DSP Business Cycle Fund
DSP Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund has tilted decisively toward cyclical recovery plays, dumping IT heavyweights for banking and auto exposure as conviction in economic re-acceleration strengthens. The sharp pivot into ICICI Bank, elevated cash positioning, and deliberate exit from defensive IT stocks signal the manager believes growth drivers are shifting to domestic consumption and credit cycles. This concentrated bet on financial services and discretionary sectors makes the fund highly sensitive to interest rate and economic momentum shifts.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Regular Growth | ₹9.9760 | -0.36% | -3.75% | -3.13% | +3.69% | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
53
Top 5 Weight
29.08%
Top 10 Weight
44.47%
Active Share
—
Large Cap
55.42%
Gini
0.431
What Changed2026-03-31 → 2026-04-30
Holdings: 53 → 55+11 added−9 removed28 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| HDFC Bank Limited | 7.87% |
| Larsen & Toubro Limited | 3.49% |
| Maruti Suzuki India Limited | 3.04% |
| Asian Paints Limited | 2.72% |
| HDFC Life Insurance Company Limited | 1.50% |
| Hyundai Motor India Limited | 1.02% |
| Hero MotoCorp Limited | 1.01% |
| UltraTech Cement Limited | 0.99% |
| SBI Life Insurance Company Limited | 0.78% |
| Interglobe Aviation Limited | 0.48% |
| ICICI Prudential Life Insurance Company Limited | 0.44% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | TREPS / Reverse Repo Investments | 8.57% |
| 2 | HDFC Bank Limited INE040A01034 | 7.87% |
| 3 | Axis Bank Limited INE238A01034 | 6.98% |
| 4 | ICICI Bank Limited INE090A01021 | 6.66% |
| 5 | Mahindra & Mahindra Limited INE101A01026 | 4.08% |
| 6 | Larsen & Toubro Limited INE018A01030 | 3.49% |
| 7 | Bharti Airtel Limited INE397D01024 | 3.28% |
| 8 | Multi Commodity Exchange of India Limited INE745G01043 | 3.24% |
| 9 | NTPC Limited INE733E01010 | 3.11% |
| 10 | Maruti Suzuki India Limited INE585B01010 | 3.04% |
| 11 | Asian Paints Limited INE021A01026 | 2.72% |
| 12 | Voltas Limited INE226A01021 | 2.04% |
| 13 | Amber Enterprises India Limited INE371P01015 | 2.02% |
| 14 | Coforge Limited INE591G01025 | 1.95% |
| 15 | Nippon Life India Asset Management Limited INE298J01013 | 1.79% |
| 16 | Oberoi Realty Limited INE093I01010 | 1.72% |
| 17 | Gland Pharma Limited INE068V01023 | 1.63% |
| 18 | Kalpataru Projects International Limited INE220B01022 | 1.61% |
| 19 | HDFC Life Insurance Company Limited INE795G01014 | 1.50% |
| 20 | TVS Motor Company Limited INE494B01023 | 1.48% |
Sector Allocation
Banks23.0%
Automobiles10.6%
Consumer Durables8.4%
Capital Markets5.5%
Construction5.3%
Auto Components3.9%
Insurance3.7%
Pharmaceuticals & Biotechnology3.6%
Telecom - Services3.3%
Power3.1%
Top 10 sectors by % to NAV. Excludes derivatives.