HSBC Business Cycles Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 24 Sep 2026
- ₹43.25-2.45%1 day
- Return since launch
- 13.1%
- 52-week range
- ₹35.75 — ₹44.71
- AUM
- ₹1,229 Cr
HSBC Business Cycles Fund is a Equity Opportunities equity fund from HSBC Mutual Fund with ₹1,229 Cr under management, launched in 2014. Over three years it has returned 7.3% a year, against 13.6% for its category. The expense ratio is 2.32% and the SEBI riskometer reading is Very High.
Performance
HSBC Business Cycles Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +1.7% against -1.5% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 7.2% | +2.7 pts | 4.5% | 0.6% |
| 2Y | 4.2% | −1.4 pts | 5.5% | 0.7% |
| 3Y | 7.3% | −6.2 pts | 13.6% | 3.3% |
| 5Y | 13.6% | +0.1 pts | 13.5% | 9.6% |
| 7Y | 16.6% | −2.3 pts | 18.9% | 12.9% |
| 10Y | 14.5% | +0.3 pts | 14.1% | 11.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -2.9% | −0.8 pts | -2.1% | -2.9% |
| 3M | 0.9% | −0.9 pts | 1.8% | 0.5% |
| 6M | 15.2% | +1.2 pts | 13.9% | 10.5% |
| 1Y | 1.7% | −2.8 pts | 4.5% | -1.6% |
| 2Y | -1.7% | −0.9 pts | -0.8% | -4.2% |
| 3Y | 15.0% | +1.4 pts | 13.6% | 10.2% |
| 5Y | 13.7% | +0.1 pts | 13.5% | 10.4% |
| 7Y | 16.2% | −2.8 pts | 19.0% | 13.3% |
| 10Y | 12.4% | −1.7 pts | 14.1% | 10.4% |
Since launch (30 Jul 2014): 13.1%
Calendar-year returns
Category average9.3%
34.5%
5.3%
31.3%
36.0%
-2.7%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | -2.7% | −5.9 pts | 3.2% |
| 2024 | 36.0% | +12.7 pts | 23.3% |
| 2023 | 31.3% | −4.0 pts | 35.3% |
| 2022 | 5.3% | −4.3 pts | 9.7% |
| 2021 | 34.5% | −2.5 pts | 37.0% |
| 2020 | 9.3% | −2.0 pts | 11.4% |
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
2.31%
Expense ratio as on 23 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.86%
- Brokerage
- 0.04%
- Transaction charges
- 0.00%
- Statutory levies
- 0.41%
- Exit load
- Exit load for units in excess of 10% of the investment,1% will be charged for redemption 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 | 3.15 | 5.72 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 1.21 | 0.98 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.57 | 0.79 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.83 | 1.01 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 20.31 | 15.87 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 4 category peers | |||
Portfolio
HSBC Business Cycles Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity96.3%
- Other3.7%
Market cap split
- Large42.2%
- Mid18.3%
- Small39.5%
- P/E
- 31.85
- P/B
- 3.89
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 5.62% | ₹69.07 Cr | +5.22% | +5.32% | +5.44% |
| Others | Others | 3.72% | ₹45.81 Cr | -0.24% | -1.50% | +1.80% |
| MTAR Technologies Ltd. | Capital Goods | 3.37% | ₹41.49 Cr | +4.06% | +2.04% | — |
| HDFC Bank Ltd. | Financial | 2.85% | ₹35.00 Cr | +3.22% | +3.98% | +4.30% |
| Interglobe Aviation Ltd. | Services | 2.77% | ₹34.02 Cr | +1.74% | +1.97% | — |
| Reliance Industries Ltd. | Energy | 2.67% | ₹32.78 Cr | +2.97% | +5.08% | +4.99% |
| Hindustan Aeronautics Ltd. | Capital Goods | 2.49% | ₹30.63 Cr | +2.40% | +2.27% | +2.53% |
| Bharat Electronics Ltd. | Capital Goods | 2.27% | ₹27.95 Cr | +2.42% | +2.72% | +2.28% |
| RBL Bank Ltd. | Financial | 2.20% | ₹27.01 Cr | +2.14% | +2.06% | — |
| Larsen & Toubro Ltd. | Construction | 2.19% | ₹26.90 Cr | +2.37% | +2.58% | +2.19% |
| GE Vernova T&D India Ltd | Capital Goods | 2.13% | ₹26.23 Cr | +2.66% | +2.06% | +1.50% |
| ICICI Prudential Asset Management Company Ltd. | Unclassified | 2.12% | ₹26.08 Cr | +2.64% | +2.40% | — |
| State Bank of India | Financial | 1.97% | ₹24.25 Cr | +1.93% | +2.50% | +1.68% |
| Kotak Mahindra Bank Ltd. | Financial | 1.88% | ₹23.13 Cr | +1.86% | +2.08% | +1.98% |
| Multi Commodity Exchange Of India Ltd. | Services | 1.83% | ₹22.44 Cr | +3.00% | +3.13% | +4.81% |
| Ultratech Cement Ltd. | Materials | 1.83% | ₹22.44 Cr | +1.97% | +2.26% | +2.27% |
| PB Fintech Ltd. | Services | 1.82% | ₹22.34 Cr | +1.78% | +1.60% | +1.93% |
| PNB Housing Finance Ltd. | Financial | 1.82% | ₹22.35 Cr | +1.76% | +1.46% | +1.07% |
| APL Apollo Tubes Ltd. | Metals & Mining | 1.81% | ₹22.23 Cr | +1.60% | +0.51% | — |
| TVS Motor Company Ltd. | Automobile | 1.77% | ₹21.71 Cr | +1.47% | +1.76% | +1.50% |
| Eternal Ltd. | Services | 1.72% | ₹21.08 Cr | +1.96% | +1.44% | +1.85% |
| Motilal Oswal Financial Services Ltd. | Financial | 1.70% | ₹20.86 Cr | +1.54% | +1.32% | +1.30% |
| Paradeep Phosphates Ltd. | Chemicals | 1.69% | ₹20.82 Cr | +1.43% | +1.44% | — |
| Electronics Mart India Ltd. | Services | 1.55% | ₹18.99 Cr | +1.45% | +0.78% | +0.74% |
| Jyoti CNC Automation Ltd. | Capital Goods | 1.50% | ₹18.43 Cr | +0.97% | +1.16% | +1.30% |
| Swiggy Ltd. | Services | 1.46% | ₹17.97 Cr | +1.44% | +1.75% | +2.39% |
| R R Kabel Ltd. | Consumer Discretionary | 1.43% | ₹17.57 Cr | — | — | — |
| ABB India Ltd. | Capital Goods | 1.40% | ₹17.26 Cr | +1.44% | +1.25% | +1.49% |
| Piramal Finance Ltd. | Financial | 1.40% | ₹17.25 Cr | +1.27% | +1.18% | — |
| Ahluwalia Contracts (India) Ltd. | Construction | 1.38% | ₹17.02 Cr | +1.91% | +1.93% | +2.32% |
| Prudent Corporate Advisory Services Ltd. | Financial | 1.35% | ₹16.53 Cr | +1.07% | +0.64% | — |
| Canara Robeco Asset Management Company Ltd. | Unclassified | 1.33% | ₹16.41 Cr | +1.36% | +1.45% | — |
| Time Technoplast Ltd. | Materials | 1.25% | ₹15.42 Cr | +1.26% | +1.37% | +1.72% |
| Amber Enterprises India Ltd. | Consumer Discretionary | 1.24% | ₹15.24 Cr | +1.33% | +1.45% | +1.33% |
| Gujarat Fluorochemicals Ltd. | Chemicals | 1.21% | ₹14.83 Cr | +1.00% | +1.00% | +0.99% |
| Indo Count Industries Ltd. | Textiles | 1.20% | ₹14.71 Cr | +0.86% | +0.76% | +0.66% |
| Titan Company Ltd. | Consumer Discretionary | 1.20% | ₹14.80 Cr | +1.03% | +1.14% | +0.96% |
| FSN E-Commerce Ventures Ltd. | Services | 1.19% | ₹14.68 Cr | +0.69% | — | — |
| Nippon Life India Asset Management Ltd. | Financial | 1.14% | ₹14.07 Cr | +1.44% | — | — |
| Gokaldas Exports Ltd. | Textiles | 1.12% | ₹13.78 Cr | +1.07% | +1.02% | +1.09% |
| Maruti Suzuki India Ltd. | Automobile | 1.10% | ₹13.55 Cr | — | — | — |
| Pine Labs Ltd. | Financial | 1.09% | ₹13.36 Cr | +1.03% | +0.81% | — |
| Power Mech Projects Ltd. | Construction | 1.09% | ₹13.40 Cr | +1.16% | +1.00% | +2.50% |
| Sterlite Technologies Ltd. | Communication | 1.09% | ₹13.36 Cr | — | — | — |
| Titagarh Rail Systems Ltd. | Automobile | 1.07% | ₹13.16 Cr | +1.16% | +1.02% | — |
| Mold-Tek Packaging Ltd. | Materials | 1.05% | ₹12.96 Cr | +1.12% | +0.96% | +1.31% |
| Blue Star Ltd. | Consumer Discretionary | 1.04% | ₹12.82 Cr | +1.22% | +1.54% | +1.51% |
| Indian Hume Pipe Company Ltd. | Materials | 1.03% | ₹12.69 Cr | +0.91% | +1.01% | +1.10% |
| Shadowfax Technologies Ltd. | Services | 1.02% | ₹12.51 Cr | +0.82% | +0.53% | — |
| Hindalco Industries Ltd. | Metals & Mining | 0.99% | ₹12.14 Cr | +2.66% | +1.76% | +0.93% |
| Tata Motors Ltd. | Automobile | 0.96% | ₹11.78 Cr | +0.83% | +1.38% | — |
| Billionbrains Garage Ventures Ltd. | Financial | 0.95% | ₹11.68 Cr | +0.50% | — | — |
| Home First Finance Company India Ltd. | Financial | 0.94% | ₹11.57 Cr | +0.69% | +0.48% | — |
| Wakefit Innovations Ltd. | Consumer Discretionary | 0.88% | ₹10.80 Cr | +0.79% | +1.25% | — |
| Sobha Ltd. | Construction | 0.84% | ₹10.32 Cr | +1.02% | +1.04% | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 0.80% | ₹9.84 Cr | +0.71% | +0.83% | +0.69% |
| Lenskart Solutions Ltd. | Consumer Discretionary | 0.75% | ₹9.16 Cr | +0.63% | +0.67% | — |
| Devyani International Ltd. | Services | 0.73% | ₹9.01 Cr | +0.66% | +0.75% | +1.04% |
| Kajaria Ceramics Ltd. | Materials | 0.68% | ₹8.38 Cr | +0.66% | +0.61% | +0.78% |
| Diamond Power Infrastructure Ltd. | Capital Goods | 0.64% | ₹7.85 Cr | — | — | — |
| company:20770 | Capital Goods | 0.60% | ₹7.37 Cr | — | — | — |
| Optiemus Infracom Ltd. | Services | 0.55% | ₹6.70 Cr | — | — | — |
| HDFC Asset Management Company Ltd. | Financial | 0.53% | ₹6.56 Cr | — | — | — |
| JSW Steel Ltd. | Metals & Mining | 0.53% | ₹6.54 Cr | — | — | — |
| Pitti Engineering Ltd. | Capital Goods | 0.53% | ₹6.56 Cr | +0.48% | +0.49% | +0.50% |
| Amara Raja Energy & Mobility Ltd | Capital Goods | 0.44% | ₹5.36 Cr | +0.47% | +0.46% | +0.55% |
| Ganesha Ecosphere Ltd. | Textiles | 0.37% | ₹4.59 Cr | +0.36% | +0.32% | +0.55% |
| Bharat Bijlee Ltd. | Capital Goods | 0.34% | ₹4.21 Cr | +0.43% | +0.40% | +0.48% |
| Awfis Space Solutions Ltd. | Services | 0.32% | ₹3.88 Cr | +0.43% | +0.13% | — |
| PG Electroplast Ltd. | Capital Goods | 0.32% | ₹3.92 Cr | +0.28% | +0.38% | +0.33% |
| company:1333 | Consumer Staples | 0.14% | ₹1.67 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Epigral Ltd. | 0.70% | 0.00% | -0.70% |
| KEC International Ltd. | 0.63% | 0.00% | -0.63% |
| company:20770 | 0.00% | 0.60% | +0.60% |
| Ahluwalia Contracts (India) Ltd. | 1.91% | 1.38% | -0.53% |
| MTAR Technologies Ltd. | 2.85% | 3.37% | +0.52% |
| PNC Infratech Ltd. | 0.41% | 0.00% | -0.41% |
| Hindalco Industries Ltd. | 1.40% | 0.99% | -0.41% |
| Multi Commodity Exchange Of India Ltd. | 1.50% | 1.83% | +0.33% |
| Bansal Wire Industries Ltd. | 0.32% | 0.00% | -0.32% |
| APL Apollo Tubes Ltd. | 1.54% | 1.81% | +0.27% |
| HDFC Bank Ltd. | 3.12% | 2.85% | -0.27% |
| Motilal Oswal Financial Services Ltd. | 1.44% | 1.70% | +0.26% |
| Sterlite Technologies Ltd. | 0.86% | 1.09% | +0.23% |
| Jyoti CNC Automation Ltd. | 1.27% | 1.50% | +0.23% |
| Blue Star Ltd. | 1.25% | 1.04% | -0.21% |
| PB Fintech Ltd. | 1.61% | 1.82% | +0.21% |
| Time Technoplast Ltd. | 1.45% | 1.25% | -0.20% |
| Reliance Industries Ltd. | 2.84% | 2.67% | -0.17% |
| ICICI Bank Ltd. | 5.77% | 5.62% | -0.15% |
| company:1333 | 0.00% | 0.14% | +0.14% |
| Indo Count Industries Ltd. | 1.06% | 1.20% | +0.14% |
| Ultratech Cement Ltd. | 1.97% | 1.83% | -0.14% |
| Pine Labs Ltd. | 0.96% | 1.09% | +0.13% |
| Others | -0.09% | -0.22% | -0.13% |
| ICICI Prudential Asset Management Company Ltd. | 2.24% | 2.12% | -0.12% |
| Sobha Ltd. | 0.95% | 0.84% | -0.11% |
| R R Kabel Ltd. | 1.32% | 1.43% | +0.11% |
| Prudent Corporate Advisory Services Ltd. | 1.25% | 1.35% | +0.10% |
| Devyani International Ltd. | 0.63% | 0.73% | +0.10% |
| Wakefit Innovations Ltd. | 0.78% | 0.88% | +0.10% |
| Gokaldas Exports Ltd. | 1.22% | 1.12% | -0.10% |
| Maruti Suzuki India Ltd. | 1.20% | 1.10% | -0.10% |
| Piramal Finance Ltd. | 1.30% | 1.40% | +0.10% |
| PNB Housing Finance Ltd. | 1.73% | 1.82% | +0.09% |
| Lenskart Solutions Ltd. | 0.66% | 0.75% | +0.09% |
| Eternal Ltd. | 1.64% | 1.72% | +0.08% |
| Swiggy Ltd. | 1.54% | 1.46% | -0.08% |
| Ganesha Ecosphere Ltd. | 0.45% | 0.37% | -0.08% |
| Optiemus Infracom Ltd. | 0.63% | 0.55% | -0.08% |
| Indian Hume Pipe Company Ltd. | 1.10% | 1.03% | -0.07% |
| Pitti Engineering Ltd. | 0.46% | 0.53% | +0.07% |
| Canara Robeco Asset Management Company Ltd. | 1.40% | 1.33% | -0.07% |
| Interglobe Aviation Ltd. | 2.84% | 2.77% | -0.07% |
| Paradeep Phosphates Ltd. | 1.62% | 1.69% | +0.07% |
| Bharat Electronics Ltd. | 2.21% | 2.27% | +0.06% |
| Home First Finance Company India Ltd. | 1.00% | 0.94% | -0.06% |
| Kotak Mahindra Bank Ltd. | 1.82% | 1.88% | +0.06% |
| Power Mech Projects Ltd. | 1.15% | 1.09% | -0.06% |
| RBL Bank Ltd. | 2.26% | 2.20% | -0.06% |
| Billionbrains Garage Ventures Ltd. | 1.00% | 0.95% | -0.05% |
| Electronics Mart India Ltd. | 1.60% | 1.55% | -0.05% |
| TVS Motor Company Ltd. | 1.82% | 1.77% | -0.05% |
| Titagarh Rail Systems Ltd. | 1.12% | 1.07% | -0.05% |
| Gujarat Fluorochemicals Ltd. | 1.17% | 1.21% | +0.04% |
| Nippon Life India Asset Management Ltd. | 1.18% | 1.14% | -0.04% |
| Bharat Bijlee Ltd. | 0.38% | 0.34% | -0.04% |
| Tata Motors Ltd. | 0.92% | 0.96% | +0.04% |
| GE Vernova T&D India Ltd | 2.16% | 2.13% | -0.03% |
| Larsen & Toubro Ltd. | 2.22% | 2.19% | -0.03% |
| Shadowfax Technologies Ltd. | 0.99% | 1.02% | +0.03% |
| Awfis Space Solutions Ltd. | 0.35% | 0.32% | -0.03% |
| PG Electroplast Ltd. | 0.35% | 0.32% | -0.03% |
| Cholamandalam Investment and Finance Company Ltd. | 0.83% | 0.80% | -0.03% |
| Amara Raja Energy & Mobility Ltd | 0.46% | 0.44% | -0.02% |
| Amber Enterprises India Ltd. | 1.26% | 1.24% | -0.02% |
| Diamond Power Infrastructure Ltd. | 0.62% | 0.64% | +0.02% |
| HDFC Asset Management Company Ltd. | 0.55% | 0.53% | -0.02% |
| State Bank of India | 1.99% | 1.97% | -0.02% |
| Hindustan Aeronautics Ltd. | 2.51% | 2.49% | -0.02% |
| ABB India Ltd. | 1.39% | 1.40% | +0.01% |
| FSN E-Commerce Ventures Ltd. | 1.18% | 1.19% | +0.01% |
| JSW Steel Ltd. | 0.54% | 0.53% | -0.01% |
| Mold-Tek Packaging Ltd. | 1.04% | 1.05% | +0.01% |
| Kajaria Ceramics Ltd. | 0.68% | 0.68% | 0.00% |
| Titan Company Ltd. | 1.20% | 1.20% | 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 | ₹3,968 Cr | 2.21% | 9.2% | 10.7% | 17.6% |
 Franklin India Opportunities Fund | ₹9,717 Cr | 2.08% | 10.4% | 11.0% | 19.2% |
 Kotak Business Cycle Fund | ₹3,509 Cr | 2.05% | 11.2% | 10.8% | — |
 Mahindra Manulife Business Cycle Fund | ₹1,364 Cr | 2.41% | 1.2% | 7.2% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,279 Cr | 2.30% | 13.9% | 13.9% | 15.9% |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme seeks to generate long term capital appreciation from a portfolio of equity and equity related securities including equity derivatives in the Indian market with focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Gautam BhupalMr. Bhupal holds a PGDBM and is a CA, CS and B.Com (Hons)Prior to joining HSBC Mutual Fund he was working with IDFC Asset Management Company Ltd., Motilal Oswal Securities Ltd., Infosys Ltd., Vickers Ballas Securities Ltd., SBC Warburg, UTI Securities Ltd.
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 months15.15% absolute | ₹60,000 | ₹69,090 | 15.15% | |
| 1 year1.69% annualised | ₹1,20,000 | ₹1,21,104 | 0.92% | |
| 3 years14.98% annualised | ₹3,60,000 | ₹4,56,645 | 26.85% | |
| 5 years13.66% annualised | ₹6,00,000 | ₹8,63,764 | 43.96% |
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 HSBC Business Cycles Fund?
The NAV of HSBC Business Cycles Fund is ₹43.25 as on 24 Sep 2026.
What is the expense ratio of HSBC Business Cycles Fund?
The expense ratio of HSBC Business Cycles Fund is 2.32% per year.
What is the minimum SIP amount for HSBC Business Cycles Fund?
You can start a SIP in HSBC Business Cycles Fund with ₹3,000 a month.
What returns has HSBC Business Cycles Fund given?
HSBC Business Cycles Fund has returned 7.2% over 1 year, 7.3% over 3 years and 13.6% over 5 years (annualised).
Is there a lock-in or exit load on HSBC 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 1 year..
How risky is HSBC Business Cycles Fund?
HSBC Business Cycles Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages HSBC Business Cycles Fund?
HSBC Business Cycles Fund is managed by HSBC Mutual Fund, which runs 44 schemes with ₹1,44,068 Cr under management.