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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
₹15,798 Cr
down ₹15.5 Cr vs Apr 2026
- Stocks held
- 77
- up 3 vs Apr 2026
- Top 10 weight
- 48.8%
- of the portfolio in its ten largest
- Cash & debt
- 2.9%
- cash, money market and debt
- Moves this month
- 7 in · 4 out
ICICI Prudential Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ICICI Prudential Mutual Fund. In May 2026 it disclosed 77 stocks worth ₹15,798 Cr, down ₹15.5 Cr from Apr 2026. Its largest positions were HDFC Bank Limited (9.2%), ICICI Bank Limited (7.2%), Larsen & Toubro Limited (7.1%); the ten largest together made up 48.8% of the portfolio, and Banks was the biggest sector at 24.7% of its equity. Cash and debt stood at 2.9%. Compared with Apr 2026 the fund entered 7 new stocks and exited 4.
Against 229 other Sectoral / Thematic funds
Concentration
55%
Top-10 weight is higher than 55% of peers
Breadth
95%
Holds more stocks than 95% of peers
Cash
41%
Holds more cash than 41% of peers
What these mean: concentration · cash
Holdings in May 2026
Download CSVEvery line the fund disclosed, with the change against Apr 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 | 9.24% | down 0.11 pts | ₹1,460 Cr | down ₹18.6 Cr | Trimmed |
| ICICI Bank Limited | 7.17% | down 0.03 pts | ₹1,132 Cr | down ₹6.3 Cr | Trimmed |
| Larsen & Toubro Limited | 7.12% | up 0.07 pts | ₹1,124 Cr | up ₹9.2 Cr | Added |
| Reliance Industries Limited | 5.46% | down 0.31 pts | ₹863 Cr | down ₹49.1 Cr | Trimmed |
| Maruti Suzuki India Limited | 4.09% | up 0.04 pts | ₹646 Cr | up ₹6 Cr | Added |
| Axis Bank Limited | 3.41% | up 0.05 pts | ₹538 Cr | up ₹7.7 Cr | Added |
| Kotak Mahindra Bank Limited | 3.30% | up 0.20 pts | ₹522 Cr | up ₹31.9 Cr | Added |
| Bharti Airtel Limited | 3.12% | down 0.04 pts | ₹493 Cr | down ₹6.1 Cr | Trimmed |
| Xtrackers Harvest CSI 300 China A-Shares ETF Fund units | 3.05% | up 0.06 pts | ₹481 Cr | up ₹9.5 Cr | Added |
| UltraTech Cement Limited | 2.89% | down 0.32 pts | ₹456 Cr | down ₹50.5 Cr | Trimmed |
| HDFC Life Insurance Company Limited | 2.89% | up 0.04 pts | ₹456 Cr | up ₹6.1 Cr | Added |
| NTPC Limited | 2.83% | down 0.31 pts | ₹446 Cr | down ₹50.1 Cr | Trimmed |
| DLF Limited | 2.68% | up 0.02 pts | ₹424 Cr | up ₹2.6 Cr | Added |
| Cash, TREPS & receivables | 2.26% | down 0.23 pts | ₹356 Cr | down ₹36.3 Cr | Trimmed |
| Asian Paints Limited | 2.24% | up 0.19 pts | ₹353 Cr | up ₹30 Cr | Added |
| Hero MotoCorp Limited | 2.07% | down 0.02 pts | ₹327 Cr | down ₹2.8 Cr | Trimmed |
| Hyundai Motor India Ltd | 1.84% | up 0.45 pts | ₹290 Cr | up ₹70.7 Cr | Added |
| Mahindra & Mahindra Limited | 1.83% | down 0.03 pts | ₹289 Cr | down ₹4.9 Cr | Trimmed |
| InterGlobe Aviation Limited | 1.73% | up 0.04 pts | ₹274 Cr | up ₹6.8 Cr | Added |
| SBI Life Insurance Company Limited | 1.71% | up 0.01 pts | ₹270 Cr | up ₹1.6 Cr | Added |
| Prestige Estates Projects Limited | 1.61% | down 0.05 pts | ₹254 Cr | down ₹8.4 Cr | Trimmed |
| Hindustan Aeronautics Limited | 1.47% | up 0.16 pts | ₹233 Cr | up ₹25.2 Cr | Added |
| Cummins India Limited | 1.20% | down 0.66 pts | ₹190 Cr | down ₹104 Cr | Trimmed |
| Bajaj Auto Limited | 1.17% | up 0.05 pts | ₹184 Cr | up ₹8.2 Cr | Added |
| Shree Cement Limited | 1.10% | up 0.05 pts | ₹174 Cr | up ₹7.5 Cr | Added |
| ICICI Prudential Life Insurance Company Limited | 1.09% | up 0.19 pts | ₹173 Cr | up ₹30 Cr | Added |
| Page Industries Limited | 0.99% | down 0.12 pts | ₹157 Cr | down ₹19.8 Cr | Trimmed |
| Triveni Turbine Limited | 0.97% | down 0.12 pts | ₹153 Cr | down ₹19.7 Cr | Trimmed |
| Info Edge (India) Limited | 0.96% | up 0.02 pts | ₹152 Cr | up ₹3.4 Cr | Added |
| Siemens Limited | 0.89% | up 0.01 pts | ₹140 Cr | up ₹1.3 Cr | Added |
| Oil & Natural Gas Corporation Limited | 0.80% | down 0.20 pts | ₹127 Cr | down ₹31.3 Cr | Trimmed |
| HDFC Asset Management Company Limited | 0.74% | down 0.01 pts | ₹118 Cr | down ₹1.7 Cr | Trimmed |
| ABB India Limited | 0.73% | down 0.11 pts | ₹116 Cr | down ₹17.7 Cr | Trimmed |
| ICICI Lombard General Insurance Company Limited | 0.71% | up 0.01 pts | ₹112 Cr | up ₹1.8 Cr | Added |
| Trent Limited | 0.68% | up 0.15 pts | ₹107 Cr | up ₹23.8 Cr | Added |
| Ashok Leyland Limited | 0.67% | down 0.03 pts | ₹105 Cr | down ₹4.5 Cr | Trimmed |
| NHPC Limited | 0.63% | down 0.03 pts | ₹99.3 Cr | down ₹5.4 Cr | Trimmed |
| Atul Limited | 0.61% | up <0.01 pts | ₹97.1 Cr | up ₹54 L | Added |
| Gujarat Pipavav Port Limited | 0.58% | up 0.01 pts | ₹91.5 Cr | up ₹76 L | Added |
| Ingersoll Rand (India) Limited | 0.55% | down 0.03 pts | ₹86.9 Cr | down ₹5.2 Cr | Trimmed |
| Oberoi Realty Limited | 0.53% | up 0.01 pts | ₹83.1 Cr | up ₹1.8 Cr | Added |
| PI Industries Limited | 0.52% | down <0.01 pts | ₹82.2 Cr | down ₹20 L | Held |
| Oil India Limited | 0.51% | down 0.09 pts | ₹81.2 Cr | down ₹14.8 Cr | Trimmed |
| Hindustan Unilever Limited | 0.51% | up 0.51 pts | ₹80.8 Cr | up ₹80.8 Cr | New |
| Godrej Consumer Products Limited | 0.46% | up 0.46 pts | ₹73.2 Cr | up ₹73.2 Cr | New |
| Aarti Industries Limited | 0.46% | down 0.03 pts | ₹72.4 Cr | down ₹5 Cr | Trimmed |
| Siemens Energy India Limited | 0.41% | up 0.30 pts | ₹65.3 Cr | up ₹48 Cr | Added |
| SKF India Limited | 0.39% | up 0.07 pts | ₹62.1 Cr | up ₹10.7 Cr | Added |
| Hindustan Petroleum Corporation Limited | 0.36% | up 0.11 pts | ₹56.5 Cr | up ₹17.8 Cr | Added |
| Timken India Limited | 0.35% | down 0.25 pts | ₹55 Cr | down ₹39.2 Cr | Trimmed |
What changed, Apr 2026 to May 2026
New New positions (7)
- Hindustan Unilever Limited0.5% · ₹80.8 Cr
- Godrej Consumer Products Limited0.5% · ₹73.2 Cr
- Britannia Industries Limited0.3% · ₹49.1 Cr
- Go Digit General Insurance Ltd0.3% · ₹48.7 Cr
- Ambuja Cements Limited0.2% · ₹39.2 Cr
- Gujarat Gas Limited0.2% · ₹25 Cr
- Carborundum Universal Limited0.1% · ₹10.7 Cr
Exited Exited (4)
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 Apr 2026, the weight rose most in Insurance (+0.6 pts) and Diversified FMCG (+0.5 pts), and fell most in Power (−1.2 pts) and Industrial Products (−1.0 pts).
- Insurance6.6% → 7.1%+0.6 pts
- Diversified FMCG0.0% → 0.5%new+0.5 pts
- Personal Products0.0% → 0.5%new+0.5 pts
- Automobiles11.3% → 11.8%+0.5 pts
- Food Products0.0% → 0.3%new+0.3 pts
- Consumer Durables2.2% → 2.4%+0.2 pts
- Power4.8% → 3.7%−1.2 pts
- Industrial Products4.3% → 3.3%−1.0 pts
- Oil1.7% → 1.4%−0.3 pts
- Petroleum Products6.4% → 6.2%−0.2 pts
- Textiles & Apparels1.2% → 1.1%−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 | May 2025 | Nov 2025 | Feb 2026 | Apr 2026 | May 2026 |
|---|---|---|---|---|---|
| Banks | 25.7% | 26.0% | 23.7% | 24.7% | 24.7% |
| Automobiles | 11.3% | 11.4% | 11.1% | 11.3% | 11.8% |
| Construction | 7.6% | 7.9% | 7.6% | 7.5% | 7.6% |
| Insurance | 6.9% | 6.0% | 6.5% | 6.6% | 7.1% |
| Petroleum Products | 7.3% | 7.7% | 5.8% | 6.4% | 6.2% |
| Realty | 3.7% | 3.9% | 4.6% | 5.4% | 5.3% |
| Cement & Cement Products | 6.2% | 3.7% | 4.7% | 4.7% | 4.6% |
| Power | 4.0% | 4.9% | 5.9% | 4.8% | 3.7% |
| Industrial Products | 5.3% | 4.7% | 5.0% | 4.3% | 3.3% |
| Telecom - Services | 3.7% | 3.5% | 2.9% | 3.4% | 3.3% |
Allocation in May 2026
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, May 2026
2.9%
▼ 0.6 pts vs Apr 2026
- Cash alone
- 2.3%
- cash and net receivables
- A year earlier
- 5.6%
- May 2025 · now ▼ 2.7 pts
- Last 12 months
- 2.9% – 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.