Scheme

HDFC Business Cycle Fund

Holds 62 companies worth ₹2,331 Cr in Sept 2026.

Fund house
HDFCThe fund house that runs this scheme.
AUM
₹2,646 CrHDFC Business Cycle Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 4.6% on Aug 2026, ₹2,775 Cr.
Largest holding
Bharti Airtel LimitedBharti Airtel Limited is 5.7% of this scheme's NAV.
Fund manager
Amar KalkundrikarRuns it since 30 Nov 2022, as the fund house dates it. With Bhagyesh Kagalkar (gold & silver), Gopal Agrawal (overseas).

Holdings^{(Dec 2022 – Sept 2026)}

Holdings in Sept 2026. Tick up to 2 to plot them.
Plot	62 companies ·	₹ Cr
	Bharti Airtel Limited	151
	Kotak Mahindra Bank Limited	141
	ICICI Bank	138
	Titan Co Ltd	118
	Anthem Biosciences Limited	100
	Pearl Global Industries Limited	86.8
	HDFC Bank	85.8
	Eternal Limited	75.7
	Vishal Mega Mart Limited	66.7
	Clean Max Enviro Energy Solutions Limited	63
	Cholamandalam DBS Finance	60.2
	IndusInd Bank	59.2
	Home First Finance Co India Ltd	59.1
	Bajaj Auto	59.1
	Aadhar Housing Finance Limited	57.5
	ACME Solar Holdings Limited	53.8
	Aether Industries Limited	51.4
	Swiggy Limited	51.2
	Aptus Value Housing Finance	46.3
	Fortis Healthcare Limited	45.1
	Eris Lifesciences Limited	44.8
	Mankind Pharma Limited	36.2
	KSB Limited	34.8
	Bharat Dynamics Limited	34.4
	ICICI Prudential Asset Management Company Limited	33.7
	GE Vernova T D India Limited	31.9
	Le Travenues Technology Limited	31.1
	Glass Wall Systems India Limited	31
	Global Health Limited	30.7
	Interglobe Aviation Limited	30.6
	Embassy Office Parks Reit	29.9
	Leela Palaces Hotels Resorts Limited	27.3
	SRF	26.7
	PB Fintech Limited	25.9
	Chalet Hotels Limited	24.7
	CG Power and Industrial Solutions Limited	23.3
	Timken India	22.5
	ADANI PORT AND SPECIAL ECONOMIC ZONE LTD	21.5
	Dhoot Transmission Ltd	17.1
	Sona Blw Precision Forgings	14.9
	Torrent Pharmaceuticals Limited	14.4
	G R Infraprojects Limited	13.7
	Bosch	13.7
	Orient Refractories Limited	13.5
	Wework India Management Limited	13.2
	Axis Bank	12.2
	JSW Energy	10.3
	Brainbees Solutions Limited FirstCry	10.3
	Rentomojo Limited	10.1
	Ola Electric Mobility Limited	10

Bharti Airtel Limited
Kotak Mahindra Bank Limited

Market value of each ticked company in HDFC Business Cycle Fund, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.
Month	Bharti Airtel Limited	Kotak Mahindra Bank Limited
Sept 2025	₹161 Cr	₹59.6 Cr
Oct 2025	₹176 Cr	₹62.9 Cr
Nov 2025	₹180 Cr	₹120 Cr
Dec 2025	₹180 Cr	₹124 Cr
Jan 2026	₹169 Cr	₹122 Cr
Feb 2026	₹161 Cr	₹137 Cr
Mar 2026	₹153 Cr	₹116 Cr
Apr 2026	₹162 Cr	₹129 Cr
May 2026	₹157 Cr	₹130 Cr
Jun 2026	₹159 Cr	₹132 Cr
Jul 2026	₹169 Cr	₹132 Cr
Aug 2026	₹155 Cr	₹141 Cr
Sept 2026	₹151 Cr	₹141 Cr

Fig. 1.Market value of each ticked company in HDFC Business Cycle Fund, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Allocation^{(Sept 2026)}

Market cap

		% of NAV
Large Cap	14	36.40

Mid Cap	14	20.64

Small Cap	27	27.98

Unlisted	7	3.03

Cash & others		11.95

Sectors

Companies

Fig. 2.This scheme's holdings, by market cap, by sector and by company. Hover a slice or a row; click a slice to open it.

Buying and selling, month by month^{(Oct 2025 – Sept 2026)}

Buying and selling, month by month. Change in market value since the previous month, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Fig. 3.Change in market value since the previous month, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.

Portfolio^{(Sept 2026)}

Every holding in Sept 2026: its shares, market value (₹ crore) and % of NAV. Month end. Source: AMC monthly portfolio disclosures. Click a column's header to sort by it.

Bharti Airtel Limited	Equity	Telecom - Services	8.57L	151	5.69
Kotak Mahindra Bank Limited	Equity	Banks	33.7L	141	5.31
ICICI Bank	Equity	Banks	10.4L	138	5.21
Titan Co Ltd	Equity	Consumer Durables	2.57L	118	4.46
Anthem Biosciences Limited	Equity	Pharmaceuticals & Biotechnology	11.6L	100	3.78
Pearl Global Industries Limited	Equity	Textiles & Apparels	6.77L	86.8	3.28
HDFC Bank	Equity	Banks	12.1L	85.8	3.24
Eternal Limited	Equity	Retailing	23.7L	75.7	2.86
Vishal Mega Mart Limited	Equity	Retailing	66L	66.7	2.52
Clean Max Enviro Energy Solutions Limited	Equity	Power	4.75L	63	2.38
Cholamandalam DBS Finance	Equity	Finance	3.72L	60.2	2.28
IndusInd Bank	Equity	Banks	6.57L	59.2	2.24
Home First Finance Co India Ltd	Equity	Finance	5.35L	59.1	2.23
Bajaj Auto	Equity	Automobiles	54.3K	59.1	2.23
Aadhar Housing Finance Limited	Equity	Finance	13.2L	57.5	2.17
ACME Solar Holdings Limited	Equity	Power	12.2L	53.8	2.03
Aether Industries Limited	Equity	Chemicals & Petrochemicals	3.03L	51.4	1.94
Swiggy Limited	Equity	Retailing	20.5L	51.2	1.93
Aptus Value Housing Finance	Equity	Finance	19.9L	46.3	1.75
Fortis Healthcare Limited	Equity	Healthcare Services	5.86L	45.1	1.71
Eris Lifesciences Limited	Equity	Pharmaceuticals & Biotechnology	3.76L	44.8	1.69
Mankind Pharma Limited	Equity	Pharmaceuticals & Biotechnology	1.44L	36.2	1.37
KSB Limited	Equity	Industrial Products	4.06L	34.8	1.31
Bharat Dynamics Limited	Equity	Aerospace & Defense	3.1L	34.4	1.30
ICICI Prudential Asset Management Company Limited	Equity	Capital Markets	1.08L	33.7	1.27
GE Vernova T D India Limited	Equity	Electrical Equipment	75.9K	31.9	1.20
Le Travenues Technology Limited	Equity	Leisure Services	19.1L	31.1	1.17
Glass Wall Systems India Limited	Equity	Other Construction Materials	11L	31	1.17
Global Health Limited	Equity	Healthcare Services	2.25L	30.7	1.16
Interglobe Aviation Limited	Equity	Transport Services	61.4K	30.6	1.16
Embassy Office Parks Reit	Equity	Realty	6.89L	29.9	1.13
Leela Palaces Hotels Resorts Limited	Equity	Leisure Services	4.76L	27.3	1.03
SRF	Equity	Chemicals & Petrochemicals	1.08L	26.7	1.01
PB Fintech Limited	Equity	Financial Technology (Fintech)	2.43L	25.9	0.98
Chalet Hotels Limited	Equity	Leisure Services	2.92L	24.7	0.93
CG Power and Industrial Solutions Limited	Equity	Electrical Equipment	2.73L	23.3	0.88
Timken India	Equity	Industrial Products	71.8K	22.5	0.85
ADANI PORT AND SPECIAL ECONOMIC ZONE LTD	Equity	Transport Infrastructure	1.19L	21.5	0.81
Dhoot Transmission Ltd	Equity	Auto Components	1.15L	17.1	0.65
Sona Blw Precision Forgings	Equity	Auto Components	1.8L	14.9	0.56
Torrent Pharmaceuticals Limited	Equity	Pharmaceuticals & Biotechnology	30K	14.4	0.54
G R Infraprojects Limited	Equity	Construction	1.71L	13.7	0.52
Bosch	Equity	Auto Components	2.9K	13.7	0.52
Orient Refractories Limited	Equity	Industrial Products	3.52L	13.5	0.51
Wework India Management Limited	Equity	Commercial Services & Supplies	1.99L	13.2	0.50
Axis Bank	Equity	Banks	99.2K	12.2	0.46
JSW Energy	Equity	Power	2.09L	10.3	0.39
Brainbees Solutions Limited FirstCry	Equity	Retailing	5.72L	10.3	0.39
Rentomojo Limited	Equity	Retailing	1.98L	10.1	0.38
Ola Electric Mobility Limited	Equity	Automobiles	27.1L	10	0.38
Awfis Space Solutions Limited	Equity	Commercial Services & Supplies	3.22L	7.9	0.30
Grindwell Norton Limited	Equity	Industrial Products	35.9K	7.2	0.27
PNC Infratech Limited	Equity	Construction	5.14L	6.9	0.26
Lumino Industries Limited	Equity	Industrial Products	6.58L	6.7	0.25
Ceigall India Limited	Equity	Construction	1.72L	6.6	0.25
Indo MIM Limited	Equity	Industrial Manufacturing	51.5K	6.4	0.24
Shiprocket Limited	Equity	Retailing	5.17L	6.2	0.23
Crompton Greaves Cons Electrical Ltd	Equity	Consumer Durables	2.69L	5.6	0.21
Sula Vineyards Limited	Equity	Beverages	3.9L	5.2	0.20
Star Health Allied Insurance	Equity	Insurance	74.3K	4	0.15
Afcons Infrastructure Limited	Equity	Construction	1.32L	3.3	0.12
Tempsens Instruments India Limited	Equity	Industrial Manufacturing	57.8K	3	0.11

Fig. 4.Every holding in Sept 2026: its shares, market value (₹ crore) and % of NAV. Month end. Source: AMC monthly portfolio disclosures.