ITI Business Cycle Fund vs Nippon India Taiwan Equity Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund and Nippon India Taiwan Equity Fund is a Thematic fund. ITI Business Cycle Fund charges 1.63% a year and Nippon India Taiwan Equity Fund 1.08% (Direct plans). Their portfolios overlap 0.0%: they hold 0 of the same securities.
Nippon India Taiwan Equity Fund
Thematic
- Expense ratio
- 1.08%
- NAV
- ₹31.86
Which is better, ITI Business Cycle or Nippon India Taiwan Equity? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Nippon India Taiwan Equity costs less: 1.08% a year against 1.63% (Direct plans).
- ITI Business Cycle fell less in its worst fall since 12-03-2026: −12.3% against −29.6%.
- Nippon India Taiwan Equity holds 90.8% of the fund in foreign stocks; ITI Business Cycle 0.0%.
- ITI Business Cycle holds more in large companies: 30.0% of the fund in large caps against 0.0%.
- Nippon India Taiwan Equity is the larger fund: ₹1,147 Cr against ₹117 Cr.
- Their portfolios overlap 0.0%: 0 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 | Nippon India Taiwan Equity Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Nippon India Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹117 Cr (30-09-2026) | ₹1,147 Cr (30-09-2026) |
| NAV | ₹9.97 (Direct) | ₹31.86 (Direct) |
| Expense ratio (Direct) | 1.63% | 1.08% |
| Expense ratio (Regular) | 3.39% | 2.36% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Taiwan Capitalization Weighted Stock Index (TAIEX) |
| Launch date | 09-03-2026 | 11-12-2021 |
| Minimum investment | ₹5,000 | 500; Note - Lumpsum subscription under the Scheme is suspended temporarily with effect from February 26, 2024 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Alok Ranjan | Kinjal Desai |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | 1% if redeemed or switched out on or before completion of 3 months from the date of allotment of units. Nil, thereafter |
ITI Business Cycle vs Nippon India Taiwan Equity: 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% | -- | -- | -- | -- |
| Nippon India Taiwan Equity Fund (Direct) | −16.05% | +11.27% | −9.87% | +75.71% | +54.78% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
ITI Business Cycle vs Nippon India Taiwan Equity: Year-wise Returns
| Year | ITI Business CycleITI Business Cycle | Nippon India Taiwan EquityNippon India Taiwan Equity |
|---|---|---|
| 2026to date | -- | +66.72% |
| 2025 | -- | +52.84% |
| 2024 | -- | +25.96% |
| 2023 | -- | +46.55% |
| 2022 | -- | −33.29% |
ITI Business Cycle vs Nippon India Taiwan Equity: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Business Cycle Fund
ITI Business Cycle vs Nippon India Taiwan Equity: 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) | Nippon India Taiwan Equity Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.10% | +27.46% |
| Standard deviation | 12.69% | 32.62% |
| Sharpe ratio | -0.42 | 0.66 |
| Sortino ratio | -0.55 | 0.95 |
| Maximum drawdown | −12.3% (23-10-2026) | −44.8% (25-10-2022) |
| 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)
Nippon India Taiwan Equity 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% |
| Nippon India Taiwan Equity Fund (Direct) | −29.6% | 03-06-2026 | 30-07-2026 | Not yet | -- | −21.7% |
| 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 Nippon India Taiwan Equity: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Business Cycle Fund, September 2026; Nippon India Taiwan Equity Fund, September 2026
Holdings in common
- Overlap
- 0.0%
- Held by both
- 0
- Only in ITI Business Cycle
- 71
- Only in Nippon India Taiwan Equity
- 0
Overlap: for each holding both funds own, the smaller of its two weights, added up. 0.0% means 0.0% 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 |
|---|---|
| ESDS Software Solution Ltd | 6.03% |
| HDFC Bank Limited | 3.83% |
| ICICI Bank Limited | 2.37% |
| Eternal Limited | 2.19% |
| Manipal Payment and Identity Solutions Ltd | 2.02% |
Largest holdings only in Nippon India Taiwan Equity Fund
Every holding of this fund is also held by the other.
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Business Cycle | Nippon India Taiwan Equity |
|---|---|---|
| Equity | 91.3% | 90.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.7% | 9.2% |
Market cap of stocks
| Market cap | ITI Business Cycle | Nippon India Taiwan Equity |
|---|---|---|
| Large Cap | 30.0% | 0.0% |
| Mid Cap | 23.4% | 0.0% |
| Small Cap | 28.0% | 0.0% |
| Foreign stocks | 0.0% | 90.8% |
| Not on AMFI's list | 9.9% | 0.0% |
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 | Nippon India Taiwan Equity |
|---|---|---|
| Semiconductors | 0.0% | 31.5% |
| Electronic Components | 0.0% | 25.1% |
| Banks | 14.1% | 0.0% |
| Pharmaceuticals & Biotechnology | 12.6% | 0.0% |
| Semiconductor Materials & Equipment | 0.0% | 11.8% |
| Electronic Equipment & Instruments | 0.0% | 8.2% |
| IT - Services | 6.0% | 0.0% |
| Communications Equipment | 0.0% | 5.1% |
| Technology Hardware, Storage & Peripherals | 0.0% | 4.8% |
| Industrial Products | 4.5% | 0.0% |
| Healthcare Services | 4.3% | 0.0% |
| Chemicals & Petrochemicals | 4.3% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Business Cycle vs Nippon India Taiwan Equity: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Business Cycle Fund | Nippon India Taiwan Equity Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 1.08% |
| Base expense ratio (Direct) | 0.53% | 0.80% |
| Total expense ratio (Regular) | 3.39% | 2.36% |
| Base expense ratio (Regular) | 2.10% | 1.92% |
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 Nippon India Taiwan Equity Fund: Frequently Asked Questions
What is the difference between ITI Business Cycle Fund and Nippon India Taiwan Equity Fund?
ITI Business Cycle Fund is a Thematic fund, Nippon India Taiwan Equity Fund is a Thematic fund, run by ITI Mutual Fund and Nippon India Mutual Fund. Their portfolios overlap 0.0%. ITI Business Cycle Fund charges 1.63% a year and Nippon India Taiwan Equity Fund 1.08%.
Which has the lower expense ratio, ITI Business Cycle Fund or Nippon India Taiwan Equity Fund?
Nippon India Taiwan Equity Fund charges less: 1.08% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Business Cycle Fund and Nippon India Taiwan Equity Fund overlap?
0.0%. They hold 0 of the same securities. From each fund's latest monthly portfolio.
Which is riskier, ITI Business Cycle Fund or Nippon India Taiwan Equity Fund?
On SEBI's riskometer, ITI Business Cycle Fund is rated Very High and Nippon India Taiwan Equity Fund Very High. Over their common history, the standard deviation of daily returns was 12.69% and 32.62% a year.
Can I invest in both ITI Business Cycle Fund and Nippon India Taiwan Equity Fund?
Yes. 0.0% of each fund's money sits in the same holdings, so the two hold mostly different investments.
Who manages ITI Business Cycle Fund and Nippon India Taiwan Equity Fund?
ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan. Nippon India Taiwan Equity Fund: Kinjal Desai.
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.