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 May 2026 Comparing Apr 2026 → May 2026

Share: WhatsApp X

Stocks Held

May 2026

Equity Holdings

₹1,115.85 Cr

Equity only, excl. debt & cash

Top 5 Weight

18.5%

Diversified

Top 10 Weight

31.3%

Diversified

Changes

1 new · 1 exits

Top Sector

Banks

14.4% of portfolio

📋 What Happened This Month HSBC Business Cycles Fund made 1 new addition and exited 1 stock this month. The biggest new buy was Billionbrains Garage Ventures Ltd (Capital Markets) at 0.50% weight. Aditya Birla Real Estate Limited was the biggest exit (Paper, Forest & Jute Products), which was held at 0.55%. Among existing holdings, APL Apollo Tubes Limited saw the biggest increase — now at 1.60% of the portfolio. Reliance Industries Limited was trimmed the most, now at 2.97%. ICICI Bank Limited remains the top holding with Banks the dominant sector at 14.4%. ↓ 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

+2.67%

+17.30%

+2.93%

-1.31%

Latest NAV

₹47.77

24 Jun 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

24.1%

+ve in 84% windows

60.7% / -8.4%

3Y Rolling Avg

20.0% 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)

0.73

Return per unit of risk. >1 is good.

Sortino Ratio (3Y)

1.01

Penalises downside volatility only.

Std Deviation (3Y)

17.9%

Lower = more consistent returns.

NAV Chart ₹47.77 24 Jun 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: ₹47.77

Sector Shift Industry allocation month-over-month

Mar 2026 → Apr 2026

Sector	Prev	Curr ▼	Delta
Banks	15.9%	14.6%	▼ -1.3%
Capital Markets	8.9%	10.9%	▲ +2.0%
Aerospace & Defense	7.1%	8.3%	▲ +1.1%
Finance	6.5%	6.9%	▲ +0.4%
Construction	6.3%	6.7%	▲ +0.4%
Retailing	5.3%	6.1%	▲ +0.8%
Consumer Durables	6.1%	5.8%	▼ -0.3%
Petroleum Products	5.5%	5.0%	▼ -0.5%
Electrical Equipment	4.0%	4.2%	▲ +0.2%
Industrial Products	4.1%	4.1%	● 0.0%

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%

🟢

Biggest New Buy

Billionbrains Garage Ventures Ltd

0.50% weight · Capital Markets

🔴

Biggest Exit

Aditya Birla Real Estate Limited

0.55% was held · Paper, Forest & Jute Products

↑

Biggest Add

APL Apollo Tubes Limited

+0.77% · now 1.60%

↓

Biggest Trim

Reliance Industries Limited

-2.03% · now 2.97%

🤝 Other funds also bought this month

Billionbrains Garage Ventures Ltd 66 funds

👋 Other funds also exited

Aditya Birla Real Estate Limited 5 funds

What Changed in the Portfolio This Month?

Comparing Apr 2026 → May 2026

Apr 2026 → May 2026

🟢 1 New Entry 🔴 1 Exit ↑ 25 Increased ↓ 41 Decreased

#	Stock	Sector	Weight (May 2026)
1	Billionbrains Garage Ventures Ltd ₹5.70 Cr	Capital Markets	0.50%

#	Stock	Sector	Last Weight (Apr 2026)
1	Aditya Birla Real Estate Limited ₹6.32 Cr	Paper, Forest & Jute Products	0.55%

#	Stock	Sector	Apr 2026	May 2026	Change
1	APL Apollo Tubes Limited ₹18.31 Cr	Industrial Products	0.83%	1.60%	+0.77%
2	MTAR Technologies Limited ₹46.41 Cr	Aerospace & Defense	3.31%	4.06%	+0.75%
3	GE Vernova T&D India Limited ₹30.38 Cr	Electrical Equipment	2.29%	2.66%	+0.37%
4	Pine Labs Limited ₹11.77 Cr	Financial Technology (Fintech)	0.79%	1.03%	+0.24%
5	Hindalco Industries Limited ₹30.38 Cr	Non - Ferrous Metals	2.44%	2.66%	+0.22%
6	Mold-Tek Packaging Limited ₹12.84 Cr	Industrial Products	0.90%	1.12%	+0.22%
7	ICICI Prudential Asset Management Company Limited ₹30.11 Cr	Capital Markets	2.44%	2.64%	+0.20%
8	Motilal Oswal Financial Services Limited ₹17.59 Cr	Capital Markets	1.39%	1.54%	+0.15%
9	Nippon Life India Asset Management Limited ₹16.50 Cr	Capital Markets	1.32%	1.44%	+0.12%
10	Shadowfax Technologies Ltd. ₹9.34 Cr	Transport Services	0.70%	0.82%	+0.12%
11	Electronics Mart India Limited ₹16.55 Cr	Retailing	1.35%	1.45%	+0.10%
12	INDO COUNT INDUSTRIES LIMITED ₹9.78 Cr	Textiles & Apparels	0.76%	0.86%	+0.10%
13	Titagarh Rail Systems Limited ₹13.28 Cr	Industrial Manufacturing	1.08%	1.16%	+0.08%
14	Bansal Wire Industries Limited ₹9.54 Cr	Industrial Products	0.77%	0.84%	+0.07%
15	RBL Bank Limited ₹24.50 Cr	Banks	2.08%	2.14%	+0.06%
16	InterGlobe Aviation Limited ₹19.82 Cr	Transport Services	1.68%	1.74%	+0.06%
17	Larsen & Toubro Limited ₹27.11 Cr	Construction	2.32%	2.37%	+0.05%
18	PB Fintech Limited ₹20.29 Cr	Financial Technology (Fintech)	1.73%	1.78%	+0.05%
19	Eternal Limited ₹22.37 Cr	Retailing	1.92%	1.96%	+0.04%
20	Kotak Mahindra Bank Limited ₹21.19 Cr	Banks	1.84%	1.86%	+0.02%
21	ABB India Limited ₹16.39 Cr	Electrical Equipment	1.42%	1.44%	+0.02%
22	Power Mech Projects Limited ₹13.29 Cr	Construction	1.15%	1.16%	+0.01%
23	Gujarat Fluorochemicals Limited ₹11.47 Cr	Chemicals & Petrochemicals	0.99%	1.00%	+0.01%
24	Lenskart Solutions Limited ₹7.24 Cr	Retailing	0.62%	0.63%	+0.01%
25	Amara Raja Energy & Mobility Ltd ₹5.33 Cr	Auto Components	0.46%	0.47%	+0.01%

#	Stock	Sector	Apr 2026	May 2026	Change
1	Reliance Industries Limited ₹33.92 Cr	Petroleum Products	5.00%	2.97%	-2.03%
2	Multi Commodity Exchange of India Limited ₹34.27 Cr	Capital Markets	3.26%	3.00%	-0.26%
3	Ahluwalia Contracts (India) Limited ₹21.77 Cr	Construction	2.13%	1.91%	-0.22%
4	State Bank of India ₹22.07 Cr	Banks	2.13%	1.93%	-0.20%
5	Blue Star Limited ₹13.92 Cr	Consumer Durables	1.36%	1.22%	-0.14%
6	Time Technoplast Limited ₹14.40 Cr	Industrial Products	1.38%	1.26%	-0.12%
7	Bharat Electronics Limited ₹27.70 Cr	Aerospace & Defense	2.53%	2.42%	-0.11%
8	HDFC Bank Limited ₹36.75 Cr	Banks	3.31%	3.22%	-0.09%
9	Power Finance Corporation Limited ₹25.85 Cr	Finance	2.35%	2.26%	-0.09%
10	Wakefit Innovations Limited ₹9.06 Cr	Consumer Durables	0.88%	0.79%	-0.09%
11	Titan Company Limited ₹11.82 Cr	Consumer Durables	1.11%	1.03%	-0.08%
12	KEC International Limited ₹7.97 Cr	Construction	0.78%	0.70%	-0.08%
13	Amber Enterprises India Limited ₹15.23 Cr	Consumer Durables	1.40%	1.33%	-0.07%
14	Kajaria Ceramics Limited ₹7.58 Cr	Consumer Durables	0.73%	0.66%	-0.07%
15	Swiggy Limited ₹16.44 Cr	Retailing	1.50%	1.44%	-0.06%
16	Tata Motors Ltd ₹9.49 Cr	Agricultural, Commercial & Construction Vehicles	0.89%	0.83%	-0.06%
17	Home First Finance Company India Limited ₹7.91 Cr	Finance	0.75%	0.69%	-0.06%
18	TVS Motor Company Limited ₹16.78 Cr	Automobiles	1.52%	1.47%	-0.05%
19	Bharat Bijlee Ltd. ₹4.96 Cr	Electrical Equipment	0.48%	0.43%	-0.05%
20	Ganesha Ecosphere Limited ₹4.15 Cr	Textiles & Apparels	0.41%	0.36%	-0.05%
21	Prudent Corporate Advisory Services Limited ₹12.24 Cr	Capital Markets	1.11%	1.07%	-0.04%
22	Jyoti CNC Automation Ltd ₹11.04 Cr	Industrial Manufacturing	1.01%	0.97%	-0.04%
23	INDIAN HUME PIPE COMPANY LIMITED ₹10.37 Cr	N.A.	0.95%	0.91%	-0.04%
24	Devyani International Limited ₹7.49 Cr	Leisure Services	0.70%	0.66%	-0.04%
25	PARADEEP PHOSPHATES LIMITED ₹16.39 Cr	Fertilizers & Agrochemicals	1.46%	1.43%	-0.03%
26	Canara Robeco Asset Management Co Ltd/India ₹15.56 Cr	Capital Markets	1.39%	1.36%	-0.03%
27	Piramal Finance Ltd ₹14.45 Cr	Finance	1.30%	1.27%	-0.03%
28	Meghmani Finechem Limited ₹8.86 Cr	Chemicals & Petrochemicals	0.81%	0.78%	-0.03%
29	Awfis Space Solutions Limited ₹4.92 Cr	Commercial Services & Supplies	0.46%	0.43%	-0.03%
30	PG Electroplast Limited ₹3.25 Cr	Consumer Durables	0.31%	0.28%	-0.03%
31	Tata Steel Limited ₹14.56 Cr	Ferrous Metals	1.29%	1.27%	-0.02%
32	Motherson Sumi Wiring India Limited ₹5.85 Cr	Auto Components	0.53%	0.51%	-0.02%
33	Pitti Engineering Ltd ₹5.54 Cr	Industrial Manufacturing	0.50%	0.48%	-0.02%
34	Hindustan Aeronautics Limited ₹27.46 Cr	Aerospace & Defense	2.41%	2.40%	-0.01%
35	UltraTech Cement Limited ₹22.50 Cr	Cement & Cement Products	1.98%	1.97%	-0.01%
36	PNB Housing Finance Limited ₹20.05 Cr	Finance	1.77%	1.76%	-0.01%
37	Gokaldas Exports Limited ₹12.21 Cr	Textiles & Apparels	1.08%	1.07%	-0.01%
38	Sobha Limited ₹11.66 Cr	Realty	1.03%	1.02%	-0.01%
39	Cholamandalam Investment and Finance Company Ltd ₹8.15 Cr	Finance	0.72%	0.71%	-0.01%
40	PNC Infratech Limited ₹4.01 Cr	Construction	0.36%	0.35%	-0.01%
41	Hi-Tech Pipes Limited ₹2.26 Cr	Industrial Products	0.21%	0.20%	-0.01%

What Stocks Does This Fund Hold?

69 stocks — May 2026

#	Stock	Sector	Weight & Value
1	ICICI Bank Limited ₹59.68 Cr	Banks	5.22%
2	MTAR Technologies Limited ₹46.41 Cr	Aerospace & Defense	4.06%
3	HDFC Bank Limited ₹36.75 Cr	Banks	3.22%
4	Multi Commodity Exchange of India Limited ₹34.27 Cr	Capital Markets	3.00%
5	Reliance Industries Limited ₹33.92 Cr	Petroleum Products	2.97%
6	GE Vernova T&D India Limited ₹30.38 Cr	Electrical Equipment	2.66%
7	Hindalco Industries Limited ₹30.38 Cr	Non - Ferrous Metals	2.66%
8	ICICI Prudential Asset Management Company Limited ₹30.11 Cr	Capital Markets	2.64%
9	Bharat Electronics Limited ₹27.70 Cr	Aerospace & Defense	2.42%
10	Hindustan Aeronautics Limited ₹27.46 Cr	Aerospace & Defense	2.40%
11	Larsen & Toubro Limited ₹27.11 Cr	Construction	2.37%
12	Power Finance Corporation Limited ₹25.85 Cr	Finance	2.26%
13	RBL Bank Limited ₹24.50 Cr	Banks	2.14%
14	UltraTech Cement Limited ₹22.50 Cr	Cement & Cement Products	1.97%
15	Eternal Limited ₹22.37 Cr	Retailing	1.96%
16	State Bank of India ₹22.07 Cr	Banks	1.93%
17	Ahluwalia Contracts (India) Limited ₹21.77 Cr	Construction	1.91%
18	Kotak Mahindra Bank Limited ₹21.19 Cr	Banks	1.86%
19	PB Fintech Limited ₹20.29 Cr	Financial Technology (Fintech)	1.78%
20	PNB Housing Finance Limited ₹20.05 Cr	Finance	1.76%
21	InterGlobe Aviation Limited ₹19.82 Cr	Transport Services	1.74%
22	APL Apollo Tubes Limited ₹18.31 Cr	Industrial Products	1.60%
23	Motilal Oswal Financial Services Limited ₹17.59 Cr	Capital Markets	1.54%
24	TVS Motor Company Limited ₹16.78 Cr	Automobiles	1.47%
25	Electronics Mart India Limited ₹16.55 Cr	Retailing	1.45%
26	Nippon Life India Asset Management Limited ₹16.50 Cr	Capital Markets	1.44%
27	Swiggy Limited ₹16.44 Cr	Retailing	1.44%
28	ABB India Limited ₹16.39 Cr	Electrical Equipment	1.44%
29	PARADEEP PHOSPHATES LIMITED ₹16.39 Cr	Fertilizers & Agrochemicals	1.43%
30	Canara Robeco Asset Management Co Ltd/India ₹15.56 Cr	Capital Markets	1.36%
31	Amber Enterprises India Limited ₹15.23 Cr	Consumer Durables	1.33%
32	Tata Steel Limited ₹14.56 Cr	Ferrous Metals	1.27%
33	Piramal Finance Ltd ₹14.45 Cr	Finance	1.27%
34	Time Technoplast Limited ₹14.40 Cr	Industrial Products	1.26%
35	Blue Star Limited ₹13.92 Cr	Consumer Durables	1.22%
36	Titagarh Rail Systems Limited ₹13.28 Cr	Industrial Manufacturing	1.16%
37	Power Mech Projects Limited ₹13.29 Cr	Construction	1.16%
38	Mold-Tek Packaging Limited ₹12.84 Cr	Industrial Products	1.12%
39	Prudent Corporate Advisory Services Limited ₹12.24 Cr	Capital Markets	1.07%
40	Gokaldas Exports Limited ₹12.21 Cr	Textiles & Apparels	1.07%
41	Titan Company Limited ₹11.82 Cr	Consumer Durables	1.03%
42	Pine Labs Limited ₹11.77 Cr	Financial Technology (Fintech)	1.03%
43	Sobha Limited ₹11.66 Cr	Realty	1.02%
44	Gujarat Fluorochemicals Limited ₹11.47 Cr	Chemicals & Petrochemicals	1.00%
45	Jyoti CNC Automation Ltd ₹11.04 Cr	Industrial Manufacturing	0.97%
46	INDIAN HUME PIPE COMPANY LIMITED ₹10.37 Cr	N.A.	0.91%
47	INDO COUNT INDUSTRIES LIMITED ₹9.78 Cr	Textiles & Apparels	0.86%
48	Bansal Wire Industries Limited ₹9.54 Cr	Industrial Products	0.84%
49	Tata Motors Ltd ₹9.49 Cr	Agricultural, Commercial & Construction Vehicles	0.83%
50	Shadowfax Technologies Ltd. ₹9.34 Cr	Transport Services	0.82%
51	Wakefit Innovations Limited ₹9.06 Cr	Consumer Durables	0.79%
52	Meghmani Finechem Limited ₹8.86 Cr	Chemicals & Petrochemicals	0.78%
53	Cholamandalam Investment and Finance Company Ltd ₹8.15 Cr	Finance	0.71%
54	KEC International Limited ₹7.97 Cr	Construction	0.70%
55	Home First Finance Company India Limited ₹7.91 Cr	Finance	0.69%
56	FSN E-Commerce Ventures Limited ₹7.87 Cr	Retailing	0.69%
57	Kajaria Ceramics Limited ₹7.58 Cr	Consumer Durables	0.66%
58	Devyani International Limited ₹7.49 Cr	Leisure Services	0.66%
59	Lenskart Solutions Limited ₹7.24 Cr	Retailing	0.63%
60	Motherson Sumi Wiring India Limited ₹5.85 Cr	Auto Components	0.51%
61	Billionbrains Garage Ventures Ltd ₹5.70 Cr	Capital Markets	0.50%
62	Pitti Engineering Ltd ₹5.54 Cr	Industrial Manufacturing	0.48%
63	Amara Raja Energy & Mobility Ltd ₹5.33 Cr	Auto Components	0.47%
64	Bharat Bijlee Ltd. ₹4.96 Cr	Electrical Equipment	0.43%
65	Awfis Space Solutions Limited ₹4.92 Cr	Commercial Services & Supplies	0.43%
66	Ganesha Ecosphere Limited ₹4.15 Cr	Textiles & Apparels	0.36%
67	PNC Infratech Limited ₹4.01 Cr	Construction	0.35%
68	PG Electroplast Limited ₹3.25 Cr	Consumer Durables	0.28%
69	Hi-Tech Pipes Limited ₹2.26 Cr	Industrial Products	0.20%