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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
₹16,202 Cr
up ₹393 Cr vs Jan 2026
- Stocks held
- 78
- up 1 vs Jan 2026
- Top 10 weight
- 49.8%
- of the portfolio in its ten largest
- Cash & debt
- 5.7%
- cash, money market and debt
- Moves this month
- 4 in · 3 out
- added to 10, trimmed 19
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In February 2026 it disclosed 78 stocks worth ₹16,202 Cr, up ₹393 Cr from Jan 2026. Its largest positions were HDFC Bank Limited (9.4%), ICICI Bank Limited (7.7%), Larsen & Toubro Limited (6.9%); the ten largest together made up 49.8% of the portfolio, and Banks was the biggest sector at 23.7% of its equity. Cash and debt stood at 5.7%. Compared with Jan 2026 the fund entered 4 new stocks and exited 3.
Against 229 other Sectoral / Thematic funds
Concentration
58%
Top-10 weight is higher than 58% of peers
Breadth
95%
Holds more stocks than 95% of peers
Cash
75%
Holds more cash than 75% of peers
What these mean: concentration · cash
Holdings in February 2026
Download CSVEvery line the fund disclosed, with the change against Jan 2026. 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 | 9.41% | down 0.15 pts | ₹1,525 Cr | up ₹13 Cr | Added |
| ICICI Bank Limited | 7.67% | down 0.05 pts | ₹1,242 Cr | up ₹21.5 Cr | Added |
| Larsen & Toubro Limited | 6.92% | up 0.23 pts | ₹1,122 Cr | up ₹62.9 Cr | Added |
| Reliance Industries Limited | 5.30% | up 0.84 pts | ₹859 Cr | up ₹154 Cr | Added |
| Axis Bank Limited | 4.44% | down 0.07 pts | ₹719 Cr | up ₹7 Cr | Added |
| Cash, TREPS & receivables | 3.96% | down 2.21 pts | ₹642 Cr | down ₹334 Cr | Trimmed |
| Maruti Suzuki India Limited | 3.66% | down 0.03 pts | ₹593 Cr | up ₹10.3 Cr | Added |
| NTPC Limited | 3.42% | up 0.15 pts | ₹553 Cr | up ₹37.5 Cr | Added |
| UltraTech Cement Limited | 3.21% | up 0.01 pts | ₹520 Cr | up ₹14.5 Cr | Added |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 3.06% | down 0.04 pts | ₹495 Cr | up ₹5 Cr | Added |
| Bharti Airtel Limited | 2.67% | down 0.20 pts | ₹432 Cr | down ₹20.6 Cr | Trimmed |
| Hero MotoCorp Limited | 2.57% | up 0.02 pts | ₹417 Cr | up ₹12.8 Cr | Added |
| Cummins India Limited | 2.43% | up 0.34 pts | ₹393 Cr | up ₹63.1 Cr | Added |
| DLF Limited | 2.35% | up <0.01 pts | ₹381 Cr | up ₹9.3 Cr | Added |
| HDFC Life Insurance Company Limited | 2.31% | down <0.01 pts | ₹374 Cr | up ₹8.6 Cr | Added |
| Asian Paints Limited | 1.94% | down 0.09 pts | ₹314 Cr | down ₹6.9 Cr | Trimmed |
| Mahindra & Mahindra Limited | 1.78% | down 0.06 pts | ₹288 Cr | down ₹2.9 Cr | Trimmed |
| SBI Life Insurance Company Limited | 1.67% | down 0.01 pts | ₹270 Cr | up ₹5.1 Cr | Added |
| InterGlobe Aviation Limited | 1.66% | up 0.04 pts | ₹269 Cr | up ₹12.8 Cr | Added |
| Oil & Natural Gas Corporation Limited | 1.30% | up 0.02 pts | ₹210 Cr | up ₹8.1 Cr | Added |
| Prestige Estates Projects Limited | 1.19% | up 0.15 pts | ₹192 Cr | up ₹28.4 Cr | Added |
| Bajaj Auto Limited | 1.09% | up 0.01 pts | ₹176 Cr | up ₹6.6 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 1.08% | up <0.01 pts | ₹175 Cr | up ₹4.7 Cr | Added |
| Power Grid Corporation of India Limited | 1.01% | up 0.03 pts | ₹164 Cr | up ₹8.5 Cr | Added |
| Hindustan Aeronautics Limited | 0.97% | down 0.07 pts | ₹158 Cr | down ₹7.7 Cr | Trimmed |
| Vedanta Limited | 0.97% | down 0.41 pts | ₹157 Cr | down ₹60.3 Cr | Trimmed |
| Shree Cement Limited | 0.96% | up 0.14 pts | ₹155 Cr | up ₹26.1 Cr | Added |
| Page Industries Limited | 0.95% | up 0.05 pts | ₹154 Cr | up ₹11.9 Cr | Added |
| Info Edge (India) Limited | 0.94% | down 0.01 pts | ₹153 Cr | up ₹1.5 Cr | Added |
| Hyundai Motor India Ltd | 0.89% | down 0.04 pts | ₹144 Cr | down ₹2.1 Cr | Trimmed |
| Ashok Leyland Limited | 0.88% | up 0.04 pts | ₹143 Cr | up ₹9.8 Cr | Added |
| Siemens Limited | 0.77% | up 0.05 pts | ₹124 Cr | up ₹11.5 Cr | Added |
| 91 Days Treasury Bills Debt | 0.74% | down 0.01 pts | ₹119 Cr | up ₹53 L | Held |
| HDFC Asset Management Company Limited | 0.73% | up 0.10 pts | ₹119 Cr | up ₹18.1 Cr | Added |
| ABB India Limited | 0.73% | up 0.04 pts | ₹118 Cr | up ₹9.6 Cr | Added |
| Gujarat Pipavav Port Limited | 0.63% | up 0.02 pts | ₹103 Cr | up ₹5.7 Cr | Added |
| Timken India Limited | 0.62% | up 0.08 pts | ₹100 Cr | up ₹15.4 Cr | Added |
| Oil India Limited | 0.61% | down 0.05 pts | ₹99.5 Cr | down ₹5.4 Cr | Trimmed |
| NHPC Limited | 0.59% | down 0.04 pts | ₹94.8 Cr | down ₹3.6 Cr | Trimmed |
| 3M India Limited | 0.57% | up 0.03 pts | ₹91.8 Cr | up ₹7.6 Cr | Added |
| Triveni Turbine Limited | 0.56% | up 0.02 pts | ₹91.3 Cr | up ₹5.7 Cr | Added |
| Atul Limited | 0.54% | up 0.02 pts | ₹87.8 Cr | up ₹6.1 Cr | Added |
| Ingersoll Rand (India) Limited | 0.52% | up 0.08 pts | ₹84.8 Cr | up ₹14 Cr | Added |
| PI Industries Limited | 0.52% | down 0.03 pts | ₹84.1 Cr | down ₹2.1 Cr | Trimmed |
| 182 Days Treasury Bills Debt | 0.51% | up 0.51 pts | ₹83.2 Cr | up ₹83.2 Cr | New |
| ICICI Lombard General Insurance Company Limited | 0.48% | up 0.22 pts | ₹78.2 Cr | up ₹36.4 Cr | Added |
| Oberoi Realty Limited | 0.46% | down <0.01 pts | ₹74.2 Cr | up ₹1.6 Cr | Added |
| Life Insurance Corporation Of India | 0.43% | up <0.01 pts | ₹70.5 Cr | up ₹2.1 Cr | Added |
| Trent Limited | 0.41% | up <0.01 pts | ₹67 Cr | up ₹2 Cr | Added |
| Tata Power Company Limited | 0.39% | up <0.01 pts | ₹63.9 Cr | up ₹1.9 Cr | Added |
What changed, Jan 2026 to Feb 2026
New New positions (4)
- Tata Chemicals Limited0.3% · ₹43.1 Cr
- Bharat Heavy Electricals Limited0.2% · ₹39.5 Cr
- Sobha Limited0.2% · ₹29.3 Cr
- PNB Housing Finance Limited<0.1% · ₹2.5 Cr
Exited Exited (3)
- Cipla Limitedwas 0.1% · ₹15 Cr
- Balkrishna Industries Limitedwas 0.1% · ₹14.7 Cr
- Union Bank of Indiawas <0.1% · ₹4.3 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 Jan 2026, the weight rose most in Petroleum Products (+0.8 pts) and Industrial Products (+0.5 pts), and fell most in Banks (−1.3 pts) and Diversified Metals (−0.5 pts).
- Petroleum Products5.0% → 5.8%+0.8 pts
- Industrial Products4.5% → 5.0%+0.5 pts
- Electrical Equipment2.2% → 2.5%+0.4 pts
- Chemicals & Petrochemicals1.3% → 1.6%+0.3 pts
- Realty4.3% → 4.6%+0.3 pts
- Construction7.4% → 7.6%+0.1 pts
- Banks25.1% → 23.7%−1.3 pts
- Diversified Metals1.5% → 1.1%−0.5 pts
- Telecom - Services3.2% → 2.9%−0.3 pts
- Automobiles11.3% → 11.1%−0.3 pts
- Consumer Durables2.3% → 2.1%−0.1 pts
- Pharmaceuticals & Biotechnology0.1% → 0.0%exited−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 | Feb 2025 | Aug 2025 | Nov 2025 | Jan 2026 | Feb 2026 |
|---|---|---|---|---|---|
| Banks | 26.0% | 25.6% | 26.0% | 25.1% | 23.7% |
| Automobiles | 10.8% | 12.7% | 11.4% | 11.3% | 11.1% |
| Construction | 8.5% | 7.8% | 7.9% | 7.4% | 7.6% |
| Insurance | 6.7% | 4.5% | 6.0% | 6.4% | 6.5% |
| Power | 4.3% | 4.8% | 4.9% | 5.8% | 5.9% |
| Petroleum Products | 6.5% | 9.1% | 7.7% | 5.0% | 5.8% |
| Industrial Products | 4.5% | 5.6% | 4.7% | 4.5% | 5.0% |
| Cement & Cement Products | 7.9% | 5.5% | 3.7% | 4.6% | 4.7% |
| Realty | 2.0% | 3.4% | 3.9% | 4.3% | 4.6% |
| Telecom - Services | 4.4% | 3.6% | 3.5% | 3.2% | 2.9% |
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, Feb 2026
5.7%
▼ 1.3 pts vs Jan 2026
- Cash alone
- 4.0%
- cash and net receivables
- A year earlier
- 9.1%
- Feb 2025 · now ▼ 3.4 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.