HDFC Business Cycle Fund is a Thematic fund run by HDFC Mutual Fund. On 30-09-2026, it managed ₹2,646 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 10.8% a year and its Regular plan returned 9.5% a year. Its benchmark, Nifty 500 TRI, returned 10.2% a year over the same 3 years.
NAV (Direct plan)
₹15.18
▼ 0.61% · 30-10-2026
NAV (Regular plan)
₹14.48
▼ 0.61% · 30-10-2026
Expense ratio
1.16%Direct2.14%Regular
1.16%
A year
Riskometer
Very High
Set by the fund house
3 year return
10.8%Direct9.5%Regular
10.8%
A year
HDFC Business Cycle Fund NAV Today
NAV on 30-10-2026: Direct Plan Growth ₹15.18 (down 0.61% that day); Regular Plan Growth ₹14.48 (down 0.61% that day).
This fund (Direct plan)
₹15.175
HDFC Business Cycle Fund Returns vs Nifty 500 TRI
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
Trailing returns
Period
1M
3M
6M
1Y
3Y
5Y
10Y
This fund (Direct)
−2.40%
−3.93%
+3.09%
−3.42%
+10.75%
--
--
This fund (Regular)
−2.48%
−4.16%
+2.58%
−4.40%
+9.51%
--
--
Nifty 500 TRI
−0.75%
−6.05%
−2.83%
−7.34%
+10.22%
+8.81%
+12.51%
Thematic average
−2.09%
−4.52%
+0.86%
−1.22%
+13.76%
--
--
Best in Thematic
+11.54%
+11.27%
+22.16%
+75.71%
+54.78%
--
--
Worst in Thematic
−16.05%
−11.74%
−13.97%
−22.44%
−4.46%
--
--
Rank in Thematic
124/235
81/232
75/232
103/215
86/133
--
--
Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.
HDFC Business Cycle Fund Year-wise Returns
Return of each calendar year
Year
Direct
Regular
Nifty 500 TRI
2026to date
−0.37%
−1.19%
−7.51%
2025
+2.68%
+1.53%
+7.76%
2024
+15.28%
+13.92%
+16.24%
2023
+29.85%
+28.01%
+26.91%
HDFC Business Cycle Fund Rolling Returns
The return of every holding period in the fund's history, not only the one that ends today
Rolling returns
Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 225 periods, one for each trading day from 01-12-2025 to 30-10-2026.
0%5%10%15%20%
HDFC Business Cycle Fund (Direct)
Nifty 500 TRI
Dec 2022 to Dec 2025Feb 2023 to Feb 2026Apr 2023 to Apr 2026Jun 2023 to Jun 2026Aug 2023 to Aug 2026Oct 2023 to Oct 2026
HDFC Business Cycle Fund (Direct)Nifty 500 TRI
0%
0%
Below 0%
0%
0%
0-5%
3%
8%
5-10%
76%
49%
10-15%
21%
43%
15-20%
0%
0%
20-25%
0%
0%
Above 25%
Every holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
718
6.9%
−6.2%
39.9%
9%
8.4%
38%
2 years
472
15.2%
−1.0%
24.1%
3%
16.2%
30%
3 years
225
12.9%
9.3%
16.4%
0%
14.1%
22%
Every SIP holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
36
10.3%
−17.9%
42.4%
25%
10.1%
36%
2 years
24
8.6%
−8.3%
23.4%
13%
9.2%
33%
Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 500 TRI over the same days. Past returns do not promise future returns.
HDFC Business Cycle Fund Risk
How much it swings, and the falls an investor had to sit through
Risk and return
Measure
HDFC Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
−3.42%
−7.34%
Standard deviation
15.04%
14.48%
Sharpe ratio
-0.58
-0.87
Sortino ratio
-0.78
-1.16
Maximum drawdown
−16.6%
(23-03-2026)
−14.7%
(30-03-2026)
Beta
0.99
1.00
Alpha
+3.78%
0.00%
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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
HDFC Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+10.75%
+10.22%
Standard deviation
13.88%
14.30%
Sharpe ratio
0.34
0.29
Sortino ratio
0.46
0.40
Maximum drawdown
−18.0%
(23-03-2026)
−18.6%
(28-02-2025)
Beta
0.93
1.00
Alpha
+0.84%
0.00%
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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
HDFC Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+11.21%
+9.46%
Standard deviation
12.73%
13.39%
Sharpe ratio
0.40
0.25
Sortino ratio
0.54
0.33
Maximum drawdown
−18.0%
(23-03-2026)
−18.6%
(28-02-2025)
Beta
0.90
1.00
Alpha
+2.08%
0.00%
From daily NAVs, 30-11-2022 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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
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.
−20%−15%−10%−5%0%
HDFC Business Cycle Fund (Direct)
Nifty 500 TRI
2023202420252026
HDFC Business Cycle Fund (Direct)Nifty 500 TRI
Worst fall
High before it
Bottom
Back at the high
Time to climb back
Below its high today
HDFC Business Cycle Fund (Direct)
−18.0%
23-09-2024
23-03-2026
03-08-2026
4 months
−6.6%
Nifty 500 TRI
−18.6%
26-09-2024
28-02-2025
Not yet
--
−8.8%
From the Direct plan's daily NAV since 30-11-2022, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.
HDFC Business Cycle Fund vs Other Thematic Funds
The five Thematic funds with the best three year return, and this fund. Direct plans.
AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.
HDFC Business Cycle Fund Expense Ratio and Costs
What each plan charges a year, in force from 21-10-2026
Plan
Base expense ratio
Brokerage
Transaction costs
Levies and GST
Total expense ratio
Thematic median
Cost rank (1 = cheapest)
Direct
0.86%
0.04%
0.01%
0.25%
1.16%
1.18%
114/235
Regular
1.71%
0.04%
0.01%
0.38%
2.14%
2.41%
53/235
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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.
Direct vs Regular: what the gap cost
Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.
Over the last
Regular
Direct
Direct earned more by
₹1 lakh became (Regular)
₹1 lakh became (Direct)
1 year
−4.40%
−3.42%
0.98%
₹95,600
₹96,580
3 years
9.51%
10.75%
1.24% a year
₹1,31,329
₹1,35,841
Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.
HDFC Business Cycle Fund SIP Calculator
What a one-time or monthly investment in this fund would be worth today, from its own NAV history
Growth of an investment
Step up each year
PeriodFor
₹10,000 on the first trading day of every month, from 30-11-2022 to 30-10-2026: 48 instalments, ₹4,80,000 in all.
Direct planHDFC Business Cycle Fund (Direct)Regular planHDFC Business Cycle Fund (Regular)Nifty 500 TRICategory averageCategory average, 235 Thematic fundsAmount invested
From each plan's published NAV (Growth option), the benchmark's TRI and the category average, 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.
HDFC Business Cycle Fund Asset Allocation
Asset allocation as on 30-09-2026
What the fund holds
86.9%Equity
Asset
Fund
Category
Equity
86.9%
94.5%
Cash and others
12.0%
4.0%
Debt
1.1%
1.5%
Market cap of stocks
Market cap
Fund
Category
Large Cap
36.4%
45.7%
Mid Cap
19.5%
19.6%
Small Cap
28.0%
24.1%
Not on AMFI's list
3.0%
2.3%
Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
HDFC Business Cycle Fund Sector Allocation
Sector allocation of the fund's stocks as on 30-09-2026
Largest sectors
Banks16.5%
Finance8.4%
Retailing7.7%
Pharmaceuticals & Biotechnology7.4%
Telecom - Services5.7%
Power4.8%
Consumer Durables4.7%
Textiles & Apparels3.3%
Industrial Products3.2%
Leisure Services3.1%
The ten largest of 26 sectors. The other 16 add up to 22.2%.
Sector changes
Sector
July 2026
August 2026
September 2026
Change
Banks
16.8%
16.9%
16.5%
−0.3%
Finance
9.5%
9.2%
8.4%
−1.1%
Retailing
7.8%
7.9%
7.7%
−0.1%
Pharmaceuticals & Biotechnology
7.1%
7.9%
7.4%
+0.3%
Telecom - Services
6.2%
5.6%
5.7%
−0.5%
Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.
HDFC Business Cycle Fund Portfolio Holdings
As on 30-09-2026 · 63 holdings · from the fund house's monthly portfolio
Holdings
Sector / Rating
Weight%
Holdings trend
1M change
Bharti Airtel Ltd.
Telecom - Services
5.69%
0.0%
Kotak Mahindra Bank Limited
Banks
5.31%
0.0%
ICICI Bank Ltd.
Banks
5.21%
0.0%
Titan Company Ltd.
Consumer Durables
4.46%
0.0%
Anthem Biosciences Limited
Pharmaceuticals & Biotechnology
3.78%
−12.8%
PEARL GLOBAL INDUSTRIES LIMITED
Textiles & Apparels
3.28%
+100.0%
HDFC Bank Ltd.
Banks
3.24%
0.0%
Eternal Limited
Retailing
2.86%
0.0%
Vishal Mega Mart Limited
Retailing
2.52%
0.0%
Clean Max Enviro Energy Solutions Limited
Power
2.38%
0.0%
Cholamandalam Investment & Finance Co. Ltd.
Finance
2.28%
0.0%
Indusind Bank Ltd.
Banks
2.24%
0.0%
Bajaj Auto Limited
Automobiles
2.23%
0.0%
Home First Finance Company India Ltd
Finance
2.23%
0.0%
Aadhar Housing Finance Limited
Finance
2.17%
0.0%
ACME Solar Holdings Limited
Power
2.03%
0.0%
Aether Industries Ltd
Chemicals & Petrochemicals
1.94%
−40.1%
Swiggy Limited
Retailing
1.93%
0.0%
Aptus Value Housing Finance India Ltd
Finance
1.75%
0.0%
Fortis Healthcare Limited
Healthcare Services
1.71%
0.0%
Eris Lifesciences Ltd
Pharmaceuticals & Biotechnology
1.69%
0.0%
MANKIND PHARMA LIMITED
Pharmaceuticals & Biotechnology
1.37%
0.0%
KSB Ltd
Industrial Products
1.31%
0.0%
Bharat Dynamics Limited
Aerospace & Defense
1.30%
0.0%
ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LIMITED
Capital Markets
1.27%
0.0%
GE Vernova T&D India Limited
Electrical Equipment
1.20%
−27.2%
Glass Wall Systems (India) Limited
Other Construction Materials
1.17%
New
Le Travenues Technology Limited
Leisure Services
1.17%
0.0%
InterGlobe Aviation Ltd.
Transport Services
1.16%
−58.0%
Global Health Limited
Healthcare Services
1.16%
0.0%
Embassy Office Parks REIT
Realty
1.13%
6.68% GOI MAT 070740 · Government security
Sovereign
1.07%
Leela Palaces Hotels & Resorts Limited
Leisure Services
1.03%
−12.5%
SRF Ltd.
Chemicals & Petrochemicals
1.01%
0.0%
PB Fintech Limited
Financial Technology (Fintech)
0.98%
0.0%
Chalet Hotels Ltd.
Leisure Services
0.93%
−19.6%
CG Power and Industrial Solutions Ltd.
Electrical Equipment
0.88%
0.0%
Timken India Ltd.
Industrial Products
0.85%
0.0%
Adani Ports & Special Economic Zone
Transport Infrastructure
0.81%
0.0%
Dhoot Transmission Limited
Auto Components
0.65%
−50.0%
Sona Blw Precision Forgings
Auto Components
0.56%
0.0%
Torrent Pharmaceuticals Ltd.
Pharmaceuticals & Biotechnology
0.54%
0.0%
Bosch Limited
Auto Components
0.52%
−58.6%
G R Infraprojects Limited
Construction
0.52%
0.0%
RHI MAGNESITA INDIA Limited
Industrial Products
0.51%
0.0%
WeWork India Management Limited
Commercial Services & Supplies
0.50%
0.0%
Axis Bank Ltd.
Banks
0.46%
−23.2%
JSW Energy Ltd.
Power
0.39%
0.0%
Brainbees Solutions Limited (FirstCry)
Retailing
0.39%
0.0%
Rentomojo Limited
Commercial Services & Supplies
0.38%
New
Ola Electric Mobility Limited
Automobiles
0.38%
0.0%
AWFIS SPACE SOLUTIONS LIMITED
Commercial Services & Supplies
0.30%
0.0%
Grindwell Norton Ltd.
Industrial Products
0.27%
0.0%
PNC Infratech Ltd.
Construction
0.26%
0.0%
Lumino Industries Limited
Industrial Products
0.25%
0.0%
Ceigall India Limited
Construction
0.25%
0.0%
INDO-MIM Limited
Industrial Manufacturing
0.24%
−50.0%
Shiprocket Limited
Transport Services
0.23%
−50.0%
Crompton Greaves Consumer Elec. Ltd.
Consumer Durables
0.21%
0.0%
SULA VINEYARDS LIMITED
Beverages
0.20%
0.0%
Star Health and Allied Insurance Company Ltd
Insurance
0.15%
0.0%
Afcons Infrastructure Limited
Construction
0.12%
0.0%
Tempsens Instruments (India) Limited
Industrial Manufacturing
0.11%
−50.0%
HDFC Business Cycle Fund Stocks Bought and Sold
All changes are between August 2026 and September 2026
More
Stocks bought and sold in September 2026
Anthem Biosciences Limited
↓Reduced
−12.8%
3.78%
PEARL GLOBAL INDUSTRIES LIMITED
↑Added
+100.0%
3.28%
Aether Industries Ltd
↓Reduced
−40.1%
1.94%
InterGlobe Aviation Ltd.
↓Reduced
−58.0%
1.16%
GE Vernova T&D India Limited
↓Reduced
−27.2%
1.20%
Bosch Limited
↓Reduced
−58.6%
0.52%
Dhoot Transmission Limited
↓Reduced
−50.0%
0.65%
Chalet Hotels Ltd.
↓Reduced
−19.6%
0.93%
Glass Wall Systems (India) Limited
↑New
New
1.17%
Leela Palaces Hotels & Resorts Limited
↓Reduced
−12.5%
1.03%
Axis Bank Ltd.
↓Reduced
−23.2%
0.46%
Shiprocket Limited
↓Reduced
−50.0%
0.23%
Shriram Finance Ltd.
↓Sold out
−100%
was 0.44%
Rentomojo Limited
↑New
New
0.38%
INDO-MIM Limited
↓Reduced
−50.0%
0.24%
Ambuja Cements Ltd.
↓Sold out
−100%
was 0.29%
Tata Motors Limited
↓Sold out
−100%
was 0.25%
Tempsens Instruments (India) Limited
↓Reduced
−50.0%
0.11%
Au Small Finance Bank Ltd.
↓Sold out
−100%
was 0.21%
Godrej Properties Ltd.
↓Sold out
−100%
was 0.14%
No stocks in this group for September 2026.
A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.
HDFC Business Cycle Fund Overview
Fund facts from the scheme summary document, as on 16-10-2026
Expense ratio (Direct)
1.16%
Expense ratio (Regular)
2.14%
Category
Thematic
Risk
Very High
Benchmark
Nifty 500 TRI
Launch date
30-11-2022
Minimum investment
₹100
Minimum additional investment
₹100
AUM
₹2,645.86 Cr (30-09-2026)
Lock in
None
Scheme code (Direct)
150805
ISIN (Direct)
INF179KC1DY9
Scheme code (Regular)
150803
ISIN (Regular)
INF179KC1EB5
NAV history
From 30-11-2022, 3.9 years
Exit load
In respect of each purchase/switch-in of units, an Exit Load of 1.00% is payable if Units are redeemed/switched-out within 1 year from the date of allotment. No Exit Load is payable if Units are redeemed/ switched-out after 1 year from the date of allotment. In respect of Systematic Transactions such as SIP, Flex SIP, STP, Flex STP, Swing STP, Exit Load, if any, prevailing on the date of registration / enrolment shall be levied.
Tax on HDFC Business Cycle Fund returns
HDFC Business Cycle Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
All plans and options
Plan
Option
NAV
As on
direct
Growth
₹15.175
30-10-2026
direct
IDCW
₹15.175
30-10-2026
regular
Growth
₹14.478
30-10-2026
regular
IDCW
₹14.478
30-10-2026
About HDFC Business Cycle Fund
HDFC Business Cycle Fund is a mutual fund from HDFC Mutual Fund. Its category is Thematic. It was launched on 30-11-2022. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 63 securities.
Fund Manager
Amar Kalkundrikar
Fund manager of HDFC Business Cycle Fund, since 30-11-2022
Gopal Agrawal
Fund manager of HDFC Business Cycle Fund, since 01-09-2026
Bhagyesh Kagalkar
Fund manager of HDFC Business Cycle Fund, since 26-08-2026
Frequently Asked Questions for HDFC Business Cycle Fund
What is the current NAV of HDFC Business Cycle Fund?
The Direct plan NAV is ₹15.175. The Regular plan NAV is ₹14.478, as on 30-10-2026.
What are the returns of HDFC Business Cycle Fund?
The Direct plan returned −3.42% in 1 year, +10.75% a year over 3 years. The Regular plan returned −4.40% in 1 year, +9.51% a year over 3 years. These figures are as on 30-10-2026.
What is the expense ratio of HDFC Business Cycle Fund?
The Direct plan charges 1.16% a year. The Regular plan charges 2.14% a year. This is the figure the fund house reported to AMFI, in force from 21-10-2026.
What is the AUM of HDFC Business Cycle Fund?
HDFC Business Cycle Fund managed ₹2,645.86 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
What are the top holdings of HDFC Business Cycle Fund?
At the end of September 2026 the largest holdings were BHARTIARTL (5.69%), KOTAKBANK (5.31%), ICICIBANK (5.21%), TITAN (4.46%), ANTHEM (3.78%). The fund held 63 securities in all.
What did HDFC Business Cycle Fund buy and sell in September 2026?
It bought 2 new stocks: Rentomojo Limited, Glass Wall Systems (India) Limited. It sold out of 5: Ambuja Cements Ltd, Tata Motors Limited, Godrej Properties Ltd, Shriram Finance Ltd, Au Small Finance Bank Ltd. It added shares in 1. It reduced 12.
How do I invest in HDFC Business Cycle Fund?
Through HDFC Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹100. You can invest once or through a monthly SIP.
Who is the fund manager of HDFC Business Cycle Fund?
Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.
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.
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