ITI Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹10.40+1.40%1 day
- Return since launch
- 2.8%
- 52-week range
- ₹9.60 — ₹10.97
- AUM
- ₹117 Cr
ITI Business Cycle Fund is a Equity Opportunities equity fund from ITI Mutual Fund with ₹117 Cr under management, launched in 2026. The expense ratio is 3.39% and the SEBI riskometer reading is Very High.
Performance
ITI Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +2.8% against +10.3% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -1.2% | −3.1 pts | 1.9% | 4.2% |
| 3M | -2.6% | −1.2 pts | -1.4% | -1.5% |
| 6M | -2.6% | −5.9 pts | 3.3% | 3.8% |
Since launch (13 Feb 2026): 2.8%
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
3.38%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 2.10%
- Brokerage
- 0.33%
- Transaction charges
- 0.02%
- Statutory levies
- 0.93%
- Exit load
- Exit load of 0.50%, if redeemed within 3 months.
- 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.
Portfolio
ITI Business Cycle Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity91.3%
- Other8.7%
Market cap split
- Large32.9%
- Mid27.7%
- Small39.5%
- P/E
- 30.52
- P/B
- 3.77
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Others | Others | 8.68% | ₹10.16 Cr | +8.04% | +74.76% | — |
| ESDS Software Solution Ltd. | Technology | 6.03% | ₹7.04 Cr | — | — | — |
| HDFC Bank Ltd. | Financial | 3.83% | ₹4.47 Cr | +3.85% | +5.39% | — |
| ICICI Bank Ltd. | Financial | 2.37% | ₹2.76 Cr | +3.59% | +3.86% | — |
| Eternal Ltd. | Services | 2.19% | ₹2.55 Cr | — | — | — |
| Manipal Payment and Identity Solutions Ltd. | Services | 2.02% | ₹2.35 Cr | — | — | — |
| HDFC Life Insurance Co Ltd. | Insurance | 2.01% | ₹2.34 Cr | — | — | — |
| Reliance Industries Ltd. | Energy | 1.93% | ₹2.25 Cr | +2.73% | +4.14% | — |
| Bajaj Auto Ltd. | Automobile | 1.70% | ₹1.98 Cr | — | +0.25% | — |
| Titan Company Ltd. | Consumer Discretionary | 1.70% | ₹1.98 Cr | +1.67% | +0.90% | — |
| Laurus Labs Ltd. | Healthcare | 1.59% | ₹1.86 Cr | +1.42% | — | — |
| Divi's Laboratories Ltd. | Healthcare | 1.54% | ₹1.80 Cr | — | — | — |
| Grasim Industries Ltd. | Materials | 1.41% | ₹1.64 Cr | +1.46% | — | — |
| LG Electronics India Ltd. | Consumer Discretionary | 1.40% | ₹1.64 Cr | — | — | — |
| AU Small Finance Bank Ltd. | Financial | 1.39% | ₹1.62 Cr | +1.20% | — | — |
| Multi Commodity Exchange Of India Ltd. | Services | 1.34% | ₹1.56 Cr | +1.13% | +1.26% | — |
| Ajanta Pharma Ltd. | Healthcare | 1.32% | ₹1.54 Cr | +1.28% | +1.49% | — |
| Bajaj Finance Ltd. | Financial | 1.31% | ₹1.53 Cr | — | +0.56% | — |
| Apollo Hospitals Enterprise Ltd. | Healthcare | 1.30% | ₹1.52 Cr | +1.42% | — | — |
| Kirloskar Oil Engines Ltd. | Capital Goods | 1.29% | ₹1.50 Cr | — | — | — |
| Piramal Pharma Ltd. | Healthcare | 1.28% | ₹1.49 Cr | — | — | — |
| Ramkrishna Forgings Ltd. | Metals & Mining | 1.28% | ₹1.50 Cr | — | — | — |
| TVS Motor Company Ltd. | Automobile | 1.26% | ₹1.46 Cr | — | — | — |
| Aurobindo Pharma Ltd. | Healthcare | 1.25% | ₹1.45 Cr | +1.21% | — | — |
| INDO-MIM Ltd. | Capital Goods | 1.25% | ₹1.46 Cr | — | — | — |
| Kalpataru Projects International Ltd. | Capital Goods | 1.25% | ₹1.46 Cr | — | — | — |
| Hindalco Industries Ltd. | Metals & Mining | 1.24% | ₹1.44 Cr | +1.19% | +0.87% | — |
| Redington Ltd. | Services | 1.23% | ₹1.43 Cr | — | — | — |
| BEML Ltd. | Capital Goods | 1.22% | ₹1.42 Cr | — | — | — |
| Poonawalla Fincorp Ltd. | Financial | 1.22% | ₹1.42 Cr | — | — | — |
| IDFC First Bank Ltd. | Financial | 1.21% | ₹1.41 Cr | — | — | — |
| Syrma SGS Technology Ltd. | Capital Goods | 1.20% | ₹1.40 Cr | +1.27% | — | — |
| Finolex Cables Ltd. | Capital Goods | 1.19% | ₹1.39 Cr | +0.99% | — | — |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 1.19% | ₹1.38 Cr | — | +1.67% | — |
| Navin Fluorine International Ltd. | Chemicals | 1.19% | ₹1.39 Cr | +1.14% | — | — |
| Solar Industries India Ltd. | Chemicals | 1.18% | ₹1.38 Cr | +1.15% | — | — |
| Bharat Heavy Electricals Ltd. | Capital Goods | 1.17% | ₹1.37 Cr | +1.20% | — | — |
| RBL Bank Ltd. | Financial | 1.17% | ₹1.37 Cr | +1.49% | +1.53% | — |
| Torrent Pharmaceuticals Ltd. | Healthcare | 1.17% | ₹1.36 Cr | — | +1.26% | — |
| Neuland Laboratories Ltd. | Healthcare | 1.16% | ₹1.35 Cr | +1.03% | — | — |
| Dr. Lal Pathlabs Ltd. | Healthcare | 1.13% | ₹1.31 Cr | +1.09% | — | — |
| LT Foods Ltd. | Consumer Staples | 1.13% | ₹1.32 Cr | — | — | — |
| Ipca Laboratories Ltd. | Healthcare | 1.12% | ₹1.31 Cr | +1.45% | +1.67% | — |
| Hindustan Copper Ltd. | Metals & Mining | 1.11% | ₹1.29 Cr | +0.94% | +1.04% | — |
| Marico Ltd. | Consumer Staples | 1.10% | ₹1.28 Cr | +1.20% | — | — |
| Radico Khaitan Ltd. | Consumer Staples | 1.10% | ₹1.29 Cr | +1.24% | — | — |
| Elgi Equipments Ltd. | Capital Goods | 1.04% | ₹1.22 Cr | +1.05% | — | — |
| Gujarat Fluorochemicals Ltd. | Chemicals | 1.03% | ₹1.21 Cr | — | — | — |
| FSN E-Commerce Ventures Ltd. | Services | 1.02% | ₹1.18 Cr | +1.01% | — | — |
| The Great Eastern Shipping Company Ltd. | Energy | 1.02% | ₹1.19 Cr | +0.99% | — | — |
| Adani Power Ltd. | Energy | 1.01% | ₹1.17 Cr | +1.13% | — | — |
| Data Patterns (India) Ltd. | Capital Goods | 1.01% | ₹1.18 Cr | +1.09% | +1.42% | — |
| Biocon Ltd. | Healthcare | 1.00% | ₹1.16 Cr | +1.16% | — | — |
| Yes Bank Ltd. | Financial | 1.00% | ₹1.17 Cr | +1.19% | — | — |
| City Union Bank Ltd. | Financial | 0.99% | ₹1.15 Cr | +0.94% | — | — |
| Global Health Ltd. | Healthcare | 0.98% | ₹1.14 Cr | — | — | — |
| Usha Martin Ltd. | Metals & Mining | 0.96% | ₹1.12 Cr | +0.98% | — | — |
| IIFL Finance Ltd. | Financial | 0.95% | ₹1.11 Cr | +0.94% | — | — |
| Infosys Ltd. | Technology | 0.95% | ₹1.10 Cr | +0.98% | +1.50% | — |
| Aster DM Quality Care Ltd. | Healthcare | 0.92% | ₹1.07 Cr | +1.06% | — | — |
| Steel Authority Of India Ltd. | Metals & Mining | 0.92% | ₹1.08 Cr | +0.90% | — | — |
| Aarti Industries Ltd. | Chemicals | 0.91% | ₹1.06 Cr | — | — | — |
| DCB Bank Ltd. | Financial | 0.90% | ₹1.05 Cr | +0.84% | — | — |
| Inox Green Energy Services Ltd. | Capital Goods | 0.83% | ₹0.97 Cr | — | — | — |
| Central Mine Planning & Design Institute Ltd. | Materials | 0.82% | ₹0.96 Cr | +1.00% | — | — |
| Turtlemint Fintech Solutions Ltd. | Financial | 0.78% | ₹0.91 Cr | +1.98% | — | — |
| NMDC Ltd. | Metals & Mining | 0.75% | ₹0.88 Cr | +0.86% | — | — |
| State Bank of India | Financial | 0.74% | ₹0.87 Cr | +2.89% | +1.73% | — |
| SBI Funds Management Ltd. | Financial | 0.59% | ₹0.69 Cr | — | — | — |
| Ather Energy Ltd. | Automobile | 0.57% | ₹0.66 Cr | — | — | — |
| Bandhan Bank Ltd. | Financial | 0.50% | ₹0.59 Cr | +1.02% | — | — |
| National Aluminium Company Ltd. | Metals & Mining | 0.46% | ₹0.53 Cr | +0.47% | +0.65% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| ESDS Software Solution Ltd. | 1.72% | 6.03% | +4.31% |
| Others | 2.92% | 5.27% | +2.35% |
| Manipal Payment and Identity Solutions Ltd. | 0.00% | 2.02% | +2.02% |
| HDFC Life Insurance Co Ltd. | 0.00% | 2.01% | +2.01% |
| Shriram Finance Ltd | 1.72% | 0.00% | -1.72% |
| Tech Mahindra Ltd. | 1.49% | 0.00% | -1.49% |
| Hero Motocorp Ltd. | 1.48% | 0.00% | -1.48% |
| Nestle India Ltd. | 1.37% | 0.00% | -1.37% |
| Cholamandalam Investment and Finance Company Ltd. | 1.36% | 0.00% | -1.36% |
| Multi Commodity Exchange Of India Ltd. | 0.00% | 1.34% | +1.34% |
| ICICI Bank Ltd. | 3.69% | 2.37% | -1.32% |
| Oberoi Realty Ltd. | 1.31% | 0.00% | -1.31% |
| Kirloskar Oil Engines Ltd. | 0.00% | 1.29% | +1.29% |
| Piramal Pharma Ltd. | 0.00% | 1.28% | +1.28% |
| Ramkrishna Forgings Ltd. | 0.00% | 1.28% | +1.28% |
| Pidilite Industries Ltd. | 1.27% | 0.00% | -1.27% |
| INDO-MIM Ltd. | 0.00% | 1.25% | +1.25% |
| Kalpataru Projects International Ltd. | 0.00% | 1.25% | +1.25% |
| L&T Finance Ltd. | 1.25% | 0.00% | -1.25% |
| BEML Ltd. | 0.00% | 1.22% | +1.22% |
| Bharat Forge Ltd. | 1.22% | 0.00% | -1.22% |
| Affle 3I Ltd. | 1.20% | 0.00% | -1.20% |
| Bajaj Finance Ltd. | 2.49% | 1.31% | -1.18% |
| Endurance Technologies Ltd. | 1.18% | 0.00% | -1.18% |
| Delhivery Ltd. | 1.16% | 0.00% | -1.16% |
| State Bank of India | 1.90% | 0.74% | -1.16% |
| LT Foods Ltd. | 0.00% | 1.13% | +1.13% |
| Jubilant Ingrevia Ltd. | 1.12% | 0.00% | -1.12% |
| ABB India Ltd. | 1.09% | 0.00% | -1.09% |
| Krishna Institute of Medical Sciences Ltd | 1.04% | 0.00% | -1.04% |
| Global Health Ltd. | 0.00% | 0.98% | +0.98% |
| HDFC Bank Ltd. | 2.85% | 3.83% | +0.98% |
| CreditAccess Grameen Ltd. | 0.87% | 0.00% | -0.87% |
| Inox Green Energy Services Ltd. | 0.00% | 0.83% | +0.83% |
| Borosil Renewables Ltd. | 0.81% | 0.00% | -0.81% |
| Eternal Ltd. | 1.41% | 2.19% | +0.78% |
| SBI Funds Management Ltd. | 1.32% | 0.59% | -0.73% |
| Turtlemint Fintech Solutions Ltd. | 1.48% | 0.78% | -0.70% |
| Ather Energy Ltd. | 0.00% | 0.57% | +0.57% |
| Bandhan Bank Ltd. | 0.00% | 0.50% | +0.50% |
| 360 One Wam Ltd. | 0.49% | 0.00% | -0.49% |
| Syrma SGS Technology Ltd. | 0.97% | 1.20% | +0.23% |
| Bajaj Auto Ltd. | 1.90% | 1.70% | -0.20% |
| Titan Company Ltd. | 1.89% | 1.70% | -0.19% |
| The Great Eastern Shipping Company Ltd. | 0.85% | 1.02% | +0.17% |
| Finolex Cables Ltd. | 1.03% | 1.19% | +0.16% |
| Reliance Industries Ltd. | 2.08% | 1.93% | -0.15% |
| Redington Ltd. | 1.08% | 1.23% | +0.15% |
| Grasim Industries Ltd. | 1.55% | 1.41% | -0.14% |
| Infosys Ltd. | 1.08% | 0.95% | -0.13% |
| NMDC Ltd. | 0.87% | 0.75% | -0.12% |
| Apollo Hospitals Enterprise Ltd. | 1.42% | 1.30% | -0.12% |
| Hindustan Copper Ltd. | 1.23% | 1.11% | -0.12% |
| Biocon Ltd. | 1.11% | 1.00% | -0.11% |
| AU Small Finance Bank Ltd. | 1.49% | 1.39% | -0.10% |
| Hindalco Industries Ltd. | 1.34% | 1.24% | -0.10% |
| Central Mine Planning & Design Institute Ltd. | 0.91% | 0.82% | -0.09% |
| FSN E-Commerce Ventures Ltd. | 1.11% | 1.02% | -0.09% |
| Neuland Laboratories Ltd. | 1.25% | 1.16% | -0.09% |
| Yes Bank Ltd. | 1.09% | 1.00% | -0.09% |
| Aarti Industries Ltd. | 1.00% | 0.91% | -0.09% |
| Bharat Heavy Electricals Ltd. | 1.25% | 1.17% | -0.08% |
| IIFL Finance Ltd. | 1.03% | 0.95% | -0.08% |
| Aster DM Quality Care Ltd. | 1.00% | 0.92% | -0.08% |
| Glenmark Pharmaceuticals Ltd. | 1.26% | 1.19% | -0.07% |
| Gujarat Fluorochemicals Ltd. | 1.10% | 1.03% | -0.07% |
| IDFC First Bank Ltd. | 1.28% | 1.21% | -0.07% |
| TVS Motor Company Ltd. | 1.33% | 1.26% | -0.07% |
| DCB Bank Ltd. | 0.97% | 0.90% | -0.07% |
| Steel Authority Of India Ltd. | 0.99% | 0.92% | -0.07% |
| Data Patterns (India) Ltd. | 1.07% | 1.01% | -0.06% |
| Navin Fluorine International Ltd. | 1.25% | 1.19% | -0.06% |
| Poonawalla Fincorp Ltd. | 1.28% | 1.22% | -0.06% |
| Torrent Pharmaceuticals Ltd. | 1.23% | 1.17% | -0.06% |
| RBL Bank Ltd. | 1.11% | 1.17% | +0.06% |
| Laurus Labs Ltd. | 1.54% | 1.59% | +0.05% |
| National Aluminium Company Ltd. | 0.51% | 0.46% | -0.05% |
| Marico Ltd. | 1.15% | 1.10% | -0.05% |
| Divi's Laboratories Ltd. | 1.58% | 1.54% | -0.04% |
| Elgi Equipments Ltd. | 1.08% | 1.04% | -0.04% |
| Radico Khaitan Ltd. | 1.14% | 1.10% | -0.04% |
| Adani Power Ltd. | 0.98% | 1.01% | +0.03% |
| Aurobindo Pharma Ltd. | 1.28% | 1.25% | -0.03% |
| Solar Industries India Ltd. | 1.21% | 1.18% | -0.03% |
| Dr. Lal Pathlabs Ltd. | 1.10% | 1.13% | +0.03% |
| Ipca Laboratories Ltd. | 1.15% | 1.12% | -0.03% |
| City Union Bank Ltd. | 1.00% | 0.99% | -0.01% |
| LG Electronics India Ltd. | 1.39% | 1.40% | +0.01% |
| Ajanta Pharma Ltd. | 1.32% | 1.32% | 0.00% |
| Usha Martin Ltd. | 0.96% | 0.96% | 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 by investing predominantly in equity and equity related securities through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Alok RanjanMr. Ranjan has done MBA (Finance), BSc Physics (Honors)Prior to joining ITI Mutual Fund,he was associated with IDBI Asset Management Limited, Shriram Asset Management Ltd. as Fund Manager (Equity), Way2wealth Securities Ltd. as Head of Research and Advisory and First Global Ltd. as Vice President- Research.
- Nilay DalalMr. Nilay holds a degree in B.E (Computer) from D.J Sanghvi College of Engg & masterâs in management studies in KJ Somaiya Institute of Management Studies & Research.Prior to joining ITI Mutual Fund, he has with Axis Asset Management Company, SBI Life Insurance Company Ltd & MAQ Software Pvt 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 months0.10% absolute | ₹60,000 | ₹60,060 | 0.10% |
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 ITI Business Cycle Fund?
The NAV of ITI Business Cycle Fund is ₹10.40 as on 9 Nov 2026.
What is the expense ratio of ITI Business Cycle Fund?
The expense ratio of ITI Business Cycle Fund is 3.39% per year.
What is the minimum SIP amount for ITI Business Cycle Fund?
You can start a SIP in ITI Business Cycle Fund with ₹3,000 a month.
Is there a lock-in or exit load on ITI Business Cycle Fund?
Lock-in: None. Exit load: Exit load of 0.50%, if redeemed within 3 months..
How risky is ITI Business Cycle Fund?
ITI Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages ITI Business Cycle Fund?
ITI Business Cycle Fund is managed by ITI Mutual Fund, which runs 20 schemes with ₹12,469 Cr under management.