HDFC 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 : 71.24%. Category average turnover ratio is 153.01%. 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 : 98.34% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.34%

No of Stocks : 72 (Category Avg - 44.44) | Large Cap Investments : 31.56%| Mid Cap Investments : 7.93% | Small Cap Investments : 10.31% | Other : 48.54%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	72	43.41
Top 5 Stock Weight	26.54%	32.46%
Top 10 Stock Weight	42.14%	49.59%
Top 3 Sector Weight	30.99%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	46087.82	72450.77
Holdings in large cap stocks	31.56%	37.14%
Holdings in mid cap stocks	7.93%	14.47%
Holdings in small cap stocks	10.31%	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
Eternal Ltd.	E-retail/ e-commerce	2025.9	6.82%	-0.33%	7.15% (Sep 2025)	4.33% (Jan 2025)	63.76 L	0.00
ICICI Bank Ltd.	Private sector bank	1818.9	6.12%	-0.16%	8.84% (Apr 2025)	6.12% (Oct 2025)	13.52 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	1760.7	5.92%	0.37%	8.3% (Apr 2025)	5.55% (Sep 2025)	8.57 L	0.00
HDFC Bank Ltd.	Private sector bank	1194.6	4.02%	0.06%	4.17% (Jul 2025)	3.58% (Dec 2024)	12.10 L	0.00
Vishal Mega Mart Ltd.	Diversified retail	1087.2	3.66%	-0.20%	3.89% (Aug 2025)	0% (Nov 2024)	75.14 L	0.00
Fortis Healthcare Ltd.	Hospital	968	3.26%	0.10%	3.3% (Aug 2025)	2.57% (Apr 2025)	9.46 L	0.00
Titan Company Ltd.	Gems, jewellery and watches	964.4	3.24%	0.60%	3.4% (Jan 2025)	1.79% (Mar 2025)	2.57 L	30.00 k
Anthem Biosciences Ltd.	Biotechnology	948	3.19%	-0.31%	3.78% (Aug 2025)	0% (Nov 2024)	13.35 L	0.00
- Bajaj Auto Ltd.	2/3 wheelers	902.6	3.04%	0.00%	3.04% (Sep 2025)	0% (Nov 2024)	1.02 L	0.00
Aptus Value Housing Finance India Ltd.	Housing finance company	852.3	2.87%	-0.09%	3.01% (Jul 2025)	0% (Nov 2024)	26.84 L	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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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
Eternal Ltd.	E-retail/ e-commerce	9.81	2025.9	6.82%	-0.33%	7.15% (Sep 2025)	4.33% (Jan 2025)	63.76 L	0.00	Other	48.54
ICICI Bank Ltd.	Private sector bank	14.01	1818.9	6.12%	-0.16%	8.84% (Apr 2025)	6.12% (Oct 2025)	13.52 L	0.00	Large Cap	31.56
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	5.92	1760.7	5.92%	0.37%	8.3% (Apr 2025)	5.55% (Sep 2025)	8.57 L	0.00	Large Cap	31.56
HDFC Bank Ltd.	Private sector bank	14.01	1194.6	4.02%	0.06%	4.17% (Jul 2025)	3.58% (Dec 2024)	12.10 L	0.00	Other	48.54
Vishal Mega Mart Ltd.	Diversified retail	3.66	1087.2	3.66%	-0.20%	3.89% (Aug 2025)	0% (Nov 2024)	75.14 L	0.00	Other	48.54
Fortis Healthcare Ltd.	Hospital	3.26	968	3.26%	0.10%	3.3% (Aug 2025)	2.57% (Apr 2025)	9.46 L	0.00	Other	48.54
Titan Company Ltd.	Gems, jewellery and watches	3.24	964.4	3.24%	0.60%	3.4% (Jan 2025)	1.79% (Mar 2025)	2.57 L	30.00 k	Large Cap	31.56
Anthem Biosciences Ltd.	Biotechnology	3.19	948	3.19%	-0.31%	3.78% (Aug 2025)	0% (Nov 2024)	13.35 L	0.00	Other	48.54
- Bajaj Auto Ltd.	2/3 wheelers	3.5	902.6	3.04%	0.00%	3.04% (Sep 2025)	0% (Nov 2024)	1.02 L	0.00	Large Cap	31.56
Aptus Value Housing Finance India Ltd.	Housing finance company	4.41	852.3	2.87%	-0.09%	3.01% (Jul 2025)	0% (Nov 2024)	26.84 L	0.00	Other	48.54
J S W Energy Ltd.	Power generation	2.82	732.5	2.46%	-0.08%	2.7% (Mar 2025)	1.6% (Dec 2024)	13.89 L	0.00	Mid Cap	7.93
Adani Ports And Special Economic Zone Ltd.	Port & port services	2.45	729.2	2.45%	0.02%	2.52% (May 2025)	0% (Nov 2024)	5.02 L	0.00	Large Cap	31.56
Phoenix Mills Ltd.	Residential, commercial projects	3.44	699.3	2.35%	0.12%	2.35% (Oct 2025)	0% (Nov 2024)	4.16 L	0.00	Small Cap	10.31
Ambuja Cements Ltd.	Cement & cement products	2.34	697	2.34%	-0.08%	2.42% (Sep 2025)	0% (Nov 2024)	12.33 L	0.00	Large Cap	31.56
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	3.53	694	2.33%	0.06%	2.33% (Oct 2025)	1.46% (Dec 2024)	4.09 L	0.00	Other	48.54
Kotak Mahindra Bank Ltd.	Private sector bank	14.01	628.6	2.11%	0.06%	3.2% (Apr 2025)	2.05% (Sep 2025)	2.99 L	0.00	Large Cap	31.56
Aether Industries Ltd.	Specialty chemicals	3.08	597	2.01%	-0.04%	2.08% (Jul 2025)	0.8% (Nov 2024)	7.92 L	0.00	Other	48.54
Eris Lifesciences Ltd.	Pharmaceuticals	7.17	598.2	2.01%	0.25%	2.01% (Aug 2025)	0% (Nov 2024)	3.76 L	53.28 k	Small Cap	10.31
Escorts Ltd.	Tractors	1.96	581.7	1.96%	0.37%	1.96% (Oct 2025)	0% (Nov 2024)	1.54 L	20.00 k	Small Cap	10.31
InterGlobe Aviation Ltd.	Airline	1.91	568.1	1.91%	-0.04%	2.04% (Jun 2025)	0% (Nov 2024)	1.01 L	0.00	Large Cap	31.56
Indusind Bank Ltd.	Private sector bank	14.01	522.2	1.76%	0.09%	2.46% (Feb 2025)	1.55% (Mar 2025)	6.57 L	0.00	Large Cap	31.56
Lupin Ltd.	Pharmaceuticals	7.17	454.2	1.53%	0.01%	1.53% (Oct 2025)	0% (Nov 2024)	2.31 L	0.00	Large Cap	31.56
Piramal Pharma Ltd.	Pharmaceuticals	7.17	407	1.37%	0.03%	1.37% (Oct 2025)	0% (Nov 2024)	20.39 L	0.00	Other	48.54
Swiggy Ltd.	E-retail/ e-commerce	9.81	375.1	1.26%	-0.07%	2.13% (Jun 2025)	0% (Nov 2024)	9.15 L	0.00	Other	48.54
Schloss Bangalore Ltd.	Hotels & resorts	1.51	366	1.23%	0.03%	1.23% (Oct 2025)	0% (Nov 2024)	8.44 L	0.00	Other	48.54
Shriram Finance Ltd.	Non banking financial company (nbfc)	3.53	355.7	1.20%	0.19%	1.2% (Oct 2025)	0% (Nov 2024)	4.75 L	0.00	Other	48.54
Mankind Pharma Ltd.	Pharmaceuticals	7.17	344.3	1.16%	-0.05%	1.97% (Dec 2024)	1.16% (Oct 2025)	1.44 L	0.00	Other	48.54
Balkrishna Industries Ltd.	Tyres & rubber products	1.11	329.4	1.11%	-0.03%	1.32% (Jul 2025)	0% (Nov 2024)	1.44 L	0.00	Mid Cap	7.93
Godrej Properties Ltd.	Residential, commercial projects	3.44	324.1	1.09%	0.13%	1.12% (Jun 2025)	0% (Nov 2024)	1.42 L	0.00	Mid Cap	7.93
SRF Ltd.	Specialty chemicals	3.08	316.6	1.07%	0.02%	1.07% (Oct 2025)	0% (Nov 2024)	1.08 L	0.00	Mid Cap	7.93
Timken India Ltd.	Abrasives & bearings	1.22	304.5	1.02%	0.29%	1.02% (Oct 2025)	0.23% (Apr 2025)	96.84 k	26.13 k	Small Cap	10.31
Brainbees Solutions Ltd.	E-retail/ e-commerce	9.81	299.5	1.01%	-0.07%	1.12% (Jun 2025)	0% (Nov 2024)	8.59 L	0.00	Other	48.54
Afcons Infrastructure Ltd.	Civil construction	2.79	262.7	0.88%	-0.04%	1.19% (Dec 2024)	0.5% (May 2025)	5.86 L	0.00	Other	48.54
Pearl Global Industries Limited	Trading – textiles	0.85	254.1	0.85%	0.01%	0.85% (Oct 2025)	0% (Nov 2024)	1.93 L	1.36 k	Other	48.54
Aditya Birla Real Estate Ltd.	Paper & paper products	0.81	240	0.81%	0.07%	1.05% (Jun 2025)	0.74% (Sep 2025)	1.28 L	0.00	Mid Cap	7.93
Home First Finance Company India Ltd.	Housing finance company	4.41	236.4	0.80%	0.54%	0.8% (Oct 2025)	0% (Nov 2024)	1.98 L	1.36 L	Other	48.54
Sagility India Ltd.	It enabled services	0.79	235.8	0.79%	0.13%	0.84% (Dec 2024)	0.1% (Apr 2025)	44.88 L	0.00	Other	48.54
Aadhar Housing Finance Ltd.	Housing finance company	4.41	219.1	0.74%	-0.02%	0.81% (Nov 2024)	0.62% (Feb 2025)	4.30 L	0.00	Other	48.54
Urban Company Ltd.	E-retail/ e-commerce	9.81	213.9	0.72%	-0.06%	0.78% (Sep 2025)	0% (Nov 2024)	13.56 L	0.00	Other	48.54
G R Infraprojects Ltd.	Civil construction	2.79	199.1	0.67%	-0.05%	0.93% (Nov 2024)	0.63% (Apr 2025)	1.71 L	0.00	Other	48.54
Acme Solar Holdings Ltd.	Holding company	0.65	194.5	0.65%	-0.01%	0.68% (Aug 2025)	0.48% (Mar 2025)	6.90 L	0.00	Other	48.54
Awfis Space Solutions Ltd.	Diversified commercial services	1.23	193.2	0.65%	0.02%	0.73% (May 2025)	0.39% (Apr 2025)	3.22 L	0.00	Other	48.54
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	1.43	189.7	0.64%	-0.02%	0.66% (Sep 2025)	0.26% (Feb 2025)	2.58 L	0.00	Small Cap	10.31
Laurus Labs Ltd.	Pharmaceuticals	7.17	190.7	0.64%	0.06%	0.64% (Oct 2025)	0% (Nov 2024)	2.00 L	0.00	Other	48.54
Tata Motors Ltd.	Passenger cars & utility vehicles	0.61	182.5	0.61%	-0.43%	8.23% (Mar 2025)	0.61% (Oct 2025)	4.45 L	0.00	Large Cap	31.56
Au Small Finance Bank Ltd.	Other bank	0.6	179.8	0.60%	0.08%	1.65% (Jun 2025)	0% (Nov 2024)	2.05 L	0.00	Mid Cap	7.93
# Wework India Management Ltd.	Diversified commercial services	1.23	173.6	0.58%	0.58%	0.58% (Oct 2025)	0% (Nov 2024)	2.69 L	2.69 L	Other	48.54
Jain Resource Recycling Ltd.	Diversified metals	0.56	166.4	0.56%	0.22%	0.56% (Oct 2025)	0% (Nov 2024)	4.31 L	0.00	Other	48.54
# J K Tyre & Inds. Ltd.	Tyres & allied	0.56	166.8	0.56%	0.56%	0.56% (Oct 2025)	0% (Nov 2024)	3.86 L	3.86 L	Small Cap	10.31
Orient Refractories Ltd.	Electrodes & refractories	0.56	167.7	0.56%	-0.07%	0.76% (Mar 2025)	0.56% (Oct 2025)	3.52 L	-0.60 L	Small Cap	10.31
Astral Ltd.	Plastic products - industrial	0.53	156.3	0.53%	0.02%	1.68% (Nov 2024)	0.5% (Mar 2025)	1.08 L	0.00	Mid Cap	7.93
Inventurus Knowledge Solutions Ltd.	It enabled services – software	0.5	149.5	0.50%	0.04%	1.64% (Dec 2024)	0% (Nov 2024)	90.86 k	0.00	Other	48.54
PNC Infratech Ltd.	Civil construction	2.79	144.2	0.49%	-0.03%	0.58% (Jan 2025)	0.47% (Mar 2025)	5.14 L	0.00	Small Cap	10.31
Ola Electric Mobility Ltd.	2/3 wheelers	3.5	135.9	0.46%	-0.07%	1.77% (Nov 2024)	0.38% (Jul 2025)	27.10 L	0.00	Other	48.54
# Rubicon Research Ltd.	Pharmaceuticals	7.17	137.3	0.46%	0.46%	0.46% (Oct 2025)	0% (Nov 2024)	2.22 L	2.22 L	Other	48.54
Ceigall India Ltd.	Civil construction	2.79	128.9	0.43%	-0.03%	0.58% (Nov 2024)	0.43% (Oct 2025)	5.13 L	0.00	Other	48.54
JNK India Ltd.	Industrial products	0.65	124.1	0.42%	-0.04%	1.47% (Dec 2024)	0.42% (Oct 2025)	4.24 L	-0.50 L	Other	48.54
# TML Commercial Vehicles Ltd.	Commercial vehicles	0.39	116	0.39%	0.39%	0.39% (Oct 2025)	0% (Nov 2024)	4.45 L	4.45 L	Other	48.54
Siemens Energy India Ltd.	Power generation	2.82	106.9	0.36%	-0.04%	0.4% (Sep 2025)	0% (Nov 2024)	33.56 k	0.00	Other	48.54
Siemens Ltd.	Heavy electrical equipment	1.43	103.9	0.35%	-0.01%	0.84% (Nov 2024)	0.35% (Jul 2025)	33.56 k	0.00	Large Cap	31.56
Sula Vineyards Ltd.	Breweries & distilleries	0.33	98.2	0.33%	-0.02%	0.56% (Nov 2024)	0.33% (Oct 2025)	3.90 L	0.00	Other	48.54
Westlife Development Ltd.	Restaurants	0.51	97.4	0.33%	-0.06%	0.59% (Dec 2024)	0.33% (Oct 2025)	1.64 L	0.00	Small Cap	10.31
- Chalet Hotels Ltd.	Hotels & resorts	1.51	81.8	0.28%	0.00%	0.3% (Aug 2025)	0% (Nov 2024)	86.15 k	0.00	Other	48.54
Atlanta Electricals Ltd	Heavy electrical equipment	1.43	76.3	0.26%	0.05%	0.26% (Oct 2025)	0% (Nov 2024)	77.37 k	0.00	Other	48.54
Crompton Greaves Consumer Electricals Ltd.	Household appliances	0.26	76.1	0.26%	-0.01%	0.51% (Nov 2024)	0.26% (Oct 2025)	2.69 L	0.00	Mid Cap	7.93
Aditya Infotech Ltd.	Industrial products	0.65	68.2	0.23%	-0.10%	0.52% (Aug 2025)	0% (Nov 2024)	51.93 k	-0.21 L	Other	48.54
- Grindwell Norton Ltd.	Abrasives & bearings	1.22	60.7	0.20%	0.00%	0.25% (Nov 2024)	0.19% (Jul 2025)	35.95 k	0.00	Small Cap	10.31
Ellenbarrie Industrial Gases Ltd.	Industrial gases	0.19	55.9	0.19%	-0.01%	0.33% (Jun 2025)	0% (Nov 2024)	1.21 L	0.00	Other	48.54
Techno Electric & Engineering Co. Ltd.	Civil construction	2.79	56.5	0.19%	-0.01%	0.47% (Dec 2024)	0.19% (Oct 2025)	42.81 k	0.00	Small Cap	10.31
- ABB India Ltd.	Heavy electrical equipment	1.43	52.2	0.18%	0.00%	0.25% (Nov 2024)	0.17% (Aug 2025)	10.00 k	0.00	Large Cap	31.56
Sapphire Foods India Ltd.	Restaurants	0.51	54.2	0.18%	-0.01%	0.41% (Dec 2024)	0.18% (Oct 2025)	1.89 L	0.00	Other	48.54
M&B Engineering Ltd.	Civil construction	2.79	37.4	0.13%	0.02%	0.24% (Aug 2025)	0% (Nov 2024)	82.34 k	0.00	Other	48.54
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	0.61	320.6	0.00%	-1.10%	-	-	-	-	Large Cap	31.56
Indraprastha Gas Ltd.	Lpg/cng/png/lng supplier		105.8	0.00%	-0.36%	-	-	-	-	Mid Cap	7.93

- 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
# Wework India Management Ltd.	Diversified commercial services	173.6	0.58%	0.58%	0.58% (Oct 2025)	0% (Nov 2024)	2.69 L	268939
# TML Commercial Vehicles Ltd.	Commercial vehicles	116	0.39%	0.39%	0.39% (Oct 2025)	0% (Nov 2024)	4.45 L	445000
# Rubicon Research Ltd.	Pharmaceuticals	137.3	0.46%	0.46%	0.46% (Oct 2025)	0% (Nov 2024)	2.22 L	222060
# J K Tyre & Inds. Ltd.	Tyres & allied	166.8	0.56%	0.56%	0.56% (Oct 2025)	0% (Nov 2024)	3.86 L	385971

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
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	320.6	0.00%	-1.10%	1.1% (Sep 2025)	0% (Nov 2024)	0.00	-20000
Indraprastha Gas Ltd.	Lpg/cng/png/lng supplier	105.8	0.00%	-0.36%	0.74% (Mar 2025)	0% (Nov 2024)	0.00	-507262

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.	6.12%	6.28%	6.74%	7.94%	8.48%	8.77%	8.84%	8.45%	7.90%	7.65%	7.41%	8.66%	9.79%
Eternal Ltd.	6.82%	7.15%	6.93%	6.71%	6.33%	5.90%	11.76%	10.34%	-	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	5.95%	4.33%	5.18%	5.18%	3.15%
Bharti Airtel Ltd.	5.92%	5.55%	6.00%	6.00%	6.24%	7.70%	8.30%	7.81%	7.41%	7.14%	6.60%	6.73%	6.74%
Larsen & Toubro Ltd.	-	-	-	-	-	1.05%	1.99%	6.92%	8.72%	7.89%	7.56%	8.75%	7.51%
Tata Motors Ltd.	0.61%	1.04%	1.03%	1.01%	4.97%	8.11%	7.76%	8.23%	7.10%	5.50%	4.65%	4.91%	3.86%
Axis Bank Ltd.	-	-	-	-	1.68%	5.28%	6.21%	5.84%	5.64%	3.70%	3.79%	4.02%	4.15%
HDFC Bank Ltd.	4.02%	3.96%	3.99%	4.17%	4.10%	4.12%	4.17%	4.00%	3.97%	3.62%	3.58%	3.61%	7.75%
Vishal Mega Mart Ltd.	3.66%	3.86%	3.89%	3.59%	3.77%	-	-	-	-	-	-	-	-
Anthem Biosciences Ltd.	3.19%	3.50%	3.78%	3.08%	-	-	-	-	-	-	-	-	-
Infosys Ltd.	-	-	-	-	-	-	1.21%	3.70%	4.16%	4.31%	2.70%	3.27%	3.13%
Fortis Healthcare Ltd.	3.26%	3.16%	3.30%	3.07%	2.81%	2.59%	2.57%	2.64%	2.59%	2.97%	3.16%	2.88%	2.76%
Aptus Value Housing Finance India Ltd.	2.87%	2.96%	2.95%	3.01%	2.94%	2.03%	1.66%	-	-	-	-	-	-
Kotak Mahindra Bank Ltd.	2.11%	2.05%	2.48%	2.47%	2.97%	2.94%	3.20%	3.18%	2.92%	2.71%	2.41%	2.37%	2.35%
Titan Company Ltd.	3.24%	2.64%	2.86%	2.60%	2.02%	2.01%	1.95%	1.79%	2.64%	3.40%	3.00%	2.98%	3.03%