ITI Business Cycle Fund vs ITI Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund and ITI Value Fund is a Value and Contra fund. ITI Business Cycle Fund charges 1.63% a year and ITI Value Fund 1.34% (Direct plans). Their portfolios overlap 43.5%: they hold 35 of the same securities.
Which is better, ITI Business Cycle or ITI Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- ITI Value costs less: 1.34% a year against 1.63% (Direct plans).
- ITI Value fell less in its worst fall since 12-03-2026: −11.0% against −12.3%.
- ITI Value holds more in large companies: 42.3% of the fund in large caps against 30.0%.
- ITI Value is the larger fund: ₹346 Cr against ₹117 Cr.
- Their portfolios overlap 43.5%: 35 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 Value Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | ITI Mutual Fund |
| Category | Thematic | Value and Contra |
| AUM | ₹117 Cr (30-09-2026) | ₹346 Cr (30-09-2026) |
| NAV | ₹9.97 (Direct) | ₹17.22 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.34% |
| Expense ratio (Regular) | 3.39% | 3.04% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 09-03-2026 | 14-06-2021 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Alok Ranjan | Nilay Dalal, Dhimant Shah |
| 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 Value: 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 Value Fund (Direct) | −4.96% | −7.71% | −6.93% | −7.38% | +10.66% | +10.32% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | -- |
Category average: the average of the 235 Thematic funds and the 30 Value and Contra funds, same plan type.
ITI Business Cycle vs ITI Value: Year-wise Returns
| Year | Business CycleITI Business Cycle | ValueITI Value | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | -- | −9.36% | −7.51% |
| 2025 | -- | +5.32% | +7.76% |
| 2024 | -- | +20.57% | +16.24% |
| 2023 | -- | +38.94% | +26.91% |
| 2022 | -- | +7.86% | +4.25% |
ITI Business Cycle vs ITI Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
ITI Business Cycle vs ITI Value: 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 Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.10% | +10.66% |
| Standard deviation | 12.69% | 15.63% |
| Sharpe ratio | -0.42 | 0.32 |
| Sortino ratio | -0.55 | 0.43 |
| Maximum drawdown | −12.3% (23-10-2026) | −22.7% (20-06-2022) |
| Beta | 0.68 | 1.04 |
| Alpha | −2.55% | −0.18% |
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 Value 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 Value Fund (Direct) | −11.0% | 21-08-2026 | 26-10-2026 | Not yet | -- | −10.3% |
| 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 Value: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Business Cycle Fund, September 2026; ITI Value Fund, September 2026
Holdings in common
- Overlap
- 43.5%
- Held by both
- 35
- Only in ITI Business Cycle
- 36
- Only in ITI Value
- 36
| Security | % of ITI Business Cycle | % of ITI Value |
|---|---|---|
| HDFC Bank Limited | 3.83% | 4.90% |
| Manipal Payment and Identity Solutions Ltd | 2.02% | 2.23% |
| ICICI Bank Limited | 2.37% | 1.95% |
| Reliance Industries Limited | 1.93% | 3.31% |
| Bajaj Auto Limited | 1.70% | 1.78% |
| Divi's Laboratories Limited | 1.54% | 1.63% |
| Eternal Limited | 2.19% | 1.45% |
| Grasim Industries Limited | 1.41% | 1.55% |
| TVS Motor Company Limited | 1.26% | 1.32% |
| Bajaj Finance Limited | 1.31% | 1.24% |
| Redington Limited | 1.23% | 1.69% |
| Poonawalla Fincorp Limited | 1.22% | 1.29% |
| Apollo Hospitals Enterprise Limited | 1.30% | 1.20% |
| Navin Fluorine International Limited | 1.19% | 1.29% |
| Solar Industries India Limited | 1.18% | 1.78% |
| RBL Bank Limited | 1.17% | 1.52% |
| Bharat Heavy Electricals Limited | 1.17% | 2.21% |
| Dr. Lal Path Labs Limited | 1.13% | 1.31% |
| Kalpataru Projects International Limited | 1.25% | 1.12% |
| Marico Limited | 1.10% | 1.41% |
| Hindalco Industries Limited | 1.24% | 1.08% |
| Gujarat Fluorochemicals Limited | 1.03% | 1.44% |
| HDFC Life Insurance Company Limited | 2.01% | 1.02% |
| Yes Bank Limited | 1.00% | 1.10% |
| Biocon Limited | 1.00% | 1.08% |
| City Union Bank Limited | 0.99% | 1.52% |
| Global Health Limited | 0.98% | 1.36% |
| IIFL Finance Limited | 0.95% | 1.22% |
| Aster DM Quality Care Limited | 0.92% | 1.15% |
| Aarti Industries Limited | 0.91% | 1.31% |
| Inox Green Energy Services Limited | 0.83% | 0.82% |
| Turtlemint Fintech Solutions Limited | 0.78% | 1.18% |
| State Bank of India | 0.74% | 1.16% |
| Infosys Limited | 0.95% | 0.70% |
| Bandhan Bank Limited | 0.50% | 0.50% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.5% means 43.5% 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% |
| Titan Company Limited | 1.70% |
| Laurus Labs Limited | 1.59% |
| LG Electronics India Ltd | 1.40% |
| AU Small Finance Bank Limited | 1.39% |
Largest holdings only in ITI Value Fund
| Security | % of fund |
|---|---|
| ITC Limited | 2.27% |
| Shriram Finance Limited | 2.16% |
| Craftsman Automation Limited | 2.15% |
| Axis Bank Limited | 2.13% |
| Samvardhana Motherson International Limited | 1.91% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Business Cycle | ITI Value |
|---|---|---|
| Equity | 91.3% | 95.6% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.7% | 4.4% |
Market cap of stocks
| Market cap | ITI Business Cycle | ITI Value |
|---|---|---|
| Large Cap | 30.0% | 42.3% |
| Mid Cap | 23.4% | 10.5% |
| Small Cap | 28.0% | 40.6% |
| Not on AMFI's list | 9.9% | 2.2% |
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 | ITI Business Cycle | ITI Value |
|---|---|---|
| Banks | 14.1% | 22.1% |
| Finance | 3.5% | 12.7% |
| Pharmaceuticals & Biotechnology | 12.6% | 5.1% |
| Healthcare Services | 4.3% | 6.2% |
| IT - Services | 6.0% | 0.0% |
| Chemicals & Petrochemicals | 4.3% | 5.8% |
| Auto Components | 1.3% | 5.0% |
| Industrial Products | 4.5% | 0.8% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Business Cycle vs ITI Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Business Cycle Fund | ITI Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.34% |
| Base expense ratio (Direct) | 0.53% | 0.60% |
| Total expense ratio (Regular) | 3.39% | 3.04% |
| Base expense ratio (Regular) | 2.10% | 2.10% |
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 Value Fund: Frequently Asked Questions
What is the difference between ITI Business Cycle Fund and ITI Value Fund?
ITI Business Cycle Fund is a Thematic fund, ITI Value Fund is a Value and Contra fund, run by ITI Mutual Fund. Their portfolios overlap 43.5%. ITI Business Cycle Fund charges 1.63% a year and ITI Value Fund 1.34%.
Which has the lower expense ratio, ITI Business Cycle Fund or ITI Value Fund?
ITI Value Fund charges less: 1.34% 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 Value Fund overlap?
43.5%. They hold 35 of the same securities, the largest shared ones being HDFCBANK, Manipal Payment and Identity Solutions Ltd, ICICIBANK. From each fund's latest monthly portfolio.
Which is riskier, ITI Business Cycle Fund or ITI Value Fund?
On SEBI's riskometer, ITI Business Cycle Fund is rated Very High and ITI Value Fund Very High. Over their common history, the standard deviation of daily returns was 12.69% and 15.63% a year.
Can I invest in both ITI Business Cycle Fund and ITI Value Fund?
Yes. 43.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages ITI Business Cycle Fund and ITI Value Fund?
ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan. ITI Value Fund: Nilay Dalal, Dhimant Shah.
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.