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Sectoral / Thematic · ITI Mutual Fund · AMFI code 154157ITI Business Cycle Fund
Disclosed for 5 months, May 2026 to Sep 2026.
Portfolio value
₹117 Cr
up ₹23 L vs Aug 2026
- Stocks held
- 71
- down 4 vs Aug 2026
- Top 10 weight
- 25.4%
- of the portfolio in its ten largest
- Cash & debt
- 8.7%
- cash, money market and debt
- Moves this month
- 14 in · 18 out
- added to 10, trimmed 43
ITI Business Cycle Fund is an active equity fund in the Sectoral / Thematic category from ITI Mutual Fund. In September 2026 it disclosed 71 stocks worth ₹117 Cr, up ₹23 L from Aug 2026. Its largest positions were ESDS Software Solution Ltd (6.0%), HDFC Bank Limited (3.8%), ICICI Bank Limited (2.4%); the ten largest together made up 25.4% of the portfolio, and Banks was the biggest sector at 15.5% of its equity. Cash and debt stood at 8.7%. Compared with Aug 2026 the fund entered 14 new stocks and exited 18.
Against 226 other Sectoral / Thematic funds
Concentration
1%
Top-10 weight is higher than 1% of peers
Breadth
92%
Holds more stocks than 92% of peers
Cash
91%
Holds more cash than 91% of peers
Holdings in September 2026
Download CSVEvery line the fund disclosed, with the change against Aug 2026. Click a column to sort; click a company to see every fund that owns it.
| Cash, TREPS & receivables | 8.71% | up 5.80 pts | ₹10.2 Cr | up ₹6.8 Cr | Added |
| ESDS Software Solution Ltd | 6.03% | up 4.32 pts | ₹7 Cr | up ₹5 Cr | Added |
| HDFC Bank Limited | 3.83% | up 0.98 pts | ₹4.5 Cr | up ₹1.1 Cr | Added |
| ICICI Bank Limited | 2.37% | down 1.32 pts | ₹2.8 Cr | down ₹1.5 Cr | Trimmed |
| Eternal Limited | 2.19% | up 0.78 pts | ₹2.6 Cr | up ₹91 L | Added |
| Manipal Payment and Identity Solutions Ltd | 2.02% | up 2.02 pts | ₹2.4 Cr | up ₹2.4 Cr | New |
| HDFC Life Insurance Company Limited | 2.01% | up 2.01 pts | ₹2.3 Cr | up ₹2.3 Cr | New |
| Reliance Industries Limited | 1.93% | down 0.15 pts | ₹2.2 Cr | down ₹17 L | Trimmed |
| Titan Company Limited | 1.70% | down 0.19 pts | ₹2 Cr | down ₹22 L | Trimmed |
| Bajaj Auto Limited | 1.70% | down 0.20 pts | ₹2 Cr | down ₹23 L | Trimmed |
| Laurus Labs Limited | 1.59% | up 0.05 pts | ₹1.9 Cr | up ₹6 L | Added |
| Divi's Laboratories Limited | 1.54% | down 0.03 pts | ₹1.8 Cr | down ₹3 L | Trimmed |
| Grasim Industries Limited | 1.41% | down 0.15 pts | ₹1.6 Cr | down ₹17 L | Trimmed |
| LG Electronics India Ltd | 1.40% | up 0.02 pts | ₹1.6 Cr | up ₹2 L | Added |
| AU Small Finance Bank Limited | 1.39% | down 0.11 pts | ₹1.6 Cr | down ₹12 L | Trimmed |
| Multi Commodity Exchange of India Limited | 1.34% | up 1.34 pts | ₹1.6 Cr | up ₹1.6 Cr | New |
| Ajanta Pharma Limited | 1.32% | up <0.01 pts | ₹1.5 Cr | up ₹1 L | Added |
| Bajaj Finance Limited | 1.31% | down 1.18 pts | ₹1.5 Cr | down ₹1.4 Cr | Trimmed |
| Apollo Hospitals Enterprise Limited | 1.30% | down 0.12 pts | ₹1.5 Cr | down ₹14 L | Trimmed |
| Kirloskar Oil Engines Limited | 1.29% | up 1.29 pts | ₹1.5 Cr | up ₹1.5 Cr | New |
| Ramkrishna Forgings Limited | 1.28% | up 1.28 pts | ₹1.5 Cr | up ₹1.5 Cr | New |
| Piramal Pharma Limited | 1.28% | up 1.28 pts | ₹1.5 Cr | up ₹1.5 Cr | New |
| TVS Motor Company Limited | 1.26% | down 0.07 pts | ₹1.5 Cr | down ₹8 L | Trimmed |
| Kalpataru Projects International Limited | 1.25% | up 1.25 pts | ₹1.5 Cr | up ₹1.5 Cr | New |
| INDO-MIM Ltd. | 1.25% | up 1.25 pts | ₹1.5 Cr | up ₹1.5 Cr | New |
| Aurobindo Pharma Limited | 1.25% | down 0.04 pts | ₹1.5 Cr | down ₹4 L | Trimmed |
| Hindalco Industries Limited | 1.24% | down 0.10 pts | ₹1.4 Cr | down ₹11 L | Trimmed |
| Redington Limited | 1.23% | up 0.15 pts | ₹1.4 Cr | up ₹17 L | Added |
| Poonawalla Fincorp Limited | 1.22% | down 0.06 pts | ₹1.4 Cr | down ₹6 L | Trimmed |
| BEML Limited | 1.22% | up 1.22 pts | ₹1.4 Cr | up ₹1.4 Cr | New |
| IDFC First Bank Limited | 1.21% | down 0.07 pts | ₹1.4 Cr | down ₹8 L | Trimmed |
| Syrma SGS Technology Limited | 1.20% | up 0.23 pts | ₹1.4 Cr | up ₹27 L | Added |
| Finolex Cables Limited | 1.19% | up 0.16 pts | ₹1.4 Cr | up ₹19 L | Added |
| Navin Fluorine International Limited | 1.19% | down 0.06 pts | ₹1.4 Cr | down ₹7 L | Trimmed |
| Glenmark Pharmaceuticals Limited | 1.19% | down 0.08 pts | ₹1.4 Cr | down ₹9 L | Trimmed |
| Solar Industries India Limited | 1.18% | down 0.03 pts | ₹1.4 Cr | down ₹3 L | Trimmed |
| RBL Bank Limited | 1.17% | up 0.06 pts | ₹1.4 Cr | up ₹8 L | Added |
| Bharat Heavy Electricals Limited | 1.17% | down 0.08 pts | ₹1.4 Cr | down ₹9 L | Trimmed |
| Torrent Pharmaceuticals Limited | 1.17% | down 0.07 pts | ₹1.4 Cr | down ₹8 L | Trimmed |
| Neuland Laboratories Limited | 1.16% | down 0.09 pts | ₹1.3 Cr | down ₹10 L | Trimmed |
| LT Foods Limited | 1.13% | up 1.13 pts | ₹1.3 Cr | up ₹1.3 Cr | New |
| Dr. Lal Path Labs Limited | 1.13% | up 0.03 pts | ₹1.3 Cr | up ₹3 L | Added |
| IPCA Laboratories Limited | 1.12% | down 0.03 pts | ₹1.3 Cr | down ₹3 L | Trimmed |
| Hindustan Copper Limited | 1.11% | down 0.13 pts | ₹1.3 Cr | down ₹14 L | Trimmed |
| Radico Khaitan Limited | 1.10% | down 0.03 pts | ₹1.3 Cr | down ₹4 L | Trimmed |
| Marico Limited | 1.10% | down 0.05 pts | ₹1.3 Cr | down ₹6 L | Trimmed |
| Elgi Equipments Limited | 1.04% | down 0.03 pts | ₹1.2 Cr | down ₹4 L | Trimmed |
| Gujarat Fluorochemicals Limited | 1.03% | down 0.07 pts | ₹1.2 Cr | down ₹8 L | Trimmed |
| GREAT EASTERN SHIPPING CO. LTD. | 1.02% | up 0.17 pts | ₹1.2 Cr | up ₹20 L | Added |
| FSN E-Commerce Ventures Limited | 1.02% | down 0.10 pts | ₹1.2 Cr | down ₹11 L | Trimmed |
What changed, Aug 2026 to Sep 2026
New New positions (14)
- Manipal Payment and Identity Solutions Ltd2.0% · ₹2.4 Cr
- HDFC Life Insurance Company Limited2.0% · ₹2.3 Cr
- Multi Commodity Exchange of India Limited1.3% · ₹1.6 Cr
- Kirloskar Oil Engines Limited1.3% · ₹1.5 Cr
- Ramkrishna Forgings Limited1.3% · ₹1.5 Cr
- Piramal Pharma Limited1.3% · ₹1.5 Cr
- Kalpataru Projects International Limited1.3% · ₹1.5 Cr
- INDO-MIM Ltd.1.3% · ₹1.5 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 Aug 2026, the weight rose most in IT - Services (+3.6 pts) and Insurance (+2.2 pts), and fell most in Finance (−6.5 pts) and Chemicals & Petrochemicals (−2.5 pts).
- IT - Services3.0% → 6.6%+3.6 pts
- Insurance0.0% → 2.2%new+2.2 pts
- Pharmaceuticals & Biotechnology12.1% → 13.8%+1.7 pts
- Industrial Manufacturing1.0% → 2.7%+1.7 pts
- Financial Technology (fintech)1.5% → 3.1%+1.5 pts
- Construction0.0% → 1.4%new+1.4 pts
- Finance10.3% → 3.8%−6.5 pts
- Chemicals & Petrochemicals7.2% → 4.7%−2.5 pts
- IT - Software2.6% → 1.0%−1.6 pts
- Food Products1.4% → 0.0%exited−1.4 pts
- Realty1.3% → 0.0%exited−1.3 pts
- Electrical Equipment2.4% → 1.3%−1.1 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 | Jun 2026 | Aug 2026 | Sep 2026 |
|---|---|---|---|
| Banks | 17.7% | 15.9% | 15.5% |
| Pharmaceuticals & Biotechnology | 10.2% | 12.1% | 13.8% |
| IT - Services | — | 3.0% | 6.6% |
| Industrial Products | 7.9% | 5.2% | 4.9% |
| Healthcare Services | 6.0% | 4.7% | 4.7% |
| Chemicals & Petrochemicals | 4.6% | 7.2% | 4.7% |
| Automobiles | — | 4.8% | 3.9% |
| Finance | 3.9% | 10.3% | 3.8% |
| Retailing | 3.4% | 2.6% | 3.5% |
| Consumer Durables | 2.8% | 3.4% | 3.4% |
Allocation in Sep 2026change vs Aug 2026
- Banks (10)15.5%▼ 0.4 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.
Cash & debt, Sep 2026
8.7%
▲ 5.8 pts vs Aug 2026
- Cash alone
- 8.7%
- cash and net receivables
- A year earlier
- —
- no disclosure
- Last 12 months
- 2.3% – 8.7%
- lowest to highest · record 8.7% in Sep 2026
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.