What stocks does HSBC Business Cycles Fund hold?

HSBC Business Cycles Fund holds a portfolio of Indian equity stocks disclosed monthly by HSBC 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 HSBC Business Cycles Fund?

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

What category is HSBC Business Cycles Fund?

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

How often is HSBC Business Cycles Fund portfolio data updated?

Portfolio holdings for HSBC 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.

← HSBC Mutual Fund

HSBC Business Cycles Fund - Direct Growth

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

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Stocks Held

Jun 2026

Equity Holdings

₹1,146.63 Cr

Equity only, excl. debt & cash

Top 5 Weight

18.0%

Diversified

Top 10 Weight

29.9%

Diversified

Changes

4 new · 2 exits

Top Sector

Banks

14.9% of portfolio

📋 What Happened This Month HSBC Business Cycles Fund made 4 new additions and exited 2 stocks this month. The biggest new buy was Maruti Suzuki India Limited (Automobiles) at 1.19% weight. Tata Steel Limited was the biggest exit (Ferrous Metals), which was held at 1.27%. Among existing holdings, InterGlobe Aviation Limited saw the biggest increase — now at 2.50% of the portfolio. Multi Commodity Exchange of India Limited was trimmed the most, now at 1.58%. ICICI Bank Limited remains the top holding with Banks the dominant sector at 14.9%. ↓ Scroll down for full holdings, sector allocation and month-on-month changes in detail.

How Has the NAV Performed?

1 year history · HSBC Business Cycles Fund - Direct Growth

+2.90%

+5.41%

+5.25%

-1.77%

Latest NAV

₹47.85

15 Jul 2026

52W High

₹49.21

-3% from High

52W Low

₹38.05

+26% from Low

Calendar Year Returns

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

2025

-1.6%

2024

+37.8%

2023

+32.7%

Rolling Returns

Performance across every possible investment start date.

1Y Rolling Avg

23.5%

+ve in 83% windows

60.7% / -8.4%

3Y Rolling Avg

19.9% p.a.

+ve in 100% windows

23.2% / 15.8%

Crisis Period Behaviour

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

2024–25 Tariff

-23.4%

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)

0.66

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

0.91

Penalises downside volatility only.

Std Deviation (3Y)

17.9%

Lower = more consistent returns.

NAV Chart ₹47.85 15 Jul 2026

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

HSBC Business Cycles Fund - Direct Growth

Chart shows indexed performance (base = 100). Actual NAV: ₹47.85

Sector Shift Industry allocation month-over-month

Apr 2026 → May 2026

Sector	Prev	Curr ▼	Delta
Banks	14.6%	14.4%	▼ -0.2%
Capital Markets	10.9%	11.6%	▲ +0.6%
Aerospace & Defense	8.3%	8.9%	▲ +0.6%
Finance	6.9%	6.7%	▼ -0.2%
Construction	6.7%	6.5%	▼ -0.3%
Retailing	6.1%	6.2%	● +0.1%
Consumer Durables	5.8%	5.3%	▼ -0.5%
Industrial Products	4.1%	5.0%	▲ +0.9%
Electrical Equipment	4.2%	4.5%	▲ +0.3%
Petroleum Products	5.0%	3.0%	▼ -2.0%

May 2026 → Jun 2026

Sector	Prev	Curr ▼	Delta
Banks	14.4%	14.9%	▲ +0.5%
Capital Markets	11.6%	10.0%	▼ -1.5%
Aerospace & Defense	8.9%	8.5%	▼ -0.4%
Finance	6.7%	6.8%	● +0.1%
Construction	6.5%	6.6%	▲ +0.2%
Retailing	6.2%	5.9%	▼ -0.3%
Industrial Products	5.0%	5.5%	▲ +0.5%
Consumer Durables	5.3%	5.4%	● +0.0%
Electrical Equipment	4.5%	4.2%	▼ -0.3%
Transport Services	2.6%	3.4%	▲ +0.9%

🟢

Biggest New Buy

Maruti Suzuki India Limited

1.19% weight · Automobiles

🔴

Biggest Exit

Tata Steel Limited

1.27% was held · Ferrous Metals

↑

Biggest Add

InterGlobe Aviation Limited

+0.76% · now 2.50%

↓

Biggest Trim

Multi Commodity Exchange of India Limited

-1.42% · now 1.58%

🤝 Other funds also bought this month

JSW Steel Limited 30 funds

R R Kabel Limited 20 funds

Maruti Suzuki India Limited 19 funds

Sterlite Technologies Limited 7 funds

👋 Other funds also exited

Tata Steel Limited 39 funds

Motherson Sumi Wiring India Limited 12 funds

What Changed in the Portfolio This Month?

Comparing May 2026 → Jun 2026

May 2026 → Jun 2026

🟢 4 New Entries 🔴 2 Exits ↑ 32 Increased ↓ 33 Decreased

#	Stock	Sector	Weight (Jun 2026)
1	Maruti Suzuki India Limited ₹14.12 Cr	Automobiles	1.19%
2	R R Kabel Limited ₹7.19 Cr	Industrial Products	0.61%
3	Sterlite Technologies Limited ₹6.13 Cr	Telecom - Equipment & Accessories	0.52%
4	JSW Steel Limited ₹6.13 Cr	Ferrous Metals	0.52%

#	Stock	Sector	Last Weight (May 2026)
1	Tata Steel Limited ₹14.56 Cr	Ferrous Metals	1.27%
2	Motherson Sumi Wiring India Limited ₹5.85 Cr	Auto Components	0.51%

#	Stock	Sector	May 2026	Jun 2026	Change
1	InterGlobe Aviation Limited ₹29.53 Cr	Transport Services	1.74%	2.50%	+0.76%
2	FSN E-Commerce Ventures Limited ₹13.06 Cr	Retailing	0.69%	1.10%	+0.41%
3	ICICI Bank Limited ₹65.32 Cr	Banks	5.22%	5.52%	+0.30%
4	INDO COUNT INDUSTRIES LIMITED ₹13.73 Cr	Textiles & Apparels	0.86%	1.16%	+0.30%
5	Jyoti CNC Automation Ltd ₹14.35 Cr	Industrial Manufacturing	0.97%	1.21%	+0.24%
6	Gokaldas Exports Limited ₹15.41 Cr	Textiles & Apparels	1.07%	1.30%	+0.23%
7	HDFC Bank Limited ₹39.39 Cr	Banks	3.22%	3.33%	+0.11%
8	Shadowfax Technologies Ltd. ₹10.94 Cr	Transport Services	0.82%	0.93%	+0.11%
9	Piramal Finance Ltd ₹16.23 Cr	Finance	1.27%	1.37%	+0.10%
10	Cholamandalam Investment and Finance Company Ltd ₹9.49 Cr	Finance	0.71%	0.80%	+0.09%
11	RBL Bank Limited ₹26.21 Cr	Banks	2.14%	2.22%	+0.08%
12	Ahluwalia Contracts (India) Limited ₹23.53 Cr	Construction	1.91%	1.99%	+0.08%
13	Power Mech Projects Limited ₹14.68 Cr	Construction	1.16%	1.24%	+0.08%
14	Motilal Oswal Financial Services Limited ₹19.03 Cr	Capital Markets	1.54%	1.61%	+0.07%
15	PARADEEP PHOSPHATES LIMITED ₹17.70 Cr	Fertilizers & Agrochemicals	1.43%	1.50%	+0.07%
16	Prudent Corporate Advisory Services Limited ₹13.47 Cr	Capital Markets	1.07%	1.14%	+0.07%
17	State Bank of India ₹23.50 Cr	Banks	1.93%	1.99%	+0.06%
18	Gujarat Fluorochemicals Limited ₹12.53 Cr	Chemicals & Petrochemicals	1.00%	1.06%	+0.06%
19	Tata Motors Ltd ₹10.57 Cr	Agricultural, Commercial & Construction Vehicles	0.83%	0.89%	+0.06%
20	Kajaria Ceramics Limited ₹8.56 Cr	Consumer Durables	0.66%	0.72%	+0.06%
21	Titan Company Limited ₹12.77 Cr	Consumer Durables	1.03%	1.08%	+0.05%
22	Pine Labs Limited ₹12.77 Cr	Financial Technology (Fintech)	1.03%	1.08%	+0.05%
23	Electronics Mart India Limited ₹17.67 Cr	Retailing	1.45%	1.49%	+0.04%
24	Titagarh Rail Systems Limited ₹14.16 Cr	Industrial Manufacturing	1.16%	1.20%	+0.04%
25	Nippon Life India Asset Management Limited ₹17.43 Cr	Capital Markets	1.44%	1.47%	+0.03%
26	Home First Finance Company India Limited ₹8.47 Cr	Finance	0.69%	0.72%	+0.03%
27	Billionbrains Garage Ventures Ltd ₹6.23 Cr	Capital Markets	0.50%	0.53%	+0.03%
28	PNC Infratech Limited ₹4.47 Cr	Construction	0.35%	0.38%	+0.03%
29	INDIAN HUME PIPE COMPANY LIMITED ₹10.97 Cr	N.A.	0.91%	0.93%	+0.02%
30	Bansal Wire Industries Limited ₹10.20 Cr	Industrial Products	0.84%	0.86%	+0.02%
31	PG Electroplast Limited ₹3.60 Cr	Consumer Durables	0.28%	0.30%	+0.02%
32	Pitti Engineering Ltd ₹5.77 Cr	Industrial Manufacturing	0.48%	0.49%	+0.01%

#	Stock	Sector	May 2026	Jun 2026	Change
1	Multi Commodity Exchange of India Limited ₹18.73 Cr	Capital Markets	3.00%	1.58%	-1.42%
2	Hindalco Industries Limited ₹16.22 Cr	Non - Ferrous Metals	2.66%	1.37%	-1.29%
3	Eternal Limited ₹17.00 Cr	Retailing	1.96%	1.44%	-0.52%
4	MTAR Technologies Limited ₹44.88 Cr	Aerospace & Defense	4.06%	3.80%	-0.26%
5	ICICI Prudential Asset Management Company Limited ₹28.25 Cr	Capital Markets	2.64%	2.39%	-0.25%
6	GE Vernova T&D India Limited ₹29.17 Cr	Electrical Equipment	2.66%	2.47%	-0.19%
7	Reliance Industries Limited ₹33.21 Cr	Petroleum Products	2.97%	2.81%	-0.16%
8	Swiggy Limited ₹15.26 Cr	Retailing	1.44%	1.29%	-0.15%
9	PB Fintech Limited ₹19.40 Cr	Financial Technology (Fintech)	1.78%	1.64%	-0.14%
10	UltraTech Cement Limited ₹22.06 Cr	Cement & Cement Products	1.97%	1.86%	-0.11%
11	Power Finance Corporation Limited ₹25.59 Cr	Finance	2.26%	2.16%	-0.10%
12	ABB India Limited ₹15.89 Cr	Electrical Equipment	1.44%	1.34%	-0.10%
13	APL Apollo Tubes Limited ₹17.89 Cr	Industrial Products	1.60%	1.51%	-0.09%
14	Meghmani Finechem Limited ₹8.28 Cr	Chemicals & Petrochemicals	0.78%	0.70%	-0.08%
15	Bharat Electronics Limited ₹27.77 Cr	Aerospace & Defense	2.42%	2.35%	-0.07%
16	Amber Enterprises India Limited ₹15.06 Cr	Consumer Durables	1.33%	1.27%	-0.06%
17	Sobha Limited ₹11.33 Cr	Realty	1.02%	0.96%	-0.06%
18	PNB Housing Finance Limited ₹20.21 Cr	Finance	1.76%	1.71%	-0.05%
19	Devyani International Limited ₹7.23 Cr	Leisure Services	0.66%	0.61%	-0.05%
20	Awfis Space Solutions Limited ₹4.54 Cr	Commercial Services & Supplies	0.43%	0.38%	-0.05%
21	Hindustan Aeronautics Limited ₹27.95 Cr	Aerospace & Defense	2.40%	2.36%	-0.04%
22	Larsen & Toubro Limited ₹27.55 Cr	Construction	2.37%	2.33%	-0.04%
23	Canara Robeco Asset Management Co Ltd/India ₹15.63 Cr	Capital Markets	1.36%	1.32%	-0.04%
24	Amara Raja Energy & Mobility Ltd ₹5.06 Cr	Auto Components	0.47%	0.43%	-0.04%
25	Kotak Mahindra Bank Limited ₹21.63 Cr	Banks	1.86%	1.83%	-0.03%
26	Lenskart Solutions Limited ₹7.12 Cr	Retailing	0.63%	0.60%	-0.03%
27	Wakefit Innovations Limited ₹9.10 Cr	Consumer Durables	0.79%	0.77%	-0.02%
28	Ganesha Ecosphere Limited ₹4.06 Cr	Textiles & Apparels	0.36%	0.34%	-0.02%
29	TVS Motor Company Limited ₹17.30 Cr	Automobiles	1.47%	1.46%	-0.01%
30	Time Technoplast Limited ₹14.83 Cr	Industrial Products	1.26%	1.25%	-0.01%
31	Blue Star Limited ₹14.26 Cr	Consumer Durables	1.22%	1.21%	-0.01%
32	Mold-Tek Packaging Limited ₹13.14 Cr	Industrial Products	1.12%	1.11%	-0.01%
33	Hi-Tech Pipes Limited ₹2.29 Cr	Industrial Products	0.20%	0.19%	-0.01%

What Stocks Does This Fund Hold?

71 stocks — Jun 2026

#	Stock	Sector	Weight & Value
1	ICICI Bank Limited ₹65.32 Cr	Banks	5.52%
2	MTAR Technologies Limited ₹44.88 Cr	Aerospace & Defense	3.80%
3	HDFC Bank Limited ₹39.39 Cr	Banks	3.33%
4	Reliance Industries Limited ₹33.21 Cr	Petroleum Products	2.81%
5	InterGlobe Aviation Limited ₹29.53 Cr	Transport Services	2.50%
6	GE Vernova T&D India Limited ₹29.17 Cr	Electrical Equipment	2.47%
7	ICICI Prudential Asset Management Company Limited ₹28.25 Cr	Capital Markets	2.39%
8	Hindustan Aeronautics Limited ₹27.95 Cr	Aerospace & Defense	2.36%
9	Bharat Electronics Limited ₹27.77 Cr	Aerospace & Defense	2.35%
10	Larsen & Toubro Limited ₹27.55 Cr	Construction	2.33%
11	RBL Bank Limited ₹26.21 Cr	Banks	2.22%
12	Power Finance Corporation Limited ₹25.59 Cr	Finance	2.16%
13	Ahluwalia Contracts (India) Limited ₹23.53 Cr	Construction	1.99%
14	State Bank of India ₹23.50 Cr	Banks	1.99%
15	UltraTech Cement Limited ₹22.06 Cr	Cement & Cement Products	1.86%
16	Kotak Mahindra Bank Limited ₹21.63 Cr	Banks	1.83%
17	PNB Housing Finance Limited ₹20.21 Cr	Finance	1.71%
18	PB Fintech Limited ₹19.40 Cr	Financial Technology (Fintech)	1.64%
19	Motilal Oswal Financial Services Limited ₹19.03 Cr	Capital Markets	1.61%
20	Multi Commodity Exchange of India Limited ₹18.73 Cr	Capital Markets	1.58%
21	APL Apollo Tubes Limited ₹17.89 Cr	Industrial Products	1.51%
22	PARADEEP PHOSPHATES LIMITED ₹17.70 Cr	Fertilizers & Agrochemicals	1.50%
23	Electronics Mart India Limited ₹17.67 Cr	Retailing	1.49%
24	Nippon Life India Asset Management Limited ₹17.43 Cr	Capital Markets	1.47%
25	TVS Motor Company Limited ₹17.30 Cr	Automobiles	1.46%
26	Eternal Limited ₹17.00 Cr	Retailing	1.44%
27	Piramal Finance Ltd ₹16.23 Cr	Finance	1.37%
28	Hindalco Industries Limited ₹16.22 Cr	Non - Ferrous Metals	1.37%
29	ABB India Limited ₹15.89 Cr	Electrical Equipment	1.34%
30	Canara Robeco Asset Management Co Ltd/India ₹15.63 Cr	Capital Markets	1.32%
31	Gokaldas Exports Limited ₹15.41 Cr	Textiles & Apparels	1.30%
32	Swiggy Limited ₹15.26 Cr	Retailing	1.29%
33	Amber Enterprises India Limited ₹15.06 Cr	Consumer Durables	1.27%
34	Time Technoplast Limited ₹14.83 Cr	Industrial Products	1.25%
35	Power Mech Projects Limited ₹14.68 Cr	Construction	1.24%
36	Jyoti CNC Automation Ltd ₹14.35 Cr	Industrial Manufacturing	1.21%
37	Blue Star Limited ₹14.26 Cr	Consumer Durables	1.21%
38	Titagarh Rail Systems Limited ₹14.16 Cr	Industrial Manufacturing	1.20%
39	Maruti Suzuki India Limited ₹14.12 Cr	Automobiles	1.19%
40	INDO COUNT INDUSTRIES LIMITED ₹13.73 Cr	Textiles & Apparels	1.16%
41	Prudent Corporate Advisory Services Limited ₹13.47 Cr	Capital Markets	1.14%
42	Mold-Tek Packaging Limited ₹13.14 Cr	Industrial Products	1.11%
43	FSN E-Commerce Ventures Limited ₹13.06 Cr	Retailing	1.10%
44	Titan Company Limited ₹12.77 Cr	Consumer Durables	1.08%
45	Pine Labs Limited ₹12.77 Cr	Financial Technology (Fintech)	1.08%
46	Gujarat Fluorochemicals Limited ₹12.53 Cr	Chemicals & Petrochemicals	1.06%
47	Sobha Limited ₹11.33 Cr	Realty	0.96%
48	INDIAN HUME PIPE COMPANY LIMITED ₹10.97 Cr	N.A.	0.93%
49	Shadowfax Technologies Ltd. ₹10.94 Cr	Transport Services	0.93%
50	Tata Motors Ltd ₹10.57 Cr	Agricultural, Commercial & Construction Vehicles	0.89%
51	Bansal Wire Industries Limited ₹10.20 Cr	Industrial Products	0.86%
52	Cholamandalam Investment and Finance Company Ltd ₹9.49 Cr	Finance	0.80%
53	Wakefit Innovations Limited ₹9.10 Cr	Consumer Durables	0.77%
54	Kajaria Ceramics Limited ₹8.56 Cr	Consumer Durables	0.72%
55	Home First Finance Company India Limited ₹8.47 Cr	Finance	0.72%
56	KEC International Limited ₹8.32 Cr	Construction	0.70%
57	Meghmani Finechem Limited ₹8.28 Cr	Chemicals & Petrochemicals	0.70%
58	Devyani International Limited ₹7.23 Cr	Leisure Services	0.61%
59	R R Kabel Limited ₹7.19 Cr	Industrial Products	0.61%
60	Lenskart Solutions Limited ₹7.12 Cr	Retailing	0.60%
61	Billionbrains Garage Ventures Ltd ₹6.23 Cr	Capital Markets	0.53%
62	JSW Steel Limited ₹6.13 Cr	Ferrous Metals	0.52%
63	Sterlite Technologies Limited ₹6.13 Cr	Telecom - Equipment & Accessories	0.52%
64	Pitti Engineering Ltd ₹5.77 Cr	Industrial Manufacturing	0.49%
65	Bharat Bijlee Ltd. ₹5.14 Cr	Electrical Equipment	0.43%
66	Amara Raja Energy & Mobility Ltd ₹5.06 Cr	Auto Components	0.43%
67	Awfis Space Solutions Limited ₹4.54 Cr	Commercial Services & Supplies	0.38%
68	PNC Infratech Limited ₹4.47 Cr	Construction	0.38%
69	Ganesha Ecosphere Limited ₹4.06 Cr	Textiles & Apparels	0.34%
70	PG Electroplast Limited ₹3.60 Cr	Consumer Durables	0.30%
71	Hi-Tech Pipes Limited ₹2.29 Cr	Industrial Products	0.19%