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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
₹1,149 Cr
up ₹172 Cr vs Mar 2026
- Stocks held
- 69
- down 1 vs Mar 2026
- Top 10 weight
- 32.3%
- of the portfolio in its ten largest
- Cash & debt
- 1.7%
- cash, money market and debt
- Moves this month
HSBC Business Cycles Fund is an active equity fund in the Sectoral / Thematic category from HSBC Mutual Fund. In April 2026 it disclosed 69 stocks worth ₹1,149 Cr, up ₹172 Cr from Mar 2026. Its largest positions were ICICI Bank Limited (5.2%), Reliance Industries Limited (5.0%), HDFC Bank Limited (3.3%); the ten largest together made up 32.3% of the portfolio, and Banks was the biggest sector at 14.8% of its equity. Cash and debt stood at 1.7%. Compared with Mar 2026 the fund entered 2 new stocks and exited 3.
Against 229 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
24%
Holds more cash than 24% of peers
What these mean: concentration · cash
Holdings in April 2026
Download CSVEvery line the fund disclosed, with the change against Mar 2026. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| ICICI Bank Limited | 5.22% | down 0.03 pts | ₹60 Cr | up ₹8.8 Cr | Added |
| Reliance Industries Limited | 5.00% | down 0.53 pts | ₹57.5 Cr | up ₹3.5 Cr | Added |
| HDFC Bank Limited | 3.31% | down 0.38 pts | ₹38.1 Cr | up ₹2 Cr | Added |
| MTAR Technologies Limited | 3.31% | up 1.22 pts | ₹38 Cr | up ₹17.6 Cr | Added |
| Multi Commodity Exchange of India Limited | 3.26% | up 0.18 pts | ₹37.4 Cr | up ₹7.3 Cr | Added |
| Bharat Electronics Limited | 2.53% | down 0.24 pts | ₹29.1 Cr | up ₹2.1 Cr | Added |
| ICICI Prudential Asset Management Company Limited | 2.44% | down <0.01 pts | ₹28 Cr | up ₹4.2 Cr | Added |
| Hindalco Industries Limited | 2.44% | up 0.54 pts | ₹28 Cr | up ₹9.4 Cr | Added |
| Hindustan Aeronautics Limited | 2.41% | up 0.13 pts | ₹27.7 Cr | up ₹5.4 Cr | Added |
| Power Finance Corporation Limited | 2.35% | up 0.01 pts | ₹27 Cr | up ₹4.2 Cr | Added |
| Larsen & Toubro Limited | 2.32% | down 0.06 pts | ₹26.7 Cr | up ₹3.4 Cr | Added |
| GE Vernova T&D India Limited | 2.29% | up 0.09 pts | ₹26.4 Cr | up ₹4.9 Cr | Added |
| Ahluwalia Contracts (India) Limited | 2.13% | up 0.29 pts | ₹24.5 Cr | up ₹6.5 Cr | Added |
| State Bank of India | 2.13% | down 0.17 pts | ₹24.4 Cr | up ₹2 Cr | Added |
| RBL Bank Limited | 2.08% | down 0.03 pts | ₹23.9 Cr | up ₹3.3 Cr | Added |
| UltraTech Cement Limited | 1.98% | down 0.18 pts | ₹22.7 Cr | up ₹1.6 Cr | Added |
| Eternal Limited | 1.92% | down 0.17 pts | ₹22 Cr | up ₹1.6 Cr | Added |
| Kotak Mahindra Bank Limited | 1.84% | down 0.16 pts | ₹21.1 Cr | up ₹1.6 Cr | Added |
| PNB Housing Finance Limited | 1.77% | up 0.27 pts | ₹20.3 Cr | up ₹5.7 Cr | Added |
| PB Fintech Limited | 1.73% | down 0.01 pts | ₹19.9 Cr | up ₹2.8 Cr | Added |
| InterGlobe Aviation Limited | 1.68% | down 0.14 pts | ₹19.3 Cr | up ₹1.6 Cr | Added |
| Cash, TREPS & receivables | 1.66% | down 1.43 pts | ₹19.1 Cr | down ₹11.1 Cr | Trimmed |
| TVS Motor Company Limited | 1.52% | down 0.20 pts | ₹17.5 Cr | up ₹65 L | Added |
| Swiggy Limited | 1.50% | down 0.20 pts | ₹17.2 Cr | up ₹65 L | Added |
| Paradeep Phosphates Limited | 1.46% | up 0.03 pts | ₹16.8 Cr | up ₹2.8 Cr | Added |
| ABB India Limited | 1.42% | up 0.05 pts | ₹16.3 Cr | up ₹2.9 Cr | Added |
| Amber Enterprises India Limited | 1.40% | up 0.06 pts | ₹16 Cr | up ₹2.9 Cr | Added |
| Canara Robeco Mutual Fund | 1.39% | down 0.01 pts | ₹16 Cr | up ₹2.3 Cr | Added |
| Motilal Oswal Financial Services Limited | 1.39% | up 0.10 pts | ₹16 Cr | up ₹3.3 Cr | Added |
| Time Technoplast Limited | 1.38% | up 0.05 pts | ₹15.9 Cr | up ₹2.9 Cr | Added |
| Blue Star Limited | 1.36% | down 0.09 pts | ₹15.6 Cr | up ₹1.5 Cr | Added |
| Electronics Mart India Limited | 1.35% | up 0.59 pts | ₹15.6 Cr | up ₹8.1 Cr | Added |
| Nippon Life India Asset Management Limited | 1.32% | up 1.32 pts | ₹15.1 Cr | up ₹15.1 Cr | New |
| DDB DEWAN HSG FINANCE CORPORATION LTD Piramal Finance Limited · history in this fund | 1.30% | down 0.10 pts | ₹15 Cr | up ₹1.2 Cr | Added |
| Tata Steel Limited | 1.29% | down 0.09 pts | ₹14.8 Cr | up ₹1.4 Cr | Added |
| Power Mech Projects Limited | 1.15% | up 0.20 pts | ₹13.2 Cr | up ₹4 Cr | Added |
| Prudent Corporate Advisory Services Limited | 1.11% | up 0.44 pts | ₹12.7 Cr | up ₹6.2 Cr | Added |
| Titan Company Limited | 1.11% | down 0.07 pts | ₹12.7 Cr | up ₹1.3 Cr | Added |
| Gokaldas Exports Limited | 1.08% | up 0.03 pts | ₹12.4 Cr | up ₹2.2 Cr | Added |
| Titagarh Rail Systems Limited | 1.08% | up 0.13 pts | ₹12.4 Cr | up ₹3.1 Cr | Added |
| Sobha Limited | 1.03% | up 0.03 pts | ₹11.8 Cr | up ₹2 Cr | Added |
| Jyoti CNC Automation Ltd | 1.01% | down 0.13 pts | ₹11.6 Cr | up ₹44 L | Added |
| Gujarat Fluorochemicals Limited | 0.99% | up 0.01 pts | ₹11.4 Cr | up ₹1.8 Cr | Added |
| INDIAN HUME PIPE COMPANY LIMITED | 0.95% | down 0.01 pts | ₹10.9 Cr | up ₹1.5 Cr | Added |
| Mold-Tek Packaging Limited | 0.90% | up 0.02 pts | ₹10.4 Cr | up ₹1.7 Cr | Added |
| Tata Motors Ltd | 0.89% | down 0.32 pts | ₹10.2 Cr | down ₹1.6 Cr | Trimmed |
| Wakefit Innovations Limited | 0.88% | down 0.26 pts | ₹10.2 Cr | down ₹1 Cr | Trimmed |
| APL Apollo Tubes Limited | 0.83% | down 0.16 pts | ₹9.5 Cr | down ₹16 L | Trimmed |
| Epigral Limited | 0.81% | up 0.17 pts | ₹9.3 Cr | up ₹3.1 Cr | Added |
| Pine Labs Limited | 0.79% | up 0.04 pts | ₹9.1 Cr | up ₹1.8 Cr | Added |
What changed, Mar 2026 to Apr 2026
New New positions (2)
- Nippon Life India Asset Management Limited1.3% · ₹15.1 Cr
- FSN E-Commerce Ventures Limited0.7% · ₹7.9 Cr
Exited Exited (3)
- TBO Tek Limitedwas 0.8% · ₹7.9 Cr
- EIH Limitedwas 0.7% · ₹7.2 Cr
- Bank of Barodawas 0.5% · ₹5.4 Cr
Added Biggest additions
- MTAR Technologies Limitedup ₹17.6 Cr (+1.22% 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 2026, the weight rose most in Capital Markets (+1.9 pts) and Aerospace & Defense (+1.0 pts), and fell most in Banks (−1.6 pts) and Leisure Services (−1.5 pts).
- Capital Markets9.2% → 11.1%+1.9 pts
- Aerospace & Defense7.4% → 8.4%+1.0 pts
- Retailing5.4% → 6.2%+0.8 pts
- Non - Ferrous Metals2.0% → 2.5%+0.5 pts
- Finance6.7% → 7.0%+0.4 pts
- Commercial Services & Supplies0.1% → 0.5%+0.3 pts
- Banks16.4% → 14.8%−1.6 pts
- Leisure Services2.2% → 0.7%−1.5 pts
- Petroleum Products5.7% → 5.1%−0.6 pts
- Cement1.0% → 0.6%−0.5 pts
- Consumer Durables6.3% → 5.9%−0.4 pts
- Agricultural, Commercial & Construction Vehicles1.3% → 0.9%−0.3 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 2023 | Apr 2025 | Jun 2025 | Jun 2025 | Mar 2026 | Apr 2026 |
|---|---|---|---|---|---|---|
| Banks | 26.5% | 16.3% | 14.4% | 14.4% | 16.4% | 14.8% |
| Capital Markets | 0.9% | 9.6% | 10.7% | 10.7% | 9.2% | 11.1% |
| Aerospace & Defense | 1.9% | 4.5% | 4.7% | 4.7% | 7.4% | 8.4% |
| Finance | 4.1% | 5.8% | 5.3% | 5.3% | 6.7% | 7.0% |
| Construction | 14.5% | 11.1% | 10.8% | 10.8% | 6.5% | 6.9% |
| Retailing | 2.6% | 6.7% | 9.2% | 9.2% | 5.4% | 6.2% |
| Consumer Durables | 4.9% | 5.9% | 5.3% | 5.3% | 6.3% | 5.9% |
| Petroleum Products | 4.8% | 5.9% | 5.5% | 5.5% | 5.7% | 5.1% |
| Electrical Equipment | 3.6% | 4.6% | 4.8% | 4.8% | 4.1% | 4.3% |
| Industrial Products | 9.5% | 5.0% | 5.5% | 5.5% | 4.2% | 4.2% |
Allocation in Apr 2026change vs Mar 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. More on reading cash.
Cash & debt, Apr 2026
1.7%
▼ 1.4 pts vs Mar 2026
- Cash alone
- 1.7%
- cash and net receivables
- A year earlier
- 4.0%
- Apr 2025 · now ▼ 2.3 pts
- Last 12 months
- 1.7% – 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.