Scheme

HSBC Business Cycles Fund

Holds 70 companies worth ₹1,157 Cr in Sept 2026.

Fund house
HSBCThe fund house that runs this scheme.
AUM
₹1,179 CrHSBC Business Cycles Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 4.1% on Aug 2026, ₹1,229 Cr.
Largest holding
ICICI BankICICI Bank is 5.3% of this scheme's NAV.
Fund manager
Gautam BhupalRuns it since 1 Jun 2023, as the fund house dates it. With Mayank Chaturvedi (overseas), Dipan Parikh (gold & silver).

Holdings^{(Oct 2015 – Sept 2026)}

Holdings in Sept 2026. Tick up to 2 to plot them.
Plot	70 companies ·	₹ Cr
	ICICI Bank	62.8
	Mtar Technologies Limited	45.9
	Interglobe Aviation Limited	39.9
	HDFC Bank	35
	Reliance Industries	30.5
	Hindustan Aeronautics Limited	29.8
	Ratnakar Bank Limited	28.6
	ICICI Prudential Asset Management Company Limited	26.7
	Bharat Electronics	26.2
	Larsen and Toubro	25
	GE Vernova T D India Limited	24.8
	Kotak Mahindra Bank Limited	23
	State Bank of India	22
	APL Apollo Tubes	21.9
	PNB Housing Finance Limited	21.8
	Multi Commodity Exchange of India Limited	21.8
	Electronics Mart India Limited	21.6
	UltraTech Cement Limited	21.5
	Eternal Limited	20.6
	TVS Motor Co Ltd	20.5
	Paradeep Phosphates Limited	20.1
	MOTILAL OSWAL FINANCIAL SERVICE LTD	19.9
	Jyoti CNC Automation Limited	19.3
	Dhoot Transmission Ltd	17.1
	Sterlite Technologies Limited	16.7
	Swiggy Limited	15.9
	Dewan Housing Finance Corporation Ltd	15.3
	ABB	15.3
	Ahluwalia Contracts India Limited	15.1
	R R Kabel Limited	15.1
	Time Technoplast Limited	15
	Indo Count Industries Limited	14.4
	Canara Robeco Asset Management Co Ltd	14.2
	Prudent Corporate Advisory Services	14.1
	Pine Labs Limited	14
	Gujarat Fluorochemicals Limited	13.9
	Meesho Ltd	13.7
	Shadowfax Technologies Limited	13.6
	FSN E Commerce Ventures Limited	13.4
	Amber Enterprises India Limited	13.4
	Titan Co Ltd	13.3
	BLUE STAR	13.3
	Power Mech Projects Limited	13.2
	Titagarh Rail System Ltd	13.2
	Billionbrains Garage Ventures Ltd	13
	Nippon Life Asset Management Limited	12.8
	PB Fintech Limited	12.7
	Gokaldas Exports Limited	12.1
	Mold Tek Packaging Limited	12.1
	MARUTI SUZUKI INDA LIMITED	12

ICICI Bank
Mtar Technologies Limited

Market value of each ticked company in HSBC Business Cycles Fund, ₹ crore. Month end. Source: AMC monthly portfolio disclosures.
Month	ICICI Bank	Mtar Technologies Limited
Sept 2025	₹57.3 Cr	₹0 Cr
Oct 2025	₹57.2 Cr	₹11.9 Cr
Nov 2025	₹59 Cr	₹14.9 Cr
Dec 2025	₹57.1 Cr	₹14.2 Cr
Jan 2026	₹57.6 Cr	₹17.3 Cr
Feb 2026	₹58.6 Cr	₹22.4 Cr
Mar 2026	₹51.3 Cr	₹20.4 Cr
Apr 2026	₹60 Cr	₹38 Cr
May 2026	₹59.7 Cr	₹46.4 Cr
Jun 2026	₹65.3 Cr	₹44.9 Cr
Jul 2026	₹68.2 Cr	₹33.7 Cr
Aug 2026	₹69.1 Cr	₹41.5 Cr
Sept 2026	₹62.8 Cr	₹45.9 Cr

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

Allocation^{(Sept 2026)}

Market cap

		% of NAV
Large Cap	21	39.68

Mid Cap	14	18.24

Small Cap	34	38.75

Unlisted	1	1.45

Cash & others		1.88

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.

ICICI Bank	Equity	Banks	4.75L	62.8	5.33
Mtar Technologies Limited	Equity	Electrical Equipment	58.9K	45.9	3.90
Interglobe Aviation Limited	Equity	Transport Services	80K	39.9	3.38
HDFC Bank	Equity	Banks	4.94L	35	2.97
Reliance Industries	Equity	Petroleum Products	2.57L	30.5	2.58
Hindustan Aeronautics Limited	Equity	Aerospace & Defense	63.8K	29.8	2.53
Ratnakar Bank Limited	Equity	Banks	7.1L	28.6	2.43
ICICI Prudential Asset Management Company Limited	Equity	Capital Markets	85.1K	26.7	2.26
Bharat Electronics	Equity	Aerospace & Defense	6.74L	26.2	2.22
Larsen and Toubro	Equity	Construction	66.5K	25	2.12
GE Vernova T D India Limited	Equity	Electrical Equipment	59K	24.8	2.10
Kotak Mahindra Bank Limited	Equity	Banks	5.52L	23	1.95
State Bank of India	Equity	Banks	2.29L	22	1.86
APL Apollo Tubes	Equity	Industrial Products	1L	21.9	1.86
PNB Housing Finance Limited	Equity	Finance	1.95L	21.8	1.85
Multi Commodity Exchange of India Limited	Equity	Capital Markets	66K	21.8	1.85
Electronics Mart India Limited	Equity	Retailing	10.5L	21.6	1.83
UltraTech Cement Limited	Equity	Cement & Cement Products	19.6K	21.5	1.82
Eternal Limited	Equity	Retailing	6.43L	20.6	1.74
TVS Motor Co Ltd	Equity	Automobiles	50K	20.5	1.74
Paradeep Phosphates Limited	Equity	Fertilizers & Agrochemicals	13L	20.1	1.70
MOTILAL OSWAL FINANCIAL SERVICE LTD	Equity	Capital Markets	2L	19.9	1.69
Jyoti CNC Automation Limited	Equity	Industrial Manufacturing	1.85L	19.3	1.63
Dhoot Transmission Ltd	Equity	Auto Components	1.15L	17.1	1.45
Sterlite Technologies Limited	Equity	Telecom - Equipment & Accessories	1.83L	16.7	1.42
Swiggy Limited	Equity	Retailing	6.38L	15.9	1.35
Dewan Housing Finance Corporation Ltd	Equity	Finance	75K	15.3	1.30
ABB	Equity	Electrical Equipment	22.6K	15.3	1.30
Ahluwalia Contracts India Limited	Equity	Construction	2.75L	15.1	1.28
R R Kabel Limited	Equity	Industrial Products	60K	15.1	1.28
Time Technoplast Limited	Equity	Industrial Products	8.24L	15	1.27
Indo Count Industries Limited	Equity	Textiles & Apparels	3.13L	14.4	1.22
Canara Robeco Asset Management Co Ltd	Equity	Capital Markets	6.33L	14.2	1.21
Prudent Corporate Advisory Services	Equity	Capital Markets	45K	14.1	1.19
Pine Labs Limited	Equity	Financial Technology (Fintech)	8.14L	14	1.19
Gujarat Fluorochemicals Limited	Equity	Chemicals & Petrochemicals	31.6K	13.9	1.18
Meesho Ltd	Equity	Retailing	6L	13.7	1.16
Shadowfax Technologies Limited	Equity	Transport Services	4.84L	13.6	1.15
FSN E Commerce Ventures Limited	Equity	Retailing	4.2L	13.4	1.14
Amber Enterprises India Limited	Equity	Consumer Durables	20K	13.4	1.13
Titan Co Ltd	Equity	Consumer Durables	29K	13.3	1.13
BLUE STAR	Equity	Consumer Durables	87.6K	13.3	1.13
Power Mech Projects Limited	Equity	Construction	53.1K	13.2	1.12
Titagarh Rail System Ltd	Equity	Industrial Manufacturing	1.61L	13.2	1.12
Billionbrains Garage Ventures Ltd	Equity	Capital Markets	7.08L	13	1.10
Nippon Life Asset Management Limited	Equity	Capital Markets	1.2L	12.8	1.09
PB Fintech Limited	Equity	Financial Technology (Fintech)	1.19L	12.7	1.08
Gokaldas Exports Limited	Equity	Textiles & Apparels	1.77L	12.1	1.03
Mold Tek Packaging Limited	Equity	Industrial Products	1.83L	12.1	1.02
MARUTI SUZUKI INDA LIMITED	Equity	Automobiles	10K	12	1.02
PTC Industries Limited	Equity	Industrial Products	5K	11.1	0.94
Home First Finance Co India Ltd	Equity	Finance	99.3K	11	0.93
Wakefit Innovations Limited	Equity	Consumer Durables	7.36L	10.6	0.90
Tata Motors Limited	Equity	Agricultural, Commercial & Construction Vehicles	2.5L	10.5	0.89
Sobha Developers	Equity	Realty	82.2K	10	0.85
Lenskart Solutions Limited	Equity	Retailing	1.38L	9.5	0.80
Optiemus Infracom Limited	Equity	Telecom - Equipment & Accessories	1.17L	9	0.76
Cholamandalam DBS Finance	Equity	Finance	53K	8.6	0.73
Devyani international limited	Equity	Leisure Services	6.49L	8.5	0.72
Diamond Power Infra Limited	Equity	Electrical Equipment	2.26L	8	0.68
Pitti Engineering Limited	Equity	Industrial Manufacturing	59.3K	6.8	0.57
Aditya Infotech Limited	Equity	Industrial Manufacturing	17K	6.5	0.55
JSW Steel	Equity	Ferrous Metals	50K	6.3	0.53
Apar Industries Limited	Equity	Electrical Equipment	3.44K	6	0.51
Indian Hume Pipe Company Limited	Equity	Construction	1.65L	5.8	0.49
HDFC Asset Management Co Ltd	Equity	Capital Markets	25K	5.7	0.48
Amara Raja Batteries	Equity	Auto Components	60.1K	4.5	0.38
Ganesha Ecosphere Limited	Equity	Textiles & Apparels	44.9K	4.5	0.38
Bharat Bijlee Limited	Equity	Electrical Equipment	17.8K	3.7	0.32
Awfis Space Solutions Limited	Equity	Commercial Services & Supplies	1.5L	3.7	0.31

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