ITI Business Cycle Fund vs ITI Large & Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund and ITI Large & Mid Cap Fund is a Large & Mid Cap fund. ITI Business Cycle Fund charges 1.63% a year and ITI Large & Mid Cap Fund 1.06% (Direct plans). Their portfolios overlap 31.0%: they hold 27 of the same securities.
Which is better, ITI Business Cycle or ITI Large & Mid Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Large & Mid Cap costs less: 1.06% a year against 1.63% (Direct plans).
- ITI Large & Mid Cap fell less in its worst fall since 12-03-2026: −11.0% against −12.3%.
- ITI Large & Mid Cap is the larger fund: ₹691 Cr against ₹117 Cr.
- Their portfolios overlap 31.0%: 27 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 | ITI Business Cycle Fund | ITI Large & Mid Cap Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | Thematic | Large & Mid Cap |
| AUM | ₹117 Cr (30-09-2026) | ₹691 Cr (30-09-2026) |
| NAV | ₹9.97 (Direct) | ₹9.70 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.06% |
| Expense ratio (Regular) | 3.39% | 2.65% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 09-03-2026 | 11-09-2024 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Alok Ranjan | Alok Ranjan, Nilay Dalal |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit load of 0.50%, if redeemed within 3 months |
ITI Business Cycle vs ITI Large & Mid Cap: 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 |
|---|---|---|---|---|---|---|---|
| ITI Business Cycle Fund (Direct) | −5.70% | −4.02% | −3.02% | -- | -- | -- | -- |
| ITI Large & Mid Cap Fund (Direct) | −4.04% | −3.89% | +0.64% | −4.22% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | -- | -- | -- |
Category average: the average of the 235 Thematic funds and the 36 Large & Mid Cap funds, same plan type.
ITI Business Cycle vs ITI Large & Mid Cap: Year-wise Returns
| Year | Business CycleITI Business Cycle | Large & Mid CapITI Large & Mid Cap |
|---|---|---|
| 2026to date | -- | −1.41% |
| 2025 | -- | +0.32% |
ITI Business Cycle vs ITI Large & Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Business Cycle Fund
ITI Business Cycle vs ITI Large & Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Business Cycle Fund (Direct) | ITI Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.10% | −1.79% |
| Standard deviation | 12.69% | 16.99% |
| Sharpe ratio | -0.42 | -0.44 |
| Sortino ratio | -0.55 | -0.59 |
| Maximum drawdown | −12.3% (23-10-2026) | −20.2% (28-02-2025) |
| Beta | 0.68 | 1.12 |
| Alpha | −2.55% | +1.76% |
From daily NAVs, 12-03-2026 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 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.
ITI Business Cycle Fund (Direct)
ITI Large & Mid Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Business Cycle Fund (Direct) | −12.3% | 23-09-2026 | 23-10-2026 | Not yet | -- | −9.9% |
| ITI Large & Mid Cap Fund (Direct) | −11.0% | 23-09-2026 | 23-10-2026 | Not yet | -- | −8.7% |
| Nifty 500 TRI | −9.9% | 03-08-2026 | 23-10-2026 | Not yet | -- | −7.9% |
From daily values since 12-03-2026, the first day every fund has.
ITI Business Cycle vs ITI Large & Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Business Cycle Fund, September 2026; ITI Large & Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 31.0%
- Held by both
- 27
- Only in ITI Business Cycle
- 44
- Only in ITI Large & Mid Cap
- 61
| Security | % of ITI Business Cycle | % of ITI Large & Mid Cap |
|---|---|---|
| ESDS Software Solution Ltd | 6.03% | 4.59% |
| ICICI Bank Limited | 2.37% | 2.27% |
| Divi's Laboratories Limited | 1.54% | 1.98% |
| LG Electronics India Ltd | 1.40% | 1.97% |
| Eternal Limited | 2.19% | 1.31% |
| Bajaj Finance Limited | 1.31% | 1.46% |
| Reliance Industries Limited | 1.93% | 1.27% |
| TVS Motor Company Limited | 1.26% | 1.96% |
| Glenmark Pharmaceuticals Limited | 1.19% | 1.26% |
| Grasim Industries Limited | 1.41% | 1.18% |
| Hindalco Industries Limited | 1.24% | 1.07% |
| IDFC First Bank Limited | 1.21% | 1.06% |
| Gujarat Fluorochemicals Limited | 1.03% | 1.15% |
| AU Small Finance Bank Limited | 1.39% | 0.98% |
| Multi Commodity Exchange of India Limited | 1.34% | 0.98% |
| IIFL Finance Limited | 0.95% | 1.40% |
| Aster DM Quality Care Limited | 0.92% | 1.05% |
| Usha Martin Limited | 0.96% | 0.81% |
| Marico Limited | 1.10% | 0.78% |
| State Bank of India | 0.74% | 1.81% |
| Adani Power Limited | 1.01% | 0.73% |
| Navin Fluorine International Limited | 1.19% | 0.71% |
| Poonawalla Fincorp Limited | 1.22% | 0.67% |
| Bharat Heavy Electricals Limited | 1.17% | 0.65% |
| RBL Bank Limited | 1.17% | 0.60% |
| Ather Energy Limited | 0.57% | 0.92% |
| National Aluminium Company Limited | 0.46% | 0.73% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.0% means 31.0% 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 ITI Business Cycle Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited | 3.83% |
| Manipal Payment and Identity Solutions Ltd | 2.02% |
| HDFC Life Insurance Company Limited | 2.01% |
| Bajaj Auto Limited | 1.70% |
| Titan Company Limited | 1.70% |
Largest holdings only in ITI Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| IndusInd Bank Limited | 2.07% |
| Larsen & Toubro Limited | 1.94% |
| Kotak Mahindra Bank Limited | 1.76% |
| Sun Pharmaceutical Industries Limited | 1.75% |
| Axis Bank Limited | 1.62% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Business Cycle | ITI Large & Mid Cap |
|---|---|---|
| Equity | 91.3% | 97.1% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.7% | 2.9% |
Market cap of stocks
| Market cap | ITI Business Cycle | ITI Large & Mid Cap |
|---|---|---|
| Large Cap | 30.0% | 34.5% |
| Mid Cap | 23.4% | 36.9% |
| Small Cap | 28.0% | 19.0% |
| Not on AMFI's list | 9.9% | 6.6% |
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 | ITI Business Cycle | ITI Large & Mid Cap |
|---|---|---|
| Banks | 14.1% | 16.0% |
| Pharmaceuticals & Biotechnology | 12.6% | 7.7% |
| Finance | 3.5% | 7.9% |
| IT - Services | 6.0% | 5.5% |
| Electrical Equipment | 1.2% | 5.7% |
| Automobiles | 3.5% | 5.3% |
| Industrial Products | 4.5% | 4.7% |
| Healthcare Services | 4.3% | 4.0% |
| Chemicals & Petrochemicals | 4.3% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Business Cycle vs ITI Large & Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Business Cycle Fund | ITI Large & Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.06% |
| Base expense ratio (Direct) | 0.53% | 0.63% |
| Total expense ratio (Regular) | 3.39% | 2.65% |
| Base expense ratio (Regular) | 2.10% | 2.05% |
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 ITI Business Cycle with
ITI Business Cycle Fund vs ITI Large & Mid Cap Fund: Frequently Asked Questions
What is the difference between ITI Business Cycle Fund and ITI Large & Mid Cap Fund?
ITI Business Cycle Fund is a Thematic fund, ITI Large & Mid Cap Fund is a Large & Mid Cap fund, run by ITI Mutual Fund. Their portfolios overlap 31.0%. ITI Business Cycle Fund charges 1.63% a year and ITI Large & Mid Cap Fund 1.06%.
Which has the lower expense ratio, ITI Business Cycle Fund or ITI Large & Mid Cap Fund?
ITI Large & Mid Cap Fund charges less: 1.06% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Business Cycle Fund and ITI Large & Mid Cap Fund overlap?
31.0%. They hold 27 of the same securities, the largest shared ones being ESDS Software Solution Ltd, ICICIBANK, DIVISLAB. From each fund's latest monthly portfolio.
Which is riskier, ITI Business Cycle Fund or ITI Large & Mid Cap Fund?
On SEBI's riskometer, ITI Business Cycle Fund is rated Very High and ITI Large & Mid Cap Fund Very High. Over their common history, the standard deviation of daily returns was 12.69% and 16.99% a year.
Can I invest in both ITI Business Cycle Fund and ITI Large & Mid Cap Fund?
Yes. 31.0% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Business Cycle Fund and ITI Large & Mid Cap Fund?
ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan. ITI Large & Mid Cap Fund: Alok Ranjan, Nilay Dalal.
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.