What stocks does HDFC Business Cycle Fund hold?

HDFC Business Cycle Fund holds a portfolio of Indian equity stocks disclosed monthly by HDFC 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 HDFC Business Cycle Fund?

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

What category is HDFC Business Cycle Fund?

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

How often is HDFC Business Cycle Fund portfolio data updated?

Portfolio holdings for HDFC Business Cycle 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.

← HDFC Mutual Fund

HDFC Business Cycle Fund - Growth Option - Direct Plan

Equity Data as of May 2026 Comparing Apr 2026 → May 2026

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Stocks Held

May 2026

Equity Holdings

₹2,385.14 Cr

Equity only, excl. debt & cash

Top 5 Weight

25.6%

Moderate

Top 10 Weight

42.4%

Moderate

Changes

3 new · 3 exits

Top Sector

Banks

17.6% of portfolio

📋 What Happened This Month HDFC Business Cycle Fund made 3 new additions and exited 3 stocks this month. The biggest new buy was Axis Bank Limited (Banks) at 1.49% weight. Lupin Limited was the biggest exit (Pharmaceuticals & Biotechnology), which was held at 1.09%. Among existing holdings, Pearl Global Industries Limited saw the biggest increase — now at 2.17% of the portfolio. Shriram Finance Limited was trimmed the most, now at 0.49%. Bharti Airtel Limited remains the top holding with Banks the dominant sector at 17.6%. ↓ Scroll down for full holdings, sector allocation and month-on-month changes in detail.

How Has the NAV Performed?

1 year history · HDFC Business Cycle Fund - Growth Option - Direct Plan

+4.99%

+15.44%

+2.08%

+3.65%

Latest NAV

₹15.53

24 Jun 2026

52W High

₹15.77

-2% from High

52W Low

₹13.10

+19% from Low

Calendar Year Returns

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

2025

+2.7%

2024

+15.3%

2023

+29.9%

Rolling Returns

Performance across every possible investment start date.

1Y Rolling Avg

16.2%

+ve in 93% windows

41.9% / -5.2%

3Y Rolling Avg

14.1% p.a.

+ve in 100% windows

16.3% / 10.4%

Crisis Period Behaviour

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

2024–25 Tariff

-17.3%

Rec: not yet

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. What do these mean? →

Sharpe Ratio (3Y)

0.54

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

0.75

Penalises downside volatility only.

Std Deviation (3Y)

13.6%

Lower = more consistent returns.

NAV Chart ₹15.53 24 Jun 2026

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

HDFC Business Cycle Fund - Growth Option - Direct Plan

Chart shows indexed performance (base = 100). Actual NAV: ₹15.53

Sector Shift Industry allocation month-over-month

Mar 2026 → Apr 2026

Sector	Prev	Curr ▼	Delta
Banks	18.3%	16.3%	▼ -1.9%
Retailing	10.0%	10.3%	▲ +0.3%
Finance	8.8%	9.4%	▲ +0.6%
Pharmaceuticals & Biotechnology	9.2%	8.2%	▼ -1.0%
Telecom - Services	6.5%	6.2%	▼ -0.3%
Consumer Durables	4.6%	4.6%	● 0.0%
Chemicals & Petrochemicals	3.7%	3.5%	▼ -0.2%
Healthcare Services	3.2%	3.4%	▲ +0.1%
Power	2.8%	3.3%	▲ +0.6%
Automobiles	3.4%	2.8%	▼ -0.6%

Apr 2026 → May 2026

Sector	Prev	Curr ▼	Delta
Banks	16.3%	17.6%	▲ +1.3%
Retailing	10.3%	11.0%	▲ +0.7%
Finance	9.4%	9.3%	● -0.1%
Pharmaceuticals & Biotechnology	8.2%	7.3%	▼ -0.8%
Telecom - Services	6.2%	6.1%	▼ -0.1%
Healthcare Services	3.4%	4.5%	▲ +1.1%
Consumer Durables	4.6%	4.4%	▼ -0.3%
Chemicals & Petrochemicals	3.5%	3.5%	● 0.0%
Power	3.3%	3.4%	● +0.0%
Automobiles	2.8%	3.0%	▲ +0.2%

🟢

Biggest New Buy

Axis Bank Limited

1.49% weight · Banks

🔴

Biggest Exit

Lupin Limited

1.09% was held · Pharmaceuticals & Biotechnology

↑

Biggest Add

Pearl Global Industries Limited

+1.03% · now 2.17%

↓

Biggest Trim

Shriram Finance Limited

-0.46% · now 0.49%

🤝 Other funds also bought this month

Axis Bank Limited 35 funds

Global Health Limited 12 funds

Le Travenues Technology Ltd 2 funds

👋 Other funds also exited

Lupin Limited 25 funds

Escorts Kubota Limited 6 funds

Aequs Limited 2 funds

What Changed in the Portfolio This Month?

Comparing Apr 2026 → May 2026

Apr 2026 → May 2026

🟢 3 New Entries 🔴 3 Exits ↑ 30 Increased ↓ 22 Decreased

#	Stock	Sector	Weight (May 2026)
1	Axis Bank Limited ₹38.49 Cr	Banks	1.49%
2	Global Health Limited ₹26.75 Cr	Healthcare Services	1.04%
3	Le Travenues Technology Ltd ₹1.61 Cr	Leisure Services	0.06%

#	Stock	Sector	Last Weight (Apr 2026)
1	Lupin Limited ₹28.42 Cr	Pharmaceuticals & Biotechnology	1.09%
2	Aequs Limited ₹7.12 Cr	Aerospace & Defense	0.27%
3	Escorts Kubota Limited ₹6.07 Cr	Agricultural, Commercial & Construction Vehicles	0.23%

#	Stock	Sector	Apr 2026	May 2026	Change
1	Pearl Global Industries Limited ₹55.86 Cr	Textiles & Apparels	1.14%	2.17%	+1.03%
2	Chalet Hotels Limited ₹28.50 Cr	Leisure Services	0.25%	1.11%	+0.86%
3	Swiggy Limited ₹52.79 Cr	Retailing	1.25%	2.05%	+0.80%
4	Aadhar Housing Finance Limited ₹41.84 Cr	Finance	1.09%	1.62%	+0.53%
5	Bharat Dynamics Limited ₹37.37 Cr	Aerospace & Defense	0.97%	1.45%	+0.48%
6	CG Power and Industrial Solutions Limited ₹36.01 Cr	Electrical Equipment	1.23%	1.40%	+0.17%
7	Bajaj Auto Limited ₹66.42 Cr	Automobiles	2.44%	2.58%	+0.14%
8	Eris Lifesciences Limited ₹52.58 Cr	Pharmaceuticals & Biotechnology	1.91%	2.04%	+0.13%
9	Eternal Limited ₹136.96 Cr	Retailing	5.19%	5.31%	+0.12%
10	ICICI Prudential Asset Management Company Limited ₹38.04 Cr	Capital Markets	1.36%	1.48%	+0.12%
11	InterGlobe Aviation Limited ₹73.12 Cr	Transport Services	2.74%	2.84%	+0.10%
12	SRF Limited ₹29.34 Cr	Chemicals & Petrochemicals	1.04%	1.14%	+0.10%
13	Nuvama Wealth Management Limited ₹4.82 Cr	Capital Markets	0.09%	0.19%	+0.10%
14	Mankind Pharma Limited ₹34.30 Cr	Pharmaceuticals & Biotechnology	1.25%	1.33%	+0.08%
15	Wework India Management Limited ₹22.77 Cr	Commercial Services & Supplies	0.80%	0.88%	+0.08%
16	Adani Ports and Special Economic Zone Limited ₹21.56 Cr	Transport Infrastructure	0.76%	0.84%	+0.08%
17	Kotak Mahindra Bank Limited ₹129.52 Cr	Banks	4.96%	5.03%	+0.07%
18	Fortis Healthcare Limited ₹87.85 Cr	Healthcare Services	3.35%	3.41%	+0.06%
19	Ola Electric Mobility Ltd ₹11.25 Cr	Automobiles	0.38%	0.44%	+0.06%
20	PB Fintech Limited ₹41.45 Cr	Financial Technology (Fintech)	1.56%	1.61%	+0.05%
21	Anthem Biosciences Limited ₹101.46 Cr	Pharmaceuticals & Biotechnology	3.90%	3.94%	+0.04%
22	Grindwell Norton Limited ₹6.61 Cr	Industrial Products	0.22%	0.26%	+0.04%
23	Aptus Value Housing Finance India Limited ₹69.85 Cr	Finance	2.68%	2.71%	+0.03%
24	Acme Solar Holdings Ltd ₹21.40 Cr	Power	0.80%	0.83%	+0.03%
25	JSW Energy Limited ₹12.42 Cr	Power	0.45%	0.48%	+0.03%
26	ICICI Bank Limited ₹130.92 Cr	Banks	5.06%	5.08%	+0.02%
27	Vishal Mega Mart Limited ₹80.35 Cr	Retailing	3.10%	3.12%	+0.02%
28	IndusInd Bank Limited ₹60.07 Cr	Banks	2.31%	2.33%	+0.02%
29	Ambuja Cements Limited ₹24.67 Cr	Cement & Cement Products	0.94%	0.96%	+0.02%
30	Crompton Greaves Consumer Electricals Limited ₹7.56 Cr	Consumer Durables	0.28%	0.29%	+0.01%

#	Stock	Sector	Apr 2026	May 2026	Change
1	Shriram Finance Limited ₹12.71 Cr	Finance	0.95%	0.49%	-0.46%
2	Afcons Infrastructure Limited ₹9.58 Cr	Construction	0.76%	0.37%	-0.39%
3	Tata Motors Ltd ₹5.50 Cr	Agricultural, Commercial & Construction Vehicles	0.54%	0.21%	-0.33%
4	Brainbees Solutions Ltd ₹12.89 Cr	Retailing	0.79%	0.50%	-0.29%
5	Timken India Limited ₹26.08 Cr	Industrial Products	1.28%	1.01%	-0.27%
6	Titan Company Limited ₹104.89 Cr	Consumer Durables	4.33%	4.07%	-0.26%
7	The Phoenix Mills Limited ₹7.04 Cr	Realty	0.53%	0.27%	-0.26%
8	Godrej Properties Limited ₹5.93 Cr	Realty	0.45%	0.23%	-0.22%
9	AU Small Finance Bank Limited ₹5.40 Cr	Banks	0.41%	0.21%	-0.20%
10	Home First Finance Company India Limited ₹46.34 Cr	Finance	1.94%	1.80%	-0.14%
11	Bharti Airtel Limited ₹156.75 Cr	Telecom - Services	6.21%	6.08%	-0.13%
12	Aether Industries Limited ₹59.86 Cr	Chemicals & Petrochemicals	2.45%	2.32%	-0.13%
13	HDFC Bank Limited ₹90.09 Cr	Banks	3.59%	3.50%	-0.09%
14	Clean Max Enviro Energy Solutions Limited # ₹52.70 Cr	Power	2.08%	2.04%	-0.04%
15	Leela Palaces Hotels & Resorts Limited ₹22.49 Cr	Leisure Services	0.89%	0.87%	-0.02%
16	Ceigall India Ltd ₹16.79 Cr	Construction	0.67%	0.65%	-0.02%
17	Awfis Space Solutions Limited ₹10.55 Cr	Commercial Services & Supplies	0.43%	0.41%	-0.02%
18	SULA VINEYARDS LIMITED ₹6.12 Cr	Beverages	0.26%	0.24%	-0.02%
19	Cholamandalam Investment and Finance Company Ltd ₹69.04 Cr	Finance	2.69%	2.68%	-0.01%
20	Sagility Limited ₹18.42 Cr	IT - Services	0.72%	0.71%	-0.01%
21	G R Infraprojects Limited ₹15.35 Cr	Construction	0.61%	0.60%	-0.01%
22	PNC Infratech Limited ₹10.53 Cr	Construction	0.42%	0.41%	-0.01%

What Stocks Does This Fund Hold?

57 stocks — May 2026

#	Stock	Sector	Weight & Value
1	Bharti Airtel Limited ₹156.75 Cr	Telecom - Services	6.08%
2	Eternal Limited ₹136.96 Cr	Retailing	5.31%
3	ICICI Bank Limited ₹130.92 Cr	Banks	5.08%
4	Kotak Mahindra Bank Limited ₹129.52 Cr	Banks	5.03%
5	Titan Company Limited ₹104.89 Cr	Consumer Durables	4.07%
6	Anthem Biosciences Limited ₹101.46 Cr	Pharmaceuticals & Biotechnology	3.94%
7	HDFC Bank Limited ₹90.09 Cr	Banks	3.50%
8	Fortis Healthcare Limited ₹87.85 Cr	Healthcare Services	3.41%
9	Vishal Mega Mart Limited ₹80.35 Cr	Retailing	3.12%
10	InterGlobe Aviation Limited ₹73.12 Cr	Transport Services	2.84%
11	Aptus Value Housing Finance India Limited ₹69.85 Cr	Finance	2.71%
12	Cholamandalam Investment and Finance Company Ltd ₹69.04 Cr	Finance	2.68%
13	Bajaj Auto Limited ₹66.42 Cr	Automobiles	2.58%
14	IndusInd Bank Limited ₹60.07 Cr	Banks	2.33%
15	Aether Industries Limited ₹59.86 Cr	Chemicals & Petrochemicals	2.32%
16	Pearl Global Industries Limited ₹55.86 Cr	Textiles & Apparels	2.17%
17	Swiggy Limited ₹52.79 Cr	Retailing	2.05%
18	Clean Max Enviro Energy Solutions Limited # ₹52.70 Cr	Power	2.04%
19	Eris Lifesciences Limited ₹52.58 Cr	Pharmaceuticals & Biotechnology	2.04%
20	Home First Finance Company India Limited ₹46.34 Cr	Finance	1.80%
21	Aadhar Housing Finance Limited ₹41.84 Cr	Finance	1.62%
22	PB Fintech Limited ₹41.45 Cr	Financial Technology (Fintech)	1.61%
23	Axis Bank Limited ₹38.49 Cr	Banks	1.49%
24	ICICI Prudential Asset Management Company Limited ₹38.04 Cr	Capital Markets	1.48%
25	Bharat Dynamics Limited ₹37.37 Cr	Aerospace & Defense	1.45%
26	CG Power and Industrial Solutions Limited ₹36.01 Cr	Electrical Equipment	1.40%
27	Mankind Pharma Limited ₹34.30 Cr	Pharmaceuticals & Biotechnology	1.33%
28	SRF Limited ₹29.34 Cr	Chemicals & Petrochemicals	1.14%
29	Chalet Hotels Limited ₹28.50 Cr	Leisure Services	1.11%
30	Global Health Limited ₹26.75 Cr	Healthcare Services	1.04%
31	Timken India Limited ₹26.08 Cr	Industrial Products	1.01%
32	Ambuja Cements Limited ₹24.67 Cr	Cement & Cement Products	0.96%
33	Wework India Management Limited ₹22.77 Cr	Commercial Services & Supplies	0.88%
34	Leela Palaces Hotels & Resorts Limited ₹22.49 Cr	Leisure Services	0.87%
35	Adani Ports and Special Economic Zone Limited ₹21.56 Cr	Transport Infrastructure	0.84%
36	Acme Solar Holdings Ltd ₹21.40 Cr	Power	0.83%
37	Sona BLW Precision Forgings Limited ₹21.26 Cr	Auto Components	0.82%
38	Sagility Limited ₹18.42 Cr	IT - Services	0.71%
39	Ceigall India Ltd ₹16.79 Cr	Construction	0.65%
40	G R Infraprojects Limited ₹15.35 Cr	Construction	0.60%
41	RHI Magnesita India Limited ₹14.30 Cr	Industrial Products	0.55%
42	Brainbees Solutions Ltd ₹12.89 Cr	Retailing	0.50%
43	Shriram Finance Limited ₹12.71 Cr	Finance	0.49%
44	JSW Energy Limited ₹12.42 Cr	Power	0.48%
45	Ola Electric Mobility Ltd ₹11.25 Cr	Automobiles	0.44%
46	Awfis Space Solutions Limited ₹10.55 Cr	Commercial Services & Supplies	0.41%
47	PNC Infratech Limited ₹10.53 Cr	Construction	0.41%
48	Afcons Infrastructure Limited ₹9.58 Cr	Construction	0.37%
49	Crompton Greaves Consumer Electricals Limited ₹7.56 Cr	Consumer Durables	0.29%
50	The Phoenix Mills Limited ₹7.04 Cr	Realty	0.27%
51	Grindwell Norton Limited ₹6.61 Cr	Industrial Products	0.26%
52	SULA VINEYARDS LIMITED ₹6.12 Cr	Beverages	0.24%
53	Godrej Properties Limited ₹5.93 Cr	Realty	0.23%
54	AU Small Finance Bank Limited ₹5.40 Cr	Banks	0.21%
55	Tata Motors Ltd ₹5.50 Cr	Agricultural, Commercial & Construction Vehicles	0.21%
56	Nuvama Wealth Management Limited ₹4.82 Cr	Capital Markets	0.19%
57	Le Travenues Technology Ltd ₹1.61 Cr	Leisure Services	0.06%