ICICI Prudential Business Cycle Fund
- NAV as on 25 Sep 2026
- ₹23.82+0.55%1 day
- Return since launch
- 16.5%
- 52-week range
- ₹22.35 — ₹26.08
- AUM
- ₹15,873 Cr
ICICI Prudential Business Cycle Fund is a Equity Opportunities equity fund from ICICI Prudential Mutual Fund with ₹15,873 Cr under management, launched in 2020. Over three years it has returned 4.3% a year, against 13.4% for its category. The expense ratio is 1.83% and the SEBI riskometer reading is Very High.
Performance
ICICI Prudential Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned -3.2% 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 | -7.5% | −13.6 pts | 6.1% | 1.5% |
| 2Y | -0.3% | −5.9 pts | 5.6% | 1.0% |
| 3Y | 4.3% | −9.1 pts | 13.4% | 3.3% |
| 5Y | 12.0% | −1.4 pts | 13.4% | 9.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -4.5% | −2.2 pts | -2.3% | -2.6% |
| 3M | -3.8% | −5.8 pts | 2.0% | 0.9% |
| 6M | 4.2% | −11.6 pts | 15.8% | 12.8% |
| 1Y | -3.2% | −9.3 pts | 6.1% | 0.1% |
| 2Y | -1.1% | −0.2 pts | -0.9% | -4.3% |
| 3Y | 13.6% | +0.2 pts | 13.4% | 10.1% |
| 5Y | 13.5% | +0.1 pts | 13.4% | 10.5% |
Since launch (29 Dec 2020): 16.5%
Calendar-year returns
Category averageShow as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 15.6% | +12.4 pts | 3.2% |
| 2024 | 20.0% | −3.2 pts | 23.3% |
| 2023 | 32.8% | −2.5 pts | 35.3% |
| 2022 | 10.3% | +0.6 pts | 9.7% |
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
1.83%
Expense ratio as on 24 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.43%
- Brokerage
- 0.04%
- Transaction charges
- 0.00%
- Statutory levies
- 0.36%
- Exit load
- Exit load of 1% if redeemed within 1 month
- 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.
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 | 4.01 | 5.08 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.89 | 1.04 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.72 | 0.73 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.91 | 0.97 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 14.05 | 16.98 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
ICICI Prudential Business Cycle Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity97.2%
- Debt1.0%
- Other1.9%
Market cap split
- Large77.2%
- Mid15.1%
- Small7.7%
- P/E
- 24.44
- P/B
- 3.27
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| HDFC Bank Ltd. | Financial | 8.98% | ₹1,426 Cr | +9.24% | +9.41% | +9.49% |
| ICICI Bank Ltd. | Financial | 7.67% | ₹1,217 Cr | +7.17% | +7.67% | -1.11% |
| Reliance Industries Ltd. | Energy | 5.36% | ₹850 Cr | +5.46% | +5.30% | -2.41% |
| Larsen & Toubro Ltd. | Construction | 4.92% | ₹781 Cr | +7.12% | +6.92% | +6.86% |
| Maruti Suzuki India Ltd. | Automobile | 4.20% | ₹666 Cr | +4.09% | +3.66% | +4.27% |
| Kotak Mahindra Bank Ltd. | Financial | 3.86% | ₹613 Cr | +3.30% | — | — |
| Axis Bank Ltd. | Financial | 3.53% | ₹560 Cr | +6.81% | +8.87% | +7.48% |
| DLF Ltd. | Construction | 3.12% | ₹496 Cr | +2.68% | +2.35% | +1.99% |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Others | 2.90% | ₹460 Cr | +3.05% | +3.06% | +3.28% |
| HDFC Life Insurance Co Ltd. | Insurance | 2.88% | ₹457 Cr | +2.89% | +2.31% | +1.63% |
| Bharti Airtel Ltd. | Communication | 2.88% | ₹456 Cr | +3.12% | +2.67% | +3.21% |
| Mahindra & Mahindra Ltd. | Automobile | 2.76% | ₹438 Cr | +1.83% | +1.78% | -0.94% |
| Ultratech Cement Ltd. | Materials | 2.71% | ₹431 Cr | +2.89% | +3.21% | +3.72% |
| Hero Motocorp Ltd. | Automobile | 2.38% | ₹378 Cr | +2.07% | +2.57% | +2.83% |
| NTPC Ltd. | Energy | 2.17% | ₹345 Cr | +2.83% | +3.42% | +2.77% |
| Hyundai Motor India Ltd. | Automobile | 2.10% | ₹333 Cr | +1.84% | +0.89% | +0.57% |
| State Bank of India | Financial | 2.04% | ₹324 Cr | — | — | — |
| Prestige Estates Projects Ltd. | Construction | 2.01% | ₹319 Cr | +1.61% | +1.19% | +1.03% |
| Asian Paints Ltd. | Materials | 1.87% | ₹297 Cr | +2.24% | +1.94% | +1.46% |
| Interglobe Aviation Ltd. | Services | 1.87% | ₹297 Cr | +1.73% | +1.66% | +1.41% |
| Others | Others | 1.86% | ₹295 Cr | +0.67% | +1.02% | +0.73% |
| SBI Life Insurance Company Ltd. | Insurance | 1.62% | ₹256 Cr | +1.71% | +1.67% | +1.07% |
| Trent Ltd. | Services | 1.47% | ₹233 Cr | +1.35% | +0.83% | — |
| Info Edge (India) Ltd. | Services | 1.36% | ₹216 Cr | +0.96% | +0.94% | +0.46% |
| Hindustan Aeronautics Ltd. | Capital Goods | 1.35% | ₹214 Cr | +1.47% | +0.97% | — |
| ICICI Prudential Life Insurance Company Ltd. | Insurance | 1.15% | ₹182 Cr | +1.09% | +1.08% | +1.22% |
| ICICI Lombard General Insurance Company Ltd. | Insurance | 1.12% | ₹178 Cr | +0.71% | +0.48% | — |
| Shree Cement Ltd. | Materials | 1.00% | ₹159 Cr | +1.10% | +0.96% | +0.60% |
| Ashok Leyland Ltd. | Automobile | 1.00% | ₹158 Cr | +0.67% | +0.88% | +0.63% |
| Cummins India Ltd. | Capital Goods | 0.96% | ₹152 Cr | +1.20% | +2.43% | +3.32% |
| Siemens Ltd. | Capital Goods | 0.83% | ₹132 Cr | +0.89% | +0.77% | +0.57% |
| Triveni Turbine Ltd. | Construction | 0.75% | ₹119 Cr | +0.97% | +0.56% | +0.21% |
| Tata Motors Ltd. | Automobile | 0.74% | ₹117 Cr | +0.11% | +0.14% | — |
| HDFC Asset Management Company Ltd. | Financial | 0.73% | ₹115 Cr | +0.74% | +0.73% | +1.15% |
| ABB India Ltd. | Capital Goods | 0.72% | ₹115 Cr | +0.73% | +0.73% | +0.46% |
| Atul Ltd. | Chemicals | 0.65% | ₹103 Cr | +0.61% | +0.54% | +0.45% |
| Page Industries Ltd. | Textiles | 0.55% | ₹87.79 Cr | +0.99% | +0.95% | +0.82% |
| Avenue Supermarts Ltd. | Services | 0.55% | ₹86.67 Cr | — | — | — |
| Oberoi Realty Ltd. | Construction | 0.54% | ₹85.37 Cr | +0.53% | +0.46% | — |
| Godrej Consumer Products Ltd. | Consumer Staples | 0.53% | ₹83.95 Cr | +0.93% | — | — |
| PI Industries Ltd. | Chemicals | 0.52% | ₹82.07 Cr | +0.52% | +0.52% | +0.21% |
| Gujarat Pipavav Port Ltd. | Services | 0.52% | ₹82.06 Cr | +0.58% | +0.63% | +0.53% |
| Aarti Industries Ltd. | Chemicals | 0.50% | ₹79.95 Cr | +0.46% | +0.30% | +0.30% |
| Supreme Industries Ltd. | Materials | 0.50% | ₹78.71 Cr | +0.28% | +0.31% | — |
| NHPC Ltd. | Energy | 0.48% | ₹75.69 Cr | +0.63% | +0.59% | +0.71% |
| Hindustan Unilever Ltd. | Consumer Staples | 0.48% | ₹75.41 Cr | +0.51% | — | — |
| SKF India (Industrial) Ltd. | Capital Goods | 0.42% | ₹66.49 Cr | +0.31% | +0.35% | — |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | Chemicals | 0.38% | ₹60.75 Cr | +0.34% | +0.30% | +0.41% |
| Swiggy Ltd. | Services | 0.38% | ₹59.67 Cr | +0.34% | +0.34% | — |
| SKF India Ltd. | Capital Goods | 0.37% | ₹58.87 Cr | +0.39% | +0.24% | +0.73% |
| Ambuja Cements Ltd. | Materials | 0.36% | ₹56.68 Cr | +0.25% | — | +0.27% |
| Arvind Fashions Ltd. | Textiles | 0.33% | ₹51.69 Cr | — | — | — |
| Affle 3I Ltd. | Technology | 0.30% | ₹48.18 Cr | +0.28% | +0.24% | +0.39% |
| Indian Energy Exchange Ltd. | Services | 0.29% | ₹46.00 Cr | +0.31% | +0.30% | +0.62% |
| Go Digit General Insurance Ltd. | Insurance | 0.28% | ₹44.92 Cr | +0.31% | — | — |
| Britannia Industries Ltd. | Consumer Staples | 0.28% | ₹43.70 Cr | +0.62% | — | — |
| TVS Holdings Ltd. | Automobile | 0.26% | ₹40.77 Cr | +0.26% | +0.29% | +0.26% |
| Care Ratings Ltd. | Services | 0.25% | ₹40.23 Cr | +0.24% | +0.22% | — |
| Indiamart Intermesh Ltd. | Services | 0.25% | ₹40.08 Cr | +0.29% | +0.30% | — |
| Ingersoll-Rand (India) Ltd. | Capital Goods | 0.25% | ₹39.34 Cr | +0.55% | +0.52% | +0.53% |
| Siemens Energy India Ltd. | Energy | 0.25% | ₹39.33 Cr | +0.41% | — | — |
| LIC Housing Finance Ltd. | Financial | 0.22% | ₹34.54 Cr | +0.43% | +0.43% | — |
| UTI Asset Management Company Ltd. | Financial | 0.18% | ₹28.79 Cr | +0.20% | +0.20% | — |
| company:5765 | Insurance | 0.17% | ₹27.48 Cr | — | +0.43% | +0.07% |
| Tata Chemicals Ltd. | Chemicals | 0.16% | ₹24.95 Cr | +0.28% | +0.27% | — |
| Reserve Bank of India | Financial | 0.14% | ₹22.95 Cr | +0.31% | +0.31% | +0.12% |
| Sundaram Finance Ltd. | Financial | 0.14% | ₹22.48 Cr | +0.04% | +0.02% | — |
| Can Fin Homes Ltd. | Financial | 0.13% | ₹20.05 Cr | +0.12% | +0.11% | — |
| Automotive Axles Ltd. | Automobile | 0.12% | ₹19.55 Cr | +0.12% | +0.14% | +0.14% |
| Bank Of Baroda | Financial | 0.10% | ₹15.88 Cr | +0.11% | +0.13% | +0.66% |
| Birla Corporation Ltd. | Materials | 0.10% | ₹15.11 Cr | +0.11% | +0.11% | +0.26% |
| PNB Housing Finance Ltd. | Financial | 0.09% | ₹15.03 Cr | +0.09% | +0.02% | — |
| Tata Motors Passenger Vehicles Ltd. | Automobile | 0.09% | ₹13.97 Cr | +0.11% | +0.11% | +0.27% |
| Carborundum Universal Ltd. | Metals & Mining | 0.08% | ₹12.60 Cr | +0.07% | — | — |
| ZF Commercial Vehicle Control Systems India Ltd. | Automobile | 0.06% | ₹9.88 Cr | — | — | — |
| Brigade Enterprises Ltd. | Construction | 0.05% | ₹7.60 Cr | — | — | — |
| GSPL Transmission Ltd. | Energy | 0.02% | ₹3.11 Cr | — | — | — |
| Sobha Ltd. | Construction | 0.01% | ₹1.35 Cr | +0.17% | +0.18% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Bharti Airtel Ltd. | 3.39% | 2.88% | -0.51% |
| Kotak Mahindra Bank Ltd. | 3.54% | 3.86% | +0.32% |
| Others | 0.47% | 0.16% | -0.31% |
| Larsen & Toubro Ltd. | 5.21% | 4.92% | -0.29% |
| HDFC Bank Ltd. | 9.24% | 8.98% | -0.26% |
| ICICI Lombard General Insurance Company Ltd. | 0.88% | 1.12% | +0.24% |
| Hindustan Aeronautics Ltd. | 1.56% | 1.35% | -0.21% |
| Cummins India Ltd. | 0.76% | 0.96% | +0.20% |
| Ingersoll-Rand (India) Ltd. | 0.44% | 0.25% | -0.19% |
| DLF Ltd. | 2.93% | 3.12% | +0.19% |
| company:5765 | 0.00% | 0.17% | +0.17% |
| Maruti Suzuki India Ltd. | 4.34% | 4.20% | -0.14% |
| Hero Motocorp Ltd. | 2.51% | 2.38% | -0.13% |
| Avenue Supermarts Ltd. | 0.43% | 0.55% | +0.12% |
| Asian Paints Ltd. | 1.99% | 1.87% | -0.12% |
| Arvind Fashions Ltd. | 0.21% | 0.33% | +0.12% |
| Shree Cement Ltd. | 1.11% | 1.00% | -0.11% |
| Interglobe Aviation Ltd. | 1.98% | 1.87% | -0.11% |
| SBI Life Insurance Company Ltd. | 1.72% | 1.62% | -0.10% |
| NTPC Ltd. | 2.27% | 2.17% | -0.10% |
| Axis Bank Ltd. | 2.00% | 2.09% | +0.09% |
| HDFC Life Insurance Co Ltd. | 2.79% | 2.88% | +0.09% |
| PI Industries Ltd. | 0.59% | 0.52% | -0.07% |
| NHPC Ltd. | 0.55% | 0.48% | -0.07% |
| Gujarat Energy Ltd. | 0.07% | 0.00% | -0.07% |
| Info Edge (India) Ltd. | 1.29% | 1.36% | +0.07% |
| State Bank of India | 1.97% | 2.04% | +0.07% |
| Ashok Leyland Ltd. | 0.93% | 1.00% | +0.07% |
| Siemens Ltd. | 0.77% | 0.83% | +0.07% |
| Godrej Consumer Products Ltd. | 0.25% | 0.31% | +0.07% |
| Tata Motors Ltd. | 0.68% | 0.74% | +0.06% |
| Ultratech Cement Ltd. | 2.78% | 2.71% | -0.06% |
| Page Industries Ltd. | 0.61% | 0.55% | -0.06% |
| Britannia Industries Ltd. | 0.34% | 0.28% | -0.06% |
| Xtrackers Harvest CSI 300 China A-Shares ETF | 2.84% | 2.90% | +0.06% |
| Hyundai Motor India Ltd. | 2.04% | 2.10% | +0.06% |
| Mahindra & Mahindra Ltd. | 2.81% | 2.76% | -0.05% |
| Prestige Estates Projects Ltd. | 1.96% | 2.01% | +0.05% |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 0.33% | 0.38% | +0.05% |
| Tata Chemicals Ltd. | 0.20% | 0.16% | -0.05% |
| Siemens Energy India Ltd. | 0.29% | 0.25% | -0.05% |
| Reliance Industries Ltd. | 5.40% | 5.36% | -0.04% |
| Aarti Industries Ltd. | 0.46% | 0.50% | +0.04% |
| SKF India (Industrial) Ltd. | 0.38% | 0.42% | +0.04% |
| ICICI Bank Ltd. | 7.63% | 7.67% | +0.04% |
| Gujarat Pipavav Port Ltd. | 0.54% | 0.52% | -0.02% |
| Atul Ltd. | 0.68% | 0.65% | -0.02% |
| TVS Holdings Ltd. | 0.28% | 0.26% | -0.02% |
| Indian Energy Exchange Ltd. | 0.31% | 0.29% | -0.02% |
| SKF India Ltd. | 0.35% | 0.37% | +0.02% |
| Ambuja Cements Ltd. | 0.38% | 0.36% | -0.02% |
| ICICI Prudential Life Insurance Company Ltd. | 1.13% | 1.15% | +0.02% |
| Supreme Industries Ltd. | 0.48% | 0.50% | +0.02% |
| Oberoi Realty Ltd. | 0.52% | 0.54% | +0.02% |
| Triveni Turbine Ltd. | 0.77% | 0.75% | -0.02% |
| Hindustan Unilever Ltd. | 0.49% | 0.48% | -0.01% |
| HDFC Asset Management Company Ltd. | 0.71% | 0.73% | +0.01% |
| PNB Housing Finance Ltd. | 0.09% | 0.09% | +0.01% |
| LIC Housing Finance Ltd. | 0.12% | 0.13% | +0.01% |
| Go Digit General Insurance Ltd. | 0.28% | 0.28% | +0.01% |
| Tata Motors Passenger Vehicles Ltd. | 0.10% | 0.09% | -0.01% |
| Affle 3I Ltd. | 0.30% | 0.30% | +0.01% |
| Care Ratings Ltd. | 0.25% | 0.25% | +0.01% |
| Brigade Enterprises Ltd. | 0.04% | 0.05% | +0.01% |
| Carborundum Universal Ltd. | 0.08% | 0.08% | 0.00% |
| UTI Asset Management Company Ltd. | 0.19% | 0.18% | 0.00% |
| ZF Commercial Vehicle Control Systems India Ltd. | 0.06% | 0.06% | 0.00% |
| Automotive Axles Ltd. | 0.13% | 0.12% | 0.00% |
| Reserve Bank of India | 0.14% | 0.14% | 0.00% |
| Indiamart Intermesh Ltd. | 0.25% | 0.25% | 0.00% |
| Trent Ltd. | 0.11% | 0.10% | 0.00% |
| Can Fin Homes Ltd. | 0.13% | 0.13% | 0.00% |
| Swiggy Ltd. | 0.37% | 0.38% | 0.00% |
| Sundaram Finance Ltd. | 0.14% | 0.14% | 0.00% |
| ABB India Ltd. | 0.72% | 0.72% | 0.00% |
| Sobha Ltd. | 0.01% | 0.01% | 0.00% |
| Birla Corporation Ltd. | 0.10% | 0.10% | 0.00% |
| GSPL Transmission Ltd. | 0.02% | 0.02% | 0.00% |
| Bank Of Baroda | 0.10% | 0.10% | 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% |
| ₹9,717 Cr | 2.09% | 7.4% | 9.7% | 18.4% | |
| ₹3,509 Cr | 2.05% | 11.2% | 10.5% | — | |
| ₹1,364 Cr | 2.42% | 2.3% | 7.2% | — | |
| ₹1,279 Cr | 2.29% | 14.1% | 13.7% | 15.8% | |
| ₹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 generate long-term capital appreciation by investing with focus on riding business cycles through allocation between sectors and stocks at different stages of business cycles.
Fund managers
- Manan TijoriwalaChartered Accountant, Chartered Financial Analyst (CFA - all three levels) and Postgraduate Programme in Management (PGP) from the Indian School of Business.Prior to joining the ICICI Pru AMC, he was associated with Proud Securities and Credits Private Ltd, ICICI Bank Ltd.
- Manish BanthiaMr. Banthia is B.Com, CA and MBAHe is associated with ICICI Prudential Asset Management Company since Oct 2005, ICICI Prudential AMC - Fixed Income Investments - Aug 2007 to Oct 2009, ICICI Prudential AMC - New Product Development - Oct 2005 to Jul 2007, Aditya Birla Nuvo Ltd. - From May 2005 to Oct 2005, Aditya Birla Management Corporation Ltd. - From May 2004 to May 2005.
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 months4.20% absolute | ₹60,000 | ₹62,520 | 4.20% | |
| 1 year−3.21% annualised | ₹1,20,000 | ₹1,17,934 | −1.72% | |
| 3 years13.64% annualised | ₹3,60,000 | ₹4,46,788 | 24.11% | |
| 5 years13.53% annualised | ₹6,00,000 | ₹8,60,637 | 43.44% |
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.