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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
₹15,958 Cr
up ₹250 Cr vs Nov 2025
- Stocks held
- 74
- up 3 vs Nov 2025
- Top 10 weight
- 48.7%
- of the portfolio in its ten largest
- Cash & debt
- 8.0%
- cash, money market and debt
- Moves this month
- 7 in · 4 out
- added to 10, trimmed 30
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In December 2025 it disclosed 74 stocks worth ₹15,958 Cr, up ₹250 Cr from Nov 2025. Its largest positions were HDFC Bank Limited (9.7%), ICICI Bank Limited (7.6%), Larsen & Toubro Limited (6.7%); the ten largest together made up 48.7% of the portfolio, and Banks was the biggest sector at 25.1% of its equity. Cash and debt stood at 8.0%. Compared with Nov 2025 the fund entered 7 new stocks and exited 4.
Against 229 other Sectoral / Thematic funds
Concentration
54%
Top-10 weight is higher than 54% of peers
Breadth
94%
Holds more stocks than 94% of peers
Cash
88%
Holds more cash than 88% of peers
What these mean: concentration · cash
Holdings in December 2025
Download CSVEvery line the fund disclosed, with the change against Nov 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 | 9.70% | up 0.02 pts | ₹1,547 Cr | up ₹27.8 Cr | Added |
| ICICI Bank Limited | 7.58% | down 0.33 pts | ₹1,210 Cr | down ₹33.5 Cr | Trimmed |
| Cash, TREPS & receivables | 7.14% | down 1.70 pts | ₹1,140 Cr | down ₹249 Cr | Trimmed |
| Larsen & Toubro Limited | 6.67% | down 0.22 pts | ₹1,064 Cr | down ₹17.6 Cr | Trimmed |
| Reliance Industries Limited | 4.97% | down 1.35 pts | ₹794 Cr | down ₹200 Cr | Trimmed |
| Axis Bank Limited | 4.13% | down 0.10 pts | ₹659 Cr | down ₹5.3 Cr | Trimmed |
| Maruti Suzuki India Limited | 3.76% | up 0.12 pts | ₹600 Cr | up ₹28.6 Cr | Added |
| Bharti Airtel Limited | 3.03% | down 0.04 pts | ₹484 Cr | up ₹92 L | Held |
| NTPC Limited | 2.99% | up 0.10 pts | ₹477 Cr | up ₹23.5 Cr | Added |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 2.95% | down 0.01 pts | ₹471 Cr | up ₹6.1 Cr | Added |
| UltraTech Cement Limited | 2.92% | down <0.01 pts | ₹466 Cr | up ₹7.3 Cr | Added |
| Hero MotoCorp Limited | 2.64% | down 0.23 pts | ₹421 Cr | down ₹29.4 Cr | Trimmed |
| DLF Limited | 2.36% | down 0.05 pts | ₹377 Cr | down ₹2.1 Cr | Trimmed |
| Cummins India Limited | 2.23% | down 0.12 pts | ₹356 Cr | down ₹13 Cr | Trimmed |
| HDFC Life Insurance Company Limited | 2.21% | up 0.25 pts | ₹352 Cr | up ₹44.9 Cr | Added |
| Asian Paints Limited | 2.01% | down 0.22 pts | ₹321 Cr | down ₹30 Cr | Trimmed |
| Vedanta Limited | 1.89% | up 0.26 pts | ₹302 Cr | up ₹45.4 Cr | Added |
| Mahindra & Mahindra Limited | 1.77% | down 0.05 pts | ₹282 Cr | down ₹3.7 Cr | Trimmed |
| SBI Life Insurance Company Limited | 1.69% | down 0.01 pts | ₹270 Cr | up ₹3.1 Cr | Added |
| Oil & Natural Gas Corporation Limited | 1.49% | down 0.04 pts | ₹238 Cr | down ₹2.8 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.33% | up 0.06 pts | ₹213 Cr | up ₹12 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 1.16% | up 0.07 pts | ₹186 Cr | up ₹13.5 Cr | Added |
| Bajaj Auto Limited | 1.03% | up 0.01 pts | ₹165 Cr | up ₹4.8 Cr | Added |
| Info Edge (India) Limited | 1.01% | up 0.13 pts | ₹162 Cr | up ₹22.6 Cr | Added |
| Hindustan Aeronautics Limited | 0.98% | up 0.98 pts | ₹157 Cr | up ₹157 Cr | New |
| Prestige Estates Projects Limited | 0.94% | down 0.06 pts | ₹150 Cr | down ₹7.7 Cr | Trimmed |
| Page Industries Limited | 0.93% | down 0.01 pts | ₹149 Cr | up ₹62 L | Held |
| Shree Cement Limited | 0.77% | up 0.56 pts | ₹123 Cr | up ₹89.8 Cr | Added |
| Ashok Leyland Limited | 0.76% | up 0.03 pts | ₹122 Cr | up ₹6.6 Cr | Added |
| 182 Days Treasury Bills Debt | 0.75% | down 0.01 pts | ₹120 Cr | up ₹55 L | Held |
| Bank of Baroda | 0.72% | up <0.01 pts | ₹115 Cr | up ₹2.4 Cr | Added |
| Power Grid Corporation of India Limited | 0.70% | up 0.11 pts | ₹112 Cr | up ₹19.4 Cr | Added |
| Oil India Limited | 0.67% | up 0.49 pts | ₹107 Cr | up ₹78.3 Cr | Added |
| Gujarat Pipavav Port Limited | 0.66% | up <0.01 pts | ₹106 Cr | up ₹1.9 Cr | Added |
| HDFC Asset Management Company Limited | 0.64% | down 0.01 pts | ₹102 Cr | down ₹3 L | Held |
| ABB India Limited | 0.63% | down 0.01 pts | ₹101 Cr | down ₹10 L | Held |
| NHPC Limited | 0.62% | up 0.01 pts | ₹99.7 Cr | up ₹3.1 Cr | Added |
| Hyundai Motor India Ltd | 0.62% | up 0.14 pts | ₹99.4 Cr | up ₹22.8 Cr | Added |
| PI Industries Limited | 0.55% | down 0.04 pts | ₹87.4 Cr | down ₹4.2 Cr | Trimmed |
| Timken India Limited | 0.54% | down 0.04 pts | ₹86.8 Cr | down ₹4.4 Cr | Trimmed |
| 3M India Limited | 0.54% | down <0.01 pts | ₹86 Cr | up ₹67 L | Added |
| Siemens Limited | 0.53% | down 0.02 pts | ₹85.1 Cr | down ₹1.1 Cr | Trimmed |
| Atul Limited | 0.50% | up 0.12 pts | ₹80.5 Cr | up ₹19.4 Cr | Added |
| Oberoi Realty Limited | 0.48% | up 0.48 pts | ₹77.2 Cr | up ₹77.2 Cr | New |
| Life Insurance Corporation Of India | 0.44% | down 0.03 pts | ₹70.9 Cr | down ₹3.3 Cr | Trimmed |
| Ingersoll Rand (India) Limited | 0.44% | down 0.02 pts | ₹69.5 Cr | down ₹1.5 Cr | Trimmed |
| Trent Limited | 0.42% | up 0.42 pts | ₹67.1 Cr | up ₹67.1 Cr | New |
| Tata Power Company Limited | 0.40% | up 0.21 pts | ₹64.3 Cr | up ₹34.7 Cr | Added |
| Indian Energy Exchange Limited | 0.38% | down 0.15 pts | ₹61.3 Cr | down ₹23.1 Cr | Trimmed |
| SKF India (Industrial) Ltd | 0.36% | down 0.02 pts | ₹58 Cr | down ₹2.4 Cr | Trimmed |
What changed, Nov 2025 to Dec 2025
New New positions (7)
- Hindustan Aeronautics Limited1.0% · ₹157 Cr
- Oberoi Realty Limited0.5% · ₹77.2 Cr
- Trent Limited0.4% · ₹67.1 Cr
- Swiggy Limited0.3% · ₹50.9 Cr
- Honeywell Automation India Limited0.3% · ₹42.6 Cr
- Supreme Industries Limited0.3% · ₹42.4 Cr
- Credit Analysis and Research Limited0.2% · ₹32.6 Cr
Exited Exited (4)
- Hindalco Industries Limitedwas 0.5% · ₹74.7 Cr
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 Nov 2025, the weight rose most in Aerospace & Defense (+1.1 pts) and Retailing (+0.9 pts), and fell most in Petroleum Products (−2.1 pts) and Banks (−1.0 pts).
- Aerospace & Defense0.0% → 1.1%new+1.1 pts
- Retailing1.4% → 2.3%+0.9 pts
- Cement & Cement Products3.7% → 4.3%+0.5 pts
- Oil2.0% → 2.4%+0.5 pts
- Power4.9% → 5.3%+0.4 pts
- Realty3.9% → 4.2%+0.3 pts
- Petroleum Products7.7% → 5.6%−2.1 pts
- Banks26.0% → 25.1%−1.0 pts
- Non - Ferrous Metals0.5% → 0.0%exited−0.5 pts
- Construction7.9% → 7.5%−0.4 pts
- Consumer Durables2.6% → 2.3%−0.3 pts
- Automobiles11.4% → 11.1%−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 | Jun 2025 | Sep 2025 | Nov 2025 | Dec 2025 |
|---|---|---|---|---|
| Banks | 25.5% | 25.9% | 26.0% | 25.1% |
| Automobiles | 11.3% | 12.0% | 11.4% | 11.1% |
| Construction | 7.5% | 7.8% | 7.9% | 7.5% |
| Insurance | 7.0% | 5.5% | 6.0% | 6.2% |
| Petroleum Products | 7.3% | 7.6% | 7.7% | 5.6% |
| Power | 4.0% | 5.2% | 4.9% | 5.3% |
| Industrial Products | 5.4% | 5.7% | 4.7% | 4.7% |
| Cement & Cement Products | 6.4% | 4.5% | 3.7% | 4.3% |
| Realty | 3.8% | 3.2% | 3.9% | 4.2% |
| Telecom - Services | 3.9% | 3.5% | 3.5% | 3.4% |
Allocation in Dec 2025change vs Nov 2025
- Banks (5)25.1%▼ 1.0 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, Dec 2025
8.0%
▼ 1.7 pts vs Nov 2025
- Cash alone
- 7.1%
- 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.