Kotak Business Cycle Fund vs Tata Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
Kotak Business Cycle Fund is a Thematic fund and Tata Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, Kotak Business Cycle Fund (Direct) returned 15.8% a year and Tata Business Cycle Fund (Direct) returned 9.1% a year. Kotak Business Cycle Fund charges 0.75% a year and Tata Business Cycle Fund 0.94% (Direct plans). Their portfolios overlap 16.2%: they hold 8 of the same securities.
Kotak Business Cycle Fund
Thematic
- 3 year return
- 15.8%
- Expense ratio
- 0.75%
- NAV
- ₹17.57
Tata Business Cycle Fund
Thematic
- 3 year return
- 9.1%
- Expense ratio
- 0.94%
- NAV
- ₹18.57
Which is better, Kotak Business Cycle or Tata 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 9.1%.
- Kotak Business Cycle returned more over 1 year: −0.1% against −9.9%.
- Kotak Business Cycle costs less: 0.75% a year against 0.94% (Direct plans).
- Kotak Business Cycle swung less over 3 years: a standard deviation of 13.7% a year against 14.8%.
- Kotak Business Cycle fell less in its worst fall since 06-10-2022: −18.4% against −20.0%.
- Kotak Business Cycle is the larger fund: ₹3,414 Cr against ₹2,416 Cr.
- Their portfolios overlap 16.2%: 8 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 | Kotak Business Cycle Fund | Tata Business Cycle Fund |
|---|---|---|
| Fund house | Kotak Mahindra Mutual Fund | Tata Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹3,414 Cr (30-09-2026) | ₹2,416 Cr (30-09-2026) |
| NAV | ₹17.57 (Direct) | ₹18.57 (Direct) |
| Expense ratio (Direct) | 0.75% | 0.94% |
| Expense ratio (Regular) | 2.03% | 2.19% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 28-09-2022 | 04-08-2021 |
| Minimum investment | ₹100 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Harish Bihani, Abhishek Bisen | Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya |
| Exit load | 0.5% for redemption within 90 Days | Exit load of 0.50%, if redeemed within 30 days. |
Kotak Business Cycle vs Tata 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 |
|---|---|---|---|---|---|---|---|
| Kotak Business Cycle Fund (Direct) | −2.08% | −3.34% | +4.98% | −0.11% | +15.85% | -- | -- |
| Tata Business Cycle Fund (Direct) | −5.10% | −10.05% | −6.25% | −9.95% | +9.10% | +11.90% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Kotak Business Cycle vs Tata Business Cycle: Year-wise Returns
| Year | KotakKotak Business Cycle | TataTata Business Cycle | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +0.79% | −8.85% | −7.51% |
| 2025 | +6.89% | +2.23% | +7.76% |
| 2024 | +29.35% | +20.37% | +16.24% |
| 2023 | +24.66% | +36.54% | +26.91% |
| 2022 | -- | +15.42% | +4.25% |
Kotak Business Cycle vs Tata 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, 262 of them, one for each trading day from 06-10-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Kotak Business Cycle Fund (Direct)
Tata 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Tata Business Cycle | 0.0 | 0.0 | 6.1 | 19.5 | 65.3 | 9.2 | 0.0 | 16.7% | 17.7% | 8.5% | 21.7% | 97% |
| Nifty 500 TRI | 0.0 | 0.0 | 7.3 | 42.0 | 50.8 | 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.
Kotak Business Cycle vs Tata 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 06-10-2022 to 30-10-2026: 49 instalments, ₹4,90,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Kotak Business CycleKotak Business Cycle Fund (Direct) | ₹4,90,000 | ₹6,24,233 | ₹1,34,233 | 11.9% |
| Tata Business CycleTata Business Cycle Fund (Direct) | ₹4,90,000 | ₹5,42,855 | ₹52,855 | 5.0% |
Kotak Business CycleKotak Business Cycle Fund (Direct)
Tata Business CycleTata 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.
Kotak Business Cycle vs Tata Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Kotak Business Cycle Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.11% | −9.95% |
| Standard deviation | 14.43% | 15.50% |
| Sharpe ratio | -0.37 | -0.98 |
| Sortino ratio | -0.51 | -1.28 |
| Maximum drawdown | −14.1% (23-03-2026) | −14.1% (31-03-2026) |
| Beta | 0.95 | 1.03 |
| Alpha | +6.59% | −2.19% |
From daily NAVs, 30-10-2025 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.
| Measure | Kotak Business Cycle Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.85% | +9.10% |
| Standard deviation | 13.74% | 14.78% |
| Sharpe ratio | 0.72 | 0.21 |
| Sortino ratio | 0.99 | 0.28 |
| Maximum drawdown | −18.4% (03-03-2025) | −20.0% (03-03-2025) |
| Beta | 0.91 | 1.00 |
| Alpha | +6.01% | −1.13% |
From daily NAVs, 30-10-2023 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.
| Measure | Kotak Business Cycle Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.68% | +12.62% |
| Standard deviation | 12.55% | 14.65% |
| Sharpe ratio | 0.68 | 0.47 |
| Sortino ratio | 0.93 | 0.63 |
| Maximum drawdown | −18.4% (03-03-2025) | −20.0% (03-03-2025) |
| Beta | 0.90 | 0.99 |
| Alpha | +4.48% | +2.43% |
From daily NAVs, 06-10-2022 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.
Kotak Business Cycle Fund (Direct)
Tata 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 |
|---|---|---|---|---|---|---|
| Kotak Business Cycle Fund (Direct) | −18.4% | 23-09-2024 | 03-03-2025 | 19-08-2025 | 6 months | −5.9% |
| Tata Business Cycle Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −14.8% |
| 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.
Kotak Business Cycle Fund (Direct)
Tata 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.
Kotak Business Cycle Fund (Direct)
Tata Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Kotak Business Cycle Fund (Direct) | 104% | 81% | 4.98% |
| Tata Business Cycle Fund (Direct) | 104% | 96% | 4.13% |
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.
Kotak Business Cycle vs Tata Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: Kotak Business Cycle Fund, September 2026; Tata Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 16.2%
- Held by both
- 8
- Only in Kotak Business Cycle
- 44
- Only in Tata Business Cycle
- 41
| Security | % of Kotak Business Cycle | % of Tata Business Cycle |
|---|---|---|
| AXIS BANK LTD. | 3.67% | 3.95% |
| HDFC BANK LTD. | 2.62% | 3.73% |
| SHRIRAM FINANCE LIMITED | 2.48% | 2.35% |
| ACME SOLAR HOLDINGS LTD. | 2.87% | 1.89% |
| VEDANTA ALUMINIUM METAL LTD | 1.75% | 1.99% |
| ICICI Lombard General Insurance Company Ltd | 1.61% | 1.50% |
| RELIANCE INDUSTRIES LTD. | 1.23% | 4.80% |
| 360 ONE WAM LIMITED | 1.99% | 1.15% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 16.2% means 16.2% 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 Kotak Business Cycle Fund
| Security | % of fund |
|---|---|
| ICICI BANK LTD. | 7.69% |
| ADITYA INFOTECH LIMITED | 5.74% |
| INDO-MIM LTD | 4.39% |
| ETERNAL LIMITED | 4.05% |
| ASTER DM HEALTHCARE LTD | 3.37% |
Largest holdings only in Tata Business Cycle Fund
| Security | % of fund |
|---|---|
| METROPOLIS HEALTHCARE LTD | 4.25% |
| JINDAL STEEL LTD | 3.92% |
| L&T FINANCE LTD | 2.96% |
| LARSEN & TOUBRO LTD | 2.92% |
| DELHIVERY LTD | 2.78% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Kotak Business Cycle | Tata Business Cycle |
|---|---|---|
| Equity | 98.6% | 97.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.4% | 2.2% |
Market cap of stocks
| Market cap | Kotak Business Cycle | Tata Business Cycle |
|---|---|---|
| Large Cap | 42.0% | 46.1% |
| Mid Cap | 21.0% | 21.3% |
| Small Cap | 30.5% | 29.5% |
| Not on AMFI's list | 5.2% | 0.9% |
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 | Kotak Business Cycle | Tata Business Cycle |
|---|---|---|
| Banks | 15.8% | 9.1% |
| Retailing | 10.3% | 0.0% |
| Industrial Manufacturing | 10.1% | 1.2% |
| Healthcare Services | 9.7% | 8.1% |
| Finance | 3.5% | 8.7% |
| Industrial Products | 1.8% | 7.0% |
| Cement & Cement Products | 0.0% | 6.7% |
| Ferrous Metals | 0.0% | 6.0% |
| Automobiles | 5.1% | 0.0% |
| Capital Markets | 4.7% | 1.1% |
The six largest sectors of each fund's stocks, % of the fund.
Kotak Business Cycle vs Tata Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Kotak Business Cycle Fund | Tata Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.75% | 0.94% |
| Base expense ratio (Direct) | 0.57% | 0.64% |
| Total expense ratio (Regular) | 2.03% | 2.19% |
| Base expense ratio (Regular) | 1.65% | 1.72% |
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 Kotak Business Cycle with
Kotak Business Cycle Fund vs Tata Business Cycle Fund: Frequently Asked Questions
What is the difference between Kotak Business Cycle Fund and Tata Business Cycle Fund?
Kotak Business Cycle Fund is a Thematic fund, Tata Business Cycle Fund is a Thematic fund, run by Kotak Mahindra Mutual Fund and Tata Mutual Fund. Their portfolios overlap 16.2%. Kotak Business Cycle Fund charges 0.75% a year and Tata Business Cycle Fund 0.94%.
Which has given higher returns, Kotak Business Cycle Fund or Tata Business Cycle Fund?
Over 1 year: Kotak Business Cycle Fund −0.11%, Tata Business Cycle Fund −9.95%. Over 3 years: Kotak Business Cycle Fund +15.85% a year, Tata Business Cycle Fund +9.10% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Kotak Business Cycle Fund or Tata Business Cycle Fund?
Kotak Business Cycle Fund charges less: 0.75% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Kotak Business Cycle Fund and Tata Business Cycle Fund overlap?
16.2%. They hold 8 of the same securities, the largest shared ones being AXISBANK, HDFCBANK, SHRIRAMFIN. From each fund's latest monthly portfolio.
Which is riskier, Kotak Business Cycle Fund or Tata Business Cycle Fund?
On SEBI's riskometer, Kotak Business Cycle Fund is rated Very High and Tata Business Cycle Fund Very High. Over 3 years, the standard deviation of daily returns was 13.74% and 14.78% a year.
Which is better for SIP, Kotak Business Cycle Fund or Tata Business Cycle Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,21,827 in Kotak Business Cycle Fund (XIRR 8.5% a year) and ₹3,61,665 in Tata Business Cycle Fund (XIRR -1.4% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Kotak Business Cycle Fund and Tata Business Cycle Fund?
Yes. 16.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Kotak Business Cycle Fund and Tata Business Cycle Fund?
Kotak Business Cycle Fund: Harish Bihani, Abhishek Bisen. Tata Business Cycle Fund: Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya.
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.