ICICI Prudential Business Cycle Fund
- NAV as on 6 Nov 2026
- ₹25.05+1.71%1 day
- Return since launch
- 17.1%
- 52-week range
- ₹22.35 — ₹26.08
- AUM
- ₹14,889 Cr
ICICI Prudential Business Cycle Fund is a Equity Opportunities equity fund from ICICI Prudential Mutual Fund with ₹14,889 Cr under management, launched in 2020. Over three years it has returned 6.8% a year, against 13.6% for its category. The expense ratio is 1.86% 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 -1.0% 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 | 3.5% | 0.0 pts | 3.6% | 4.8% |
| 2Y | 5.0% | −0.5 pts | 5.5% | 2.8% |
| 3Y | 6.8% | −6.8 pts | 13.6% | 3.4% |
| 5Y | 13.3% | +0.5 pts | 12.7% | 9.4% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 7.1% | +5.2 pts | 1.9% | 4.2% |
| 3M | -0.2% | +1.1 pts | -1.4% | -1.5% |
| 6M | 0.6% | −2.6 pts | 3.3% | 3.8% |
| 1Y | -1.0% | −4.6 pts | 3.6% | -1.7% |
| 2Y | 4.6% | +2.9 pts | 1.7% | -0.2% |
| 3Y | 15.3% | +1.6 pts | 13.6% | 10.4% |
| 5Y | 13.7% | +0.9 pts | 12.7% | 9.7% |
Since launch (29 Dec 2020): 17.1%
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
1.86%
Expense ratio as on 5 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.43%
- Brokerage
- 0.04%
- Transaction charges
- 0.01%
- Statutory levies
- 0.38%
- 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 | 3.28 | 5.33 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.89 | 0.99 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.54 | 0.64 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.71 | 0.87 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 14.48 | 16.33 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 4 category peers | |||
Portfolio
ICICI Prudential Business Cycle Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity97.0%
- Debt1.1%
- Other1.9%
Market cap split
- Large76.6%
- Mid15.9%
- Small7.5%
- P/E
- 22.33
- P/B
- 2.96
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| HDFC Bank Ltd. | Financial | 9.57% | ₹1,425 Cr | +9.74% | +9.43% | +9.77% |
| ICICI Bank Ltd. | Financial | 6.70% | ₹998 Cr | +7.68% | +7.57% | +7.73% |
| Axis Bank Ltd. | Financial | 5.76% | ₹857 Cr | +6.97% | +8.40% | +8.31% |
| Reliance Industries Ltd. | Energy | 5.31% | ₹790 Cr | +5.34% | +5.77% | -1.13% |
| Larsen & Toubro Ltd. | Construction | 4.50% | ₹670 Cr | +7.02% | +6.93% | +6.87% |
| Maruti Suzuki India Ltd. | Automobile | 3.95% | ₹589 Cr | +4.30% | +3.67% | +4.04% |
| Kotak Mahindra Bank Ltd. | Financial | 3.44% | ₹512 Cr | +3.30% | +1.95% | — |
| DLF Ltd. | Construction | 3.25% | ₹484 Cr | +2.76% | +2.52% | +1.85% |
| HDFC Life Insurance Co Ltd. | Insurance | 3.18% | ₹473 Cr | +5.58% | +5.09% | +3.88% |
| Bharti Airtel Ltd. | Communication | 2.97% | ₹443 Cr | +3.09% | +2.98% | +3.07% |
| Xtrackers Harvest CSI 300 China A-Shares ETF | Others | 2.95% | ₹440 Cr | +3.01% | +3.43% | +3.30% |
| Ultratech Cement Ltd. | Materials | 2.77% | ₹412 Cr | +2.62% | +3.17% | +3.47% |
| Mahindra & Mahindra Ltd. | Automobile | 2.64% | ₹394 Cr | +2.19% | +1.74% | -0.48% |
| Hero Motocorp Ltd. | Automobile | 2.44% | ₹363 Cr | +2.01% | +2.28% | +2.83% |
| NTPC Ltd. | Energy | 2.28% | ₹340 Cr | +2.55% | +3.74% | +3.06% |
| Interglobe Aviation Ltd. | Services | 2.06% | ₹307 Cr | +1.89% | +1.80% | +1.35% |
| State Bank of India | Financial | 2.00% | ₹298 Cr | — | — | — |
| Prestige Estates Projects Ltd. | Construction | 1.95% | ₹290 Cr | +1.80% | +1.29% | +0.96% |
| Others | Others | 1.92% | ₹286 Cr | +0.65% | +0.74% | +0.70% |
| Hyundai Motor India Ltd. | Automobile | 1.81% | ₹270 Cr | +1.78% | +1.06% | +0.58% |
| Asian Paints Ltd. | Materials | 1.81% | ₹269 Cr | +2.16% | +2.00% | +2.01% |
| SBI Life Insurance Company Ltd. | Insurance | 1.68% | ₹250 Cr | +1.61% | +1.48% | +1.68% |
| Trent Ltd. | Services | 1.43% | ₹213 Cr | +1.54% | +0.92% | — |
| Info Edge (India) Ltd. | Services | 1.41% | ₹210 Cr | +0.92% | +1.00% | +0.57% |
| ICICI Lombard General Insurance Company Ltd. | Insurance | 1.32% | ₹197 Cr | +0.68% | +0.75% | — |
| Shree Cement Ltd. | Materials | 1.11% | ₹165 Cr | +1.08% | +1.09% | +0.26% |
| ICICI Life Insurance Ltd. | Insurance | 1.05% | ₹156 Cr | +1.07% | +0.98% | +1.17% |
| Cummins India Ltd. | Capital Goods | 0.95% | ₹142 Cr | +0.78% | +1.75% | +3.28% |
| Ashok Leyland Ltd. | Automobile | 0.93% | ₹139 Cr | +0.88% | +0.73% | +0.68% |
| Hindustan Aeronautics Ltd. | Capital Goods | 0.93% | ₹138 Cr | +1.47% | +1.10% | — |
| Triveni Turbine Ltd. | Construction | 0.75% | ₹111 Cr | +0.88% | +0.73% | +0.29% |
| HDFC Asset Management Company Ltd. | Financial | 0.67% | ₹100 Cr | +0.72% | +0.68% | +0.90% |
| Tata Motors Ltd. | Automobile | 0.67% | ₹99.73 Cr | +0.65% | +0.12% | — |
| Atul Ltd. | Chemicals | 0.64% | ₹95.72 Cr | +0.57% | +0.58% | +0.42% |
| Page Industries Ltd. | Textiles | 0.60% | ₹89.23 Cr | +0.80% | +1.06% | +0.85% |
| Avenue Supermarts Ltd. | Services | 0.57% | ₹84.48 Cr | +0.48% | — | — |
| Gujarat Pipavav Port Ltd. | Services | 0.55% | ₹81.66 Cr | +0.54% | +0.58% | +0.54% |
| Oberoi Realty Ltd. | Construction | 0.54% | ₹80.70 Cr | +0.50% | +0.48% | — |
| PI Industries Ltd. | Chemicals | 0.54% | ₹79.99 Cr | +0.55% | +0.51% | +0.50% |
| Godrej Consumer Products Ltd. | Consumer Staples | 0.53% | ₹78.84 Cr | +0.94% | — | — |
| NHPC Ltd. | Energy | 0.52% | ₹77.29 Cr | +0.63% | +0.65% | +0.77% |
| Supreme Industries Ltd. | Materials | 0.51% | ₹76.32 Cr | +0.43% | +0.33% | — |
| Aarti Industries Ltd. | Chemicals | 0.49% | ₹72.52 Cr | +0.43% | +0.31% | +0.29% |
| Hindustan Unilever Ltd. | Consumer Staples | 0.47% | ₹70.50 Cr | +0.49% | — | — |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | Chemicals | 0.43% | ₹63.89 Cr | +0.36% | +0.27% | +0.37% |
| Swiggy Ltd. | Services | 0.38% | ₹57.32 Cr | +0.31% | +0.33% | — |
| SKF India Ltd. | Capital Goods | 0.38% | ₹57.20 Cr | +0.39% | +0.22% | +0.74% |
| Indian Oil Corporation Ltd. | Energy | 0.37% | ₹54.85 Cr | — | — | +0.24% |
| Ambuja Cements Ltd. | Materials | 0.35% | ₹52.85 Cr | +0.37% | — | — |
| Power Grid Corporation Of India Ltd. | Energy | 0.31% | ₹45.59 Cr | — | +1.12% | +0.64% |
| Affle 3I Ltd. | Technology | 0.31% | ₹45.56 Cr | +0.27% | +0.28% | +0.38% |
| Go Digit General Insurance Ltd. | Insurance | 0.30% | ₹45.38 Cr | +0.32% | — | — |
| Arvind Fashions Ltd. | Textiles | 0.30% | ₹44.26 Cr | +0.05% | — | — |
| Hindustan Petroleum Corporation Ltd. | Energy | 0.28% | ₹42.01 Cr | +0.10% | — | +0.16% |
| Indian Energy Exchange Ltd. | Services | 0.27% | ₹40.85 Cr | +0.30% | +0.31% | +0.60% |
| Britannia Industries Ltd. | Consumer Staples | 0.27% | ₹39.88 Cr | +0.64% | — | — |
| Care Ratings Ltd. | Services | 0.26% | ₹39.23 Cr | +0.24% | +0.23% | — |
| TVS Holdings Ltd. | Automobile | 0.26% | ₹38.72 Cr | +0.52% | +0.60% | +0.55% |
| Indiamart Intermesh Ltd. | Services | 0.25% | ₹37.19 Cr | +0.27% | +0.32% | — |
| LIC Housing Finance Ltd. | Financial | 0.23% | ₹34.22 Cr | +0.45% | +0.44% | — |
| Reserve Bank of India | Financial | 0.21% | ₹31.00 Cr | +0.31% | +0.35% | +0.12% |
| UTI Asset Management Company Ltd. | Financial | 0.20% | ₹29.19 Cr | +0.19% | +0.22% | +0.22% |
| Life Insurance Corporation of India | Insurance | 0.17% | ₹25.98 Cr | — | +0.42% | +0.08% |
| Tata Chemicals Ltd. | Chemicals | 0.16% | ₹23.72 Cr | +0.26% | +0.26% | — |
| Sundaram Finance Ltd. | Financial | 0.14% | ₹21.57 Cr | +0.10% | +0.02% | — |
| Bharat Petroleum Corporation Ltd. | Energy | 0.14% | ₹21.22 Cr | — | — | +0.16% |
| Automotive Axles Ltd. | Automobile | 0.13% | ₹19.30 Cr | +0.12% | +0.12% | +0.14% |
| Can Fin Homes Ltd. | Financial | 0.12% | ₹18.14 Cr | +0.12% | +0.12% | — |
| SKF India (Industrial) Ltd. | Capital Goods | 0.11% | ₹16.01 Cr | +0.40% | +0.32% | — |
| Bank Of Baroda | Financial | 0.10% | ₹15.34 Cr | +0.11% | +0.11% | +0.71% |
| PNB Housing Finance Ltd. | Financial | 0.10% | ₹14.65 Cr | +0.08% | +0.07% | — |
| Birla Corporation Ltd. | Materials | 0.10% | ₹14.55 Cr | +0.11% | +0.10% | +0.19% |
| Carborundum Universal Ltd. | Metals & Mining | 0.10% | ₹14.26 Cr | +0.08% | — | — |
| Tata Motors Passenger Vehicles Ltd. | Automobile | 0.09% | ₹12.82 Cr | +0.10% | +0.09% | +0.27% |
| ZF Commercial Vehicle Control Systems India Ltd. | Automobile | 0.06% | ₹9.13 Cr | +0.03% | — | — |
| Canara HSBC Life Insurance Company Ltd. | Insurance | 0.05% | ₹7.85 Cr | — | — | — |
| Brigade Enterprises Ltd. | Construction | 0.04% | ₹6.67 Cr | +0.04% | — | — |
| GSPL Transmission Ltd. | Energy | 0.02% | ₹2.99 Cr | — | — | — |
| Sobha Ltd. | Construction | 0.01% | ₹1.32 Cr | +0.12% | +0.17% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| HDFC Life Insurance Co Ltd. | 2.88% | 0.23% | -2.65% |
| Axis Bank Ltd. | 2.09% | 4.32% | +2.22% |
| ICICI Bank Ltd. | 7.67% | 6.70% | -0.97% |
| Siemens Ltd. | 0.83% | 0.00% | -0.83% |
| ABB India Ltd. | 0.72% | 0.00% | -0.72% |
| HDFC Bank Ltd. | 8.98% | 9.57% | +0.59% |
| Larsen & Toubro Ltd. | 4.92% | 4.50% | -0.42% |
| Hindustan Aeronautics Ltd. | 1.35% | 0.93% | -0.42% |
| Kotak Mahindra Bank Ltd. | 3.86% | 3.44% | -0.42% |
| Indian Oil Corporation Ltd. | 0.00% | 0.37% | +0.37% |
| SKF India (Industrial) Ltd. | 0.42% | 0.11% | -0.31% |
| Power Grid Corporation Of India Ltd. | 0.00% | 0.31% | +0.31% |
| Hyundai Motor India Ltd. | 2.10% | 1.81% | -0.28% |
| Hindustan Petroleum Corporation Ltd. | 0.00% | 0.28% | +0.28% |
| Ingersoll-Rand (India) Ltd. | 0.25% | 0.00% | -0.25% |
| Siemens Energy India Ltd. | 0.25% | 0.00% | -0.25% |
| Maruti Suzuki India Ltd. | 4.20% | 3.95% | -0.24% |
| Others | 0.16% | 0.37% | +0.21% |
| ICICI Lombard General Insurance Company Ltd. | 1.12% | 1.32% | +0.20% |
| Interglobe Aviation Ltd. | 1.87% | 2.06% | +0.20% |
| Bharat Petroleum Corporation Ltd. | 0.00% | 0.14% | +0.14% |
| DLF Ltd. | 3.12% | 3.25% | +0.12% |
| Mahindra & Mahindra Ltd. | 2.76% | 2.64% | -0.12% |
| NTPC Ltd. | 2.17% | 2.28% | +0.11% |
| Shree Cement Ltd. | 1.00% | 1.11% | +0.10% |
| ICICI Life Insurance Ltd. | 1.15% | 1.05% | -0.10% |
| Bharti Airtel Ltd. | 2.88% | 2.97% | +0.10% |
| Tata Motors Ltd. | 0.74% | 0.67% | -0.07% |
| Prestige Estates Projects Ltd. | 2.01% | 1.95% | -0.07% |
| Asian Paints Ltd. | 1.87% | 1.81% | -0.07% |
| Ashok Leyland Ltd. | 1.00% | 0.93% | -0.06% |
| Reserve Bank of India | 0.14% | 0.21% | +0.06% |
| SBI Life Insurance Company Ltd. | 1.62% | 1.68% | +0.06% |
| Hero Motocorp Ltd. | 2.38% | 2.44% | +0.06% |
| Xtrackers Harvest CSI 300 China A-Shares ETF | 2.90% | 2.95% | +0.06% |
| Ultratech Cement Ltd. | 2.71% | 2.77% | +0.05% |
| HDFC Asset Management Company Ltd. | 0.73% | 0.67% | -0.05% |
| Canara HSBC Life Insurance Company Ltd. | 0.00% | 0.05% | +0.05% |
| Reliance Industries Ltd. | 5.36% | 5.31% | -0.05% |
| Info Edge (India) Ltd. | 1.36% | 1.41% | +0.05% |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 0.38% | 0.43% | +0.05% |
| Page Industries Ltd. | 0.55% | 0.60% | +0.05% |
| State Bank of India | 2.04% | 2.00% | -0.04% |
| NHPC Ltd. | 0.48% | 0.52% | +0.04% |
| Gujarat Pipavav Port Ltd. | 0.52% | 0.55% | +0.03% |
| Arvind Fashions Ltd. | 0.33% | 0.30% | -0.03% |
| Go Digit General Insurance Ltd. | 0.28% | 0.30% | +0.02% |
| Avenue Supermarts Ltd. | 0.55% | 0.57% | +0.02% |
| PI Industries Ltd. | 0.52% | 0.54% | +0.02% |
| Supreme Industries Ltd. | 0.50% | 0.51% | +0.02% |
| Aarti Industries Ltd. | 0.50% | 0.49% | -0.02% |
| Carborundum Universal Ltd. | 0.08% | 0.10% | +0.02% |
| Indian Energy Exchange Ltd. | 0.29% | 0.27% | -0.02% |
| UTI Asset Management Company Ltd. | 0.18% | 0.20% | +0.01% |
| SKF India Ltd. | 0.37% | 0.38% | +0.01% |
| Care Ratings Ltd. | 0.25% | 0.26% | +0.01% |
| Swiggy Ltd. | 0.38% | 0.38% | +0.01% |
| Atul Ltd. | 0.65% | 0.64% | -0.01% |
| LIC Housing Finance Ltd. | 0.13% | 0.14% | +0.01% |
| Britannia Industries Ltd. | 0.28% | 0.27% | -0.01% |
| Automotive Axles Ltd. | 0.12% | 0.13% | +0.01% |
| TVS Holdings Ltd. | 0.26% | 0.25% | -0.01% |
| Cummins India Ltd. | 0.96% | 0.95% | -0.01% |
| Can Fin Homes Ltd. | 0.13% | 0.12% | 0.00% |
| Oberoi Realty Ltd. | 0.54% | 0.54% | 0.00% |
| Triveni Turbine Ltd. | 0.75% | 0.75% | 0.00% |
| PNB Housing Finance Ltd. | 0.09% | 0.10% | 0.00% |
| Sundaram Finance Ltd. | 0.14% | 0.14% | 0.00% |
| Trent Ltd. | 0.10% | 0.10% | 0.00% |
| Brigade Enterprises Ltd. | 0.05% | 0.04% | 0.00% |
| Bank Of Baroda | 0.10% | 0.10% | 0.00% |
| Indiamart Intermesh Ltd. | 0.25% | 0.25% | 0.00% |
| Birla Corporation Ltd. | 0.10% | 0.10% | 0.00% |
| Affle 3I Ltd. | 0.30% | 0.31% | 0.00% |
| Tata Chemicals Ltd. | 0.16% | 0.16% | 0.00% |
| Ambuja Cements Ltd. | 0.36% | 0.35% | 0.00% |
| Tata Motors Passenger Vehicles Ltd. | 0.09% | 0.09% | 0.00% |
| Hindustan Unilever Ltd. | 0.48% | 0.47% | 0.00% |
| Life Insurance Corporation of India | 0.17% | 0.17% | 0.00% |
| ZF Commercial Vehicle Control Systems India Ltd. | 0.06% | 0.06% | 0.00% |
| Godrej Consumer Products Ltd. | 0.31% | 0.31% | 0.00% |
| GSPL Transmission Ltd. | 0.02% | 0.02% | 0.00% |
| Sobha Ltd. | 0.01% | 0.01% | 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 | ₹3,910 Cr | 2.19% | 6.8% | 8.7% | 15.7% |
| ₹9,577 Cr | 2.08% | -0.7% | 5.4% | 15.7% | |
| ₹3,414 Cr | 2.02% | 13.8% | 10.7% | — | |
| ₹1,357 Cr | 2.26% | 14.0% | 13.2% | 15.6% | |
| ₹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 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 months0.64% absolute | ₹60,000 | ₹60,384 | 0.64% | |
| 1 year−1.03% annualised | ₹1,20,000 | ₹1,19,333 | −0.56% | |
| 3 years15.26% annualised | ₹3,60,000 | ₹4,58,739 | 27.43% | |
| 5 years13.65% annualised | ₹6,00,000 | ₹8,63,523 | 43.92% |
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.