ICICI Prudential Business Cycle Fund
ICICI Prudential Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The portfolio remains heavily anchored to cyclical recovery plays, with banking dominating at over 23 percent and automobiles plus construction together representing a third of holdings. Recent shifts—trimming defensive utilities and LIC while adding energy and infrastructure picks—suggest the manager is doubling down on an economy accelerating through the cycle. The concentrated top-10 stance of nearly 50 percent signals conviction in large-cap quality plays rather than broad exposure.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Primary | ₹25.5700 | -0.27% | -5.40% | -6.06% | +3.56% | +20.13% | +18.51% |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
79
Top 5 Weight
33.41%
Top 10 Weight
49.36%
Active Share
—
Large Cap
72.03%
Gini
0.613
What Changed2026-03-31 → 2026-04-30
Holdings: 84 → 82+5 added−7 removed25 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| Hindustan Petroleum Corporation Ltd. | 0.25% |
| SIEMENS ENERGY INDIA LTD | 0.11% |
| 182 Days Treasury Bills | 0.23% |
| 182 Days Treasury Bills | 0.09% |
| 91 Days Treasury Bills | 0.02% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | HDFC Bank Ltd. INE040A01034 | 9.35% |
| 2 | ICICI Bank Ltd. INE090A01021 | 7.20% |
| 3 | Larsen & Toubro Ltd. INE018A01030 | 7.05% |
| 4 | Reliance Industries Ltd. INE002A01018 | 5.77% |
| 5 | Maruti Suzuki India Ltd. INE585B01010 | 4.05% |
| 6 | Axis Bank Ltd. INE238A01034 | 3.35% |
| 7 | Ultratech Cement Ltd. INE481G01011 | 3.20% |
| 8 | Bharti Airtel Ltd. INE397D01024 | 3.15% |
| 9 | NTPC Ltd. INE733E01010 | 3.14% |
| 10 | Kotak Mahindra Bank Ltd. INE237A01036 | 3.10% |
| 11 | Xtrackers Harvest CSI 300 China A-Shares ETF US2330518794 | 2.98% |
| 12 | HDFC Life Insurance Company Ltd. INE795G01014 | 2.84% |
| 13 | TREPS | 2.76% |
| 14 | DLF Ltd. INE271C01023 | 2.66% |
| 15 | Hero Motocorp Ltd. INE158A01026 | 2.08% |
| 16 | Asian Paints Ltd. INE021A01026 | 2.05% |
| 17 | Mahindra & Mahindra Ltd. INE101A01026 | 1.86% |
| 18 | Cummins India Ltd. INE298A01020 | 1.86% |
| 19 | SBI Life Insurance Company Ltd. INE123W01016 | 1.69% |
| 20 | Interglobe Aviation Ltd. INE646L01027 | 1.69% |
Sector Allocation
Banks23.1%
Automobiles10.6%
Construction7.0%
Insurance6.1%
Petroleum Products6.0%
Realty5.0%
Power4.5%
Cement & Cement Products4.4%
Industrial Products3.7%
Telecom - Services3.1%
Top 10 sectors by % to NAV. Excludes derivatives.