Axis Business Cycles Fund
Axis Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund maintains a cyclical tilt with heavy banking and construction exposure, betting on economic recovery and infrastructure momentum. The manager's conviction shows through a focused top-10 representing nearly 30% of assets, though recent portfolio turnover—adding 15 names while exiting 13—suggests tactical repositioning toward value plays in financials and auto components while trimming defensive consumer stocks. This signals confidence in near-term growth but wariness about valuations in secular gainers.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹16.7800 | — | — | — | — | — | — |
| Regular Growth | ₹16.0800 | +2.29% | -2.55% | -4.06% | +1.71% | +14.58% | — |
| Direct IDCW | ₹16.7700 | — | — | — | — | — | — |
| Regular IDCW | ₹16.0800 | — | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
82
Top 5 Weight
16.80%
Top 10 Weight
29.07%
Active Share
—
Large Cap
47.42%
Gini
0.351
What Changed2026-03-31 → 2026-04-30
Holdings: 81 → 83+15 added−13 removed25 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| HDFC Asset Management Company Limited | 1.01% |
| PNB Housing Finance Limited | 0.98% |
| Bosch Limited | 0.96% |
| Coforge Limited | 0.93% |
| Bandhan Bank Limited | 0.72% |
| Page Industries Limited | 0.68% |
| Welspun Corp Limited | 0.63% |
| Hindustan Aeronautics Limited | 0.36% |
| Sapphire Foods India Limited | 0.29% |
| 360 One WAM Limited | 0.26% |
| Deepak Nitrite Limited | 0.07% |
| NIFTY 23600 Put May 2026 Option | 0.05% |
| Bank Nifty Index 56000 Call May 2026 Option | 0.03% |
| NIFTY 23500 Put May 2026 Option | 0.01% |
| NIFTY 24500 Call May 2026 Option | 0.01% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Larsen & Toubro Limited INE018A01030 | 4.00% |
| 2 | Axis Bank Limited INE238A01034 | 3.47% |
| 3 | ICICI Bank Limited INE090A01021 | 3.39% |
| 4 | HDFC Bank Limited INE040A01034 | 3.18% |
| 5 | UltraTech Cement Limited INE481G01011 | 2.76% |
| 6 | Kotak Mahindra Bank Limited INE237A01036 | 2.61% |
| 7 | Mahindra & Mahindra Limited INE101A01026 | 2.54% |
| 8 | Net Receivables / (Payables) | 2.49% |
| 9 | Reliance Industries Limited INE002A01018 | 2.45% |
| 10 | Bharti Airtel Limited INE397D01024 | 2.42% |
| 11 | NTPC Limited INE733E01010 | 2.25% |
| 12 | IndusInd Bank Limited INE095A01012 | 2.22% |
| 13 | Aether Industries Limited INE0BWX01014 | 2.01% |
| 14 | BSE Limited INE118H01025 | 1.99% |
| 15 | Hindustan Unilever Limited INE030A01027 | 1.84% |
| 16 | Cummins India Limited INE298A01020 | 1.79% |
| 17 | One 97 Communications Limited INE982J01020 | 1.72% |
| 18 | Jindal Steel Limited INE749A01030 | 1.66% |
| 19 | Aarti Industries Limited INE769A01020 | 1.55% |
| 20 | Bharat Heavy Electricals Limited INE257A01026 | 1.48% |
Sector Allocation
Banks17.5%
Chemicals & Petrochemicals6.5%
Finance5.1%
Auto Components4.9%
Industrial Products4.8%
Construction4.0%
Electrical Equipment4.0%
Cement & Cement Products3.6%
Automobiles3.6%
IT - Software3.4%
Top 10 sectors by % to NAV. Excludes derivatives.