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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
₹15,808 Cr
down ₹150 Cr vs Dec 2025
- Stocks held
- 77
- up 3 vs Dec 2025
- Top 10 weight
- 49.1%
- of the portfolio in its ten largest
- Cash & debt
- 6.9%
- cash, money market and debt
- Moves this month
- 3 in · 0 out
- added to 10, trimmed 42
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In January 2026 it disclosed 77 stocks worth ₹15,808 Cr, down ₹150 Cr from Dec 2025. Its largest positions were HDFC Bank Limited (9.6%), ICICI Bank Limited (7.7%), Larsen & Toubro Limited (6.7%); the ten largest together made up 49.1% of the portfolio, and Banks was the biggest sector at 25.1% of its equity. Cash and debt stood at 6.9%. Compared with Dec 2025 the fund entered 3 new stocks and exited 0.
Against 229 other Sectoral / Thematic funds
Concentration
56%
Top-10 weight is higher than 56% of peers
Breadth
95%
Holds more stocks than 95% of peers
Cash
85%
Holds more cash than 85% of peers
What these mean: concentration · cash
Holdings in January 2026
Download CSVEvery line the fund disclosed, with the change against Dec 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 | 9.56% | down 0.13 pts | ₹1,512 Cr | down ₹35.5 Cr | Trimmed |
| ICICI Bank Limited | 7.72% | up 0.14 pts | ₹1,221 Cr | up ₹10.9 Cr | Added |
| Larsen & Toubro Limited | 6.70% | up 0.03 pts | ₹1,059 Cr | down ₹4.9 Cr | Held |
| Cash, TREPS & receivables | 6.17% | down 0.97 pts | ₹976 Cr | down ₹164 Cr | Trimmed |
| Axis Bank Limited | 4.50% | up 0.37 pts | ₹712 Cr | up ₹52.5 Cr | Added |
| Reliance Industries Limited | 4.46% | down 0.51 pts | ₹705 Cr | down ₹88.5 Cr | Trimmed |
| Maruti Suzuki India Limited | 3.69% | down 0.07 pts | ₹583 Cr | down ₹17 Cr | Trimmed |
| NTPC Limited | 3.26% | up 0.27 pts | ₹516 Cr | up ₹38.3 Cr | Added |
| UltraTech Cement Limited | 3.20% | up 0.28 pts | ₹506 Cr | up ₹40.2 Cr | Added |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 3.10% | up 0.15 pts | ₹490 Cr | up ₹18.6 Cr | Added |
| Bharti Airtel Limited | 2.86% | down 0.17 pts | ₹453 Cr | down ₹31.5 Cr | Trimmed |
| Hero MotoCorp Limited | 2.55% | down 0.08 pts | ₹404 Cr | down ₹17.3 Cr | Trimmed |
| DLF Limited | 2.35% | down 0.01 pts | ₹372 Cr | down ₹4.8 Cr | Trimmed |
| HDFC Life Insurance Company Limited | 2.31% | up 0.10 pts | ₹365 Cr | up ₹12.7 Cr | Added |
| Cummins India Limited | 2.09% | down 0.14 pts | ₹330 Cr | down ₹25.9 Cr | Trimmed |
| Asian Paints Limited | 2.03% | up 0.02 pts | ₹321 Cr | down ₹10 L | Held |
| Mahindra & Mahindra Limited | 1.84% | up 0.07 pts | ₹291 Cr | up ₹8.7 Cr | Added |
| SBI Life Insurance Company Limited | 1.68% | down 0.01 pts | ₹265 Cr | down ₹4.8 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.62% | up 0.28 pts | ₹256 Cr | up ₹42.9 Cr | Added |
| Vedanta Limited | 1.38% | down 0.52 pts | ₹218 Cr | down ₹84.5 Cr | Trimmed |
| Oil & Natural Gas Corporation Limited | 1.28% | down 0.21 pts | ₹202 Cr | down ₹35.7 Cr | Trimmed |
| ICICI Prudential Life Insurance Company Limited | 1.08% | down 0.08 pts | ₹171 Cr | down ₹15.2 Cr | Trimmed |
| Bajaj Auto Limited | 1.07% | up 0.04 pts | ₹169 Cr | up ₹4.5 Cr | Added |
| Hindustan Aeronautics Limited | 1.05% | up 0.06 pts | ₹165 Cr | up ₹8.3 Cr | Added |
| Prestige Estates Projects Limited | 1.04% | up 0.10 pts | ₹164 Cr | up ₹14 Cr | Added |
| Power Grid Corporation of India Limited | 0.98% | up 0.28 pts | ₹155 Cr | up ₹43 Cr | Added |
| Info Edge (India) Limited | 0.96% | down 0.05 pts | ₹151 Cr | down ₹10.2 Cr | Trimmed |
| Hyundai Motor India Ltd | 0.93% | up 0.30 pts | ₹147 Cr | up ₹47.2 Cr | Added |
| Page Industries Limited | 0.90% | down 0.03 pts | ₹142 Cr | down ₹6.6 Cr | Trimmed |
| Ashok Leyland Limited | 0.84% | up 0.08 pts | ₹133 Cr | up ₹11.9 Cr | Added |
| Shree Cement Limited | 0.82% | up 0.05 pts | ₹129 Cr | up ₹6.4 Cr | Added |
| 91 Days Treasury Bills Debt | 0.75% | up 0.75 pts | ₹119 Cr | up ₹119 Cr | New |
| Bank of Baroda | 0.74% | up 0.02 pts | ₹116 Cr | up ₹1.4 Cr | Added |
| Siemens Limited | 0.71% | up 0.18 pts | ₹113 Cr | up ₹27.7 Cr | Added |
| ABB India Limited | 0.69% | up 0.06 pts | ₹109 Cr | up ₹8 Cr | Added |
| Oil India Limited | 0.66% | down 0.01 pts | ₹105 Cr | down ₹2.5 Cr | Trimmed |
| HDFC Asset Management Company Limited | 0.64% | down <0.01 pts | ₹101 Cr | down ₹1.7 Cr | Trimmed |
| NHPC Limited | 0.62% | down <0.01 pts | ₹98.4 Cr | down ₹1.3 Cr | Trimmed |
| Gujarat Pipavav Port Limited | 0.61% | down 0.05 pts | ₹97.1 Cr | down ₹8.7 Cr | Trimmed |
| PI Industries Limited | 0.55% | down <0.01 pts | ₹86.2 Cr | down ₹1.2 Cr | Trimmed |
| Triveni Turbine Limited | 0.54% | up 0.23 pts | ₹85.6 Cr | up ₹35.5 Cr | Added |
| Timken India Limited | 0.54% | down 0.01 pts | ₹85.1 Cr | down ₹1.8 Cr | Trimmed |
| 3M India Limited | 0.53% | down 0.01 pts | ₹84.2 Cr | down ₹1.8 Cr | Trimmed |
| Atul Limited | 0.52% | up 0.01 pts | ₹81.7 Cr | up ₹1.2 Cr | Added |
| Oberoi Realty Limited | 0.46% | down 0.02 pts | ₹72.6 Cr | down ₹4.6 Cr | Trimmed |
| Ingersoll Rand (India) Limited | 0.45% | up 0.01 pts | ₹70.8 Cr | up ₹1.2 Cr | Added |
| Life Insurance Corporation Of India | 0.43% | down 0.01 pts | ₹68.4 Cr | down ₹2.5 Cr | Trimmed |
| Trent Limited | 0.41% | down 0.01 pts | ₹65 Cr | down ₹2.1 Cr | Trimmed |
| Tata Power Company Limited | 0.39% | down 0.01 pts | ₹62 Cr | down ₹2.3 Cr | Trimmed |
| SKF India (Industrial) Ltd | 0.38% | up 0.02 pts | ₹60.6 Cr | up ₹2.7 Cr | Added |
What changed, Dec 2025 to Jan 2026
New New positions (3)
- ICICI Lombard General Insurance Company Limited0.3% · ₹41.8 Cr
- Cipla Limited0.1% · ₹15 Cr
- Supreme Petrochem Limited0.1% · ₹10.9 Cr
Exited Exited (0)
None.
Added Biggest additions
- Axis Bank Limitedup ₹52.5 Cr (+0.37% pts)
- Hyundai Motor India Ltdup ₹47.2 Cr (+0.30% pts)
- Power Grid Corporation of India 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 Dec 2025, the weight rose most in Power (+0.5 pts) and Electrical Equipment (+0.5 pts), and fell most in Petroleum Products (−0.6 pts) and Diversified Metals (−0.6 pts).
- Power5.3% → 5.8%+0.5 pts
- Electrical Equipment1.7% → 2.2%+0.5 pts
- Cement & Cement Products4.3% → 4.6%+0.3 pts
- Transport Services1.5% → 1.8%+0.3 pts
- Insurance6.2% → 6.4%+0.2 pts
- Automobiles11.1% → 11.3%+0.2 pts
- Petroleum Products5.6% → 5.0%−0.6 pts
- Diversified Metals2.1% → 1.5%−0.6 pts
- Oil2.4% → 2.2%−0.3 pts
- Telecom - Services3.4% → 3.2%−0.2 pts
- Industrial Products4.7% → 4.5%−0.2 pts
- Capital Markets1.4% → 1.3%−0.1 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 | Jan 2025 | Jul 2025 | Oct 2025 | Dec 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Banks | 25.7% | 26.0% | 25.6% | 25.1% | 25.1% |
| Automobiles | 10.8% | 12.9% | 10.8% | 11.1% | 11.3% |
| Construction | 7.9% | 7.6% | 8.1% | 7.5% | 7.4% |
| Insurance | 6.8% | 4.8% | 5.4% | 6.2% | 6.4% |
| Power | 4.3% | 4.9% | 5.1% | 5.3% | 5.8% |
| Petroleum Products | 6.3% | 8.5% | 7.7% | 5.6% | 5.0% |
| Cement & Cement Products | 8.2% | 6.3% | 4.1% | 4.3% | 4.6% |
| Industrial Products | 4.3% | 5.6% | 5.8% | 4.7% | 4.5% |
| Realty | 2.0% | 3.7% | 4.2% | 4.2% | 4.3% |
| Telecom - Services | 4.2% | 3.6% | 3.6% | 3.4% | 3.2% |
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, Jan 2026
6.9%
▼ 1.0 pts vs Dec 2025
- Cash alone
- 6.2%
- cash and net receivables
- A year earlier
- 7.7%
- Jan 2025 · now ▼ 0.8 pts
- 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.