allocation in Feb 2026change vs Jun 2025
- Banks (6)16.9%▲ 2.5 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.
Cash & debt, Feb 2026
2.0%
▼ 2.1 pts vs Jun 2025
- Cash alone
- 2.0%
- cash and net receivables
- A year earlier
- 2.3%
- Feb 2025 · now ▼ 0.3 pts
- Last 12 months
- 2.0% – 4.1%
- 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.