Motilal Oswal Business Cycle Fund vs Motilal Oswal Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Motilal Oswal Business Cycle Fund is a Thematic fund and Motilal Oswal Midcap Fund is a Mid Cap fund. In the year to 30-10-2026, Motilal Oswal Business Cycle Fund (Direct) returned −9.6% and Motilal Oswal Midcap Fund (Direct) returned −14.1%. Motilal Oswal Business Cycle Fund charges 1.43% a year and Motilal Oswal Midcap Fund 0.92% (Direct plans). Their portfolios overlap 36.4%: they hold 13 of the same securities.
Motilal Oswal Business Cycle Fund
Thematic
- 1 year return
- −9.6%
- Expense ratio
- 1.43%
- NAV
- ₹12.09
Motilal Oswal Midcap Fund
Mid Cap
- 1 year return
- −14.1%
- Expense ratio
- 0.92%
- NAV
- ₹45.45
Which is better, Motilal Oswal Business Cycle or Motilal Oswal Midcap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Motilal Oswal Business Cycle returned more over 1 year: −9.6% against −14.1%.
- Motilal Oswal Midcap costs less: 0.92% a year against 1.43% (Direct plans).
- Motilal Oswal Business Cycle fell less in its worst fall since 02-09-2024: −25.0% against −37.9%.
- Motilal Oswal Midcap is the larger fund: ₹40,208 Cr against ₹1,449 Cr.
- Their portfolios overlap 36.4%: 13 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 | Motilal Oswal Business Cycle Fund | Motilal Oswal Midcap Fund |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | Mid Cap |
| AUM | ₹1,449 Cr (30-09-2026) | ₹40,208 Cr (30-09-2026) |
| NAV | ₹12.09 (Direct) | ₹45.45 (Direct) |
| Expense ratio (Direct) | 1.43% | 0.92% |
| Expense ratio (Regular) | 2.51% | 1.63% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty Midcap 150 TRI |
| Launch date | 27-08-2024 | 24-02-2014 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | None | None |
| Fund managers | Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Atul Mehra, Rakesh Shetty, Swapnil Mayekar | Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty, Swapnil Mayekar |
| Exit load | 1% - If redeemed on or before 3 Months from the date of allotment. Nil - If redeemed after 3 Months from the date of allotment. | 1% - If redeemed on or before 365 days from the date of allotment. Nil - If redeemed after 365 days from the date of allotment. |
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: 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 |
|---|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | −4.12% | −3.93% | +7.60% | −9.63% | -- | -- | -- |
| Motilal Oswal Midcap Fund (Direct) | −2.56% | −3.38% | +6.27% | −14.14% | +9.27% | +10.67% | +7.45% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Mid Cap average | −3.36% | −6.03% | −0.14% | −2.17% | +14.75% | +12.95% | +14.07% |
Category average: the average of the 235 Thematic funds and the 34 Mid Cap funds, same plan type.
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: Year-wise Returns
| Year | Business CycleMotilal Oswal Business Cycle | MidcapMotilal Oswal Midcap |
|---|---|---|
| 2026to date | −4.93% | −8.77% |
| 2025 | −2.30% | −16.91% |
| 2024 | -- | +48.57% |
| 2023 | -- | +33.21% |
| 2022 | -- | +4.51% |
| 2021 | -- | +34.33% |
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Motilal Oswal Business Cycle Fund
Rolling returns
Every 1-year holding period, 285 of them, one for each trading day from 02-09-2025 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty 500 TRI
to
Oct 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle | 48.1 | 23.5 | 9.8 | 7.0 | 7.7 | 3.9 | 0.0 | 1.9% | 0.3% | −12.7% | 24.0% | 32% |
| Motilal Oswal Midcap | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | −9.6% | −8.9% | −19.3% | −1.7% | 0% |
| Nifty 500 TRI | 31.2 | 29.5 | 29.1 | 8.1 | 2.1 | 0.0 | 0.0 | 3.2% | 2.6% | −9.0% | 15.9% | -- |
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 02-09-2024. Past returns do not promise future returns.
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Motilal Oswal Business CycleMotilal Oswal Business Cycle Fund (Direct) | ₹2,60,000 | ₹2,62,566 | ₹2,566 | 0.9% |
| Motilal Oswal MidcapMotilal Oswal Midcap Fund (Direct) | ₹2,60,000 | ₹2,40,380 | −₹19,620 | −6.9% |
Motilal Oswal Business CycleMotilal Oswal Business Cycle Fund (Direct)
Motilal Oswal MidcapMotilal Oswal Midcap 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.
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Motilal Oswal Business Cycle Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.63% | −14.14% |
| Standard deviation | 18.10% | 19.23% |
| Sharpe ratio | -0.82 | -1.01 |
| Sortino ratio | -1.13 | -1.34 |
| Maximum drawdown | −25.0% (23-03-2026) | −28.4% (31-03-2026) |
| Beta | 1.10 | 0.98 |
| Alpha | −0.98% | −9.98% |
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 | Motilal Oswal Business Cycle Fund (Direct) | Motilal Oswal Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.63% | +12.67% |
| Standard deviation | 18.65% | 19.16% |
| Sharpe ratio | 0.05 | 0.36 |
| Sortino ratio | 0.07 | 0.46 |
| Maximum drawdown | −25.0% (23-03-2026) | −48.9% (23-03-2020) |
| Beta | 1.10 | -- |
| Alpha | +10.31% | -- |
From daily NAVs, 02-09-2024 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | −25.0% | 17-11-2025 | 23-03-2026 | Not yet | -- | −10.8% |
| Motilal Oswal Midcap Fund (Direct) | −37.9% | 16-12-2024 | 31-03-2026 | Not yet | -- | −25.6% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 02-09-2024, 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.
Motilal Oswal Business Cycle Fund (Direct)
Motilal Oswal Midcap Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Motilal Oswal Business Cycle Fund (Direct) | 128% | 89% | 15.54% |
| Motilal Oswal Midcap Fund (Direct) | 108% | 133% | 14.73% |
From month-end values since 02-09-2024. 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.
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Motilal Oswal Business Cycle Fund, September 2026; Motilal Oswal Midcap Fund, September 2026
Holdings in common
- Overlap
- 36.4%
- Held by both
- 13
- Only in Motilal Oswal Business Cycle
- 21
- Only in Motilal Oswal Midcap
- 17
| Security | % of Motilal Oswal Business Cycle | % of Motilal Oswal Midcap |
|---|---|---|
| Eternal Limited | 5.65% | 6.72% |
| Coforge Limited | 4.65% | 5.43% |
| Kalyan Jewellers India Limited | 4.09% | 7.98% |
| One 97 Communications Limited | 3.46% | 8.64% |
| Persistent Systems Ltd | 3.17% | 4.43% |
| Billionbrains Garage Ventures Ltd | 2.94% | 3.50% |
| Shriram Finance Limited | 2.60% | 3.40% |
| Samvardhana Motherson International Limited | 3.07% | 2.26% |
| IDFC First Bank Limited | 2.21% | 2.40% |
| Prestige Estates Projects Limited | 3.24% | 2.20% |
| BSE Limited | 3.05% | 1.75% |
| Max Healthcare Institute Limited | 3.40% | 1.33% |
| Lenskart Solutions Limited | 0.10% | 2.94% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 36.4% means 36.4% 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 Motilal Oswal Business Cycle Fund
| Security | % of fund |
|---|---|
| RBL Bank Limited | 4.37% |
| Urban Company Ltd | 3.35% |
| IndusInd Bank Limited | 3.29% |
| Apollo Hospitals Enterprise Limited | 3.22% |
| CG Power and Industrial Solutions Limited | 3.20% |
Largest holdings only in Motilal Oswal Midcap Fund
| Security | % of fund |
|---|---|
| Aditya Birla Capital Limited | 4.64% |
| Sterlite Technologies Limited | 4.40% |
| KEI Industries Limited | 4.27% |
| Multi Commodity Exchange of India Limited | 3.74% |
| Dixon Technologies (India) Limited | 3.43% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Motilal Oswal Business Cycle | Motilal Oswal Midcap |
|---|---|---|
| Equity | 98.1% | 94.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 1.9% | 5.2% |
Market cap of stocks
| Market cap | Motilal Oswal Business Cycle | Motilal Oswal Midcap |
|---|---|---|
| Large Cap | 30.9% | 24.7% |
| Mid Cap | 32.8% | 65.1% |
| Small Cap | 31.6% | 5.0% |
| Not on AMFI's list | 2.8% | 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 | Motilal Oswal Business Cycle | Motilal Oswal Midcap |
|---|---|---|
| Capital Markets | 6.0% | 11.6% |
| Consumer Durables | 4.9% | 11.4% |
| Financial Technology (Fintech) | 3.5% | 10.4% |
| Finance | 9.2% | 10.2% |
| Auto Components | 10.0% | 4.7% |
| Banks | 9.9% | 2.4% |
| IT - Software | 7.8% | 9.9% |
| Retailing | 9.1% | 9.7% |
| Electrical Equipment | 8.4% | 5.2% |
The six largest sectors of each fund's stocks, % of the fund.
Motilal Oswal Business Cycle vs Motilal Oswal Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Motilal Oswal Business Cycle Fund | Motilal Oswal Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.43% | 0.92% |
| Base expense ratio (Direct) | 0.87% | 0.66% |
| Total expense ratio (Regular) | 2.51% | 1.63% |
| Base expense ratio (Regular) | 1.84% | 1.30% |
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 Motilal Oswal Business Cycle with
Motilal Oswal Business Cycle Fund vs Motilal Oswal Midcap Fund: Frequently Asked Questions
What is the difference between Motilal Oswal Business Cycle Fund and Motilal Oswal Midcap Fund?
Motilal Oswal Business Cycle Fund is a Thematic fund, Motilal Oswal Midcap Fund is a Mid Cap fund, run by Motilal Oswal Mutual Fund. Their portfolios overlap 36.4%. Motilal Oswal Business Cycle Fund charges 1.43% a year and Motilal Oswal Midcap Fund 0.92%.
Which has given higher returns, Motilal Oswal Business Cycle Fund or Motilal Oswal Midcap Fund?
Over 1 year: Motilal Oswal Business Cycle Fund −9.63%, Motilal Oswal Midcap Fund −14.14%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Motilal Oswal Business Cycle Fund or Motilal Oswal Midcap Fund?
Motilal Oswal Midcap Fund charges less: 0.92% a year against 1.43%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Motilal Oswal Business Cycle Fund and Motilal Oswal Midcap Fund overlap?
36.4%. They hold 13 of the same securities, the largest shared ones being ETERNAL, COFORGE, KALYANKJIL. From each fund's latest monthly portfolio.
Which is riskier, Motilal Oswal Business Cycle Fund or Motilal Oswal Midcap Fund?
On SEBI's riskometer, Motilal Oswal Business Cycle Fund is rated Very High and Motilal Oswal Midcap Fund Very High. Over 1 years, the standard deviation of daily returns was 18.10% and 19.23% a year.
Can I invest in both Motilal Oswal Business Cycle Fund and Motilal Oswal Midcap Fund?
Yes. 36.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Motilal Oswal Business Cycle Fund and Motilal Oswal Midcap Fund?
Motilal Oswal Business Cycle Fund: Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Atul Mehra, Rakesh Shetty, Swapnil Mayekar. Motilal Oswal Midcap Fund: Ajay Khandelwal, Ankit Agarwal, Varun Sharma, Rakesh Shetty, Swapnil Mayekar.
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.