Union Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹11.91+0.76%1 day
- Return since launch
- 6.6%
- 52-week range
- ₹10.03 — ₹11.97
- AUM
- ₹485 Cr
Union Business Cycle Fund is a Equity Opportunities equity fund from Union Mutual Fund with ₹485 Cr under management, launched in 2024. The expense ratio is 3.06% 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 +4.7% against -1.1% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 9.0% | +4.8 pts | 4.1% | 5.3% |
| 2Y | 7.1% | +1.3 pts | 5.8% | 3.0% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 5.9% | +2.1 pts | 3.8% | 4.8% |
| 3M | -0.3% | +0.8 pts | -1.0% | -0.9% |
| 6M | 4.7% | −0.8 pts | 5.5% | 4.4% |
| 1Y | 4.7% | +0.5 pts | 4.1% | -1.1% |
| 2Y | 3.7% | +1.0 pts | 2.7% | 0.1% |
Since launch (13 Feb 2024): 6.6%
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
3.03%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 2.09%
- Brokerage
- 0.17%
- Transaction charges
- 0.01%
- Statutory levies
- 0.76%
- 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 30 Sep 2026
Asset allocation
- Equity94.7%
- Debt0.2%
- Other5.2%
Market cap split
- Large47.1%
- Mid17.5%
- Small35.4%
- P/E
- 29.44
- P/B
- 3.40
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 6.34% | ₹30.74 Cr | +8.43% | +4.57% | +5.37% |
| Others | Others | 5.16% | ₹25.09 Cr | +0.94% | +1.54% | -0.90% |
| Larsen & Toubro Ltd. | Construction | 3.62% | ₹17.55 Cr | +4.60% | +2.00% | +3.06% |
| Axis Bank Ltd. | Financial | 3.38% | ₹16.40 Cr | +4.99% | +3.25% | — |
| HDFC Bank Ltd. | Financial | 2.94% | ₹14.25 Cr | +4.57% | — | +5.00% |
| One 97 Communications Ltd. | Services | 2.58% | ₹12.52 Cr | +1.59% | +1.52% | +1.51% |
| Sona BLW Precision Forgings Ltd. | Automobile | 2.53% | ₹12.27 Cr | +1.76% | +1.56% | — |
| Sai Life Sciences Ltd. | Healthcare | 2.46% | ₹11.91 Cr | +1.85% | +2.01% | — |
| Shriram Finance Ltd | Financial | 2.30% | ₹11.14 Cr | +1.68% | +2.85% | — |
| Bharat Heavy Electricals Ltd. | Capital Goods | 2.29% | ₹11.10 Cr | +3.00% | — | — |
| Navin Fluorine International Ltd. | Chemicals | 2.23% | ₹10.80 Cr | +2.14% | +1.95% | +1.07% |
| Arvind Ltd. | Textiles | 2.18% | ₹10.58 Cr | +1.01% | +0.49% | — |
| Solar Industries India Ltd. | Chemicals | 2.16% | ₹10.48 Cr | +2.56% | +2.37% | +1.76% |
| RBL Bank Ltd. | Financial | 2.04% | ₹9.90 Cr | +1.32% | — | — |
| Reliance Industries Ltd. | Energy | 1.96% | ₹9.49 Cr | +2.16% | +4.17% | +1.62% |
| Jindal Saw Ltd. | Metals & Mining | 1.87% | ₹9.07 Cr | +0.79% | — | — |
| Tata Motors Ltd. | Automobile | 1.85% | ₹8.96 Cr | +1.62% | — | — |
| Dixon Technologies (India) Ltd. | Capital Goods | 1.82% | ₹8.84 Cr | — | — | +1.65% |
| Mphasis Ltd. | Technology | 1.73% | ₹8.40 Cr | +0.96% | +1.23% | +0.49% |
| Power Mech Projects Ltd. | Construction | 1.72% | ₹8.35 Cr | +2.63% | — | — |
| Cipla Ltd. | Healthcare | 1.70% | ₹8.22 Cr | — | — | — |
| State Bank of India | Financial | 1.67% | ₹8.10 Cr | +2.99% | +3.28% | +3.22% |
| Tech Mahindra Ltd. | Technology | 1.64% | ₹7.98 Cr | +0.77% | — | — |
| Apollo Hospitals Enterprise Ltd. | Healthcare | 1.58% | ₹7.65 Cr | +1.71% | — | +1.29% |
| GE Vernova T&D India Ltd | Capital Goods | 1.57% | ₹7.60 Cr | +2.79% | +2.34% | +2.26% |
| Coforge Ltd. | Technology | 1.51% | ₹7.34 Cr | +1.05% | — | — |
| Aurobindo Pharma Ltd. | Healthcare | 1.46% | ₹7.09 Cr | +0.77% | +1.68% | — |
| Adani Enterprises Ltd. | Services | 1.45% | ₹7.03 Cr | +0.66% | — | — |
| HDFC Life Insurance Co Ltd. | Insurance | 1.44% | ₹6.98 Cr | — | — | — |
| Kotak Mahindra Bank Ltd. | Financial | 1.36% | ₹6.58 Cr | — | +2.01% | — |
| Krishna Institute of Medical Sciences Ltd | Healthcare | 1.35% | ₹6.57 Cr | +1.56% | — | — |
| Dr. Lal Pathlabs Ltd. | Healthcare | 1.34% | ₹6.50 Cr | — | — | — |
| Indo Count Industries Ltd. | Textiles | 1.33% | ₹6.44 Cr | +0.38% | +0.25% | — |
| 360 One Wam Ltd. | Financial | 1.32% | ₹6.40 Cr | +0.71% | — | — |
| Ujjivan Small Finance Bank Ltd. | Financial | 1.32% | ₹6.42 Cr | +2.06% | +2.73% | +1.57% |
| Devyani International Ltd. | Services | 1.25% | ₹6.05 Cr | — | — | — |
| Cummins India Ltd. | Capital Goods | 1.24% | ₹6.00 Cr | +2.75% | +2.79% | +2.18% |
| Data Patterns (India) Ltd. | Capital Goods | 1.22% | ₹5.93 Cr | +2.63% | +2.02% | +1.13% |
| Bharti Airtel Ltd. | Communication | 1.18% | ₹5.75 Cr | — | +3.11% | +3.59% |
| PVR Inox Ltd. | Services | 1.14% | ₹5.54 Cr | +0.75% | +1.79% | +1.46% |
| Zen Technologies Ltd. | Technology | 1.12% | ₹5.45 Cr | +1.03% | — | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 1.09% | ₹5.28 Cr | +1.32% | — | — |
| Fusion Finance Ltd. | Financial | 1.09% | ₹5.30 Cr | +0.89% | +0.74% | — |
| Gokaldas Exports Ltd. | Textiles | 1.09% | ₹5.30 Cr | +0.43% | +0.32% | — |
| ZF Commercial Vehicle Control Systems India Ltd. | Automobile | 1.09% | ₹5.29 Cr | +1.12% | +1.14% | +0.87% |
| Aarti Industries Ltd. | Chemicals | 1.08% | ₹5.24 Cr | +0.93% | +0.75% | — |
| Interglobe Aviation Ltd. | Services | 1.02% | ₹4.94 Cr | +2.97% | — | +2.45% |
| Mankind Pharma Ltd. | Healthcare | 1.02% | ₹4.94 Cr | +1.03% | — | — |
| Hindustan Copper Ltd. | Metals & Mining | 1.01% | ₹4.90 Cr | +0.40% | — | — |
| Jindal Steel Ltd. | Metals & Mining | 0.90% | ₹4.35 Cr | — | +0.81% | +0.55% |
| Delhivery Ltd. | Services | 0.86% | ₹4.16 Cr | — | — | — |
| MTAR Technologies Ltd. | Capital Goods | 0.85% | ₹4.14 Cr | — | — | — |
| K.P.R. Mill Ltd. | Textiles | 0.79% | ₹3.82 Cr | +0.78% | +0.52% | — |
| Hindustan Aeronautics Ltd. | Capital Goods | 0.75% | ₹3.65 Cr | — | — | +1.09% |
| Welspun Corp Ltd. | Metals & Mining | 0.75% | ₹3.64 Cr | — | — | — |
| Hindustan Zinc Ltd. | Metals & Mining | 0.74% | ₹3.60 Cr | — | — | — |
| Filatex India Ltd. | Textiles | 0.69% | ₹3.33 Cr | — | — | — |
| Cemindia Projects Ltd. | Construction | 0.67% | ₹3.27 Cr | +1.36% | — | — |
| CORONA Remedies Ltd. | Healthcare | 0.59% | ₹2.89 Cr | +0.52% | — | — |
| Wockhardt Ltd. | Healthcare | 0.55% | ₹2.66 Cr | +0.47% | — | — |
| Angel One Ltd. | Financial | 0.51% | ₹2.46 Cr | — | — | — |
| Go Digit General Insurance Ltd. | Insurance | 0.34% | ₹1.64 Cr | — | — | — |
| Reserve Bank of India | Financial | 0.09% | ₹0.42 Cr | +0.09% | +0.11% | +0.11% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Prestige Estates Projects Ltd. | 2.05% | 0.00% | -2.05% |
| HDFC Life Insurance Co Ltd. | 0.00% | 1.44% | +1.44% |
| Kotak Mahindra Bank Ltd. | 0.00% | 1.36% | +1.36% |
| Kei Industries Ltd. | 1.24% | 0.00% | -1.24% |
| JSW Steel Ltd. | 1.05% | 0.00% | -1.05% |
| Coforge Ltd. | 2.48% | 1.51% | -0.97% |
| Jindal Steel Ltd. | 0.00% | 0.90% | +0.90% |
| MTAR Technologies Ltd. | 0.00% | 0.85% | +0.85% |
| CreditAccess Grameen Ltd. | 0.83% | 0.00% | -0.83% |
| Hindustan Aeronautics Ltd. | 0.00% | 0.75% | +0.75% |
| One 97 Communications Ltd. | 3.32% | 2.58% | -0.74% |
| Bharti Airtel Ltd. | 1.87% | 1.18% | -0.69% |
| Larsen & Toubro Ltd. | 4.24% | 3.62% | -0.62% |
| Shriram Finance Ltd | 2.79% | 2.30% | -0.49% |
| Dr. Lal Pathlabs Ltd. | 0.88% | 1.34% | +0.46% |
| Welspun Corp Ltd. | 0.32% | 0.75% | +0.43% |
| Others | 0.10% | -0.25% | -0.35% |
| Go Digit General Insurance Ltd. | 0.00% | 0.34% | +0.34% |
| Angel One Ltd. | 0.85% | 0.51% | -0.34% |
| Axis Bank Ltd. | 3.05% | 3.38% | +0.33% |
| Cholamandalam Investment and Finance Company Ltd. | 1.37% | 1.09% | -0.28% |
| Mankind Pharma Ltd. | 0.76% | 1.02% | +0.26% |
| State Bank of India | 1.93% | 1.67% | -0.26% |
| Sai Life Sciences Ltd. | 2.20% | 2.46% | +0.26% |
| Aurobindo Pharma Ltd. | 1.21% | 1.46% | +0.25% |
| Hindustan Zinc Ltd. | 0.49% | 0.74% | +0.25% |
| RBL Bank Ltd. | 1.80% | 2.04% | +0.24% |
| Filatex India Ltd. | 0.45% | 0.69% | +0.24% |
| Sona BLW Precision Forgings Ltd. | 2.32% | 2.53% | +0.21% |
| HDFC Bank Ltd. | 2.75% | 2.94% | +0.19% |
| Dixon Technologies (India) Ltd. | 1.94% | 1.82% | -0.12% |
| Adani Enterprises Ltd. | 1.34% | 1.45% | +0.11% |
| Mphasis Ltd. | 1.83% | 1.73% | -0.10% |
| PVR Inox Ltd. | 1.04% | 1.14% | +0.10% |
| Ujjivan Small Finance Bank Ltd. | 1.42% | 1.32% | -0.10% |
| Power Mech Projects Ltd. | 1.63% | 1.72% | +0.09% |
| Wockhardt Ltd. | 0.46% | 0.55% | +0.09% |
| 360 One Wam Ltd. | 1.41% | 1.32% | -0.09% |
| ICICI Bank Ltd. | 6.43% | 6.34% | -0.09% |
| Arvind Ltd. | 2.10% | 2.18% | +0.08% |
| Fusion Finance Ltd. | 1.17% | 1.09% | -0.08% |
| Jindal Saw Ltd. | 1.95% | 1.87% | -0.08% |
| Tata Motors Ltd. | 1.93% | 1.85% | -0.08% |
| Krishna Institute of Medical Sciences Ltd | 1.28% | 1.35% | +0.07% |
| Gokaldas Exports Ltd. | 1.16% | 1.09% | -0.07% |
| Indo Count Industries Ltd. | 1.27% | 1.33% | +0.06% |
| Zen Technologies Ltd. | 1.17% | 1.12% | -0.05% |
| Cipla Ltd. | 1.66% | 1.70% | +0.04% |
| Hindustan Copper Ltd. | 1.05% | 1.01% | -0.04% |
| Navin Fluorine International Ltd. | 2.19% | 2.23% | +0.04% |
| Solar Industries India Ltd. | 2.20% | 2.16% | -0.04% |
| CORONA Remedies Ltd. | 0.55% | 0.59% | +0.04% |
| Aarti Industries Ltd. | 1.11% | 1.08% | -0.03% |
| Apollo Hospitals Enterprise Ltd. | 1.61% | 1.58% | -0.03% |
| Delhivery Ltd. | 0.89% | 0.86% | -0.03% |
| company:20133 | 0.03% | 0.00% | -0.03% |
| Cemindia Projects Ltd. | 0.65% | 0.67% | +0.02% |
| GE Vernova T&D India Ltd | 1.55% | 1.57% | +0.02% |
| Interglobe Aviation Ltd. | 1.00% | 1.02% | +0.02% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.11% | 1.09% | -0.02% |
| Bharat Heavy Electricals Ltd. | 2.28% | 2.29% | +0.01% |
| Data Patterns (India) Ltd. | 1.21% | 1.22% | +0.01% |
| Devyani International Ltd. | 1.24% | 1.25% | +0.01% |
| Reliance Industries Ltd. | 1.97% | 1.96% | -0.01% |
| Tech Mahindra Ltd. | 1.65% | 1.64% | -0.01% |
| Reserve Bank of India | 0.08% | 0.09% | +0.01% |
| Cummins India Ltd. | 1.24% | 1.24% | 0.00% |
| K.P.R. Mill Ltd. | 0.79% | 0.79% | 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 | ₹6,051 Cr | 2.13% | 7.0% | 8.6% | 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% |
 Kotak Business Cycle Fund | ₹3,414 Cr | 2.02% | 15.1% | 11.2% | — |
 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 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 months4.66% absolute | ₹60,000 | ₹62,796 | 4.66% | |
| 1 year4.66% annualised | ₹1,20,000 | ₹1,23,073 | 2.56% |
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 ₹11.91 as on 9 Nov 2026.
What is the expense ratio of Union Business Cycle Fund?
The expense ratio of Union Business Cycle Fund is 3.06% 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 ₹28,977 Cr under management.