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 Aug 2026 Comparing Jul 2026 → Aug 2026

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Stocks Held

Aug 2026

Equity Holdings

₹1,183.47 Cr

Equity only, excl. debt & cash

AAUM

₹1,089.70 Cr

Apr-Jun 2026 · Direct + Regular

Top 5 Weight

17.3%

Diversified

Top 10 Weight

28.6%

Diversified

Changes

2 new · 4 exits

Top Sector

Banks

14.5% of portfolio

Launch Date

30 Jul 2014

10+ year track record

AAUM (Average Assets Under Management) of ₹1,089.70 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 HSBC Business Cycles Fund made 2 new additions and exited 4 stocks this month. The biggest new buy was Dhoot Transmission Ltd (Automobile and Auto Components) at 0.60% weight. Meghmani Finechem Limited was the biggest exit (Chemicals & Petrochemicals), which was held at 0.70%. Among existing holdings, MTAR Technologies Limited saw the biggest increase — now at 3.37% of the portfolio. Ahluwalia Contracts (India) Limited was trimmed the most, now at 1.38%. ICICI Bank Limited remains the top holding with Banks the dominant sector at 14.5%. ↓ 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

+0.52%

+4.34%

+18.92%

+4.29%

Latest NAV

₹49.34

11 Sep 2026

52W High

₹49.86

-1% from High

52W Low

₹39.67

+24% 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

22.2%

+ve in 82% windows

60.7% / -8.4%

3Y Rolling Avg

19.4% 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: Aug 2026 (2yr 2mo)

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)

0.62

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

0.85

Penalises downside volatility only.

Std Deviation (3Y)

18.0%

Lower = more consistent returns.

NAV Chart ₹49.34 11 Sep 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: ₹49.34

Sector Shift Industry allocation month-over-month

Jun 2026 → Jul 2026

Sector	Prev	Curr ▼	Delta
Banks	14.9%	15.0%	● +0.1%
Capital Markets	10.0%	10.6%	▲ +0.5%
Aerospace & Defense	8.5%	7.6%	▼ -0.9%
Retailing	5.9%	6.6%	▲ +0.7%
Construction	6.6%	6.3%	▼ -0.3%
Industrial Products	5.5%	5.7%	▲ +0.1%
Consumer Durables	5.4%	5.5%	▲ +0.2%
Finance	6.8%	4.9%	▼ -1.9%
Electrical Equipment	4.2%	4.6%	▲ +0.3%
Transport Services	3.4%	3.8%	▲ +0.4%

Jul 2026 → Aug 2026

Sector	Prev	Curr ▼	Delta
Banks	15.0%	14.5%	▼ -0.4%
Capital Markets	10.6%	11.0%	▲ +0.4%
Aerospace & Defense	7.6%	8.1%	▲ +0.6%
Retailing	6.6%	6.7%	● +0.1%
Industrial Products	5.7%	5.5%	▼ -0.1%
Consumer Durables	5.5%	5.4%	▼ -0.2%
Finance	4.9%	5.0%	▲ +0.1%
Construction	6.3%	4.7%	▼ -1.7%
Electrical Equipment	4.6%	4.7%	▲ +0.1%
Transport Services	3.8%	3.8%	● 0.0%

🟢

Biggest New Buy

Dhoot Transmission Ltd

0.60% weight · Automobile and Auto Components

🔴

Biggest Exit

Meghmani Finechem Limited

0.70% was held · Chemicals & Petrochemicals

↑

Biggest Add

MTAR Technologies Limited

+0.52% · now 3.37%

↓

Biggest Trim

Ahluwalia Contracts (India) Limited

-0.53% · now 1.38%

🤝 Other funds also bought this month

Dhoot Transmission Ltd 66 funds

Apar Industries Limited 29 funds

👋 Other funds also exited

KEC International Limited 14 funds

PNC Infratech Limited 3 funds

Bansal Wire Industries Limited 2 funds

Meghmani Finechem Limited 1 fund

What Changed in the Portfolio This Month?

Comparing Jul 2026 → Aug 2026

Jul 2026 → Aug 2026

🟢 2 New Entries 🔴 4 Exits ↑ 28 Increased ↓ 38 Decreased

#	Stock	Sector	Weight (Aug 2026)
1	Dhoot Transmission Ltd ₹7.37 Cr	Automobile and Auto Components	0.60%
2	Apar Industries Limited ₹1.67 Cr	Electrical Equipment	0.14%

#	Stock	Sector	Last Weight (Jul 2026)
1	Meghmani Finechem Limited ₹8.31 Cr	Chemicals & Petrochemicals	0.70%
2	KEC International Limited ₹7.48 Cr	Construction	0.63%
3	PNC Infratech Limited ₹4.82 Cr	Construction	0.41%
4	Bansal Wire Industries Limited ₹3.81 Cr	Industrial Products	0.32%

#	Stock	Sector	Jul 2026	Aug 2026	Change
1	MTAR Technologies Limited ₹41.49 Cr	Aerospace & Defense	2.85%	3.37%	+0.52%
2	Multi Commodity Exchange of India Limited ₹22.44 Cr	Capital Markets	1.50%	1.83%	+0.33%
3	APL Apollo Tubes Limited ₹22.23 Cr	Industrial Products	1.54%	1.81%	+0.27%
4	Motilal Oswal Financial Services Limited ₹20.86 Cr	Capital Markets	1.44%	1.70%	+0.26%
5	Jyoti CNC Automation Ltd ₹18.43 Cr	Industrial Manufacturing	1.27%	1.50%	+0.23%
6	Sterlite Technologies Limited ₹13.36 Cr	Telecom - Equipment & Accessories	0.86%	1.09%	+0.23%
7	PB Fintech Limited ₹22.34 Cr	Financial Technology (Fintech)	1.61%	1.82%	+0.21%
8	INDO COUNT INDUSTRIES LIMITED ₹14.71 Cr	Textiles & Apparels	1.06%	1.20%	+0.14%
9	Pine Labs Limited ₹13.36 Cr	Financial Technology (Fintech)	0.96%	1.09%	+0.13%
10	R R Kabel Limited ₹17.57 Cr	Industrial Products	1.32%	1.43%	+0.11%
11	Piramal Finance Ltd ₹17.25 Cr	Finance	1.30%	1.40%	+0.10%
12	Prudent Corporate Advisory Services Limited ₹16.53 Cr	Capital Markets	1.25%	1.35%	+0.10%
13	Wakefit Innovations Limited ₹10.80 Cr	Consumer Durables	0.78%	0.88%	+0.10%
14	Devyani International Limited ₹9.01 Cr	Leisure Services	0.63%	0.73%	+0.10%
15	PNB Housing Finance Limited ₹22.35 Cr	Finance	1.73%	1.82%	+0.09%
16	Lenskart Solutions Limited ₹9.16 Cr	Retailing	0.66%	0.75%	+0.09%
17	Eternal Limited ₹21.08 Cr	Retailing	1.64%	1.72%	+0.08%
18	PARADEEP PHOSPHATES LIMITED ₹20.82 Cr	Fertilizers & Agrochemicals	1.62%	1.69%	+0.07%
19	Pitti Engineering Ltd ₹6.56 Cr	Industrial Manufacturing	0.46%	0.53%	+0.07%
20	Bharat Electronics Limited ₹27.95 Cr	Aerospace & Defense	2.21%	2.27%	+0.06%
21	Kotak Mahindra Bank Limited ₹23.13 Cr	Banks	1.82%	1.88%	+0.06%
22	Gujarat Fluorochemicals Limited ₹14.83 Cr	Chemicals & Petrochemicals	1.17%	1.21%	+0.04%
23	Tata Motors Ltd ₹11.78 Cr	Agricultural, Commercial & Construction Vehicles	0.92%	0.96%	+0.04%
24	Shadowfax Technologies Ltd. ₹12.51 Cr	Transport Services	0.99%	1.02%	+0.03%
25	Diamond Power Infrastructure Limited ₹7.85 Cr	Electrical Equipment	0.62%	0.64%	+0.02%
26	ABB India Limited ₹17.26 Cr	Electrical Equipment	1.39%	1.40%	+0.01%
27	FSN E-Commerce Ventures Limited ₹14.68 Cr	Retailing	1.18%	1.19%	+0.01%
28	Mold-Tek Packaging Limited ₹12.96 Cr	Industrial Products	1.04%	1.05%	+0.01%

#	Stock	Sector	Jul 2026	Aug 2026	Change
1	Ahluwalia Contracts (India) Limited ₹17.02 Cr	Construction	1.91%	1.38%	-0.53%
2	Hindalco Industries Limited ₹12.14 Cr	Non - Ferrous Metals	1.40%	0.99%	-0.41%
3	HDFC Bank Limited ₹35.00 Cr	Banks	3.12%	2.85%	-0.27%
4	Blue Star Limited ₹12.82 Cr	Consumer Durables	1.25%	1.04%	-0.21%
5	Time Technoplast Limited ₹15.42 Cr	Industrial Products	1.45%	1.25%	-0.20%
6	Reliance Industries Limited ₹32.78 Cr	Petroleum Products	2.84%	2.67%	-0.17%
7	ICICI Bank Limited ₹69.07 Cr	Banks	5.77%	5.62%	-0.15%
8	UltraTech Cement Limited ₹22.44 Cr	Cement & Cement Products	1.97%	1.83%	-0.14%
9	ICICI Prudential Asset Management Company Limited ₹26.08 Cr	Capital Markets	2.24%	2.12%	-0.12%
10	Sobha Limited ₹10.32 Cr	Realty	0.95%	0.84%	-0.11%
11	Gokaldas Exports Limited ₹13.78 Cr	Textiles & Apparels	1.22%	1.12%	-0.10%
12	Maruti Suzuki India Limited ₹13.55 Cr	Automobiles	1.20%	1.10%	-0.10%
13	Swiggy Limited ₹17.97 Cr	Retailing	1.54%	1.46%	-0.08%
14	OPTIEMUS INFRACOM LIMITED ₹6.70 Cr	Telecom - Equipment & Accessories	0.63%	0.55%	-0.08%
15	Ganesha Ecosphere Limited ₹4.59 Cr	Textiles & Apparels	0.45%	0.37%	-0.08%
16	InterGlobe Aviation Limited ₹34.02 Cr	Transport Services	2.84%	2.77%	-0.07%
17	Canara Robeco Asset Management Co Ltd/India ₹16.41 Cr	Capital Markets	1.40%	1.33%	-0.07%
18	INDIAN HUME PIPE COMPANY LIMITED ₹12.69 Cr	N.A.	1.10%	1.03%	-0.07%
19	RBL Bank Limited ₹27.01 Cr	Banks	2.26%	2.20%	-0.06%
20	Power Mech Projects Limited ₹13.40 Cr	Construction	1.15%	1.09%	-0.06%
21	Home First Finance Company India Limited ₹11.57 Cr	Finance	1.00%	0.94%	-0.06%
22	TVS Motor Company Limited ₹21.71 Cr	Automobiles	1.82%	1.77%	-0.05%
23	Electronics Mart India Limited ₹18.99 Cr	Retailing	1.60%	1.55%	-0.05%
24	Titagarh Rail Systems Limited ₹13.16 Cr	Industrial Manufacturing	1.12%	1.07%	-0.05%
25	Billionbrains Garage Ventures Ltd ₹11.68 Cr	Capital Markets	1.00%	0.95%	-0.05%
26	Nippon Life India Asset Management Limited ₹14.07 Cr	Capital Markets	1.18%	1.14%	-0.04%
27	Bharat Bijlee Ltd. ₹4.21 Cr	Electrical Equipment	0.38%	0.34%	-0.04%
28	Larsen & Toubro Limited ₹26.90 Cr	Construction	2.22%	2.19%	-0.03%
29	GE Vernova T&D India Limited ₹26.23 Cr	Electrical Equipment	2.16%	2.13%	-0.03%
30	Cholamandalam Investment and Finance Company Ltd ₹9.84 Cr	Finance	0.83%	0.80%	-0.03%
31	PG Electroplast Limited ₹3.92 Cr	Consumer Durables	0.35%	0.32%	-0.03%
32	Awfis Space Solutions Limited ₹3.88 Cr	Commercial Services & Supplies	0.35%	0.32%	-0.03%
33	Hindustan Aeronautics Limited ₹30.63 Cr	Aerospace & Defense	2.51%	2.49%	-0.02%
34	State Bank of India ₹24.25 Cr	Banks	1.99%	1.97%	-0.02%
35	Amber Enterprises India Limited ₹15.24 Cr	Consumer Durables	1.26%	1.24%	-0.02%
36	HDFC Asset Management Company Limited ₹6.56 Cr	Capital Markets	0.55%	0.53%	-0.02%
37	Amara Raja Energy & Mobility Ltd ₹5.36 Cr	Auto Components	0.46%	0.44%	-0.02%
38	JSW Steel Limited ₹6.54 Cr	Ferrous Metals	0.54%	0.53%	-0.01%

What Stocks Does This Fund Hold?

70 stocks — Aug 2026

#	Stock	Sector	Weight & Value
1	ICICI Bank Limited ₹69.07 Cr	Banks	5.62%
2	MTAR Technologies Limited ₹41.49 Cr	Aerospace & Defense	3.37%
3	HDFC Bank Limited ₹35.00 Cr	Banks	2.85%
4	InterGlobe Aviation Limited ₹34.02 Cr	Transport Services	2.77%
5	Reliance Industries Limited ₹32.78 Cr	Petroleum Products	2.67%
6	Hindustan Aeronautics Limited ₹30.63 Cr	Aerospace & Defense	2.49%
7	Bharat Electronics Limited ₹27.95 Cr	Aerospace & Defense	2.27%
8	RBL Bank Limited ₹27.01 Cr	Banks	2.20%
9	Larsen & Toubro Limited ₹26.90 Cr	Construction	2.19%
10	GE Vernova T&D India Limited ₹26.23 Cr	Electrical Equipment	2.13%
11	ICICI Prudential Asset Management Company Limited ₹26.08 Cr	Capital Markets	2.12%
12	State Bank of India ₹24.25 Cr	Banks	1.97%
13	Kotak Mahindra Bank Limited ₹23.13 Cr	Banks	1.88%
14	UltraTech Cement Limited ₹22.44 Cr	Cement & Cement Products	1.83%
15	Multi Commodity Exchange of India Limited ₹22.44 Cr	Capital Markets	1.83%
16	PNB Housing Finance Limited ₹22.35 Cr	Finance	1.82%
17	PB Fintech Limited ₹22.34 Cr	Financial Technology (Fintech)	1.82%
18	APL Apollo Tubes Limited ₹22.23 Cr	Industrial Products	1.81%
19	TVS Motor Company Limited ₹21.71 Cr	Automobiles	1.77%
20	Eternal Limited ₹21.08 Cr	Retailing	1.72%
21	Motilal Oswal Financial Services Limited ₹20.86 Cr	Capital Markets	1.70%
22	PARADEEP PHOSPHATES LIMITED ₹20.82 Cr	Fertilizers & Agrochemicals	1.69%
23	Electronics Mart India Limited ₹18.99 Cr	Retailing	1.55%
24	Jyoti CNC Automation Ltd ₹18.43 Cr	Industrial Manufacturing	1.50%
25	Swiggy Limited ₹17.97 Cr	Retailing	1.46%
26	R R Kabel Limited ₹17.57 Cr	Industrial Products	1.43%
27	Piramal Finance Ltd ₹17.25 Cr	Finance	1.40%
28	ABB India Limited ₹17.26 Cr	Electrical Equipment	1.40%
29	Ahluwalia Contracts (India) Limited ₹17.02 Cr	Construction	1.38%
30	Prudent Corporate Advisory Services Limited ₹16.53 Cr	Capital Markets	1.35%
31	Canara Robeco Asset Management Co Ltd/India ₹16.41 Cr	Capital Markets	1.33%
32	Time Technoplast Limited ₹15.42 Cr	Industrial Products	1.25%
33	Amber Enterprises India Limited ₹15.24 Cr	Consumer Durables	1.24%
34	Gujarat Fluorochemicals Limited ₹14.83 Cr	Chemicals & Petrochemicals	1.21%
35	INDO COUNT INDUSTRIES LIMITED ₹14.71 Cr	Textiles & Apparels	1.20%
36	Titan Company Limited ₹14.80 Cr	Consumer Durables	1.20%
37	FSN E-Commerce Ventures Limited ₹14.68 Cr	Retailing	1.19%
38	Nippon Life India Asset Management Limited ₹14.07 Cr	Capital Markets	1.14%
39	Gokaldas Exports Limited ₹13.78 Cr	Textiles & Apparels	1.12%
40	Maruti Suzuki India Limited ₹13.55 Cr	Automobiles	1.10%
41	Power Mech Projects Limited ₹13.40 Cr	Construction	1.09%
42	Sterlite Technologies Limited ₹13.36 Cr	Telecom - Equipment & Accessories	1.09%
43	Pine Labs Limited ₹13.36 Cr	Financial Technology (Fintech)	1.09%
44	Titagarh Rail Systems Limited ₹13.16 Cr	Industrial Manufacturing	1.07%
45	Mold-Tek Packaging Limited ₹12.96 Cr	Industrial Products	1.05%
46	Blue Star Limited ₹12.82 Cr	Consumer Durables	1.04%
47	INDIAN HUME PIPE COMPANY LIMITED ₹12.69 Cr	N.A.	1.03%
48	Shadowfax Technologies Ltd. ₹12.51 Cr	Transport Services	1.02%
49	Hindalco Industries Limited ₹12.14 Cr	Non - Ferrous Metals	0.99%
50	Tata Motors Ltd ₹11.78 Cr	Agricultural, Commercial & Construction Vehicles	0.96%
51	Billionbrains Garage Ventures Ltd ₹11.68 Cr	Capital Markets	0.95%
52	Home First Finance Company India Limited ₹11.57 Cr	Finance	0.94%
53	Wakefit Innovations Limited ₹10.80 Cr	Consumer Durables	0.88%
54	Sobha Limited ₹10.32 Cr	Realty	0.84%
55	Cholamandalam Investment and Finance Company Ltd ₹9.84 Cr	Finance	0.80%
56	Lenskart Solutions Limited ₹9.16 Cr	Retailing	0.75%
57	Devyani International Limited ₹9.01 Cr	Leisure Services	0.73%
58	Kajaria Ceramics Limited ₹8.38 Cr	Consumer Durables	0.68%
59	Diamond Power Infrastructure Limited ₹7.85 Cr	Electrical Equipment	0.64%
60	Dhoot Transmission Ltd ₹7.37 Cr	Automobile and Auto Components	0.60%
61	OPTIEMUS INFRACOM LIMITED ₹6.70 Cr	Telecom - Equipment & Accessories	0.55%
62	JSW Steel Limited ₹6.54 Cr	Ferrous Metals	0.53%
63	HDFC Asset Management Company Limited ₹6.56 Cr	Capital Markets	0.53%
64	Pitti Engineering Ltd ₹6.56 Cr	Industrial Manufacturing	0.53%
65	Amara Raja Energy & Mobility Ltd ₹5.36 Cr	Auto Components	0.44%
66	Ganesha Ecosphere Limited ₹4.59 Cr	Textiles & Apparels	0.37%
67	Bharat Bijlee Ltd. ₹4.21 Cr	Electrical Equipment	0.34%
68	PG Electroplast Limited ₹3.92 Cr	Consumer Durables	0.32%
69	Awfis Space Solutions Limited ₹3.88 Cr	Commercial Services & Supplies	0.32%
70	Apar Industries Limited ₹1.67 Cr	Electrical Equipment	0.14%