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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
₹14,359 Cr
down ₹1,843 Cr vs Feb 2026
- Stocks held
- 77
- down 1 vs Feb 2026
- Top 10 weight
- 50.9%
- of the portfolio in its ten largest
- Cash & debt
- 3.4%
- cash, money market and debt
- Moves this month
- 1 in · 2 out
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In March 2026 it disclosed 77 stocks worth ₹14,359 Cr, down ₹1,843 Cr from Feb 2026. Its largest positions were HDFC Bank Limited (9.4%), ICICI Bank Limited (7.6%), Larsen & Toubro Limited (6.9%); the ten largest together made up 50.9% of the portfolio, and Banks was the biggest sector at 25.0% of its equity. Cash and debt stood at 3.4%. Compared with Feb 2026 the fund entered 1 new stock and exited 2.
Against 229 other Sectoral / Thematic funds
Concentration
60%
Top-10 weight is higher than 60% of peers
Breadth
95%
Holds more stocks than 95% of peers
Cash
51%
Holds more cash than 51% of peers
What these mean: concentration · cash
Holdings in March 2026
Download CSVEvery line the fund disclosed, with the change against Feb 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 | 9.43% | up 0.02 pts | ₹1,354 Cr | down ₹171 Cr | Trimmed |
| ICICI Bank Limited | 7.57% | down 0.10 pts | ₹1,086 Cr | down ₹156 Cr | Trimmed |
| Larsen & Toubro Limited | 6.93% | up <0.01 pts | ₹995 Cr | down ₹127 Cr | Trimmed |
| Reliance Industries Limited | 5.77% | up 0.47 pts | ₹828 Cr | down ₹30.8 Cr | Trimmed |
| Axis Bank Limited | 4.20% | down 0.24 pts | ₹603 Cr | down ₹116 Cr | Trimmed |
| NTPC Limited | 3.74% | up 0.32 pts | ₹537 Cr | down ₹16.3 Cr | Trimmed |
| Maruti Suzuki India Limited | 3.67% | up 0.01 pts | ₹527 Cr | down ₹65.8 Cr | Trimmed |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 3.43% | up 0.38 pts | ₹493 Cr | down ₹1.9 Cr | Held |
| UltraTech Cement Limited | 3.17% | down 0.04 pts | ₹456 Cr | down ₹64.7 Cr | Trimmed |
| Bharti Airtel Limited | 2.98% | up 0.31 pts | ₹428 Cr | down ₹4.5 Cr | Trimmed |
| HDFC Life Insurance Company Limited | 2.54% | up 0.24 pts | ₹365 Cr | down ₹8.5 Cr | Trimmed |
| DLF Limited | 2.52% | up 0.17 pts | ₹362 Cr | down ₹19.5 Cr | Trimmed |
| Hero MotoCorp Limited | 2.28% | down 0.29 pts | ₹327 Cr | down ₹89.6 Cr | Trimmed |
| Asian Paints Limited | 2.00% | up 0.05 pts | ₹286 Cr | down ₹27.9 Cr | Trimmed |
| Kotak Mahindra Bank Limited | 1.95% | up 1.95 pts | ₹280 Cr | up ₹280 Cr | New |
| InterGlobe Aviation Limited | 1.80% | up 0.14 pts | ₹259 Cr | down ₹9.8 Cr | Trimmed |
| Cummins India Limited | 1.75% | down 0.68 pts | ₹251 Cr | down ₹142 Cr | Trimmed |
| Mahindra & Mahindra Limited | 1.74% | down 0.03 pts | ₹250 Cr | down ₹37.5 Cr | Trimmed |
| Oil & Natural Gas Corporation Limited | 1.49% | up 0.19 pts | ₹214 Cr | up ₹3.7 Cr | Added |
| SBI Life Insurance Company Limited | 1.48% | down 0.19 pts | ₹212 Cr | down ₹57.6 Cr | Trimmed |
| Cash, TREPS & receivables | 1.42% | down 2.54 pts | ₹205 Cr | down ₹437 Cr | Trimmed |
| Prestige Estates Projects Limited | 1.29% | up 0.11 pts | ₹186 Cr | down ₹6.3 Cr | Trimmed |
| Power Grid Corporation of India Limited | 1.12% | up 0.11 pts | ₹161 Cr | down ₹2.9 Cr | Trimmed |
| Hindustan Aeronautics Limited | 1.10% | up 0.13 pts | ₹158 Cr | up ₹27 L | Held |
| Shree Cement Limited | 1.09% | up 0.13 pts | ₹157 Cr | up ₹1.5 Cr | Added |
| Bajaj Auto Limited | 1.08% | down 0.01 pts | ₹155 Cr | down ₹21 Cr | Trimmed |
| Page Industries Limited | 1.06% | up 0.11 pts | ₹152 Cr | down ₹1.6 Cr | Trimmed |
| Hyundai Motor India Ltd | 1.06% | up 0.16 pts | ₹152 Cr | up ₹7 Cr | Added |
| Info Edge (India) Limited | 1.00% | up 0.06 pts | ₹144 Cr | down ₹9.2 Cr | Trimmed |
| ICICI Prudential Life Insurance Company Limited | 0.98% | down 0.10 pts | ₹141 Cr | down ₹34 Cr | Trimmed |
| 91 Days Treasury Bills Debt | 0.83% | up 0.10 pts | ₹120 Cr | up ₹52 L | Held |
| ABB India Limited | 0.81% | up 0.08 pts | ₹116 Cr | down ₹2.6 Cr | Trimmed |
| ICICI Lombard General Insurance Company Limited | 0.75% | up 0.26 pts | ₹107 Cr | up ₹28.8 Cr | Added |
| Siemens Limited | 0.74% | down 0.02 pts | ₹107 Cr | down ₹17.6 Cr | Trimmed |
| Triveni Turbine Limited | 0.73% | up 0.17 pts | ₹105 Cr | up ₹13.9 Cr | Added |
| Ashok Leyland Limited | 0.73% | down 0.16 pts | ₹105 Cr | down ₹38.7 Cr | Trimmed |
| HDFC Asset Management Company Limited | 0.68% | down 0.05 pts | ₹97.4 Cr | down ₹21.2 Cr | Trimmed |
| Timken India Limited | 0.65% | up 0.03 pts | ₹93.3 Cr | down ₹7.2 Cr | Trimmed |
| Oil India Limited | 0.65% | up 0.03 pts | ₹93 Cr | down ₹6.5 Cr | Trimmed |
| NHPC Limited | 0.65% | up 0.06 pts | ₹92.8 Cr | down ₹2 Cr | Trimmed |
| Atul Limited | 0.58% | up 0.04 pts | ₹83.7 Cr | down ₹4 Cr | Trimmed |
| 182 Days Treasury Bills Debt | 0.58% | up 0.07 pts | ₹83.6 Cr | up ₹37 L | Held |
| Gujarat Pipavav Port Limited | 0.58% | down 0.06 pts | ₹82.8 Cr | down ₹20 Cr | Trimmed |
| Ingersoll Rand (India) Limited | 0.51% | down 0.01 pts | ₹73.8 Cr | down ₹11 Cr | Trimmed |
| PI Industries Limited | 0.51% | down 0.01 pts | ₹73.4 Cr | down ₹10.8 Cr | Trimmed |
| Oberoi Realty Limited | 0.48% | up 0.02 pts | ₹69.1 Cr | down ₹5.1 Cr | Trimmed |
| Trent Limited | 0.46% | up 0.05 pts | ₹66 Cr | down ₹1 Cr | Trimmed |
| Tata Power Company Limited | 0.45% | up 0.05 pts | ₹64.1 Cr | up ₹20 L | Held |
| Life Insurance Corporation Of India | 0.42% | down 0.02 pts | ₹60.2 Cr | down ₹10.3 Cr | Trimmed |
| 91 Days Treasury Bill 17-Apr-2026 Debt | 0.35% | up 0.04 pts | ₹49.9 Cr | up ₹22 L | Held |
What changed, Feb 2026 to Mar 2026
New New positions (1)
- Kotak Mahindra Bank Limited2.0% · ₹280 Cr
Exited Exited (2)
- Vedanta Limitedwas 1.0% · ₹157 Cr
- Schaeffler India Limitedwas 0.2% · ₹24.8 Cr
Added Biggest additions
- ICICI Lombard General Insurance Company Limitedup ₹28.8 Cr (+0.26% pts)
- Triveni Turbine Limitedup ₹13.9 Cr (+0.17% pts)
- PNB Housing Finance 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 Feb 2026, the weight rose most in Banks (+1.2 pts) and Power (+0.5 pts), and fell most in Diversified Metals (−1.1 pts) and Industrial Products (−0.8 pts).
- Banks23.7% → 25.0%+1.2 pts
- Power5.9% → 6.4%+0.5 pts
- Petroleum Products5.8% → 6.2%+0.4 pts
- Telecom - Services2.9% → 3.2%+0.3 pts
- Realty4.6% → 4.8%+0.2 pts
- Oil2.1% → 2.3%+0.2 pts
- Diversified Metals1.1% → 0.0%exited−1.1 pts
- Industrial Products5.0% → 4.2%−0.8 pts
- Diversified0.6% → 0.2%−0.5 pts
- Automobiles11.1% → 10.6%−0.4 pts
- Agricultural, Commercial & Construction Vehicles1.1% → 0.9%−0.2 pts
- Auto Components0.4% → 0.2%−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 | Sep 2025 | Dec 2025 | Feb 2026 | Mar 2026 |
|---|---|---|---|---|---|
| Banks | 26.7% | 25.9% | 25.1% | 23.7% | 25.0% |
| Automobiles | 10.3% | 12.0% | 11.1% | 11.1% | 10.6% |
| Construction | 8.2% | 7.8% | 7.5% | 7.6% | 7.4% |
| Insurance | 6.8% | 5.5% | 6.2% | 6.5% | 6.6% |
| Power | 4.5% | 5.2% | 5.3% | 5.9% | 6.4% |
| Petroleum Products | 6.6% | 7.6% | 5.6% | 5.8% | 6.2% |
| Realty | 2.0% | 3.2% | 4.2% | 4.6% | 4.8% |
| Cement & Cement Products | 7.9% | 4.5% | 4.3% | 4.7% | 4.7% |
| Industrial Products | 5.0% | 5.7% | 4.7% | 5.0% | 4.2% |
| Telecom - Services | 3.8% | 3.5% | 3.4% | 2.9% | 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, Mar 2026
3.4%
▼ 2.3 pts vs Feb 2026
- Cash alone
- 1.4%
- cash and net receivables
- A year earlier
- 9.7%
- Mar 2025 · now ▼ 6.4 pts
- Last 12 months
- 3.4% – 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.