Bandhan Business Cycle Fund

ThematicDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

Bandhan Business Cycle Fund is a Thematic fund run by Bandhan Mutual Fund. On 31-08-2026, it managed ₹1,100 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned −8.9% and its Regular plan returned −10.3%. Its benchmark, Nifty 500 TRI, returned −7.3% over the same year.

NAV (Direct plan): ₹9.54; ▼ 0.56%30-10-2026
NAV (Regular plan): ₹9.24; ▼ 0.57%30-10-2026
Expense ratio: 1.02%Direct2.47%Regular; 1.02%; A year
Riskometer: Very High; Set by the fund house
1 year return: −8.9%Direct−10.3%Regular; −8.9%; Total

Bandhan Business Cycle Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹9.54 (down 0.56% that day); Regular Plan Growth ₹9.24 (down 0.57% that day).

This fund (Direct plan)

₹9.539

Bandhan Business Cycle Fund Returns vs Nifty 500 TRI

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	−1.32%	−5.24%	−1.79%	−8.94%	--	--	--
This fund (Regular)	−1.44%	−5.59%	−2.52%	−10.29%	--	--	--
Nifty 500 TRI	−0.75%	−6.05%	−2.83%	−7.34%	+10.22%	+8.81%	+12.51%
Thematic average	−2.09%	−4.52%	+0.86%	−1.22%	--	--	--
Best in Thematic	+11.54%	+11.27%	+22.16%	+75.71%	--	--	--
Worst in Thematic	−16.05%	−11.74%	−13.97%	−22.44%	--	--	--
Rank in Thematic	78/235	113/232	136/232	177/215	--	--	--

Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

Bandhan Business Cycle Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty 500 TRI
2026to date	−8.28%	−9.41%	−7.51%
2025	+6.22%	+4.64%	+7.76%

Bandhan Business Cycle Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 1-year holding period, plotted on the day it ended. There are 268 periods, one for each trading day from 01-10-2025 to 30-10-2026.

−10%−5%0%5%10%15%20%

Nov 2024
to
Nov 2025Jan 2025
to
Jan 2026Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026

Bandhan Business Cycle Fund (Direct)Nifty 500 TRI

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	268	2.5%	−10.1%	16.0%	35%	3.3%	13%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 500 TRI over the same days. Past returns do not promise future returns.

Bandhan Business Cycle Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	Bandhan Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	−8.94%	−7.34%
Standard deviation	15.54%	14.48%
Sharpe ratio	-0.91	-0.87
Sortino ratio	-1.23	-1.16
Maximum drawdown	−17.6% (30-03-2026)	−14.7% (30-03-2026)
Beta	1.06	1.00
Alpha	−0.88%	0.00%

From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	Bandhan Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	−2.32%	−3.93%
Standard deviation	15.22%	14.21%
Sharpe ratio	-0.53	-0.68
Sortino ratio	-0.71	-0.91
Maximum drawdown	−17.6% (30-03-2026)	−17.8% (28-02-2025)
Beta	1.04	1.00
Alpha	+1.99%	0.00%

From daily NAVs, 01-10-2024 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Drawdowns

How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.

−20%−15%−10%−5%0%

20252026

Bandhan Business Cycle Fund (Direct)Nifty 500 TRI

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
Bandhan Business Cycle Fund (Direct)	−17.6%	02-01-2026	30-03-2026	Not yet	--	−9.4%
Nifty 500 TRI	−17.8%	01-10-2024	28-02-2025	02-01-2026	10 months	−8.4%

From the Direct plan's daily NAV since 01-10-2024, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

Bandhan Business Cycle Fund vs Other Thematic Funds

The five Thematic funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Nippon India Taiwan Equity Fund	1/133	1,147	1.08%	+75.71%	+54.78%	--	--	1.38	2.03	Compare
HDFC Defence Fund	2/133	11,493	0.90%	+13.79%	+34.76%	−0.18%	0.83	1.12	1.54	Compare
HDFC Pharma and Healthcare Fund	3/133	3,501	1.05%	+23.12%	+30.53%	+8.23%	0.96	1.74	2.49	Compare
SBI Healthcare Opportunities Fund	4/133	5,870	1.01%	+17.12%	+24.60%	+3.61%	0.88	1.42	2.03	Compare
Aditya Birla Sun Life International Equity Fund	5/133	352	2.00%	+13.97%	+24.46%	--	--	1.49	2.16	Compare
Bandhan Business Cycle Fund	177/215	1,100	1.02%	−8.94%	--	--	--	--	--

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

Bandhan Business Cycle Fund Expense Ratio and Costs

What each plan charges a year, in force from 19-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.67%	0.08%	0.00%	0.27%	1.02%	1.18%	67/235
Regular	1.93%	0.08%	0.00%	0.46%	2.47%	2.41%	130/235

The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	−10.29%	−8.94%	1.35%	₹89,710	₹91,060

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

Bandhan Business Cycle Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 01-10-2024 to 30-10-2026: 25 instalments, ₹2,50,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planBandhan Business Cycle Fund (Direct)	₹2,50,000	₹2,43,726	−₹6,274	−2.3%
Regular planBandhan Business Cycle Fund (Regular)	₹2,50,000	₹2,39,800	−₹10,200	−3.8%
Nifty 500 TRI	₹2,50,000	₹2,44,398	−₹5,602	−2.1%
Category averageCategory average, 235 Thematic funds	₹2,50,000	₹2,57,148	₹7,148	2.6%

₹0₹1.0 L₹2.0 L₹3.0 L

20252026

Direct planBandhan Business Cycle Fund (Direct)Regular planBandhan Business Cycle Fund (Regular)Nifty 500 TRICategory averageCategory average, 235 Thematic fundsAmount invested

From each plan's published NAV (Growth option), the benchmark's TRI and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

Bandhan Business Cycle Fund Asset Allocation

Asset allocation as on 31-08-2026

What the fund holds

99.9%Equity

Asset	Fund	Category
Equity	99.9%	94.5%
Cash and others	0.1%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	55.7%	45.7%
Mid Cap	22.8%	19.6%
Small Cap	20.9%	24.1%
Not on AMFI's list	0.5%	2.3%

Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

Bandhan Business Cycle Fund Sector Allocation

Sector allocation of the fund's stocks as on 31-08-2026

Largest sectors

Banks25.6%
Finance9.2%
Power7.9%
IT - Software6.0%
Construction5.7%
Petroleum Products4.4%
Financial Technology (Fintech)3.7%
Pharmaceuticals & Biotechnology3.5%
Telecom - Services3.5%
Fertilizers & Agrochemicals2.6%

The ten largest of 30 sectors. The other 20 add up to 27.8%.

Bandhan Business Cycle Fund Portfolio Holdings

As on 31-08-2026 · 86 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%
Axis Bank Limited	Banks	5.26%
HDFC Bank Limited	Banks	4.56%
Reliance Industries Limited	Petroleum Products	4.42%
ICICI Bank Limited	Banks	4.28%
One 97 Communications Limited	Financial Technology (Fintech)	3.74%
Bajaj Finance Limited	Finance	3.65%
Bharti Airtel Limited	Telecom - Services	3.45%
Larsen & Toubro Limited	Construction	3.22%
NTPC Limited	Power	3.08%
Infosys Limited	IT - Software	2.80%
Kotak Mahindra Bank Limited	Banks	2.61%
State Bank of India	Banks	2.56%
UltraTech Cement Limited	Cement & Cement Products	2.00%
IDFC First Bank Limited	Banks	1.98%
City Union Bank Limited	Banks	1.82%
Acme Solar Holdings Ltd	Power	1.73%
Fortis Healthcare Limited	Healthcare Services	1.69%
Sundaram Clayton Limited	Auto Components	1.57%
InterGlobe Aviation Limited	Transport Services	1.50%
Tata Consultancy Services Limited	IT - Software	1.44%
Adani Ports and Special Economic Zone Limited	Transport Infrastructure	1.44%
Mphasis Limited	IT - Software	1.41%
Piramal Finance Limited	Finance	1.24%
Fusion Finance Limited	Finance	1.19%
PTC India Financial Services Limited	Finance	1.15%
Coromandel International Limited	Fertilizers & Agrochemicals	1.14%
Tata Power Company Limited	Power	1.13%
Aurobindo Pharma Limited	Pharmaceuticals & Biotechnology	1.08%
Tega Industries Limited	Industrial Manufacturing	1.07%
Maruti Suzuki India Limited	Automobiles	1.05%
Bharat Electronics Limited	Aerospace & Defense	1.04%
Shriram Finance Limited	Finance	1.01%
UPL Limited	Fertilizers & Agrochemicals	1.01%
Ujjivan Small Finance Bank Limited	Banks	0.95%
Hero MotoCorp Limited	Automobiles	0.94%
Metropolis Healthcare Limited	Healthcare Services	0.92%
Epigral Limited	Chemicals & Petrochemicals	0.89%
Bank of India	Banks	0.88%
KEC International Limited	Construction	0.84%
Tata Technologies Limited	IT - Services	0.82%
GMR Airports Limited	Transport Infrastructure	0.82%
The Phoenix Mills Limited	Realty	0.81%
HDFC Life Insurance Company Limited	Insurance	0.78%
Varun Beverages Limited	Beverages	0.78%
FSN E-Commerce Ventures Limited	Retailing	0.75%
Swiggy Limited	Retailing	0.74%
Can Fin Homes Limited	Finance	0.72%
Arvind Fashions Limited	Retailing	0.71%
Cipla Limited	Pharmaceuticals & Biotechnology	0.70%
SBI Life Insurance Company Limited	Insurance	0.70%
Torrent Power Limited	Power	0.69%
IndusInd Bank Limited	Banks	0.65%
United Spirits Limited	Beverages	0.65%
Jindal Saw Limited	Industrial Products	0.62%
NTPC Green Energy Limited	Power	0.59%
Glenmark Pharmaceuticals Limited	Pharmaceuticals & Biotechnology	0.57%
Vedanta Limited	Diversified Metals	0.54%
Viyash Scientific Limited	Pharmaceuticals & Biotechnology	0.51%
Garware Technical Fibres Limited	Textiles & Apparels	0.50%
Sharda Cropchem Limited	Fertilizers & Agrochemicals	0.49%
General Insurance Corporation of India	Insurance	0.48%
Shiprocket Limited	Transport Services	0.48%
Divi's Laboratories Limited	Pharmaceuticals & Biotechnology	0.45%
Ideaforge Technology Limited	Aerospace & Defense	0.45%
CG Power and Industrial Solutions Limited	Electrical Equipment	0.44%
Power Mech Projects Limited	Construction	0.42%
PNC Infratech Limited	Construction	0.42%
GPT Infraprojects Limited	Construction	0.41%
KNR Constructions Limited	Construction	0.40%
TeamLease Services Limited	Commercial Services & Supplies	0.38%
JSW Energy Limited	Power	0.38%
ICICI Lombard General Insurance Company Limited	Insurance	0.35%
Vedanta Power Ltd	Power	0.34%
Wipro Limited	IT - Software	0.33%
Angel One Limited	Capital Markets	0.31%
Ambuja Cements Limited	Cement & Cement Products	0.31%
Amara Raja Energy & Mobility Ltd	Auto Components	0.28%
Aditya Birla Sun Life AMC Limited	Capital Markets	0.28%
Thirumalai Chemicals Limited	Chemicals & Petrochemicals	0.23%
Excelsoft Technologies Limited	IT - Services	0.21%
Dalmia Bharat Limited	Cement & Cement Products	0.20%
Bajaj Finserv Limited	Finance	0.19%
Cohance Lifesciences Limited	Pharmaceuticals & Biotechnology	0.17%
Brigade Enterprises Limited	Realty	0.10%
Cholamandalam Financial Holdings Limited	Finance	0.00%
IIFL Finance Limited	Finance	0.00%

Bandhan Business Cycle Fund Stocks Bought and Sold

August 2026 is the first month we hold for this fund, so there is no earlier month to compare it with.

What Bandhan Business Cycle Fund bought and sold

Bandhan Business Cycle Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Bandhan Balanced Advantage FundBalanced Advantage · Bandhan	50.2%	59	Compare
SBI BSE 100 ETFETF · SBI	47.2%	33	Compare
Canara Robeco Large Cap FundLarge Cap · Canara Robeco	46.7%	23	Compare
Mirae Asset Large Cap FundLarge Cap · Mirae Asset	46.3%	27	Compare
Tata NIFTY 50 Exchange Traded FundIndex · Tata	45.9%	23	Compare
360 ONE ELSS Tax Saver Nifty 50 Index FundIndex · 360 ONE	45.9%	23	Compare
Bandhan Nifty 100 Index FundIndex · Bandhan	45.7%	30	Compare
Zerodha Nifty 50 Index FundIndex · Zerodha	45.6%	22	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

Bandhan Business Cycle Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 1.02%
Expense ratio (Regular): 2.47%
Category: Thematic
Risk: Very High
Benchmark: Nifty 500 TRI
Launch date: 30-09-2024
Minimum investment: ₹1,000
Minimum additional investment: ₹1,000
AUM: ₹1,099.82 Cr (31-08-2026)
Lock in: None
Scheme code (Direct): 152878
ISIN (Direct): INF194KB1IQ6
Scheme code (Regular): 152877
ISIN (Regular): INF194KB1IP8
NAV history: From 01-10-2024, 2.1 years

Exit load: Exit load of 0.50%, if redeemed within 30 days.

Tax on Bandhan Business Cycle Fund returns

Bandhan Business Cycle Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹9.539	30-10-2026
direct	IDCW	₹9.539	30-10-2026
regular	Growth	₹9.241	30-10-2026
regular	IDCW	₹9.241	30-10-2026

About Bandhan Business Cycle Fund

Bandhan Business Cycle Fund is a mutual fund from Bandhan Mutual Fund. Its category is Thematic. It was launched on 30-09-2024. Its benchmark is Nifty 500 TRI. At the end of August 2026 it held 86 securities.

Fund Manager

Vishal Biraia
Fund manager of Bandhan Business Cycle Fund, since 30-09-2024
Ritika Behera
Fund manager of Bandhan Business Cycle Fund, since 30-09-2024
Harshal Joshi
Fund manager of Bandhan Business Cycle Fund, since 30-09-2024
Brijesh Shah
Fund manager of Bandhan Business Cycle Fund, since 30-09-2024
Gaurav Satra
Fund manager of Bandhan Business Cycle Fund, since 30-09-2024

See all funds of Bandhan Mutual Fund

AUM change

August 2026: ₹1,099.82 Cr; First month on file

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare Bandhan Business Cycle Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

Bandhan Business Cycle vs Nippon India Taiwan EquityThematic
Bandhan Business Cycle vs HDFC DefenceThematic
Bandhan Business Cycle vs HDFC Pharma and HealthcareThematic
Bandhan Business Cycle vs SBI Healthcare OpportunitiesThematic
Bandhan Business Cycle vs Aditya Birla Sun Life International EquityThematic
Bandhan Business Cycle vs Bandhan Balanced Advantage50.2% overlap
Bandhan Business Cycle vs SBI BSE 100 ETF47.2% overlap
Bandhan Business Cycle vs Canara Robeco Large Cap46.7% overlap

Compare with any other fund

Frequently Asked Questions for Bandhan Business Cycle Fund

What is the current NAV of Bandhan Business Cycle Fund?

The Direct plan NAV is ₹9.539. The Regular plan NAV is ₹9.241, as on 30-10-2026.

What are the returns of Bandhan Business Cycle Fund?

The Direct plan returned −8.94% in 1 year. The Regular plan returned −10.29% in 1 year. These figures are as on 30-10-2026.

What is the expense ratio of Bandhan Business Cycle Fund?

The Direct plan charges 1.02% a year. The Regular plan charges 2.47% a year. This is the figure the fund house reported to AMFI, in force from 19-10-2026.

What is the AUM of Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund managed ₹1,099.82 Cr on 31-08-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of Bandhan Business Cycle Fund?

At the end of August 2026 the largest holdings were AXISBANK (5.26%), HDFCBANK (4.56%), RELIANCE (4.42%), ICICIBANK (4.28%), PAYTM (3.74%). The fund held 86 securities in all.

How do I invest in Bandhan Business Cycle Fund?

Through Bandhan Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹1,000. You can invest once or through a monthly SIP.

Who is the fund manager of Bandhan Business Cycle Fund?

Vishal Biraia (since 30-09-2024), Ritika Behera (since 30-09-2024), Harshal Joshi (since 30-09-2024), Brijesh Shah (since 30-09-2024), Gaurav Satra (since 30-09-2024).

What is the exit load of Bandhan Business Cycle Fund?

Exit load of 0.50%, if redeemed within 30 days.

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.