What stocks does Axis Business Cycles Fund hold?

Axis Business Cycles Fund holds a portfolio of Indian equity stocks disclosed monthly by Axis Mutual Fund to AMFI. The complete current holdings with weights and month-over-month changes are available on this page. Data is sourced from official AMFI portfolio disclosures.

Which AMC manages Axis Business Cycles Fund?

Axis Business Cycles Fund is managed by Axis Mutual Fund, a SEBI-registered Asset Management Company in India.

What category is Axis Business Cycles Fund?

Axis Business Cycles Fund is classified as a Equity mutual fund under SEBI's mutual fund categorisation framework.

How often is Axis Business Cycles Fund portfolio data updated?

Portfolio holdings for Axis Business Cycles Fund are updated monthly. SEBI mandates all AMCs to disclose their complete portfolio within 10 days of each month end. RightAdvise sources this data directly from official AMFI portfolio disclosures.

← Axis Mutual Fund

Axis Business Cycles Fund - Direct Plan - Growth

Equity Data as of Oct 2026 Comparing Sep 2026 → Oct 2026

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Stocks Held

Oct 2026

Equity Holdings

₹1,902.12 Cr

Equity only, excl. debt & cash

AAUM

₹2,121.08 Cr

Jul-Sep 2026 · Direct + Regular

Top 5 Weight

18.3%

Diversified

Top 10 Weight

30.9%

Diversified

Changes

2 new · 3 exits

Top Sector

Banks

18.5% of portfolio

Launch Date

02 Feb 2023

3 years old

AAUM (Average Assets Under Management) of ₹2,121.08 Cr for Jul-Sep 2026 is the combined figure across Direct and Regular plans — sourced from AMFI India's quarterly disclosure. Equity Holdings above shows only the stock portion from the latest portfolio filing.

📋 What Happened This Month Axis Business Cycles Fund made 2 new additions and exited 3 stocks this month. The biggest new buy was GE Vernova T&D India Limited (Electrical Equipment) at 0.75% weight. Vedanta Aluminium Metal Limited was the biggest exit (Metals & Minerals Trading), which was held at 0.92%. Among existing holdings, Syngene International Limited saw the biggest increase — now at 0.65% of the portfolio. One 97 Communications Limited was trimmed the most, now at 1.02%. Larsen & Toubro Limited remains the top holding with Banks the dominant sector at 18.5%. ↓ Scroll down for full holdings, sector allocation and month-on-month changes in detail.

How Has the NAV Performed?

1 year history · Axis Business Cycles Fund - Direct Plan - Growth

+4.91%

-0.44%

+7.90%

+4.37%

Latest NAV

₹18.16

13 Nov 2026

52W High

₹18.42

-1% from High

52W Low

₹15.10

+20% from Low

Calendar Year Returns

Jan 1 to Dec 31 each year. Simple point-to-point — not CAGR.

2025

+4.5%

2024

+21.1%

Rolling Returns

Performance across every possible investment start date.

1Y Rolling Avg

16.1%

+ve in 92% windows

49.8% / -5.1%

3Y Rolling Avg

15.6% p.a.

+ve in 100% windows

20.0% / 10.6%

Crisis Period Behaviour

"Pre-inception" = fund didn't exist during that period.

2024–25 Tariff

-19.2%

Rec: Jul 2026 (1yr 11mo)

COVID-19 Crash

Pre-inception

Rec: N/A

2022 Rate Hike

Pre-inception

Rec: N/A

2018 IL&FS

Pre-inception

Rec: N/A

Risk Ratios

3 years daily NAV · Risk-free rate 6.5% p.a. · CAGR, Sharpe Ratio & Standard Deviation — Mutual Fund Guide →

Sharpe Ratio (3Y)

0.39

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

0.54

Penalises downside volatility only.

Std Deviation (3Y)

15.0%

Lower = more consistent returns.

NAV Chart ₹18.16 13 Nov 2026

Simple Moving Avg: Click to draw · click again to remove

Axis Business Cycles Fund - Direct Plan - Growth

Chart shows indexed performance (base = 100). Actual NAV: ₹18.16

Sector Shift Industry allocation month-over-month

Aug 2026 → Sep 2026

Sector	Prev	Curr ▼	Delta
Banks	17.6%	17.5%	▼ -0.2%
Auto Components	7.1%	7.2%	● +0.1%
Chemicals & Petrochemicals	6.2%	6.9%	▲ +0.8%
Finance	5.1%	5.0%	● 0.0%
Industrial Products	4.4%	4.8%	▲ +0.4%
Retailing	4.9%	4.2%	▼ -0.7%
Pharmaceuticals & Biotechnology	2.6%	4.1%	▲ +1.5%
Construction	3.8%	3.8%	● -0.1%
IT - Software	4.2%	3.6%	▼ -0.5%
Cement & Cement Products	3.7%	3.6%	▼ -0.1%

Sep 2026 → Oct 2026

Sector	Prev	Curr ▼	Delta
Banks	17.5%	18.5%	▲ +1.1%
Auto Components	7.2%	6.7%	▼ -0.5%
Chemicals & Petrochemicals	6.9%	6.1%	▼ -0.9%
Industrial Products	4.8%	4.9%	▲ +0.1%
Finance	5.0%	4.7%	▼ -0.3%
Pharmaceuticals & Biotechnology	4.1%	4.5%	▲ +0.4%
IT - Software	3.6%	4.4%	▲ +0.8%
Construction	3.8%	4.1%	▲ +0.3%
Retailing	4.2%	3.8%	▼ -0.4%
Cement & Cement Products	3.6%	3.6%	● 0.0%

🟢

Biggest New Buy

GE Vernova T&D India Limited

0.75% weight · Electrical Equipment

🔴

Biggest Exit

Vedanta Aluminium Metal Limited

0.92% was held · Metals & Minerals Trading

↑

Biggest Add

Syngene International Limited

+0.59% · now 0.65%

↓

Biggest Trim

One 97 Communications Limited

-0.94% · now 1.02%

🤝 Other funds also bought this month

Bonfiglioli Transmissions Ltd. 47 funds

GE Vernova T&D India Limited 25 funds

👋 Other funds also exited

Vedanta Aluminium Metal Limited 18 funds

Jyoti CNC Automation Ltd 9 funds

S.J.S. Enterprises Limited 8 funds

What Changed in the Portfolio This Month?

Comparing Sep 2026 → Oct 2026

Sep 2026 → Oct 2026

🟢 2 New Entries 🔴 3 Exits ↑ 34 Increased ↓ 41 Decreased

#	Stock	Sector	Weight (Oct 2026)
1	GE Vernova T&D India Limited ₹14.73 Cr	Electrical Equipment	0.75%
2	Bonfiglioli Transmissions Ltd. ₹5.60 Cr	Industrial Manufacturing	0.29%

#	Stock	Sector	Last Weight (Sep 2026)
1	Vedanta Aluminium Metal Limited ₹18.70 Cr	Metals & Minerals Trading	0.92%
2	S.J.S. Enterprises Limited ₹10.01 Cr	Auto Components	0.49%
3	Jyoti CNC Automation Ltd ₹4.51 Cr	Industrial Manufacturing	0.22%

#	Stock	Sector	Sep 2026	Oct 2026	Change
1	Syngene International Limited ₹12.84 Cr	Healthcare Services	0.06%	0.65%	+0.59%
2	Cyient DLM Ltd ₹12.06 Cr	Aerospace & Defense	0.10%	0.61%	+0.51%
3	InterGlobe Aviation Limited ₹15.25 Cr	Transport Services	0.30%	0.78%	+0.48%
4	Bharti Airtel Limited ₹56.51 Cr	Telecom - Services	2.47%	2.88%	+0.41%
5	Kotak Mahindra Bank Limited ₹61.41 Cr	Banks	2.72%	3.13%	+0.41%
6	HCL Technologies Limited ₹46.03 Cr	IT - Software	1.94%	2.35%	+0.41%
7	Dr. Reddy's Laboratories Limited ₹11.99 Cr	Pharmaceuticals & Biotechnology	0.20%	0.61%	+0.41%
8	ICICI Bank Limited ₹77.46 Cr	Banks	3.59%	3.95%	+0.36%
9	Canara Bank ₹25.29 Cr	Banks	0.98%	1.29%	+0.31%
10	United Spirits Limited ₹19.54 Cr	Beverages	0.71%	1.00%	+0.29%
11	Larsen & Toubro Limited ₹79.66 Cr	Construction	3.79%	4.06%	+0.27%
12	PTC Industries Limited ₹48.90 Cr	Industrial Products	2.22%	2.49%	+0.27%
13	Aurobindo Pharma Limited ₹25.52 Cr	Pharmaceuticals & Biotechnology	1.09%	1.30%	+0.21%
14	Eternal Limited ₹34.20 Cr	Retailing	1.56%	1.74%	+0.18%
15	Sona BLW Precision Forgings Limited ₹33.11 Cr	Auto Components	1.51%	1.69%	+0.18%
16	Mphasis Limited ₹16.18 Cr	IT - Software	0.68%	0.82%	+0.14%
17	Axis Bank Limited ₹72.91 Cr	Banks	3.60%	3.72%	+0.12%
18	Coforge Limited ₹12.74 Cr	IT - Software	0.53%	0.65%	+0.12%
19	Marico Limited ₹13.59 Cr	Agricultural Food & other Products	0.57%	0.69%	+0.12%
20	Tech Mahindra Limited ₹11.49 Cr	IT - Software	0.48%	0.59%	+0.11%
21	TD Power Systems Limited ₹25.58 Cr	Electrical Equipment	1.19%	1.30%	+0.11%
22	OnEMI Technology Solutions Limited ₹7.68 Cr	N.A.	0.32%	0.39%	+0.07%
23	Hindustan Aeronautics Limited ₹14.70 Cr	Aerospace & Defense	0.69%	0.75%	+0.06%
24	Gland Pharma Limited ₹11.20 Cr	Pharmaceuticals & Biotechnology	0.51%	0.57%	+0.06%
25	HDFC Bank Limited ₹66.52 Cr	Banks	3.34%	3.39%	+0.05%
26	Bosch Limited ₹25.97 Cr	Auto Components	1.27%	1.32%	+0.05%
27	Shriram Pistons & Rings Limited ₹13.45 Cr	Auto Components	0.64%	0.69%	+0.05%
28	Reliance Industries Limited ₹43.40 Cr	Petroleum Products	2.17%	2.21%	+0.04%
29	NTPC Limited ₹27.01 Cr	Power	1.35%	1.38%	+0.03%
30	Grasim Industries Limited ₹53.01 Cr	Cement & Cement Products	2.67%	2.70%	+0.03%
31	Bajaj Finance Limited ₹29.65 Cr	Finance	1.49%	1.51%	+0.02%
32	Oil & Natural Gas Corporation Limited ₹12.54 Cr	Oil	0.62%	0.64%	+0.02%
33	Alkem Laboratories Limited ₹12.35 Cr	Pharmaceuticals & Biotechnology	0.61%	0.63%	+0.02%
34	SBI Life Insurance Company Limited ₹7.66 Cr	Insurance	0.38%	0.39%	+0.01%

#	Stock	Sector	Sep 2026	Oct 2026	Change
1	One 97 Communications Limited ₹20.11 Cr	Financial Technology (Fintech)	1.96%	1.02%	-0.94%
2	Aether Industries Limited ₹42.26 Cr	Chemicals & Petrochemicals	2.58%	2.15%	-0.43%
3	Swiggy Limited ₹9.29 Cr	Retailing	0.83%	0.47%	-0.36%
4	Mankind Pharma Limited ₹15.06 Cr	Pharmaceuticals & Biotechnology	1.08%	0.77%	-0.31%
5	CreditAccess Grameen Limited ₹22.17 Cr	Finance	1.44%	1.13%	-0.31%
6	Aarti Industries Limited ₹4.06 Cr	Chemicals & Petrochemicals	0.48%	0.21%	-0.27%
7	Titagarh Rail Systems Limited ₹18.29 Cr	Industrial Manufacturing	1.12%	0.93%	-0.19%
8	Vishal Mega Mart Limited ₹22.95 Cr	Retailing	1.35%	1.17%	-0.18%
9	Hindustan Copper Limited ₹16.88 Cr	Non - Ferrous Metals	0.98%	0.86%	-0.12%
10	Endurance Technologies Limited ₹18.37 Cr	Auto Components	1.05%	0.94%	-0.11%
11	RBL Bank Limited ₹17.97 Cr	Banks	1.01%	0.92%	-0.09%
12	Jubilant Ingrevia Limited ₹13.96 Cr	Chemicals & Petrochemicals	0.80%	0.71%	-0.09%
13	Amber Enterprises India Limited ₹17.11 Cr	Consumer Durables	0.95%	0.87%	-0.08%
14	Welspun Corp Limited ₹13.32 Cr	Industrial Products	0.76%	0.68%	-0.08%
15	IndusInd Bank Limited ₹41.90 Cr	Banks	2.21%	2.14%	-0.07%
16	Bharat Forge Limited ₹16.74 Cr	Auto Components	0.92%	0.85%	-0.07%
17	Hyundai Motor India Ltd ₹22.00 Cr	Automobiles	1.19%	1.12%	-0.07%
18	Hindustan Zinc Limited ₹18.97 Cr	Non - Ferrous Metals	1.04%	0.97%	-0.07%
19	Pine Labs Limited ₹17.57 Cr	Financial Technology (Fintech)	0.97%	0.90%	-0.07%
20	Healthcare Global Enterprises Limited ₹13.23 Cr	Healthcare Services	0.74%	0.67%	-0.07%
21	RHI Magnesita India Limited ₹17.54 Cr	Industrial Products	0.95%	0.89%	-0.06%
22	Neogen Chemicals Limited ₹13.70 Cr	Chemicals & Petrochemicals	0.76%	0.70%	-0.06%
23	Jindal Stainless Limited ₹12.61 Cr	Ferrous Metals	0.69%	0.64%	-0.05%
24	PI Industries Limited ₹16.11 Cr	Fertilizers & Agrochemicals	0.87%	0.82%	-0.05%
25	Jindal Steel Limited ₹29.81 Cr	Ferrous Metals	1.56%	1.52%	-0.04%
26	Tube Investments of India Limited ₹10.13 Cr	Auto Components	0.56%	0.52%	-0.04%
27	Brigade Enterprises Limited ₹17.46 Cr	Realty	0.93%	0.89%	-0.04%
28	Minda Corporation Limited ₹14.42 Cr	Auto Components	0.77%	0.73%	-0.04%
29	Max Healthcare Institute Limited ₹12.78 Cr	Healthcare Services	0.68%	0.65%	-0.03%
30	Ambuja Cements Limited ₹17.53 Cr	Cement & Cement Products	0.92%	0.89%	-0.03%
31	Tata Motors Ltd ₹24.13 Cr	Agricultural, Commercial & Construction Vehicles	1.26%	1.23%	-0.03%
32	Cummins India Limited ₹16.09 Cr	Industrial Products	0.84%	0.82%	-0.02%
33	Delhivery Limited ₹18.31 Cr	Transport Services	0.95%	0.93%	-0.02%
34	Jubilant Foodworks Limited ₹8.42 Cr	Leisure Services	0.45%	0.43%	-0.02%
35	PNB Housing Finance Limited ₹22.46 Cr	Finance	1.16%	1.14%	-0.02%
36	Aditya Birla Real Estate Limited ₹5.87 Cr	Paper, Forest & Jute Products	0.32%	0.30%	-0.02%
37	Sapphire Foods India Limited ₹13.30 Cr	Leisure Services	0.70%	0.68%	-0.02%
38	Solar Industries India Limited ₹29.47 Cr	Chemicals & Petrochemicals	1.51%	1.50%	-0.01%
39	ABB India Limited ₹18.18 Cr	Electrical Equipment	0.94%	0.93%	-0.01%
40	360 One WAM Limited ₹10.49 Cr	Capital Markets	0.54%	0.53%	-0.01%
41	Page Industries Limited ₹13.11 Cr	Textiles & Apparels	0.68%	0.67%	-0.01%

What Stocks Does This Fund Hold?

84 stocks — Oct 2026

#	Stock	Sector	Weight & Value
1	Larsen & Toubro Limited ₹79.66 Cr	Construction	4.06%
2	ICICI Bank Limited ₹77.46 Cr	Banks	3.95%
3	Axis Bank Limited ₹72.91 Cr	Banks	3.72%
4	HDFC Bank Limited ₹66.52 Cr	Banks	3.39%
5	Kotak Mahindra Bank Limited ₹61.41 Cr	Banks	3.13%
6	Bharti Airtel Limited ₹56.51 Cr	Telecom - Services	2.88%
7	Grasim Industries Limited ₹53.01 Cr	Cement & Cement Products	2.70%
8	PTC Industries Limited ₹48.90 Cr	Industrial Products	2.49%
9	HCL Technologies Limited ₹46.03 Cr	IT - Software	2.35%
10	Reliance Industries Limited ₹43.40 Cr	Petroleum Products	2.21%
11	Aether Industries Limited ₹42.26 Cr	Chemicals & Petrochemicals	2.15%
12	IndusInd Bank Limited ₹41.90 Cr	Banks	2.14%
13	Eternal Limited ₹34.20 Cr	Retailing	1.74%
14	Sona BLW Precision Forgings Limited ₹33.11 Cr	Auto Components	1.69%
15	Jindal Steel Limited ₹29.81 Cr	Ferrous Metals	1.52%
16	Bajaj Finance Limited ₹29.65 Cr	Finance	1.51%
17	Solar Industries India Limited ₹29.47 Cr	Chemicals & Petrochemicals	1.50%
18	Mahindra & Mahindra Limited ₹29.42 Cr	Automobiles	1.50%
19	NTPC Limited ₹27.01 Cr	Power	1.38%
20	Bosch Limited ₹25.97 Cr	Auto Components	1.32%
21	Aurobindo Pharma Limited ₹25.52 Cr	Pharmaceuticals & Biotechnology	1.30%
22	TD Power Systems Limited ₹25.58 Cr	Electrical Equipment	1.30%
23	Canara Bank ₹25.29 Cr	Banks	1.29%
24	Tata Motors Ltd ₹24.13 Cr	Agricultural, Commercial & Construction Vehicles	1.23%
25	Vishal Mega Mart Limited ₹22.95 Cr	Retailing	1.17%
26	PNB Housing Finance Limited ₹22.46 Cr	Finance	1.14%
27	CreditAccess Grameen Limited ₹22.17 Cr	Finance	1.13%
28	Hyundai Motor India Ltd ₹22.00 Cr	Automobiles	1.12%
29	Asian Paints Limited ₹21.64 Cr	Consumer Durables	1.10%
30	One 97 Communications Limited ₹20.11 Cr	Financial Technology (Fintech)	1.02%
31	United Spirits Limited ₹19.54 Cr	Beverages	1.00%
32	Hindustan Zinc Limited ₹18.97 Cr	Non - Ferrous Metals	0.97%
33	Bajaj Finserv Limited ₹18.63 Cr	Finance	0.95%
34	Endurance Technologies Limited ₹18.37 Cr	Auto Components	0.94%
35	Titagarh Rail Systems Limited ₹18.29 Cr	Industrial Manufacturing	0.93%
36	Delhivery Limited ₹18.31 Cr	Transport Services	0.93%
37	ABB India Limited ₹18.18 Cr	Electrical Equipment	0.93%
38	RBL Bank Limited ₹17.97 Cr	Banks	0.92%
39	Pine Labs Limited ₹17.57 Cr	Financial Technology (Fintech)	0.90%
40	RHI Magnesita India Limited ₹17.54 Cr	Industrial Products	0.89%
41	Ambuja Cements Limited ₹17.53 Cr	Cement & Cement Products	0.89%
42	Brigade Enterprises Limited ₹17.46 Cr	Realty	0.89%
43	Amber Enterprises India Limited ₹17.11 Cr	Consumer Durables	0.87%
44	Hindustan Copper Limited ₹16.88 Cr	Non - Ferrous Metals	0.86%
45	Bharat Forge Limited ₹16.74 Cr	Auto Components	0.85%
46	Cummins India Limited ₹16.09 Cr	Industrial Products	0.82%
47	PI Industries Limited ₹16.11 Cr	Fertilizers & Agrochemicals	0.82%
48	Mphasis Limited ₹16.18 Cr	IT - Software	0.82%
49	Gujarat Fluorochemicals Limited ₹15.96 Cr	Chemicals & Petrochemicals	0.81%
50	InterGlobe Aviation Limited ₹15.25 Cr	Transport Services	0.78%
51	Mankind Pharma Limited ₹15.06 Cr	Pharmaceuticals & Biotechnology	0.77%
52	Hindustan Aeronautics Limited ₹14.70 Cr	Aerospace & Defense	0.75%
53	GE Vernova T&D India Limited ₹14.73 Cr	Electrical Equipment	0.75%
54	Minda Corporation Limited ₹14.42 Cr	Auto Components	0.73%
55	Jubilant Ingrevia Limited ₹13.96 Cr	Chemicals & Petrochemicals	0.71%
56	Neogen Chemicals Limited ₹13.70 Cr	Chemicals & Petrochemicals	0.70%
57	Marico Limited ₹13.59 Cr	Agricultural Food & other Products	0.69%
58	Shriram Pistons & Rings Limited ₹13.45 Cr	Auto Components	0.69%
59	Sapphire Foods India Limited ₹13.30 Cr	Leisure Services	0.68%
60	Chalet Hotels Limited ₹13.30 Cr	Leisure Services	0.68%
61	Welspun Corp Limited ₹13.32 Cr	Industrial Products	0.68%
62	Page Industries Limited ₹13.11 Cr	Textiles & Apparels	0.67%
63	Healthcare Global Enterprises Limited ₹13.23 Cr	Healthcare Services	0.67%
64	Max Healthcare Institute Limited ₹12.78 Cr	Healthcare Services	0.65%
65	Coforge Limited ₹12.74 Cr	IT - Software	0.65%
66	Syngene International Limited ₹12.84 Cr	Healthcare Services	0.65%
67	Oil & Natural Gas Corporation Limited ₹12.54 Cr	Oil	0.64%
68	Anthem Biosciences Limited ₹12.61 Cr	Pharmaceuticals & Biotechnology	0.64%
69	Jindal Stainless Limited ₹12.61 Cr	Ferrous Metals	0.64%
70	Alkem Laboratories Limited ₹12.35 Cr	Pharmaceuticals & Biotechnology	0.63%
71	Dr. Reddy's Laboratories Limited ₹11.99 Cr	Pharmaceuticals & Biotechnology	0.61%
72	Cyient DLM Ltd ₹12.06 Cr	Aerospace & Defense	0.61%
73	Tech Mahindra Limited ₹11.49 Cr	IT - Software	0.59%
74	Gland Pharma Limited ₹11.20 Cr	Pharmaceuticals & Biotechnology	0.57%
75	360 One WAM Limited ₹10.49 Cr	Capital Markets	0.53%
76	Tube Investments of India Limited ₹10.13 Cr	Auto Components	0.52%
77	Swiggy Limited ₹9.29 Cr	Retailing	0.47%
78	Info Edge (India) Limited ₹8.70 Cr	Retailing	0.44%
79	Jubilant Foodworks Limited ₹8.42 Cr	Leisure Services	0.43%
80	SBI Life Insurance Company Limited ₹7.66 Cr	Insurance	0.39%
81	OnEMI Technology Solutions Limited ₹7.68 Cr	N.A.	0.39%
82	Aditya Birla Real Estate Limited ₹5.87 Cr	Paper, Forest & Jute Products	0.30%
83	Bonfiglioli Transmissions Ltd. ₹5.60 Cr	Industrial Manufacturing	0.29%
84	Aarti Industries Limited ₹4.06 Cr	Chemicals & Petrochemicals	0.21%