HDFC Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹15.15-0.11%1 day
- Return since launch
- 11.4%
- 52-week range
- ₹12.57 — ₹15.53
- AUM
- ₹2,775 Cr
HDFC Business Cycle Fund is a Equity Opportunities equity fund from HDFC Mutual Fund with ₹2,775 Cr under management, launched in 2022. Over three years it has returned 6.2% a year, against 13.4% for its category. The expense ratio is 2.14% and the SEBI riskometer reading is Very High.
Performance
HDFC Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +4.1% 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 | 8.9% | +2.8 pts | 6.1% | 1.5% |
| 2Y | 5.6% | 0.0 pts | 5.6% | 1.0% |
| 3Y | 6.2% | −7.2 pts | 13.4% | 3.3% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -2.4% | −0.1 pts | -2.3% | -2.6% |
| 3M | 2.8% | +0.7 pts | 2.0% | 0.9% |
| 6M | 17.3% | +1.6 pts | 15.8% | 12.8% |
| 1Y | 4.1% | −2.0 pts | 6.1% | 0.1% |
| 2Y | -1.4% | −0.5 pts | -0.9% | -4.3% |
| 3Y | 10.4% | −3.1 pts | 13.4% | 10.1% |
Since launch (11 Nov 2022): 11.4%
Calendar-year returns
Category average28.0%
13.8%
1.5%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 1.5% | −1.7 pts | 3.2% |
| 2024 | 13.8% | −9.5 pts | 23.3% |
| 2023 | 28.0% | −7.3 pts | 35.3% |
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
2.11%
Expense ratio as on 24 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.69%
- Brokerage
- 0.03%
- Transaction charges
- 0.01%
- Statutory levies
- 0.38%
- Exit load
- Exit load of 1%, if redeemed within 1 year.
- 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 | 0.07 | 5.08 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.95 | 1.04 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.44 | 0.73 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.58 | 0.97 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 15.13 | 16.98 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
HDFC Business Cycle Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity93.4%
- Debt1.0%
- Other5.5%
Market cap split
- Large42.2%
- Mid24.9%
- Small33.0%
- P/E
- 33.64
- P/B
- 4.07
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Bharti Airtel Ltd. | Communication | 5.60% | ₹155 Cr | +6.08% | +6.08% | +6.00% |
| ICICI Bank Ltd. | Financial | 5.46% | ₹152 Cr | +5.08% | +7.03% | +6.74% |
| Kotak Mahindra Bank Ltd. | Financial | 5.10% | ₹141 Cr | +5.03% | +5.16% | +2.48% |
| Titan Company Ltd. | Consumer Discretionary | 4.73% | ₹131 Cr | +4.07% | +4.20% | +2.86% |
| Others | Others | 4.43% | ₹124 Cr | -0.98% | -0.46% | -0.30% |
| Anthem Biosciences Ltd. | Healthcare | 4.30% | ₹119 Cr | +3.94% | +3.53% | +3.78% |
| HDFC Bank Ltd. | Financial | 3.09% | ₹85.79 Cr | +3.50% | +4.05% | +3.99% |
| Aether Industries Ltd. | Chemicals | 3.08% | ₹85.44 Cr | +2.32% | +1.97% | +2.02% |
| Pearl Global Industries Ltd. | Textiles | 3.00% | ₹83.37 Cr | +2.17% | +1.12% | +0.82% |
| Eternal Ltd. | Services | 2.80% | ₹77.62 Cr | +5.31% | +5.08% | +6.93% |
| Interglobe Aviation Ltd. | Services | 2.75% | ₹76.42 Cr | +2.84% | +3.02% | +1.97% |
| Vishal Mega Mart Ltd. | Services | 2.63% | ₹73.01 Cr | +3.12% | +2.93% | +3.89% |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 2.49% | ₹69.04 Cr | +2.68% | +2.67% | +2.26% |
| Indusind Bank Ltd. | Financial | 2.41% | ₹66.79 Cr | +2.33% | +2.37% | +1.68% |
| Bajaj Auto Ltd. | Automobile | 2.37% | ₹65.89 Cr | +2.58% | +3.14% | +1.20% |
| Home First Finance Company India Ltd. | Financial | 2.25% | ₹62.31 Cr | +1.80% | +1.71% | +0.26% |
| Aadhar Housing Finance Ltd | Financial | 2.23% | ₹61.76 Cr | +1.62% | +1.00% | +0.75% |
| Clean Max Enviro Energy Solutions Ltd. | Energy | 2.13% | ₹59.21 Cr | +2.04% | +1.89% | — |
| Swiggy Ltd. | Services | 2.08% | ₹57.70 Cr | +2.05% | +0.92% | +1.30% |
| Fortis Healthcare Ltd. | Healthcare | 1.92% | ₹53.16 Cr | +3.41% | +3.37% | +3.30% |
| Aptus Value Housing Finance India Ltd. | Financial | 1.79% | ₹49.54 Cr | +2.71% | +2.47% | +2.95% |
| ACME Solar Holdings Ltd. | Energy | 1.77% | ₹49.24 Cr | +0.83% | +0.61% | +0.68% |
| Eris Lifesciences Ltd. | Healthcare | 1.76% | ₹48.75 Cr | +2.04% | +1.93% | +2.01% |
| GE Vernova T&D India Ltd | Capital Goods | 1.67% | ₹46.31 Cr | — | — | — |
| PB Fintech Ltd. | Services | 1.65% | ₹45.65 Cr | +1.61% | — | — |
| Bharat Dynamics Ltd. | Capital Goods | 1.43% | ₹39.55 Cr | +1.45% | — | — |
| Bosch Ltd. | Automobile | 1.26% | ₹35.00 Cr | — | — | — |
| Mankind Pharma Ltd. | Healthcare | 1.26% | ₹34.93 Cr | +1.33% | +1.22% | +1.24% |
| company:20770 | Capital Goods | 1.22% | ₹33.86 Cr | — | — | — |
| Global Health Ltd. | Healthcare | 1.20% | ₹33.29 Cr | +1.04% | — | — |
| ICICI Prudential Asset Management Company Ltd. | Unclassified | 1.19% | ₹32.96 Cr | +1.48% | +1.26% | — |
| Chalet Hotels Ltd. | Services | 1.18% | ₹32.84 Cr | +1.11% | +0.26% | +0.30% |
| KSB Ltd. | Capital Goods | 1.18% | ₹32.80 Cr | — | — | — |
| Le Travenues Technology Ltd. | Services | 1.12% | ₹31.08 Cr | +0.06% | — | — |
| Leela Palaces Hotels & Resorts Ltd. | Services | 1.12% | ₹31.03 Cr | +0.87% | +0.93% | +1.17% |
| Embassy Office Parks REIT | Construction | 1.09% | ₹30.21 Cr | +1.14% | +1.10% | +1.98% |
| GOI | Sovereign | 1.04% | ₹28.96 Cr | +1.10% | +1.09% | — |
| SRF Ltd. | Chemicals | 1.00% | ₹27.66 Cr | +1.14% | +1.04% | +1.06% |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 0.90% | ₹24.96 Cr | +1.40% | +1.07% | +0.62% |
| Timken India Ltd. | Capital Goods | 0.82% | ₹22.63 Cr | +1.01% | +1.27% | +0.71% |
| Adani Ports and Special Economic Zone Ltd. | Services | 0.69% | ₹19.04 Cr | +0.84% | +2.88% | +2.28% |
| Axis Bank Ltd. | Financial | 0.61% | ₹16.79 Cr | +1.49% | — | — |
| company:3988 | Healthcare | 0.55% | ₹15.20 Cr | — | — | — |
| GR Infraprojects Ltd. | Construction | 0.54% | ₹14.95 Cr | +0.60% | +0.61% | +0.74% |
| Sona BLW Precision Forgings Ltd. | Automobile | 0.53% | ₹14.63 Cr | +0.82% | +0.71% | — |
| company:20795 | Technology | 0.52% | ₹14.36 Cr | — | — | — |
| WeWork India Management Ltd. | Services | 0.49% | ₹13.63 Cr | +0.88% | +0.50% | — |
| RHI Magnesita India Ltd. | Capital Goods | 0.47% | ₹13.07 Cr | +0.55% | +0.58% | +0.68% |
| Shriram Finance Ltd | Financial | 0.44% | ₹12.11 Cr | +0.49% | +1.57% | +0.95% |
| Ola Electric Mobility Ltd. | Automobile | 0.40% | ₹11.14 Cr | +0.44% | +0.26% | +0.51% |
| JSW Energy Ltd. | Capital Goods | 0.39% | ₹10.86 Cr | +0.48% | +0.38% | +2.35% |
| Brainbees Solutions Ltd. | Consumer Discretionary | 0.38% | ₹10.43 Cr | +0.50% | +0.71% | +1.08% |
| PNC Infratech Ltd. | Construction | 0.35% | ₹9.67 Cr | +0.41% | +0.40% | +0.54% |
| INDO-MIM Ltd. | Capital Goods | 0.33% | ₹9.02 Cr | — | — | — |
| Awfis Space Solutions Ltd. | Services | 0.30% | ₹8.33 Cr | +0.41% | +0.36% | +0.63% |
| Ambuja Cements Ltd. | Materials | 0.29% | ₹8.05 Cr | +0.96% | +2.33% | +2.40% |
| Grindwell Norton Ltd. | Metals & Mining | 0.26% | ₹7.27 Cr | +0.26% | +0.23% | +0.19% |
| Tata Motors Ltd. | Automobile | 0.25% | ₹6.83 Cr | +0.21% | +0.66% | — |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Discretionary | 0.23% | ₹6.35 Cr | +0.29% | +0.26% | +0.31% |
| company:20818 | Capital Goods | 0.23% | ₹6.51 Cr | — | — | — |
| AU Small Finance Bank Ltd. | Financial | 0.21% | ₹5.95 Cr | +0.21% | +0.38% | +0.51% |
| Ceigall India Ltd. | Construction | 0.21% | ₹5.88 Cr | +0.65% | +0.55% | +0.44% |
| Sula Vineyards Ltd. | Consumer Staples | 0.21% | ₹5.74 Cr | +0.24% | +0.25% | +0.34% |
| company:20835 | Capital Goods | 0.19% | ₹5.39 Cr | — | — | — |
| Star Health and Allied Insurance Company Ltd. | Insurance | 0.15% | ₹4.22 Cr | — | — | — |
| Afcons Infrastructure Ltd. | Construction | 0.14% | ₹3.78 Cr | +0.37% | +0.65% | +0.85% |
| Godrej Properties Ltd. | Construction | 0.14% | ₹3.76 Cr | +0.23% | +0.42% | +0.96% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| company:20770 | 0.00% | 1.22% | +1.22% |
| Fortis Healthcare Ltd. | 2.95% | 1.92% | -1.03% |
| Others | -1.13% | -0.35% | +0.78% |
| Sagility Ltd. | 0.71% | 0.00% | -0.71% |
| Bharti Airtel Ltd. | 6.17% | 5.60% | -0.57% |
| company:3988 | 0.00% | 0.55% | +0.55% |
| company:20795 | 0.00% | 0.52% | +0.52% |
| Pearl Global Industries Ltd. | 2.55% | 3.00% | +0.45% |
| Anthem Biosciences Ltd. | 3.94% | 4.30% | +0.36% |
| Kotak Mahindra Bank Ltd. | 4.80% | 5.10% | +0.30% |
| company:20818 | 0.00% | 0.23% | +0.23% |
| PB Fintech Ltd. | 1.42% | 1.65% | +0.23% |
| HDFC Bank Ltd. | 3.31% | 3.09% | -0.22% |
| Bosch Ltd. | 1.05% | 1.26% | +0.21% |
| company:20835 | 0.00% | 0.19% | +0.19% |
| Clean Max Enviro Energy Solutions Ltd. | 2.32% | 2.13% | -0.19% |
| Eternal Ltd. | 2.61% | 2.80% | +0.19% |
| Le Travenues Technology Ltd. | 0.95% | 1.12% | +0.17% |
| Aadhar Housing Finance Ltd | 2.39% | 2.23% | -0.16% |
| Titan Company Ltd. | 4.58% | 4.73% | +0.15% |
| ACME Solar Holdings Ltd. | 1.62% | 1.77% | +0.15% |
| Leela Palaces Hotels & Resorts Ltd. | 0.98% | 1.12% | +0.14% |
| PNC Infratech Ltd. | 0.46% | 0.35% | -0.11% |
| Aptus Value Housing Finance India Ltd. | 1.90% | 1.79% | -0.11% |
| Eris Lifesciences Ltd. | 1.86% | 1.76% | -0.10% |
| Chalet Hotels Ltd. | 1.08% | 1.18% | +0.10% |
| Bajaj Auto Ltd. | 2.28% | 2.37% | +0.09% |
| KSB Ltd. | 1.27% | 1.18% | -0.09% |
| Home First Finance Company India Ltd. | 2.32% | 2.25% | -0.07% |
| Brainbees Solutions Ltd. | 0.44% | 0.38% | -0.06% |
| Adani Ports and Special Economic Zone Ltd. | 0.74% | 0.69% | -0.05% |
| Global Health Ltd. | 1.15% | 1.20% | +0.05% |
| WeWork India Management Ltd. | 0.54% | 0.49% | -0.05% |
| Swiggy Ltd. | 2.13% | 2.08% | -0.05% |
| Vishal Mega Mart Ltd. | 2.58% | 2.63% | +0.05% |
| CG Power and Industrial Solutions Ltd. | 0.86% | 0.90% | +0.04% |
| Mankind Pharma Ltd. | 1.30% | 1.26% | -0.04% |
| INDO-MIM Ltd. | 0.37% | 0.33% | -0.04% |
| Ambuja Cements Ltd. | 0.32% | 0.29% | -0.03% |
| Awfis Space Solutions Ltd. | 0.33% | 0.30% | -0.03% |
| Axis Bank Ltd. | 0.58% | 0.61% | +0.03% |
| GE Vernova T&D India Ltd | 1.64% | 1.67% | +0.03% |
| ICICI Prudential Asset Management Company Ltd. | 1.22% | 1.19% | -0.03% |
| RHI Magnesita India Ltd. | 0.50% | 0.47% | -0.03% |
| SRF Ltd. | 1.03% | 1.00% | -0.03% |
| Crompton Greaves Consumer Electricals Ltd. | 0.26% | 0.23% | -0.03% |
| Sula Vineyards Ltd. | 0.24% | 0.21% | -0.03% |
| JSW Energy Ltd. | 0.42% | 0.39% | -0.03% |
| Aether Industries Ltd. | 3.06% | 3.08% | +0.02% |
| GOI | 1.06% | 1.04% | -0.02% |
| Grindwell Norton Ltd. | 0.28% | 0.26% | -0.02% |
| Indusind Bank Ltd. | 2.43% | 2.41% | -0.02% |
| Ola Electric Mobility Ltd. | 0.38% | 0.40% | +0.02% |
| Shriram Finance Ltd | 0.42% | 0.44% | +0.02% |
| Sona BLW Precision Forgings Ltd. | 0.51% | 0.53% | +0.02% |
| Tata Motors Ltd. | 0.23% | 0.25% | +0.02% |
| Cholamandalam Investment and Finance Company Ltd. | 2.51% | 2.49% | -0.02% |
| Afcons Infrastructure Ltd. | 0.13% | 0.14% | +0.01% |
| Bharat Dynamics Ltd. | 1.42% | 1.43% | +0.01% |
| Ceigall India Ltd. | 0.22% | 0.21% | -0.01% |
| Embassy Office Parks REIT | 1.10% | 1.09% | -0.01% |
| GR Infraprojects Ltd. | 0.55% | 0.54% | -0.01% |
| Star Health and Allied Insurance Company Ltd. | 0.16% | 0.15% | -0.01% |
| Timken India Ltd. | 0.83% | 0.82% | -0.01% |
| Interglobe Aviation Ltd. | 2.76% | 2.75% | -0.01% |
| AU Small Finance Bank Ltd. | 0.21% | 0.21% | 0.00% |
| Godrej Properties Ltd. | 0.14% | 0.14% | 0.00% |
| ICICI Bank Ltd. | 5.46% | 5.46% | 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.
Fund managers
- Rahul BaijalMr. Baijal has done PGDM(MBA) from IIM Calcutta and is an engineering graduate of Delhi college of EngineeringPrior to joining HDFC Mutual Fund, he has worked with Sundaram Mutual Fund, Bharti AXA Life Insurance, TVF Capital, HSBC Securities, Credit Suisse Securities & Standard Chartered Bank.
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 months17.33% absolute | ₹60,000 | ₹70,398 | 17.33% | |
| 1 year4.08% annualised | ₹1,20,000 | ₹1,22,685 | 2.24% | |
| 3 years10.36% annualised | ₹3,60,000 | ₹4,23,740 | 17.71% |
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 HDFC Business Cycle Fund?
The NAV of HDFC Business Cycle Fund is ₹15.15 as on 25 Sep 2026.
What is the expense ratio of HDFC Business Cycle Fund?
The expense ratio of HDFC Business Cycle Fund is 2.14% per year.
What is the minimum SIP amount for HDFC Business Cycle Fund?
You can start a SIP in HDFC Business Cycle Fund with ₹3,000 a month.
Is there a lock-in or exit load on HDFC Business Cycle Fund?
Lock-in: None. Exit load: Exit load of 1%, if redeemed within 1 year..
How risky is HDFC Business Cycle Fund?
HDFC Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages HDFC Business Cycle Fund?
HDFC Business Cycle Fund is managed by HDFC Mutual Fund, which runs 85 schemes with ₹9,61,940 Cr under management.