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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
₹1,182 Cr
down ₹35 L vs Jun 2026
- Stocks held
- 72
- up 1 vs Jun 2026
- Top 10 weight
- 28.9%
- of the portfolio in its ten largest
- Cash & debt
- 2.2%
- cash, money market and debt
- Moves this month
- 3 in · 2 out
- added to 10, trimmed 25
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In July 2026 it disclosed 72 stocks worth ₹1,182 Cr, down ₹35 L from Jun 2026. Its largest positions were ICICI Bank Limited (5.8%), HDFC Bank Limited (3.1%), MTAR Technologies Limited (2.9%); the ten largest together made up 28.9% of the portfolio, and Banks was the biggest sector at 15.3% of its equity. Cash and debt stood at 2.2%. Compared with Jun 2026 the fund entered 3 new stocks and exited 2.
Against 226 other Sectoral / Thematic funds
Concentration
6%
Top-10 weight is higher than 6% of peers
Breadth
92%
Holds more stocks than 92% of peers
Cash
32%
Holds more cash than 32% of peers
Holdings in July 2026
Download CSVEvery line the fund disclosed, with the change against Jun 2026. Click a column to sort; click a company to see every fund that owns it.
- Weight
- 5.77%
- Δ weight
- up 0.24 pts
- Value
- ₹68.2 Cr
- Δ value
- up ₹2.9 Cr
- Status
- Added
- Weight
- 3.12%
- Δ weight
- down 0.21 pts
- Value
- ₹36.9 Cr
- Δ value
- down ₹2.5 Cr
- Status
- Trimmed
- Weight
- 2.85%
- Δ weight
- down 0.94 pts
- Value
- ₹33.7 Cr
- Δ value
- down ₹11.2 Cr
- Status
- Trimmed
- Weight
- 2.84%
- Δ weight
- up 0.35 pts
- Value
- ₹33.6 Cr
- Δ value
- up ₹4.1 Cr
- Status
- Added
- Weight
- 2.84%
- Δ weight
- up 0.03 pts
- Value
- ₹33.6 Cr
- Δ value
- up ₹36 L
- Status
- Added
- Weight
- 2.51%
- Δ weight
- up 0.14 pts
- Value
- ₹29.6 Cr
- Δ value
- up ₹1.7 Cr
- Status
- Added
- Weight
- 2.26%
- Δ weight
- up 0.04 pts
- Value
- ₹26.7 Cr
- Δ value
- up ₹46 L
- Status
- Added
- Weight
- 2.24%
- Δ weight
- down 0.15 pts
- Value
- ₹26.5 Cr
- Δ value
- down ₹1.7 Cr
- Status
- Trimmed
- Weight
- 2.22%
- Δ weight
- down 0.11 pts
- Value
- ₹26.2 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 2.21%
- Δ weight
- down 0.14 pts
- Value
- ₹26.2 Cr
- Δ value
- down ₹1.6 Cr
- Status
- Trimmed
- Cash, TREPS & receivables
- Weight
- 2.20%
- Δ weight
- down 0.85 pts
- Value
- ₹26 Cr
- Δ value
- down ₹10.1 Cr
- Status
- Trimmed
- Weight
- 2.16%
- Δ weight
- down 0.31 pts
- Value
- ₹25.5 Cr
- Δ value
- down ₹3.7 Cr
- Status
- Trimmed
- Weight
- 1.99%
- Δ weight
- up <0.01 pts
- Value
- ₹23.5 Cr
- Δ value
- up ₹1 L
- Status
- Held
- Weight
- 1.97%
- Δ weight
- up 0.11 pts
- Value
- ₹23.3 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.91%
- Δ weight
- down 0.08 pts
- Value
- ₹22.6 Cr
- Δ value
- down ₹95 L
- Status
- Trimmed
- Weight
- 1.82%
- Δ weight
- up 0.36 pts
- Value
- ₹21.6 Cr
- Δ value
- up ₹4.3 Cr
- Status
- Added
- Weight
- 1.82%
- Δ weight
- down 0.01 pts
- Value
- ₹21.5 Cr
- Δ value
- down ₹11 L
- Status
- Held
- Weight
- 1.73%
- Δ weight
- up 0.02 pts
- Value
- ₹20.5 Cr
- Δ value
- up ₹29 L
- Status
- Added
- Weight
- 1.64%
- Δ weight
- up 0.21 pts
- Value
- ₹19.4 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Weight
- 1.62%
- Δ weight
- up 0.12 pts
- Value
- ₹19.2 Cr
- Δ value
- up ₹1.5 Cr
- Status
- Added
- Weight
- 1.61%
- Δ weight
- down 0.03 pts
- Value
- ₹19.1 Cr
- Δ value
- down ₹32 L
- Status
- Trimmed
- Weight
- 1.60%
- Δ weight
- up 0.10 pts
- Value
- ₹18.9 Cr
- Δ value
- up ₹1.2 Cr
- Status
- Added
- Weight
- 1.54%
- Δ weight
- up 0.03 pts
- Value
- ₹18.2 Cr
- Δ value
- up ₹31 L
- Status
- Added
- Weight
- 1.54%
- Δ weight
- up 0.25 pts
- Value
- ₹18.2 Cr
- Δ value
- up ₹2.9 Cr
- Status
- Added
- Weight
- 1.50%
- Δ weight
- down 0.08 pts
- Value
- ₹17.8 Cr
- Δ value
- down ₹96 L
- Status
- Trimmed
- Weight
- 1.45%
- Δ weight
- up 0.20 pts
- Value
- ₹17.2 Cr
- Δ value
- up ₹2.4 Cr
- Status
- Added
- Weight
- 1.44%
- Δ weight
- down 0.17 pts
- Value
- ₹17 Cr
- Δ value
- down ₹2 Cr
- Status
- Trimmed
- Weight
- 1.40%
- Δ weight
- up 0.08 pts
- Value
- ₹16.5 Cr
- Δ value
- up ₹91 L
- Status
- Added
- Weight
- 1.40%
- Δ weight
- up 0.03 pts
- Value
- ₹16.5 Cr
- Δ value
- up ₹30 L
- Status
- Added
- Weight
- 1.39%
- Δ weight
- up 0.05 pts
- Value
- ₹16.5 Cr
- Δ value
- up ₹57 L
- Status
- Added
- Weight
- 1.32%
- Δ weight
- up 0.71 pts
- Value
- ₹15.6 Cr
- Δ value
- up ₹8.4 Cr
- Status
- Added
- DDB DEWAN HSG FINANCE CORPORATION LTDPiramal Finance Limited · history in this fund
- Weight
- 1.30%
- Δ weight
- down 0.07 pts
- Value
- ₹15.4 Cr
- Δ value
- down ₹81 L
- Status
- Trimmed
- Weight
- 1.27%
- Δ weight
- up 0.05 pts
- Value
- ₹15 Cr
- Δ value
- up ₹62 L
- Status
- Added
- Weight
- 1.26%
- Δ weight
- down 0.01 pts
- Value
- ₹14.9 Cr
- Δ value
- down ₹18 L
- Status
- Trimmed
- Weight
- 1.25%
- Δ weight
- up 0.11 pts
- Value
- ₹14.8 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.25%
- Δ weight
- up 0.04 pts
- Value
- ₹14.7 Cr
- Δ value
- up ₹46 L
- Status
- Added
- Weight
- 1.22%
- Δ weight
- down 0.09 pts
- Value
- ₹14.4 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 1.20%
- Δ weight
- up 0.01 pts
- Value
- ₹14.2 Cr
- Δ value
- up ₹12 L
- Status
- Added
- Weight
- 1.20%
- Δ weight
- up 0.12 pts
- Value
- ₹14.1 Cr
- Δ value
- up ₹1.4 Cr
- Status
- Added
- Weight
- 1.18%
- Δ weight
- up 0.08 pts
- Value
- ₹14 Cr
- Δ value
- up ₹95 L
- Status
- Added
- Weight
- 1.18%
- Δ weight
- down 0.30 pts
- Value
- ₹13.9 Cr
- Δ value
- down ₹3.5 Cr
- Status
- Trimmed
- Weight
- 1.17%
- Δ weight
- up 0.11 pts
- Value
- ₹13.8 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 1.15%
- Δ weight
- down 0.09 pts
- Value
- ₹13.6 Cr
- Δ value
- down ₹1 Cr
- Status
- Trimmed
- Weight
- 1.12%
- Δ weight
- down 0.08 pts
- Value
- ₹13.3 Cr
- Δ value
- down ₹89 L
- Status
- Trimmed
- Weight
- 1.10%
- Δ weight
- up 0.17 pts
- Value
- ₹13 Cr
- Δ value
- up ₹2.1 Cr
- Status
- Added
- Weight
- 1.06%
- Δ weight
- down 0.10 pts
- Value
- ₹12.6 Cr
- Δ value
- down ₹1.2 Cr
- Status
- Trimmed
- Weight
- 1.04%
- Δ weight
- down 0.07 pts
- Value
- ₹12.3 Cr
- Δ value
- down ₹86 L
- Status
- Trimmed
- Weight
- 1.00%
- Δ weight
- up 0.47 pts
- Value
- ₹11.8 Cr
- Δ value
- up ₹5.6 Cr
- Status
- Added
- Weight
- 1.00%
- Δ weight
- up 0.28 pts
- Value
- ₹11.8 Cr
- Δ value
- up ₹3.3 Cr
- Status
- Added
- Weight
- 0.99%
- Δ weight
- up 0.07 pts
- Value
- ₹11.8 Cr
- Δ value
- up ₹81 L
- Status
- Added
- Weight
- 0.96%
- Δ weight
- down 0.12 pts
- Value
- ₹11.3 Cr
- Δ value
- down ₹1.4 Cr
- Status
- Trimmed
- Weight
- 0.95%
- Δ weight
- down <0.01 pts
- Value
- ₹11.3 Cr
- Δ value
- down ₹5 L
- Status
- Held
- Weight
- 0.92%
- Δ weight
- up 0.03 pts
- Value
- ₹10.9 Cr
- Δ value
- up ₹35 L
- Status
- Added
- Weight
- 0.86%
- Δ weight
- up 0.35 pts
- Value
- ₹10.2 Cr
- Δ value
- up ₹4.1 Cr
- Status
- Added
- Weight
- 0.83%
- Δ weight
- up 0.03 pts
- Value
- ₹9.8 Cr
- Δ value
- up ₹32 L
- Status
- Added
- Weight
- 0.78%
- Δ weight
- up 0.01 pts
- Value
- ₹9.2 Cr
- Δ value
- up ₹11 L
- Status
- Added
- Weight
- 0.70%
- Δ weight
- up <0.01 pts
- Value
- ₹8.3 Cr
- Δ value
- up ₹4 L
- Status
- Held
- Weight
- 0.68%
- Δ weight
- down 0.04 pts
- Value
- ₹8.1 Cr
- Δ value
- down ₹49 L
- Status
- Trimmed
- Weight
- 0.66%
- Δ weight
- up 0.05 pts
- Value
- ₹7.8 Cr
- Δ value
- up ₹64 L
- Status
- Added
- Weight
- 0.63%
- Δ weight
- down 0.07 pts
- Value
- ₹7.5 Cr
- Δ value
- down ₹84 L
- Status
- Trimmed
- Weight
- 0.63%
- Δ weight
- up 0.63 pts
- Value
- ₹7.4 Cr
- Δ value
- up ₹7.4 Cr
- Status
- New
- Weight
- 0.63%
- Δ weight
- up 0.02 pts
- Value
- ₹7.4 Cr
- Δ value
- up ₹18 L
- Status
- Added
- Weight
- 0.62%
- Δ weight
- up 0.62 pts
- Value
- ₹7.3 Cr
- Δ value
- up ₹7.3 Cr
- Status
- New
- Weight
- 0.55%
- Δ weight
- up 0.55 pts
- Value
- ₹6.5 Cr
- Δ value
- up ₹6.5 Cr
- Status
- New
- Weight
- 0.54%
- Δ weight
- up 0.02 pts
- Value
- ₹6.4 Cr
- Δ value
- up ₹22 L
- Status
- Added
- Weight
- 0.46%
- Δ weight
- down 0.02 pts
- Value
- ₹5.5 Cr
- Δ value
- down ₹28 L
- Status
- Trimmed
- Weight
- 0.46%
- Δ weight
- up 0.03 pts
- Value
- ₹5.5 Cr
- Δ value
- up ₹41 L
- Status
- Added
- Weight
- 0.45%
- Δ weight
- up 0.11 pts
- Value
- ₹5.3 Cr
- Δ value
- up ₹1.3 Cr
- Status
- Added
- Weight
- 0.41%
- Δ weight
- up 0.03 pts
- Value
- ₹4.8 Cr
- Δ value
- up ₹35 L
- Status
- Added
- Bharat Bijlee LimitedBharat Bijlee Ltd. · history in this fund
- Weight
- 0.38%
- Δ weight
- down 0.05 pts
- Value
- ₹4.5 Cr
- Δ value
- down ₹64 L
- Status
- Trimmed
- Weight
- 0.35%
- Δ weight
- down 0.03 pts
- Value
- ₹4.2 Cr
- Δ value
- down ₹36 L
- Status
- Trimmed
- Weight
- 0.35%
- Δ weight
- up 0.05 pts
- Value
- ₹4.1 Cr
- Δ value
- up ₹54 L
- Status
- Added
- Weight
- 0.32%
- Δ weight
- down 0.54 pts
- Value
- ₹3.8 Cr
- Δ value
- down ₹6.4 Cr
- Status
- Trimmed
What changed, Jun 2026 to Jul 2026
New New positions (3)
- OPTIEMUS INFRACOM LIMITED0.6% · ₹7.4 Cr
- Diamond Power Infra Limited0.6% · ₹7.3 Cr
- HDFC Asset Management Company Limited0.6% · ₹6.5 Cr
Exited Exited (2)
- Power Finance Corporation Limitedwas 2.2% · ₹25.6 Cr
- Hi-Tech Pipes Limitedwas 0.2% · ₹2.3 Cr
Added Biggest additions
- R R Kabel Limitedup ₹8.4 Cr (+0.71% 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 Jun 2026, the weight rose most in Telecom - Equipment & Accessories (+1.0 pts) and Retailing (+0.7 pts), and fell most in Finance (−2.0 pts) and Aerospace & Defense (−1.0 pts).
- Telecom - Equipment & Accessories0.5% → 1.5%+1.0 pts
- Retailing6.1% → 6.8%+0.7 pts
- Capital Markets10.4% → 10.8%+0.4 pts
- Transport Services3.5% → 3.9%+0.4 pts
- Automobiles2.7% → 3.1%+0.4 pts
- Electrical Equipment4.4% → 4.7%+0.3 pts
- Finance7.0% → 5.0%−2.0 pts
- Aerospace & Defense8.8% → 7.7%−1.0 pts
- Construction6.9% → 6.5%−0.4 pts
- Financial Technology (fintech)2.8% → 2.6%−0.2 pts
- Textiles & Apparels2.9% → 2.8%−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 | Jun 2023 | Jun 2025 | Jun 2025 | Apr 2026 | Jun 2026 | Jul 2026 |
|---|---|---|---|---|---|---|
| Banks | 24.1% | 14.4% | 14.4% | 14.8% | 15.4% | 15.3% |
| Capital Markets | 0.9% | 10.7% | 10.7% | 11.1% | 10.4% | 10.8% |
| Aerospace & Defense | 2.1% | 4.7% | 4.7% | 8.4% | 8.8% | 7.7% |
| Retailing | 3.2% | 9.2% | 9.2% | 6.2% | 6.1% | 6.8% |
| Construction | 14.0% | 10.8% | 10.8% | 6.9% | 6.9% | 6.5% |
| Industrial Products | 11.9% | 5.5% | 5.5% | 4.2% | 5.7% | 5.8% |
| Consumer Durables | 5.0% | 5.3% | 5.3% | 5.9% | 5.5% | 5.6% |
| Finance | 4.1% | 5.3% | 5.3% | 7.0% | 7.0% | 5.0% |
| Electrical Equipment | 3.7% | 4.8% | 4.8% | 4.3% | 4.4% | 4.7% |
| Industrial Manufacturing | 3.2% | 2.3% | 2.3% | 3.6% | 3.9% | 4.0% |
Allocation in Jul 2026change vs Jun 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, Jul 2026
2.2%
▼ 0.9 pts vs Jun 2026
- Cash alone
- 2.2%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 1.7% – 3.1%
- 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.