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Sectoral / Thematic · ICICI Prudential Mutual Fund · AMFI code 148653ICICI Prudential Business Cycle Fund
Disclosed for 20 months, Jan 2025 to Aug 2026.
Portfolio value
₹12,972 Cr
up ₹597 Cr vs Apr 2025
- Stocks held
- 73
- down 1 vs Apr 2025
- Top 10 weight
- 53.0%
- of the portfolio in its ten largest
- Cash & debt
- 5.6%
- cash, money market and debt
- Moves this month
- 4 in · 5 out
- added to 10, trimmed 12
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In May 2025 it disclosed 73 stocks worth ₹12,972 Cr, up ₹597 Cr from Apr 2025. Its largest positions were HDFC Bank Limited (9.2%), ICICI Bank Limited (9.0%), Larsen & Toubro Limited (7.0%); the ten largest together made up 53.0% of the portfolio, and Banks was the biggest sector at 25.7% of its equity. Cash and debt stood at 5.6%. Compared with Apr 2025 the fund entered 4 new stocks and exited 5.
Against 229 other Sectoral / Thematic funds
Concentration
66%
Top-10 weight is higher than 66% of peers
Breadth
93%
Holds more stocks than 93% of peers
Cash
75%
Holds more cash than 75% of peers
What these mean: concentration · cash
Holdings in May 2025
Download CSVEvery line the fund disclosed, with the change against Apr 2025. Click a column to sort; click a company to see every fund that owns it. New to these? How to read a portfolio.
| HDFC Bank Limited | 9.18% | down 0.34 pts | ₹1,190 Cr | up ₹12.2 Cr | Added |
| ICICI Bank Limited | 9.00% | down 0.31 pts | ₹1,167 Cr | up ₹15.2 Cr | Added |
| Larsen & Toubro Limited | 6.99% | up 0.33 pts | ₹907 Cr | up ₹82.4 Cr | Added |
| Reliance Industries Limited | 6.71% | up 1.46 pts | ₹870 Cr | up ₹220 Cr | Added |
| Cash, TREPS & receivables | 4.40% | down 3.67 pts | ₹571 Cr | down ₹428 Cr | Trimmed |
| Maruti Suzuki India Limited | 4.01% | down 0.17 pts | ₹520 Cr | up ₹2.6 Cr | Added |
| Axis Bank Limited | 3.87% | up 0.28 pts | ₹502 Cr | up ₹58.1 Cr | Added |
| UltraTech Cement Limited | 3.85% | down 0.39 pts | ₹499 Cr | down ₹24.8 Cr | Trimmed |
| Bharti Airtel Limited | 3.38% | down 0.07 pts | ₹438 Cr | up ₹11.2 Cr | Added |
| Cummins India Limited | 3.25% | up 0.23 pts | ₹421 Cr | up ₹48.1 Cr | Added |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 2.77% | down 0.06 pts | ₹360 Cr | up ₹8.8 Cr | Added |
| Hero MotoCorp Limited | 2.63% | up 0.18 pts | ₹341 Cr | up ₹38.2 Cr | Added |
| NTPC Limited | 2.38% | up 0.13 pts | ₹308 Cr | up ₹29.7 Cr | Added |
| DLF Limited | 2.26% | up 0.98 pts | ₹294 Cr | up ₹135 Cr | Added |
| Sun Pharmaceutical Industries Limited | 2.07% | down 0.97 pts | ₹268 Cr | down ₹107 Cr | Trimmed |
| HDFC Life Insurance Company Limited | 1.73% | down 0.01 pts | ₹224 Cr | up ₹9.6 Cr | Added |
| Tata Motors Limited | 1.62% | up 0.60 pts | ₹211 Cr | up ₹83.5 Cr | Added |
| InterGlobe Aviation Limited | 1.44% | down 0.58 pts | ₹187 Cr | down ₹63.3 Cr | Trimmed |
| Vedanta Limited | 1.44% | up 0.61 pts | ₹187 Cr | up ₹84.1 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 1.42% | up 0.04 pts | ₹184 Cr | up ₹13.4 Cr | Added |
| SBI Life Insurance Company Limited | 1.13% | down 0.02 pts | ₹147 Cr | up ₹3.8 Cr | Added |
| Prestige Estates Projects Limited | 1.10% | up 0.80 pts | ₹142 Cr | up ₹105 Cr | Added |
| HDFC Asset Management Company Limited | 1.07% | up 0.04 pts | ₹139 Cr | up ₹11.9 Cr | Added |
| Mahindra & Mahindra Limited | 1.06% | down 0.03 pts | ₹137 Cr | up ₹2.3 Cr | Added |
| Max Financial Services Limited | 1.04% | up 0.09 pts | ₹135 Cr | up ₹17.7 Cr | Added |
| Asian Paints Limited | 0.96% | up 0.07 pts | ₹124 Cr | up ₹14.7 Cr | Added |
| ICICI Lombard General Insurance Company Limited | 0.89% | down 0.04 pts | ₹115 Cr | down ₹7 L | Held |
| Hindalco Industries Limited | 0.79% | down 0.03 pts | ₹103 Cr | up ₹1.4 Cr | Added |
| NHPC Limited | 0.77% | down 0.10 pts | ₹100 Cr | down ₹8.1 Cr | Trimmed |
| Bank of Baroda | 0.75% | down 0.02 pts | ₹97 Cr | up ₹2.1 Cr | Added |
| Shree Cement Limited | 0.73% | down 0.04 pts | ₹94.2 Cr | down ₹37 L | Held |
| Page Industries Limited | 0.69% | down 0.02 pts | ₹89.1 Cr | up ₹1.5 Cr | Added |
| Affle (India) Limited | 0.67% | up 0.03 pts | ₹86.6 Cr | up ₹7.6 Cr | Added |
| Siemens Limited | 0.65% | up 0.04 pts | ₹84.1 Cr | up ₹9.4 Cr | Added |
| Indian Energy Exchange Limited | 0.62% | up <0.01 pts | ₹80.4 Cr | up ₹4.1 Cr | Added |
| Ashok Leyland Limited | 0.62% | down <0.01 pts | ₹79.9 Cr | up ₹3.6 Cr | Added |
| Bajaj Auto Limited | 0.60% | up 0.60 pts | ₹78.3 Cr | up ₹78.3 Cr | New |
| Union Bank of India | 0.58% | up 0.06 pts | ₹75.7 Cr | up ₹10.8 Cr | Added |
| Gujarat Pipavav Port Limited | 0.58% | up 0.06 pts | ₹75.3 Cr | up ₹11.2 Cr | Added |
| Power Grid Corporation of India Limited | 0.53% | down 0.06 pts | ₹68.2 Cr | down ₹4.2 Cr | Trimmed |
| Ingersoll Rand (India) Limited | 0.52% | up 0.31 pts | ₹67.9 Cr | up ₹41.6 Cr | Added |
| Siemens Energy India Limited | 0.49% | down 0.02 pts | ₹63.8 Cr | — | Held |
| SKF India Limited | 0.48% | up 0.12 pts | ₹61.6 Cr | up ₹17.9 Cr | Added |
| Hyundai Motor India Ltd | 0.45% | up 0.03 pts | ₹58.9 Cr | up ₹7 Cr | Added |
| Gujarat Narmada Valley Fertilizers and Chemicals Limited | 0.44% | up 0.02 pts | ₹56.6 Cr | up ₹5.2 Cr | Added |
| Birla Corporation Limited | 0.40% | up 0.08 pts | ₹52.3 Cr | up ₹12 Cr | Added |
| Aarti Industries Limited | 0.40% | up 0.02 pts | ₹51.6 Cr | up ₹5.3 Cr | Added |
| 364 Days Treasury Bills Debt | 0.38% | down 0.02 pts | ₹49.9 Cr | up ₹25 L | Added |
| Aurobindo Pharma Limited | 0.38% | down 0.41 pts | ₹49.8 Cr | down ₹48.9 Cr | Trimmed |
| 91 Days Treasury Bills Debt | 0.38% | down 0.02 pts | ₹49.8 Cr | up ₹26 L | Added |
What changed, Apr 2025 to May 2025
New New positions (4)
- Bajaj Auto Limited0.6% · ₹78.3 Cr
- Kotak Mahindra Bank Limited0.1% · ₹18.8 Cr
- Tata Chemicals Limited0.1% · ₹11.3 Cr
- Swiggy Limited<0.1% · ₹3.8 Cr
Exited Exited (5)
- Divi's Laboratories Limitedwas 0.5% · ₹60.9 Cr
- Avenue Supermarts Limitedwas 0.1% · ₹13.1 Cr
- Hindustan Aeronautics Limitedwas 0.1% · ₹11 Cr
- Nippon Life India Asset Management Limited
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 Apr 2025, the weight rose most in Realty (+1.8 pts) and Petroleum Products (+1.4 pts), and fell most in Pharmaceuticals & Biotechnology (−2.3 pts) and Banks (−1.2 pts).
- Realty2.0% → 3.7%+1.8 pts
- Petroleum Products5.9% → 7.3%+1.4 pts
- Automobiles10.4% → 11.3%+0.9 pts
- Industrial Products4.7% → 5.3%+0.7 pts
- Diversified Metals0.9% → 1.6%+0.6 pts
- Oil0.2% → 0.4%+0.2 pts
- Pharmaceuticals & Biotechnology5.3% → 3.0%−2.3 pts
- Banks26.9% → 25.7%−1.2 pts
- Transport Services2.3% → 1.6%−0.7 pts
- Cement & Cement Products6.8% → 6.2%−0.6 pts
- Telecom - Services3.9% → 3.7%−0.2 pts
- Power4.2% → 4.0%−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 | Feb 2025 | Apr 2025 | May 2025 |
|---|---|---|---|
| Banks | 26.0% | 26.9% | 25.7% |
| Automobiles | 10.8% | 10.4% | 11.3% |
| Construction | 8.5% | 7.5% | 7.6% |
| Petroleum Products | 6.5% | 5.9% | 7.3% |
| Insurance | 6.7% | 7.1% | 6.9% |
| Cement & Cement Products | 7.9% | 6.8% | 6.2% |
| Industrial Products | 4.5% | 4.7% | 5.3% |
| Power | 4.3% | 4.2% | 4.0% |
| Realty | 2.0% | 2.0% | 3.7% |
| Telecom - Services | 4.4% | 3.9% | 3.7% |
Allocation in May 2025change vs Apr 2025
- Banks (6)25.7%▼ 1.2 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. More on reading cash.
Cash & debt, May 2025
5.6%
▼ 3.3 pts vs Apr 2025
- Cash alone
- 4.4%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 5.6% – 9.7%
- lowest to highest · record 9.7% in Mar 2025
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.