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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
₹977 Cr
down ₹125 Cr vs Feb 2026
- Stocks held
- 70
- down 3 vs Feb 2026
- Top 10 weight
- 32.1%
- of the portfolio in its ten largest
- Cash & debt
- 3.1%
- cash, money market and debt
- Moves this month
- 0 in · 3 out
- added to 5, trimmed 65
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In March 2026 it disclosed 70 stocks worth ₹977 Cr, down ₹125 Cr from Feb 2026. Its largest positions were Reliance Industries Limited (5.5%), ICICI Bank Limited (5.2%), HDFC Bank Limited (3.7%); the ten largest together made up 32.1% of the portfolio, and Banks was the biggest sector at 16.4% of its equity. Cash and debt stood at 3.1%. Compared with Feb 2026 the fund entered 0 new stocks and exited 3.
Against 226 other Sectoral / Thematic funds
Concentration
11%
Top-10 weight is higher than 11% of peers
Breadth
91%
Holds more stocks than 91% of peers
Cash
45%
Holds more cash than 45% of peers
Holdings in March 2026
Download CSVEvery line the fund disclosed, with the change against Feb 2026. Click a column to sort; click a company to see every fund that owns it.
- Weight
- 5.53%
- Δ weight
- up 0.44 pts
- Value
- ₹54 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 5.25%
- Δ weight
- down 0.07 pts
- Value
- ₹51.3 Cr
- Δ value
- down ₹7.4 Cr
- Status
- Trimmed
- Weight
- 3.70%
- Δ weight
- down 0.28 pts
- Value
- ₹36.1 Cr
- Δ value
- down ₹7.7 Cr
- Status
- Trimmed
- Cash, TREPS & receivables
- Weight
- 3.09%
- Δ weight
- up 1.09 pts
- Value
- ₹30.2 Cr
- Δ value
- up ₹8.1 Cr
- Status
- Added
- Weight
- 3.08%
- Δ weight
- down 0.04 pts
- Value
- ₹30.1 Cr
- Δ value
- down ₹4.3 Cr
- Status
- Trimmed
- Weight
- 2.77%
- Δ weight
- up 0.04 pts
- Value
- ₹27 Cr
- Δ value
- down ₹3 Cr
- Status
- Trimmed
- Weight
- 2.44%
- Δ weight
- up 0.04 pts
- Value
- ₹23.8 Cr
- Δ value
- down ₹2.6 Cr
- Status
- Trimmed
- Weight
- 2.39%
- Δ weight
- down 0.20 pts
- Value
- ₹23.3 Cr
- Δ value
- down ₹5.1 Cr
- Status
- Trimmed
- Weight
- 2.34%
- Δ weight
- up 0.08 pts
- Value
- ₹22.9 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 2.29%
- Δ weight
- down 0.20 pts
- Value
- ₹22.4 Cr
- Δ value
- down ₹5.1 Cr
- Status
- Trimmed
- Weight
- 2.28%
- Δ weight
- up 0.01 pts
- Value
- ₹22.2 Cr
- Δ value
- down ₹2.7 Cr
- Status
- Trimmed
- Weight
- 2.20%
- Δ weight
- up 0.14 pts
- Value
- ₹21.5 Cr
- Δ value
- down ₹1.2 Cr
- Status
- Trimmed
- Weight
- 2.16%
- Δ weight
- down 0.10 pts
- Value
- ₹21.1 Cr
- Δ value
- down ₹3.8 Cr
- Status
- Trimmed
- Weight
- 2.11%
- Δ weight
- up 0.05 pts
- Value
- ₹20.6 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 2.09%
- Δ weight
- up 0.66 pts
- Value
- ₹20.4 Cr
- Δ value
- up ₹4.6 Cr
- Status
- Added
- Weight
- 2.09%
- Δ weight
- up 0.06 pts
- Value
- ₹20.4 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 2.00%
- Δ weight
- down 0.08 pts
- Value
- ₹19.5 Cr
- Δ value
- down ₹3.4 Cr
- Status
- Trimmed
- Weight
- 1.90%
- Δ weight
- up 0.14 pts
- Value
- ₹18.5 Cr
- Δ value
- down ₹84 L
- Status
- Trimmed
- Weight
- 1.84%
- Δ weight
- down 0.08 pts
- Value
- ₹18 Cr
- Δ value
- down ₹3.2 Cr
- Status
- Trimmed
- Weight
- 1.82%
- Δ weight
- down 0.16 pts
- Value
- ₹17.7 Cr
- Δ value
- down ₹4 Cr
- Status
- Trimmed
- Weight
- 1.74%
- Δ weight
- up 0.14 pts
- Value
- ₹17 Cr
- Δ value
- down ₹64 L
- Status
- Trimmed
- Weight
- 1.72%
- Δ weight
- down 0.03 pts
- Value
- ₹16.8 Cr
- Δ value
- down ₹2.5 Cr
- Status
- Trimmed
- Weight
- 1.70%
- Δ weight
- down 0.05 pts
- Value
- ₹16.6 Cr
- Δ value
- down ₹2.7 Cr
- Status
- Trimmed
- Weight
- 1.50%
- Δ weight
- up 0.05 pts
- Value
- ₹14.7 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 1.44%
- Δ weight
- down 0.10 pts
- Value
- ₹14.1 Cr
- Δ value
- down ₹2.9 Cr
- Status
- Trimmed
- Weight
- 1.43%
- Δ weight
- down 0.01 pts
- Value
- ₹14 Cr
- Δ value
- down ₹1.9 Cr
- Status
- Trimmed
- DDB DEWAN HSG FINANCE CORPORATION LTDPiramal Finance Limited · history in this fund
- Weight
- 1.41%
- Δ weight
- up 0.23 pts
- Value
- ₹13.8 Cr
- Δ value
- up ₹72 L
- Status
- Added
- Weight
- 1.41%
- Δ weight
- down 0.04 pts
- Value
- ₹13.7 Cr
- Δ value
- down ₹2.2 Cr
- Status
- Trimmed
- Weight
- 1.38%
- Δ weight
- up 0.03 pts
- Value
- ₹13.4 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 1.37%
- Δ weight
- up 0.13 pts
- Value
- ₹13.4 Cr
- Δ value
- down ₹30 L
- Status
- Trimmed
- Weight
- 1.34%
- Δ weight
- down 0.11 pts
- Value
- ₹13.1 Cr
- Δ value
- down ₹2.8 Cr
- Status
- Trimmed
- Weight
- 1.34%
- Δ weight
- down 0.04 pts
- Value
- ₹13.1 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 1.30%
- Δ weight
- down 0.02 pts
- Value
- ₹12.7 Cr
- Δ value
- down ₹1.8 Cr
- Status
- Trimmed
- Weight
- 1.21%
- Δ weight
- down 0.16 pts
- Value
- ₹11.8 Cr
- Δ value
- down ₹3.3 Cr
- Status
- Trimmed
- Weight
- 1.17%
- Δ weight
- up 0.03 pts
- Value
- ₹11.5 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 1.15%
- Δ weight
- down 0.01 pts
- Value
- ₹11.2 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 1.15%
- Δ weight
- down 0.10 pts
- Value
- ₹11.2 Cr
- Δ value
- down ₹2.6 Cr
- Status
- Trimmed
- Weight
- 1.05%
- Δ weight
- up 0.02 pts
- Value
- ₹10.2 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- down 0.02 pts
- Value
- ₹9.8 Cr
- Δ value
- down ₹1.5 Cr
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- down 0.04 pts
- Value
- ₹9.8 Cr
- Δ value
- down ₹1.7 Cr
- Status
- Trimmed
- Weight
- 0.99%
- Δ weight
- up 0.48 pts
- Value
- ₹9.7 Cr
- Δ value
- up ₹4.1 Cr
- Status
- Added
- Weight
- 0.98%
- Δ weight
- down 0.02 pts
- Value
- ₹9.6 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 0.96%
- Δ weight
- down 0.05 pts
- Value
- ₹9.4 Cr
- Δ value
- down ₹1.7 Cr
- Status
- Trimmed
- Weight
- 0.95%
- Δ weight
- down 0.08 pts
- Value
- ₹9.2 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 0.94%
- Δ weight
- down 0.06 pts
- Value
- ₹9.2 Cr
- Δ value
- down ₹1.8 Cr
- Status
- Trimmed
- Weight
- 0.88%
- Δ weight
- down 0.07 pts
- Value
- ₹8.6 Cr
- Δ value
- down ₹1.9 Cr
- Status
- Trimmed
- Weight
- 0.84%
- Δ weight
- down 0.01 pts
- Value
- ₹8.2 Cr
- Δ value
- down ₹1.2 Cr
- Status
- Trimmed
- Weight
- 0.81%
- Δ weight
- down 0.02 pts
- Value
- ₹7.9 Cr
- Δ value
- down ₹1.3 Cr
- Status
- Trimmed
- Weight
- 0.80%
- Δ weight
- up 0.04 pts
- Value
- ₹7.8 Cr
- Δ value
- down ₹50 L
- Status
- Trimmed
- Weight
- 0.77%
- Δ weight
- down 0.01 pts
- Value
- ₹7.5 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 0.75%
- Δ weight
- down 0.06 pts
- Value
- ₹7.3 Cr
- Δ value
- down ₹1.6 Cr
- Status
- Trimmed
- Weight
- 0.74%
- Δ weight
- down 0.10 pts
- Value
- ₹7.2 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 0.73%
- Δ weight
- down 0.01 pts
- Value
- ₹7.2 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 0.71%
- Δ weight
- up 0.03 pts
- Value
- ₹6.9 Cr
- Δ value
- down ₹53 L
- Status
- Trimmed
- Weight
- 0.69%
- Δ weight
- up 0.10 pts
- Value
- ₹6.7 Cr
- Δ value
- up ₹19 L
- Status
- Added
- Weight
- 0.67%
- Δ weight
- up 0.03 pts
- Value
- ₹6.5 Cr
- Δ value
- down ₹52 L
- Status
- Trimmed
- Weight
- 0.67%
- Δ weight
- up 0.05 pts
- Value
- ₹6.5 Cr
- Δ value
- down ₹26 L
- Status
- Trimmed
- Weight
- 0.63%
- Δ weight
- up 0.02 pts
- Value
- ₹6.2 Cr
- Δ value
- down ₹62 L
- Status
- Trimmed
- Weight
- 0.63%
- Δ weight
- down 0.12 pts
- Value
- ₹6.1 Cr
- Δ value
- down ₹2.1 Cr
- Status
- Trimmed
- Weight
- 0.57%
- Δ weight
- up 0.04 pts
- Value
- ₹5.6 Cr
- Δ value
- down ₹30 L
- Status
- Trimmed
- Weight
- 0.57%
- Δ weight
- down 0.02 pts
- Value
- ₹5.5 Cr
- Δ value
- down ₹95 L
- Status
- Trimmed
- Weight
- 0.55%
- Δ weight
- down 0.08 pts
- Value
- ₹5.4 Cr
- Δ value
- down ₹1.6 Cr
- Status
- Trimmed
- Weight
- 0.46%
- Δ weight
- down 0.03 pts
- Value
- ₹4.5 Cr
- Δ value
- down ₹88 L
- Status
- Trimmed
- Weight
- 0.42%
- Δ weight
- down 0.07 pts
- Value
- ₹4.1 Cr
- Δ value
- down ₹1.3 Cr
- Status
- Trimmed
- Weight
- 0.41%
- Δ weight
- down 0.05 pts
- Value
- ₹4 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 0.39%
- Δ weight
- up 0.08 pts
- Value
- ₹3.8 Cr
- Δ value
- up ₹35 L
- Status
- Added
- Bharat Bijlee LimitedBharat Bijlee Ltd. · history in this fund
- Weight
- 0.38%
- Δ weight
- down 0.02 pts
- Value
- ₹3.7 Cr
- Δ value
- down ₹67 L
- Status
- Trimmed
- Weight
- 0.32%
- Δ weight
- down 0.06 pts
- Value
- ₹3.2 Cr
- Δ value
- down ₹1.1 Cr
- Status
- Trimmed
- Weight
- 0.32%
- Δ weight
- down 0.05 pts
- Value
- ₹3.1 Cr
- Δ value
- down ₹91 L
- Status
- Trimmed
- Weight
- 0.19%
- Δ weight
- down 0.02 pts
- Value
- ₹1.8 Cr
- Δ value
- down ₹45 L
- Status
- Trimmed
- Weight
- 0.12%
- Δ weight
- down 0.01 pts
- Value
- ₹1.2 Cr
- Δ value
- down ₹31 L
- Status
- Trimmed
What changed, Feb 2026 to Mar 2026
New New positions (0)
None.
Exited Exited (3)
- Kirloskar Pneumatic Company Limitedwas 0.5% · ₹5.9 Cr
- Birla Corporation Limitedwas 0.5% · ₹5.7 Cr
- Meesho Ltdwas 0.2% · ₹2.1 Cr
Added Biggest additions
- Eternal Limitedup ₹4.6 Cr (+0.66% pts)
- APL Apollo Tubes Limitedup ₹4.1 Cr (+0.48% pts)
- DDB DEWAN HSG FINANCE CORPORATION LTD ₹72 L (+0.23% 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 2026, the weight rose most in Petroleum Products (+0.5 pts) and Retailing (+0.5 pts), and fell most in Cement & Cement Products (−0.6 pts) and Banks (−0.5 pts).
- Petroleum Products5.2% → 5.7%+0.5 pts
- Retailing4.9% → 5.4%+0.5 pts
- Finance6.4% → 6.7%+0.3 pts
- Electrical Equipment3.8% → 4.1%+0.3 pts
- Aerospace & Defense7.2% → 7.4%+0.2 pts
- Textiles & Apparels2.1% → 2.3%+0.2 pts
- Cement & Cement Products2.8% → 2.2%−0.6 pts
- Banks16.9% → 16.4%−0.5 pts
- Construction6.9% → 6.5%−0.3 pts
- Consumer Durables6.5% → 6.3%−0.2 pts
- Industrial Manufacturing3.8% → 3.6%−0.2 pts
- Agricultural, Commercial & Construction Vehicles1.4% → 1.3%−0.2 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 | Mar 2023 | Mar 2025 | Jun 2025 | Jun 2025 | Feb 2026 | Mar 2026 |
|---|---|---|---|---|---|---|
| Banks | 26.4% | 15.8% | 14.4% | 14.4% | 16.9% | 16.4% |
| Capital Markets | 1.0% | 9.3% | 10.7% | 10.7% | 9.1% | 9.2% |
| Aerospace & Defense | 1.9% | 5.3% | 4.7% | 4.7% | 7.2% | 7.4% |
| Finance | 4.1% | 5.7% | 5.3% | 5.3% | 6.4% | 6.7% |
| Construction | 15.2% | 12.0% | 10.8% | 10.8% | 6.9% | 6.5% |
| Consumer Durables | 5.0% | 6.8% | 5.3% | 5.3% | 6.5% | 6.3% |
| Petroleum Products | 3.8% | 5.4% | 5.5% | 5.5% | 5.2% | 5.7% |
| Retailing | 2.8% | 5.4% | 9.2% | 9.2% | 4.9% | 5.4% |
| Industrial Products | 9.5% | 5.7% | 5.5% | 5.5% | 4.3% | 4.2% |
| Electrical Equipment | 3.7% | 4.8% | 4.8% | 4.8% | 3.8% | 4.1% |
Allocation in Mar 2026change vs Feb 2026
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 2026
3.1%
▲ 1.1 pts vs Feb 2026
- Cash alone
- 3.1%
- cash and net receivables
- A year earlier
- 2.8%
- Mar 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.