HomeOur StoryMethodologyLearnFAQs

ICICI Prudential Business Cycle Fund

Equity OpportunitiesVery HighOPEN-ENDED
Invest Now
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

Returns

How the fund has done against its category and its benchmark.

Trailing returns
PeriodFundvs categoryCategoryBenchmark
1Y-7.5%−13.6 pts6.1%1.5%
2Y-0.3%−5.9 pts5.6%1.0%
3Y4.3%−9.1 pts13.4%3.3%
5Y12.0%−1.4 pts13.4%9.6%

Fund against category

1Y
Fund-7.5%
Category6.1%
3Y
Fund4.3%
Category13.4%
5Y
Fund12.0%
Category13.4%

Since launch (29 Dec 2020): 16.5%

Calendar-year returns

Category average
Show as a table
Calendar-year returns
PeriodFundvs categoryCategory
202515.6%+12.4 pts3.2%
202420.0%−3.2 pts23.3%
202332.8%−2.5 pts35.3%
202210.3%+0.6 pts9.7%

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.

Very High

Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.

Risk ratios
RatioFundCategory avgRead as
Alpha4.015.08Return earned above what the benchmark alone would have given. Higher is better.
Beta0.891.04How hard the fund moves when the market moves. Under 1 is steadier than the market.
Sharpe0.720.73Return earned for each unit of total risk taken. Higher is better.
Sortino0.910.97Return earned for each unit of downside risk. Higher is better.
Std. deviation14.0516.98How 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

HoldingSectorWeightValue3M chg6M chg1Y chg
HDFC Bank Ltd.Financial8.98%₹1,426 Cr+9.24%+9.41%+9.49%
ICICI Bank Ltd.Financial7.67%₹1,217 Cr+7.17%+7.67%-1.11%
Reliance Industries Ltd.Energy5.36%₹850 Cr+5.46%+5.30%-2.41%
Larsen & Toubro Ltd.Construction4.92%₹781 Cr+7.12%+6.92%+6.86%
Maruti Suzuki India Ltd.Automobile4.20%₹666 Cr+4.09%+3.66%+4.27%
Kotak Mahindra Bank Ltd.Financial3.86%₹613 Cr+3.30%——
Axis Bank Ltd.Financial3.53%₹560 Cr+6.81%+8.87%+7.48%
DLF Ltd.Construction3.12%₹496 Cr+2.68%+2.35%+1.99%
Xtrackers Harvest CSI 300 China A-Shares ETFOthers2.90%₹460 Cr+3.05%+3.06%+3.28%
HDFC Life Insurance Co Ltd.Insurance2.88%₹457 Cr+2.89%+2.31%+1.63%

Sectors

  • Financial28.6%
  • Automobile13.7%
  • Construction11.4%
  • Energy8.3%
  • Insurance7.2%
  • Services6.9%
  • Materials6.5%
  • Capital Goods4.9%

Instruments

  • Repo7.1%
  • Foreign Mutual Funds2.9%
  • Treasury Bills1.0%
  • Cash Margin0.2%

Recent changes

HoldingFromToWeight
Bharti Airtel Ltd.3.39%2.88%-0.51%
Kotak Mahindra Bank Ltd.3.54%3.86%+0.32%
Others0.47%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:57650.00%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 India1.97%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 ETF2.84%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 India0.14%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 Baroda0.10%0.10%0.00%

Compare

Similar funds

The rest of the category, so this fund’s numbers have something to sit against.

FundAUMExpense1Y3Y5Y
Category average₹3,420 Cr2.23%8.6%9.7%15.9%
Franklin India Opportunities Fund₹9,717 Cr2.09%7.4%9.7%18.4%
Kotak Business Cycle Fund₹3,509 Cr2.05%11.2%10.5%—
Mahindra Manulife Business Cycle Fund₹1,364 Cr2.42%2.3%7.2%—
Aditya Birla Sun Life Special Opportunities Fund₹1,279 Cr2.29%14.1%13.7%15.8%
HSBC Business Cycles Fund₹1,229 Cr2.32%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.
Scheme information document

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 pastTotal investmentWould’ve becomeGrowthReturns
6 months4.20% absolute₹60,000₹62,5204.20%
1 year−3.21% annualised₹1,20,000₹1,17,934−1.72%
3 years13.64% annualised₹3,60,000₹4,46,78824.11%
5 years13.53% annualised₹6,00,000₹8,60,63743.44%

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.

What is the NAV of ICICI Prudential Business Cycle Fund?
The NAV of ICICI Prudential Business Cycle Fund is ₹23.82 as on 25 Sep 2026.
What is the expense ratio of ICICI Prudential Business Cycle Fund?
The expense ratio of ICICI Prudential Business Cycle Fund is 1.83% per year.
What is the minimum SIP amount for ICICI Prudential Business Cycle Fund?
You can start a SIP in ICICI Prudential Business Cycle Fund with ₹3,000 a month.
What returns has ICICI Prudential Business Cycle Fund given?
ICICI Prudential Business Cycle Fund has returned -7.5% over 1 year, 4.3% over 3 years and 12.0% over 5 years (annualised).
Is there a lock-in or exit load on ICICI Prudential Business Cycle Fund?
Lock-in: None. Exit load: Exit load of 1% if redeemed within 1 month.
How risky is ICICI Prudential Business Cycle Fund?
ICICI Prudential Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages ICICI Prudential Business Cycle Fund?
ICICI Prudential Business Cycle Fund is managed by ICICI Prudential Mutual Fund, which runs 109 schemes with ₹11,76,218 Cr under management.