ITI Business Cycle Fund vs ITI Multi Asset Allocation Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund and ITI Multi Asset Allocation Fund is a Multi Asset fund. ITI Business Cycle Fund charges 1.63% a year and ITI Multi Asset Allocation Fund 1.92% (Direct plans). Their portfolios overlap 36.1%: they hold 32 of the same securities.
ITI Multi Asset Allocation Fund
Multi Asset
- Expense ratio
- 1.92%
- NAV
- ₹9.57
Which is better, ITI Business Cycle or ITI Multi Asset Allocation? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Business Cycle costs less: 1.63% a year against 1.92% (Direct plans).
- ITI Multi Asset Allocation fell less in its worst fall since 10-09-2026: −6.0% against −12.3%.
- ITI Business Cycle holds more in large companies: 30.0% of the fund in large caps against 18.1%.
- ITI Multi Asset Allocation is the larger fund: ₹144 Cr against ₹117 Cr.
- Their portfolios overlap 36.1%: 32 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 Multi Asset Allocation Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | Thematic | Multi Asset |
| AUM | ₹117 Cr (30-09-2026) | ₹144 Cr (30-09-2026) |
| NAV | ₹9.97 (Direct) | ₹9.57 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.92% |
| Expense ratio (Regular) | 3.39% | 3.61% |
| Riskometer | Very High | High |
| Benchmark | Nifty 500 TRI | 50% NIFTY 500 TRI + 30% CRISIL Composite Bond Index + 10% Domestic Price of Physical Gold + 10% Domestic Price of Silver |
| Launch date | 09-03-2026 | 07-09-2026 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Alok Ranjan | Nilay Dalal, Laukik Bagwe |
| 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 Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) | −3.02% | -- | -- | -- | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
| Multi Asset average | −1.71% | -- | -- | -- | -- | -- | -- |
Category average: the average of the 235 Thematic funds and the 37 Multi Asset funds, same plan type.
ITI Business Cycle vs ITI Multi Asset Allocation: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Business Cycle Fund
ITI Business Cycle vs ITI Multi Asset Allocation: 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 Multi Asset Allocation Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.10% | −27.08% |
| Standard deviation | 12.69% | 10.04% |
| Sharpe ratio | -0.42 | -3.24 |
| Sortino ratio | -0.55 | -3.61 |
| Maximum drawdown | −12.3% (23-10-2026) | −6.0% (23-10-2026) |
| Beta | 0.68 | -- |
| Alpha | −2.55% | -- |
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 Multi Asset Allocation 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 Multi Asset Allocation Fund (Direct) | −6.0% | 23-09-2026 | 23-10-2026 | Not yet | -- | −4.6% |
| Nifty 500 TRI | −6.6% | 10-09-2026 | 23-10-2026 | Not yet | -- | −4.5% |
From daily values since 10-09-2026, the first day every fund has.
ITI Business Cycle vs ITI Multi Asset Allocation: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Business Cycle Fund, September 2026; ITI Multi Asset Allocation Fund, September 2026
Holdings in common
- Overlap
- 36.1%
- Held by both
- 32
- Only in ITI Business Cycle
- 39
- Only in ITI Multi Asset Allocation
- 15
| Security | % of ITI Business Cycle | % of ITI Multi Asset Allocation |
|---|---|---|
| ICICI Bank Limited | 2.37% | 2.93% |
| Manipal Payment and Identity Solutions Ltd | 2.02% | 2.67% |
| HDFC Life Insurance Company Limited | 2.01% | 1.91% |
| Reliance Industries Limited | 1.93% | 1.66% |
| HDFC Bank Limited | 3.83% | 1.65% |
| Eternal Limited | 2.19% | 1.44% |
| Kirloskar Oil Engines Limited | 1.29% | 1.26% |
| Titan Company Limited | 1.70% | 1.25% |
| IDFC First Bank Limited | 1.21% | 1.96% |
| Grasim Industries Limited | 1.41% | 1.09% |
| Bajaj Auto Limited | 1.70% | 1.08% |
| Solar Industries India Limited | 1.18% | 1.04% |
| Piramal Pharma Limited | 1.28% | 1.03% |
| Bharat Heavy Electricals Limited | 1.17% | 1.03% |
| Hindustan Copper Limited | 1.11% | 1.01% |
| Bajaj Finance Limited | 1.31% | 0.99% |
| Indo-MIM Limited | 1.25% | 0.99% |
| Aurobindo Pharma Limited | 1.25% | 0.99% |
| Kalpataru Projects International Limited | 1.25% | 0.98% |
| RBL Bank Limited | 1.17% | 0.98% |
| Global Health Limited | 0.98% | 1.14% |
| IIFL Finance Limited | 0.95% | 0.99% |
| Glenmark Pharmaceuticals Limited | 1.19% | 0.94% |
| FSN E-Commerce Ventures Limited | 1.02% | 0.94% |
| Elgi Equipments Limited | 1.04% | 0.93% |
| Ramkrishna Forgings Limited | 1.28% | 0.91% |
| Usha Martin Limited | 0.96% | 0.91% |
| DCB Bank Limited | 0.90% | 0.94% |
| BEML Limited | 1.22% | 0.86% |
| LT Foods Limited | 1.13% | 0.80% |
| Ather Energy Limited | 0.57% | 0.50% |
| Bandhan Bank Limited | 0.50% | 0.48% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.1% means 36.1% 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 |
|---|---|
| ESDS Software Solution Ltd | 6.03% |
| Laurus Labs Limited | 1.59% |
| Divi's Laboratories Limited | 1.54% |
| LG Electronics India Ltd | 1.40% |
| AU Small Finance Bank Limited | 1.39% |
Largest holdings only in ITI Multi Asset Allocation Fund
| Security | % of fund |
|---|---|
| 6.60% REC Limited (30/06/2027) | 3.44% |
| Union Bank of India (12/03/2027) | 3.36% |
| DSP Gold ETF | 3.32% |
| Mirae Asset Gold ETF | 2.79% |
| PNB Housing Finance Limited | 1.12% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Business Cycle | ITI Multi Asset Allocation |
|---|---|---|
| Equity | 91.3% | 46.9% |
| Debt | 0.0% | 6.8% |
| Cash and others | 8.7% | 46.3% |
Market cap of stocks
| Market cap | ITI Business Cycle | ITI Multi Asset Allocation |
|---|---|---|
| Large Cap | 30.0% | 18.1% |
| Mid Cap | 23.4% | 7.8% |
| Small Cap | 28.0% | 17.4% |
| Not on AMFI's list | 9.9% | 3.7% |
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 Multi Asset Allocation |
|---|---|---|
| Banks | 14.1% | 8.9% |
| Pharmaceuticals & Biotechnology | 12.6% | 3.9% |
| IT - Services | 6.0% | 0.0% |
| Industrial Products | 4.5% | 4.1% |
| Healthcare Services | 4.3% | 1.1% |
| Chemicals & Petrochemicals | 4.3% | 1.0% |
| Finance | 3.5% | 3.1% |
| Auto Components | 1.3% | 2.9% |
| Electrical Equipment | 1.2% | 2.8% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Business Cycle vs ITI Multi Asset Allocation: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Business Cycle Fund | ITI Multi Asset Allocation Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.92% |
| Base expense ratio (Direct) | 0.53% | 0.34% |
| Total expense ratio (Regular) | 3.39% | 3.61% |
| Base expense ratio (Regular) | 2.10% | 1.82% |
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
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ITI Business Cycle Fund vs ITI Multi Asset Allocation Fund: Frequently Asked Questions
What is the difference between ITI Business Cycle Fund and ITI Multi Asset Allocation Fund?
ITI Business Cycle Fund is a Thematic fund, ITI Multi Asset Allocation Fund is a Multi Asset fund, run by ITI Mutual Fund. Their portfolios overlap 36.1%. ITI Business Cycle Fund charges 1.63% a year and ITI Multi Asset Allocation Fund 1.92%.
Which has the lower expense ratio, ITI Business Cycle Fund or ITI Multi Asset Allocation Fund?
ITI Business Cycle Fund charges less: 1.63% a year against 1.92%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Business Cycle Fund and ITI Multi Asset Allocation Fund overlap?
36.1%. They hold 32 of the same securities, the largest shared ones being ICICIBANK, Manipal Payment and Identity Solutions Ltd, HDFCLIFE. From each fund's latest monthly portfolio.
Which is riskier, ITI Business Cycle Fund or ITI Multi Asset Allocation Fund?
On SEBI's riskometer, ITI Business Cycle Fund is rated Very High and ITI Multi Asset Allocation Fund High. Over their common history, the standard deviation of daily returns was 12.69% and 10.04% a year.
Can I invest in both ITI Business Cycle Fund and ITI Multi Asset Allocation Fund?
Yes. 36.1% 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 Multi Asset Allocation Fund?
ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan. ITI Multi Asset Allocation Fund: Nilay Dalal, Laukik Bagwe.
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.