Funds/Sectoral / Thematic/HDFC Business Cycle Fund

HDFC Business Cycle Fund

HDFC Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI

The fund is positioned to benefit from economic recovery across cyclical sectors, with heavy concentration in financial services and consumer discretionary plays that thrive during growth phases. The manager's recent additions in fintech and defence suggest conviction in emerging structural themes within the cycle, while trimming ICICI Bank signals tactical profit-taking rather than sector conviction. The elevated cash position and 61-stock portfolio indicate a balanced approach, though top-10 concentration at 47% remains moderately high for a thematic fund.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹13.9900	+1.98%	-3.64%	-6.26%	+0.31%	+11.18%	—

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

25.75%

Top 10 Weight

42.43%

Active Share

—

Large Cap

38.03%

Gini

0.467

What Changed2026-03-31 → 2026-04-30

Holdings: 63 → 61+3 added−5 removed28 weight shifts ≥ 0.1%

Stock	Sector	Weight
PB Fintech Limited	Financial Technology (Fintech)	1.56%
Bharat Dynamics Limited	Aerospace & Defense	0.97%
NUVAMA WEALTH MANAGEMENT LTD.	Capital Markets	0.09%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	TREPS - Tri-party Repo		CASH_EQUIVALENT	7.01%
2	Bharti Airtel Ltd. INE397D01024	Telecom - Services	EQUITY	6.21%
3	Eternal Limited INE758T01015	Retailing	EQUITY	5.19%
4	ICICI Bank Ltd. INE090A01021	Banks	EQUITY	5.06%
5	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	4.96%
6	Titan Company Ltd. INE280A01028	Consumer Durables	EQUITY	4.33%
7	Anthem Biosciences Limited INE0CZ201020	Pharmaceuticals & Biotechnology	EQUITY	3.90%
8	HDFC Bank Ltd.£ INE040A01034	Banks	EQUITY	3.59%
9	Fortis Healthcare Limited INE061F01013	Healthcare Services	EQUITY	3.35%
10	Vishal Mega Mart Limited INE01EA01019	Retailing	EQUITY	3.10%
11	InterGlobe Aviation Ltd. INE646L01027	Transport Services	EQUITY	2.74%
12	Cholamandalam Investment & Finance Co. Ltd. INE121A01024	Finance	EQUITY	2.69%
13	Aptus Value Housing Finance India Ltd INE852O01025	Finance	EQUITY	2.68%
14	Aether Industries Ltd INE0BWX01014	Chemicals & Petrochemicals	EQUITY	2.45%
15	Bajaj Auto Limited INE917I01010	Automobiles	EQUITY	2.44%
16	Indusind Bank Ltd. INE095A01012	Banks	EQUITY	2.31%
17	Clean Max Enviro Energy Solutions Limited INE647U01026	Power	EQUITY	2.08%
18	Home First Finance Company India Ltd INE481N01025	Finance	EQUITY	1.94%
19	Eris Lifesciences Ltd INE406M01024	Pharmaceuticals & Biotechnology	EQUITY	1.91%
20	PB Fintech Limited INE417T01026	Financial Technology (Fintech)	EQUITY	1.56%

Sector Allocation

Banks16.3%

Retailing10.3%

Finance9.3%

Pharmaceuticals & Biotechnology8.2%

Telecom - Services6.2%

Consumer Durables4.6%

Chemicals & Petrochemicals3.5%

Healthcare Services3.4%

Power3.3%

Automobiles2.8%

Top 10 sectors by % to NAV. Excludes derivatives.