Invesco India Business Cycle Fund

ThematicDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

Invesco India Business Cycle Fund is a Thematic fund run by Invesco Mutual Fund. On 30-09-2026, it managed ₹1,373 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned 8.0% and its Regular plan returned 6.4%. Its benchmark, Nifty 500 TRI, returned −7.3% over the same year.

NAV (Direct plan): ₹14.25; ▲ 0.00%30-10-2026
NAV (Regular plan): ₹13.88; ▲ 0.00%30-10-2026
Expense ratio: 0.84%Direct2.28%Regular; 0.84%; A year
Riskometer: Very High; Set by the fund house
1 year return: 8.0%Direct6.4%Regular; 8.0%; Total

Invesco India Business Cycle Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹14.25 (up 0.00% that day); Regular Plan Growth ₹13.88 (up 0.00% that day).

This fund (Direct plan)

₹14.25

Invesco India 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)	+0.71%	−1.72%	+10.89%	+8.04%	--	--	--
This fund (Regular)	+0.58%	−2.05%	+10.07%	+6.36%	--	--	--
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%	--	--	--
Best in Thematic	+11.54%	+11.27%	+22.16%	+75.71%	--	--	--
Worst in Thematic	−16.05%	−11.74%	−13.97%	−22.44%	--	--	--
Rank in Thematic	24/235	51/232	28/232	38/215	--	--	--

Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

Invesco India Business Cycle Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty 500 TRI
2026to date	+10.89%	+9.46%	−7.51%

Invesco India 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 1-year holding period, plotted on the day it ended. There are 162 periods, one for each trading day from 04-03-2026 to 30-10-2026.

−10%0%10%20%30%

Mar 2025
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 2026

Invesco India Business Cycle Fund (Direct)Nifty 500 TRI

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	162	15.4%	2.6%	24.7%	0%	1.1%	100%

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.

Invesco India Business Cycle Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	Invesco India Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	+8.04%	−7.34%
Standard deviation	17.88%	14.48%
Sharpe ratio	0.16	-0.87
Sortino ratio	0.22	-1.16
Maximum drawdown	−15.9% (30-03-2026)	−14.7% (30-03-2026)
Beta	1.16	1.00
Alpha	+17.43%	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	Invesco India Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	+25.70%	+7.00%
Standard deviation	17.41%	13.98%
Sharpe ratio	1.16	0.11
Sortino ratio	1.73	0.16
Maximum drawdown	−16.0% (30-03-2026)	−14.7% (30-03-2026)
Beta	1.16	1.00
Alpha	+18.46%	0.00%

From daily NAVs, 03-03-2025 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.

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%

2026

Invesco India 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
Invesco India Business Cycle Fund (Direct)	−16.0%	29-10-2025	30-03-2026	06-05-2026	37 days	−4.0%
Nifty 500 TRI	−14.7%	02-01-2026	30-03-2026	Not yet	--	−8.4%

From the Direct plan's daily NAV since 03-03-2025, 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.

Invesco India Business Cycle Fund vs Other Thematic Funds

The five Thematic funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Nippon India Taiwan Equity Fund	1/133	1,147	1.08%	+75.71%	+54.78%	--	--	1.38	2.03	Compare
HDFC Defence Fund	2/133	11,493	0.90%	+13.79%	+34.76%	−0.18%	0.83	1.12	1.54	Compare
HDFC Pharma and Healthcare Fund	3/133	3,501	1.05%	+23.12%	+30.53%	+8.23%	0.96	1.74	2.49	Compare
SBI Healthcare Opportunities Fund	4/133	5,870	1.01%	+17.12%	+24.60%	+3.61%	0.88	1.42	2.03	Compare
Aditya Birla Sun Life International Equity Fund	5/133	352	2.00%	+13.97%	+24.46%	--	--	1.49	2.16	Compare
Invesco India Business Cycle Fund	38/215	1,373	0.84%	+8.04%	--	--	--	--	--

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.

Invesco India Business Cycle Fund Expense Ratio and Costs

What each plan charges a year, in force from 19-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.58%	0.05%	0.00%	0.21%	0.84%	1.18%	15/235
Regular	1.84%	0.05%	0.00%	0.39%	2.28%	2.41%	85/235

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	6.36%	8.04%	1.68%	₹1,06,360	₹1,08,040

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.

Invesco India 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

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planInvesco India Business Cycle Fund (Direct)	₹2,00,000	₹2,28,762	₹28,762	16.4%
Regular planInvesco India Business Cycle Fund (Regular)	₹2,00,000	₹2,25,578	₹25,578	14.6%
Nifty 500 TRI	₹2,00,000	₹1,95,411	−₹4,589	−2.6%
Category averageCategory average, 235 Thematic funds	₹2,00,000	₹2,05,218	₹5,218	3.0%

₹0₹50,000₹1.0 L₹1.5 L₹2.0 L₹2.5 L

2026

Direct planInvesco India Business Cycle Fund (Direct)Regular planInvesco India 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.

Invesco India Business Cycle Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

96.0%Equity

Asset	Fund	Category
Equity	96.0%	94.5%
Cash and others	4.0%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	46.3%	45.7%
Mid Cap	24.7%	19.6%
Small Cap	25.1%	24.1%

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.

Invesco India Business Cycle Fund Sector Allocation

Sector allocation of the fund's stocks as on 30-09-2026

Largest sectors

Banks20.4%
Healthcare Services13.3%
Realty11.8%
Pharmaceuticals & Biotechnology6.6%
Retailing6.5%
Finance5.1%
Industrial Manufacturing5.0%
Construction4.7%
Capital Markets4.5%
Transport Services4.2%

The ten largest of 16 sectors. The other 6 add up to 14.0%.

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Banks	20.6%	20.6%	20.4%	−0.2%
Healthcare Services	9.7%	11.7%	13.3%	+3.6%
Realty	10.3%	10.9%	11.8%	+1.5%
Pharmaceuticals & Biotechnology	6.1%	6.4%	6.6%	+0.5%
Retailing	7.1%	6.8%	6.5%	−0.6%

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.

Invesco India Business Cycle Fund Portfolio Holdings

As on 30-09-2026 · 35 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%	1M change
Kotak Mahindra Bank Ltd	Banks	6.03%	+6.5%
Axis Bank Limited	Banks	6.00%	+77.0%
Apollo Hospitals Enterprise Limited	Healthcare Services	5.99%	+67.2%
DLF Limited	Realty	5.62%	+26.3%
Sai Life Sciences Limited	Pharmaceuticals & Biotechnology	5.25%	0.0%
Aditya Infotech Limited	Industrial Manufacturing	5.03%	0.0%
Larsen & Toubro Limited	Construction	4.70%	+6.2%
InterGlobe Aviation Limited	Transport Services	4.22%	0.0%
Prestige Estates Projects Limited	Realty	3.59%	0.0%
Eternal Limited	Retailing	3.52%	0.0%
BSE Limited	Capital Markets	3.07%	0.0%
Max Healthcare Institute Limited	Healthcare Services	2.99%	0.0%
Trent Limited	Retailing	2.93%	0.0%
The Federal Bank Limited	Banks	2.90%	0.0%
AU Small Finance Bank Limited	Banks	2.86%	0.0%
Cholamandalam Investment and Finance Company Limited	Finance	2.80%	0.0%
Amber Enterprises India Limited	Consumer Durables	2.73%	0.0%
IndusInd Bank Limited	Banks	2.62%	0.0%
Wework India Management Limited	Commercial Services & Supplies	2.57%	0.0%
The Indian Hotels Company Limited	Leisure Services	2.50%	+64.9%
L&T Finance Limited	Finance	2.31%	0.0%
Global Health Limited	Healthcare Services	2.19%	0.0%
Krishna Institute Of Medical Sciences Limited	Healthcare Services	2.08%	0.0%
JK Cement Limited	Cement & Cement Products	1.78%	0.0%
Max Estates Limited	Realty	1.69%	0.0%
Sonata Software Limited	IT - Software	1.44%	0.0%
HDFC Asset Management Company Limited	Capital Markets	1.38%	0.0%
Glenmark Pharmaceuticals Limited	Pharmaceuticals & Biotechnology	1.31%	0.0%
The Phoenix Mills Limited	Realty	0.94%	0.0%
Dixon Technologies (India) Limited	Consumer Durables	0.86%	0.0%
Timken India Limited	Industrial Products	0.50%	0.0%
Grindwell Norton Limited	Industrial Products	0.47%	0.0%
Carborundum Universal Limited	Industrial Products	0.40%	0.0%
Ethos Ltd.	Consumer Durables	0.37%	0.0%
Bansal Wire Industries Limited	Industrial Products	0.35%	0.0%

Invesco India Business Cycle Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Kotak Mahindra Bank Ltd	Added	+6.5%	6.03%
Axis Bank Limited	Added	+77.0%	6.00%
Apollo Hospitals Enterprise Limited	Added	+67.2%	5.99%
DLF Limited	Added	+26.3%	5.62%
Larsen & Toubro Limited	Added	+6.2%	4.70%
The Indian Hotels Company Limited	Added	+64.9%	2.50%
RBL Bank Limited	Sold out	−100%	was 2.12%

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.

What Invesco India Business Cycle Fund bought and sold

Invesco India Business Cycle Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Invesco India Large & Mid Cap FundLarge & Mid Cap · Invesco	53.1%	27	Compare
Invesco India Mid cap FundMid Cap · Invesco	46.2%	26	Compare
Invesco India Small cap FundSmall Cap · Invesco	42.0%	25	Compare
Invesco India Multi cap FundMulti Cap · Invesco	38.8%	23	Compare
Axis Services Opportunities FundThematic · Axis	32.0%	12	Compare
Invesco India Flexi Cap FundFlexi Cap · Invesco	31.2%	22	Compare
Invesco India Focused FundFocused · Invesco	25.7%	10	Compare
360 ONE Focused FundFocused · 360 ONE	25.6%	8	Compare

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.

Invesco India Business Cycle Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 0.84%
Expense ratio (Regular): 2.28%
Category: Thematic
Risk: Very High
Benchmark: Nifty 500 TRI
Launch date: 27-02-2025
Minimum investment: Not available
Minimum additional investment: Not available
AUM: ₹1,373.46 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 153291
ISIN (Direct): INF205KA1AI8
Scheme code (Regular): 153288
ISIN (Regular): INF205KA1AF4
NAV history: From 03-03-2025, 1.7 years

Exit load: Exit load of 0.50%, if redeemed within 3 months.

Tax on Invesco India Business Cycle Fund returns

Invesco India 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	₹14.25	30-10-2026
direct	IDCW	₹14.26	30-10-2026
regular	Growth	₹13.88	30-10-2026
regular	IDCW	₹13.88	30-10-2026

About Invesco India Business Cycle Fund

Invesco India Business Cycle Fund is a mutual fund from Invesco Mutual Fund. Its category is Thematic. It was launched on 27-02-2025. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 35 securities.

Fund Manager

Aditya Khemani
Fund manager of Invesco India Business Cycle Fund

See all funds of Invesco Mutual Fund

AUM change

September 2026: ₹1,373.46 Cr; −0.55% from August 2026
August 2026: ₹1,381.04 Cr; +6.50% from July 2026
July 2026: ₹1,296.74 Cr; +8.18% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare Invesco India Business Cycle Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

Invesco India Business Cycle vs Nippon India Taiwan EquityThematic
Invesco India Business Cycle vs HDFC DefenceThematic
Invesco India Business Cycle vs HDFC Pharma and HealthcareThematic
Invesco India Business Cycle vs SBI Healthcare OpportunitiesThematic
Invesco India Business Cycle vs Aditya Birla Sun Life International EquityThematic
Invesco India Business Cycle vs Invesco India Large & Mid Cap53.1% overlap
Invesco India Business Cycle vs Invesco India Mid cap46.2% overlap
Invesco India Business Cycle vs Invesco India Small cap42.0% overlap

Compare with any other fund

Frequently Asked Questions for Invesco India Business Cycle Fund

What is the current NAV of Invesco India Business Cycle Fund?

The Direct plan NAV is ₹14.25. The Regular plan NAV is ₹13.88, as on 30-10-2026.

What are the returns of Invesco India Business Cycle Fund?

The Direct plan returned +8.04% in 1 year. The Regular plan returned +6.36% in 1 year. These figures are as on 30-10-2026.

What is the expense ratio of Invesco India Business Cycle Fund?

The Direct plan charges 0.84% a year. The Regular plan charges 2.28% a year. This is the figure the fund house reported to AMFI, in force from 19-10-2026.

What is the AUM of Invesco India Business Cycle Fund?

Invesco India Business Cycle Fund managed ₹1,373.46 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of Invesco India Business Cycle Fund?

At the end of September 2026 the largest holdings were KOTAKBANK (6.03%), AXISBANK (6.00%), APOLLOHOSP (5.99%), DLF (5.62%), SAILIFE (5.25%). The fund held 35 securities in all.

What did Invesco India Business Cycle Fund buy and sell in September 2026?

It sold out of 1: RBL Bank Limited. It added shares in 6.

How do I invest in Invesco India Business Cycle Fund?

Through Invesco 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. You can invest once or through a monthly SIP.

Who is the fund manager of Invesco India Business Cycle Fund?

Aditya Khemani.

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.