Kotak 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 : 22.56%. Category average turnover ratio is 167.64%. 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 : 97.73% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 97.73%

No of Stocks : 53 (Category Avg - 44.43) | Large Cap Investments : 38.32%| Mid Cap Investments : 7.53% | Small Cap Investments : 16.26% | Other : 35.62%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	53	43.31
Top 5 Stock Weight	19.36%	32.32%
Top 10 Stock Weight	33.57%	49.31%
Top 3 Sector Weight	25.93%	43.27%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	73191.18	72871.69
Holdings in large cap stocks	38.32%	37.3%
Holdings in mid cap stocks	7.53%	14.28%
Holdings in small cap stocks	16.26%	12.55%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity
ICICI Bank Ltd.	Private sector bank	1638.8	5.35%	0.17%	5.35% (Nov 2025)	4.25% (Sep 2025)	11.80 L
Aster DM Healthcare Ltd.	Hospital	1157.6	3.78%	-0.07%	3.85% (Oct 2025)	3.01% (Feb 2025)	17.40 L
Bharti Hexacom Ltd.	Telecom - equipment & accessories	1117.3	3.64%	-0.19%	4.35% (Jun 2025)	3.56% (Sep 2025)	6.32 L
HDFC Bank Ltd.	Private sector bank	1047.9	3.42%	0.07%	3.42% (Nov 2025)	2.39% (Sep 2025)	10.40 L
Axis Bank Ltd.	Private sector bank	971.3	3.17%	0.12%	3.7% (Jun 2025)	2.61% (Aug 2025)	7.59 L
Eternal Ltd.	E-retail/ e-commerce	950.4	3.10%	-0.18%	3.5% (Sep 2025)	2.64% (Jan 2025)	31.67 L
Vishal Mega Mart Ltd.	Diversified retail	927.5	3.03%	-0.19%	3.5% (Aug 2025)	2.54% (Dec 2024)	68.30 L
GE T&D India Ltd.	Heavy electrical equipment	864.4	2.82%	-0.15%	3.01% (Sep 2025)	1.73% (Feb 2025)	3.00 L
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	807.8	2.64%	0.19%	2.67% (Jan 2025)	2.36% (Aug 2025)	2.15 L
UNO Minda Ltd.	Auto components & equipments	801.8	2.62%	0.15%	2.7% (Sep 2025)	2.08% (Dec 2024)	6.14 L

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

View complete holding

Complete equity Portfolio (as on 30th Nov,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
ICICI Bank Ltd.	Private sector bank	11.94	1638.8	5.35%	0.17%	5.35% (Nov 2025)	4.25% (Sep 2025)	11.80 L	0.00	Large Cap	38.32
Aster DM Healthcare Ltd.	Hospital	6.19	1157.6	3.78%	-0.07%	3.85% (Oct 2025)	3.01% (Feb 2025)	17.40 L	0.00	Small Cap	16.26
Bharti Hexacom Ltd.	Telecom - equipment & accessories	3.64	1117.3	3.64%	-0.19%	4.35% (Jun 2025)	3.56% (Sep 2025)	6.32 L	0.00	Other	35.62
HDFC Bank Ltd.	Private sector bank	11.94	1047.9	3.42%	0.07%	3.42% (Nov 2025)	2.39% (Sep 2025)	10.40 L	0.00	Other	35.62
Axis Bank Ltd.	Private sector bank	11.94	971.3	3.17%	0.12%	3.7% (Jun 2025)	2.61% (Aug 2025)	7.59 L	0.00	Large Cap	38.32
Eternal Ltd.	E-retail/ e-commerce	3.66	950.4	3.10%	-0.18%	3.5% (Sep 2025)	2.64% (Jan 2025)	31.67 L	0.00	Other	35.62
Vishal Mega Mart Ltd.	Diversified retail	5.03	927.5	3.03%	-0.19%	3.5% (Aug 2025)	2.54% (Dec 2024)	68.30 L	0.00	Other	35.62
GE T&D India Ltd.	Heavy electrical equipment	2.82	864.4	2.82%	-0.15%	3.01% (Sep 2025)	1.73% (Feb 2025)	3.00 L	0.00	Small Cap	16.26
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	5.17	807.8	2.64%	0.19%	2.67% (Jan 2025)	2.36% (Aug 2025)	2.15 L	0.00	Large Cap	38.32
UNO Minda Ltd.	Auto components & equipments	3.98	801.8	2.62%	0.15%	2.7% (Sep 2025)	2.08% (Dec 2024)	6.14 L	0.00	Small Cap	16.26
Infosys Ltd.	Computers - software & consulting	7.8	791.7	2.58%	0.07%	2.96% (Jan 2025)	1.32% (May 2025)	5.07 L	-0.13 L	Large Cap	38.32
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	5.17	774.2	2.53%	-0.04%	2.65% (Sep 2025)	1.97% (Dec 2024)	48.69 k	0.00	Large Cap	38.32
Godrej Consumer Products Ltd	Personal care	2.44	747.2	2.44%	0.06%	3.16% (Apr 2025)	1.82% (Dec 2024)	6.52 L	0.00	Large Cap	38.32
Krishna Institute of Medical Sciences Ltd.	Hospital	6.19	738.8	2.41%	-0.13%	2.84% (Jul 2025)	2.3% (Dec 2024)	10.78 L	0.00	Other	35.62
Vijaya Diagnostic Centre Ltd.	Healthcare service provider	3.31	731.8	2.39%	0.03%	2.95% (Mar 2025)	2.36% (Oct 2025)	7.33 L	0.00	Other	35.62
Hexaware Technologies Ltd.	Computers - software & consulting	7.8	709.6	2.31%	0.21%	2.93% (May 2025)	0% (Dec 2024)	9.38 L	0.00	Other	35.62
Century Plyboards India Ltd.	Plywood boards/ laminates	2.23	683.5	2.23%	0.13%	2.67% (Jan 2025)	2.1% (Oct 2025)	8.54 L	0.00	Small Cap	16.26
ICICI Lombard General Insurance Co Ltd.	General insurance	2.23	682.4	2.23%	-0.02%	2.25% (Oct 2025)	1.75% (Dec 2024)	3.46 L	0.00	Large Cap	38.32
Indian Bank	Public sector bank	2.22	680.3	2.22%	0.03%	2.22% (Nov 2025)	1.54% (Dec 2024)	7.82 L	0.00	Mid Cap	7.53
SBI Life Insurance Co Ltd.	Life insurance	2.14	654.5	2.14%	0.02%	2.26% (Apr 2025)	1.72% (Dec 2024)	3.33 L	0.00	Large Cap	38.32
Mphasis Ltd.	Computers - software & consulting	7.8	649.2	2.12%	0.04%	2.12% (Nov 2025)	0% (Dec 2024)	2.31 L	0.00	Mid Cap	7.53
Avenue Supermarts Ltd.	Diversified retail	5.03	614	2.00%	-0.08%	2.52% (Mar 2025)	2% (Nov 2025)	1.54 L	0.00	Large Cap	38.32
Brigade Enterprises Ltd.	Residential, commercial projects	4.73	559.1	1.82%	-0.29%	2.87% (Dec 2024)	1.82% (Nov 2025)	6.25 L	0.00	Small Cap	16.26
Reliance Industries Ltd.	Refineries & marketing	1.82	556.5	1.82%	0.10%	2.03% (Apr 2025)	1.64% (Sep 2025)	3.55 L	0.00	Large Cap	38.32
Larsen & Toubro Ltd.	Civil construction	3.34	553.6	1.81%	0.02%	1.91% (Mar 2025)	1.68% (Aug 2025)	1.36 L	0.00	Large Cap	38.32
Sun Pharmaceutical Industries Ltd.	Pharmaceuticals	3.97	549.5	1.79%	0.14%	2.11% (Apr 2025)	1.62% (Sep 2025)	3.00 L	0.00	Large Cap	38.32
Ultratech Cement Ltd.	Cement & cement products	3.04	545.2	1.78%	-0.05%	2.17% (Mar 2025)	1.73% (May 2025)	47.00 k	0.00	Large Cap	38.32
United Spirits Ltd.	Breweries & distilleries	1.63	500.5	1.63%	0.02%	2.09% (Dec 2024)	1.55% (Sep 2025)	3.45 L	0.00	Large Cap	38.32
Aditya Infotech Ltd.	Industrial products	1.54	471.6	1.54%	0.22%	1.54% (Nov 2025)	0% (Dec 2024)	3.07 L	0.00	Other	35.62
Kalpataru Power Transmission Ltd.	Civil construction	3.34	469.1	1.53%	-0.07%	1.69% (Jun 2025)	1.13% (Dec 2024)	3.91 L	0.00	Small Cap	16.26
Mankind Pharma Ltd.	Pharmaceuticals	3.97	453.3	1.48%	-0.09%	2.06% (Dec 2024)	1.48% (Nov 2025)	2.01 L	0.00	Other	35.62
Mahindra Lifespace Developers Ltd.	Residential, commercial projects	4.73	448.4	1.46%	0.11%	1.46% (Nov 2025)	0.93% (Mar 2025)	10.69 L	0.00	Small Cap	16.26
Oberoi Realty Ltd.	Residential, commercial projects	4.73	443.6	1.45%	-0.11%	2.32% (Dec 2024)	1.44% (Sep 2025)	2.69 L	0.00	Mid Cap	7.53
Ambuja Cements Ltd.	Cement & cement products	3.04	385.6	1.26%	-0.03%	1.73% (Mar 2025)	1.26% (Nov 2025)	7.01 L	0.00	Large Cap	38.32
Aptus Value Housing Finance India Ltd.	Housing finance company	1.25	382	1.25%	-0.17%	1.48% (Sep 2025)	0% (Dec 2024)	13.68 L	0.00	Other	35.62
- LG Electronics India Pvt. Ltd.	Consumer electronics	1.23	375.9	1.23%	0.00%	1.23% (Nov 2025)	0% (Dec 2024)	2.27 L	0.00	Other	35.62
ITC Limited	Diversified fmcg	1.19	363.8	1.19%	-0.04%	1.62% (Dec 2024)	1.19% (Nov 2025)	9.00 L	0.00	Large Cap	38.32
National Thermal Power Corporation Ltd.	Power generation	1.17	359.5	1.17%	-0.04%	1.58% (Mar 2025)	1.17% (Nov 2025)	11.01 L	0.00	Large Cap	38.32
Jubilant Ingrevia Ltd.	Specialty chemicals	1.14	348.6	1.14%	0.03%	1.34% (Jul 2025)	0% (Dec 2024)	4.92 L	0.00	Other	35.62
Cummins India Ltd.	Compressors, pumps & diesel engines	1.03	317.1	1.03%	0.03%	1.03% (Nov 2025)	0.79% (Apr 2025)	70.80 k	0.00	Mid Cap	7.53
Anthem Biosciences Ltd.	Biotechnology	1.02	311.3	1.02%	-0.05%	1.3% (Aug 2025)	0% (Dec 2024)	4.91 L	26.96 k	Other	35.62
Cms Info Systems Ltd.	Diversified commercial services	1.01	310.3	1.01%	0.19%	1.27% (Feb 2025)	0.82% (Oct 2025)	8.74 L	2.00 L	Other	35.62
Happy Forgings Ltd.	Castings & forgings	0.99	302.4	0.99%	0.02%	1.21% (Jan 2025)	0.87% (Apr 2025)	2.92 L	0.00	Other	35.62
Medi Assist Healthcare Services Ltd.	Healthcare service provider	3.31	283.1	0.92%	-0.04%	1.16% (Jan 2025)	0.89% (Apr 2025)	5.96 L	80.08 k	Other	35.62
Hindustan Aeronautics Ltd.	Aerospace & defense	0.89	272.5	0.89%	-0.03%	1.09% (May 2025)	0% (Dec 2024)	60.00 k	0.00	Other	35.62
Bansal Wire Industries Ltd.	Iron & steel products	0.85	262	0.85%	0.05%	2.05% (Dec 2024)	0.8% (Oct 2025)	8.08 L	0.00	Other	35.62
# Tenneco Clean Air India Ltd.	Auto components & equipments	3.98	243.8	0.80%	0.80%	0.8% (Nov 2025)	0% (Dec 2024)	5.04 L	5.04 L	Other	35.62
Tech Mahindra Ltd.	Computers - software & consulting	7.8	242.8	0.79%	0.05%	1.04% (Jan 2025)	0.74% (Oct 2025)	1.60 L	0.00	Large Cap	38.32
Power Finance Corporation Ltd.	Financial institution	0.71	217.6	0.71%	-0.08%	1% (Mar 2025)	0.71% (Nov 2025)	6.00 L	0.00	Mid Cap	7.53
Ipca Laboratories Ltd.	Pharmaceuticals	3.97	215.6	0.70%	0.08%	0.97% (Dec 2024)	0.62% (Oct 2025)	1.48 L	0.00	Other	35.62
Brainbees Solutions Ltd.	E-retail/ e-commerce	3.66	172.4	0.56%	-0.09%	1.39% (Dec 2024)	0.56% (Nov 2025)	5.70 L	0.00	Other	35.62
Rolex Rings Private Ltd.	Auto components & equipments	3.98	171.6	0.56%	-0.11%	1.18% (Jan 2025)	0.56% (Nov 2025)	16.82 L	0.00	Other	35.62
Western Carriers India Ltd.	Logistics solution provider	0.38	117.7	0.38%	-0.05%	0.43% (Oct 2025)	0.29% (Apr 2025)	9.98 L	0.00	Other	35.62
Medplus Health Services Ltd.	Pharmacy retail		119.4	0.00%	-0.39%	-	-	-	-	Other	35.62
Carborundum Universal Ltd.	Abrasives & bearings		84.8	0.00%	-0.28%	-	-	-	-	Small Cap	16.26
KEI Industries Ltd.	Cables - electricals		454.8	0.00%	-1.48%	-	-	-	-	Small Cap	16.26

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

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Tenneco Clean Air India Ltd.	Auto components & equipments	243.8	0.80%	0.80%	0.8% (Nov 2025)	0% (Dec 2024)	5.04 L	503755

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Medplus Health Services Ltd.	Pharmacy retail	119.4	0.00%	-0.39%	0.68% (May 2025)	0% (Dec 2024)	-156517
Carborundum Universal Ltd.	Abrasives & bearings	84.8	0.00%	-0.28%	1.5% (Dec 2024)	0% (Dec 2024)	-94118
KEI Industries Ltd.	Cables - electricals	454.8	0.00%	-1.48%	1.73% (Dec 2024)	0% (Dec 2024)	-112787

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
ICICI Bank Ltd.	5.35%	5.18%	4.25%	4.46%	4.84%	4.74%	4.93%	5.10%	5.25%	5.02%	4.96%	4.86%	4.96%
Bharti Hexacom Ltd.	3.64%	3.83%	3.56%	3.85%	4.10%	4.35%	4.24%	4.10%	4.07%	3.88%	3.64%	3.75%	3.82%
Eternal Ltd.	3.10%	3.28%	3.50%	3.41%	3.42%	2.95%	2.77%	5.66%	5.32%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	2.95%	2.64%	3.19%	3.23%
Aster DM Healthcare Ltd.	3.78%	3.85%	3.70%	3.59%	3.69%	3.65%	3.57%	3.38%	3.37%	3.01%	3.10%	3.08%	3.01%
UNO Minda Ltd.	2.62%	2.47%	2.70%	2.69%	2.37%	2.52%	2.39%	4.46%	4.56%	4.60%	4.26%	4.16%	4.18%
Axis Bank Ltd.	3.17%	3.05%	2.80%	2.61%	2.73%	3.70%	3.39%	3.53%	3.56%	3.52%	3.08%	3.19%	2.99%
Vishal Mega Mart Ltd.	3.03%	3.22%	3.45%	3.50%	3.35%	3.22%	2.93%	2.92%	2.68%	2.76%	2.69%	2.54%	-
HDFC Bank Ltd.	3.42%	3.35%	2.39%	2.42%	2.62%	2.61%	2.64%	2.74%	3.08%	3.13%	2.77%	2.77%	2.82%
Vijaya Diagnostic Centre Ltd.	2.39%	2.36%	2.49%	2.54%	2.77%	2.44%	2.47%	2.71%	2.95%	2.88%	2.82%	2.82%	3.13%
Godrej Consumer Products Ltd	2.44%	2.38%	2.58%	2.78%	2.88%	2.71%	2.94%	3.16%	3.03%	2.39%	2.41%	1.82%	2.10%
Krishna Institute of Medical Sciences Ltd.	2.41%	2.54%	2.56%	2.68%	2.84%	2.56%	2.70%	2.72%	2.78%	2.41%	2.45%	2.30%	2.28%
Mahindra & Mahindra Ltd.	2.64%	2.45%	2.50%	2.36%	2.42%	2.41%	2.51%	2.59%	2.46%	2.56%	2.67%	2.57%	2.55%
GE T&D India Ltd.	2.82%	2.97%	3.01%	2.86%	2.87%	2.49%	2.46%	1.81%	1.88%	1.73%	2.08%	2.32%	1.97%
Brigade Enterprises Ltd.	1.82%	2.11%	1.90%	1.98%	2.21%	2.44%	2.50%	2.47%	2.45%	2.54%	2.84%	2.87%	2.88%