HSBC Business Cycles Fund - 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 : 20.00%. 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 : 93.32% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 93.32%

No of Stocks : 67 (Category Avg - 44.44) | Large Cap Investments : 23.2%| Mid Cap Investments : 12.92% | Small Cap Investments : 30.38% | Other : 26.82%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	67	43.41
Top 5 Stock Weight	22.49%	32.46%
Top 10 Stock Weight	33.87%	49.59%
Top 3 Sector Weight	24.93%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	77320.53	72450.77
Holdings in large cap stocks	23.2%	37.14%
Holdings in mid cap stocks	12.92%	14.47%
Holdings in small cap stocks	30.38%	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
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	657.2	5.66%	0.70%	5.74% (Nov 2024)	4.81% (Aug 2025)	71.10 k
Reliance Industries Ltd.	Refineries & marketing	597.1	5.14%	0.24%	5.66% (Apr 2025)	3.41% (Dec 2024)	4.02 L
ICICI Bank Ltd.	Private sector bank	571.8	4.92%	-0.21%	6.08% (Apr 2025)	4.92% (Oct 2025)	4.25 L
- HDFC Bank Ltd.	Private sector bank	487.3	4.20%	0.00%	5% (Feb 2025)	3.31% (Dec 2024)	4.94 L
Hindustan Aeronautics Ltd.	Aerospace & defense	298.6	2.57%	-0.14%	2.71% (Sep 2025)	0% (Nov 2024)	63.80 k
Bharat Electronics Ltd.	Aerospace & defense	287.3	2.47%	0.03%	3.11% (Mar 2025)	2.12% (Apr 2025)	6.74 L
Larsen & Toubro Ltd.	Civil construction	268.1	2.31%	0.13%	3.04% (Jan 2025)	2.12% (Jun 2025)	66.50 k
Swiggy Ltd.	E-retail/ e-commerce	261.3	2.25%	-0.16%	2.41% (Sep 2025)	0% (Nov 2024)	6.38 L
Ahluwalia Contracts (India) Ltd.	Civil construction	261.3	2.25%	-0.20%	2.72% (Dec 2024)	2.08% (Feb 2025)	2.75 L
Power Finance Corporation Ltd.	Financial institution	243.2	2.10%	-0.11%	2.94% (Nov 2024)	2.1% (Oct 2025)	6.03 L

- 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
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	5.66	657.2	5.66%	0.70%	5.74% (Nov 2024)	4.81% (Aug 2025)	71.10 k	0.00	Small Cap	30.38
Reliance Industries Ltd.	Refineries & marketing	5.14	597.1	5.14%	0.24%	5.66% (Apr 2025)	3.41% (Dec 2024)	4.02 L	0.00	Large Cap	23.2
ICICI Bank Ltd.	Private sector bank	11.88	571.8	4.92%	-0.21%	6.08% (Apr 2025)	4.92% (Oct 2025)	4.25 L	0.00	Large Cap	23.2
- HDFC Bank Ltd.	Private sector bank	11.88	487.3	4.20%	0.00%	5% (Feb 2025)	3.31% (Dec 2024)	4.94 L	0.00	Other	26.82
Hindustan Aeronautics Ltd.	Aerospace & defense	6.07	298.6	2.57%	-0.14%	2.71% (Sep 2025)	0% (Nov 2024)	63.80 k	0.00	Other	26.82
Bharat Electronics Ltd.	Aerospace & defense	6.07	287.3	2.47%	0.03%	3.11% (Mar 2025)	2.12% (Apr 2025)	6.74 L	0.00	Mid Cap	12.92
Larsen & Toubro Ltd.	Civil construction	6.98	268.1	2.31%	0.13%	3.04% (Jan 2025)	2.12% (Jun 2025)	66.50 k	0.00	Large Cap	23.2
Swiggy Ltd.	E-retail/ e-commerce	4.01	261.3	2.25%	-0.16%	2.41% (Sep 2025)	0% (Nov 2024)	6.38 L	0.00	Other	26.82
Ahluwalia Contracts (India) Ltd.	Civil construction	6.98	261.3	2.25%	-0.20%	2.72% (Dec 2024)	2.08% (Feb 2025)	2.75 L	0.00	Small Cap	30.38
Power Finance Corporation Ltd.	Financial institution	2.64	243.2	2.10%	-0.11%	2.94% (Nov 2024)	2.1% (Oct 2025)	6.03 L	0.00	Mid Cap	12.92
Ultratech Cement Ltd.	Cement & cement products	2.6	234.2	2.02%	-0.12%	2.35% (Jan 2025)	2.02% (Oct 2025)	19.60 k	0.00	Large Cap	23.2
Kotak Mahindra Bank Ltd.	Private sector bank	11.88	231.9	2.00%	0.03%	2.48% (Mar 2025)	0% (Nov 2024)	1.10 L	0.00	Large Cap	23.2
Power Mech Projects Ltd.	Civil construction	6.98	226.7	1.95%	-0.25%	2.64% (Jun 2025)	1.91% (Feb 2025)	90.80 k	0.00	Small Cap	30.38
# Paradeep Phosphates Ltd.	Fertilizers	1.86	216.5	1.86%	1.86%	1.86% (Oct 2025)	0% (Nov 2024)	13.01 L	13.01 L	Other	26.82
State Bank Of India	Public sector bank	2.37	214.4	1.85%	0.06%	1.89% (Nov 2024)	1.62% (Jul 2025)	2.29 L	0.00	Large Cap	23.2
PB Fintech Ltd.	Financial technology (fintech)	1.83	212.7	1.83%	0.02%	3.04% (Dec 2024)	1.81% (Sep 2025)	1.19 L	0.00	Other	26.82
Eternal Ltd.	E-retail/ e-commerce	4.01	204.2	1.76%	-0.11%	1.87% (Sep 2025)	0% (Nov 2024)	6.43 L	0.00	Other	26.82
Kirloskar Pneumatic Co. Ltd.	Compressors, pumps & diesel engines	1.55	179.8	1.55%	-0.18%	2.8% (Nov 2024)	1.55% (Oct 2025)	1.61 L	0.00	Small Cap	30.38
GE T&D India Ltd.	Heavy electrical equipment	5.17	179.2	1.54%	-0.02%	1.56% (Sep 2025)	0.92% (Feb 2025)	59.00 k	0.00	Small Cap	30.38
Time Technoplast Ltd.	Plastic products - industrial	1.53	177.4	1.53%	-0.02%	1.96% (Dec 2024)	1.39% (Apr 2025)	8.24 L	0.00	Small Cap	30.38
TVS Motor Company Ltd.	2/3 wheelers	1.53	175.4	1.51%	-0.03%	1.54% (Sep 2025)	1.14% (Dec 2024)	50.00 k	0.00	Mid Cap	12.92
Trent Limited	Speciality retail	2.6	172.8	1.49%	-1.35%	6.73% (Nov 2024)	1.49% (Oct 2025)	36.80 k	-0.31 L	Mid Cap	12.92
ABB India Ltd.	Heavy electrical equipment	5.17	170.2	1.47%	-0.04%	2.38% (Nov 2024)	1.47% (Oct 2025)	32.60 k	0.00	Large Cap	23.2
Blue Star Ltd.	Household appliances	2.84	169.7	1.46%	-0.01%	2.69% (Feb 2025)	1.35% (Jul 2025)	87.60 k	0.00	Small Cap	30.38
Aditya Birla Real Estate Ltd.	Paper & paper products	1.41	163.8	1.41%	0.09%	2.36% (Nov 2024)	1.32% (Sep 2025)	87.30 k	0.00	Mid Cap	12.92
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	1.39	161.4	1.39%	0.07%	1.39% (Oct 2025)	0% (Nov 2024)	1.65 L	0.00	Small Cap	30.38
Amber Enterprises India Ltd.	Household appliances	2.84	160.7	1.38%	-0.07%	1.75% (Mar 2025)	1.33% (Aug 2025)	20.00 k	0.00	Small Cap	30.38
Gokaldas Exports Ltd.	Garments & apparels	1.27	148	1.27%	0.13%	1.93% (Dec 2024)	1.09% (Aug 2025)	1.77 L	0.00	Small Cap	30.38
PNB Housing Finance Ltd.	Housing finance company	1.75	143.6	1.24%	0.05%	1.56% (Apr 2025)	1.07% (Aug 2025)	1.55 L	0.00	Mid Cap	12.92
# Titagarh Rail Systems Ltd.	Railway wagons	1.23	142.2	1.23%	1.23%	1.23% (Oct 2025)	0% (Nov 2024)	1.61 L	1.61 L	Small Cap	30.38
TBO TEK Ltd.	Tour, travel related services	1.18	136.9	1.18%	-0.08%	1.26% (Sep 2025)	0% (Nov 2024)	92.30 k	0.00	Other	26.82
Jyoti CNC Automation Ltd.	Industrial products	2.67	134.1	1.16%	-0.02%	1.3% (Aug 2025)	0% (Nov 2024)	1.55 L	0.00	Other	26.82
Sobha Ltd.	Residential, commercial projects	1.15	133.1	1.15%	0.02%	1.15% (Oct 2025)	0% (Nov 2024)	82.20 k	0.00	Small Cap	30.38
KEC International Ltd.	Heavy electrical equipment	5.17	130.4	1.12%	-0.13%	1.85% (Dec 2024)	1.12% (Apr 2025)	1.60 L	0.00	Small Cap	30.38
Epigral Ltd.	Specialty chemicals	2.13	129	1.11%	-0.05%	1.56% (Nov 2024)	1.11% (Oct 2025)	76.35 k	0.00	Other	26.82
Electronics Mart lndia Ltd.	Speciality retail	2.6	128.7	1.11%	0.29%	1.11% (Oct 2025)	0% (Nov 2024)	8.52 L	2.03 L	Other	26.82
Mold-Tek Packaging Ltd.	Packaging	1.09	127.1	1.09%	-0.10%	1.31% (Aug 2025)	0% (Nov 2024)	1.83 L	0.00	Small Cap	30.38
Hindalco Industries Ltd.	Aluminium	1.06	122.6	1.06%	0.07%	1.07% (Feb 2025)	0.84% (Dec 2024)	1.45 L	0.00	Large Cap	23.2
Suzlon Energy Ltd.	Heavy electrical equipment	5.17	121	1.04%	0.03%	1.35% (May 2025)	1.01% (Sep 2025)	20.40 L	0.00	Small Cap	30.38
# MTAR Technologies Ltd.	Aerospace & defense	6.07	119.4	1.03%	1.03%	1.03% (Oct 2025)	0% (Nov 2024)	46.84 k	46.84 k	Other	26.82
Indian Hume Pipe Co. Ltd.	Industrial products	2.67	119.3	1.03%	-0.04%	1.35% (Nov 2024)	1.03% (Oct 2025)	3.33 L	0.00	Small Cap	30.38
Gujarat Fluorochemicals Ltd.	Specialty chemicals	2.13	118.3	1.02%	-0.03%	1.33% (Feb 2025)	0.99% (Aug 2025)	31.60 k	0.00	Other	26.82
InterGlobe Aviation Ltd.	Airline	0.97	112.5	0.97%	-0.03%	1% (Sep 2025)	0% (Nov 2024)	20.00 k	0.00	Large Cap	23.2
Titan Company Ltd.	Gems, jewellery and watches	0.94	108.7	0.94%	0.07%	1.06% (Jan 2025)	0.86% (Jul 2025)	29.00 k	0.00	Large Cap	23.2
Devyani International Ltd.	Restaurants	0.9	105.1	0.90%	-0.08%	1.04% (Aug 2025)	0% (Nov 2024)	6.49 L	0.00	Other	26.82
EIH Ltd	Hotels & resorts	0.88	102.2	0.88%	0.04%	1.06% (Dec 2024)	0.84% (Sep 2025)	2.62 L	0.00	Mid Cap	12.92
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	0.77	89.9	0.77%	0.01%	0.87% (Feb 2025)	0.61% (Dec 2024)	53.00 k	0.00	Other	26.82
- Indo Count Industries Ltd.	Other textile products	1.23	88.8	0.76%	0.00%	0.97% (Jan 2025)	0% (Nov 2024)	3.13 L	0.00	Small Cap	30.38
# RBL Bank Ltd.	Private sector bank	11.88	87.8	0.76%	0.76%	0.76% (Oct 2025)	0% (Nov 2024)	2.69 L	2.69 L	Mid Cap	12.92
- Kajaria Ceramics Ltd.	Ceramics	0.74	85.4	0.74%	0.00%	0.84% (Nov 2024)	0.57% (Apr 2025)	70.70 k	0.00	Small Cap	30.38
# Canara Robeco Asset Management Company Ltd.	Asset management company	0.73	84.9	0.73%	0.73%	0.73% (Oct 2025)	0% (Nov 2024)	2.68 L	2.68 L	Other	26.82
Bansal Wire Industries Ltd.	Iron & steel products	0.66	76.1	0.66%	-0.10%	1.12% (Nov 2024)	0.66% (Oct 2025)	2.50 L	0.00	Other	26.82
- Motherson Sumi Wiring India Ltd.	Auto components & equipments	1.13	70.8	0.61%	0.00%	0.63% (Nov 2024)	0.5% (Jul 2025)	15.00 L	0.00	Other	26.82
Birla Corporation Ltd.	Cement & cement products	2.6	67	0.58%	-0.04%	0.94% (Nov 2024)	0.58% (Oct 2025)	56.82 k	0.00	Small Cap	30.38
Rural Electrification Corporation Limited	Financial institution	2.64	62.6	0.54%	-0.02%	0.88% (Nov 2024)	0.54% (Aug 2025)	1.67 L	0.00	Mid Cap	12.92
Amara Raja Batteries Limited	Auto components & equipments	1.13	60.4	0.52%	-0.01%	0.76% (Nov 2024)	0.5% (Jun 2025)	60.10 k	0.00	Mid Cap	12.92
Bank Of Baroda	Public sector bank	2.37	60.4	0.52%	0.02%	0.54% (Apr 2025)	0.46% (Aug 2025)	2.17 L	0.00	Large Cap	23.2
# Home First Finance Company India Ltd.	Housing finance company	1.75	58.9	0.51%	0.51%	0.51% (Oct 2025)	0% (Nov 2024)	49.30 k	49.30 k	Other	26.82
# Vikram Solar Ltd.	Other electrical equipment	0.95	56.6	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	1.74 L	1.74 L	Other	26.82
Pitti Engineering Ltd.	Industrial products	2.67	56.1	0.48%	-0.05%	0.85% (Nov 2024)	0.48% (Oct 2025)	59.30 k	0.00	Small Cap	30.38
PNC Infratech Ltd.	Civil construction	6.98	54.9	0.47%	-0.05%	0.65% (Jan 2025)	0.47% (Oct 2025)	1.96 L	0.00	Small Cap	30.38
- Ganesha Ecosphere Ltd.	Other textile products	1.23	54.8	0.47%	0.00%	0.61% (Nov 2024)	0.37% (May 2025)	44.90 k	0.00	Small Cap	30.38
Bharat Bijlee Ltd.	Other electrical equipment	0.95	53.8	0.46%	-0.04%	0.5% (Sep 2025)	0.24% (May 2025)	17.80 k	0.00	Other	26.82
PG Electroplast Ltd.	Consumer electronics	0.33	38.5	0.33%	0.03%	0.64% (Mar 2025)	0% (Nov 2024)	67.40 k	0.00	Other	26.82
Hi-Tech Pipes Ltd.	Commodities	0.26	29.8	0.26%	-0.01%	0.42% (Nov 2024)	0.21% (Aug 2025)	2.60 L	0.00	Other	26.82
Transformers & Rectifiers (India) Ltd.	Power equipment	0.24	28.1	0.24%	-0.03%	0.35% (Mar 2025)	0.24% (Oct 2025)	63.00 k	0.00	Small Cap	30.38
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.53	2	0.02%	0.00%	0% (Nov 2025)	0% (Nov 2025)	2.00 L	0.00	Other	26.82
Mangalore Chemicals & Fertilisers Ltd.	Fertilisers-nitrogenous		225.7	0.00%	-2.02%	-	-	-	-	Small Cap	30.38
IIFL Capital Services Ltd.	Stockbroking & allied	1.39	41.7	0.00%	-0.37%	-	-	-	-	Other	26.82
NCC Ltd.	Civil construction	6.98	69.7	0.00%	-0.62%	-	-	-	-	Small Cap	30.38
Aegis Logistics Ltd.	Trading - gas		72.9	0.00%	-0.65%	-	-	-	-	Small Cap	30.38
Sterling and Wilson Solar Private Ltd.	Civil construction	6.98	62	0.00%	-0.56%	-	-	-	-	Other	26.82

- 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
# Canara Robeco Asset Management Company Ltd.	Asset management company	84.9	0.73%	0.73%	0.73% (Oct 2025)	0% (Nov 2024)	2.68 L	267850
# MTAR Technologies Ltd.	Aerospace & defense	119.4	1.03%	1.03%	1.03% (Oct 2025)	0% (Nov 2024)	46.84 k	46839
# Titagarh Rail Systems Ltd.	Railway wagons	142.2	1.23%	1.23%	1.23% (Oct 2025)	0% (Nov 2024)	1.61 L	160800
# Paradeep Phosphates Ltd.	Fertilizers	216.5	1.86%	1.86%	1.86% (Oct 2025)	0% (Nov 2024)	13.01 L	1300964
# Vikram Solar Ltd.	Other electrical equipment	56.6	0.49%	0.49%	0.49% (Oct 2025)	0% (Nov 2024)	1.74 L	173500
# Home First Finance Company India Ltd.	Housing finance company	58.9	0.51%	0.51%	0.51% (Oct 2025)	0% (Nov 2024)	49.30 k	49300
# RBL Bank Ltd.	Private sector bank	87.8	0.76%	0.76%	0.76% (Oct 2025)	0% (Nov 2024)	2.69 L	269100

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
Mangalore Chemicals & Fertilisers Ltd.	Fertilisers-nitrogenous	225.7	0.00%	-2.02%	2.3% (Apr 2025)	0% (Nov 2024)	-695703
IIFL Capital Services Ltd.	Stockbroking & allied	41.7	0.00%	-0.37%	0.48% (Nov 2024)	0% (Nov 2024)	-149000
NCC Ltd.	Civil construction	69.7	0.00%	-0.62%	1.02% (Nov 2024)	0% (Nov 2024)	-335800
Aegis Logistics Ltd.	Trading - gas	72.9	0.00%	-0.65%	2.58% (Nov 2024)	0% (Nov 2024)	-95200
Sterling and Wilson Solar Private Ltd.	Civil construction	62	0.00%	-0.56%	1.23% (Nov 2024)	0% (Nov 2024)	-256100

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.	4.92%	5.13%	5.44%	5.60%	5.33%	5.70%	6.08%	5.92%	5.99%	5.55%	5.26%	5.44%	5.52%
Multi Commodity Exchange Of India Ltd.	5.66%	4.96%	4.81%	4.87%	5.51%	5.24%	5.26%	5.18%	5.51%	5.64%	5.68%	5.74%	6.17%
Trent Limited	1.49%	2.84%	4.64%	4.27%	5.16%	5.01%	4.96%	5.27%	5.43%	5.74%	6.58%	6.73%	7.21%
Reliance Industries Ltd.	5.14%	4.90%	4.99%	4.97%	5.23%	5.30%	5.66%	5.29%	5.64%	4.82%	3.41%	3.69%	3.63%
HDFC Bank Ltd.	4.20%	4.20%	4.30%	4.43%	4.28%	4.45%	4.76%	4.66%	5.00%	3.43%	3.31%	3.42%	3.37%
Bharat Electronics Ltd.	2.47%	2.44%	2.28%	2.30%	2.46%	2.41%	2.12%	3.11%	2.88%	3.05%	2.83%	3.03%	2.86%
Larsen & Toubro Ltd.	2.31%	2.18%	2.19%	2.15%	2.12%	2.27%	2.23%	2.95%	3.03%	3.04%	2.85%	3.00%	2.98%
Ahluwalia Contracts (India) Ltd.	2.25%	2.45%	2.32%	2.50%	2.42%	2.48%	2.34%	2.33%	2.08%	2.46%	2.72%	2.71%	2.92%
Power Finance Corporation Ltd.	2.10%	2.21%	2.10%	2.20%	2.24%	2.27%	2.46%	2.58%	2.57%	2.66%	2.61%	2.94%	2.30%
Aditya Birla Real Estate Ltd.	1.41%	1.32%	1.40%	1.46%	1.84%	1.76%	1.68%	1.77%	1.90%	1.96%	2.12%	-	-
Century Textile & Industries Ltd.	-	-	-	-	-	-	-	-	-	-	-	2.36%	2.41%
Power Mech Projects Ltd.	1.95%	2.20%	2.50%	2.52%	2.64%	2.62%	2.38%	2.55%	1.91%	2.04%	2.25%	2.53%	2.70%
PB Fintech Ltd.	1.83%	1.81%	1.93%	1.92%	1.88%	2.44%	2.43%	2.45%	2.55%	2.69%	3.04%	2.78%	2.55%
Ultratech Cement Ltd.	2.02%	2.14%	2.27%	2.14%	2.06%	2.04%	2.29%	2.33%	2.32%	2.35%	2.16%	2.16%	2.18%
Kotak Mahindra Bank Ltd.	2.00%	1.97%	1.98%	1.94%	2.07%	2.12%	2.44%	2.48%	1.54%	-	-	-	-
Hindustan Aeronautics Ltd.	2.57%	2.71%	2.53%	2.32%	2.04%	2.23%	2.17%	2.09%	1.29%	1.47%	1.19%	-	-