ITI Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 24 Sep 2026
- ₹10.83-1.27%1 day
- Return since launch
- 9.9%
- 52-week range
- ₹9.62 — ₹10.97
- AUM
- ₹116 Cr
ITI Business Cycle Fund is a Equity Opportunities equity fund from ITI Mutual Fund with ₹116 Cr under management, launched in 2026. The expense ratio is 3.51% 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 +8.5% against +8.8% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 2.4% | +4.5 pts | -2.1% | -2.9% |
| 3M | 4.3% | +2.4 pts | 1.8% | 0.5% |
| 6M | 10.2% | −3.7 pts | 13.9% | 10.5% |
Since launch (13 Feb 2026): 9.9%
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
3.42%
Expense ratio as on 23 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 2.10%
- Brokerage
- 0.34%
- Transaction charges
- 0.02%
- Statutory levies
- 0.96%
- 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 31 Aug 2026
Asset allocation
- Equity97.1%
- Other2.9%
Market cap split
- Large42.8%
- Mid31.7%
- Small25.5%
- P/E
- 29.06
- P/B
- 3.77
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 3.69% | ₹4.30 Cr | +3.46% | +3.86% | — |
| Others | Others | 2.92% | ₹3.39 Cr | +4.14% | +37.38% | — |
| HDFC Bank Ltd. | Financial | 2.85% | ₹3.32 Cr | +3.79% | +5.39% | — |
| Bajaj Finance Ltd. | Financial | 2.49% | ₹2.90 Cr | — | +0.56% | — |
| Reliance Industries Ltd. | Energy | 2.08% | ₹2.42 Cr | +2.93% | +4.14% | — |
| State Bank of India | Financial | 1.90% | ₹2.21 Cr | +2.86% | +1.73% | — |
| company:9822 | Automobile | 1.90% | ₹2.21 Cr | — | +0.25% | — |
| Titan Company Ltd. | Consumer Discretionary | 1.89% | ₹2.20 Cr | +1.63% | +0.90% | — |
| Shriram Finance Ltd | Financial | 1.72% | ₹2.01 Cr | +0.76% | +0.81% | — |
| company:20839 | Technology | 1.72% | ₹2.00 Cr | — | — | — |
| Divi's Laboratories Ltd. | Healthcare | 1.58% | ₹1.84 Cr | — | — | — |
| Grasim Industries Ltd. | Materials | 1.55% | ₹1.81 Cr | +1.55% | — | — |
| Laurus Labs Ltd. | Healthcare | 1.54% | ₹1.80 Cr | +1.34% | — | — |
| AU Small Finance Bank Ltd. | Financial | 1.49% | ₹1.74 Cr | +1.20% | — | — |
| company:7925 | Technology | 1.49% | ₹1.73 Cr | — | — | — |
| Turtlemint Fintech Solutions Ltd. | Financial | 1.48% | ₹1.72 Cr | — | — | — |
| company:1471 | Automobile | 1.48% | ₹1.72 Cr | — | — | — |
| Apollo Hospitals Enterprise Ltd. | Healthcare | 1.42% | ₹1.65 Cr | +1.41% | — | — |
| Eternal Ltd. | Services | 1.41% | ₹1.64 Cr | — | — | — |
| company:5941 | Consumer Discretionary | 1.39% | ₹1.61 Cr | — | — | — |
| Nestle India Ltd. | Consumer Staples | 1.37% | ₹1.59 Cr | +1.40% | — | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 1.36% | ₹1.58 Cr | — | +0.96% | — |
| Hindalco Industries Ltd. | Metals & Mining | 1.34% | ₹1.55 Cr | +1.48% | +0.87% | — |
| TVS Motor Company Ltd. | Automobile | 1.33% | ₹1.55 Cr | — | — | — |
| Ajanta Pharma Ltd. | Healthcare | 1.32% | ₹1.53 Cr | +1.25% | +1.49% | — |
| SBI Funds Management Ltd. | Financial | 1.32% | ₹1.54 Cr | — | — | — |
| Oberoi Realty Ltd. | Construction | 1.31% | ₹1.52 Cr | — | — | — |
| Aurobindo Pharma Ltd. | Healthcare | 1.28% | ₹1.49 Cr | +1.15% | — | — |
| IDFC First Bank Ltd. | Financial | 1.28% | ₹1.49 Cr | — | — | — |
| company:5775 | Financial | 1.28% | ₹1.49 Cr | — | — | — |
| Pidilite Industries Ltd. | Chemicals | 1.27% | ₹1.48 Cr | — | — | — |
| company:5635 | Healthcare | 1.26% | ₹1.47 Cr | +1.11% | +1.67% | — |
| Bharat Heavy Electricals Ltd. | Capital Goods | 1.25% | ₹1.45 Cr | +1.27% | — | — |
| L&T Finance Ltd. | Financial | 1.25% | ₹1.46 Cr | — | — | — |
| Navin Fluorine International Ltd. | Chemicals | 1.25% | ₹1.46 Cr | +1.11% | — | — |
| Neuland Laboratories Ltd. | Healthcare | 1.25% | ₹1.45 Cr | +1.00% | — | — |
| Hindustan Copper Ltd. | Metals & Mining | 1.23% | ₹1.43 Cr | +1.06% | +1.04% | — |
| Torrent Pharmaceuticals Ltd. | Healthcare | 1.23% | ₹1.44 Cr | — | +1.26% | — |
| Bharat Forge Ltd. | Automobile | 1.22% | ₹1.42 Cr | +1.22% | +0.61% | — |
| Solar Industries India Ltd. | Chemicals | 1.21% | ₹1.41 Cr | +1.19% | — | — |
| Affle 3I Ltd. | Technology | 1.20% | ₹1.39 Cr | — | — | — |
| company:14468 | Automobile | 1.18% | ₹1.38 Cr | — | — | — |
| Delhivery Ltd. | Services | 1.16% | ₹1.35 Cr | — | — | — |
| Ipca Laboratories Ltd. | Healthcare | 1.15% | ₹1.34 Cr | +1.37% | +1.67% | — |
| Marico Ltd. | Consumer Staples | 1.15% | ₹1.33 Cr | +1.24% | — | — |
| Radico Khaitan Ltd. | Consumer Staples | 1.14% | ₹1.32 Cr | +1.16% | — | — |
| Jubilant Ingrevia Ltd. | Chemicals | 1.12% | ₹1.31 Cr | +0.88% | — | — |
| Biocon Ltd. | Healthcare | 1.11% | ₹1.29 Cr | — | — | — |
| FSN E-Commerce Ventures Ltd. | Services | 1.11% | ₹1.29 Cr | +0.90% | — | — |
| RBL Bank Ltd. | Financial | 1.11% | ₹1.29 Cr | +1.46% | +1.53% | — |
| Dr. Lal Pathlabs Ltd. | Healthcare | 1.10% | ₹1.28 Cr | — | — | — |
| Gujarat Fluorochemicals Ltd. | Chemicals | 1.10% | ₹1.28 Cr | — | — | — |
| ABB India Ltd. | Capital Goods | 1.09% | ₹1.27 Cr | — | — | — |
| Yes Bank Ltd. | Financial | 1.09% | ₹1.27 Cr | — | — | — |
| Elgi Equipments Ltd. | Capital Goods | 1.08% | ₹1.25 Cr | — | — | — |
| Infosys Ltd. | Technology | 1.08% | ₹1.26 Cr | +1.20% | +1.50% | — |
| Redington Ltd. | Services | 1.08% | ₹1.26 Cr | — | — | — |
| Data Patterns (India) Ltd. | Capital Goods | 1.07% | ₹1.24 Cr | +1.03% | +1.42% | — |
| Krishna Institute of Medical Sciences Ltd | Healthcare | 1.04% | ₹1.21 Cr | — | — | — |
| Finolex Cables Ltd. | Capital Goods | 1.03% | ₹1.19 Cr | +1.01% | — | — |
| IIFL Finance Ltd. | Financial | 1.03% | ₹1.19 Cr | — | — | — |
| Aster DM Quality Care Ltd. | Healthcare | 1.00% | ₹1.16 Cr | +1.04% | — | — |
| City Union Bank Ltd. | Financial | 1.00% | ₹1.17 Cr | +0.91% | — | — |
| company:38 | Chemicals | 1.00% | ₹1.17 Cr | — | — | — |
| Steel Authority Of India Ltd. | Metals & Mining | 0.99% | ₹1.16 Cr | +1.12% | — | — |
| Adani Power Ltd. | Energy | 0.98% | ₹1.14 Cr | +1.30% | — | — |
| DCB Bank Ltd. | Financial | 0.97% | ₹1.13 Cr | +0.84% | — | — |
| Syrma SGS Technology Ltd. | Capital Goods | 0.97% | ₹1.13 Cr | +1.04% | — | — |
| Usha Martin Ltd. | Metals & Mining | 0.96% | ₹1.12 Cr | +1.05% | — | — |
| Central Mine Planning & Design Institute Ltd. | Materials | 0.91% | ₹1.05 Cr | +1.01% | — | — |
| CreditAccess Grameen Ltd. | Financial | 0.87% | ₹1.01 Cr | +0.89% | — | — |
| NMDC Ltd. | Metals & Mining | 0.87% | ₹1.01 Cr | +0.94% | — | — |
| The Great Eastern Shipping Company Ltd. | Energy | 0.85% | ₹0.99 Cr | +1.00% | — | — |
| Borosil Renewables Ltd. | Materials | 0.81% | ₹0.94 Cr | — | — | — |
| National Aluminium Company Ltd. | Metals & Mining | 0.51% | ₹0.59 Cr | +0.61% | +0.65% | — |
| company:13401 | Financial | 0.49% | ₹0.57 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| company:9822 | 0.00% | 1.90% | +1.90% |
| company:20839 | 0.00% | 1.72% | +1.72% |
| company:7925 | 0.00% | 1.49% | +1.49% |
| company:1471 | 0.00% | 1.48% | +1.48% |
| company:5941 | 0.00% | 1.39% | +1.39% |
| Adani Ports and Special Economic Zone Ltd. | 1.38% | 0.00% | -1.38% |
| Coal India Ltd. | 1.32% | 0.00% | -1.32% |
| BSE Ltd. | 1.31% | 0.00% | -1.31% |
| company:5775 | 0.00% | 1.28% | +1.28% |
| Gokaldas Exports Ltd. | 1.27% | 0.00% | -1.27% |
| Cummins India Ltd. | 1.26% | 0.00% | -1.26% |
| company:5635 | 0.00% | 1.26% | +1.26% |
| Hindustan Copper Ltd. | 0.00% | 1.23% | +1.23% |
| Lupin Ltd. | 1.23% | 0.00% | -1.23% |
| company:14468 | 0.00% | 1.18% | +1.18% |
| Deepak Fertilisers And Petrochemicals Corporation Ltd. | 1.15% | 0.00% | -1.15% |
| Rainbow Children's Medicare Ltd. | 1.07% | 0.00% | -1.07% |
| Multi Commodity Exchange Of India Ltd. | 1.06% | 0.00% | -1.06% |
| ICICI Bank Ltd. | 4.71% | 3.69% | -1.02% |
| company:38 | 0.00% | 1.00% | +1.00% |
| Others | 2.06% | 2.92% | +0.86% |
| HDFC Bank Ltd. | 3.56% | 2.85% | -0.71% |
| Reliance Industries Ltd. | 2.72% | 2.08% | -0.64% |
| company:13401 | 0.00% | 0.49% | +0.49% |
| Ceat Ltd. | 0.45% | 0.00% | -0.45% |
| RBL Bank Ltd. | 1.49% | 1.11% | -0.38% |
| Redington Ltd. | 1.43% | 1.08% | -0.35% |
| Bajaj Finance Ltd. | 2.82% | 2.49% | -0.33% |
| Ipca Laboratories Ltd. | 1.47% | 1.15% | -0.32% |
| Cholamandalam Investment and Finance Company Ltd. | 1.07% | 1.36% | +0.29% |
| Gujarat Fluorochemicals Ltd. | 1.36% | 1.10% | -0.26% |
| Turtlemint Fintech Solutions Ltd. | 1.71% | 1.48% | -0.23% |
| Divi's Laboratories Ltd. | 1.36% | 1.58% | +0.22% |
| Finolex Cables Ltd. | 0.82% | 1.03% | +0.21% |
| Neuland Laboratories Ltd. | 1.04% | 1.25% | +0.21% |
| Radico Khaitan Ltd. | 1.34% | 1.14% | -0.20% |
| Pidilite Industries Ltd. | 1.44% | 1.27% | -0.17% |
| Hindalco Industries Ltd. | 1.19% | 1.34% | +0.15% |
| CreditAccess Grameen Ltd. | 1.02% | 0.87% | -0.15% |
| Navin Fluorine International Ltd. | 1.10% | 1.25% | +0.15% |
| Dr. Lal Pathlabs Ltd. | 1.24% | 1.10% | -0.14% |
| DCB Bank Ltd. | 0.84% | 0.97% | +0.13% |
| Laurus Labs Ltd. | 1.67% | 1.54% | -0.13% |
| Steel Authority Of India Ltd. | 0.87% | 0.99% | +0.12% |
| Jubilant Ingrevia Ltd. | 1.24% | 1.12% | -0.12% |
| Grasim Industries Ltd. | 1.44% | 1.55% | +0.11% |
| Aster DM Quality Care Ltd. | 1.10% | 1.00% | -0.10% |
| Eternal Ltd. | 1.31% | 1.41% | +0.10% |
| Aurobindo Pharma Ltd. | 1.19% | 1.28% | +0.09% |
| Bharat Heavy Electricals Ltd. | 1.16% | 1.25% | +0.09% |
| Elgi Equipments Ltd. | 0.99% | 1.08% | +0.09% |
| IIFL Finance Ltd. | 1.12% | 1.03% | -0.09% |
| Borosil Renewables Ltd. | 0.90% | 0.81% | -0.09% |
| City Union Bank Ltd. | 0.91% | 1.00% | +0.09% |
| Solar Industries India Ltd. | 1.12% | 1.21% | +0.09% |
| Delhivery Ltd. | 1.24% | 1.16% | -0.08% |
| Krishna Institute of Medical Sciences Ltd | 1.12% | 1.04% | -0.08% |
| Marico Ltd. | 1.23% | 1.15% | -0.08% |
| Adani Power Ltd. | 1.05% | 0.98% | -0.07% |
| Bharat Forge Ltd. | 1.29% | 1.22% | -0.07% |
| Shriram Finance Ltd | 1.79% | 1.72% | -0.07% |
| Titan Company Ltd. | 1.83% | 1.89% | +0.06% |
| Data Patterns (India) Ltd. | 1.02% | 1.07% | +0.05% |
| Biocon Ltd. | 1.16% | 1.11% | -0.05% |
| ABB India Ltd. | 1.05% | 1.09% | +0.04% |
| Ajanta Pharma Ltd. | 1.28% | 1.32% | +0.04% |
| FSN E-Commerce Ventures Ltd. | 1.07% | 1.11% | +0.04% |
| National Aluminium Company Ltd. | 0.47% | 0.51% | +0.04% |
| SBI Funds Management Ltd. | 1.36% | 1.32% | -0.04% |
| The Great Eastern Shipping Company Ltd. | 0.89% | 0.85% | -0.04% |
| Central Mine Planning & Design Institute Ltd. | 0.95% | 0.91% | -0.04% |
| Syrma SGS Technology Ltd. | 0.93% | 0.97% | +0.04% |
| State Bank of India | 1.86% | 1.90% | +0.04% |
| AU Small Finance Bank Ltd. | 1.46% | 1.49% | +0.03% |
| L&T Finance Ltd. | 1.22% | 1.25% | +0.03% |
| Torrent Pharmaceuticals Ltd. | 1.26% | 1.23% | -0.03% |
| Apollo Hospitals Enterprise Ltd. | 1.44% | 1.42% | -0.02% |
| IDFC First Bank Ltd. | 1.30% | 1.28% | -0.02% |
| NMDC Ltd. | 0.85% | 0.87% | +0.02% |
| Oberoi Realty Ltd. | 1.29% | 1.31% | +0.02% |
| Nestle India Ltd. | 1.39% | 1.37% | -0.02% |
| Infosys Ltd. | 1.09% | 1.08% | -0.01% |
| TVS Motor Company Ltd. | 1.34% | 1.33% | -0.01% |
| Yes Bank Ltd. | 1.10% | 1.09% | -0.01% |
| Affle 3I Ltd. | 1.20% | 1.20% | 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 | ₹3,420 Cr | 2.23% | 8.8% | 10.0% | 16.3% |
 Franklin India Opportunities Fund | ₹9,717 Cr | 2.08% | 10.4% | 11.0% | 19.2% |
 Kotak Business Cycle Fund | ₹3,509 Cr | 2.05% | 11.2% | 10.8% | — |
 Mahindra Manulife Business Cycle Fund | ₹1,364 Cr | 2.41% | 1.2% | 7.2% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,279 Cr | 2.30% | 13.9% | 13.9% | 15.9% |
 HSBC Business Cycles Fund | ₹1,229 Cr | 2.31% | 7.2% | 7.3% | 13.6% |
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 months10.22% absolute | ₹60,000 | ₹66,132 | 10.22% |
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 ₹10.83 as on 24 Sep 2026.
What is the expense ratio of ITI Business Cycle Fund?
The expense ratio of ITI Business Cycle Fund is 3.51% 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 ₹11,302 Cr under management.