Union Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 24 Sep 2026
- ₹11.52-1.71%1 day
- Return since launch
- 6.5%
- 52-week range
- ₹10.03 — ₹11.97
- AUM
- ₹518 Cr
Union Business Cycle Fund is a Equity Opportunities equity fund from Union Mutual Fund with ₹518 Cr under management, launched in 2024. The expense ratio is 3.11% and the SEBI riskometer reading is Very High.
Performance
Union Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +2.3% 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 | 2.9% | −1.5 pts | 4.4% | 0.6% |
| 2Y | 3.6% | −1.7 pts | 5.3% | 0.7% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -3.6% | −1.3 pts | -2.3% | -2.9% |
| 3M | -1.7% | −3.4 pts | 1.7% | 0.5% |
| 6M | 9.9% | −3.5 pts | 13.5% | 10.5% |
| 1Y | 2.3% | −2.1 pts | 4.4% | -1.6% |
| 2Y | -2.2% | −1.3 pts | -0.9% | -4.2% |
Since launch (13 Feb 2024): 6.5%
Calendar-year returns
Category average1.4%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 1.4% | −1.8 pts | 3.2% |
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
3.11%
Expense ratio as on 23 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 2.09%
- Brokerage
- 0.19%
- Transaction charges
- 0.01%
- Statutory levies
- 0.82%
- Exit load
- Exit load of 1%, if redeemed within 1 year.
- 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
Union Business Cycle Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity95.8%
- Debt0.1%
- Other4.2%
Market cap split
- Large44.8%
- Mid22.1%
- Small33.1%
- P/E
- 30.72
- P/B
- 3.58
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 6.43% | ₹33.30 Cr | +6.48% | +4.48% | +6.14% |
| Larsen & Toubro Ltd. | Construction | 4.24% | ₹21.97 Cr | +3.39% | +4.67% | +3.03% |
| Others | Others | 4.16% | ₹21.37 Cr | -0.94% | -0.76% | -0.54% |
| One97 Communications Ltd. | Services | 3.32% | ₹17.17 Cr | +1.58% | +1.52% | +1.63% |
| Axis Bank Ltd. | Financial | 3.05% | ₹15.82 Cr | +4.11% | +3.38% | — |
| Shriram Finance Ltd | Financial | 2.79% | ₹14.46 Cr | — | +2.82% | — |
| HDFC Bank Ltd. | Financial | 2.75% | ₹14.25 Cr | +2.39% | +4.11% | +5.57% |
| Coforge Ltd. | Technology | 2.48% | ₹12.82 Cr | — | — | — |
| Sona BLW Precision Forgings Ltd. | Automobile | 2.32% | ₹12.02 Cr | +1.76% | +1.02% | — |
| Bharat Heavy Electricals Ltd. | Capital Goods | 2.28% | ₹11.82 Cr | +4.15% | — | — |
| Sai Life Sciences Ltd. | Healthcare | 2.20% | ₹11.40 Cr | +1.77% | +1.45% | — |
| Solar Industries India Ltd. | Chemicals | 2.20% | ₹11.41 Cr | +3.54% | +2.31% | +1.83% |
| Navin Fluorine International Ltd. | Chemicals | 2.19% | ₹11.37 Cr | +2.02% | +1.73% | +1.09% |
| Arvind Ltd. | Textiles | 2.10% | ₹10.89 Cr | +0.83% | +0.45% | — |
| Prestige Estates Projects Ltd. | Construction | 2.05% | ₹10.64 Cr | — | — | — |
| Reliance Industries Ltd. | Energy | 1.97% | ₹10.21 Cr | +2.24% | +2.81% | +2.63% |
| Jindal Saw Ltd. | Metals & Mining | 1.95% | ₹10.11 Cr | +0.54% | — | — |
| Dixon Technologies (India) Ltd. | Capital Goods | 1.94% | ₹10.03 Cr | — | — | +1.70% |
| State Bank of India | Financial | 1.93% | ₹10.00 Cr | +1.46% | +4.86% | +2.12% |
| Tata Motors Ltd. | Automobile | 1.93% | ₹10.02 Cr | — | +2.46% | — |
| company:5722 | Communication | 1.87% | ₹9.66 Cr | — | +2.86% | +4.91% |
| Mphasis Ltd. | Technology | 1.83% | ₹9.46 Cr | +1.44% | +0.95% | +1.48% |
| RBL Bank Ltd. | Financial | 1.80% | ₹9.34 Cr | — | — | — |
| Cipla Ltd. | Healthcare | 1.66% | ₹8.61 Cr | — | — | — |
| Tech Mahindra Ltd. | Technology | 1.65% | ₹8.52 Cr | — | — | — |
| Power Mech Projects Ltd. | Construction | 1.63% | ₹8.46 Cr | +2.73% | — | — |
| Apollo Hospitals Enterprise Ltd. | Healthcare | 1.61% | ₹8.33 Cr | +1.43% | — | +1.33% |
| GE Vernova T&D India Ltd | Capital Goods | 1.55% | ₹8.04 Cr | +2.95% | +2.16% | +2.38% |
| Ujjivan Small Finance Bank Ltd. | Financial | 1.42% | ₹7.37 Cr | +1.93% | +2.09% | +1.01% |
| 360 One Wam Ltd. | Financial | 1.41% | ₹7.30 Cr | +0.74% | — | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 1.37% | ₹7.11 Cr | — | — | — |
| Adani Enterprises Ltd. | Services | 1.34% | ₹6.93 Cr | — | — | — |
| Krishna Institute of Medical Sciences Ltd | Healthcare | 1.28% | ₹6.65 Cr | +0.49% | — | — |
| Indo Count Industries Ltd. | Textiles | 1.27% | ₹6.56 Cr | +0.27% | +0.23% | — |
| Cummins India Ltd. | Capital Goods | 1.24% | ₹6.43 Cr | +3.25% | +2.65% | +2.14% |
| Kei Industries Ltd. | Capital Goods | 1.24% | ₹6.43 Cr | +1.50% | +2.04% | +1.74% |
| company:16964 | Services | 1.24% | ₹6.44 Cr | — | — | — |
| Aurobindo Pharma Ltd. | Healthcare | 1.21% | ₹6.26 Cr | +1.50% | — | — |
| Data Patterns (India) Ltd. | Capital Goods | 1.21% | ₹6.26 Cr | +2.40% | +1.87% | +1.07% |
| Fusion Finance Ltd. | Financial | 1.17% | ₹6.07 Cr | +0.85% | +0.73% | — |
| Zen Technologies Ltd. | Technology | 1.17% | ₹6.04 Cr | +0.69% | — | — |
| Gokaldas Exports Ltd. | Textiles | 1.16% | ₹6.02 Cr | +0.34% | +0.31% | +0.44% |
| Aarti Industries Ltd. | Chemicals | 1.11% | ₹5.77 Cr | +0.98% | +0.49% | — |
| ZF Commercial Vehicle Control Systems India Ltd. | Automobile | 1.11% | ₹5.73 Cr | +1.08% | +1.09% | +0.95% |
| Hindustan Copper Ltd. | Metals & Mining | 1.05% | ₹5.44 Cr | +0.44% | — | — |
| JSW Steel Ltd. | Metals & Mining | 1.05% | ₹5.45 Cr | +1.04% | +1.01% | +0.52% |
| PVR Inox Ltd. | Services | 1.04% | ₹5.38 Cr | +1.67% | +1.74% | +1.05% |
| Interglobe Aviation Ltd. | Services | 1.00% | ₹5.19 Cr | +1.36% | — | +2.49% |
| Delhivery Ltd. | Services | 0.89% | ₹4.63 Cr | — | — | — |
| Dr. Lal Pathlabs Ltd. | Healthcare | 0.88% | ₹4.57 Cr | — | — | — |
| Angel One Ltd. | Financial | 0.85% | ₹4.39 Cr | — | — | — |
| CreditAccess Grameen Ltd. | Financial | 0.83% | ₹4.30 Cr | +0.49% | +1.61% | — |
| K.P.R. Mill Ltd. | Textiles | 0.79% | ₹4.08 Cr | +0.54% | +0.49% | +0.75% |
| Mankind Pharma Ltd. | Healthcare | 0.76% | ₹3.96 Cr | +0.69% | — | — |
| Cemindia Projects Ltd. | Construction | 0.65% | ₹3.36 Cr | +1.14% | — | — |
| CORONA Remedies Ltd. | Healthcare | 0.55% | ₹2.83 Cr | +0.45% | — | — |
| company:1536 | Metals & Mining | 0.49% | ₹2.52 Cr | — | — | — |
| Wockhardt Ltd. | Healthcare | 0.46% | ₹2.37 Cr | — | — | — |
| company:1114 | Textiles | 0.45% | ₹2.33 Cr | — | — | — |
| company:5338 | Metals & Mining | 0.32% | ₹1.65 Cr | — | — | — |
| Reserve Bank of India | Financial | 0.08% | ₹0.42 Cr | +0.10% | +0.09% | +0.11% |
| TVS Motor Company Ltd - Pref. Shares | Automobile | 0.03% | ₹0.16 Cr | +0.03% | +0.03% | +0.03% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| ICICI Bank Ltd. | 8.97% | 6.43% | -2.54% |
| company:5722 | 0.00% | 1.87% | +1.87% |
| Motherson Sumi Wiring India Ltd. | 1.62% | 0.00% | -1.62% |
| HDFC Bank Ltd. | 4.12% | 2.75% | -1.37% |
| Maruti Suzuki India Ltd. | 1.28% | 0.00% | -1.28% |
| company:16964 | 0.00% | 1.24% | +1.24% |
| Jindal Saw Ltd. | 0.79% | 1.95% | +1.16% |
| Ujjivan Small Finance Bank Ltd. | 2.55% | 1.42% | -1.13% |
| State Bank of India | 3.05% | 1.93% | -1.12% |
| Shriram Finance Ltd | 1.72% | 2.79% | +1.07% |
| Bank of Maharashtra | 1.00% | 0.00% | -1.00% |
| Indo Count Industries Ltd. | 0.35% | 1.27% | +0.92% |
| Garden Reach Shipbuilders & Engineers Ltd. | 0.84% | 0.00% | -0.84% |
| Bharat Electronics Ltd. | 0.71% | 0.00% | -0.71% |
| Mankind Pharma Ltd. | 1.47% | 0.76% | -0.71% |
| One97 Communications Ltd. | 2.63% | 3.32% | +0.69% |
| Adani Enterprises Ltd. | 0.67% | 1.34% | +0.67% |
| Hindustan Copper Ltd. | 0.40% | 1.05% | +0.65% |
| Delhivery Ltd. | 1.51% | 0.89% | -0.62% |
| Tech Mahindra Ltd. | 2.23% | 1.65% | -0.58% |
| Others | -0.45% | 0.10% | +0.55% |
| company:1536 | 0.00% | 0.49% | +0.49% |
| Arvind Ltd. | 1.63% | 2.10% | +0.47% |
| Dixon Technologies (India) Ltd. | 1.47% | 1.94% | +0.47% |
| Gokaldas Exports Ltd. | 0.69% | 1.16% | +0.47% |
| company:1114 | 0.00% | 0.45% | +0.45% |
| company:5338 | 0.00% | 0.32% | +0.32% |
| Coforge Ltd. | 2.18% | 2.48% | +0.30% |
| Krishna Institute of Medical Sciences Ltd | 1.57% | 1.28% | -0.29% |
| Reliance Industries Ltd. | 2.23% | 1.97% | -0.26% |
| Navin Fluorine International Ltd. | 1.94% | 2.19% | +0.25% |
| RBL Bank Ltd. | 1.56% | 1.80% | +0.24% |
| 360 One Wam Ltd. | 1.19% | 1.41% | +0.22% |
| Tata Motors Ltd. | 1.71% | 1.93% | +0.22% |
| Zen Technologies Ltd. | 0.96% | 1.17% | +0.21% |
| Sai Life Sciences Ltd. | 2.01% | 2.20% | +0.19% |
| Apollo Hospitals Enterprise Ltd. | 1.80% | 1.61% | -0.19% |
| Fusion Finance Ltd. | 0.99% | 1.17% | +0.18% |
| Solar Industries India Ltd. | 2.05% | 2.20% | +0.15% |
| CreditAccess Grameen Ltd. | 0.98% | 0.83% | -0.15% |
| Bharat Heavy Electricals Ltd. | 2.13% | 2.28% | +0.15% |
| Axis Bank Ltd. | 3.19% | 3.05% | -0.14% |
| PVR Inox Ltd. | 0.90% | 1.04% | +0.14% |
| Kei Industries Ltd. | 1.10% | 1.24% | +0.14% |
| Cummins India Ltd. | 1.36% | 1.24% | -0.12% |
| Cipla Ltd. | 1.77% | 1.66% | -0.11% |
| Aarti Industries Ltd. | 1.01% | 1.11% | +0.10% |
| Dr. Lal Pathlabs Ltd. | 0.78% | 0.88% | +0.10% |
| Cemindia Projects Ltd. | 0.74% | 0.65% | -0.09% |
| Sona BLW Precision Forgings Ltd. | 2.23% | 2.32% | +0.09% |
| Aurobindo Pharma Ltd. | 1.13% | 1.21% | +0.08% |
| K.P.R. Mill Ltd. | 0.71% | 0.79% | +0.08% |
| Prestige Estates Projects Ltd. | 1.97% | 2.05% | +0.08% |
| Power Mech Projects Ltd. | 1.69% | 1.63% | -0.06% |
| Data Patterns (India) Ltd. | 1.16% | 1.21% | +0.05% |
| Angel One Ltd. | 0.89% | 0.85% | -0.04% |
| Larsen & Toubro Ltd. | 4.20% | 4.24% | +0.04% |
| Mphasis Ltd. | 1.79% | 1.83% | +0.04% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.07% | 1.11% | +0.04% |
| GE Vernova T&D India Ltd | 1.53% | 1.55% | +0.02% |
| Wockhardt Ltd. | 0.48% | 0.46% | -0.02% |
| CORONA Remedies Ltd. | 0.57% | 0.55% | -0.02% |
| Cholamandalam Investment and Finance Company Ltd. | 1.39% | 1.37% | -0.02% |
| Interglobe Aviation Ltd. | 1.01% | 1.00% | -0.01% |
| JSW Steel Ltd. | 1.04% | 1.05% | +0.01% |
| Reserve Bank of India | 0.08% | 0.08% | 0.00% |
| TVS Motor Company Ltd - Pref. Shares | 0.03% | 0.03% | 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% | 7.9% | 9.8% | 16.0% |
 Franklin India Opportunities Fund | ₹9,717 Cr | 2.08% | 6.1% | 9.5% | 18.3% |
 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 Schemeseeks to generate long-term capital appreciation by investing with a focus on riding business cycles through allocation between sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Harshad PatwardhanMr. Patwardhan is B.Tech from IIT, MBA from IIM and CFA.Prior to joining Union AMC, he was associated with Edelweiss AMC,Girik Wealth Advisors,JPMorgan Asset Management India Private Limited since June 2006 as CIO-Equities. Prior to that Mr. Patwardhan worked for two years with Deutsche Equities India Private Limited as a senior research analyst and has had extensive experience with several foreign brokerage houses covering a variety of sectors.
- Pratik DharmshiMr. Dharmshi has done B. Com & CAPrior to joining Union AMC, he was associated with UTI Pension Fund Limited, Safe Enterprises, Girik Capital, Edelweiss AMC, JP Morgan India Pvt. Ltd., CRISIL Ltd. & Morgan Stanley Advantage Services 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 months9.92% absolute | ₹60,000 | ₹65,952 | 9.92% | |
| 1 year2.31% annualised | ₹1,20,000 | ₹1,21,512 | 1.26% |
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 Union Business Cycle Fund?
The NAV of Union Business Cycle Fund is ₹11.52 as on 24 Sep 2026.
What is the expense ratio of Union Business Cycle Fund?
The expense ratio of Union Business Cycle Fund is 3.11% per year.
What is the minimum SIP amount for Union Business Cycle Fund?
You can start a SIP in Union Business Cycle Fund with ₹3,000 a month.
Is there a lock-in or exit load on Union Business Cycle Fund?
Lock-in: None. Exit load: Exit load of 1%, if redeemed within 1 year..
How risky is Union Business Cycle Fund?
Union Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages Union Business Cycle Fund?
Union Business Cycle Fund is managed by Union Mutual Fund, which runs 30 schemes with ₹28,513 Cr under management.