DSP Business Cycle 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.

Portfolio Turnover Ratio : 19.00%. Category average turnover ratio is 141.71%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 89.95% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 89.95%

No of Stocks : 51 (Category Avg - 44.17) | Large Cap Investments : 38.3%| Mid Cap Investments : 15.78% | Small Cap Investments : 20.06% | Other : 15.81%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	51	43.41
Top 5 Stock Weight	24.16%	32.46%
Top 10 Stock Weight	40.89%	49.59%
Top 3 Sector Weight	27.22%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	97938.68	72450.77
Holdings in large cap stocks	38.3%	37.14%
Holdings in mid cap stocks	15.78%	14.47%
Holdings in small cap stocks	20.06%	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
State Bank Of India	Public sector bank	696.1	5.89%	0.19%	5.89% (Oct 2025)	0% (Nov 2024)	7.43 L	0.00
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	586.6	4.97%	0.62%	4.97% (Oct 2025)	0% (Nov 2024)	63.46 k	0.00
Axis Bank Ltd.	Private sector bank	564.2	4.78%	0.23%	5.32% (Feb 2025)	0% (Nov 2024)	4.58 L	0.00
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	525.2	4.45%	-0.09%	4.91% (Jan 2025)	0% (Nov 2024)	1.51 L	0.00
Infosys Ltd.	Computers - software & consulting	480.5	4.07%	-0.04%	4.24% (Aug 2025)	0% (Nov 2024)	3.24 L	0.00
- Apollo Hospitals Enterprises Ltd.	Hospital	454.5	3.85%	0.00%	4.01% (Aug 2025)	0% (Nov 2024)	59.18 k	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	407.7	3.45%	1.13%	5.46% (Mar 2025)	0% (Nov 2024)	1.98 L	57.72 k
Kotak Mahindra Bank Ltd.	Private sector bank	391.6	3.32%	0.06%	4.14% (Mar 2025)	0% (Nov 2024)	1.86 L	0.00
Tata Consultancy Services Ltd.	Computers - software & consulting	377.3	3.19%	1.04%	3.19% (Oct 2025)	0% (Nov 2024)	1.23 L	38.65 k
Amber Enterprises India Ltd.	Household appliances	345.3	2.92%	-0.13%	3.17% (Mar 2025)	0% (Nov 2024)	42.96 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)

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Sector
M-Cap

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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
State Bank Of India	Public sector bank	5.89	696.1	5.89%	0.19%	5.89% (Oct 2025)	0% (Nov 2024)	7.43 L	0.00	Large Cap	38.3
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	4.97	586.6	4.97%	0.62%	4.97% (Oct 2025)	0% (Nov 2024)	63.46 k	0.00	Small Cap	20.06
Axis Bank Ltd.	Private sector bank	10.64	564.2	4.78%	0.23%	5.32% (Feb 2025)	0% (Nov 2024)	4.58 L	0.00	Large Cap	38.3
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	4.45	525.2	4.45%	-0.09%	4.91% (Jan 2025)	0% (Nov 2024)	1.51 L	0.00	Large Cap	38.3
Infosys Ltd.	Computers - software & consulting	10.61	480.5	4.07%	-0.04%	4.24% (Aug 2025)	0% (Nov 2024)	3.24 L	0.00	Large Cap	38.3
- Apollo Hospitals Enterprises Ltd.	Hospital	4.58	454.5	3.85%	0.00%	4.01% (Aug 2025)	0% (Nov 2024)	59.18 k	0.00	Mid Cap	15.78
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.45	407.7	3.45%	1.13%	5.46% (Mar 2025)	0% (Nov 2024)	1.98 L	57.72 k	Large Cap	38.3
Kotak Mahindra Bank Ltd.	Private sector bank	10.64	391.6	3.32%	0.06%	4.14% (Mar 2025)	0% (Nov 2024)	1.86 L	0.00	Large Cap	38.3
Tata Consultancy Services Ltd.	Computers - software & consulting	10.61	377.3	3.19%	1.04%	3.19% (Oct 2025)	0% (Nov 2024)	1.23 L	38.65 k	Large Cap	38.3
Amber Enterprises India Ltd.	Household appliances	5.59	345.3	2.92%	-0.13%	3.17% (Mar 2025)	0% (Nov 2024)	42.96 k	0.00	Small Cap	20.06
National Thermal Power Corporation Ltd.	Power generation	3.5	300.5	2.54%	-2.74%	6.08% (Apr 2025)	0% (Nov 2024)	8.92 L	-8.71 L	Large Cap	38.3
ICICI Bank Ltd.	Private sector bank	10.64	299.8	2.54%	-0.10%	3.09% (Apr 2025)	0% (Nov 2024)	2.23 L	0.00	Large Cap	38.3
Coforge Ltd.	Computers - software & consulting	10.61	278.9	2.36%	0.65%	2.36% (Oct 2025)	0% (Nov 2024)	1.57 L	34.21 k	Other	15.81
TVS Motor Company Ltd.	2/3 wheelers	2.39	278.6	2.36%	-0.04%	3.15% (Jan 2025)	0% (Nov 2024)	79.41 k	0.00	Mid Cap	15.78
KEI Industries Ltd.	Cables - electricals	3.53	232.8	1.97%	-0.09%	2.53% (Jan 2025)	0% (Nov 2024)	57.75 k	0.00	Small Cap	20.06
Voltas Limited	Household appliances	5.59	221.1	1.87%	-0.03%	2.39% (Mar 2025)	0% (Nov 2024)	1.60 L	0.00	Mid Cap	15.78
Oberoi Realty Ltd.	Residential, commercial projects	1.77	208.9	1.77%	0.14%	1.97% (Mar 2025)	0% (Nov 2024)	1.17 L	0.00	Mid Cap	15.78
Max Financial Services Ltd.	Life insurance	1.76	207.8	1.76%	-0.10%	1.93% (Jun 2025)	0% (Nov 2024)	1.34 L	0.00	Mid Cap	15.78
Gland Pharma Ltd.	Pharmaceuticals	5.97	191.8	1.62%	0.30%	1.62% (Oct 2025)	0% (Nov 2024)	99.41 k	23.95 k	Other	15.81
Kalpataru Power Transmission Ltd.	Civil construction	2.55	185.5	1.57%	-0.06%	1.7% (Jan 2025)	0% (Nov 2024)	1.48 L	0.00	Small Cap	20.06
R R Kabel Ltd.	Cables - electricals	3.53	184.1	1.56%	0.11%	1.74% (Jan 2025)	0% (Nov 2024)	1.30 L	0.00	Other	15.81
Nippon Life India Asset Management Ltd.	Asset management company	1.5	176.8	1.50%	-0.04%	1.54% (Sep 2025)	0% (Nov 2024)	2.02 L	0.00	Mid Cap	15.78
United Breweries Ltd.	Breweries & distilleries	1.49	176.5	1.49%	-0.06%	2.06% (Apr 2025)	0% (Nov 2024)	98.22 k	0.00	Large Cap	38.3
Cyient Ltd.	It enabled services	1.44	169.6	1.44%	-0.03%	1.82% (May 2025)	0% (Nov 2024)	1.46 L	0.00	Small Cap	20.06
Schaeffler India Ltd.	Auto components & equipments	1.82	161.3	1.37%	-0.11%	1.55% (May 2025)	0% (Nov 2024)	40.10 k	0.00	Other	15.81
Navin Flourine International Ltd.	Commodity chemicals	1.3	153.6	1.30%	0.20%	1.45% (Jan 2025)	0% (Nov 2024)	27.00 k	0.00	Small Cap	20.06
Laurus Labs Ltd.	Pharmaceuticals	5.97	146.7	1.24%	0.10%	1.36% (Jan 2025)	0% (Nov 2024)	1.54 L	0.00	Other	15.81
Mankind Pharma Ltd.	Pharmaceuticals	5.97	141.3	1.20%	-0.07%	1.57% (Jan 2025)	0% (Nov 2024)	59.28 k	0.00	Other	15.81
# Tata Capital Ltd.	Non banking financial company (nbfc)	1.11	131.4	1.11%	1.11%	1.11% (Oct 2025)	0% (Nov 2024)	4.01 L	4.01 L	Other	15.81
Angel One Ltd.	Stockbroking & allied	1.1	129.7	1.10%	0.12%	1.46% (May 2025)	0% (Nov 2024)	52.02 k	0.00	Other	15.81
JSW Infrastructure Ltd.	Engineering, designing, construction	1.06	124.7	1.06%	-0.13%	1.41% (Mar 2025)	0% (Nov 2024)	4.30 L	0.00	Other	15.81
# Mphasis Ltd.	Computers - software & consulting	10.61	117.1	0.99%	0.99%	0.99% (Oct 2025)	0% (Nov 2024)	42.35 k	42.35 k	Mid Cap	15.78
Ipca Laboratories Ltd.	Pharmaceuticals	5.97	116.6	0.99%	-0.09%	1.48% (Jan 2025)	0% (Nov 2024)	91.74 k	0.00	Other	15.81
Sudarshan Chemical Industries Ltd.	Dyes and pigments	0.98	115.9	0.98%	-0.20%	1.34% (Aug 2025)	0% (Nov 2024)	1.01 L	0.00	Small Cap	20.06
Siemens Energy India Ltd.	Power generation	3.5	112.9	0.96%	-0.11%	1.07% (Sep 2025)	0% (Nov 2024)	35.45 k	0.00	Other	15.81
Siemens Ltd.	Heavy electrical equipment	1.62	109.8	0.93%	-0.05%	2.35% (Jan 2025)	0% (Nov 2024)	35.45 k	0.00	Large Cap	38.3
Cipla Ltd.	Pharmaceuticals	5.97	108.2	0.92%	-0.03%	1.93% (Feb 2025)	0% (Nov 2024)	72.07 k	0.00	Large Cap	38.3
Apollo Tyres Limited	Tyres & rubber products	0.88	104.3	0.88%	0.02%	0.9% (May 2025)	0% (Nov 2024)	2.08 L	0.00	Mid Cap	15.78
Carborundum Universal Ltd.	Abrasives & bearings	0.82	96.7	0.82%	-0.05%	1.39% (Jan 2025)	0% (Nov 2024)	1.07 L	0.00	Small Cap	20.06
Crompton Greaves Consumer Electricals Ltd.	Household appliances	5.59	94.4	0.80%	-0.06%	1.25% (Jan 2025)	0% (Nov 2024)	3.34 L	0.00	Mid Cap	15.78
Triveni Engineering & Industries Ltd.	Sugar	0.8	94	0.80%	0.03%	1.1% (Jan 2025)	0% (Nov 2024)	2.63 L	0.00	Small Cap	20.06
Inox India Ltd.	Engineering	0.76	89.3	0.76%	-0.02%	0.83% (May 2025)	0% (Nov 2024)	75.25 k	0.00	Other	15.81
InterGlobe Aviation Ltd.	Airline	0.73	86.7	0.73%	-0.03%	3.37% (Feb 2025)	0% (Nov 2024)	15.42 k	0.00	Large Cap	38.3
Kovai Medical Center & Hospital Ltd.	Hospital	4.58	85.9	0.73%	0.01%	0.83% (Feb 2025)	0% (Nov 2024)	13.43 k	0.00	Small Cap	20.06
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	1.62	81.7	0.69%	-0.03%	0.72% (Sep 2025)	0% (Nov 2024)	1.11 L	0.00	Small Cap	20.06
Sheela Foam Ltd.	Furniture, home furnishing	0.56	65.7	0.56%	0.01%	0.94% (Jan 2025)	0% (Nov 2024)	93.99 k	0.00	Small Cap	20.06
HG Infra Engineering Ltd.	Civil construction	2.55	61.7	0.52%	-0.03%	0.93% (Jan 2025)	0% (Nov 2024)	66.89 k	0.00	Small Cap	20.06
Ahluwalia Contracts (India) Ltd.	Civil construction	2.55	54.7	0.46%	-0.04%	0.54% (Jan 2025)	0% (Nov 2024)	57.57 k	0.00	Small Cap	20.06
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	1.82	52.6	0.45%	0.45%	0.45% (Oct 2025)	0% (Nov 2024)	1.11 L	1.11 L	Other	15.81
Shivalik Bimetal Controls Ltd.	Iron & steel products	0.33	38.5	0.33%	-0.02%	0.45% (Jan 2025)	0% (Nov 2024)	80.16 k	0.00	Small Cap	20.06
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	2.39	3.2	0.03%	0.00%	0% (Nov 2025)	0% (Nov 2025)	3.18 L	0.00	Other	15.81
Praj Industries Ltd.	Industrial products		42	0.00%	-0.37%	-	-	-	-	Small Cap	20.06
Power Grid Corporation of India Ltd.	Power - transmission		640.8	0.00%	-5.63%	-	-	-	-	Large Cap	38.3

- 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
# Sona BLW Precision Forgings Ltd.	Auto components & equipments	52.6	0.45%	0.45%	0.45% (Oct 2025)	0% (Nov 2024)	1.11 L	111266
# Tata Capital Ltd.	Non banking financial company (nbfc)	131.4	1.11%	1.11%	1.11% (Oct 2025)	0% (Nov 2024)	4.01 L	401333
# Mphasis Ltd.	Computers - software & consulting	117.1	0.99%	0.99%	0.99% (Oct 2025)	0% (Nov 2024)	42.35 k	42350

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	Quantity	1M Change in Qty
Praj Industries Ltd.	Industrial products	42	0.00%	-0.37%	0.99% (Dec 2024)	0% (Nov 2024)	0.00	-127317
Power Grid Corporation of India Ltd.	Power - transmission	640.8	0.00%	-5.63%	6.83% (Apr 2025)	0% (Nov 2024)	0.00	-2286571

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
Power Grid Corporation of India Ltd.	-	5.63%	5.60%	5.87%	5.98%	6.12%	6.83%	5.25%	3.78%	3.35%	-	-	-
Axis Bank Ltd.	4.78%	4.55%	4.26%	4.31%	4.78%	5.04%	5.27%	5.16%	5.32%	-	-	-	-
State Bank Of India	5.89%	5.70%	5.30%	5.22%	5.31%	5.58%	5.69%	3.84%	3.83%	2.80%	2.88%	-	-
National Thermal Power Corporation Ltd.	2.54%	5.28%	5.14%	5.20%	5.15%	5.44%	6.08%	3.79%	3.12%	2.26%	2.32%	-	-
Mahindra & Mahindra Ltd.	4.45%	4.54%	4.29%	4.25%	4.18%	4.14%	4.29%	4.11%	4.46%	4.91%	2.24%	-	-
Infosys Ltd.	4.07%	4.11%	4.24%	3.76%	3.94%	4.08%	-	-	-	-	-	-	-
Apollo Hospitals Enterprises Ltd.	3.85%	3.85%	4.01%	3.91%	3.73%	3.76%	4.01%	3.77%	3.20%	2.89%	1.88%	-	-
Kotak Mahindra Bank Ltd.	3.32%	3.26%	3.25%	3.25%	3.51%	3.57%	4.00%	4.14%	4.06%	3.28%	3.08%	-	-
Multi Commodity Exchange Of India Ltd.	4.97%	4.35%	4.17%	4.30%	4.95%	3.87%	3.78%	1.31%	1.38%	1.51%	1.18%	-	-
Bharti Airtel Ltd.	3.45%	2.32%	2.36%	2.38%	2.46%	2.41%	2.55%	5.46%	4.53%	3.94%	-	-	-
ICICI Bank Ltd.	2.54%	2.64%	2.77%	2.91%	2.81%	2.98%	3.09%	3.08%	3.07%	2.89%	2.96%	-	-
Amber Enterprises India Ltd.	2.92%	3.05%	2.78%	3.02%	2.53%	2.58%	2.57%	3.17%	2.77%	3.04%	2.44%	-	-
Tata Consultancy Services Ltd.	3.19%	2.15%	2.33%	2.27%	2.56%	2.71%	-	-	-	-	-	-	-
TVS Motor Company Ltd.	2.36%	2.40%	2.31%	1.96%	2.02%	2.04%	2.06%	2.91%	3.00%	3.15%	2.53%	-	-
Coforge Ltd.	2.36%	1.71%	1.88%	1.89%	2.06%	1.94%	-	-	-	-	-	-	-