HSBC Business Cycles Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 6 Nov 2026
- ₹43.01-0.13%1 day
- Return since launch
- 12.7%
- 52-week range
- ₹35.75 — ₹44.71
- AUM
- ₹1,179 Cr
HSBC Business Cycles Fund is a Equity Opportunities equity fund from HSBC Mutual Fund with ₹1,179 Cr under management, launched in 2014. Over three years it has returned 5.8% a year, against 13.6% for its category. The expense ratio is 2.36% 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 | 6.8% | +3.2 pts | 3.6% | 4.8% |
| 2Y | 4.1% | −1.5 pts | 5.5% | 2.8% |
| 3Y | 5.8% | −7.8 pts | 13.6% | 3.4% |
| 5Y | 12.4% | −0.3 pts | 12.7% | 9.4% |
| 7Y | 15.6% | −2.2 pts | 17.8% | 12.5% |
| 10Y | 14.0% | +0.1 pts | 13.9% | 11.5% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -0.5% | −2.4 pts | 1.9% | 4.2% |
| 3M | -1.9% | −0.6 pts | -1.4% | -1.5% |
| 6M | 0.6% | −2.7 pts | 3.3% | 3.8% |
| 1Y | 1.7% | −1.9 pts | 3.6% | -1.7% |
| 2Y | -0.3% | −2.0 pts | 1.7% | -0.2% |
| 3Y | 14.8% | +1.2 pts | 13.6% | 10.4% |
| 5Y | 12.5% | −0.2 pts | 12.7% | 9.7% |
| 7Y | 15.8% | −2.6 pts | 18.4% | 13.1% |
| 10Y | 12.4% | −1.5 pts | 13.9% | 10.8% |
Since launch (30 Jul 2014): 12.7%
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
2.32%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.87%
- 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 | 3.13 | 4.92 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 1.20 | 0.97 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.45 | 0.62 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.68 | 0.84 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 20.74 | 15.96 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
HSBC Business Cycles Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity98.1%
- Other1.9%
Market cap split
- Large40.4%
- Mid18.6%
- Small41.0%
- P/E
- 31.71
- P/B
- 3.93
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 5.33% | ₹62.78 Cr | +5.52% | +5.25% | +5.13% |
| MTAR Technologies Ltd. | Capital Goods | 3.90% | ₹45.92 Cr | +3.80% | +2.09% | — |
| Interglobe Aviation Ltd. | Services | 3.38% | ₹39.87 Cr | +2.50% | +1.82% | +1.00% |
| HDFC Bank Ltd. | Financial | 2.97% | ₹34.98 Cr | +3.33% | +3.70% | +4.20% |
| Reliance Industries Ltd. | Energy | 2.58% | ₹30.47 Cr | +2.81% | +5.53% | +4.90% |
| Hindustan Aeronautics Ltd. | Capital Goods | 2.53% | ₹29.78 Cr | +2.36% | +2.28% | +2.71% |
| RBL Bank Ltd. | Financial | 2.43% | ₹28.64 Cr | +2.22% | +2.11% | — |
| ICICI Prudential Asset Management Company Ltd. | Financial | 2.26% | ₹26.69 Cr | +2.39% | +2.44% | — |
| Bharat Electronics Ltd. | Capital Goods | 2.22% | ₹26.18 Cr | +2.35% | +2.77% | +2.44% |
| Larsen & Toubro Ltd. | Construction | 2.12% | ₹25.00 Cr | +2.33% | +2.39% | +2.18% |
| GE Vernova T&D India Ltd | Capital Goods | 2.10% | ₹24.79 Cr | +2.47% | +2.20% | +1.56% |
| Kotak Mahindra Bank Ltd. | Financial | 1.95% | ₹23.00 Cr | +1.83% | +2.00% | +1.97% |
| Others | Others | 1.88% | ₹21.62 Cr | -1.08% | +0.18% | -0.26% |
| APL Apollo Tubes Ltd. | Metals & Mining | 1.86% | ₹21.90 Cr | +1.51% | +0.99% | — |
| State Bank of India | Financial | 1.86% | ₹21.95 Cr | +1.99% | +2.29% | +1.79% |
| Multi Commodity Exchange Of India Ltd. | Services | 1.85% | ₹21.78 Cr | +1.58% | +3.08% | +4.96% |
| PNB Housing Finance Ltd. | Financial | 1.85% | ₹21.80 Cr | +1.71% | +1.50% | +1.19% |
| Electronics Mart India Ltd. | Services | 1.83% | ₹21.60 Cr | +1.49% | +0.77% | +0.82% |
| Ultratech Cement Ltd. | Materials | 1.82% | ₹21.47 Cr | +1.86% | +2.16% | +2.14% |
| Eternal Ltd. | Services | 1.74% | ₹20.56 Cr | +1.44% | +2.09% | +1.87% |
| TVS Motor Company Ltd. | Automobile | 1.74% | ₹20.53 Cr | +1.46% | +1.72% | +1.54% |
| Paradeep Phosphates Ltd. | Chemicals | 1.70% | ₹20.07 Cr | +1.50% | +1.43% | — |
| Motilal Oswal Financial Services Ltd. | Financial | 1.69% | ₹19.88 Cr | +1.61% | +1.30% | +1.32% |
| Jyoti CNC Automation Ltd. | Capital Goods | 1.63% | ₹19.26 Cr | +1.21% | +1.15% | +1.18% |
| Dhoot Transmission Ltd. | Capital Goods | 1.45% | ₹17.12 Cr | — | — | — |
| Sterlite Technologies Ltd. | Communication | 1.42% | ₹16.69 Cr | +0.52% | — | — |
| Swiggy Ltd. | Services | 1.35% | ₹15.94 Cr | +1.29% | +1.70% | +2.41% |
| ABB India Ltd. | Capital Goods | 1.30% | ₹15.31 Cr | +1.34% | +1.37% | +1.51% |
| Piramal Finance Ltd. | Financial | 1.30% | ₹15.33 Cr | +1.37% | +1.41% | — |
| Ahluwalia Contracts (India) Ltd. | Construction | 1.28% | ₹15.12 Cr | +1.99% | +1.84% | +2.45% |
| R R Kabel Ltd. | Consumer Discretionary | 1.28% | ₹15.11 Cr | +0.61% | — | — |
| Time Technoplast Ltd. | Materials | 1.27% | ₹15.03 Cr | +1.25% | +1.34% | +1.55% |
| Indo Count Industries Ltd. | Textiles | 1.22% | ₹14.42 Cr | +1.16% | +0.80% | +0.76% |
| Canara Robeco Asset Management Company Ltd. | Financial | 1.21% | ₹14.22 Cr | +1.32% | +1.41% | — |
| Pine Labs Ltd. | Financial | 1.19% | ₹13.99 Cr | +1.08% | +0.75% | — |
| Prudent Corporate Advisory Services Ltd. | Financial | 1.19% | ₹14.08 Cr | +1.14% | +0.67% | — |
| Gujarat Fluorochemicals Ltd. | Chemicals | 1.18% | ₹13.92 Cr | +1.06% | +0.98% | +1.05% |
| Meesho Ltd. | Services | 1.16% | ₹13.67 Cr | — | — | — |
| Shadowfax Technologies Ltd. | Services | 1.15% | ₹13.56 Cr | +0.93% | +0.57% | — |
| FSN E-Commerce Ventures Ltd. | Services | 1.14% | ₹13.44 Cr | +1.10% | — | — |
| Amber Enterprises India Ltd. | Consumer Discretionary | 1.13% | ₹13.35 Cr | +1.27% | +1.34% | +1.45% |
| Blue Star Ltd. | Consumer Discretionary | 1.13% | ₹13.30 Cr | +1.21% | +1.44% | +1.47% |
| Titan Company Ltd. | Consumer Discretionary | 1.13% | ₹13.30 Cr | +1.08% | +1.17% | +0.87% |
| Power Mech Projects Ltd. | Construction | 1.12% | ₹13.23 Cr | +1.24% | +0.94% | +2.20% |
| Titagarh Rail Systems Ltd. | Automobile | 1.12% | ₹13.16 Cr | +1.20% | +0.95% | — |
| Billionbrains Garage Ventures Ltd. | Financial | 1.10% | ₹13.02 Cr | +0.53% | — | — |
| Nippon Life India Asset Management Ltd. | Financial | 1.09% | ₹12.84 Cr | +1.47% | — | — |
| PB Fintech Ltd. | Services | 1.08% | ₹12.68 Cr | +1.64% | +1.74% | +1.81% |
| Gokaldas Exports Ltd. | Textiles | 1.03% | ₹12.14 Cr | +1.30% | +1.05% | +1.14% |
| Maruti Suzuki India Ltd. | Automobile | 1.02% | ₹11.97 Cr | +1.19% | — | — |
| Mold-Tek Packaging Ltd. | Materials | 1.02% | ₹12.07 Cr | +1.11% | +0.88% | +1.19% |
| PTC Industries Ltd. | Metals & Mining | 0.94% | ₹11.10 Cr | — | — | — |
| Home First Finance Company India Ltd. | Financial | 0.93% | ₹10.97 Cr | +0.72% | +0.46% | — |
| Wakefit Innovations Ltd. | Consumer Discretionary | 0.90% | ₹10.58 Cr | +0.77% | +1.15% | — |
| Tata Motors Ltd. | Automobile | 0.89% | ₹10.54 Cr | +0.89% | +1.21% | — |
| Sobha Ltd. | Construction | 0.85% | ₹10.04 Cr | +0.96% | +1.00% | +1.13% |
| Lenskart Solutions Ltd. | Consumer Discretionary | 0.80% | ₹9.47 Cr | +0.60% | +0.71% | — |
| Optiemus Infracom Ltd. | Services | 0.76% | ₹8.96 Cr | — | — | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 0.73% | ₹8.59 Cr | +0.80% | +0.74% | +0.76% |
| Devyani International Ltd. | Services | 0.72% | ₹8.46 Cr | +0.61% | +0.63% | +0.98% |
| Diamond Power Infrastructure Ltd. | Capital Goods | 0.68% | ₹8.00 Cr | — | — | — |
| Pitti Engineering Ltd. | Capital Goods | 0.57% | ₹6.76 Cr | +0.49% | +0.42% | +0.53% |
| Aditya Infotech Ltd. | Communication | 0.55% | ₹6.54 Cr | — | — | — |
| JSW Steel Ltd. | Metals & Mining | 0.53% | ₹6.27 Cr | +0.52% | — | — |
| Apar Industries Ltd. | Consumer Staples | 0.51% | ₹5.98 Cr | — | — | — |
| Indian Hume Pipe Company Ltd. | Materials | 0.49% | ₹5.81 Cr | +0.93% | +0.96% | +1.07% |
| HDFC Asset Management Company Ltd. | Financial | 0.48% | ₹5.70 Cr | — | — | — |
| Amara Raja Energy & Mobility Ltd | Capital Goods | 0.38% | ₹4.53 Cr | +0.43% | +0.41% | +0.53% |
| Ganesha Ecosphere Ltd. | Textiles | 0.38% | ₹4.49 Cr | +0.34% | +0.39% | +0.47% |
| Bharat Bijlee Ltd. | Capital Goods | 0.32% | ₹3.73 Cr | +0.43% | +0.38% | +0.50% |
| Awfis Space Solutions Ltd. | Services | 0.31% | ₹3.66 Cr | +0.38% | +0.12% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Meesho Ltd. | 0.00% | 1.16% | +1.16% |
| Hindalco Industries Ltd. | 0.99% | 0.00% | -0.99% |
| PTC Industries Ltd. | 0.00% | 0.94% | +0.94% |
| Dhoot Transmission Ltd. | 0.60% | 1.45% | +0.85% |
| PB Fintech Ltd. | 1.82% | 1.08% | -0.74% |
| Kajaria Ceramics Ltd. | 0.68% | 0.00% | -0.68% |
| Interglobe Aviation Ltd. | 2.77% | 3.38% | +0.61% |
| Aditya Infotech Ltd. | 0.00% | 0.55% | +0.55% |
| Indian Hume Pipe Company Ltd. | 1.03% | 0.49% | -0.54% |
| MTAR Technologies Ltd. | 3.37% | 3.90% | +0.53% |
| Apar Industries Ltd. | 0.14% | 0.51% | +0.37% |
| Sterlite Technologies Ltd. | 1.09% | 1.42% | +0.33% |
| PG Electroplast Ltd. | 0.32% | 0.00% | -0.32% |
| ICICI Bank Ltd. | 5.62% | 5.33% | -0.29% |
| Electronics Mart India Ltd. | 1.55% | 1.83% | +0.28% |
| RBL Bank Ltd. | 2.20% | 2.43% | +0.23% |
| Optiemus Infracom Ltd. | 0.55% | 0.76% | +0.21% |
| Prudent Corporate Advisory Services Ltd. | 1.35% | 1.19% | -0.16% |
| Billionbrains Garage Ventures Ltd. | 0.95% | 1.10% | +0.15% |
| R R Kabel Ltd. | 1.43% | 1.28% | -0.15% |
| ICICI Prudential Asset Management Company Ltd. | 2.12% | 2.26% | +0.14% |
| Jyoti CNC Automation Ltd. | 1.50% | 1.63% | +0.13% |
| Shadowfax Technologies Ltd. | 1.02% | 1.15% | +0.13% |
| Canara Robeco Asset Management Company Ltd. | 1.33% | 1.21% | -0.12% |
| HDFC Bank Ltd. | 2.85% | 2.97% | +0.12% |
| Amber Enterprises India Ltd. | 1.24% | 1.13% | -0.11% |
| State Bank of India | 1.97% | 1.86% | -0.11% |
| Swiggy Ltd. | 1.46% | 1.35% | -0.11% |
| Others | -0.22% | -0.12% | +0.10% |
| ABB India Ltd. | 1.40% | 1.30% | -0.10% |
| Ahluwalia Contracts (India) Ltd. | 1.38% | 1.28% | -0.10% |
| Pine Labs Ltd. | 1.09% | 1.19% | +0.10% |
| Piramal Finance Ltd. | 1.40% | 1.30% | -0.10% |
| Gokaldas Exports Ltd. | 1.12% | 1.03% | -0.09% |
| Blue Star Ltd. | 1.04% | 1.13% | +0.09% |
| Reliance Industries Ltd. | 2.67% | 2.58% | -0.09% |
| Maruti Suzuki India Ltd. | 1.10% | 1.02% | -0.08% |
| Cholamandalam Investment and Finance Company Ltd. | 0.80% | 0.73% | -0.07% |
| Kotak Mahindra Bank Ltd. | 1.88% | 1.95% | +0.07% |
| Titan Company Ltd. | 1.20% | 1.13% | -0.07% |
| Tata Motors Ltd. | 0.96% | 0.89% | -0.07% |
| Larsen & Toubro Ltd. | 2.19% | 2.12% | -0.07% |
| Amara Raja Energy & Mobility Ltd | 0.44% | 0.38% | -0.06% |
| APL Apollo Tubes Ltd. | 1.81% | 1.86% | +0.05% |
| FSN E-Commerce Ventures Ltd. | 1.19% | 1.14% | -0.05% |
| HDFC Asset Management Company Ltd. | 0.53% | 0.48% | -0.05% |
| Lenskart Solutions Ltd. | 0.75% | 0.80% | +0.05% |
| Titagarh Rail Systems Ltd. | 1.07% | 1.12% | +0.05% |
| Bharat Electronics Ltd. | 2.27% | 2.22% | -0.05% |
| Nippon Life India Asset Management Ltd. | 1.14% | 1.09% | -0.05% |
| Diamond Power Infrastructure Ltd. | 0.64% | 0.68% | +0.04% |
| Pitti Engineering Ltd. | 0.53% | 0.57% | +0.04% |
| Hindustan Aeronautics Ltd. | 2.49% | 2.53% | +0.04% |
| Gujarat Fluorochemicals Ltd. | 1.21% | 1.18% | -0.03% |
| Mold-Tek Packaging Ltd. | 1.05% | 1.02% | -0.03% |
| PNB Housing Finance Ltd. | 1.82% | 1.85% | +0.03% |
| Power Mech Projects Ltd. | 1.09% | 1.12% | +0.03% |
| TVS Motor Company Ltd. | 1.77% | 1.74% | -0.03% |
| GE Vernova T&D India Ltd | 2.13% | 2.10% | -0.03% |
| Bharat Bijlee Ltd. | 0.34% | 0.32% | -0.02% |
| Eternal Ltd. | 1.72% | 1.74% | +0.02% |
| Indo Count Industries Ltd. | 1.20% | 1.22% | +0.02% |
| Multi Commodity Exchange Of India Ltd. | 1.83% | 1.85% | +0.02% |
| Time Technoplast Ltd. | 1.25% | 1.27% | +0.02% |
| Wakefit Innovations Ltd. | 0.88% | 0.90% | +0.02% |
| Awfis Space Solutions Ltd. | 0.32% | 0.31% | -0.01% |
| Devyani International Ltd. | 0.73% | 0.72% | -0.01% |
| Ganesha Ecosphere Ltd. | 0.37% | 0.38% | +0.01% |
| Motilal Oswal Financial Services Ltd. | 1.70% | 1.69% | -0.01% |
| Paradeep Phosphates Ltd. | 1.69% | 1.70% | +0.01% |
| Sobha Ltd. | 0.84% | 0.85% | +0.01% |
| Ultratech Cement Ltd. | 1.83% | 1.82% | -0.01% |
| Home First Finance Company India Ltd. | 0.94% | 0.93% | -0.01% |
| JSW Steel Ltd. | 0.53% | 0.53% | 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% | 6.1% | 8.3% | 14.9% |
 ICICI Prudential Business Cycle Fund | ₹14,889 Cr | 1.86% | 3.5% | 6.8% | 13.3% |
 Franklin India Opportunities Fund | ₹9,577 Cr | 2.08% | -0.7% | 5.4% | 15.7% |
 Kotak Business Cycle Fund | ₹3,414 Cr | 2.02% | 13.8% | 10.7% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,357 Cr | 2.26% | 14.0% | 13.2% | 15.6% |
 Mahindra Manulife Business Cycle Fund | ₹1,291 Cr | 2.42% | -0.1% | 5.3% | — |
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
- Dipan S. ParikhMr. Parikh has done B.ComHe has been working with HSBC Mutual Fund since 2006
- 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 months0.55% absolute | ₹60,000 | ₹60,330 | 0.55% | |
| 1 year1.70% annualised | ₹1,20,000 | ₹1,21,111 | 0.93% | |
| 3 years14.80% annualised | ₹3,60,000 | ₹4,55,306 | 26.47% | |
| 5 years12.49% annualised | ₹6,00,000 | ₹8,36,118 | 39.35% |
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 ₹43.01 as on 6 Nov 2026.
What is the expense ratio of HSBC Business Cycles Fund?
The expense ratio of HSBC Business Cycles Fund is 2.36% 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 6.8% over 1 year, 5.8% over 3 years and 12.4% 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 ₹1,58,065 Cr under management.