Motilal Oswal Business Cycle Fund

ThematicDirect and Regular plans

Data as on 30-10-2026

Motilal Oswal Business Cycle Fund is a Thematic fund run by Motilal Oswal Mutual Fund. On 30-09-2026, it managed ₹1,449 Cr of investors' money. In the year to 30-10-2026, its Direct plan returned −9.6% and its Regular plan returned −10.6%. Its benchmark, Nifty 500 TRI, returned −7.3% over the same year.

NAV (Direct plan): ₹12.09; ▼ 1.05%30-10-2026
NAV (Regular plan): ₹11.75; ▼ 1.05%30-10-2026
Expense ratio: 1.43%Direct2.51%Regular; 1.43%; A year
Riskometer: Very High; Set by the fund house
1 year return: −9.6%Direct−10.6%Regular; −9.6%; Total

Motilal Oswal Business Cycle Fund NAV Today

NAV on 30-10-2026: Direct Plan ₹12.09 (down 1.05% that day); Regular Plan ₹11.75 (down 1.05% that day).

This fund (Direct plan)

₹12.0939

Motilal Oswal 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)	−4.12%	−3.93%	+7.60%	−9.63%	--	--	--
This fund (Regular)	−4.20%	−4.20%	+7.00%	−10.61%	--	--	--
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	191/235	81/232	45/232	192/215	--	--	--

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

Motilal Oswal Business Cycle Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty 500 TRI
2026to date	−4.93%	−5.75%	−7.51%
2025	−2.30%	−3.70%	+7.76%

Motilal Oswal 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 285 periods, one for each trading day from 02-09-2025 to 30-10-2026.

−20%−10%0%10%20%30%

Oct 2024
to
Oct 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026

Motilal Oswal 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	285	0.3%	−12.7%	24.0%	48%	2.6%	32%
2 years	38	5.9%	2.0%	11.0%	0%	−2.0%	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.

Motilal Oswal Business Cycle Fund Risk

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

Risk and return

Measure	Motilal Oswal Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	−9.63%	−7.34%
Standard deviation	18.10%	14.48%
Sharpe ratio	-0.82	-0.87
Sortino ratio	-1.13	-1.16
Maximum drawdown	−25.0% (23-03-2026)	−14.7% (30-03-2026)
Beta	1.10	1.00
Alpha	−0.98%	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	Motilal Oswal Business Cycle Fund (Direct)This fund	Nifty 500 TRI
Return (CAGR)	+6.63%	−2.83%
Standard deviation	18.65%	14.09%
Sharpe ratio	0.05	-0.61
Sortino ratio	0.07	-0.82
Maximum drawdown	−25.0% (23-03-2026)	−18.6% (28-02-2025)
Beta	1.10	1.00
Alpha	+10.31%	0.00%

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: 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.

−30%−25%−20%−15%−10%−5%0%

20252026

Motilal Oswal 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
Motilal Oswal Business Cycle Fund (Direct)	−25.0%	17-11-2025	23-03-2026	Not yet	--	−10.8%
Nifty 500 TRI	−18.6%	26-09-2024	28-02-2025	Not yet	--	−8.8%

From the Direct plan's daily NAV since 02-09-2024, 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.

Motilal Oswal 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
Motilal Oswal Business Cycle Fund	192/215	1,449	1.43%	−9.63%	--	--	--	--	--

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.

Motilal Oswal Business Cycle Fund Expense Ratio and Costs

What each plan charges a year, in force from 22-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.87%	0.11%	0.01%	0.44%	1.43%	1.18%	173/235
Regular	1.84%	0.11%	0.01%	0.55%	2.51%	2.41%	137/235

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	−10.61%	−9.63%	0.98%	₹89,390	₹90,370

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.

Motilal Oswal 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 02-09-2024 to 30-10-2026: 26 instalments, ₹2,60,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planMotilal Oswal Business Cycle Fund (Direct)	₹2,60,000	₹2,62,566	₹2,566	0.9%
Nifty 500 TRI	₹2,60,000	₹2,53,797	−₹6,203	−2.1%
Category averageCategory average, 235 Thematic funds	₹2,60,000	₹2,67,223	₹7,223	2.5%

₹0₹1.0 L₹2.0 L₹3.0 L

20252026

Direct planMotilal Oswal Business Cycle Fund (Direct)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.

Motilal Oswal Business Cycle Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

98.1%Equity

Asset	Fund	Category
Equity	98.1%	94.5%
Cash and others	1.9%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	30.9%	45.7%
Mid Cap	32.8%	19.6%
Small Cap	31.6%	24.1%
Not on AMFI's list	2.8%	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.

Motilal Oswal Business Cycle Fund Sector Allocation

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

Largest sectors

Auto Components10.0%
Banks9.9%
Finance9.2%
Retailing9.1%
Electrical Equipment8.4%
IT - Software7.8%
Healthcare Services6.6%
Capital Markets6.0%
Commercial Services & Supplies5.1%
Consumer Durables4.9%

The ten largest of 17 sectors. The other 7 add up to 21.1%.

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Auto Components	4.5%	4.7%	10.0%	+5.5%
Banks	12.3%	12.4%	9.9%	−2.4%
Finance	6.9%	7.0%	9.2%	+2.3%
Retailing	7.6%	8.8%	9.1%	+1.5%
Electrical Equipment	7.8%	8.0%	8.4%	+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.

Motilal Oswal Business Cycle Fund Portfolio Holdings

As on 30-09-2026 · 34 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%	1M change
Eternal Limited	Retailing	5.65%	0.0%
Coforge Limited	IT - Software	4.65%	0.0%
RBL Bank Limited	Banks	4.37%	0.0%
Kalyan Jewellers India Limited	Consumer Durables	4.09%	0.0%
One 97 Communications Limited	Financial Technology (Fintech)	3.46%	+23.2%
Max Healthcare Institute Limited	Healthcare Services	3.40%	+5.8%
Urban Company Ltd	Retailing	3.35%	0.0%
IndusInd Bank Limited	Banks	3.29%	0.0%
Prestige Estates Projects Limited	Realty	3.24%	+58.8%
Apollo Hospitals Enterprise Limited	Healthcare Services	3.22%	0.0%
CG Power and Industrial Solutions Limited	Electrical Equipment	3.20%	0.0%
Emmvee Photovoltaic Power Limited	Electrical Equipment	3.17%	+17.9%
Persistent Systems Ltd	IT - Software	3.17%	0.0%
Ellenbarrie Industrial Gases Limited	Chemicals & Petrochemicals	3.15%	−58.1%
Samvardhana Motherson International Limited	Auto Components	3.07%	New
BSE Limited	Capital Markets	3.05%	+18.2%
Bharti Airtel Limited	Telecom - Services	3.02%	0.0%
Firstsource Solutions Limited	Commercial Services & Supplies	2.95%	0.0%
Billionbrains Garage Ventures Ltd	Capital Markets	2.94%	+45.8%
ESDS Software Solution Ltd	IT - Services	2.81%	New
Ather Energy Limited	Automobiles	2.76%	0.0%
Biocon Limited	Pharmaceuticals & Biotechnology	2.68%	0.0%
Shriram Finance Limited	Finance	2.60%	0.0%
UNO Minda Limited	Auto Components	2.55%	0.0%
Belrise Industries Ltd.	Auto Components	2.26%	0.0%
PNB Housing Finance Limited	Finance	2.24%	0.0%
Onemi Technology Solutions Limited	Finance	2.23%	New
IDFC First Bank Limited	Banks	2.21%	0.0%
Wework India Management Limited	Commercial Services & Supplies	2.15%	0.0%
Muthoot Finance Limited	Finance	2.11%	0.0%
Sansera Engineering Limited	Auto Components	2.11%	New
ABB India Limited	Electrical Equipment	2.07%	0.0%
PG Electroplast Limited	Consumer Durables	0.81%	−51.0%
Lenskart Solutions Limited	Retailing	0.10%	New

Motilal Oswal Business Cycle Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Ellenbarrie Industrial Gases Limited	Reduced	−58.1%	3.15%
Healthcare Global Enterprises Limited	Sold out	−100%	was 4.29%
One 97 Communications Limited	Added	+23.2%	3.46%
Max Healthcare Institute Limited	Added	+5.8%	3.40%
Prestige Estates Projects Limited	Added	+58.8%	3.24%
Emmvee Photovoltaic Power Limited	Added	+17.9%	3.17%
Samvardhana Motherson International Limited	New	New	3.07%
BSE Limited	Added	+18.2%	3.05%
Billionbrains Garage Ventures Ltd	Added	+45.8%	2.94%
AU Small Finance Bank Limited	Sold out	−100%	was 2.92%
ESDS Software Solution Ltd	New	New	2.81%
Onemi Technology Solutions Limited	New	New	2.23%
Sansera Engineering Limited	New	New	2.11%
PG Electroplast Limited	Reduced	−51.0%	0.81%
Lenskart Solutions Limited	New	New	0.10%

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 Motilal Oswal Business Cycle Fund bought and sold

Motilal Oswal Business Cycle Fund Portfolio Overlap

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

Fund	Overlap	Holdings in common
Motilal Oswal Multi Cap FundMulti Cap · Motilal Oswal	44.6%	18	Compare
Motilal Oswal Flexi Cap FundFlexi Cap · Motilal Oswal	39.0%	13	Compare
Motilal Oswal Midcap FundMid Cap · Motilal Oswal	36.4%	13	Compare
Motilal Oswal Focused FundFocused · Motilal Oswal	34.1%	13	Compare
Motilal Oswal Digital India FundThematic · Motilal Oswal	29.5%	9	Compare
Motilal Oswal Innovation Opportunities FundThematic · Motilal Oswal	29.1%	10	Compare
360 ONE Focused FundFocused · 360 ONE	25.7%	9	Compare
Motilal Oswal Large and Midcap FundLarge & Mid Cap · Motilal Oswal	25.2%	10	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.

Motilal Oswal Business Cycle Fund Overview

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

Expense ratio (Direct): 1.43%
Expense ratio (Regular): 2.51%
Category: Thematic
Risk: Very High
Benchmark: Nifty 500 TRI
Launch date: 27-08-2024
Minimum investment: ₹500
Minimum additional investment: ₹500
AUM: ₹1,448.77 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 152796
ISIN (Direct): INF247L01DG6
Scheme code (Regular): 152794
ISIN (Regular): INF247L01DD3
NAV history: From 02-09-2024, 2.2 years

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.

Tax on Motilal Oswal Business Cycle Fund returns

Motilal Oswal 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	NAV	As on
direct	₹12.0939	30-10-2026
direct	₹12.0931	30-10-2026
regular	₹11.7504	30-10-2026
regular	₹11.7505	30-10-2026

About Motilal Oswal Business Cycle Fund

Motilal Oswal Business Cycle Fund is a mutual fund from Motilal Oswal Mutual Fund. Its category is Thematic. It was launched on 27-08-2024. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 34 securities.

Fund Manager

Ajay Khandelwal
Fund manager of Motilal Oswal Business Cycle Fund, since 27-08-2024
Ankit Agarwal
Fund manager of Motilal Oswal Business Cycle Fund, since 22-01-2026
Varun Sharma
Fund manager of Motilal Oswal Business Cycle Fund, since 22-01-2026
Atul Mehra
Fund manager of Motilal Oswal Business Cycle Fund, since 27-08-2024
Rakesh Shetty
Fund manager of Motilal Oswal Business Cycle Fund, since 27-08-2024
Swapnil Mayekar
Fund manager of Motilal Oswal Business Cycle Fund, since 18-11-2025

See all funds of Motilal Oswal Mutual Fund

AUM change

September 2026: ₹1,448.77 Cr; −6.36% from August 2026
August 2026: ₹1,547.14 Cr; +0.80% from July 2026
July 2026: ₹1,534.93 Cr; +4.78% from June 2026

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

Compare Motilal Oswal Business Cycle Fund with Other Funds

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

Motilal Oswal Business Cycle vs Nippon India Taiwan EquityThematic
Motilal Oswal Business Cycle vs HDFC DefenceThematic
Motilal Oswal Business Cycle vs HDFC Pharma and HealthcareThematic
Motilal Oswal Business Cycle vs SBI Healthcare OpportunitiesThematic
Motilal Oswal Business Cycle vs Aditya Birla Sun Life International EquityThematic
Motilal Oswal Business Cycle vs Motilal Oswal Multi Cap44.6% overlap
Motilal Oswal Business Cycle vs Motilal Oswal Flexi Cap39.0% overlap
Motilal Oswal Business Cycle vs Motilal Oswal Midcap36.4% overlap

Compare with any other fund

Frequently Asked Questions for Motilal Oswal Business Cycle Fund

What is the current NAV of Motilal Oswal Business Cycle Fund?

The Direct plan NAV is ₹12.0939. The Regular plan NAV is ₹11.7504, as on 30-10-2026.

What are the returns of Motilal Oswal Business Cycle Fund?

The Direct plan returned −9.63% in 1 year. The Regular plan returned −10.61% in 1 year. These figures are as on 30-10-2026.

What is the expense ratio of Motilal Oswal Business Cycle Fund?

The Direct plan charges 1.43% a year. The Regular plan charges 2.51% a year. This is the figure the fund house reported to AMFI, in force from 22-10-2026.

What is the AUM of Motilal Oswal Business Cycle Fund?

Motilal Oswal Business Cycle Fund managed ₹1,448.77 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of Motilal Oswal Business Cycle Fund?

At the end of September 2026 the largest holdings were ETERNAL (5.65%), COFORGE (4.65%), RBLBANK (4.37%), KALYANKJIL (4.09%), PAYTM (3.46%). The fund held 34 securities in all.

What did Motilal Oswal Business Cycle Fund buy and sell in September 2026?

It bought 5 new stocks: ESDS Software Solution Ltd, Onemi Technology Solutions Limited, Samvardhana Motherson International Limited, Sansera Engineering Limited, Lenskart Solutions Limited. It sold out of 2: Healthcare Global Enterprises Limited, AU Small Finance Bank Limited. It added shares in 6. It reduced 2.

How do I invest in Motilal Oswal Business Cycle Fund?

Through Motilal Oswal 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 ₹500. You can invest once or through a monthly SIP.

Who is the fund manager of Motilal Oswal Business Cycle Fund?

Ajay Khandelwal (since 27-08-2024), Ankit Agarwal (since 22-01-2026), Varun Sharma (since 22-01-2026), Atul Mehra (since 27-08-2024), Rakesh Shetty (since 27-08-2024), Swapnil Mayekar (since 18-11-2025).

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.