HDFC Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹15.39+0.44%1 day
- Return since launch
- 11.4%
- 52-week range
- ₹12.57 — ₹15.53
- AUM
- ₹2,646 Cr
HDFC Business Cycle Fund is a Equity Opportunities equity fund from HDFC Mutual Fund with ₹2,646 Cr under management, launched in 2022. Over three years it has returned 6.3% a year, against 13.7% for its category. The expense ratio is 2.13% 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 +3.9% against -1.1% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 11.0% | +6.9 pts | 4.1% | 5.3% |
| 2Y | 6.9% | +1.1 pts | 5.8% | 3.0% |
| 3Y | 6.3% | −7.3 pts | 13.7% | 3.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 4.8% | +1.2 pts | 3.5% | 4.9% |
| 3M | 0.3% | +1.3 pts | -1.0% | -0.9% |
| 6M | 8.1% | +2.9 pts | 5.2% | 4.4% |
| 1Y | 4.0% | −0.1 pts | 4.1% | -1.1% |
| 2Y | 3.8% | +1.3 pts | 2.5% | 0.1% |
| 3Y | 10.7% | −3.0 pts | 13.7% | 10.6% |
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 4 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.70%
- Brokerage
- 0.03%
- Transaction charges
- 0.01%
- Statutory levies
- 0.37%
- 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 | -0.03 | 4.92 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.94 | 0.97 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.31 | 0.62 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.43 | 0.84 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 15.38 | 15.96 | 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 30 Sep 2026
Asset allocation
- Equity86.9%
- Debt1.1%
- Other12.0%
Market cap split
- Large41.9%
- Mid22.7%
- Small35.4%
- P/E
- 30.91
- P/B
- 3.73
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Others | Others | 10.88% | ₹286 Cr | -0.12% | -0.56% | +0.16% |
| Bharti Airtel Ltd. | Communication | 5.69% | ₹151 Cr | +5.87% | +6.54% | +5.55% |
| Kotak Mahindra Bank Ltd. | Financial | 5.31% | ₹141 Cr | +4.89% | +4.98% | +2.05% |
| ICICI Bank Ltd. | Financial | 5.21% | ₹138 Cr | +5.30% | +6.98% | +6.28% |
| Titan Company Ltd. | Consumer Discretionary | 4.46% | ₹118 Cr | +4.19% | +4.36% | +2.64% |
| Anthem Biosciences Ltd. | Healthcare | 3.78% | ₹100 Cr | +3.81% | +3.75% | +3.50% |
| Pearl Global Industries Ltd. | Textiles | 3.28% | ₹86.76 Cr | +2.52% | +1.12% | +0.84% |
| HDFC Bank Ltd. | Financial | 3.24% | ₹85.75 Cr | +3.57% | +3.79% | +3.96% |
| Eternal Ltd. | Services | 2.86% | ₹75.71 Cr | +5.35% | +5.36% | +7.15% |
| Vishal Mega Mart Ltd. | Services | 2.52% | ₹66.65 Cr | +2.88% | +2.98% | +3.86% |
| Clean Max Enviro Energy Solutions Ltd. | Energy | 2.38% | ₹63.02 Cr | +2.40% | +1.57% | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 2.28% | ₹60.21 Cr | +2.97% | +2.37% | +2.27% |
| Indusind Bank Ltd. | Financial | 2.24% | ₹59.22 Cr | +2.25% | +2.12% | +1.67% |
| Bajaj Auto Ltd. | Automobile | 2.23% | ₹59.07 Cr | +2.28% | +3.14% | +3.04% |
| Home First Finance Company India Ltd. | Financial | 2.23% | ₹59.11 Cr | +2.25% | +1.62% | +0.26% |
| Aadhar Housing Finance Ltd | Financial | 2.17% | ₹57.53 Cr | +2.52% | +1.11% | +0.76% |
| ACME Solar Holdings Ltd. | Energy | 2.03% | ₹53.78 Cr | +1.72% | +0.77% | +0.66% |
| Aether Industries Ltd. | Chemicals | 1.94% | ₹51.44 Cr | +2.74% | +2.56% | +2.05% |
| Swiggy Ltd. | Services | 1.93% | ₹51.19 Cr | +1.81% | +0.90% | +1.33% |
| Aptus Value Housing Finance India Ltd. | Financial | 1.75% | ₹46.29 Cr | +2.77% | +2.24% | +2.96% |
| Fortis Healthcare Ltd. | Healthcare | 1.71% | ₹45.14 Cr | +3.35% | +3.22% | +3.16% |
| Eris Lifesciences Ltd. | Healthcare | 1.69% | ₹44.79 Cr | +1.99% | +2.09% | +1.76% |
| Mankind Pharma Ltd. | Healthcare | 1.37% | ₹36.16 Cr | +1.36% | +1.24% | +1.21% |
| KSB Ltd. | Capital Goods | 1.31% | ₹34.79 Cr | +0.53% | — | — |
| Bharat Dynamics Ltd. | Capital Goods | 1.30% | ₹34.44 Cr | +1.57% | — | — |
| ICICI Prudential Asset Management Company Ltd. | Financial | 1.27% | ₹33.72 Cr | +1.32% | +1.29% | — |
| GE Vernova T&D India Ltd | Capital Goods | 1.20% | ₹31.88 Cr | — | — | — |
| Glass Wall Systems (India) Ltd. | Construction | 1.17% | ₹30.99 Cr | — | — | — |
| Le Travenues Technology Ltd. | Services | 1.17% | ₹31.06 Cr | +0.52% | — | — |
| Global Health Ltd. | Healthcare | 1.16% | ₹30.71 Cr | +1.09% | — | — |
| Interglobe Aviation Ltd. | Services | 1.16% | ₹30.59 Cr | +3.30% | +2.80% | +1.95% |
| Embassy Office Parks REIT | Construction | 1.13% | ₹29.93 Cr | +1.12% | +1.24% | +1.00% |
| GOI | Sovereign | 1.07% | ₹28.34 Cr | +1.08% | +1.20% | — |
| Leela Palaces Hotels & Resorts Ltd. | Services | 1.03% | ₹27.31 Cr | +0.96% | +0.95% | +1.20% |
| SRF Ltd. | Chemicals | 1.01% | ₹26.71 Cr | +1.09% | +1.13% | +1.05% |
| PB Fintech Ltd. | Services | 0.98% | ₹25.90 Cr | +1.47% | — | — |
| Chalet Hotels Ltd. | Services | 0.93% | ₹24.68 Cr | +1.10% | +0.26% | +0.28% |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 0.88% | ₹23.28 Cr | +0.96% | +1.10% | +0.66% |
| Timken India Ltd. | Capital Goods | 0.85% | ₹22.53 Cr | +0.93% | +1.34% | +0.73% |
| Adani Ports and Special Economic Zone Ltd. | Services | 0.81% | ₹21.49 Cr | +0.80% | +0.67% | +2.43% |
| Dhoot Transmission Ltd. | Capital Goods | 0.65% | ₹17.09 Cr | — | — | — |
| Sona BLW Precision Forgings Ltd. | Automobile | 0.56% | ₹14.94 Cr | +0.80% | +0.72% | — |
| Torrent Pharmaceuticals Ltd. | Healthcare | 0.54% | ₹14.40 Cr | — | — | — |
| Bosch Ltd. | Automobile | 0.52% | ₹13.66 Cr | +1.03% | — | — |
| GR Infraprojects Ltd. | Construction | 0.52% | ₹13.66 Cr | +0.58% | +0.58% | +0.72% |
| RHI Magnesita India Ltd. | Capital Goods | 0.51% | ₹13.54 Cr | +0.48% | +0.51% | +0.63% |
| WeWork India Management Ltd. | Services | 0.50% | ₹13.15 Cr | +0.97% | +0.52% | — |
| Axis Bank Ltd. | Financial | 0.46% | ₹12.16 Cr | +1.49% | — | — |
| Brainbees Solutions Ltd. | Consumer Discretionary | 0.39% | ₹10.29 Cr | +0.47% | +0.77% | +1.08% |
| JSW Energy Ltd. | Capital Goods | 0.39% | ₹10.32 Cr | +0.45% | +0.42% | +2.54% |
| Ola Electric Mobility Ltd. | Automobile | 0.38% | ₹10.01 Cr | +0.44% | +0.26% | +0.53% |
| Rentomojo Ltd. | Services | 0.38% | ₹10.11 Cr | — | — | — |
| Awfis Space Solutions Ltd. | Services | 0.30% | ₹7.86 Cr | +0.36% | +0.32% | +0.63% |
| Grindwell Norton Ltd. | Metals & Mining | 0.27% | ₹7.17 Cr | +0.29% | +0.21% | +0.20% |
| PNC Infratech Ltd. | Construction | 0.26% | ₹6.85 Cr | +0.43% | +0.35% | +0.52% |
| Ceigall India Ltd. | Construction | 0.25% | ₹6.60 Cr | +0.62% | +0.59% | +0.46% |
| Lumino Industries Ltd. | Capital Goods | 0.25% | ₹6.74 Cr | — | — | — |
| INDO-MIM Ltd. | Capital Goods | 0.24% | ₹6.40 Cr | — | — | — |
| Shiprocket Ltd. | Technology | 0.23% | ₹6.21 Cr | — | — | — |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Discretionary | 0.21% | ₹5.61 Cr | +0.27% | +0.26% | +0.27% |
| Sula Vineyards Ltd. | Consumer Staples | 0.20% | ₹5.19 Cr | +0.22% | +0.23% | +0.35% |
| Star Health and Allied Insurance Company Ltd. | Insurance | 0.15% | ₹3.97 Cr | +0.16% | — | — |
| Afcons Infrastructure Ltd. | Construction | 0.12% | ₹3.28 Cr | +0.15% | +0.68% | +0.92% |
| Tempsens Instruments (India) Ltd. | Capital Goods | 0.11% | ₹3.04 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Interglobe Aviation Ltd. | 2.75% | 1.16% | -1.59% |
| Glass Wall Systems (India) Ltd. | 0.00% | 1.17% | +1.17% |
| Aether Industries Ltd. | 3.08% | 1.94% | -1.14% |
| Bosch Ltd. | 1.26% | 0.52% | -0.74% |
| PB Fintech Ltd. | 1.65% | 0.98% | -0.67% |
| Dhoot Transmission Ltd. | 1.22% | 0.65% | -0.57% |
| Anthem Biosciences Ltd. | 4.30% | 3.78% | -0.52% |
| GE Vernova T&D India Ltd | 1.67% | 1.20% | -0.47% |
| Shriram Finance Ltd | 0.44% | 0.00% | -0.44% |
| Rentomojo Ltd. | 0.00% | 0.38% | +0.38% |
| Others | -0.35% | -0.04% | +0.31% |
| Shiprocket Ltd. | 0.52% | 0.23% | -0.29% |
| Ambuja Cements Ltd. | 0.29% | 0.00% | -0.29% |
| Pearl Global Industries Ltd. | 3.00% | 3.28% | +0.28% |
| Titan Company Ltd. | 4.73% | 4.46% | -0.27% |
| ACME Solar Holdings Ltd. | 1.77% | 2.03% | +0.26% |
| Clean Max Enviro Energy Solutions Ltd. | 2.13% | 2.38% | +0.25% |
| ICICI Bank Ltd. | 5.46% | 5.21% | -0.25% |
| Tata Motors Ltd. | 0.25% | 0.00% | -0.25% |
| Chalet Hotels Ltd. | 1.18% | 0.93% | -0.25% |
| Cholamandalam Investment and Finance Company Ltd. | 2.49% | 2.28% | -0.21% |
| AU Small Finance Bank Ltd. | 0.21% | 0.00% | -0.21% |
| Fortis Healthcare Ltd. | 1.92% | 1.71% | -0.21% |
| Kotak Mahindra Bank Ltd. | 5.10% | 5.31% | +0.21% |
| Indusind Bank Ltd. | 2.41% | 2.24% | -0.17% |
| HDFC Bank Ltd. | 3.09% | 3.24% | +0.15% |
| Swiggy Ltd. | 2.08% | 1.93% | -0.15% |
| Axis Bank Ltd. | 0.61% | 0.46% | -0.15% |
| Bajaj Auto Ltd. | 2.37% | 2.23% | -0.14% |
| Godrej Properties Ltd. | 0.14% | 0.00% | -0.14% |
| KSB Ltd. | 1.18% | 1.31% | +0.13% |
| Bharat Dynamics Ltd. | 1.43% | 1.30% | -0.13% |
| Adani Ports and Special Economic Zone Ltd. | 0.69% | 0.81% | +0.12% |
| Tempsens Instruments (India) Ltd. | 0.23% | 0.11% | -0.12% |
| Mankind Pharma Ltd. | 1.26% | 1.37% | +0.11% |
| Vishal Mega Mart Ltd. | 2.63% | 2.52% | -0.11% |
| Bharti Airtel Ltd. | 5.60% | 5.69% | +0.09% |
| Leela Palaces Hotels & Resorts Ltd. | 1.12% | 1.03% | -0.09% |
| INDO-MIM Ltd. | 0.33% | 0.24% | -0.09% |
| PNC Infratech Ltd. | 0.35% | 0.26% | -0.09% |
| ICICI Prudential Asset Management Company Ltd. | 1.19% | 1.27% | +0.08% |
| Eris Lifesciences Ltd. | 1.76% | 1.69% | -0.07% |
| Aadhar Housing Finance Ltd | 2.23% | 2.17% | -0.06% |
| Eternal Ltd. | 2.80% | 2.86% | +0.06% |
| Lumino Industries Ltd. | 0.19% | 0.25% | +0.06% |
| Le Travenues Technology Ltd. | 1.12% | 1.17% | +0.05% |
| Aptus Value Housing Finance India Ltd. | 1.79% | 1.75% | -0.04% |
| Global Health Ltd. | 1.20% | 1.16% | -0.04% |
| RHI Magnesita India Ltd. | 0.47% | 0.51% | +0.04% |
| Ceigall India Ltd. | 0.21% | 0.25% | +0.04% |
| Embassy Office Parks REIT | 1.09% | 1.13% | +0.04% |
| GOI | 1.04% | 1.07% | +0.03% |
| Sona BLW Precision Forgings Ltd. | 0.53% | 0.56% | +0.03% |
| Timken India Ltd. | 0.82% | 0.85% | +0.03% |
| Afcons Infrastructure Ltd. | 0.14% | 0.12% | -0.02% |
| CG Power and Industrial Solutions Ltd. | 0.90% | 0.88% | -0.02% |
| Crompton Greaves Consumer Electricals Ltd. | 0.23% | 0.21% | -0.02% |
| GR Infraprojects Ltd. | 0.54% | 0.52% | -0.02% |
| Home First Finance Company India Ltd. | 2.25% | 2.23% | -0.02% |
| Ola Electric Mobility Ltd. | 0.40% | 0.38% | -0.02% |
| Brainbees Solutions Ltd. | 0.38% | 0.39% | +0.01% |
| Grindwell Norton Ltd. | 0.26% | 0.27% | +0.01% |
| SRF Ltd. | 1.00% | 1.01% | +0.01% |
| Torrent Pharmaceuticals Ltd. | 0.55% | 0.54% | -0.01% |
| WeWork India Management Ltd. | 0.49% | 0.50% | +0.01% |
| Sula Vineyards Ltd. | 0.21% | 0.20% | -0.01% |
| Awfis Space Solutions Ltd. | 0.30% | 0.30% | 0.00% |
| JSW Energy Ltd. | 0.39% | 0.39% | 0.00% |
| Star Health and Allied Insurance Company Ltd. | 0.15% | 0.15% | 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 | ₹6,105 Cr | 2.13% | 6.4% | 8.4% | 14.9% |
 ICICI Prudential Business Cycle Fund | ₹14,889 Cr | 1.86% | 2.9% | 6.7% | 13.2% |
 Franklin India Opportunities Fund | ₹9,577 Cr | 2.08% | -1.3% | 5.2% | 15.7% |
 Kotak Business Cycle Fund | ₹3,414 Cr | 2.02% | 15.1% | 11.2% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,357 Cr | 2.26% | 14.5% | 13.5% | 15.7% |
 Mahindra Manulife Business Cycle Fund | ₹1,291 Cr | 2.42% | 0.9% | 5.7% | — |
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 months8.11% absolute | ₹60,000 | ₹64,866 | 8.11% | |
| 1 year3.95% annualised | ₹1,20,000 | ₹1,22,599 | 2.17% | |
| 3 years10.68% annualised | ₹3,60,000 | ₹4,25,923 | 18.31% |
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 ₹15.39 as on 9 Nov 2026.
What is the expense ratio of HDFC Business Cycle Fund?
The expense ratio of HDFC Business Cycle Fund is 2.13% 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 86 schemes with ₹9,96,954 Cr under management.