HSBC Business Cycles Fund

HSBC Mutual FundThematicPortfolio as of 30 June 2026

HSBC Business Cycles Fund holds 73 instruments (96.92% equity), led by ICICI Bank Limited (5.52%), Mtar Technologies Limited (3.8%) and HDFC Bank Limited (3.33%), as of its 30 June 2026 SEBI-mandated monthly disclosure.

Holdings

Equity Allocation

96.92%

AMC

HSBC Mutual Fund

Portfolio Analysis

HSBC Business Cycles Fund's top 10 holdings account for 29.86% of its portfolio, more diversified than the Thematic category average of 50.4%. Financial Services is its largest sector exposure at 34.41% of net assets, spread across 8 sectors in total. Since its 31 May 2026 disclosure, the fund added 4 new positions and exited 2 positions, with Multi Commodity Exchange of India Limited seeing the largest move (-1.42pp to 1.58%).

Top 10 Equity Holdings

ICICI Bank Limited · 5.52%Mtar Technologies Limited · 3.8%HDFC Bank Limited · 3.33%Reliance Industries Limited · 2.81%InterGlobe Aviation Limited · 2.5%GE Vernova T&D India Limited · 2.47%ICICI Prudential Asset Management Company Limited · 2.39%Hindustan Aeronautics Limited · 2.36%Bharat Electronics Limited · 2.35%Larsen & Toubro Limited · 2.33%

What Changed: May 2026 → June 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.

4 new entries2 exits9 increased10 reduced

New Entries

Maruti Suzuki India Limited · 1.19%R R Kabel Limited · 0.61%Sterlite Technologies Limited · 0.52%JSW Steel Limited · 0.52%

Complete Exits

Tata Steel Limited · was 1.27%Motherson Sumi Wiring India Limited · was 0.51%

Biggest Weight Increases

Stock	Weight	Change
InterGlobe Aviation Limited	1.74% → 2.5%	▲ +0.76
FSN E-Commerce Ventures Limited	0.69% → 1.1%	▲ +0.41
Indo Count Industries Limited	0.86% → 1.16%	▲ +0.3
ICICI Bank Limited	5.22% → 5.52%	▲ +0.3
Jyoti CNC Automation Limited	0.97% → 1.21%	▲ +0.24
Gokaldas Exports Limited	1.07% → 1.3%	▲ +0.23
HDFC Bank Limited	3.22% → 3.33%	▲ +0.11
Shadowfax Technologies Limited	0.82% → 0.93%	▲ +0.11
Piramal Finance Limited	1.27% → 1.37%	▲ +0.1

Biggest Weight Reductions

Stock	Weight	Change
Multi Commodity Exchange of India Limited	3% → 1.58%	▼ -1.42
Hindalco Industries Limited	2.66% → 1.37%	▼ -1.29
ETERNAL LIMITED	1.96% → 1.44%	▼ -0.52
Mtar Technologies Limited	4.06% → 3.8%	▼ -0.26
ICICI Prudential Asset Management Company Limited	2.64% → 2.39%	▼ -0.25
GE Vernova T&D India Limited	2.66% → 2.47%	▼ -0.19
Reliance Industries Limited	2.97% → 2.81%	▼ -0.16
Swiggy Limited	1.44% → 1.29%	▼ -0.15
PB Fintech Limited	1.78% → 1.64%	▼ -0.14
UltraTech Cement Limited	1.97% → 1.86%	▼ -0.11

Top Holdings — Weight Trend

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

ICICI Bank Limited

5.52%

Mtar Technologies Limited

3.8%

HDFC Bank Limited

3.33%

Reliance Industries Limited

2.81%

InterGlobe Aviation Limited

2.5%

Full Portfolio (73 holdings)

#	Holding	Sector	% to NAV
1	ICICI Bank Limited	Financial Services	5.52%
2	Mtar Technologies Limited	Industrials	3.8%
3	TREPStreps	—	3.62%
4	HDFC Bank Limited	Financial Services	3.33%
5	Reliance Industries Limited	Energy	2.81%
6	InterGlobe Aviation Limited	Services	2.5%
7	GE Vernova T&D India Limited	Industrials	2.47%
8	ICICI Prudential Asset Management Company Limited	Financial Services	2.39%
9	Hindustan Aeronautics Limited	Industrials	2.36%
10	Bharat Electronics Limited	Industrials	2.35%
11	Larsen & Toubro Limited	Industrials	2.33%
12	RBL Bank Limited	Financial Services	2.22%
13	Power Finance Corporation Limited	Financial Services	2.16%
14	Ahluwalia Contracts (India) Limited	Industrials	1.99%
15	State Bank of India	Financial Services	1.99%
16	UltraTech Cement Limited	Materials	1.86%
17	Kotak Mahindra Bank Limited	Financial Services	1.83%
18	PNB Housing Finance Limited	Financial Services	1.71%
19	PB Fintech Limited	Financial Services	1.64%
20	Motilal Oswal Financial Services Limited	Financial Services	1.61%
21	Multi Commodity Exchange of India Limited	Financial Services	1.58%
22	APL Apollo Tubes Limited	Industrials	1.51%
23	Paradeep Phosphates Limited	Materials	1.5%
24	Electronics Mart India Limited	Consumer Discretionary	1.49%
25	Nippon Life India Asset Management Limited	Financial Services	1.47%
26	TVS Motor Company Limited	Consumer Discretionary	1.46%
27	ETERNAL LIMITED	Consumer Discretionary	1.44%
28	Piramal Finance Limited	Financial Services	1.37%
29	Hindalco Industries Limited	Materials	1.37%
30	ABB India Limited	Industrials	1.34%
31	Canara Robeco Asset Management Company Limited	Financial Services	1.32%
32	Gokaldas Exports Limited	Consumer Discretionary	1.3%
33	Swiggy Limited	Consumer Discretionary	1.29%
34	Amber Enterprises India Limited	Consumer Discretionary	1.27%
35	Time Technoplast Limited	Industrials	1.25%
36	Power Mech Projects Limited	Industrials	1.24%
37	Jyoti CNC Automation Limited	Industrials	1.21%
38	Blue Star Limited	Consumer Discretionary	1.21%
39	TITAGARH RAIL SYSTEMS LIMITED	Industrials	1.2%
40	Maruti Suzuki India Limited	Consumer Discretionary	1.19%
41	Indo Count Industries Limited	Consumer Discretionary	1.16%
42	Prudent Corporate Advisory Services Limited	Financial Services	1.14%
43	Mold-Tek Packaging Limited	Industrials	1.11%
44	FSN E-Commerce Ventures Limited	Consumer Discretionary	1.1%
45	Titan Company Limited	Consumer Discretionary	1.08%
46	Pine Labs Limited	Financial Services	1.08%
47	Gujarat Fluorochemicals Limited	Materials	1.06%
48	Sobha Limited	Real Estate	0.96%
49	Indian Hume Pipe Company Limited	Industrials	0.93%
50	Shadowfax Technologies Limited	Services	0.93%
51	Tata Motors Limited	Industrials	0.89%
52	Bansal Wire Industries Limited	Industrials	0.86%
53	Cholamandalam Investment and Finance Company Limited	Financial Services	0.8%
54	Wakefit Innovations Limited	Consumer Discretionary	0.77%
55	Kajaria Ceramics Limited	Consumer Discretionary	0.72%
56	Home First Finance Company India Limited	Financial Services	0.72%
57	KEC International Limited	Industrials	0.7%
58	Epigral Limited	Materials	0.7%
59	Devyani International Limited	Consumer Discretionary	0.61%
60	R R Kabel Limited	Industrials	0.61%
61	Lenskart Solutions Limited	Consumer Discretionary	0.6%
62	Billionbrains Garage Ventures Limited	Financial Services	0.53%
63	Sterlite Technologies Limited	Telecommunication	0.52%
64	JSW Steel Limited	Materials	0.52%
65	Pitti Engineering Limited	Industrials	0.49%
66	Bharat Bijlee Limited	Industrials	0.43%
67	Amara Raja Energy & Mobility Limited	Consumer Discretionary	0.43%
68	Awfis Space Solutions Limited	Industrials	0.38%
69	PNC Infratech Limited	Industrials	0.38%
70	Ganesha Ecosphere Limited	Consumer Discretionary	0.34%
71	PG Electroplast Limited	Consumer Discretionary	0.3%
72	Hi-Tech Pipes Limited	Industrials	0.19%
73	Net Current Assets (including cash & bank balances)other	—	-0.54%

Frequently Asked Questions

Yes. As of its 30 June 2026 disclosure, ICICI Bank Limited is 5.52% of HSBC Business Cycles Fund's net assets — its number 1 holding.

Yes. As of its 30 June 2026 disclosure, Mtar Technologies Limited is 3.8% of HSBC Business Cycles Fund's net assets — its number 2 holding.

Yes. As of its 30 June 2026 disclosure, HDFC Bank Limited is 3.33% of HSBC Business Cycles Fund's net assets — its number 3 holding.

Yes. As of its 30 June 2026 disclosure, Reliance Industries Limited is 2.81% of HSBC Business Cycles Fund's net assets — its number 4 holding.

Yes. As of its 30 June 2026 disclosure, InterGlobe Aviation Limited is 2.5% of HSBC Business Cycles 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: HSBC Mutual Fund's SEBI-mandated monthly portfolio disclosure, dated 30 June 2026. Data is for information only, not investment advice. Holdings may have changed since the disclosure date.