Axis Business Cycles Fund - Direct Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Equity Holding : 96.27% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 96.27%

No of Stocks : 86 (Category Avg - 44.17) | Large Cap Investments : 38.49%| Mid Cap Investments : 14.02% | Small Cap Investments : 14.97% | Other : 28.83%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	86	43.41
Top 5 Stock Weight	20.84%	32.46%
Top 10 Stock Weight	32.74%	49.59%
Top 3 Sector Weight	24.04%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	87584.68	72450.77
Holdings in large cap stocks	38.49%	37.14%
Holdings in mid cap stocks	14.02%	14.47%
Holdings in small cap stocks	14.97%	13.1%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
ICICI Bank Ltd.	Private sector bank	1415.6	6.16%	-0.13%	6.68% (Jul 2025)	5.45% (Nov 2024)	10.52 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	941.7	4.10%	0.28%	4.1% (Oct 2025)	2.82% (Nov 2024)	4.58 L	0.00
HDFC Bank Ltd.	Private sector bank	922.5	4.01%	-0.90%	6.88% (Apr 2025)	4.01% (Oct 2025)	9.34 L	-2.32 L
Larsen & Toubro Ltd.	Civil construction	761.1	3.31%	0.25%	3.31% (Oct 2025)	2.52% (Jun 2025)	1.89 L	0.00
Infosys Ltd.	Computers - software & consulting	749.7	3.26%	0.03%	3.26% (Oct 2025)	1.79% (Apr 2025)	5.06 L	0.00
Ultratech Cement Ltd.	Cement & cement products	736.7	3.21%	-0.14%	3.43% (Aug 2025)	2.64% (Nov 2024)	61.66 k	0.00
State Bank Of India	Public sector bank	531.2	2.31%	0.21%	2.31% (Oct 2025)	1.51% (Dec 2024)	5.67 L	24.17 k
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	508.3	2.21%	-0.44%	2.65% (Sep 2025)	1.93% (Nov 2024)	1.46 L	-0.29 L
GE T&D India Ltd.	Heavy electrical equipment	496.1	2.16%	-0.15%	2.34% (Jul 2025)	1.25% (Feb 2025)	1.63 L	-0.13 L
InterGlobe Aviation Ltd.	Airline	461.7	2.01%	-0.03%	3.22% (Apr 2025)	2.01% (Oct 2025)	82.08 k	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

None
Sector
M-Cap

Help me understand this table

Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
ICICI Bank Ltd.	Private sector bank	12.69	1415.6	6.16%	-0.13%	6.68% (Jul 2025)	5.45% (Nov 2024)	10.52 L	0.00	Large Cap	38.49
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.45	941.7	4.10%	0.28%	4.1% (Oct 2025)	2.82% (Nov 2024)	4.58 L	0.00	Large Cap	38.49
HDFC Bank Ltd.	Private sector bank	12.69	922.5	4.01%	-0.90%	6.88% (Apr 2025)	4.01% (Oct 2025)	9.34 L	-2.32 L	Other	28.83
Larsen & Toubro Ltd.	Civil construction	3.48	761.1	3.31%	0.25%	3.31% (Oct 2025)	2.52% (Jun 2025)	1.89 L	0.00	Large Cap	38.49
Infosys Ltd.	Computers - software & consulting	6.29	749.7	3.26%	0.03%	3.26% (Oct 2025)	1.79% (Apr 2025)	5.06 L	0.00	Large Cap	38.49
Ultratech Cement Ltd.	Cement & cement products	4.2	736.7	3.21%	-0.14%	3.43% (Aug 2025)	2.64% (Nov 2024)	61.66 k	0.00	Large Cap	38.49
State Bank Of India	Public sector bank	2.31	531.2	2.31%	0.21%	2.31% (Oct 2025)	1.51% (Dec 2024)	5.67 L	24.17 k	Large Cap	38.49
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.48	508.3	2.21%	-0.44%	2.65% (Sep 2025)	1.93% (Nov 2024)	1.46 L	-0.29 L	Large Cap	38.49
GE T&D India Ltd.	Heavy electrical equipment	3.84	496.1	2.16%	-0.15%	2.34% (Jul 2025)	1.25% (Feb 2025)	1.63 L	-0.13 L	Small Cap	14.97
InterGlobe Aviation Ltd.	Airline	2.01	461.7	2.01%	-0.03%	3.22% (Apr 2025)	2.01% (Oct 2025)	82.08 k	0.00	Large Cap	38.49
Vishal Mega Mart Ltd.	Diversified retail	1.93	442.9	1.93%	0.24%	1.93% (Oct 2025)	0% (Nov 2024)	30.61 L	5.13 L	Other	28.83
Hindustan Unilever Ltd.	Diversified fmcg	1.82	417.1	1.82%	0.03%	1.87% (Aug 2025)	1.45% (Jun 2025)	1.69 L	9.25 k	Large Cap	38.49
Kotak Mahindra Bank Ltd.	Private sector bank	12.69	394.2	1.72%	0.06%	1.97% (Apr 2025)	0.73% (Nov 2024)	1.88 L	0.00	Large Cap	38.49
Orient Refractories Ltd.	Electrodes & refractories	1.69	388.2	1.69%	0.02%	1.89% (Mar 2025)	1.56% (Feb 2025)	8.14 L	-0.40 L	Small Cap	14.97
HDFC Life Insurance Company Ltd.	Life insurance	1.57	344.2	1.50%	-0.08%	1.98% (Mar 2025)	1.41% (Dec 2024)	4.70 L	0.00	Large Cap	38.49
PTC Industries Ltd.	Other industrial products	1.41	325.1	1.41%	0.13%	1.41% (Oct 2025)	0% (Nov 2024)	18.81 k	133.00	Small Cap	14.97
Rural Electrification Corporation Limited	Financial institution	1.4	321.5	1.40%	-0.14%	1.6% (Nov 2024)	1.4% (Oct 2025)	8.58 L	-0.72 L	Mid Cap	14.02
- Jyoti CNC Automation Ltd.	Industrial products	2.2	314.2	1.37%	0.00%	1.96% (May 2025)	1.36% (Feb 2025)	3.64 L	0.00	Other	28.83
Tata Consultancy Services Ltd.	Computers - software & consulting	6.29	313.7	1.36%	-0.14%	2.32% (Nov 2024)	1.36% (Oct 2025)	1.03 L	-0.15 L	Large Cap	38.49
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	3.84	310	1.35%	-0.03%	1.38% (Sep 2025)	0% (Nov 2024)	4.21 L	0.00	Small Cap	14.97
Cummins India Ltd.	Compressors, pumps & diesel engines	1.32	304.3	1.32%	0.10%	1.32% (Oct 2025)	0% (Nov 2024)	70.04 k	0.00	Mid Cap	14.02
Mankind Pharma Ltd.	Pharmaceuticals	5.06	299.9	1.31%	-0.05%	1.43% (Dec 2024)	1.19% (Jun 2025)	1.26 L	0.00	Other	28.83
Delhivery Ltd.	Logistics solution provider	1.29	295.9	1.29%	-0.13%	1.61% (Jul 2025)	1.08% (Mar 2025)	6.35 L	-0.75 L	Other	28.83
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	3.48	291.4	1.27%	0.44%	1.27% (Oct 2025)	0% (Nov 2024)	1.19 L	47.17 k	Other	28.83
Shriram Finance Ltd.	Non banking financial company (nbfc)	1.67	285.9	1.24%	0.68%	1.24% (Oct 2025)	0% (Nov 2024)	3.82 L	1.76 L	Other	28.83
BSE Ltd.	Exchange and data platform	1.22	279.4	1.22%	0.20%	1.22% (Oct 2025)	0% (Nov 2024)	1.13 L	0.00	Small Cap	14.97
Endurance Technologies Ltd.	Auto components & equipments	3.76	275.7	1.20%	0.02%	1.23% (Aug 2025)	0% (Nov 2024)	97.14 k	0.00	Mid Cap	14.02
Bharat Electronics Ltd.	Aerospace & defense	1.2	274.9	1.20%	0.24%	1.51% (Jun 2025)	0.87% (Aug 2025)	6.45 L	1.10 L	Mid Cap	14.02
Aether Industries Ltd.	Specialty chemicals	2.46	271.8	1.18%	-0.02%	1.44% (Feb 2025)	1.12% (Jun 2025)	3.61 L	0.00	Other	28.83
Hindalco Industries Ltd.	Aluminium	1.18	270.5	1.18%	0.10%	1.18% (Oct 2025)	0.84% (May 2025)	3.19 L	0.00	Large Cap	38.49
Brigade Enterprises Ltd.	Residential, commercial projects	2.51	257.7	1.12%	0.13%	1.3% (Dec 2024)	0.99% (Sep 2025)	2.48 L	0.00	Small Cap	14.97
Solar Industries India Ltd.	Explosives	1.08	249.3	1.08%	0.10%	1.08% (Oct 2025)	0.59% (Feb 2025)	17.97 k	1.27 k	Small Cap	14.97
Trent Limited	Speciality retail	1.66	247.2	1.08%	-0.02%	1.18% (Aug 2025)	0.59% (Jul 2025)	52.66 k	0.00	Mid Cap	14.02
Eternal Ltd.	E-retail/ e-commerce	1.06	243.4	1.06%	-0.05%	1.11% (Sep 2025)	0.81% (Mar 2025)	7.66 L	0.00	Other	28.83
# Max Healthcare Institute Ltd.	Hospital	1.86	236.8	1.03%	1.03%	1.03% (Oct 2025)	0% (Nov 2024)	2.06 L	2.06 L	Other	28.83
Anant Raj Industries Ltd.	Residential, commercial projects	2.51	234.1	1.02%	-0.11%	1.12% (Sep 2025)	0% (Nov 2024)	3.63 L	0.00	Small Cap	14.97
Tata Power Co. Ltd.	Integrated power utilities	1.01	232.1	1.01%	0.02%	1.01% (Oct 2025)	0.54% (Nov 2024)	5.73 L	0.00	Mid Cap	14.02
Ambuja Cements Ltd.	Cement & cement products	4.2	228.6	0.99%	-0.03%	1.03% (Jul 2025)	0.82% (Nov 2024)	4.04 L	0.00	Large Cap	38.49
LTIMindtree Ltd.	Computers - software & consulting	6.29	227.4	0.99%	0.07%	0.99% (Jan 2025)	0.78% (Mar 2025)	40.00 k	0.00	Mid Cap	14.02
Minda Corporation Ltd.	Auto components & equipments	3.76	210.8	0.92%	-0.31%	1.23% (Sep 2025)	0.92% (Oct 2025)	3.74 L	-1.12 L	Small Cap	14.97
K.P.R. Mill Ltd.	Other textile products	0.92	210.6	0.92%	-0.14%	1.1% (Jul 2025)	0.8% (Mar 2025)	1.97 L	-0.28 L	Other	28.83
- TVS Motor Company Ltd.	2/3 wheelers	0.92	209.5	0.91%	0.00%	1.06% (Aug 2025)	0.68% (Dec 2024)	59.72 k	0.00	Mid Cap	14.02
CreditAccess Grameen Ltd.	Microfinance institutions	0.9	207.3	0.90%	-0.15%	1.98% (Jan 2025)	0.9% (Oct 2025)	1.46 L	-0.30 L	Small Cap	14.97
- Titagarh Rail Systems Ltd.	Railway wagons	0.9	206.2	0.90%	0.00%	0.9% (Sep 2025)	0.57% (Apr 2025)	2.33 L	0.00	Small Cap	14.97
Premier Energies Ltd.	Other electrical equipment	0.85	194.7	0.85%	0.04%	0.85% (Oct 2025)	0.11% (Feb 2025)	1.78 L	0.00	Other	28.83
Sona BLW Precision Forgings Ltd.	Auto components & equipments	3.76	193.2	0.84%	0.09%	1.17% (Nov 2024)	0.75% (Sep 2025)	4.09 L	0.00	Other	28.83
Kaynes Technology India Private Ltd.	Industrial products	2.2	191.1	0.83%	-0.34%	1.43% (Dec 2024)	0.51% (Feb 2025)	28.50 k	-8.99 k	Other	28.83
Fortis Healthcare Ltd.	Hospital	1.86	191	0.83%	-0.16%	1.14% (Dec 2024)	0.68% (May 2025)	1.87 L	-0.45 L	Other	28.83
Info Edge (India) Ltd.	Internet & catalogue retail	0.82	187.7	0.82%	0.24%	0.82% (Oct 2025)	0% (Nov 2024)	1.36 L	37.30 k	Other	28.83
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	5.06	186.9	0.81%	0.03%	1.61% (Mar 2025)	0.78% (Aug 2025)	1.11 L	0.00	Large Cap	38.49
Torrent Pharmaceuticals Ltd.	Pharmaceuticals	5.06	185.4	0.81%	-0.03%	0.83% (Jul 2025)	0% (Nov 2024)	52.08 k	0.00	Mid Cap	14.02
City Union Bank Ltd.	Private sector bank	12.69	184.2	0.80%	0.04%	0.8% (Oct 2025)	0.34% (Apr 2025)	8.05 L	0.00	Mid Cap	14.02
Biocon Ltd.	Pharmaceuticals	5.06	184.1	0.80%	0.02%	0.87% (Jul 2025)	0% (Nov 2024)	4.95 L	-0.23 L	Mid Cap	14.02
Sudarshan Chemical Industries Ltd.	Dyes and pigments	0.77	177.2	0.77%	-0.17%	1.05% (Aug 2025)	0.61% (Feb 2025)	1.54 L	-5.84 k	Small Cap	14.97
Varun Beverages Ltd.	Other beverages	0.76	173.8	0.76%	0.03%	0.93% (Dec 2024)	0.69% (Jun 2025)	3.70 L	0.00	Other	28.83
# Jubilant Ingrevia Ltd.	Specialty chemicals	2.46	172.5	0.75%	0.75%	0.75% (Oct 2025)	0% (Nov 2024)	2.50 L	2.50 L	Other	28.83
Motherson Sumi Systems Ltd.	Auto components & equipments	3.76	171.6	0.75%	-0.02%	0.76% (Sep 2025)	0.39% (Feb 2025)	16.29 L	0.00	Large Cap	38.49
# Bajaj Finserv Ltd	Holding company	0.74	169.8	0.74%	0.74%	0.74% (Oct 2025)	0% (Nov 2024)	81.30 k	81.30 k	Other	28.83
Onesource Specialty Pharma Ltd.	Pharmaceuticals	5.06	168.4	0.73%	-0.01%	0.82% (Jun 2025)	0% (Nov 2024)	90.85 k	0.00	Other	28.83
Tata Technologies Ltd.	Computers - software & consulting	6.29	157.1	0.68%	0.01%	0.82% (Nov 2024)	0.64% (Apr 2025)	2.27 L	0.00	Other	28.83
Jindal Steel Ltd.	Iron & steel products	0.68	156.5	0.68%	0.14%	0.68% (Oct 2025)	0% (Nov 2024)	1.47 L	31.68 k	Mid Cap	14.02
National Securities Depository Ltd.	Depositories, clearing houses and other intermediaries	0.6	138.2	0.60%	-0.04%	0.65% (Aug 2025)	0% (Nov 2024)	1.19 L	0.00	Other	28.83
Vijaya Diagnostic Centre Ltd.	Healthcare service provider	0.59	135.5	0.59%	-0.02%	0.63% (Jul 2025)	0.55% (Jun 2025)	1.37 L	0.00	Other	28.83
Arvind Fashions Ltd.	Speciality retail	1.66	133.4	0.58%	-0.04%	0.63% (Jul 2025)	0.43% (Mar 2025)	2.65 L	0.00	Other	28.83
# Divis Laboratories Ltd.	Pharmaceuticals	5.06	130.2	0.57%	0.57%	0.57% (Oct 2025)	0% (Nov 2024)	19.32 k	19.32 k	Large Cap	38.49
Anthem Biosciences Ltd.	Biotechnology	0.56	128.5	0.56%	-0.05%	0.61% (Sep 2025)	0% (Nov 2024)	1.81 L	0.00	Other	28.83
- Gujarat Fluorochemicals Ltd.	Specialty chemicals	2.46	120.9	0.53%	0.00%	0.6% (Mar 2025)	0% (Nov 2024)	32.31 k	0.00	Other	28.83
Aditya Birla Real Estate Ltd.	Paper & paper products	0.48	109.7	0.48%	0.04%	0.75% (Nov 2024)	0.44% (Sep 2025)	58.45 k	0.00	Mid Cap	14.02
Reliance Industries Ltd.	Refineries & marketing	0.64	107	0.47%	-0.57%	4.08% (May 2025)	0.47% (Oct 2025)	71.95 k	-1.00 L	Large Cap	38.49
# Tata Capital Ltd.	Non banking financial company (nbfc)	1.67	98.8	0.43%	0.43%	0.43% (Oct 2025)	0% (Nov 2024)	3.02 L	3.02 L	Other	28.83
Siemens Energy India Ltd.	Power generation	0.38	88.2	0.38%	-0.04%	0.42% (Sep 2025)	0% (Nov 2024)	27.67 k	0.00	Other	28.83
- Jyothy Laboratories Ltd.	Household products	0.38	86.5	0.38%	-0.01%	0.46% (Jan 2025)	0.38% (Oct 2025)	2.75 L	0.00	Small Cap	14.97
Crompton Greaves Consumer Electricals Ltd.	Household appliances	0.38	86.3	0.38%	-0.02%	0.48% (Nov 2024)	0.38% (Oct 2025)	3.05 L	0.00	Mid Cap	14.02
DLF Ltd.	Residential, commercial projects	2.51	85.6	0.37%	-0.64%	1.33% (May 2025)	0.37% (Oct 2025)	1.13 L	-2.06 L	Large Cap	38.49
# Tata Communications Ltd.	Telecom - cellular & fixed line services	4.45	80.2	0.35%	0.35%	0.35% (Oct 2025)	0% (Nov 2024)	42.74 k	42.74 k	Mid Cap	14.02
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	3.84	76.4	0.33%	0.33%	0.33% (Oct 2025)	0% (Nov 2024)	2.88 L	2.88 L	Mid Cap	14.02
# L&T Finance Holdings Ltd.	Investment company	0.28	64.7	0.28%	0.28%	0.28% (Oct 2025)	0% (Nov 2024)	2.39 L	2.39 L	Mid Cap	14.02
# LG Electronics India Pvt. Ltd.	Consumer electronics	0.42	63.3	0.28%	0.28%	0.28% (Oct 2025)	0% (Nov 2024)	38.02 k	38.02 k	Other	28.83
P N Gadgil Jewellers Ltd.	Gems, jewellery and watches	0.23	52.1	0.23%	-0.04%	0.27% (Sep 2025)	0.22% (Mar 2025)	80.43 k	-0.20 L	Other	28.83
Ceigall India Ltd.	Civil construction	3.48	40.1	0.17%	-0.01%	0.21% (Nov 2024)	0.17% (Jun 2025)	1.60 L	0.00	Other	28.83
# Bharat Petroleum Corporation Ltd.	Refineries & marketing	0.64	38	0.17%	0.17%	0.72% (Dec 2024)	0% (Nov 2024)	1.07 L	1.07 L	Large Cap	38.49
Havells India Ltd.	Consumer electronics	0.42	32.6	0.14%	0.00%	0.37% (Apr 2025)	0.14% (Oct 2025)	21.85 k	0.00	Large Cap	38.49
ICICI Prudential Life Insurance Co Ltd.	Life insurance	1.57	17.1	0.07%	0.00%	0.62% (May 2025)	0.07% (Oct 2025)	28.89 k	0.00	Large Cap	38.49
- Tube Investments Of India Ltd.	Auto components & equipments	3.76	11.8	0.05%	0.00%	0.05% (Sep 2025)	0% (Nov 2024)	3.91 k	0.00	Small Cap	14.97
Emcure Pharmaceuticals Ltd.	Pharmaceuticals	5.06	6.2	0.03%	-0.91%	1.01% (Aug 2025)	0.03% (Oct 2025)	4.73 k	-1.60 L	Other	28.83
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	0.92	3	0.01%	0.00%	0% (Nov 2025)	0% (Nov 2025)	2.93 L	0.00	Other	28.83
Swiggy Ltd.	E-retail/ e-commerce	1.06	281	0.00%	-1.25%	-	-	-	-	Other	28.83
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.48	163.3	0.00%	-0.72%	-	-	-	-	Large Cap	38.49
J.b. Chemicals & Pharmaceuticals Ltd.	Pharmaceuticals	5.06	17.2	0.00%	-0.08%	-	-	-	-	Other	28.83
Navin Flourine International Ltd.	Commodity chemicals		17.1	0.00%	-0.08%	-	-	-	-	Small Cap	14.97
Eicher Motors Ltd.	2/3 wheelers	0.92	3	0.00%	-0.01%	-	-	-	-	Other	28.83
Apollo Hospitals Enterprises Ltd.	Hospital	1.86	77.2	0.00%	-0.34%	-	-	-	-	Mid Cap	14.02
Life Insurance Corporation Of India	Life insurance	1.57	32.3	0.00%	-0.14%	-	-	-	-	Other	28.83
Bajaj Finance Ltd.	Non banking financial company (nbfc)	1.67	171.6	0.00%	-0.76%	-	-	-	-	Other	28.83

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Bharat Petroleum Corporation Ltd.	Refineries & marketing	38	0.17%	0.17%	0.72% (Dec 2024)	0% (Nov 2024)	1.07 L	106505
# L&T Finance Holdings Ltd.	Investment company	64.7	0.28%	0.28%	0.28% (Oct 2025)	0% (Nov 2024)	2.39 L	239191
# Jubilant Ingrevia Ltd.	Specialty chemicals	172.5	0.75%	0.75%	0.75% (Oct 2025)	0% (Nov 2024)	2.50 L	250000
# Tata Communications Ltd.	Telecom - cellular & fixed line services	80.2	0.35%	0.35%	0.35% (Oct 2025)	0% (Nov 2024)	42.74 k	42742
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	76.4	0.33%	0.33%	0.33% (Oct 2025)	0% (Nov 2024)	2.88 L	287795
# Divis Laboratories Ltd.	Pharmaceuticals	130.2	0.57%	0.57%	0.57% (Oct 2025)	0% (Nov 2024)	19.32 k	19317
# Tata Capital Ltd.	Non banking financial company (nbfc)	98.8	0.43%	0.43%	0.43% (Oct 2025)	0% (Nov 2024)	3.02 L	301898
# LG Electronics India Pvt. Ltd.	Consumer electronics	63.3	0.28%	0.28%	0.28% (Oct 2025)	0% (Nov 2024)	38.02 k	38024
# Max Healthcare Institute Ltd.	Hospital	236.8	1.03%	1.03%	1.03% (Oct 2025)	0% (Nov 2024)	2.06 L	206336
# Bajaj Finserv Ltd	Holding company	169.8	0.74%	0.74%	0.74% (Oct 2025)	0% (Nov 2024)	81.30 k	81304

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Swiggy Ltd.	E-retail/ e-commerce	281	0.00%	-1.25%	1.47% (Aug 2025)	0% (Nov 2024)	-664334
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	163.3	0.00%	-0.72%	1.08% (Aug 2025)	0% (Nov 2024)	-10185
J.b. Chemicals & Pharmaceuticals Ltd.	Pharmaceuticals	17.2	0.00%	-0.08%	0.08% (Aug 2025)	0% (Nov 2024)	-10080
Navin Flourine International Ltd.	Commodity chemicals	17.1	0.00%	-0.08%	0.08% (Sep 2025)	0% (Nov 2024)	-3705
Eicher Motors Ltd.	2/3 wheelers	3	0.00%	-0.01%	0% (Nov 2025)	0% (Nov 2025)	-11375
Apollo Hospitals Enterprises Ltd.	Hospital	77.2	0.00%	-0.34%	0.35% (Aug 2025)	0% (Nov 2024)	-10414
Life Insurance Corporation Of India	Life insurance	32.3	0.00%	-0.14%	0.67% (May 2025)	0% (Nov 2024)	-35882
Bajaj Finance Ltd.	Non banking financial company (nbfc)	171.6	0.00%	-0.76%	0.76% (Sep 2025)	0% (Nov 2024)	-171750

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
ICICI Bank Ltd.	6.16%	6.29%	6.47%	6.68%	6.22%	6.33%	6.52%	6.26%	5.99%	5.56%	5.52%	5.45%	5.41%
HDFC Bank Ltd.	4.01%	4.92%	4.88%	6.07%	6.81%	6.73%	6.88%	6.63%	6.67%	5.84%	5.75%	5.67%	5.77%
Bharti Airtel Ltd.	4.10%	3.82%	3.59%	3.15%	3.41%	3.20%	3.32%	3.42%	3.32%	3.07%	2.83%	2.82%	2.79%
Ultratech Cement Ltd.	3.21%	3.34%	3.43%	3.24%	3.05%	2.88%	3.08%	3.09%	2.92%	2.95%	2.77%	2.64%	2.61%
Larsen & Toubro Ltd.	3.31%	3.06%	2.67%	2.62%	2.52%	2.57%	2.98%	3.16%	3.07%	3.09%	2.95%	2.96%	2.88%
Reliance Industries Ltd.	0.47%	1.04%	1.99%	2.92%	3.01%	4.08%	3.62%	2.64%	2.67%	2.35%	2.13%	2.21%	2.50%
InterGlobe Aviation Ltd.	2.01%	2.04%	2.04%	2.08%	2.01%	2.11%	3.22%	3.18%	2.98%	2.57%	2.56%	2.39%	2.02%
Infosys Ltd.	3.26%	3.23%	3.17%	2.19%	1.82%	1.80%	1.79%	2.11%	2.43%	2.42%	2.29%	2.20%	2.35%
Mahindra & Mahindra Ltd.	2.21%	2.65%	2.14%	2.09%	2.17%	2.07%	2.13%	1.97%	2.05%	2.12%	2.01%	1.93%	2.22%
Tata Consultancy Services Ltd.	1.36%	1.50%	1.79%	1.71%	1.86%	1.90%	2.01%	2.22%	2.30%	2.13%	2.28%	2.32%	1.47%
GE T&D India Ltd.	2.16%	2.31%	2.15%	2.34%	1.93%	1.86%	1.34%	1.36%	1.25%	1.49%	1.63%	1.34%	1.37%
State Bank Of India	2.31%	2.10%	1.76%	1.71%	1.68%	1.69%	1.69%	1.63%	1.56%	1.56%	1.51%	1.55%	1.71%
Orient Refractories Ltd.	1.69%	1.67%	1.78%	1.83%	1.66%	1.64%	1.62%	1.89%	1.56%	1.68%	1.69%	1.70%	1.94%
Hindustan Unilever Ltd.	1.82%	1.78%	1.87%	1.67%	1.45%	1.51%	1.56%	1.75%	1.82%	1.84%	1.63%	1.70%	1.37%
HDFC Life Insurance Company Ltd.	1.50%	1.58%	1.60%	1.52%	1.57%	1.52%	1.50%	1.98%	1.89%	1.77%	1.41%	1.46%	1.94%