Motilal Oswal Business Cycle Fund
The Motilal Oswal Business Cycle Fund remains heavily concentrated in cyclical recovery plays, with nearly 40% anchored in just five holdings spanning IT services, consumer discretionary, and specialty chemicals. The manager's conviction in mid-cap cyclicals is evident from the elevated cash position, suggesting readiness to deploy rather than panic, though the modest rebalancing—trimming Persistent Systems while adding to Ellenbarrie—signals tactical profit-taking in software while doubling down on industrial gases exposure. This positioning tilts toward late-cycle beneficiaries poised to gain from domestic consumption and capex upcycles.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹11.1269 | — | — | — | — | — | — |
| Regular Growth | ₹10.8674 | -0.39% | -5.50% | -17.60% | -9.82% | — | — |
| Direct IDCW | ₹11.1262 | — | — | — | — | — | — |
| Regular IDCW | ₹10.8675 | — | — | — | — | — | — |
Portfolio Metrics(latest month)
What Changed2026-03-31 → 2026-04-30
| Stock | Weight |
|---|---|
| TRP_040526 | 2.51% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Kalyan Jewellers India Limited INE303R01014 | 9.20% |
| 2 | Persistent Systems Ltd INE262H01021 | 8.63% |
| 3 | Eternal Limited INE758T01015 | 8.07% |
| 4 | Coforge Limited INE591G01025 | 7.23% |
| 5 | HealthCare Global Enterprises Ltd. INE075I01017 | 6.55% |
| 6 | ICICI Bank Ltd INE090A01021 | 5.20% |
| 7 | Ellenbarrie Industrial Gases Limited INE236E01022 | 5.06% |
| 8 | PG Electroplast Limited INE457L01029 | 5.05% |
| 9 | HDFC Bank Ltd INE040A01034 | 4.39% |
| 10 | Bharti Airtel Ltd INE397D01024 | 3.95% |
| 11 | CG Power and Industrial Solutions Limited INE067A01029 | 3.42% |
| 12 | Neuland Laboratories Ltd INE794A01010 | 3.28% |
| 13 | Indusind Bank Ltd INE095A01012 | 3.09% |
| 14 | Dr Reddys Laboratories Ltd INE089A01031 | 3.00% |
| 15 | Apollo Hospitals Enterprise Limited INE437A01024 | 2.78% |
| 16 | Net Receivables / (Payables) | 2.74% |
| 17 | AU Small Finance Bank Limited INE949L01017 | 2.69% |
| 18 | TRP_040526 CBLO | 2.51% |
| 19 | Kotak Mahindra Bank Ltd INE237A01036 | 2.44% |
| 20 | Muthoot Finance Ltd INE414G01012 | 2.43% |
Sector Allocation
Top 10 sectors by % to NAV. Excludes derivatives.