ThematicDirect and Regular plans, Growth and IDCW options
Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund run by ITI Mutual Fund. On 30-09-2026, it managed ₹117 Cr of investors' money.
NAV on 30-10-2026: Direct Plan Growth ₹9.97 (down 0.81% that day); Regular Plan Growth ₹9.86 (down 0.81% that day).
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Period | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| This fund (Direct) | −5.70% | −4.02% | −3.02% | -- | -- | -- | -- |
| This fund (Regular) | −5.83% | −4.45% | −3.87% | -- | -- | -- | -- |
| 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% | -- | -- | -- | -- |
| Best in Thematic | +11.54% | +11.27% | +22.16% | -- | -- | -- | -- |
| Worst in Thematic | −16.05% | −11.74% | −13.97% | -- | -- | -- | -- |
| Rank in Thematic | 218/235 | 85/232 | 161/232 | -- | -- | -- | -- |
Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.
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 |
| ITI Business Cycle Fund | -- | 117 | 1.63% | -- | -- | -- | -- | -- | -- |
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.
What each plan charges a year, in force from 01-10-2026
| Plan | Base expense ratio | Brokerage | Transaction costs | Levies and GST | Total expense ratio | Thematic median | Cost rank (1 = cheapest) |
|---|---|---|---|---|---|---|---|
| Direct | 0.53% | 0.33% | 0.02% | 0.75% | 1.63% | 1.18% | 195/235 |
| Regular | 2.10% | 0.33% | 0.02% | 0.94% | 3.39% | 2.41% | 224/235 |
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.
Asset allocation as on 30-09-2026
91.3%Equity
| Asset | Fund | Category |
|---|---|---|
| Equity | 91.3% | 94.5% |
| Cash and others | 8.7% | 4.0% |
| Market cap | Fund | Category |
|---|---|---|
| Large Cap | 30.0% | 45.7% |
| Mid Cap | 23.4% | 19.6% |
| Small Cap | 28.0% | 24.1% |
| Not on AMFI's list | 9.9% | 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.
Sector allocation of the fund's stocks as on 30-09-2026
Banks14.1%
Pharmaceuticals & Biotechnology12.6%
IT - Services6.0%
Industrial Products4.5%
Healthcare Services4.3%
Chemicals & Petrochemicals4.3%
Automobiles3.5%
Finance3.5%
Retailing3.2%
Consumer Durables3.1%
The ten largest of 30 sectors. The other 20 add up to 32.1%.
| Sector | July 2026 | August 2026 | September 2026 | Change |
|---|---|---|---|---|
| Banks | 17.2% | 15.4% | 14.1% | −3.1% |
| Pharmaceuticals & Biotechnology | 11.7% | 11.7% | 12.6% | +0.9% |
| IT - Services | 1.2% | 1.2% | 6.0% | +4.8% |
| Industrial Products | 4.9% | 3.9% | 4.5% | −0.4% |
| Healthcare Services | 6.0% | 4.6% | 4.3% | −1.7% |
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.
As on 30-09-2026 · 71 holdings · from the fund house's monthly portfolio
| Holdings | Sector | Weight% | Holdings trend | 1M change |
|---|---|---|---|---|
| ESDS Software Solution Ltd | IT - Services | 6.03% | 0.0% | |
| HDFC Bank Limited | Banks | 3.83% | +34.6% | |
| ICICI Bank Limited | Banks | 2.37% | −29.3% | |
| Eternal Limited | Retailing | 2.19% | +59.7% | |
| Manipal Payment and Identity Solutions Ltd | Financial Technology (Fintech) | 2.02% | New | |
| HDFC Life Insurance Company Limited | Insurance | 2.01% | New | |
| Reliance Industries Limited | Petroleum Products | 1.93% | 0.0% | |
| Bajaj Auto Limited | Automobiles | 1.70% | 0.0% | |
| Titan Company Limited | Consumer Durables | 1.70% | 0.0% | |
| Laurus Labs Limited | Pharmaceuticals & Biotechnology | 1.59% | 0.0% | |
| Divi's Laboratories Limited | Pharmaceuticals & Biotechnology | 1.54% | 0.0% | |
| Grasim Industries Limited | Cement & Cement Products | 1.41% | 0.0% | |
| LG Electronics India Ltd | Consumer Durables | 1.40% | 0.0% | |
| AU Small Finance Bank Limited | Banks | 1.39% | 0.0% | |
| Multi Commodity Exchange of India Limited | Capital Markets | 1.34% | New | |
| Ajanta Pharma Limited | Pharmaceuticals & Biotechnology | 1.32% | 0.0% | |
| Bajaj Finance Limited | Finance | 1.31% | −42.0% | |
| Apollo Hospitals Enterprise Limited | Healthcare Services | 1.30% | 0.0% | |
| Kirloskar Oil Engines Limited | Industrial Products | 1.29% | New | |
| Ramkrishna Forgings Limited | Auto Components | 1.28% | New | |
| Piramal Pharma Limited | Pharmaceuticals & Biotechnology | 1.28% | New | |
| TVS Motor Company Limited | Automobiles | 1.26% | 0.0% | |
| Indo-MIM Limited | Industrial Manufacturing | 1.25% | New | |
| Aurobindo Pharma Limited | Pharmaceuticals & Biotechnology | 1.25% | 0.0% | |
| Kalpataru Projects International Limited | Construction | 1.25% | New | |
| Hindalco Industries Limited | Non - Ferrous Metals | 1.24% | 0.0% | |
| Redington Limited | Commercial Services & Supplies | 1.23% | 0.0% | |
| BEML Limited | Agricultural, Commercial & Construction Vehicles | 1.22% | New | |
| Poonawalla Fincorp Limited | Finance | 1.22% | 0.0% | |
| IDFC First Bank Limited | Banks | 1.21% | 0.0% | |
| Syrma SGS Technology Limited | Industrial Manufacturing | 1.20% | 0.0% | |
| Finolex Cables Limited | Industrial Products | 1.19% | 0.0% | |
| Navin Fluorine International Limited | Chemicals & Petrochemicals | 1.19% | 0.0% | |
| Glenmark Pharmaceuticals Limited | Pharmaceuticals & Biotechnology | 1.19% | 0.0% | |
| Solar Industries India Limited | Chemicals & Petrochemicals | 1.18% | 0.0% | |
| RBL Bank Limited | Banks | 1.17% | 0.0% | |
| Torrent Pharmaceuticals Limited | Pharmaceuticals & Biotechnology | 1.17% | 0.0% | |
| Bharat Heavy Electricals Limited | Electrical Equipment | 1.17% | 0.0% | |
| Neuland Laboratories Limited | Pharmaceuticals & Biotechnology | 1.16% | 0.0% | |
| LT Foods Limited | Agricultural Food & other Products | 1.13% | New | |
| Dr. Lal Path Labs Limited | Healthcare Services | 1.13% | 0.0% | |
| IPCA Laboratories Limited | Pharmaceuticals & Biotechnology | 1.12% | 0.0% | |
| Hindustan Copper Limited | Non - Ferrous Metals | 1.11% | 0.0% | |
| Marico Limited | Agricultural Food & other Products | 1.10% | 0.0% | |
| Radico Khaitan Limited | Beverages | 1.10% | 0.0% | |
| Elgi Equipments Limited | Industrial Products | 1.04% | 0.0% | |
| Gujarat Fluorochemicals Limited | Chemicals & Petrochemicals | 1.03% | 0.0% | |
| FSN E-Commerce Ventures Limited | Retailing | 1.02% | 0.0% | |
| The Great Eastern Shipping Company Limited | Transport Services | 1.02% | 0.0% | |
| Adani Power Limited | Power | 1.01% | 0.0% | |
| Data Patterns (India) Limited | Aerospace & Defense | 1.01% | 0.0% | |
| Yes Bank Limited | Banks | 1.00% | 0.0% | |
| Biocon Limited | Pharmaceuticals & Biotechnology | 1.00% | 0.0% | |
| City Union Bank Limited | Banks | 0.99% | 0.0% | |
| Global Health Limited | Healthcare Services | 0.98% | New | |
| Usha Martin Limited | Industrial Products | 0.96% | 0.0% | |
| Infosys Limited | IT - Software | 0.95% | 0.0% | |
| IIFL Finance Limited | Finance | 0.95% | 0.0% | |
| Steel Authority of India Limited | Ferrous Metals | 0.92% | 0.0% | |
| Aster DM Quality Care Limited | Healthcare Services | 0.92% | 0.0% | |
| Aarti Industries Limited | Chemicals & Petrochemicals | 0.91% | 0.0% | |
| DCB Bank Limited | Banks | 0.90% | 0.0% | |
| Inox Green Energy Services Limited | Commercial Services & Supplies | 0.83% | New | |
| Central Mine Planning & Design Institute Limited | Commercial Services & Supplies | 0.82% | 0.0% | |
| Turtlemint Fintech Solutions Limited | Financial Technology (Fintech) | 0.78% | 0.0% | |
| NMDC Limited | Minerals & Mining | 0.75% | 0.0% | |
| State Bank of India | Banks | 0.74% | −56.8% | |
| SBI Funds Management Limited | Capital Markets | 0.59% | −50.0% | |
| Ather Energy Limited | Automobiles | 0.57% | New | |
| Bandhan Bank Limited | Banks | 0.50% | New | |
| National Aluminium Company Limited | Non - Ferrous Metals | 0.46% | 0.0% |
All changes are between August 2026 and September 2026
| HDFC Bank Limited | Added | +34.6% | 3.83% |
|---|---|---|---|
| ICICI Bank Limited | Reduced | −29.3% | 2.37% |
| Bajaj Finance Limited | Reduced | −42.0% | 1.31% |
| Eternal Limited | Added | +59.7% | 2.19% |
| Manipal Payment and Identity Solutions Ltd | New | New | 2.02% |
| HDFC Life Insurance Company Limited | New | New | 2.01% |
| State Bank of India | Reduced | −56.8% | 0.74% |
| Shriram Finance Limited | Sold out | −100% | was 1.72% |
| Tech Mahindra Limited | Sold out | −100% | was 1.49% |
| Hero MotoCorp Limited | Sold out | −100% | was 1.48% |
| Nestle India Limited | Sold out | −100% | was 1.37% |
| Cholamandalam Investment and Finance Company Ltd | Sold out | −100% | was 1.36% |
| Multi Commodity Exchange of India Limited | New | New | 1.34% |
| SBI Funds Management Limited | Reduced | −50.0% | 0.59% |
| Oberoi Realty Limited | Sold out | −100% | was 1.31% |
| Kirloskar Oil Engines Limited | New | New | 1.29% |
| Piramal Pharma Limited | New | New | 1.28% |
| Ramkrishna Forgings Limited | New | New | 1.28% |
| Pidilite Industries Limited | Sold out | −100% | was 1.27% |
| Indo-MIM Limited | New | New | 1.25% |
| Kalpataru Projects International Limited | New | New | 1.25% |
| L&T Finance Limited | Sold out | −100% | was 1.25% |
| BEML Limited | New | New | 1.22% |
| Bharat Forge Limited | Sold out | −100% | was 1.22% |
| Affle 3i Limited | Sold out | −100% | was 1.20% |
| Endurance Technologies Limited | Sold out | −100% | was 1.18% |
| Delhivery Limited | Sold out | −100% | was 1.16% |
| LT Foods Limited | New | New | 1.13% |
| Jubilant Ingrevia Limited | Sold out | −100% | was 1.12% |
| ABB India Limited | Sold out | −100% | was 1.09% |
| Krishna Institute Of Medical Sciences Limited | Sold out | −100% | was 1.04% |
| Global Health Limited | New | New | 0.98% |
| CreditAccess Grameen Limited | Sold out | −100% | was 0.87% |
| Inox Green Energy Services Limited | New | New | 0.83% |
| BOROSIL RENEWABLES LIMITED | Sold out | −100% | was 0.81% |
| Ather Energy Limited | New | New | 0.57% |
| Bandhan Bank Limited | New | New | 0.50% |
| 360 One WAM Limited | Sold out | −100% | was 0.49% |
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.
Funds with the most similar portfolios, across every fund house and category
| Fund | Overlap | Holdings in common | |
|---|---|---|---|
| ITI Balanced Advantage FundBalanced Advantage · ITI | 55.0% | 45 | Compare |
| ITI Value FundValue and Contra · ITI | 43.5% | 35 | Compare |
| ITI Multi Asset Allocation FundMulti Asset · ITI | 36.1% | 32 | Compare |
| Edelweiss Business Cycle FundThematic · Edelweiss | 32.1% | 28 | Compare |
| Mahindra Manulife Large & Mid Cap FundLarge & Mid Cap · Mahindra Manulife | 31.2% | 23 | Compare |
| ITI Large & Mid Cap FundLarge & Mid Cap · ITI | 31.0% | 27 | Compare |
| Mahindra Manulife Flexi Cap FundFlexi Cap · Mahindra Manulife | 30.7% | 23 | Compare |
| Groww ELSS Tax Saver FundELSS · Groww | 29.9% | 28 | 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.
Fund facts from the scheme summary document, as on 16-10-2026
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
| Plan | Option | NAV | As on |
|---|---|---|---|
| direct | Growth | ₹9.9744 | 30-10-2026 |
| direct | IDCW | ₹9.9744 | 30-10-2026 |
| regular | Growth | ₹9.8602 | 30-10-2026 |
| regular | IDCW | ₹9.8602 | 30-10-2026 |
ITI Business Cycle Fund is a mutual fund from ITI Mutual Fund. Its category is Thematic. It was launched on 09-03-2026. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 71 securities.
Nilay Dalal
Fund manager of ITI Business Cycle Fund, since 09-03-2026
Alok Ranjan
Fund manager of ITI Business Cycle Fund, since 09-03-2026
See all funds of ITI Mutual Fund
AUM moves with money invested or taken out, and with the value of what the fund holds.
Returns, risk, costs and the stocks they share, side by side
The Direct plan NAV is ₹9.9744. The Regular plan NAV is ₹9.8602, as on 30-10-2026.
The Direct plan charges 1.63% a year. The Regular plan charges 3.39% a year. This is the figure the fund house reported to AMFI, in force from 01-10-2026.
ITI Business Cycle Fund managed ₹116.61 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
At the end of September 2026 the largest holdings were ESDS Software Solution Ltd (6.03%), HDFCBANK (3.83%), ICICIBANK (2.37%), ETERNAL (2.19%), Manipal Payment and Identity Solutions Ltd (2.02%). The fund held 71 securities in all.
It bought 14 new stocks: Indo-MIM Limited, Piramal Pharma Limited, Ather Energy Limited, Kirloskar Oil Engines Limited, Kalpataru Projects International Limited. It sold out of 18: Affle 3i Limited, Oberoi Realty Limited, Jubilant Ingrevia Limited, ABB India Limited, Cholamandalam Investment and Finance Company Ltd. It added shares in 2. It reduced 4.
Through ITI 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 ₹5,000. You can invest once or through a monthly SIP.
Nilay Dalal (since 09-03-2026), Alok Ranjan (since 09-03-2026).
Exit load of 0.50%, if redeemed within 3 months.
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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