ICICI Prudential Business Cycle Fund vs ICICI Prudential Retirement Fund Pure Equity Plan
Direct Plan, Growth option · Data as on 29-10-2026
ICICI Prudential Business Cycle Fund is a Thematic fund and ICICI Prudential Retirement Fund Pure Equity Plan is a Solution fund. In the 3 years to 30-10-2026, ICICI Prudential Business Cycle Fund (Direct) returned 14.4% a year and ICICI Prudential Retirement Fund Pure Equity Plan (Direct) returned 18.8% a year. ICICI Prudential Business Cycle Fund charges 1.04% a year and ICICI Prudential Retirement Fund Pure Equity Plan 0.93% (Direct plans). Their portfolios overlap 32.7%: they hold 28 of the same securities.
ICICI Prudential Business Cycle Fund
Thematic
- 3 year return
- 14.4%
- Expense ratio
- 1.04%
- NAV
- ₹24.68
ICICI Prudential Retirement Fund Pure Equity Plan
Solution
- 3 year return
- 18.8%
- Expense ratio
- 0.93%
- NAV
- ₹36.62
Which is better, ICICI Prudential Business Cycle or ICICI Prudential Retirement Fund Pure Equity Plan? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ICICI Prudential Retirement Fund Pure Equity Plan returned more over 5 years: 17.2% a year against 13.6%.
- ICICI Prudential Retirement Fund Pure Equity Plan returned more over 3 years: 18.8% a year against 14.4%.
- ICICI Prudential Retirement Fund Pure Equity Plan costs less: 0.93% a year against 1.04% (Direct plans).
- ICICI Prudential Business Cycle swung less over 3 years: a standard deviation of 12.8% a year against 16.1%.
- ICICI Prudential Business Cycle fell less in its worst fall since 19-01-2021: −14.4% against −16.9%.
- ICICI Prudential Business Cycle holds 3.0% of the fund in foreign stocks; ICICI Prudential Retirement Fund Pure Equity Plan 0.0%.
- ICICI Prudential Business Cycle holds more in large companies: 66.0% of the fund in large caps against 49.5%.
- ICICI Prudential Business Cycle is the larger fund: ₹14,889 Cr against ₹2,106 Cr.
- Their portfolios overlap 32.7%: 28 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | ICICI Prudential Business Cycle Fund | ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Thematic | Solution |
| AUM | ₹14,889 Cr (30-09-2026) | ₹2,106 Cr (30-09-2026) |
| NAV | ₹24.68 (Direct) | ₹36.62 (Direct) |
| Expense ratio (Direct) | 1.04% | 0.93% |
| Expense ratio (Regular) | 1.86% | 2.16% |
| Riskometer | Not available | Not available |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 18-01-2021 | 27-02-2019 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | 5 years, or until retirement if earlier |
| Fund managers | Manish Banthia, Manan Tijoriwala, Divya Jain | Darshil Dedhia, Rohit Lakhotia, Sanket Gaidhani, Sharmila D'mello |
| Exit load | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 1 months from allotment. Nil If the amount sought to be redeemed or switched out more than 1 months. | Nil |
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | −0.84% | −6.59% | −5.44% | −9.46% | +14.41% | +13.57% | -- |
| ICICI Prudential Retirement Fund Pure Equity Plan (Direct) | −3.20% | −6.68% | −4.14% | −2.66% | +18.82% | +17.17% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Year-wise Returns
| Year | Business CycleICICI Prudential Business Cycle | Retirement Fund Pure Equity PlanICICI Prudential Retirement Fund Pure Equity Plan | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −9.56% | −3.33% | −7.33% |
| 2025 | +16.72% | +15.56% | +7.76% |
| 2024 | +21.33% | +25.21% | +16.24% |
| 2023 | +34.29% | +39.85% | +26.91% |
| 2022 | +11.85% | +3.60% | +4.25% |
| 2021 | -- | +49.34% | +31.60% |
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 684 of them, one for each trading day from 19-01-2024 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
ICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Nifty 500 TRI
to
Apr 2024Sept 2021
to
Sept 2024Mar 2022
to
Mar 2025Sept 2022
to
Sept 2025Feb 2023
to
Feb 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle | 0.0 | 0.0 | 0.0 | 4.8 | 15.9 | 47.8 | 31.4 | 22.8% | 23.4% | 13.3% | 28.7% | 100% |
| ICICI Prudential Retirement Fund Pure Equity Plan | 0.0 | 0.0 | 0.0 | 0.0 | 10.7 | 29.1 | 60.2 | 25.6% | 25.8% | 16.7% | 33.5% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 2.9 | 27.6 | 59.4 | 10.1 | 0.0 | 16.3% | 16.4% | 8.8% | 22.3% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 19-01-2021. Past returns do not promise future returns.
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 19-01-2021 to 29-10-2026: 70 instalments, ₹7,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct) | ₹7,00,000 | ₹10,17,588 | ₹3,17,588 | 12.7% |
| ICICI Prudential Retirement Fund Pure Equity PlanICICI Prudential Retirement Fund Pure Equity Plan (Direct) | ₹7,00,000 | ₹11,36,934 | ₹4,36,934 | 16.5% |
ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity PlanICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Amount invested
From each plan's published NAV (Growth option), 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.
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ICICI Prudential Business Cycle Fund (Direct) | ICICI Prudential Retirement Fund Pure Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | −9.46% | −2.66% |
| Standard deviation | 14.30% | 14.52% |
| Sharpe ratio | -1.03 | -0.54 |
| Sortino ratio | -1.38 | -0.74 |
| Maximum drawdown | −14.1% (30-03-2026) | −11.4% (30-03-2026) |
| Beta | 0.97 | 0.98 |
| Alpha | −2.31% | +4.46% |
From daily NAVs, 29-10-2025 to 29-10-2026. 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 and alpha compare each fund with its own benchmark's TRI.
| Measure | ICICI Prudential Business Cycle Fund (Direct) | ICICI Prudential Retirement Fund Pure Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +14.41% | +18.82% |
| Standard deviation | 12.77% | 16.08% |
| Sharpe ratio | 0.66 | 0.80 |
| Sortino ratio | 0.92 | 1.07 |
| Maximum drawdown | −14.4% (28-02-2025) | −16.9% (28-02-2025) |
| Beta | 0.86 | 1.08 |
| Alpha | +4.59% | +8.26% |
From daily NAVs, 27-10-2023 to 29-10-2026. 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 and alpha compare each fund with its own benchmark's TRI.
| Measure | ICICI Prudential Business Cycle Fund (Direct) | ICICI Prudential Retirement Fund Pure Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +13.57% | +17.17% |
| Standard deviation | 12.47% | 15.43% |
| Sharpe ratio | 0.62 | 0.74 |
| Sortino ratio | 0.87 | 1.02 |
| Maximum drawdown | −14.4% (28-02-2025) | −16.9% (28-02-2025) |
| Beta | 0.83 | 0.98 |
| Alpha | +5.23% | +8.43% |
From daily NAVs, 29-10-2021 to 29-10-2026. 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 and alpha compare each fund with its own benchmark's TRI.
| Measure | ICICI Prudential Business Cycle Fund (Direct) | ICICI Prudential Retirement Fund Pure Equity Plan (Direct) |
|---|---|---|
| Return (CAGR) | +16.92% | +18.43% |
| Standard deviation | 12.61% | 17.18% |
| Sharpe ratio | 0.91 | 0.77 |
| Sortino ratio | 1.28 | 1.04 |
| Maximum drawdown | −14.4% (28-02-2025) | −37.2% (23-03-2020) |
| Beta | 0.83 | 0.93 |
| Alpha | +5.84% | +5.43% |
From daily NAVs, 19-01-2021 to 29-10-2026. 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 and alpha compare each fund with its own benchmark's TRI.
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.
ICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | −14.4% | 26-09-2024 | 28-02-2025 | 09-06-2025 | 3 months | −10.8% |
| ICICI Prudential Retirement Fund Pure Equity Plan (Direct) | −16.9% | 26-09-2024 | 28-02-2025 | 06-06-2025 | 3 months | −8.8% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 19-01-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Nifty 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
ICICI Prudential Business Cycle Fund (Direct)
ICICI Prudential Retirement Fund Pure Equity Plan (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | 98% | 73% | 4.96% |
| ICICI Prudential Retirement Fund Pure Equity Plan (Direct) | 111% | 73% | 7.14% |
From month-end values since 19-01-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Business Cycle Fund, September 2026; ICICI Prudential Retirement Fund Pure Equity Plan, September 2026
Holdings in common
- Overlap
- 32.7%
- Held by both
- 28
- Only in ICICI Prudential Business Cycle
- 53
- Only in ICICI Prudential Retirement Fund Pure Equity Plan
- 58
| Security | % of ICICI Prudential Business Cycle | % of ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| HDFC Bank Ltd. | 9.57% | 4.99% |
| Reliance Industries Ltd. | 5.31% | 3.94% |
| Bharti Airtel Ltd. | 2.97% | 2.36% |
| ICICI Bank Ltd. | 6.70% | 2.29% |
| Mahindra & Mahindra Ltd. | 2.64% | 2.00% |
| Larsen & Toubro Ltd. | 4.50% | 1.74% |
| Ultratech Cement Ltd. | 2.77% | 1.66% |
| Hyundai Motor India Ltd. | 1.81% | 1.60% |
| Interglobe Aviation Ltd. | 2.06% | 1.46% |
| Info Edge (India) Ltd. | 1.41% | 1.34% |
| Cummins India Ltd. | 0.95% | 2.31% |
| Hindustan Aeronautics Ltd. | 0.93% | 1.17% |
| HDFC Life Insurance Company Ltd. | 2.95% | 0.85% |
| Shree Cements Ltd. | 1.11% | 0.80% |
| Triveni Turbine Ltd. | 0.75% | 0.85% |
| NTPC Ltd. | 2.28% | 0.72% |
| Atul Ltd. | 0.64% | 0.57% |
| Avenue Supermarts Ltd. | 0.57% | 2.25% |
| PI Industries Ltd. | 0.54% | 0.53% |
| Supreme Industries Ltd. | 0.51% | 1.65% |
| Gujarat Pipavav Port Ltd. | 0.55% | 0.51% |
| Aarti Industries Ltd. | 0.49% | 0.71% |
| SKF India Ltd. | 0.38% | 1.28% |
| Ambuja Cements Ltd. | 0.35% | 0.88% |
| UTI Asset Management Co Ltd | 0.20% | 0.28% |
| Life Insurance Corporation of India | 0.17% | 2.11% |
| Brigade Enterprises Ltd. | 0.04% | 1.20% |
| Sobha Ltd. | 0.01% | 1.19% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 32.7% means 32.7% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in ICICI Prudential Business Cycle Fund
| Security | % of fund |
|---|---|
| Maruti Suzuki India Ltd. | 3.95% |
| Kotak Mahindra Bank Ltd. | 3.44% |
| DLF Ltd. | 3.25% |
| Hero Motocorp Ltd. | 2.44% |
| Prestige Estates Projects Ltd. | 1.95% |
Largest holdings only in ICICI Prudential Retirement Fund Pure Equity Plan
| Security | % of fund |
|---|---|
| Multi Commodity Exchange Of India Ltd. | 3.81% |
| Hindustan Unilever Ltd. | 3.60% |
| Apar Industries Ltd. | 2.29% |
| Britannia Industries Ltd. | 2.13% |
| Usha Martin Ltd. | 1.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Business Cycle | ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| Equity | 89.2% | 95.8% |
| Debt | 1.1% | 0.0% |
| Cash and others | 9.8% | 4.2% |
Market cap of stocks
| Market cap | ICICI Prudential Business Cycle | ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| Large Cap | 66.0% | 49.5% |
| Mid Cap | 13.7% | 24.7% |
| Small Cap | 6.5% | 20.6% |
| Foreign stocks | 3.0% | 0.0% |
| Not on AMFI's list | 0.0% | 0.9% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | ICICI Prudential Business Cycle | ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| Banks | 21.3% | 7.3% |
| Automobiles | 10.9% | 3.6% |
| Electrical Equipment | 0.8% | 8.3% |
| Industrial Products | 1.7% | 7.6% |
| Insurance | 7.5% | 3.0% |
| Petroleum Products | 6.1% | 3.9% |
| Capital Markets | 1.4% | 5.9% |
| Realty | 5.8% | 3.9% |
| Diversified Fmcg | 0.0% | 5.3% |
| Consumer Durables | 1.8% | 4.7% |
| Construction | 4.5% | 1.7% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Business Cycle vs ICICI Prudential Retirement Fund Pure Equity Plan: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Business Cycle Fund | ICICI Prudential Retirement Fund Pure Equity Plan |
|---|---|---|
| Total expense ratio (Direct) | 1.04% | 0.93% |
| Base expense ratio (Direct) | 0.73% | 0.68% |
| Total expense ratio (Regular) | 1.86% | 2.16% |
| Base expense ratio (Regular) | 1.43% | 1.75% |
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, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
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ICICI Prudential Business Cycle Fund vs ICICI Prudential Retirement Fund Pure Equity Plan: Frequently Asked Questions
What is the difference between ICICI Prudential Business Cycle Fund and ICICI Prudential Retirement Fund Pure Equity Plan?
ICICI Prudential Business Cycle Fund is a Thematic fund, ICICI Prudential Retirement Fund Pure Equity Plan is a Solution fund, run by ICICI Prudential Mutual Fund. Their portfolios overlap 32.7%. ICICI Prudential Business Cycle Fund charges 1.04% a year and ICICI Prudential Retirement Fund Pure Equity Plan 0.93%.
Which has given higher returns, ICICI Prudential Business Cycle Fund or ICICI Prudential Retirement Fund Pure Equity Plan?
Over 1 year: ICICI Prudential Business Cycle Fund −9.46%, ICICI Prudential Retirement Fund Pure Equity Plan −2.66%. Over 3 years: ICICI Prudential Business Cycle Fund +14.41% a year, ICICI Prudential Retirement Fund Pure Equity Plan +18.82% a year. Over 5 years: ICICI Prudential Business Cycle Fund +13.57% a year, ICICI Prudential Retirement Fund Pure Equity Plan +17.17% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, ICICI Prudential Business Cycle Fund or ICICI Prudential Retirement Fund Pure Equity Plan?
ICICI Prudential Retirement Fund Pure Equity Plan charges less: 0.93% a year against 1.04%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ICICI Prudential Business Cycle Fund and ICICI Prudential Retirement Fund Pure Equity Plan overlap?
32.7%. They hold 28 of the same securities, the largest shared ones being HDFCBANK, RELIANCE, BHARTIARTL. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Business Cycle Fund or ICICI Prudential Retirement Fund Pure Equity Plan?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 29-10-2026 grew to ₹8,15,695 in ICICI Prudential Business Cycle Fund (XIRR 11.4% a year) and ₹8,93,848 in ICICI Prudential Retirement Fund Pure Equity Plan (XIRR 15.0% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Business Cycle Fund and ICICI Prudential Retirement Fund Pure Equity Plan?
Yes. 32.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ICICI Prudential Business Cycle Fund and ICICI Prudential Retirement Fund Pure Equity Plan?
ICICI Prudential Business Cycle Fund: Manish Banthia, Manan Tijoriwala, Divya Jain. ICICI Prudential Retirement Fund Pure Equity Plan: Darshil Dedhia, Rohit Lakhotia, Sanket Gaidhani, Sharmila D'mello.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
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.