Kotak Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹17.77+0.94%1 day
- Return since launch
- 14.6%
- 52-week range
- ₹14.34 — ₹17.63
- AUM
- ₹3,414 Cr
Kotak Business Cycle Fund is a Equity Opportunities equity fund from Kotak Mahindra Mutual Fund with ₹3,414 Cr under management, launched in 2022. Over three years it has returned 11.2% a year, against 13.7% for its category. The expense ratio is 2.04% and the SEBI riskometer reading is Very High.
Performance
Kotak Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +7.6% against -1.4% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 15.1% | +10.9 pts | 4.1% | 5.3% |
| 2Y | 10.7% | +4.9 pts | 5.8% | 3.0% |
| 3Y | 11.2% | −2.5 pts | 13.7% | 3.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 5.8% | +2.0 pts | 3.8% | 4.8% |
| 3M | 0.8% | +1.8 pts | -1.0% | -0.9% |
| 6M | 9.5% | +4.0 pts | 5.5% | 4.4% |
| 1Y | 7.6% | +3.4 pts | 4.1% | -1.1% |
| 2Y | 7.1% | +4.4 pts | 2.7% | 0.1% |
| 3Y | 16.2% | +2.5 pts | 13.7% | 10.6% |
Since launch (7 Sep 2022): 14.6%
Calendar-year returns
Category average22.6%
27.1%
5.4%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 5.4% | +2.2 pts | 3.2% |
| 2024 | 27.1% | +3.9 pts | 23.3% |
| 2023 | 22.6% | −12.6 pts | 35.3% |
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
2.02%
Expense ratio as on 3 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.65%
- Brokerage
- 0.02%
- Transaction charges
- 0.00%
- Statutory levies
- 0.35%
- Exit load
- 0.5% for redemption within 90 Days
- 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.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | 4.27 | 5.09 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.94 | 0.97 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.59 | 0.63 | 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 | 15.42 | 16.09 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 4 category peers | |||
Portfolio
Kotak Business Cycle Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity98.6%
- Other1.4%
Market cap split
- Large42.6%
- Mid26.5%
- Small30.9%
- P/E
- 29.08
- P/B
- 4.00
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 7.69% | ₹262 Cr | +8.27% | +6.97% | +4.25% |
| Aditya Infotech Ltd. | Communication | 5.74% | ₹196 Cr | +5.62% | +3.62% | +1.38% |
| INDO-MIM Ltd. | Capital Goods | 4.39% | ₹150 Cr | — | — | — |
| Eternal Ltd. | Services | 4.05% | ₹138 Cr | +3.46% | +2.65% | +3.50% |
| Axis Bank Ltd. | Financial | 3.67% | ₹125 Cr | +4.16% | +4.33% | +2.80% |
| Aster DM Quality Care Ltd. | Healthcare | 3.37% | ₹115 Cr | +3.97% | +4.25% | +3.70% |
| Krishna Institute of Medical Sciences Ltd | Healthcare | 3.23% | ₹110 Cr | +3.65% | +2.45% | +2.56% |
| Vijaya Diagnostic Centre Ltd. | Healthcare | 3.11% | ₹106 Cr | +3.02% | +2.32% | +2.49% |
| ACME Solar Holdings Ltd. | Energy | 2.87% | ₹97.89 Cr | +2.57% | — | — |
| Lenskart Solutions Ltd. | Consumer Discretionary | 2.70% | ₹92.23 Cr | +2.11% | — | — |
| Bharti Hexacom Ltd. | Communication | 2.64% | ₹90.00 Cr | +2.84% | +3.48% | +3.56% |
| HDFC Bank Ltd. | Financial | 2.62% | ₹89.30 Cr | +3.04% | +2.96% | +2.39% |
| Shriram Finance Ltd | Financial | 2.48% | ₹84.58 Cr | +2.72% | +2.74% | — |
| Maruti Suzuki India Ltd. | Automobile | 2.09% | ₹71.44 Cr | +2.55% | +2.68% | +2.65% |
| 360 One Wam Ltd. | Financial | 1.99% | ₹67.97 Cr | +2.15% | +2.29% | — |
| Mahindra & Mahindra Ltd. | Automobile | 1.86% | ₹63.43 Cr | +2.00% | +2.32% | +2.50% |
| Indian Bank | Financial | 1.85% | ₹63.00 Cr | +1.93% | +2.41% | +1.99% |
| Vishal Mega Mart Ltd. | Services | 1.85% | ₹63.26 Cr | +2.24% | +2.40% | +3.45% |
| Happy Forgings Ltd. | Metals & Mining | 1.77% | ₹60.30 Cr | +1.36% | +1.23% | +0.91% |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 1.75% | ₹59.87 Cr | +1.97% | — | — |
| Avenue Supermarts Ltd. | Services | 1.71% | ₹58.40 Cr | +2.04% | +2.22% | +2.33% |
| Century Plyboards (India) Ltd. | Materials | 1.70% | ₹58.20 Cr | +1.94% | +2.18% | +2.35% |
| Ultratech Cement Ltd. | Materials | 1.67% | ₹56.97 Cr | +1.77% | +2.04% | +1.95% |
| SBI Life Insurance Company Ltd. | Insurance | 1.65% | ₹56.48 Cr | +1.78% | +2.16% | +2.02% |
| Godrej Consumer Products Ltd. | Consumer Staples | 1.62% | ₹55.44 Cr | +1.99% | +2.34% | +2.58% |
| ICICI Lombard General Insurance Company Ltd. | Insurance | 1.61% | ₹55.06 Cr | +1.83% | +2.16% | +1.96% |
| Kalpataru Projects International Ltd. | Capital Goods | 1.58% | ₹53.99 Cr | +1.62% | +1.51% | +1.66% |
| Mankind Pharma Ltd. | Healthcare | 1.48% | ₹50.42 Cr | +1.55% | +1.47% | +1.66% |
| Mphasis Ltd. | Technology | 1.46% | ₹49.75 Cr | +1.51% | +1.73% | +2.08% |
| Brigade Enterprises Ltd. | Construction | 1.40% | ₹47.90 Cr | +1.26% | +1.48% | +1.90% |
| Infosys Ltd. | Technology | 1.39% | ₹47.51 Cr | +1.45% | +2.18% | +2.54% |
| Oberoi Realty Ltd. | Construction | 1.39% | ₹47.55 Cr | +1.44% | +1.39% | +1.44% |
| Others | Others | 1.37% | ₹46.11 Cr | -0.08% | -0.66% | -0.34% |
| UNO Minda Ltd. | Automobile | 1.33% | ₹45.50 Cr | +1.28% | +1.93% | +2.70% |
| Reliance Industries Ltd. | Energy | 1.23% | ₹42.14 Cr | +1.39% | +1.74% | +1.64% |
| Sagility Ltd. | Services | 1.18% | ₹40.13 Cr | +1.12% | +1.37% | — |
| TVS Motor Company Ltd. | Automobile | 1.15% | ₹39.29 Cr | +1.00% | +1.17% | — |
| LG Electronics India Ltd. | Consumer Discretionary | 1.14% | ₹39.05 Cr | +1.06% | +1.19% | — |
| Hexaware Technologies Ltd. | Technology | 1.11% | ₹37.79 Cr | +1.07% | +1.07% | +2.13% |
| NTPC Ltd. | Energy | 1.04% | ₹35.55 Cr | +1.19% | +1.49% | +1.27% |
| Aptus Value Housing Finance India Ltd. | Financial | 1.00% | ₹34.27 Cr | +1.24% | +1.05% | +1.48% |
| ICICI Prudential Asset Management Company Ltd. | Financial | 1.00% | ₹33.99 Cr | +1.09% | +1.11% | — |
| CORONA Remedies Ltd. | Healthcare | 0.99% | ₹33.88 Cr | +0.96% | — | — |
| Jubilant Ingrevia Ltd. | Chemicals | 0.94% | ₹32.15 Cr | +0.91% | +0.98% | +1.07% |
| KFin Technologies Ltd. | Financial | 0.93% | ₹31.78 Cr | — | — | — |
| Hindustan Aeronautics Ltd. | Capital Goods | 0.82% | ₹28.01 Cr | +0.80% | +0.76% | +0.97% |
| SBI Funds Management Ltd. | Financial | 0.79% | ₹26.97 Cr | — | — | — |
| Shadowfax Technologies Ltd. | Services | 0.77% | ₹26.26 Cr | — | — | — |
| Tenneco Clean Air India Ltd | Automobile | 0.75% | ₹25.60 Cr | +0.90% | +0.95% | — |
| ITC Ltd. | Consumer Staples | 0.69% | ₹23.65 Cr | +0.78% | +0.94% | +1.23% |
| Medi Assist Healthcare Services Ltd. | Services | 0.57% | ₹19.53 Cr | +0.72% | +0.70% | +0.91% |
| CMS Info Systems Ltd. | Services | 0.55% | ₹18.80 Cr | +0.72% | +0.85% | +0.85% |
| Western Carriers (India) Ltd. | Services | 0.27% | ₹9.30 Cr | +0.30% | +0.28% | +0.43% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| INDO-MIM Ltd. | 3.01% | 4.39% | +1.38% |
| Aditya Infotech Ltd. | 5.17% | 5.74% | +0.57% |
| ICICI Bank Ltd. | 8.23% | 7.69% | -0.54% |
| ACME Solar Holdings Ltd. | 2.55% | 2.87% | +0.32% |
| Shriram Finance Ltd | 2.72% | 2.48% | -0.24% |
| Happy Forgings Ltd. | 2.01% | 1.77% | -0.24% |
| 360 One Wam Ltd. | 2.21% | 1.99% | -0.22% |
| Maruti Suzuki India Ltd. | 2.30% | 2.09% | -0.21% |
| Aster DM Quality Care Ltd. | 3.56% | 3.37% | -0.19% |
| Brigade Enterprises Ltd. | 1.56% | 1.40% | -0.16% |
| Lenskart Solutions Ltd. | 2.54% | 2.70% | +0.16% |
| Infosys Ltd. | 1.54% | 1.39% | -0.15% |
| Indian Bank | 2.00% | 1.85% | -0.15% |
| Mahindra & Mahindra Ltd. | 2.01% | 1.86% | -0.15% |
| Century Plyboards (India) Ltd. | 1.84% | 1.70% | -0.14% |
| Mphasis Ltd. | 1.60% | 1.46% | -0.14% |
| Bharti Hexacom Ltd. | 2.78% | 2.64% | -0.14% |
| Vishal Mega Mart Ltd. | 1.98% | 1.85% | -0.13% |
| KFin Technologies Ltd. | 1.05% | 0.93% | -0.12% |
| Axis Bank Ltd. | 3.78% | 3.67% | -0.11% |
| Hexaware Technologies Ltd. | 1.21% | 1.11% | -0.10% |
| Mankind Pharma Ltd. | 1.39% | 1.48% | +0.09% |
| Sagility Ltd. | 1.26% | 1.18% | -0.08% |
| Shadowfax Technologies Ltd. | 0.69% | 0.77% | +0.08% |
| Vijaya Diagnostic Centre Ltd. | 3.19% | 3.11% | -0.08% |
| UNO Minda Ltd. | 1.41% | 1.33% | -0.08% |
| HDFC Bank Ltd. | 2.55% | 2.62% | +0.07% |
| SBI Funds Management Ltd. | 0.86% | 0.79% | -0.07% |
| ICICI Lombard General Insurance Company Ltd. | 1.55% | 1.61% | +0.06% |
| Reliance Industries Ltd. | 1.29% | 1.23% | -0.06% |
| Godrej Consumer Products Ltd. | 1.68% | 1.62% | -0.06% |
| Aptus Value Housing Finance India Ltd. | 1.05% | 1.00% | -0.05% |
| ICICI Prudential Asset Management Company Ltd. | 0.95% | 1.00% | +0.05% |
| Vedanta Aluminium Metal Ltd. | 1.80% | 1.75% | -0.05% |
| Krishna Institute of Medical Sciences Ltd | 3.18% | 3.23% | +0.05% |
| CORONA Remedies Ltd. | 0.95% | 0.99% | +0.04% |
| Medi Assist Healthcare Services Ltd. | 0.61% | 0.57% | -0.04% |
| Oberoi Realty Ltd. | 1.43% | 1.39% | -0.04% |
| CMS Info Systems Ltd. | 0.59% | 0.55% | -0.04% |
| LG Electronics India Ltd. | 1.10% | 1.14% | +0.04% |
| TVS Motor Company Ltd. | 1.18% | 1.15% | -0.03% |
| Ultratech Cement Ltd. | 1.70% | 1.67% | -0.03% |
| Western Carriers (India) Ltd. | 0.24% | 0.27% | +0.03% |
| ITC Ltd. | 0.66% | 0.69% | +0.03% |
| Kalpataru Projects International Ltd. | 1.56% | 1.58% | +0.02% |
| Jubilant Ingrevia Ltd. | 0.95% | 0.94% | -0.01% |
| NTPC Ltd. | 1.03% | 1.04% | +0.01% |
| Tenneco Clean Air India Ltd | 0.76% | 0.75% | -0.01% |
| Eternal Ltd. | 4.04% | 4.05% | +0.01% |
| Avenue Supermarts Ltd. | 1.71% | 1.71% | 0.00% |
| Hindustan Aeronautics Ltd. | 0.82% | 0.82% | 0.00% |
| Others | -0.18% | -0.18% | 0.00% |
| SBI Life Insurance Company Ltd. | 1.65% | 1.65% | 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 | ₹6,710 Cr | 2.16% | 4.9% | 8.0% | 15.0% |
 ICICI Prudential Business Cycle Fund | ₹14,614 Cr | 1.86% | 3.4% | 6.8% | 13.3% |
 Franklin India Opportunities Fund | ₹9,577 Cr | 2.08% | 0.9% | 5.9% | 16.1% |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,359 Cr | 2.26% | 14.5% | 13.5% | 15.7% |
 Mahindra Manulife Business Cycle Fund | ₹1,291 Cr | 2.42% | 0.9% | 5.7% | — |
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 with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Abhishek BisenMr. Bisen is a BA and MBA in Finance.Prior to joining Kotak AMC, he was working with Securities Trading Corporation Of India Ltd where he was looking at Sales & Trading of Fixed Income Products apart from doing Portfolio Advisory. His earlier assignments also include 2 years of merchant banking experience with a leading merchant banking firm.
- Atul BholeMr. Bhole is a B.Com (H), Chartered Accountant and MMS.Prior to joining Kotak Mahindra Mutual Fund he has worked with DSP Mutual Fund Tata Mutual Fund, JP Morgan Services Pvt. Ltd. and SBI Treasury.
- Harish BihaniMr. Bihani has done MBA in FinancePrior to joining Kotak Mutual Fund, he has worked with ICICI Prudential Mutual Fund, SBI Mutual Fund, Kotak Instituitional Equities, CIMB Securities, RBS Equities India Pvt. Ltd., Indiabulls Securities Ltd. and Reliance Equities International 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 months9.47% absolute | ₹60,000 | ₹65,682 | 9.47% | |
| 1 year7.58% annualised | ₹1,20,000 | ₹1,25,043 | 4.20% | |
| 3 years16.23% annualised | ₹3,60,000 | ₹4,66,081 | 29.47% |
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 Kotak Business Cycle Fund?
The NAV of Kotak Business Cycle Fund is ₹17.77 as on 9 Nov 2026.
What is the expense ratio of Kotak Business Cycle Fund?
The expense ratio of Kotak Business Cycle Fund is 2.04% per year.
What is the minimum SIP amount for Kotak Business Cycle Fund?
You can start a SIP in Kotak Business Cycle Fund with ₹3,000 a month.
Is there a lock-in or exit load on Kotak Business Cycle Fund?
Lock-in: None. Exit load: 0.5% for redemption within 90 Days.
How risky is Kotak Business Cycle Fund?
Kotak Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages Kotak Business Cycle Fund?
Kotak Business Cycle Fund is managed by Kotak Mahindra Mutual Fund, which runs 97 schemes with ₹6,34,000 Cr under management.