# Business Cycle mutual funds compared

Source page: https://www.rudowealth.com/mutual-funds/category/business-cycle-funds

Business cycle funds move between sectors as the economic cycle changes, keeping at least 80% of their assets in equities chosen for that theme. (SEBI categorisation of mutual fund schemes, 6 October 2017, as amended.)

All 43 business cycle funds, Direct plan, Growth option, NAV as of 2026-10-07. Every figure is worked out from each fund's own NAV.

Category averages: 3-year return +13.4% a year, 5-year return +13.2% a year (both annualised), volatility over 3 years 16.1%, expense ratio 1.23%.

| Rank | Fund | 1Y | 3Y (annualised) | 5Y (annualised) | Volatility 3Y | Worst fall 5Y | Expense ratio | Fund size |
|---|---|---|---|---|---|---|---|---|
| 1 | [Franklin India Opportunities Fund - Direct - Growth](https://www.rudowealth.com/mutual-funds/franklin-india-opportunities-fund-direct-growth) | +2.0% | +19.8% | +17.2% | 17.3% | -24.3% | 0.92% | ₹9,717 Cr |
| 2 | [ICICI Prudential India Opportunities Fund - Direct Plan - Cumulative Option](https://www.rudowealth.com/mutual-funds/icici-prudential-india-opportunities-fund-direct-plan-cumulative-option) | -3.4% | +12.9% | +15.4% | 12.9% | -13.7% | 0.91% | ₹38,338 Cr |
| 3 | [HSBC Business Cycles Fund - Direct Growth](https://www.rudowealth.com/mutual-funds/hsbc-business-cycles-fund-direct-growth) | +2.7% | +16.0% | +14.5% | 20.3% | -23.4% | 1.12% | ₹1,229 Cr |
| 4 | [ICICI Prudential Business Cycle Fund Direct Plan Growth](https://www.rudowealth.com/mutual-funds/icici-prudential-business-cycle-fund-direct-plan-growth) | -5.3% | +14.0% | +14.0% | 14.4% | -14.4% | 0.97% | ₹15,873 Cr |
| 5 | [Aditya Birla Sun Life Special Opportunities Fund-Direct-Growth](https://www.rudowealth.com/mutual-funds/aditya-birla-sun-life-special-opportunities-fund-direct-growth) | +13.2% | +18.9% | +13.6% | 15.0% | -20.3% | 1.21% | ₹1,279 Cr |
| 6 | [Tata Business Cycle Fund-Direct Plan-Growth](https://www.rudowealth.com/mutual-funds/tata-business-cycle-fund-direct-plan-growth) | -3.0% | +9.9% | +13.0% | 15.6% | -20.0% | 0.89% | ₹2,602 Cr |
| 7 | [Baroda BNP Paribas Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/baroda-bnp-paribas-business-cycle-fund-direct-plan-growth) | +1.9% | +12.2% | +10.8% | 16.1% | -20.3% | 1.03% | ₹574 Cr |
| 8 | [SBI Equity Minimum Variance Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/sbi-equity-minimum-variance-fund-direct-plan-growth) | -6.8% | +5.9% | +7.0% | 14.8% | -20.3% | 0.55% | ₹208 Cr |
| 9 | [Mahindra Manulife Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/mahindra-manulife-business-cycle-fund-direct-plan-growth) | +3.3% | +16.1% | N/A | 16.6% | N/A | 0.91% | ₹1,364 Cr |
| 10 | [Kotak Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/kotak-business-cycle-fund-direct-plan-growth) | +3.9% | +15.6% | N/A | 15.4% | N/A | 0.79% | ₹3,509 Cr |
| 11 | [Axis Business Cycles Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/axis-business-cycles-fund-direct-plan-growth) | +1.3% | +12.8% | N/A | 16.0% | N/A | 1.62% | ₹2,168 Cr |
| 12 | [Aditya Birla Sun Life Business Cycle Fund-Direct Growth](https://www.rudowealth.com/mutual-funds/aditya-birla-sun-life-business-cycle-fund-direct-growth) | +4.6% | +11.8% | N/A | 15.3% | N/A | 1.73% | ₹1,844 Cr |
| 13 | [Quant Business Cycle Fund - Growth Option - Direct Plan](https://www.rudowealth.com/mutual-funds/quant-business-cycle-fund-growth-option-direct-plan) | +4.3% | +11.2% | N/A | 20.5% | N/A | 1.44% | ₹985 Cr |
| 14 | [HDFC Business Cycle Fund - Growth Option - Direct Plan](https://www.rudowealth.com/mutual-funds/hdfc-business-cycle-fund-growth-option-direct-plan) | +0.5% | +10.6% | N/A | 15.2% | N/A | 1.16% | ₹2,775 Cr |
| 15 | [Motilal Oswal Special Opportunities Fund - Direct - Growth](https://www.rudowealth.com/mutual-funds/motilal-oswal-special-opportunities-fund-direct-growth) | +21.6% | N/A | N/A | N/A | N/A | 2.87% | ₹92 Cr |
| 16 | [HSBC India Export Opportunities Fund - Direct Growth](https://www.rudowealth.com/mutual-funds/hsbc-india-export-opportunities-fund-direct-growth) | +20.1% | N/A | N/A | N/A | N/A | 1.05% | ₹1,326 Cr |
| 17 | [Kotak Special Opportunities Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/kotak-special-opportunities-fund-direct-plan-growth-option) | +18.3% | N/A | N/A | N/A | N/A | 0.99% | ₹1,702 Cr |
| 18 | [WhiteOak Capital Special Opportunities Fund - Direct Growth](https://www.rudowealth.com/mutual-funds/whiteoak-capital-special-opportunities-fund-direct-growth) | +11.5% | N/A | N/A | N/A | N/A | 1.40% | ₹1,941 Cr |
| 19 | [Invesco India Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/invesco-india-business-cycle-fund-direct-plan-growth) | +10.5% | N/A | N/A | N/A | N/A | 0.79% | ₹1,381 Cr |
| 20 | [Samco Special Opportunities Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/samco-special-opportunities-fund-direct-plan-growth) | +8.3% | N/A | N/A | N/A | N/A | 2.24% | ₹127 Cr |
| 21 | [SBI Innovative Opportunities Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/sbi-innovative-opportunities-fund-direct-plan-growth) | +8.0% | N/A | N/A | N/A | N/A | 1.05% | ₹5,493 Cr |
| 22 | [Bank of India Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/bank-of-india-business-cycle-fund-direct-plan-growth) | +3.8% | N/A | N/A | N/A | N/A | 1.36% | ₹463 Cr |
| 23 | [ICICI Prudential Quality Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/icici-prudential-quality-fund-direct-plan-growth) | +2.5% | N/A | N/A | N/A | N/A | 1.34% | ₹2,144 Cr |
| 24 | [Edelweiss Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/edelweiss-business-cycle-fund-direct-plan-growth) | +1.4% | N/A | N/A | N/A | N/A | 1.24% | ₹1,463 Cr |
| 25 | [Union Business Cycle Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/union-business-cycle-fund-direct-plan-growth-option) | +1.4% | N/A | N/A | N/A | N/A | 1.89% | ₹518 Cr |
| 26 | [Sundaram Business Cycle Fund Direct Plan Growth](https://www.rudowealth.com/mutual-funds/sundaram-business-cycle-fund-direct-plan-growth) | +0.3% | N/A | N/A | N/A | N/A | 1.17% | ₹1,747 Cr |
| 27 | [Shriram Multi Sector Rotation Fund - Direct Plan Growth Option](https://www.rudowealth.com/mutual-funds/shriram-multi-sector-rotation-fund-direct-plan-growth-option) | -0.5% | N/A | N/A | N/A | N/A | 1.06% | ₹163 Cr |
| 28 | [DSP Business Cycle Fund - Direct - Growth](https://www.rudowealth.com/mutual-funds/dsp-business-cycle-fund-direct-growth) | -1.5% | N/A | N/A | N/A | N/A | 1.27% | ₹1,469 Cr |
| 29 | [Motilal Oswal Business Cycle Fund - Direct Plan- Growth](https://www.rudowealth.com/mutual-funds/motilal-oswal-business-cycle-fund-direct-plan-growth) | -1.7% | N/A | N/A | N/A | N/A | 1.46% | ₹1,547 Cr |
| 30 | [Aditya Birla Sun Life Conglomerate Fund-Direct Growth](https://www.rudowealth.com/mutual-funds/aditya-birla-sun-life-conglomerate-fund-direct-growth) | -3.0% | N/A | N/A | N/A | N/A | 1.08% | ₹1,610 Cr |
| 31 | [ICICI Prudential Equity Minimum Variance Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/icici-prudential-equity-minimum-variance-fund-direct-plan-growth) | -3.9% | N/A | N/A | N/A | N/A | 1.86% | ₹2,672 Cr |
| 32 | [Bandhan Business Cycle Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/bandhan-business-cycle-fund-direct-plan-growth) | -5.2% | N/A | N/A | N/A | N/A | 0.97% | ₹1,100 Cr |
| 33 | [WhiteOak Capital Quality Equity Fund Direct Plan Growth](https://www.rudowealth.com/mutual-funds/whiteoak-capital-quality-equity-fund-direct-plan-growth) | -5.8% | N/A | N/A | N/A | N/A | 1.04% | ₹621 Cr |
| 34 | [Baroda BNP Paribas Business Conglomerates Fund Direct Growth Option](https://www.rudowealth.com/mutual-funds/baroda-bnp-paribas-business-conglomerates-fund-direct-growth-option) | -6.0% | N/A | N/A | N/A | N/A | 0.94% | ₹647 Cr |
| 35 | [Sundaram Multi-Factor Fund - Direct - Growth](https://www.rudowealth.com/mutual-funds/sundaram-multi-factor-fund-direct-growth) | -7.8% | N/A | N/A | N/A | N/A | 1.46% | ₹871 Cr |
| 36 | [Bandhan Multi-Factor Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/bandhan-multi-factor-fund-direct-plan-growth) | -8.1% | N/A | N/A | N/A | N/A | 2.37% | ₹647 Cr |
| 37 | [Franklin India Multi-Factor Fund- Direct- Growth](https://www.rudowealth.com/mutual-funds/franklin-india-multi-factor-fund-direct-growth) | N/A | N/A | N/A | N/A | N/A | 1.14% | ₹616 Cr |
| 38 | [ICICI Prudential Conglomerate Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/icici-prudential-conglomerate-fund-direct-plan-growth) | N/A | N/A | N/A | N/A | N/A | 1.35% | ₹817 Cr |
| 39 | [ITI Business Cycle Fund- Direct Plan- Growth](https://www.rudowealth.com/mutual-funds/iti-business-cycle-fund-direct-plan-growth) | N/A | N/A | N/A | N/A | N/A | 1.76% | ₹116 Cr |
| 40 | [JioBlackRock Sector Rotation Fund - Direct Plan - Growth Option](https://www.rudowealth.com/mutual-funds/jioblackrock-sector-rotation-fund-direct-plan-growth-option) | N/A | N/A | N/A | N/A | N/A | 0.85% | ₹167 Cr |
| 41 | [Motilal Oswal Quality Fund - Direct](https://www.rudowealth.com/mutual-funds/motilal-oswal-quality-fund-direct) | N/A | N/A | N/A | N/A | N/A | 0.00% | ₹0 Cr |
| 42 | [SBI Quality Fund - Direct Plan - Growth](https://www.rudowealth.com/mutual-funds/sbi-quality-fund-direct-plan-growth) | N/A | N/A | N/A | N/A | N/A | 1.32% | ₹2,659 Cr |
| 43 | [Tata Multi Sector Passive FOF Direct Plan Growth Option](https://www.rudowealth.com/mutual-funds/tata-multi-sector-passive-fof-direct-plan-growth-option) | N/A | N/A | N/A | N/A | N/A | 0.35% | ₹78 Cr |

Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return. Volatility is the annualised standard deviation of monthly returns. Worst fall is the largest drop from a peak in the last 5 years. We do not label any fund as the best.

Investing from the UAE: NRIs can generally invest once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept residents of the United States or Canada. The UAE does not levy personal income tax, and the India UAE tax treaty may affect how gains are treated, so confirm your own position with a tax adviser.

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RuDo Wealth is a fee-only cross-border advisory operating through two separate companies. India: RuDo Wealth Investment Advisory, SEBI Registered Investment Adviser, registration INA000019503. UAE: RuDo Digital Wealth, FSRA Financial Services Permission 220155, Category 3C (Retail), ADGM. The entity permitted to serve you depends on your country of residence.

General information, not a recommendation to buy or sell any fund. Past performance does not indicate future returns.