Union Business Cycle Fund vs Union Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
Union Business Cycle Fund is a Thematic fund and Union Value Fund is a Value and Contra fund. In the year to 30-10-2026, Union Business Cycle Fund (Direct) returned −2.9% and Union Value Fund (Direct) returned −6.9%. Union Business Cycle Fund charges 1.81% a year and Union Value Fund 1.51% (Direct plans). Their portfolios overlap 39.3%: they hold 27 of the same securities.
Union Business Cycle Fund
Thematic
- 1 year return
- −2.9%
- Expense ratio
- 1.81%
- NAV
- ₹11.48
Which is better, Union Business Cycle or Union Value? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Union Business Cycle returned more over 1 year: −2.9% against −6.9%.
- Union Value costs less: 1.51% a year against 1.81% (Direct plans).
- Union Value fell less in its worst fall since 12-03-2024: −17.9% against −19.9%.
- Union Value holds more in large companies: 55.5% of the fund in large caps against 44.6%.
- Union Business Cycle is the larger fund: ₹485 Cr against ₹378 Cr.
- Their portfolios overlap 39.3%: 27 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 | Union Business Cycle Fund | Union Value Fund |
|---|---|---|
| Fund house | Union Mutual Fund | Union Mutual Fund |
| Category | Thematic | Value and Contra |
| AUM | ₹485 Cr (30-09-2026) | ₹378 Cr (30-09-2026) |
| NAV | ₹11.48 (Direct) | ₹28.96 (Direct) |
| Expense ratio (Direct) | 1.81% | 1.51% |
| Expense ratio (Regular) | 3.06% | 2.56% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | BSE 500 TRI |
| Launch date | 05-03-2024 | 05-12-2018 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Harshad Patwardhan, Pratik Dharmshi | Vinod Malviya, Gaurav Chopra |
| Exit load | Exit load of 1%, if redeemed within 1 year. | Exit load of 1%, if redeemed within 15 days. |
Union Business Cycle vs Union 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 |
|---|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −2.05% | −4.25% | −0.09% | −2.88% | -- | -- | -- |
| Union Value Fund (Direct) | −2.10% | −6.46% | −3.53% | −6.91% | +10.89% | +10.75% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| 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.
Union Business Cycle vs Union Value: Year-wise Returns
| Year | Business CycleUnion Business Cycle | ValueUnion Value |
|---|---|---|
| 2026to date | −1.54% | −6.82% |
| 2025 | +2.82% | +7.95% |
| 2024 | -- | +17.94% |
| 2023 | -- | +34.56% |
| 2022 | -- | +5.90% |
| 2021 | -- | +33.20% |
Union Business Cycle vs Union Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Union Business Cycle Fund
Rolling returns
Every 1-year holding period, 402 of them, one for each trading day from 12-03-2025 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.
Union Business Cycle Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Union Business Cycle | 25.1 | 33.8 | 30.8 | 6.7 | 3.5 | 0.0 | 0.0 | 3.8% | 3.7% | −6.7% | 18.7% | 44% |
| Union Value | 13.9 | 37.3 | 33.6 | 10.9 | 3.7 | 0.5 | 0.0 | 5.2% | 4.8% | −7.5% | 20.4% | 92% |
| Nifty 500 TRI | 26.6 | 32.1 | 33.1 | 6.7 | 1.5 | 0.0 | 0.0 | 3.6% | 3.4% | −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 12-03-2024. Past returns do not promise future returns.
Union Business Cycle vs Union Value: 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 12-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Union Business CycleUnion Business Cycle Fund (Direct) | ₹3,20,000 | ₹3,27,148 | ₹7,148 | 1.6% |
| Union ValueUnion Value Fund (Direct) | ₹3,20,000 | ₹3,18,959 | −₹1,041 | −0.2% |
Union Business CycleUnion Business Cycle Fund (Direct)
Union ValueUnion Value 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.
Union Business Cycle vs Union Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Union Business Cycle Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.88% | −6.91% |
| Standard deviation | 15.72% | 14.74% |
| Sharpe ratio | -0.52 | -0.82 |
| Sortino ratio | -0.68 | -1.10 |
| Maximum drawdown | −13.3% (30-03-2026) | −12.8% (31-03-2026) |
| Beta | 1.04 | 1.01 |
| Alpha | +5.02% | +0.85% |
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 | Union Business Cycle Fund (Direct) | Union Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.46% | +14.30% |
| Standard deviation | 15.27% | 16.90% |
| Sharpe ratio | -0.03 | 0.54 |
| Sortino ratio | -0.04 | 0.72 |
| Maximum drawdown | −19.9% (28-02-2025) | −37.7% (23-03-2020) |
| Beta | 1.00 | 0.97 |
| Alpha | +1.27% | +1.44% |
From daily NAVs, 12-03-2024 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.
Union Business Cycle Fund (Direct)
Union 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 |
|---|---|---|---|---|---|---|
| Union Business Cycle Fund (Direct) | −19.9% | 23-09-2024 | 28-02-2025 | 02-07-2026 | 16 months | −7.2% |
| Union Value Fund (Direct) | −17.9% | 23-09-2024 | 03-03-2025 | 10-07-2025 | 4 months | −8.5% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 12-03-2024, 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.
Union Business Cycle Fund (Direct)
Union Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Union Business Cycle Fund (Direct) | 101% | 97% | 5.02% |
| Union Value Fund (Direct) | 99% | 93% | 3.71% |
From month-end values since 12-03-2024. 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.
Union Business Cycle vs Union Value: Portfolio Overlap
From each fund's latest monthly portfolio: Union Business Cycle Fund, September 2026; Union Value Fund, September 2026
Holdings in common
- Overlap
- 39.3%
- Held by both
- 27
- Only in Union Business Cycle
- 36
- Only in Union Value
- 44
| Security | % of Union Business Cycle | % of Union Value |
|---|---|---|
| ICICI Bank Ltd. | 6.34% | 6.44% |
| Axis Bank Ltd. | 3.38% | 3.21% |
| HDFC Bank Ltd. | 2.94% | 4.12% |
| Shriram Finance Ltd. | 2.30% | 2.73% |
| Larsen & Toubro Ltd. | 3.62% | 2.16% |
| Reliance Industries Ltd. | 1.96% | 3.75% |
| State Bank of India | 1.67% | 2.93% |
| Tech Mahindra Ltd. | 1.64% | 2.19% |
| RBL Bank Ltd. | 2.04% | 1.60% |
| Power Mech Projects Ltd. | 1.72% | 1.51% |
| Ujjivan Small Finance Bank Ltd. | 1.32% | 1.64% |
| Mphasis Ltd. | 1.73% | 1.27% |
| Bharti Airtel Ltd. | 1.18% | 2.98% |
| Tata Motors Ltd. | 1.85% | 1.12% |
| Aarti Industries Ltd. | 1.08% | 1.30% |
| Krishna Institute of Medical Sciences Ltd. | 1.35% | 1.06% |
| Interglobe Aviation Ltd. | 1.02% | 0.92% |
| Jindal Steel Ltd. | 0.90% | 1.92% |
| Adani Enterprises Ltd. | 1.45% | 0.88% |
| HDFC Life Insurance Company Ltd. | 1.44% | 0.79% |
| Cipla Ltd. | 1.70% | 0.77% |
| Hindustan Aeronautics Ltd. | 0.75% | 0.99% |
| Gokaldas Exports Ltd. | 1.09% | 0.71% |
| Cemindia Projects Ltd. | 0.67% | 0.56% |
| Bharat Heavy Electricals Ltd. | 2.29% | 0.55% |
| 91 Day Treasury Bills | 0.08% | 0.05% |
| 91 Day Treasury Bills | 0.09% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 39.3% means 39.3% 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 Union Business Cycle Fund
| Security | % of fund |
|---|---|
| One 97 Communications Ltd. | 2.58% |
| Sona Blw Precision Forgings Ltd. | 2.53% |
| Sai Life Sciences Ltd. | 2.46% |
| Navin Fluorine International Ltd. | 2.23% |
| Arvind Ltd. | 2.18% |
Largest holdings only in Union Value Fund
| Security | % of fund |
|---|---|
| NTPC Ltd. | 2.21% |
| Gabriel India Ltd. | 2.02% |
| Maruti Suzuki India Ltd. | 2.00% |
| Nippon Life India Asset Management Ltd. | 1.67% |
| The Phoenix Mills Ltd. | 1.66% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Union Business Cycle | Union Value |
|---|---|---|
| Equity | 94.7% | 96.3% |
| Debt | 0.2% | 0.1% |
| Cash and others | 5.2% | 3.6% |
Market cap of stocks
| Market cap | Union Business Cycle | Union Value |
|---|---|---|
| Large Cap | 44.6% | 55.5% |
| Mid Cap | 16.6% | 14.6% |
| Small Cap | 33.5% | 25.4% |
| Not on AMFI's list | 0.0% | 0.8% |
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 | Union Business Cycle | Union Value |
|---|---|---|
| Banks | 19.1% | 21.1% |
| Pharmaceuticals & Biotechnology | 7.8% | 5.6% |
| IT - Software | 4.9% | 6.9% |
| Textiles & Apparels | 6.1% | 0.7% |
| Construction | 6.0% | 5.6% |
| Chemicals & Petrochemicals | 5.5% | 1.3% |
| Petroleum Products | 2.0% | 4.5% |
| Auto Components | 3.6% | 4.1% |
The six largest sectors of each fund's stocks, % of the fund.
Union Business Cycle vs Union Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Union Business Cycle Fund | Union Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.81% | 1.51% |
| Base expense ratio (Direct) | 1.03% | 1.08% |
| Total expense ratio (Regular) | 3.06% | 2.56% |
| Base expense ratio (Regular) | 2.09% | 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 Union Business Cycle with
Union Business Cycle Fund vs Union Value Fund: Frequently Asked Questions
What is the difference between Union Business Cycle Fund and Union Value Fund?
Union Business Cycle Fund is a Thematic fund, Union Value Fund is a Value and Contra fund, run by Union Mutual Fund. Their portfolios overlap 39.3%. Union Business Cycle Fund charges 1.81% a year and Union Value Fund 1.51%.
Which has given higher returns, Union Business Cycle Fund or Union Value Fund?
Over 1 year: Union Business Cycle Fund −2.88%, Union Value Fund −6.91%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Union Business Cycle Fund or Union Value Fund?
Union Value Fund charges less: 1.51% a year against 1.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Union Business Cycle Fund and Union Value Fund overlap?
39.3%. They hold 27 of the same securities, the largest shared ones being ICICIBANK, AXISBANK, HDFCBANK. From each fund's latest monthly portfolio.
Which is riskier, Union Business Cycle Fund or Union Value Fund?
On SEBI's riskometer, Union Business Cycle Fund is rated Very High and Union Value Fund Very High. Over 1 years, the standard deviation of daily returns was 15.72% and 14.74% a year.
Can I invest in both Union Business Cycle Fund and Union Value Fund?
Yes. 39.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Union Business Cycle Fund and Union Value Fund?
Union Business Cycle Fund: Harshad Patwardhan, Pratik Dharmshi. Union Value Fund: Vinod Malviya, Gaurav Chopra.
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.