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 Sep 2026 Comparing Aug 2026 → Sep 2026

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Stocks Held

Sep 2026

Equity Holdings

₹1,949.84 Cr

Equity only, excl. debt & cash

AAUM

₹2,049.44 Cr

Apr-Jun 2026 · Direct + Regular

Top 5 Weight

17.0%

Diversified

Top 10 Weight

29.2%

Diversified

Changes

9 new · 3 exits

Top Sector

Banks

17.5% of portfolio

Launch Date

02 Feb 2023

3 years old

AAUM (Average Assets Under Management) of ₹2,049.44 Cr for Apr-Jun 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 9 new additions and exited 3 stocks this month. The biggest new buy was Aurobindo Pharma Limited (Pharmaceuticals & Biotechnology) at 1.09% weight. City Union Bank Limited was the biggest exit (Banks), which was held at 0.66%. Among existing holdings, Jindal Stainless Limited saw the biggest increase — now at 0.69% of the portfolio. Jyoti CNC Automation Ltd was trimmed the most, now at 0.22%. Larsen & Toubro Limited remains the top holding with Banks the dominant sector at 17.5%. ↓ 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

-4.88%

-2.99%

+4.76%

-0.23%

Latest NAV

₹17.17

09 Oct 2026

52W High

₹18.42

-7% from High

52W Low

₹15.10

+14% 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

16.8%

+ve in 93% windows

49.8% / -4.7%

3Y Rolling Avg

16.3% p.a.

+ve in 100% windows

20.0% / 13.0%

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)

0.43

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

0.58

Penalises downside volatility only.

Std Deviation (3Y)

14.8%

Lower = more consistent returns.

NAV Chart ₹17.17 09 Oct 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: ₹17.17

Sector Shift Industry allocation month-over-month

Jul 2026 → Aug 2026

Sector	Prev	Curr ▼	Delta
Banks	16.6%	17.6%	▲ +1.0%
Auto Components	6.1%	7.1%	▲ +1.0%
Chemicals & Petrochemicals	6.7%	6.2%	▼ -0.5%
Finance	6.3%	5.1%	▼ -1.3%
Retailing	5.1%	4.9%	▼ -0.3%
Industrial Products	4.1%	4.4%	▲ +0.3%
IT - Software	4.1%	4.2%	● +0.0%
Construction	3.8%	3.8%	● +0.0%
Cement & Cement Products	3.6%	3.7%	● +0.1%
Automobiles	3.9%	3.5%	▼ -0.5%

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%

🟢

Biggest New Buy

Aurobindo Pharma Limited

1.09% weight · Pharmaceuticals & Biotechnology

🔴

Biggest Exit

City Union Bank Limited

0.66% was held · Banks

↑

Biggest Add

Jindal Stainless Limited

+0.41% · now 0.69%

↓

Biggest Trim

Jyoti CNC Automation Ltd

-1.07% · now 0.22%

🤝 Other funds also bought this month

Gland Pharma Limited 34 funds

Dr. Reddy's Laboratories Limited 33 funds

InterGlobe Aviation Limited 28 funds

Aurobindo Pharma Limited 23 funds

Marico Limited 19 funds

Neogen Chemicals Limited 10 funds

👋 Other funds also exited

Hindustan Unilever Limited 21 funds

City Union Bank Limited 10 funds

Dhoot Transmission Ltd 8 funds

What Changed in the Portfolio This Month?

Comparing Aug 2026 → Sep 2026

Aug 2026 → Sep 2026

🟢 9 New Entries 🔴 3 Exits ↑ 30 Increased ↓ 42 Decreased

#	Stock	Sector	Weight (Sep 2026)
1	Aurobindo Pharma Limited ₹22.26 Cr	Pharmaceuticals & Biotechnology	1.09%
2	Neogen Chemicals Limited ₹15.46 Cr	Chemicals & Petrochemicals	0.76%
3	Marico Limited ₹11.53 Cr	Agricultural Food & other Products	0.57%
4	Gland Pharma Limited ₹10.49 Cr	Pharmaceuticals & Biotechnology	0.51%
5	OnEMI Technology Solutions Limited ₹6.59 Cr	N.A.	0.32%
6	InterGlobe Aviation Limited ₹6.04 Cr	Transport Services	0.30%
7	Dr. Reddy's Laboratories Limited ₹4.01 Cr	Pharmaceuticals & Biotechnology	0.20%
8	Cyient DLM Ltd ₹2.02 Cr	Aerospace & Defense	0.10%
9	Syngene International Limited ₹1.25 Cr	Healthcare Services	0.06%

#	Stock	Sector	Last Weight (Aug 2026)
1	City Union Bank Limited ₹14.37 Cr	Banks	0.66%
2	Hindustan Unilever Limited ₹13.31 Cr	Diversified FMCG	0.61%
3	Dhoot Transmission Ltd ₹3.75 Cr	Automobile and Auto Components	0.17%

#	Stock	Sector	Aug 2026	Sep 2026	Change
1	Jindal Stainless Limited ₹13.98 Cr	Ferrous Metals	0.28%	0.69%	+0.41%
2	HDFC Bank Limited ₹68.04 Cr	Banks	2.95%	3.34%	+0.39%
3	Reliance Industries Limited ₹44.22 Cr	Petroleum Products	1.87%	2.17%	+0.30%
4	PI Industries Limited ₹17.72 Cr	Fertilizers & Agrochemicals	0.61%	0.87%	+0.26%
5	Kotak Mahindra Bank Limited ₹55.48 Cr	Banks	2.48%	2.72%	+0.24%
6	Aether Industries Limited ₹52.71 Cr	Chemicals & Petrochemicals	2.42%	2.58%	+0.16%
7	PNB Housing Finance Limited ₹23.73 Cr	Finance	1.02%	1.16%	+0.14%
8	PTC Industries Limited ₹45.31 Cr	Industrial Products	2.08%	2.22%	+0.14%
9	Welspun Corp Limited ₹15.46 Cr	Industrial Products	0.63%	0.76%	+0.13%
10	Sona BLW Precision Forgings Limited ₹30.86 Cr	Auto Components	1.39%	1.51%	+0.12%
11	RBL Bank Limited ₹20.65 Cr	Banks	0.90%	1.01%	+0.11%
12	Pine Labs Limited ₹19.70 Cr	Financial Technology (Fintech)	0.87%	0.97%	+0.10%
13	RHI Magnesita India Limited ₹19.38 Cr	Industrial Products	0.86%	0.95%	+0.09%
14	Bharti Airtel Limited ₹50.31 Cr	Telecom - Services	2.39%	2.47%	+0.08%
15	Titagarh Rail Systems Limited ₹22.87 Cr	Industrial Manufacturing	1.05%	1.12%	+0.07%
16	NTPC Limited ₹27.56 Cr	Power	1.29%	1.35%	+0.06%
17	Solar Industries India Limited ₹30.88 Cr	Chemicals & Petrochemicals	1.45%	1.51%	+0.06%
18	Page Industries Limited ₹13.82 Cr	Textiles & Apparels	0.63%	0.68%	+0.05%
19	Shriram Pistons & Rings Limited ₹13.10 Cr	Auto Components	0.59%	0.64%	+0.05%
20	Oil & Natural Gas Corporation Limited ₹12.56 Cr	Oil	0.59%	0.62%	+0.03%
21	Hindustan Aeronautics Limited ₹14.14 Cr	Aerospace & Defense	0.67%	0.69%	+0.02%
22	Alkem Laboratories Limited ₹12.47 Cr	Pharmaceuticals & Biotechnology	0.59%	0.61%	+0.02%
23	Jubilant Ingrevia Limited ₹16.33 Cr	Chemicals & Petrochemicals	0.78%	0.80%	+0.02%
24	Minda Corporation Limited ₹15.79 Cr	Auto Components	0.75%	0.77%	+0.02%
25	Axis Bank Limited ₹73.44 Cr	Banks	3.59%	3.60%	+0.01%
26	SBI Life Insurance Company Limited ₹7.84 Cr	Insurance	0.37%	0.38%	+0.01%
27	Jindal Steel Limited ₹31.88 Cr	Ferrous Metals	1.55%	1.56%	+0.01%
28	Hindustan Zinc Limited ₹21.23 Cr	Non - Ferrous Metals	1.03%	1.04%	+0.01%
29	Anthem Biosciences Limited ₹13.06 Cr	Pharmaceuticals & Biotechnology	0.63%	0.64%	+0.01%
30	Vedanta Aluminium Metal Limited ₹18.70 Cr	Metals & Minerals Trading	0.91%	0.92%	+0.01%

#	Stock	Sector	Aug 2026	Sep 2026	Change
1	Jyoti CNC Automation Ltd ₹4.51 Cr	Industrial Manufacturing	1.29%	0.22%	-1.07%
2	Mahindra & Mahindra Limited ₹30.56 Cr	Automobiles	2.27%	1.50%	-0.77%
3	Info Edge (India) Limited ₹8.92 Cr	Retailing	0.96%	0.44%	-0.52%
4	Coforge Limited ₹10.90 Cr	IT - Software	1.00%	0.53%	-0.47%
5	Jubilant Foodworks Limited ₹9.11 Cr	Leisure Services	0.78%	0.45%	-0.33%
6	Mankind Pharma Limited ₹21.99 Cr	Pharmaceuticals & Biotechnology	1.40%	1.08%	-0.32%
7	Aarti Industries Limited ₹9.85 Cr	Chemicals & Petrochemicals	0.73%	0.48%	-0.25%
8	One 97 Communications Limited ₹39.89 Cr	Financial Technology (Fintech)	2.20%	1.96%	-0.24%
9	ICICI Bank Limited ₹73.23 Cr	Banks	3.72%	3.59%	-0.13%
10	IndusInd Bank Limited ₹45.07 Cr	Banks	2.34%	2.21%	-0.13%
11	Max Healthcare Institute Limited ₹13.82 Cr	Healthcare Services	0.80%	0.68%	-0.12%
12	Sapphire Foods India Limited ₹14.17 Cr	Leisure Services	0.81%	0.70%	-0.11%
13	Eternal Limited ₹31.85 Cr	Retailing	1.65%	1.56%	-0.09%
14	Bajaj Finserv Limited ₹19.34 Cr	Finance	1.04%	0.95%	-0.09%
15	Grasim Industries Limited ₹54.44 Cr	Cement & Cement Products	2.76%	2.67%	-0.09%
16	Amber Enterprises India Limited ₹19.46 Cr	Consumer Durables	1.03%	0.95%	-0.08%
17	Brigade Enterprises Limited ₹19.05 Cr	Realty	1.00%	0.93%	-0.07%
18	TD Power Systems Limited ₹24.28 Cr	Electrical Equipment	1.26%	1.19%	-0.07%
19	ABB India Limited ₹19.21 Cr	Electrical Equipment	1.00%	0.94%	-0.06%
20	Tata Motors Ltd ₹25.67 Cr	Agricultural, Commercial & Construction Vehicles	1.32%	1.26%	-0.06%
21	Larsen & Toubro Limited ₹77.37 Cr	Construction	3.84%	3.79%	-0.05%
22	Bajaj Finance Limited ₹30.29 Cr	Finance	1.54%	1.49%	-0.05%
23	Swiggy Limited ₹16.97 Cr	Retailing	0.88%	0.83%	-0.05%
24	Tube Investments of India Limited ₹11.35 Cr	Auto Components	0.61%	0.56%	-0.05%
25	Aditya Birla Real Estate Limited ₹6.61 Cr	Paper, Forest & Jute Products	0.37%	0.32%	-0.05%
26	Asian Paints Limited ₹22.41 Cr	Consumer Durables	1.14%	1.10%	-0.04%
27	Mphasis Limited ₹13.81 Cr	IT - Software	0.72%	0.68%	-0.04%
28	360 One WAM Limited ₹10.97 Cr	Capital Markets	0.58%	0.54%	-0.04%
29	Vishal Mega Mart Limited ₹27.47 Cr	Retailing	1.39%	1.35%	-0.04%
30	Hindustan Copper Limited ₹19.91 Cr	Non - Ferrous Metals	1.02%	0.98%	-0.04%
31	Hyundai Motor India Ltd ₹24.27 Cr	Automobiles	1.22%	1.19%	-0.03%
32	United Spirits Limited ₹14.39 Cr	Beverages	0.73%	0.71%	-0.02%
33	Bharat Forge Limited ₹18.74 Cr	Auto Components	0.94%	0.92%	-0.02%
34	Delhivery Limited ₹19.43 Cr	Transport Services	0.97%	0.95%	-0.02%
35	Endurance Technologies Limited ₹21.47 Cr	Auto Components	1.07%	1.05%	-0.02%
36	Healthcare Global Enterprises Limited ₹15.05 Cr	Healthcare Services	0.76%	0.74%	-0.02%
37	S.J.S. Enterprises Limited ₹10.01 Cr	Auto Components	0.51%	0.49%	-0.02%
38	HCL Technologies Limited ₹39.64 Cr	IT - Software	1.95%	1.94%	-0.01%
39	Cummins India Limited ₹17.20 Cr	Industrial Products	0.85%	0.84%	-0.01%
40	Ambuja Cements Limited ₹18.84 Cr	Cement & Cement Products	0.93%	0.92%	-0.01%
41	CreditAccess Grameen Limited ₹29.34 Cr	Finance	1.45%	1.44%	-0.01%
42	Chalet Hotels Limited ₹13.95 Cr	Leisure Services	0.69%	0.68%	-0.01%

What Stocks Does This Fund Hold?

85 stocks — Sep 2026

#	Stock	Sector	Weight & Value
1	Larsen & Toubro Limited ₹77.37 Cr	Construction	3.79%
2	Axis Bank Limited ₹73.44 Cr	Banks	3.60%
3	ICICI Bank Limited ₹73.23 Cr	Banks	3.59%
4	HDFC Bank Limited ₹68.04 Cr	Banks	3.34%
5	Kotak Mahindra Bank Limited ₹55.48 Cr	Banks	2.72%
6	Grasim Industries Limited ₹54.44 Cr	Cement & Cement Products	2.67%
7	Aether Industries Limited ₹52.71 Cr	Chemicals & Petrochemicals	2.58%
8	Bharti Airtel Limited ₹50.31 Cr	Telecom - Services	2.47%
9	PTC Industries Limited ₹45.31 Cr	Industrial Products	2.22%
10	IndusInd Bank Limited ₹45.07 Cr	Banks	2.21%
11	Reliance Industries Limited ₹44.22 Cr	Petroleum Products	2.17%
12	One 97 Communications Limited ₹39.89 Cr	Financial Technology (Fintech)	1.96%
13	HCL Technologies Limited ₹39.64 Cr	IT - Software	1.94%
14	Jindal Steel Limited ₹31.88 Cr	Ferrous Metals	1.56%
15	Eternal Limited ₹31.85 Cr	Retailing	1.56%
16	Sona BLW Precision Forgings Limited ₹30.86 Cr	Auto Components	1.51%
17	Solar Industries India Limited ₹30.88 Cr	Chemicals & Petrochemicals	1.51%
18	Mahindra & Mahindra Limited ₹30.56 Cr	Automobiles	1.50%
19	Bajaj Finance Limited ₹30.29 Cr	Finance	1.49%
20	CreditAccess Grameen Limited ₹29.34 Cr	Finance	1.44%
21	Vishal Mega Mart Limited ₹27.47 Cr	Retailing	1.35%
22	NTPC Limited ₹27.56 Cr	Power	1.35%
23	Bosch Limited ₹25.91 Cr	Auto Components	1.27%
24	Tata Motors Ltd ₹25.67 Cr	Agricultural, Commercial & Construction Vehicles	1.26%
25	Hyundai Motor India Ltd ₹24.27 Cr	Automobiles	1.19%
26	TD Power Systems Limited ₹24.28 Cr	Electrical Equipment	1.19%
27	PNB Housing Finance Limited ₹23.73 Cr	Finance	1.16%
28	Titagarh Rail Systems Limited ₹22.87 Cr	Industrial Manufacturing	1.12%
29	Asian Paints Limited ₹22.41 Cr	Consumer Durables	1.10%
30	Aurobindo Pharma Limited ₹22.26 Cr	Pharmaceuticals & Biotechnology	1.09%
31	Mankind Pharma Limited ₹21.99 Cr	Pharmaceuticals & Biotechnology	1.08%
32	Endurance Technologies Limited ₹21.47 Cr	Auto Components	1.05%
33	Hindustan Zinc Limited ₹21.23 Cr	Non - Ferrous Metals	1.04%
34	RBL Bank Limited ₹20.65 Cr	Banks	1.01%
35	Hindustan Copper Limited ₹19.91 Cr	Non - Ferrous Metals	0.98%
36	Canara Bank ₹19.91 Cr	Banks	0.98%
37	Pine Labs Limited ₹19.70 Cr	Financial Technology (Fintech)	0.97%
38	Amber Enterprises India Limited ₹19.46 Cr	Consumer Durables	0.95%
39	Bajaj Finserv Limited ₹19.34 Cr	Finance	0.95%
40	Delhivery Limited ₹19.43 Cr	Transport Services	0.95%
41	RHI Magnesita India Limited ₹19.38 Cr	Industrial Products	0.95%
42	ABB India Limited ₹19.21 Cr	Electrical Equipment	0.94%
43	Brigade Enterprises Limited ₹19.05 Cr	Realty	0.93%
44	Bharat Forge Limited ₹18.74 Cr	Auto Components	0.92%
45	Vedanta Aluminium Metal Limited ₹18.70 Cr	Metals & Minerals Trading	0.92%
46	Ambuja Cements Limited ₹18.84 Cr	Cement & Cement Products	0.92%
47	PI Industries Limited ₹17.72 Cr	Fertilizers & Agrochemicals	0.87%
48	Cummins India Limited ₹17.20 Cr	Industrial Products	0.84%
49	Swiggy Limited ₹16.97 Cr	Retailing	0.83%
50	Gujarat Fluorochemicals Limited ₹16.55 Cr	Chemicals & Petrochemicals	0.81%
51	Jubilant Ingrevia Limited ₹16.33 Cr	Chemicals & Petrochemicals	0.80%
52	Minda Corporation Limited ₹15.79 Cr	Auto Components	0.77%
53	Neogen Chemicals Limited ₹15.46 Cr	Chemicals & Petrochemicals	0.76%
54	Welspun Corp Limited ₹15.46 Cr	Industrial Products	0.76%
55	Healthcare Global Enterprises Limited ₹15.05 Cr	Healthcare Services	0.74%
56	United Spirits Limited ₹14.39 Cr	Beverages	0.71%
57	Sapphire Foods India Limited ₹14.17 Cr	Leisure Services	0.70%
58	Hindustan Aeronautics Limited ₹14.14 Cr	Aerospace & Defense	0.69%
59	Jindal Stainless Limited ₹13.98 Cr	Ferrous Metals	0.69%
60	Mphasis Limited ₹13.81 Cr	IT - Software	0.68%
61	Chalet Hotels Limited ₹13.95 Cr	Leisure Services	0.68%
62	Page Industries Limited ₹13.82 Cr	Textiles & Apparels	0.68%
63	Max Healthcare Institute Limited ₹13.82 Cr	Healthcare Services	0.68%
64	Anthem Biosciences Limited ₹13.06 Cr	Pharmaceuticals & Biotechnology	0.64%
65	Shriram Pistons & Rings Limited ₹13.10 Cr	Auto Components	0.64%
66	Oil & Natural Gas Corporation Limited ₹12.56 Cr	Oil	0.62%
67	Alkem Laboratories Limited ₹12.47 Cr	Pharmaceuticals & Biotechnology	0.61%
68	Marico Limited ₹11.53 Cr	Agricultural Food & other Products	0.57%
69	Tube Investments of India Limited ₹11.35 Cr	Auto Components	0.56%
70	360 One WAM Limited ₹10.97 Cr	Capital Markets	0.54%
71	Coforge Limited ₹10.90 Cr	IT - Software	0.53%
72	Gland Pharma Limited ₹10.49 Cr	Pharmaceuticals & Biotechnology	0.51%
73	S.J.S. Enterprises Limited ₹10.01 Cr	Auto Components	0.49%
74	Aarti Industries Limited ₹9.85 Cr	Chemicals & Petrochemicals	0.48%
75	Tech Mahindra Limited ₹9.77 Cr	IT - Software	0.48%
76	Jubilant Foodworks Limited ₹9.11 Cr	Leisure Services	0.45%
77	Info Edge (India) Limited ₹8.92 Cr	Retailing	0.44%
78	SBI Life Insurance Company Limited ₹7.84 Cr	Insurance	0.38%
79	Aditya Birla Real Estate Limited ₹6.61 Cr	Paper, Forest & Jute Products	0.32%
80	OnEMI Technology Solutions Limited ₹6.59 Cr	N.A.	0.32%
81	InterGlobe Aviation Limited ₹6.04 Cr	Transport Services	0.30%
82	Jyoti CNC Automation Ltd ₹4.51 Cr	Industrial Manufacturing	0.22%
83	Dr. Reddy's Laboratories Limited ₹4.01 Cr	Pharmaceuticals & Biotechnology	0.20%
84	Cyient DLM Ltd ₹2.02 Cr	Aerospace & Defense	0.10%
85	Syngene International Limited ₹1.25 Cr	Healthcare Services	0.06%