HDFC Business Cycle Fund

HDFC Mutual FundThematicPortfolio as of 31 July 2026

HDFC Business Cycle Fund holds 64 instruments (92.97% equity), led by Bharti Airtel Limited (6.17%), ICICI Bank Limited (5.46%) and Kotak Mahindra Bank Limited (4.8%), as of its 31 July 2026 SEBI-mandated monthly disclosure.

Holdings

Equity Allocation

92.97%

AMC

HDFC Mutual Fund

Portfolio Analysis

HDFC Business Cycle Fund's top 10 holdings account for 39.64% of its portfolio, more diversified than the Thematic category average of 50.4%. Financial Services is its largest sector exposure at 29.13% of net assets, spread across 11 sectors in total. Since its 30 June 2026 disclosure, the fund added 2 new positions and exited 2 positions, with ETERNAL LIMITED seeing the largest move (-2.74pp to 2.61%).

Top 10 Equity Holdings

Bharti Airtel Limited · 6.17%ICICI Bank Limited · 5.46%Kotak Mahindra Bank Limited · 4.8%Titan Company Limited · 4.58%Anthem Biosciences Limited · 3.94%HDFC Bank Limited · 3.31%Aether Industries Limited · 3.06%Fortis Healthcare Limited · 2.95%InterGlobe Aviation Limited · 2.76%ETERNAL LIMITED · 2.61%

What Changed: June 2026 → July 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.

2 new entries2 exits9 increased10 reduced

New Entries

GE Vernova T&D India Limited · 1.64%INDO-MIM LTD · 0.37%

Complete Exits

The Phoenix Mills Limited · was 0.29%Nuvama Wealth Management Limited · was 0.21%

Biggest Weight Increases

Stock	Weight	Change
Ksb Limited	0.53% → 1.27%	▲ +0.74
Le Travenues Technology Limited	0.52% → 0.95%	▲ +0.43
Titan Company Limited	4.19% → 4.58%	▲ +0.39
Aether Industries Limited	2.74% → 3.06%	▲ +0.32
Swiggy Limited	1.81% → 2.13%	▲ +0.32
Bharti Airtel Limited	5.87% → 6.17%	▲ +0.3
IndusInd Bank Limited	2.25% → 2.43%	▲ +0.18
ICICI Bank Limited	5.3% → 5.46%	▲ +0.16
Anthem Biosciences Limited	3.81% → 3.94%	▲ +0.13

Biggest Weight Reductions

Stock	Weight	Change
ETERNAL LIMITED	5.35% → 2.61%	▼ -2.74
Axis Bank Limited	1.49% → 0.58%	▼ -0.91
Aptus Value Housing Finance India Limited	2.77% → 1.9%	▼ -0.87
InterGlobe Aviation Limited	3.3% → 2.76%	▼ -0.54
Ambuja Cements Limited	0.86% → 0.32%	▼ -0.54
Cholamandalam Investment and Finance Company Limited	2.97% → 2.51%	▼ -0.46
WeWork India Management Limited	0.97% → 0.54%	▼ -0.43
Fortis Healthcare Limited	3.35% → 2.95%	▼ -0.4
Ceigall India Limited	0.62% → 0.22%	▼ -0.4
Vishal Mega Mart Limited	2.88% → 2.58%	▼ -0.3

Top Holdings — Weight Trend

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

Bharti Airtel Limited

6.17%

ICICI Bank Limited

5.46%

Kotak Mahindra Bank Limited

4.8%

Titan Company Limited

4.58%

Anthem Biosciences Limited

3.94%

Full Portfolio (64 holdings)

#	Holding	Sector	% to NAV
1	TREPS - Tri-party Repotreps	—	7.1%
2	Bharti Airtel Limited	Telecommunication	6.17%
3	ICICI Bank Limited	Financial Services	5.46%
4	Kotak Mahindra Bank Limited	Financial Services	4.8%
5	Titan Company Limited	Consumer Discretionary	4.58%
6	Anthem Biosciences Limited	Healthcare	3.94%
7	HDFC Bank Limited	Financial Services	3.31%
8	Aether Industries Limited	Materials	3.06%
9	Fortis Healthcare Limited	Healthcare	2.95%
10	InterGlobe Aviation Limited	Services	2.76%
11	ETERNAL LIMITED	Consumer Discretionary	2.61%
12	Vishal Mega Mart Limited	Consumer Discretionary	2.58%
13	Pearl Global Industries Limited	Consumer Discretionary	2.55%
14	Cholamandalam Investment and Finance Company Limited	Financial Services	2.51%
15	IndusInd Bank Limited	Financial Services	2.43%
16	Aadhar Housing Finance Limited	Financial Services	2.39%
17	Clean Max Enviro Energy Solutions Limited	Utilities	2.32%
18	Home First Finance Company India Limited	Financial Services	2.32%
19	Bajaj Auto Limited	Consumer Discretionary	2.28%
20	Swiggy Limited	Consumer Discretionary	2.13%
21	Aptus Value Housing Finance India Limited	Financial Services	1.9%
22	Eris Lifesciences Limited	Healthcare	1.86%
23	GE Vernova T&D India Limited	Industrials	1.64%
24	Acme Solar Holdings Limited	Utilities	1.62%
25	Bharat Dynamics Limited	Industrials	1.42%
26	PB Fintech Limited	Financial Services	1.42%
27	Mankind Pharma Limited	Healthcare	1.3%
28	Ksb Limited	Industrials	1.27%
29	ICICI Prudential Asset Management Company Limited	Financial Services	1.22%
30	Global Health Limited	Healthcare	1.15%
31	EMBASSY OFFICE PARKS REIT	Real Estate	1.1%
32	Chalet Hotels Limited	Consumer Discretionary	1.08%
33	6.68% Government of India 2040bond	—	1.06%
34	Bosch Limited	Consumer Discretionary	1.05%
35	SRF Limited	Materials	1.03%
36	Leela Palaces Hotels & Resorts Limited	Consumer Discretionary	0.98%
37	Le Travenues Technology Limited	Consumer Discretionary	0.95%
38	CG Power and Industrial Solutions Limited	Industrials	0.86%
39	Timken India Limited	Industrials	0.83%
40	Adani Ports and Special Economic Zone Limited	Services	0.74%
41	SAGILITY LIMITED	Information Technology	0.71%
42	Axis Bank Limited	Financial Services	0.58%
43	G R Infraprojects Limited	Industrials	0.55%
44	WeWork India Management Limited	Industrials	0.54%
45	Sona BLW Precision Forgings Limited	Consumer Discretionary	0.51%
46	RHI MAGNESITA INDIA LIMITED	Industrials	0.5%
47	PNC Infratech Limited	Industrials	0.46%
48	Brainbees Solutions Limited	Consumer Discretionary	0.44%
49	JSW Energy Limited	Utilities	0.42%
50	Shriram Finance Limited	Financial Services	0.42%
51	Ola Electric Mobility Limited	Consumer Discretionary	0.38%
52	INDO-MIM LTD	Industrials	0.37%
53	Awfis Space Solutions Limited	Industrials	0.33%
54	Ambuja Cements Limited	Materials	0.32%
55	Grindwell Norton Limited	Industrials	0.28%
56	Crompton Greaves Consumer Electricals Limited	Consumer Discretionary	0.26%
57	Sula Vineyards Limited	Consumer Staples	0.24%
58	Tata Motors Limited	Industrials	0.23%
59	Ceigall India Limited	Industrials	0.22%
60	AU Small Finance Bank Limited	Financial Services	0.21%
61	Star Health and Allied Insurance Company Limited	Financial Services	0.16%
62	Godrej Properties Limited	Real Estate	0.14%
63	Afcons Infrastructure Limited	Industrials	0.13%
64	Net Current Assetsother	—	-1.13%

Frequently Asked Questions

Yes. As of its 31 July 2026 disclosure, Bharti Airtel Limited is 6.17% of HDFC Business Cycle Fund's net assets — its number 1 holding.

Yes. As of its 31 July 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 July 2026 disclosure, Kotak Mahindra Bank Limited is 4.8% of HDFC Business Cycle Fund's net assets — its number 3 holding.

Yes. As of its 31 July 2026 disclosure, Titan Company Limited is 4.58% of HDFC Business Cycle Fund's net assets — its number 4 holding.

Yes. As of its 31 July 2026 disclosure, Anthem Biosciences Limited is 3.94% 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 July 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.