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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
₹15,708 Cr
up ₹617 Cr vs Oct 2025
- Stocks held
- 71
- up 2 vs Oct 2025
- Top 10 weight
- 50.5%
- of the portfolio in its ten largest
- Cash & debt
- 9.7%
- cash, money market and debt
- Moves this month
- 2 in · 0 out
- added to 10, trimmed 31
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In November 2025 it disclosed 71 stocks worth ₹15,708 Cr, up ₹617 Cr from Oct 2025. Its largest positions were HDFC Bank Limited (9.7%), ICICI Bank Limited (7.9%), Larsen & Toubro Limited (6.9%); the ten largest together made up 50.5% of the portfolio, and Banks was the biggest sector at 26.0% of its equity. Cash and debt stood at 9.7%. Compared with Oct 2025 the fund entered 2 new stocks and exited 0.
Against 229 other Sectoral / Thematic funds
Concentration
59%
Top-10 weight is higher than 59% of peers
Breadth
92%
Holds more stocks than 92% of peers
Cash
93%
Holds more cash than 93% of peers
What these mean: concentration · cash
Holdings in November 2025
Download CSVEvery line the fund disclosed, with the change against Oct 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 | 9.67% | up 0.06 pts | ₹1,520 Cr | up ₹69 Cr | Added |
| Cash, TREPS & receivables | 8.84% | up 0.04 pts | ₹1,388 Cr | up ₹60.6 Cr | Added |
| ICICI Bank Limited | 7.92% | up 0.38 pts | ₹1,243 Cr | up ₹106 Cr | Added |
| Larsen & Toubro Limited | 6.89% | down 0.21 pts | ₹1,082 Cr | up ₹10.3 Cr | Added |
| Reliance Industries Limited | 6.33% | up 0.08 pts | ₹994 Cr | up ₹51.4 Cr | Added |
| Axis Bank Limited | 4.23% | down 0.01 pts | ₹665 Cr | up ₹24.4 Cr | Added |
| Maruti Suzuki India Limited | 3.64% | down 0.19 pts | ₹571 Cr | down ₹6.6 Cr | Trimmed |
| Bharti Airtel Limited | 3.08% | down 0.05 pts | ₹483 Cr | up ₹10.8 Cr | Added |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 2.96% | down 0.14 pts | ₹465 Cr | down ₹2.4 Cr | Trimmed |
| UltraTech Cement Limited | 2.92% | down 0.26 pts | ₹458 Cr | down ₹20.9 Cr | Trimmed |
| NTPC Limited | 2.89% | down 0.13 pts | ₹454 Cr | down ₹1.8 Cr | Held |
| Hero MotoCorp Limited | 2.87% | up 0.24 pts | ₹451 Cr | up ₹53.3 Cr | Added |
| DLF Limited | 2.41% | down 0.21 pts | ₹379 Cr | down ₹17.1 Cr | Trimmed |
| Cummins India Limited | 2.35% | down 0.85 pts | ₹369 Cr | down ₹114 Cr | Trimmed |
| Asian Paints Limited | 2.24% | up 0.20 pts | ₹351 Cr | up ₹44.4 Cr | Added |
| HDFC Life Insurance Company Limited | 1.96% | up 0.20 pts | ₹307 Cr | up ₹42 Cr | Added |
| Mahindra & Mahindra Limited | 1.82% | up 0.06 pts | ₹286 Cr | up ₹20.5 Cr | Added |
| SBI Life Insurance Company Limited | 1.70% | down 0.06 pts | ₹267 Cr | up ₹1.4 Cr | Added |
| Vedanta Limited | 1.63% | up 0.04 pts | ₹257 Cr | up ₹15.8 Cr | Added |
| Oil & Natural Gas Corporation Limited | 1.53% | down 0.14 pts | ₹241 Cr | down ₹12 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.28% | up 0.01 pts | ₹201 Cr | up ₹9.4 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 1.10% | up 0.01 pts | ₹172 Cr | up ₹8 Cr | Added |
| Bajaj Auto Limited | 1.02% | up 0.48 pts | ₹160 Cr | up ₹79.1 Cr | Added |
| Prestige Estates Projects Limited | 1.00% | down 0.04 pts | ₹157 Cr | down ₹19 L | Held |
| Page Industries Limited | 0.94% | down 0.06 pts | ₹148 Cr | down ₹3 Cr | Trimmed |
| Info Edge (India) Limited | 0.88% | up 0.29 pts | ₹139 Cr | up ₹49.6 Cr | Added |
| 182 Days Treasury Bills Debt | 0.76% | up 0.76 pts | ₹119 Cr | up ₹119 Cr | New |
| Ashok Leyland Limited | 0.73% | up 0.05 pts | ₹115 Cr | up ₹12.1 Cr | Added |
| Bank of Baroda | 0.72% | up <0.01 pts | ₹113 Cr | up ₹4.4 Cr | Added |
| Gujarat Pipavav Port Limited | 0.66% | up 0.02 pts | ₹104 Cr | up ₹7 Cr | Added |
| HDFC Asset Management Company Limited | 0.65% | down 0.03 pts | ₹102 Cr | down ₹63 L | Trimmed |
| ABB India Limited | 0.64% | up 0.02 pts | ₹101 Cr | up ₹6.3 Cr | Added |
| NHPC Limited | 0.61% | down 0.09 pts | ₹96.6 Cr | down ₹10.2 Cr | Trimmed |
| Power Grid Corporation of India Limited | 0.59% | down 0.02 pts | ₹93.1 Cr | up ₹24 L | Held |
| PI Industries Limited | 0.58% | down 0.06 pts | ₹91.6 Cr | down ₹4.9 Cr | Trimmed |
| Timken India Limited | 0.58% | up 0.04 pts | ₹91.2 Cr | up ₹9.8 Cr | Added |
| Siemens Limited | 0.55% | up 0.01 pts | ₹86.2 Cr | up ₹5.2 Cr | Added |
| 3M India Limited | 0.54% | up 0.06 pts | ₹85.3 Cr | up ₹12.9 Cr | Added |
| Indian Energy Exchange Limited | 0.54% | down 0.02 pts | ₹84.3 Cr | up ₹14 L | Held |
| Hyundai Motor India Ltd | 0.49% | down 0.04 pts | ₹76.6 Cr | down ₹2.4 Cr | Trimmed |
| Hindalco Industries Limited | 0.48% | down 0.04 pts | ₹74.7 Cr | down ₹3.6 Cr | Trimmed |
| Life Insurance Corporation Of India | 0.47% | up 0.40 pts | ₹74.2 Cr | up ₹63.5 Cr | Added |
| Ingersoll Rand (India) Limited | 0.45% | down 0.03 pts | ₹71 Cr | down ₹1.7 Cr | Trimmed |
| Atul Limited | 0.39% | up 0.01 pts | ₹61.1 Cr | up ₹4.4 Cr | Added |
| SKF India (Industrial) Ltd | 0.38% | down 0.02 pts | ₹60.4 Cr | — | Held |
| Indiamart Intermesh Limited | 0.34% | up 0.30 pts | ₹52.7 Cr | up ₹47.6 Cr | Added |
| Gujarat Narmada Valley Fertilizers and Chemicals Limited | 0.34% | down 0.02 pts | ₹52.6 Cr | down ₹53 L | Trimmed |
| Sundaram Clayton Limited | 0.28% | down 0.03 pts | ₹43.4 Cr | down ₹2.5 Cr | Trimmed |
| SKF India Limited | 0.27% | down 0.04 pts | ₹42.7 Cr | down ₹5 Cr | Trimmed |
| Aarti Industries Limited | 0.27% | down 0.01 pts | ₹42 Cr | up ₹26 L | Added |
What changed, Oct 2025 to Nov 2025
New New positions (2)
- GAIL (India) Limited0.1% · ₹11 Cr
- Sundaram Finance Limited<0.1% · ₹2.4 Cr
Exited Exited (0)
None.
Added Biggest additions
- ICICI Bank Limitedup ₹106 Cr (+0.38% pts)
- Bajaj Auto Limitedup ₹79.1 Cr (+0.48% pts)
- HDFC Bank Limitedup ₹69 Cr (+0.06% pts)
- Life Insurance Corporation Of India
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 Oct 2025, the weight rose most in Retailing (+0.7 pts) and Insurance (+0.6 pts), and fell most in Industrial Products (−1.1 pts) and Cement & Cement Products (−0.3 pts).
- Retailing0.7% → 1.4%+0.7 pts
- Insurance5.4% → 6.0%+0.6 pts
- Automobiles10.8% → 11.4%+0.6 pts
- Banks25.6% → 26.0%+0.4 pts
- Consumer Durables2.3% → 2.6%+0.2 pts
- Industrial Products5.8% → 4.7%−1.1 pts
- Cement & Cement Products4.1% → 3.7%−0.3 pts
- Realty4.2% → 3.9%−0.3 pts
- Construction8.1% → 7.9%−0.3 pts
- Power5.1% → 4.9%−0.2 pts
- Oil2.1% → 2.0%−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 | May 2025 | Aug 2025 | Oct 2025 | Nov 2025 |
|---|---|---|---|---|
| Banks | 25.7% | 25.6% | 25.6% | 26.0% |
| Automobiles | 11.3% | 12.7% | 10.8% | 11.4% |
| Construction | 7.6% | 7.8% | 8.1% | 7.9% |
| Petroleum Products | 7.3% | 9.1% | 7.7% | 7.7% |
| Insurance | 6.9% | 4.5% | 5.4% | 6.0% |
| Power | 4.0% | 4.8% | 5.1% | 4.9% |
| Industrial Products | 5.3% | 5.6% | 5.8% | 4.7% |
| Realty | 3.7% | 3.4% | 4.2% | 3.9% |
| Cement & Cement Products | 6.2% | 5.5% | 4.1% | 3.7% |
| Telecom - Services | 3.7% | 3.6% | 3.6% | 3.5% |
Allocation in Nov 2025change vs Oct 2025
- Banks (5)26.0%
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, Nov 2025
9.7%
unchanged vs Oct 2025
- Cash alone
- 8.8%
- 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.