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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
₹14,148 Cr
up ₹505 Cr vs Aug 2025
- Stocks held
- 65
- down 2 vs Aug 2025
- Top 10 weight
- 51.8%
- of the portfolio in its ten largest
- Cash & debt
- 8.7%
- cash, money market and debt
- Moves this month
- 2 in · 4 out
- added to 10, trimmed 17
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In September 2025 it disclosed 65 stocks worth ₹14,148 Cr, up ₹505 Cr from Aug 2025. Its largest positions were HDFC Bank Limited (9.8%), ICICI Bank Limited (7.7%), Larsen & Toubro Limited (6.9%); the ten largest together made up 51.8% of the portfolio, and Banks was the biggest sector at 25.9% of its equity. Cash and debt stood at 8.7%. Compared with Aug 2025 the fund entered 2 new stocks and exited 4.
Against 229 other Sectoral / Thematic funds
Concentration
62%
Top-10 weight is higher than 62% of peers
Breadth
87%
Holds more stocks than 87% of peers
Cash
89%
Holds more cash than 89% of peers
What these mean: concentration · cash
Holdings in September 2025
Download CSVEvery line the fund disclosed, with the change against Aug 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 | 9.77% | up 0.29 pts | ₹1,383 Cr | up ₹88.4 Cr | Added |
| ICICI Bank Limited | 7.73% | down 0.58 pts | ₹1,093 Cr | down ₹40.4 Cr | Trimmed |
| Cash, TREPS & receivables | 7.68% | up 0.48 pts | ₹1,087 Cr | up ₹104 Cr | Added |
| Larsen & Toubro Limited | 6.87% | up 0.01 pts | ₹972 Cr | up ₹35.9 Cr | Added |
| Reliance Industries Limited | 6.11% | down 1.43 pts | ₹865 Cr | down ₹165 Cr | Trimmed |
| Axis Bank Limited | 4.15% | up 0.41 pts | ₹588 Cr | up ₹77.4 Cr | Added |
| Maruti Suzuki India Limited | 4.04% | down 0.23 pts | ₹572 Cr | down ₹10.5 Cr | Trimmed |
| UltraTech Cement Limited | 3.47% | down 0.25 pts | ₹490 Cr | down ₹16.8 Cr | Trimmed |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 3.30% | up 0.02 pts | ₹467 Cr | up ₹19.2 Cr | Added |
| Cummins India Limited | 3.28% | down 0.03 pts | ₹465 Cr | up ₹11.9 Cr | Added |
| Bharti Airtel Limited | 3.07% | down 0.13 pts | ₹435 Cr | down ₹2.4 Cr | Trimmed |
| NTPC Limited | 3.06% | up 0.29 pts | ₹433 Cr | up ₹55.7 Cr | Added |
| Hero MotoCorp Limited | 2.83% | up <0.01 pts | ₹400 Cr | up ₹14.7 Cr | Added |
| Mahindra & Mahindra Limited | 2.32% | down 0.40 pts | ₹329 Cr | down ₹42.2 Cr | Trimmed |
| Asian Paints Limited | 2.01% | up 0.54 pts | ₹284 Cr | up ₹84.2 Cr | Added |
| HDFC Life Insurance Company Limited | 1.94% | up 0.30 pts | ₹274 Cr | up ₹51.4 Cr | Added |
| DLF Limited | 1.85% | down 0.14 pts | ₹262 Cr | down ₹9.6 Cr | Trimmed |
| SBI Life Insurance Company Limited | 1.68% | up 0.61 pts | ₹238 Cr | up ₹91.1 Cr | Added |
| Oil & Natural Gas Corporation Limited | 1.63% | up 1.28 pts | ₹231 Cr | up ₹183 Cr | Added |
| Vedanta Limited | 1.43% | up 0.10 pts | ₹202 Cr | up ₹21.4 Cr | Added |
| InterGlobe Aviation Limited | 1.35% | down 0.06 pts | ₹191 Cr | down ₹1.8 Cr | Trimmed |
| ICICI Prudential Life Insurance Company Limited | 1.17% | down 0.05 pts | ₹165 Cr | down ₹1.3 Cr | Trimmed |
| Prestige Estates Projects Limited | 0.96% | down 0.07 pts | ₹136 Cr | down ₹4.7 Cr | Trimmed |
| HDFC Asset Management Company Limited | 0.90% | down 0.26 pts | ₹127 Cr | down ₹30.5 Cr | Trimmed |
| Page Industries Limited | 0.85% | up 0.03 pts | ₹120 Cr | up ₹9 Cr | Added |
| Hindalco Industries Limited | 0.77% | down 0.07 pts | ₹109 Cr | down ₹5.1 Cr | Trimmed |
| NHPC Limited | 0.77% | up 0.06 pts | ₹109 Cr | up ₹11.4 Cr | Added |
| SKF India Limited | 0.74% | up 0.02 pts | ₹105 Cr | up ₹6.1 Cr | Added |
| Bank of Baroda | 0.71% | up 0.05 pts | ₹100 Cr | up ₹10 Cr | Added |
| Ashok Leyland Limited | 0.68% | up 0.05 pts | ₹96.6 Cr | up ₹10.6 Cr | Added |
| Power Grid Corporation of India Limited | 0.64% | down 0.01 pts | ₹90.3 Cr | up ₹1.6 Cr | Added |
| Indian Energy Exchange Limited | 0.60% | down 0.02 pts | ₹84.3 Cr | down ₹37 L | Held |
| Hyundai Motor India Ltd | 0.58% | up 0.01 pts | ₹82.4 Cr | up ₹4 Cr | Added |
| Info Edge (India) Limited | 0.57% | up 0.10 pts | ₹80.4 Cr | up ₹17.1 Cr | Added |
| Siemens Limited | 0.57% | down 0.01 pts | ₹80 Cr | up ₹1.7 Cr | Added |
| Bajaj Auto Limited | 0.56% | down 0.02 pts | ₹79 Cr | up ₹43 L | Added |
| Gujarat Pipavav Port Limited | 0.54% | up 0.01 pts | ₹76.2 Cr | up ₹4.3 Cr | Added |
| Ingersoll Rand (India) Limited | 0.53% | down <0.01 pts | ₹74.8 Cr | up ₹2.4 Cr | Added |
| ABB India Limited | 0.52% | up 0.06 pts | ₹73.4 Cr | up ₹11 Cr | Added |
| PI Industries Limited | 0.50% | up 0.29 pts | ₹71.1 Cr | up ₹42.4 Cr | Added |
| 364 Days Tbill (MD Debt | 0.49% | up 0.49 pts | ₹69.6 Cr | up ₹69.6 Cr | New |
| Union Bank of India | 0.42% | up 0.03 pts | ₹59.6 Cr | up ₹5.9 Cr | Added |
| Atul Limited | 0.42% | down 0.03 pts | ₹59.6 Cr | down ₹2.2 Cr | Trimmed |
| Affle (India) Limited | 0.38% | down 0.01 pts | ₹54.4 Cr | up ₹52 L | Added |
| Gujarat Narmada Valley Fertilizers and Chemicals Limited | 0.37% | down 0.04 pts | ₹51.9 Cr | down ₹3.4 Cr | Trimmed |
| 3M India Limited | 0.37% | up 0.14 pts | ₹51.7 Cr | up ₹21 Cr | Added |
| 91 Days Treasury Bills Debt | 0.35% | down 0.01 pts | ₹49.7 Cr | up ₹22 L | Held |
| Aarti Industries Limited | 0.29% | down 0.01 pts | ₹41.2 Cr | down ₹13 L | Held |
| Triveni Turbine Limited | 0.29% | up 0.08 pts | ₹40.5 Cr | up ₹12.2 Cr | Added |
| Timken India Limited | 0.29% | up <0.01 pts | ₹40.4 Cr | up ₹1.6 Cr | Added |
What changed, Aug 2025 to Sep 2025
New New positions (2)
- UTI Asset Management Company Limited0.2% · ₹31.2 Cr
- Grindwell Norton Ltd.0.1% · ₹16.1 Cr
Exited Exited (4)
- Sun Pharmaceutical Industries Limitedwas 0.8% · ₹107 Cr
- Ambuja Cements Limitedwas 0.3% · ₹36.7 Cr
- Piramal Pharma Limitedwas 0.2% · ₹22 Cr
- HeidelbergCement India Limitedwas <0.1% · ₹2.2 Cr
Added Biggest additions
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 Aug 2025, the weight rose most in Oil (+1.5 pts) and Insurance (+1.0 pts), and fell most in Petroleum Products (−1.5 pts) and Pharmaceuticals & Biotechnology (−1.1 pts).
- Oil0.6% → 2.0%+1.5 pts
- Insurance4.5% → 5.5%+1.0 pts
- Consumer Durables1.7% → 2.3%+0.6 pts
- Power4.8% → 5.2%+0.4 pts
- Fertilizers & Agrochemicals0.2% → 0.6%+0.3 pts
- Banks25.6% → 25.9%+0.3 pts
- Petroleum Products9.1% → 7.6%−1.5 pts
- Pharmaceuticals & Biotechnology1.1% → 0.0%exited−1.1 pts
- Cement & Cement Products5.5% → 4.5%−1.0 pts
- Automobiles12.7% → 12.0%−0.7 pts
- Realty3.4% → 3.2%−0.2 pts
- Chemicals & Petrochemicals1.6% → 1.4%−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 2025 | Jun 2025 | Aug 2025 | Sep 2025 |
|---|---|---|---|---|
| Banks | 26.7% | 25.5% | 25.6% | 25.9% |
| Automobiles | 10.3% | 11.3% | 12.7% | 12.0% |
| Construction | 8.2% | 7.5% | 7.8% | 7.8% |
| Petroleum Products | 6.6% | 7.3% | 9.1% | 7.6% |
| Industrial Products | 5.0% | 5.4% | 5.6% | 5.7% |
| Insurance | 6.8% | 7.0% | 4.5% | 5.5% |
| Power | 4.5% | 4.0% | 4.8% | 5.2% |
| Cement & Cement Products | 7.9% | 6.4% | 5.5% | 4.5% |
| Telecom - Services | 3.8% | 3.9% | 3.6% | 3.5% |
| Realty | 2.0% | 3.8% | 3.4% | 3.2% |
Allocation in Sep 2025change vs Aug 2025
- Banks (5)25.9%
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, Sep 2025
8.7%
▲ 0.3 pts vs Aug 2025
- Cash alone
- 7.7%
- 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.