HDFC Business Cycle Fund

HDFC Mutual FundThematicPortfolio as of 31 August 2026

HDFC Business Cycle Fund holds 68 instruments (94.53% equity), led by Bharti Airtel Limited (5.6%), ICICI Bank Limited (5.46%) and Kotak Mahindra Bank Limited (5.1%), as of its 31 August 2026 SEBI-mandated monthly disclosure.

Holdings
68
Equity Allocation
94.53%
AMC
HDFC Mutual Fund
Category
Thematic

This page shows the complete disclosed portfolio of HDFC Business Cycle Fund, managed by HDFC Mutual Fund, based on its monthly portfolio disclosure dated 31 August 2026. The fund holds 68 instruments with an equity allocation of 94.53%. Percentages are of net assets (% to NAV). Click any stock to see every other mutual fund that also holds it.

Portfolio Analysis

HDFC Business Cycle Fund's top 10 holdings account for 39.91% of its portfolio, more diversified than the Thematic category average of 49.2%. Financial Services is its largest sector exposure at 29.07% of net assets, spread across 10 sectors in total. Since its 31 July 2026 disclosure, the fund added 5 new positions and exited 1 position, with Fortis Healthcare Limited seeing the largest move (-1.03pp to 1.92%).

Sector Breakdown

Equity holdings grouped by sector, % to NAV. "Other" covers debt, cash and other non-equity instruments, plus any equity holding without a classified sector.

Financial Services
29.07%
Consumer Discretionary
25.05%
Healthcare
10.99%
Industrials
9.76%
Telecommunication
5.6%
Other
5.47%
Materials
4.37%
Utilities
4.29%
Services
3.96%
Real Estate
1.23%
Consumer Staples
0.21%

Top 10 Equity Holdings

What Changed: July 2026 → August 2026

Equity holdings compared between the fund's two latest monthly disclosures. Weights are % to NAV; weight moves can also reflect price changes, not only buying or selling.

5 new entries1 exit10 increased8 reduced

Biggest Weight Increases

StockWeightChange
Pearl Global Industries Limited2.55% → 3%▲ +0.45
Anthem Biosciences Limited3.94% → 4.3%▲ +0.36
Kotak Mahindra Bank Limited4.8% → 5.1%▲ +0.3
PB Fintech Limited1.42% → 1.65%▲ +0.23
Bosch Limited1.05% → 1.26%▲ +0.21
ETERNAL LIMITED2.61% → 2.8%▲ +0.19
Le Travenues Technology Limited0.95% → 1.12%▲ +0.17
Titan Company Limited4.58% → 4.73%▲ +0.15
Acme Solar Holdings Limited1.62% → 1.77%▲ +0.15
Leela Palaces Hotels & Resorts Limited0.98% → 1.12%▲ +0.14

Biggest Weight Reductions

StockWeightChange
Fortis Healthcare Limited2.95% → 1.92%▼ -1.03
Bharti Airtel Limited6.17% → 5.6%▼ -0.57
HDFC Bank Limited3.31% → 3.09%▼ -0.22
Clean Max Enviro Energy Solutions Limited2.32% → 2.13%▼ -0.19
Aadhar Housing Finance Limited2.39% → 2.23%▼ -0.16
PNC Infratech Limited0.46% → 0.35%▼ -0.11
Aptus Value Housing Finance India Limited1.9% → 1.79%▼ -0.11
Eris Lifesciences Limited1.86% → 1.76%▼ -0.1

Top Holdings — Weight Trend

% to NAV of the fund's current top holdings over its last 6 monthly disclosures (Mar – Aug 2026).

Mar: 6.54%, Apr: 6.21%, May: 6.08%, Jun: 5.87%, Jul: 6.17%, Aug: 5.6%
5.6%
Mar: 6.98%, Apr: 5.06%, May: 5.08%, Jun: 5.3%, Jul: 5.46%, Aug: 5.46%
5.46%
Mar: 4.98%, Apr: 4.96%, May: 5.03%, Jun: 4.89%, Jul: 4.8%, Aug: 5.1%
5.1%
Mar: 4.36%, Apr: 4.33%, May: 4.07%, Jun: 4.19%, Jul: 4.58%, Aug: 4.73%
4.73%
Mar: 3.75%, Apr: 3.9%, May: 3.94%, Jun: 3.81%, Jul: 3.94%, Aug: 4.3%
4.3%

Full Portfolio (68 holdings)

#HoldingSector% to NAV
1Bharti Airtel LimitedTelecommunication5.6%
2ICICI Bank LimitedFinancial Services5.46%
3Kotak Mahindra Bank LimitedFinancial Services5.1%
4TREPS - Tri-party Repotreps—4.78%
5Titan Company LimitedConsumer Discretionary4.73%
6Anthem Biosciences LimitedHealthcare4.3%
7HDFC Bank LimitedFinancial Services3.09%
8Aether Industries LimitedMaterials3.08%
9Pearl Global Industries LimitedConsumer Discretionary3%
10ETERNAL LIMITEDConsumer Discretionary2.8%
11InterGlobe Aviation LimitedServices2.75%
12Vishal Mega Mart LimitedConsumer Discretionary2.63%
13Cholamandalam Investment and Finance Company LimitedFinancial Services2.49%
14IndusInd Bank LimitedFinancial Services2.41%
15Bajaj Auto LimitedConsumer Discretionary2.37%
16Home First Finance Company India LimitedFinancial Services2.25%
17Aadhar Housing Finance LimitedFinancial Services2.23%
18Clean Max Enviro Energy Solutions LimitedUtilities2.13%
19Swiggy LimitedConsumer Discretionary2.08%
20Fortis Healthcare LimitedHealthcare1.92%
21Aptus Value Housing Finance India LimitedFinancial Services1.79%
22Acme Solar Holdings LimitedUtilities1.77%
23Eris Lifesciences LimitedHealthcare1.76%
24GE Vernova T&D India LimitedIndustrials1.67%
25PB Fintech LimitedFinancial Services1.65%
26Bharat Dynamics LimitedIndustrials1.43%
27Bosch LimitedConsumer Discretionary1.26%
28Mankind Pharma LimitedHealthcare1.26%
29DHOOT TRANSMISSION LTDConsumer Discretionary1.22%
30Global Health LimitedHealthcare1.2%
31ICICI Prudential Asset Management Company LimitedFinancial Services1.19%
32Chalet Hotels LimitedConsumer Discretionary1.18%
33Ksb LimitedIndustrials1.18%
34Le Travenues Technology LimitedConsumer Discretionary1.12%
35Leela Palaces Hotels & Resorts LimitedConsumer Discretionary1.12%
36EMBASSY OFFICE PARKS REITReal Estate1.09%
376.68% Government of India 2040bond—1.04%
38SRF LimitedMaterials1%
39CG Power and Industrial Solutions LimitedIndustrials0.9%
40Timken India LimitedIndustrials0.82%
41Adani Ports and Special Economic Zone LimitedServices0.69%
42Axis Bank LimitedFinancial Services0.61%
43Torrent Pharmaceuticals LimitedHealthcare0.55%
44G R Infraprojects LimitedIndustrials0.54%
45Sona BLW Precision Forgings LimitedConsumer Discretionary0.53%
46SHIPROCKET LTDServices0.52%
47WeWork India Management LimitedIndustrials0.49%
48RHI MAGNESITA INDIA LIMITEDIndustrials0.47%
49Shriram Finance LimitedFinancial Services0.44%
50Ola Electric Mobility LimitedConsumer Discretionary0.4%
51JSW Energy LimitedUtilities0.39%
52Brainbees Solutions LimitedConsumer Discretionary0.38%
53PNC Infratech LimitedIndustrials0.35%
54INDO-MIM LTDIndustrials0.33%
55Awfis Space Solutions LimitedIndustrials0.3%
56Ambuja Cements LimitedMaterials0.29%
57Grindwell Norton LimitedIndustrials0.26%
58Tata Motors LimitedIndustrials0.25%
59Crompton Greaves Consumer Electricals LimitedConsumer Discretionary0.23%
60TEMPSENS INSTRUMENTS INDIA LIndustrials0.23%
61AU Small Finance Bank LimitedFinancial Services0.21%
62Ceigall India LimitedIndustrials0.21%
63Sula Vineyards LimitedConsumer Staples0.21%
64LUMINO INDUSTRIES LTDIndustrials0.19%
65Star Health and Allied Insurance Company LimitedFinancial Services0.15%
66Afcons Infrastructure LimitedIndustrials0.14%
67Godrej Properties LimitedReal Estate0.14%
68Net Current Assetsother—-0.35%

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Frequently Asked Questions

Yes. As of its 31 August 2026 disclosure, Bharti Airtel Limited is 5.6% of HDFC Business Cycle Fund's net assets — its number 1 holding.
Yes. As of its 31 August 2026 disclosure, ICICI Bank Limited is 5.46% of HDFC Business Cycle Fund's net assets — its number 2 holding.
Yes. As of its 31 August 2026 disclosure, Kotak Mahindra Bank Limited is 5.1% of HDFC Business Cycle Fund's net assets — its number 3 holding.
Yes. As of its 31 August 2026 disclosure, Titan Company Limited is 4.73% of HDFC Business Cycle Fund's net assets — its number 4 holding.
Yes. As of its 31 August 2026 disclosure, Anthem Biosciences Limited is 4.3% of HDFC Business Cycle Fund's net assets — its number 5 holding.

New to reading these? See How to Read a Mutual Fund's Monthly Portfolio Disclosure, or check terms like % to NAV in the glossary.

Source: HDFC Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 31 August 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.