Axis Business Cycles Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹16.96+0.36%1 day
- Return since launch
- 15.8%
- 52-week range
- ₹14.49 — ₹17.60
- AUM
- ₹2,168 Cr
Axis Business Cycles Fund is a Equity Opportunities equity fund from Axis Mutual Fund with ₹2,168 Cr under management, launched in 2023. Over three years it has returned 6.6% a year, against 13.4% for its category. The expense ratio is 2.28% and the SEBI riskometer reading is Very High.
Performance
Axis Business Cycles Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +4.5% against +0.2% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 6.3% | +0.2 pts | 6.1% | 1.5% |
| 2Y | 5.0% | −0.6 pts | 5.6% | 1.0% |
| 3Y | 6.6% | −6.9 pts | 13.4% | 3.3% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -3.6% | −1.4 pts | -2.3% | -2.6% |
| 3M | 2.9% | +0.8 pts | 2.0% | 0.9% |
| 6M | 14.1% | −1.7 pts | 15.8% | 12.8% |
| 1Y | 4.5% | −1.6 pts | 6.1% | 0.1% |
| 2Y | -0.8% | +0.1 pts | -0.9% | -4.3% |
| 3Y | 12.2% | −1.3 pts | 13.4% | 10.1% |
Since launch (2 Feb 2023): 15.8%
Calendar-year returns
Category average19.4%
3.1%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 3.1% | −0.1 pts | 3.2% |
| 2024 | 19.4% | −3.9 pts | 23.3% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.37%
Expense ratio as on 24 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.75%
- Brokerage
- 0.09%
- Transaction charges
- 0.00%
- Statutory levies
- 0.53%
- Exit load
- Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months.
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- NIFTY 500 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Very High
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | 1.49 | 5.08 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 1.01 | 1.04 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.54 | 0.73 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.65 | 0.97 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 15.75 | 16.98 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
Axis Business Cycles Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity95.8%
- Debt2.9%
- Other1.3%
Market cap split
- Large50.6%
- Mid23.9%
- Small25.5%
- P/E
- 30.48
- P/B
- 3.48
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Larsen & Toubro Ltd. | Construction | 3.84% | ₹83.23 Cr | +4.08% | +3.65% | +2.67% |
| Others | Others | 3.75% | ₹81.30 Cr | +4.65% | +1.91% | +1.80% |
| ICICI Bank Ltd. | Financial | 3.72% | ₹80.57 Cr | +3.38% | +7.32% | +6.47% |
| Axis Bank Ltd. | Financial | 3.59% | ₹77.88 Cr | +3.54% | +2.37% | — |
| HDFC Bank Ltd. | Financial | 2.95% | ₹64.05 Cr | +3.08% | +3.58% | +4.88% |
| Grasim Industries Ltd. | Materials | 2.76% | ₹59.94 Cr | +2.70% | — | — |
| Kotak Mahindra Bank Ltd. | Financial | 2.48% | ₹53.68 Cr | +2.62% | +2.72% | +1.79% |
| Aether Industries Ltd. | Chemicals | 2.42% | ₹52.47 Cr | +1.89% | +1.61% | +1.17% |
| Bharti Airtel Ltd. | Communication | 2.39% | ₹51.88 Cr | +2.35% | +1.95% | +3.59% |
| Indusind Bank Ltd. | Financial | 2.34% | ₹50.83 Cr | +2.22% | +1.73% | — |
| Mahindra & Mahindra Ltd. | Automobile | 2.27% | ₹49.21 Cr | +2.51% | +2.33% | +2.14% |
| One97 Communications Ltd. | Services | 2.20% | ₹47.70 Cr | +1.77% | +1.86% | — |
| PTC Industries Ltd. | Metals & Mining | 2.08% | ₹45.16 Cr | +1.47% | +1.53% | +0.98% |
| HCL Technologies Ltd. | Technology | 1.95% | ₹42.29 Cr | +0.86% | — | +0.22% |
| Reliance Industries Ltd. | Energy | 1.87% | ₹40.53 Cr | +2.27% | +2.98% | +1.99% |
| Eternal Ltd. | Services | 1.65% | ₹35.88 Cr | +2.34% | +0.61% | +1.06% |
| Jindal Steel Ltd. | Metals & Mining | 1.55% | ₹33.51 Cr | +1.65% | +1.13% | — |
| Bajaj Finance Ltd. | Financial | 1.54% | ₹33.37 Cr | — | — | +0.02% |
| Solar Industries India Ltd. | Chemicals | 1.45% | ₹31.52 Cr | +1.59% | +1.13% | +1.00% |
| CreditAccess Grameen Ltd. | Financial | 1.45% | ₹31.45 Cr | +1.39% | +1.39% | +1.22% |
| Mankind Pharma Ltd. | Healthcare | 1.40% | ₹30.44 Cr | +1.45% | +1.32% | +1.37% |
| Sona BLW Precision Forgings Ltd. | Automobile | 1.39% | ₹30.23 Cr | +1.20% | +1.33% | +0.91% |
| Vishal Mega Mart Ltd. | Services | 1.39% | ₹30.09 Cr | +1.44% | +1.33% | +1.67% |
| Tata Motors Ltd. | Automobile | 1.32% | ₹28.68 Cr | +0.94% | — | — |
| Jyoti CNC Automation Ltd. | Capital Goods | 1.29% | ₹28.04 Cr | +1.05% | +1.39% | +1.46% |
| NTPC Ltd. | Energy | 1.29% | ₹27.96 Cr | +1.99% | +1.01% | — |
| Bosch Ltd. | Automobile | 1.27% | ₹27.51 Cr | +0.98% | — | — |
| TD Power Systems Ltd. | Capital Goods | 1.26% | ₹27.35 Cr | — | — | — |
| Hyundai Motor India Ltd. | Automobile | 1.22% | ₹26.35 Cr | +1.12% | +1.21% | +0.78% |
| Asian Paints Ltd. | Materials | 1.14% | ₹24.75 Cr | +1.21% | — | — |
| Endurance Technologies Ltd. | Automobile | 1.07% | ₹23.20 Cr | +1.07% | +1.21% | +1.23% |
| Titagarh Rail Systems Ltd. | Automobile | 1.05% | ₹22.87 Cr | +0.94% | +0.76% | +0.85% |
| Bajaj Finserv Ltd. | Financial | 1.04% | ₹22.58 Cr | +0.97% | +1.04% | — |
| Hindustan Zinc Ltd. | Metals & Mining | 1.03% | ₹22.33 Cr | +0.94% | +0.43% | — |
| Amber Enterprises India Ltd. | Consumer Discretionary | 1.03% | ₹22.23 Cr | — | — | — |
| PNB Housing Finance Ltd. | Financial | 1.02% | ₹22.22 Cr | +0.97% | — | — |
| Hindustan Copper Ltd. | Metals & Mining | 1.02% | ₹22.13 Cr | +0.79% | +0.80% | — |
| Coforge Ltd. | Technology | 1.00% | ₹21.78 Cr | +1.11% | — | — |
| Brigade Enterprises Ltd. | Construction | 1.00% | ₹21.72 Cr | +0.79% | +0.80% | +1.01% |
| ABB India Ltd. | Capital Goods | 1.00% | ₹21.65 Cr | — | — | — |
| company:5652 | Financial | 0.98% | ₹21.16 Cr | — | — | — |
| Delhivery Ltd. | Services | 0.97% | ₹21.11 Cr | +1.27% | +1.17% | +1.46% |
| Info Edge (India) Ltd. | Services | 0.96% | ₹20.72 Cr | — | — | — |
| Bharat Forge Ltd. | Automobile | 0.94% | ₹20.48 Cr | +0.64% | — | — |
| Ambuja Cements Ltd. | Materials | 0.93% | ₹20.21 Cr | +0.88% | +0.94% | +1.00% |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 0.91% | ₹19.70 Cr | — | — | — |
| RBL Bank Ltd. | Financial | 0.90% | ₹19.47 Cr | +1.05% | +0.94% | — |
| Swiggy Ltd. | Services | 0.88% | ₹19.12 Cr | +0.22% | — | +1.47% |
| Pine Labs Ltd. | Financial | 0.87% | ₹18.81 Cr | +0.43% | +0.55% | — |
| RHI Magnesita India Ltd. | Capital Goods | 0.86% | ₹18.72 Cr | +1.00% | +1.02% | +1.78% |
| Cummins India Ltd. | Capital Goods | 0.85% | ₹18.45 Cr | +2.00% | +1.60% | +1.18% |
| Gujarat Fluorochemicals Ltd. | Chemicals | 0.81% | ₹17.63 Cr | +0.66% | +0.61% | — |
| Sapphire Foods India Ltd. | Services | 0.81% | ₹17.50 Cr | +0.40% | — | — |
| Max Healthcare Institute Ltd. | Healthcare | 0.80% | ₹17.37 Cr | +1.11% | +1.20% | — |
| Jubilant FoodWorks Ltd. | Services | 0.78% | ₹16.98 Cr | +0.71% | +0.82% | — |
| Jubilant Ingrevia Ltd. | Chemicals | 0.78% | ₹16.87 Cr | +0.78% | +0.68% | — |
| Healthcare Global Enterprises Ltd. | Healthcare | 0.76% | ₹16.57 Cr | +0.70% | +0.50% | — |
| Minda Corporation Ltd. | Automobile | 0.75% | ₹16.24 Cr | +0.60% | — | +1.07% |
| Aarti Industries Ltd. | Chemicals | 0.73% | ₹15.86 Cr | +1.46% | +0.94% | — |
| United Spirits Ltd. | Consumer Staples | 0.73% | ₹15.83 Cr | +0.66% | — | — |
| Mphasis Ltd. | Technology | 0.72% | ₹15.56 Cr | +0.71% | — | — |
| Chalet Hotels Ltd. | Services | 0.69% | ₹14.92 Cr | +0.63% | — | — |
| Hindustan Aeronautics Ltd. | Capital Goods | 0.67% | ₹14.55 Cr | +0.63% | — | — |
| City Union Bank Ltd. | Financial | 0.66% | ₹14.37 Cr | +0.81% | +1.06% | +0.69% |
| Welspun Corp Ltd. | Metals & Mining | 0.63% | ₹13.60 Cr | +0.79% | — | — |
| Page Industries Ltd. | Textiles | 0.63% | ₹13.60 Cr | +0.70% | — | — |
| Anthem Biosciences Ltd. | Healthcare | 0.63% | ₹13.58 Cr | +1.19% | +0.62% | +0.58% |
| Hindustan Unilever Ltd. | Consumer Staples | 0.61% | ₹13.31 Cr | +0.90% | +1.84% | +1.87% |
| Tube Investments Of India Ltd. | Automobile | 0.61% | ₹13.28 Cr | +0.73% | +0.70% | — |
| PI Industries Ltd. | Chemicals | 0.61% | ₹13.24 Cr | +0.75% | +0.81% | — |
| Oil And Natural Gas Corporation Ltd. | Energy | 0.59% | ₹12.90 Cr | +1.11% | — | — |
| Alkem Laboratories Ltd. | Healthcare | 0.59% | ₹12.88 Cr | — | — | — |
| company:5764 | Automobile | 0.59% | ₹12.70 Cr | — | — | — |
| 360 One Wam Ltd. | Financial | 0.58% | ₹12.51 Cr | +0.57% | — | — |
| SJS Enterprises Ltd. | Automobile | 0.51% | ₹11.04 Cr | +0.27% | — | — |
| Tech Mahindra Ltd. | Technology | 0.48% | ₹10.44 Cr | — | — | — |
| Reserve Bank of India | Financial | 0.46% | ₹9.90 Cr | +0.48% | +0.47% | +1.09% |
| SBI Life Insurance Company Ltd. | Insurance | 0.37% | ₹8.04 Cr | +0.36% | — | — |
| Aditya Birla Real Estate Ltd | Consumer Staples | 0.37% | ₹7.92 Cr | +0.35% | +0.35% | +0.45% |
| company:6922 | Metals & Mining | 0.28% | ₹6.14 Cr | — | — | — |
| company:20770 | Capital Goods | 0.17% | ₹3.75 Cr | — | — | — |
| Nifty 50 | Financial | 0.04% | ₹0.81 Cr | +0.05% | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| BSE Ltd. | 1.53% | 0.00% | -1.53% |
| Bajaj Finance Ltd. | 2.54% | 1.54% | -1.00% |
| company:5652 | 0.00% | 0.98% | +0.98% |
| Others | 1.71% | 2.44% | +0.74% |
| Aarti Industries Ltd. | 1.45% | 0.73% | -0.72% |
| company:5764 | 0.00% | 0.59% | +0.59% |
| PTC Industries Ltd. | 1.56% | 2.08% | +0.53% |
| Eternal Ltd. | 2.10% | 1.65% | -0.45% |
| One97 Communications Ltd. | 1.75% | 2.20% | +0.44% |
| Mahindra & Mahindra Ltd. | 2.71% | 2.27% | -0.44% |
| ABB India Ltd. | 0.58% | 1.00% | +0.42% |
| CORONA Remedies Ltd. | 0.35% | 0.00% | -0.35% |
| Anthem Biosciences Ltd. | 0.98% | 0.63% | -0.35% |
| TD Power Systems Ltd. | 0.94% | 1.26% | +0.32% |
| Hindustan Copper Ltd. | 0.70% | 1.02% | +0.32% |
| company:6922 | 0.00% | 0.28% | +0.28% |
| CreditAccess Grameen Ltd. | 1.73% | 1.45% | -0.28% |
| Bharti Airtel Ltd. | 2.66% | 2.39% | -0.26% |
| Max Healthcare Institute Ltd. | 1.06% | 0.80% | -0.26% |
| Hindustan Zinc Ltd. | 0.78% | 1.03% | +0.25% |
| Bharat Forge Ltd. | 0.69% | 0.94% | +0.25% |
| Oil And Natural Gas Corporation Ltd. | 0.84% | 0.59% | -0.25% |
| HDFC Bank Ltd. | 3.18% | 2.95% | -0.23% |
| Sapphire Foods India Ltd. | 0.59% | 0.81% | +0.22% |
| Amber Enterprises India Ltd. | 0.81% | 1.03% | +0.21% |
| Bosch Ltd. | 1.06% | 1.27% | +0.21% |
| company:20770 | 0.00% | 0.17% | +0.17% |
| Grasim Industries Ltd. | 2.59% | 2.76% | +0.17% |
| Vishal Mega Mart Ltd. | 1.22% | 1.39% | +0.16% |
| Kotak Mahindra Bank Ltd. | 2.32% | 2.48% | +0.15% |
| Aether Industries Ltd. | 2.28% | 2.42% | +0.14% |
| Reliance Industries Ltd. | 2.00% | 1.87% | -0.13% |
| Axis Bank Ltd. | 3.46% | 3.59% | +0.13% |
| Pine Labs Ltd. | 0.75% | 0.87% | +0.12% |
| Coforge Ltd. | 0.89% | 1.00% | +0.12% |
| PI Industries Ltd. | 0.72% | 0.61% | -0.11% |
| NTPC Ltd. | 1.39% | 1.29% | -0.11% |
| Brigade Enterprises Ltd. | 0.90% | 1.00% | +0.10% |
| Solar Industries India Ltd. | 1.36% | 1.45% | +0.10% |
| Page Industries Ltd. | 0.72% | 0.63% | -0.09% |
| Ambuja Cements Ltd. | 1.02% | 0.93% | -0.09% |
| HCL Technologies Ltd. | 2.04% | 1.95% | -0.09% |
| Jyoti CNC Automation Ltd. | 1.38% | 1.29% | -0.09% |
| Jindal Steel Ltd. | 1.46% | 1.55% | +0.09% |
| Cummins India Ltd. | 0.94% | 0.85% | -0.09% |
| Jubilant Ingrevia Ltd. | 0.87% | 0.78% | -0.09% |
| Jubilant FoodWorks Ltd. | 0.71% | 0.78% | +0.08% |
| Sona BLW Precision Forgings Ltd. | 1.47% | 1.39% | -0.07% |
| Tata Motors Ltd. | 1.25% | 1.32% | +0.07% |
| PNB Housing Finance Ltd. | 0.96% | 1.02% | +0.07% |
| Asian Paints Ltd. | 1.21% | 1.14% | -0.06% |
| Alkem Laboratories Ltd. | 0.65% | 0.59% | -0.06% |
| Vedanta Aluminium Metal Ltd. | 0.97% | 0.91% | -0.06% |
| Chalet Hotels Ltd. | 0.63% | 0.69% | +0.06% |
| Mankind Pharma Ltd. | 1.46% | 1.40% | -0.06% |
| RHI Magnesita India Ltd. | 0.92% | 0.86% | -0.06% |
| Hindustan Unilever Ltd. | 0.67% | 0.61% | -0.05% |
| City Union Bank Ltd. | 0.61% | 0.66% | +0.05% |
| Healthcare Global Enterprises Ltd. | 0.71% | 0.76% | +0.05% |
| Info Edge (India) Ltd. | 0.91% | 0.96% | +0.05% |
| Gujarat Fluorochemicals Ltd. | 0.77% | 0.81% | +0.04% |
| SBI Life Insurance Company Ltd. | 0.41% | 0.37% | -0.04% |
| Indusind Bank Ltd. | 2.38% | 2.34% | -0.04% |
| Delhivery Ltd. | 1.01% | 0.97% | -0.03% |
| Welspun Corp Ltd. | 0.66% | 0.63% | -0.03% |
| Titagarh Rail Systems Ltd. | 1.09% | 1.05% | -0.03% |
| Nifty 50 | 0.01% | 0.04% | +0.03% |
| United Spirits Ltd. | 0.76% | 0.73% | -0.03% |
| Larsen & Toubro Ltd. | 3.81% | 3.84% | +0.03% |
| ICICI Bank Ltd. | 3.74% | 3.72% | -0.03% |
| Bajaj Finserv Ltd. | 1.07% | 1.04% | -0.03% |
| Aditya Birla Real Estate Ltd | 0.39% | 0.37% | -0.02% |
| Swiggy Ltd. | 0.90% | 0.88% | -0.02% |
| Endurance Technologies Ltd. | 1.05% | 1.07% | +0.02% |
| Tech Mahindra Ltd. | 0.50% | 0.48% | -0.02% |
| Reserve Bank of India | 0.47% | 0.46% | -0.01% |
| Mphasis Ltd. | 0.71% | 0.72% | +0.01% |
| Hyundai Motor India Ltd. | 1.23% | 1.22% | -0.01% |
| SJS Enterprises Ltd. | 0.50% | 0.51% | +0.01% |
| Hindustan Aeronautics Ltd. | 0.66% | 0.67% | +0.01% |
| 360 One Wam Ltd. | 0.57% | 0.58% | +0.01% |
| RBL Bank Ltd. | 0.90% | 0.90% | -0.01% |
| Tube Investments Of India Ltd. | 0.62% | 0.61% | -0.01% |
| Minda Corporation Ltd. | 0.75% | 0.75% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹3,420 Cr | 2.23% | 8.6% | 9.7% | 15.9% |
 Franklin India Opportunities Fund | ₹9,717 Cr | 2.09% | 7.4% | 9.7% | 18.4% |
 Kotak Business Cycle Fund | ₹3,509 Cr | 2.05% | 11.2% | 10.5% | — |
 Mahindra Manulife Business Cycle Fund | ₹1,364 Cr | 2.42% | 2.3% | 7.2% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,279 Cr | 2.29% | 14.1% | 13.7% | 15.8% |
 HSBC Business Cycles Fund | ₹1,229 Cr | 2.32% | 7.9% | 7.2% | 13.5% |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme seeks to provide long term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Ashish NaikMr. Naik is a B.E from Mumbai University and MBA from XLRI, Jamshedpur.Prior to joining Axis Mutual Fund he was associated with organizations such as Goldman Sachs and has over 7 years of experience as an Equity Analyst.
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months14.05% absolute | ₹60,000 | ₹68,430 | 14.05% | |
| 1 year4.50% annualised | ₹1,20,000 | ₹1,22,966 | 2.47% | |
| 3 years12.19% annualised | ₹3,60,000 | ₹4,36,414 | 21.23% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of Axis Business Cycles Fund?
The NAV of Axis Business Cycles Fund is ₹16.96 as on 25 Sep 2026.
What is the expense ratio of Axis Business Cycles Fund?
The expense ratio of Axis Business Cycles Fund is 2.28% per year.
What is the minimum SIP amount for Axis Business Cycles Fund?
You can start a SIP in Axis Business Cycles Fund with ₹3,000 a month.
Is there a lock-in or exit load on Axis Business Cycles Fund?
Lock-in: None. Exit load: Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 12 months..
How risky is Axis Business Cycles Fund?
Axis Business Cycles Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages Axis Business Cycles Fund?
Axis Business Cycles Fund is managed by Axis Mutual Fund, which runs 74 schemes with ₹3,77,445 Cr under management.