ICICI Prudential Business Cycle Fund vs Kotak Business Cycle Fund
Direct Plan, Growth option · Data as on 29-10-2026
ICICI Prudential Business Cycle Fund is a Thematic fund and Kotak Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, ICICI Prudential Business Cycle Fund (Direct) returned 14.4% a year and Kotak Business Cycle Fund (Direct) returned 15.8% a year. ICICI Prudential Business Cycle Fund charges 1.04% a year and Kotak Business Cycle Fund 0.75% (Direct plans). Their portfolios overlap 23.8%: they hold 15 of the same securities.
ICICI Prudential Business Cycle Fund
Thematic
- 3 year return
- 14.4%
- Expense ratio
- 1.04%
- NAV
- ₹24.68
Kotak Business Cycle Fund
Thematic
- 3 year return
- 15.8%
- Expense ratio
- 0.75%
- NAV
- ₹17.57
Which is better, ICICI Prudential Business Cycle or Kotak Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Kotak Business Cycle returned more over 3 years: 15.8% a year against 14.4%.
- Kotak Business Cycle returned more over 1 year: −0.1% against −9.5%.
- Kotak Business Cycle costs less: 0.75% 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 13.7%.
- ICICI Prudential Business Cycle fell less in its worst fall since 06-10-2022: −14.4% against −18.4%.
- ICICI Prudential Business Cycle holds 3.0% of the fund in foreign stocks; Kotak Business Cycle 0.0%.
- ICICI Prudential Business Cycle holds more in large companies: 66.0% of the fund in large caps against 42.0%.
- ICICI Prudential Business Cycle is the larger fund: ₹14,889 Cr against ₹3,414 Cr.
- Their portfolios overlap 23.8%: 15 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 | Kotak Business Cycle Fund |
|---|---|---|
| Fund house | ICICI Prudential Mutual Fund | Kotak Mahindra Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹14,889 Cr (30-09-2026) | ₹3,414 Cr (30-09-2026) |
| NAV | ₹24.68 (Direct) | ₹17.57 (Direct) |
| Expense ratio (Direct) | 1.04% | 0.75% |
| Expense ratio (Regular) | 1.86% | 2.03% |
| Riskometer | Not available | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 18-01-2021 | 28-09-2022 |
| Minimum investment | ₹500 | ₹100 |
| Lock in | None | None |
| Fund managers | Manish Banthia, Manan Tijoriwala, Divya Jain | Harish Bihani, Abhishek Bisen |
| 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. | 0.5% for redemption within 90 Days |
ICICI Prudential Business Cycle vs Kotak Business Cycle: 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% | -- |
| Kotak Business Cycle Fund (Direct) | −2.08% | −3.34% | +4.98% | −0.11% | +15.85% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ICICI Prudential Business Cycle vs Kotak Business Cycle: Year-wise Returns
| Year | ICICI PrudentialICICI Prudential Business Cycle | KotakKotak Business Cycle | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −9.56% | +0.79% | −7.33% |
| 2025 | +16.72% | +6.89% | +7.76% |
| 2024 | +21.33% | +29.35% | +16.24% |
| 2023 | +34.29% | +24.66% | +26.91% |
| 2022 | +11.85% | -- | +4.25% |
ICICI Prudential Business Cycle vs Kotak Business Cycle: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 263 of them, one for each trading day from 06-10-2025 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)
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
to
Nov 2025Jan 2023
to
Jan 2026Mar 2023
to
Mar 2026May 2023
to
May 2026Jul 2023
to
Jul 2026Sept 2023
to
Sept 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 | 12.5 | 29.3 | 56.3 | 1.9 | 20.4% | 21.4% | 13.3% | 25.5% | 100% |
| Kotak Business Cycle | 0.0 | 0.0 | 0.0 | 3.1 | 89.7 | 7.3 | 0.0 | 18.0% | 18.0% | 14.4% | 20.6% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 7.6 | 41.8 | 50.6 | 0.0 | 0.0 | 14.4% | 15.1% | 8.8% | 18.1% | -- |
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 06-10-2022. Past returns do not promise future returns.
ICICI Prudential Business Cycle vs Kotak Business Cycle: 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 03-10-2022 to 29-10-2026: 49 instalments, ₹4,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct) | ₹4,90,000 | ₹5,88,679 | ₹98,679 | 9.0% |
| Kotak Business CycleKotak Business Cycle Fund (Direct) | ₹4,90,000 | ₹6,24,233 | ₹1,34,233 | 11.9% |
ICICI Prudential Business CycleICICI Prudential Business Cycle Fund (Direct)
Kotak Business CycleKotak Business Cycle Fund (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 Kotak Business Cycle: 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) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.46% | −0.11% |
| Standard deviation | 14.30% | 14.43% |
| Sharpe ratio | -1.03 | -0.37 |
| Sortino ratio | -1.38 | -0.51 |
| Maximum drawdown | −14.1% (30-03-2026) | −14.1% (23-03-2026) |
| Beta | 0.97 | 0.95 |
| Alpha | −2.31% | +6.59% |
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) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.41% | +15.85% |
| Standard deviation | 12.77% | 13.74% |
| Sharpe ratio | 0.66 | 0.72 |
| Sortino ratio | 0.92 | 0.99 |
| Maximum drawdown | −14.4% (28-02-2025) | −18.4% (03-03-2025) |
| Beta | 0.86 | 0.91 |
| Alpha | +4.59% | +6.01% |
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) | Kotak Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.92% | +14.68% |
| Standard deviation | 12.61% | 12.55% |
| Sharpe ratio | 0.91 | 0.68 |
| Sortino ratio | 1.28 | 0.93 |
| Maximum drawdown | −14.4% (28-02-2025) | −18.4% (03-03-2025) |
| Beta | 0.83 | 0.90 |
| Alpha | +5.84% | +4.48% |
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)
Kotak Business Cycle Fund (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% |
| Kotak Business Cycle Fund (Direct) | −18.4% | 23-09-2024 | 03-03-2025 | 19-08-2025 | 6 months | −5.9% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 06-10-2022, 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)
Kotak Business Cycle Fund (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)
Kotak Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| ICICI Prudential Business Cycle Fund (Direct) | 103% | 79% | 4.23% |
| Kotak Business Cycle Fund (Direct) | 104% | 81% | 4.98% |
From month-end values since 06-10-2022. 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 Kotak Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: ICICI Prudential Business Cycle Fund, September 2026; Kotak Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 23.8%
- Held by both
- 15
- Only in ICICI Prudential Business Cycle
- 66
- Only in Kotak Business Cycle
- 37
| Security | % of ICICI Prudential Business Cycle | % of Kotak Business Cycle |
|---|---|---|
| ICICI Bank Ltd. | 6.70% | 7.69% |
| HDFC Bank Ltd. | 9.57% | 2.62% |
| Maruti Suzuki India Ltd. | 3.95% | 2.09% |
| Mahindra & Mahindra Ltd. | 2.64% | 1.86% |
| Ultratech Cement Ltd. | 2.77% | 1.67% |
| SBI Life Insurance Company Ltd. | 1.68% | 1.65% |
| Axis Bank Ltd. | 1.44% | 3.67% |
| ICICI Lombard General Insurance Company Ltd. | 1.32% | 1.61% |
| Reliance Industries Ltd. | 5.31% | 1.23% |
| NTPC Ltd. | 2.28% | 1.04% |
| Hindustan Aeronautics Ltd. | 0.93% | 0.82% |
| Avenue Supermarts Ltd. | 0.57% | 1.71% |
| Oberoi Realty Ltd. | 0.54% | 1.39% |
| Godrej Consumer Products Ltd. | 0.22% | 1.62% |
| Brigade Enterprises Ltd. | 0.04% | 1.40% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 23.8% means 23.8% 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 |
|---|---|
| Larsen & Toubro Ltd. | 4.50% |
| Kotak Mahindra Bank Ltd. | 3.44% |
| DLF Ltd. | 3.25% |
| Bharti Airtel Ltd. | 2.97% |
| HDFC Life Insurance Company Ltd. | 2.95% |
Largest holdings only in Kotak Business Cycle Fund
| Security | % of fund |
|---|---|
| ADITYA INFOTECH LIMITED | 5.74% |
| INDO-MIM LTD | 4.39% |
| ETERNAL LIMITED | 4.05% |
| ASTER DM HEALTHCARE LTD | 3.37% |
| KRISHNA INSTITUTE OF MEDICAL | 3.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ICICI Prudential Business Cycle | Kotak Business Cycle |
|---|---|---|
| Equity | 89.2% | 98.6% |
| Debt | 1.1% | 0.0% |
| Cash and others | 9.8% | 1.4% |
Market cap of stocks
| Market cap | ICICI Prudential Business Cycle | Kotak Business Cycle |
|---|---|---|
| Large Cap | 66.0% | 42.0% |
| Mid Cap | 13.7% | 21.0% |
| Small Cap | 6.5% | 30.5% |
| Foreign stocks | 3.0% | 0.0% |
| Not on AMFI's list | 0.0% | 5.2% |
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 | Kotak Business Cycle |
|---|---|---|
| Banks | 21.3% | 15.8% |
| Automobiles | 10.9% | 5.1% |
| Retailing | 4.2% | 10.3% |
| Industrial Manufacturing | 0.0% | 10.1% |
| Healthcare Services | 0.0% | 9.7% |
| Insurance | 7.5% | 3.8% |
| Petroleum Products | 6.1% | 1.2% |
| Realty | 5.8% | 2.8% |
| Capital Markets | 1.4% | 4.7% |
| Construction | 4.5% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
ICICI Prudential Business Cycle vs Kotak Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ICICI Prudential Business Cycle Fund | Kotak Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.04% | 0.75% |
| Base expense ratio (Direct) | 0.73% | 0.57% |
| Total expense ratio (Regular) | 1.86% | 2.03% |
| Base expense ratio (Regular) | 1.43% | 1.65% |
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
Compare ICICI Prudential Business Cycle with
- ICICI Prudential Business Cycle vs Nippon India Taiwan Equity
- ICICI Prudential Business Cycle vs HDFC Defence
- ICICI Prudential Business Cycle vs HDFC Pharma and Healthcare
- ICICI Prudential Business Cycle vs SBI Healthcare Opportunities
- ICICI Prudential Business Cycle vs Aditya Birla Sun Life International Equity
ICICI Prudential Business Cycle Fund vs Kotak Business Cycle Fund: Frequently Asked Questions
What is the difference between ICICI Prudential Business Cycle Fund and Kotak Business Cycle Fund?
ICICI Prudential Business Cycle Fund is a Thematic fund, Kotak Business Cycle Fund is a Thematic fund, run by ICICI Prudential Mutual Fund and Kotak Mahindra Mutual Fund. Their portfolios overlap 23.8%. ICICI Prudential Business Cycle Fund charges 1.04% a year and Kotak Business Cycle Fund 0.75%.
Which has given higher returns, ICICI Prudential Business Cycle Fund or Kotak Business Cycle Fund?
Over 1 year: ICICI Prudential Business Cycle Fund −9.46%, Kotak Business Cycle Fund −0.11%. Over 3 years: ICICI Prudential Business Cycle Fund +14.41% a year, Kotak Business Cycle Fund +15.85% 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 Kotak Business Cycle Fund?
Kotak Business Cycle Fund charges less: 0.75% 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 Kotak Business Cycle Fund overlap?
23.8%. They hold 15 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, MARUTI. From each fund's latest monthly portfolio.
Which is better for SIP, ICICI Prudential Business Cycle Fund or Kotak Business Cycle Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹3,88,145 in ICICI Prudential Business Cycle Fund (XIRR 3.1% a year) and ₹4,21,827 in Kotak Business Cycle Fund (XIRR 8.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both ICICI Prudential Business Cycle Fund and Kotak Business Cycle Fund?
Yes. 23.8% 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 Kotak Business Cycle Fund?
ICICI Prudential Business Cycle Fund: Manish Banthia, Manan Tijoriwala, Divya Jain. Kotak Business Cycle Fund: Harish Bihani, Abhishek Bisen.
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.