Business Cycle Mutual Funds

All 43 business cycle funds, Regular Growth plans, compared on returns, risk and cost. NAV as of 7 Oct 2026.

Category average

+12.1%

3-year return, annualised

Category average

+11.9%

5-year return, annualised

Category average

16.1%

Volatility, 3 years

Category average

2.41%

Expense ratio

Against the NIFTY 500 Index: 6 of 9 funds with at least 5 calendar years of history returned more than the index in at least half of the years from 2017 to 2026. The 2026 figure is year to date.

Business Cycle funds compared

Regular plan, Growth option. Returns as of 7 Oct 2026. Click a column heading to sort.

Regular plans pay a distributor commission out of the fund, so their expense ratio is higher and their returns lower than the same fund's Direct plan.

Returns (3Y and 5Y annualised)ConsistencyRiskAgainst the indexCost and size
1Franklin India Opportunities Fund
+0.6%+18.3%+16.0%5 of 717.2%-24.6%4 of 102.11%₹9,717 Cr
2ICICI Prudential India Opportunities Fund
-4.2%+11.9%+14.2%5 of 712.9%-14.0%5 of 71.70%₹38,338 Cr
3HSBC Business Cycles Fund
+1.5%+14.7%+13.3%4 of 720.3%-23.6%6 of 102.32%₹1,229 Cr
4ICICI Prudential Business Cycle Fund Growth
-6.4%+12.9%+12.8%3 of 514.4%-14.7%4 of 51.83%₹15,873 Cr
5Aditya Birla Sun Life Special Opportunities Fund-Regular Plan-Growth
+11.9%+17.5%+12.2%3 of 615.0%-21.2%4 of 62.31%₹1,279 Cr
6Tata Business Cycle Fund-Regular Plan-Growth
-4.3%+8.3%+11.3%2 of 515.6%-20.5%3 of 52.16%₹2,602 Cr
7Baroda BNP Paribas Business Cycle Fund
+0.4%+10.6%+9.2%1 of 516.1%-20.8%2 of 52.48%₹574 Cr
8SBI Equity Minimum Variance Fund
-7.1%+5.5%+6.7%3 of 714.8%-20.5%3 of 70.89%₹208 Cr
9Mahindra Manulife Business Cycle Fund
+1.7%+14.2%N/A2 of 316.6%N/A1 of 32.40%₹1,364 Cr
10Kotak Business Cycle Fund-Regular Plan--Growth
+2.6%+14.0%N/A3 of 415.3%N/A2 of 42.07%₹3,509 Cr
11Axis Business Cycles Fund
+0.2%+11.4%N/A2 of 316.0%N/A2 of 32.28%₹2,168 Cr
12Aditya Birla Sun Life Business Cycle Fund-Regular-Growth
+3.4%+10.7%N/A2 of 515.3%N/A3 of 52.69%₹1,844 Cr
13Quant Business Cycle Fund
+2.7%+9.5%N/A1 of 320.5%N/A2 of 33.00%₹985 Cr
14HDFC Business Cycle Fund
-0.5%+9.4%N/A1 of 415.2%N/A2 of 42.14%₹2,775 Cr
15Motilal Oswal Special Opportunities Fund-Regular Plan-Growth
+21.4%N/AN/A1 of 1N/AN/A1 of 12.99%₹92 Cr
16HSBC India Export Opportunities Fund
+18.5%N/AN/A1 of 2N/AN/A1 of 22.39%₹1,326 Cr
17Kotak Special Opportunities Fund
+16.7%N/AN/A1 of 2N/AN/A1 of 22.26%₹1,702 Cr
18WhiteOak Capital Special Opportunities Fund
+9.8%N/AN/A2 of 2N/AN/A1 of 22.87%₹1,941 Cr
19Invesco India Business Cycle Fund
+8.8%N/AN/A1 of 1N/AN/A1 of 12.27%₹1,381 Cr
20SBI Innovative Opportunities Fund
+7.0%N/AN/A1 of 2N/AN/A1 of 22.00%₹5,493 Cr
21Samco Special Opportunities Fund
+6.8%N/AN/A1 of 2N/AN/A1 of 23.71%₹127 Cr
22Bank of India Business Cycle Fund
+2.5%N/AN/A1 of 2N/AN/A1 of 22.64%₹463 Cr
23ICICI Prudential Quality Fund
+1.5%N/AN/A0 of 1N/AN/A1 of 12.43%₹2,144 Cr
24Union Business Cycle Fund
+0.3%N/AN/A1 of 2N/AN/A1 of 23.11%₹518 Cr
25Edelweiss Business Cycle Fund
-0.1%N/AN/A0 of 2N/AN/A1 of 22.68%₹1,463 Cr
26Sundaram Business Cycle Fund Regular Plan Growth
-1.2%N/AN/A1 of 2N/AN/A1 of 22.62%₹1,747 Cr
27Shriram Multi Sector Rotation Fund
-2.1%N/AN/A0 of 2N/AN/A0 of 22.79%₹163 Cr
28Motilal Oswal Business Cycle Fund-Regular Plan-Growth
-2.8%N/AN/A1 of 2N/AN/A1 of 22.60%₹1,547 Cr
29DSP Business Cycle Fund
-3.0%N/AN/A1 of 2N/AN/A0 of 22.76%₹1,469 Cr
30Aditya Birla Sun Life Conglomerate Fund-Regular Growth
-4.3%N/AN/A1 of 2N/AN/A1 of 22.34%₹1,610 Cr
31ICICI Prudential Equity Minimum Variance Fund
-5.0%N/AN/A1 of 2N/AN/A1 of 22.94%₹2,672 Cr
32Bandhan Business Cycle Fund
-6.6%N/AN/A1 of 2N/AN/A0 of 22.43%₹1,100 Cr
33WhiteOak Capital Quality Equity Fund Regular Plan Growth
-7.3%N/AN/A0 of 1N/AN/A0 of 12.69%₹621 Cr
34Baroda BNP Paribas Business Conglomerates Fund Regular Growth Option
-7.5%N/AN/A0 of 1N/AN/A0 of 12.51%₹647 Cr
35Sundaram Multi-Factor Fund
-9.2%N/AN/A0 of 1N/AN/A0 of 12.92%₹871 Cr
36Bandhan Multi-Factor Fund
-9.5%N/AN/A0 of 1N/AN/A0 of 13.88%₹647 Cr
37Franklin India Multi-Factor Fund
N/AN/AN/A0 of 1N/AN/A0 of 12.70%₹616 Cr
38ICICI Prudential Conglomerate Fund
N/AN/AN/A0 of 1N/AN/A0 of 12.39%₹817 Cr
39ITI Business Cycle Fund
N/AN/AN/AN/AN/AN/AN/A3.51%₹116 Cr
40JioBlackRock Sector Rotation Fund
N/AN/AN/AN/AN/AN/AN/A1.90%₹167 Cr
41Motilal Oswal Quality Fund
N/AN/AN/AN/AN/AN/AN/A0.00%₹0 Cr
42SBI Quality Fund
N/AN/AN/AN/AN/AN/AN/A2.36%₹2,659 Cr
43Tata Multi Sector Passive FOF Regular Plan Growth Option
N/AN/AN/AN/AN/AN/AN/A0.77%₹78 Cr

Ordered by 5-year annualised return, highest first; funds younger than 5 years follow by 3-year, then 1-year return. Click a heading to sort by another figure. Top half, by year shows the fund's quartile in the category each calendar year from 2017 to 2026(green top quarter, grey second, amber third, red bottom; an outline means too young to rank) and how many of those years it finished in the top half. Years ahead of index counts the calendar years from 2017 to 2026 in which the fund returned more than the NIFTY 500 Index. Returns over 3 years and longer are compounded annual returns. Volatility is the annualised standard deviation of monthly returns. Worst fall is the largest drop from a peak in the last 5 years. N/A means the fund is too young for that period.

What a business cycle fund is

Business cycle funds move between sectors as the economic cycle changes, keeping at least 80% of their assets in equities chosen for that theme.

Source: SEBI categorisation of mutual fund schemes, 6 October 2017, as amended.

Investing from the UAE

NRIs living in the UAE 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, or accept them only offline. 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.

Questions

How are these business cycle funds ordered?

By 5-year annualised return, highest first. Funds younger than 5 years follow, ordered by 3-year return and then 1-year return. Every figure is worked out from each fund's own Direct Growth NAV, the same way for every fund. We do not label any fund as the best.

Can NRIs living in the UAE invest in business cycle funds?

Generally yes, once KYC is complete, paying from an NRE or NRO bank account. Some fund houses do not accept investments from residents of the United States or Canada, or accept them only offline, so check the fund house's current policy if that applies to you.

How are gains taxed for NRIs?

For equity funds, India taxes gains on units held for 12 months or less at 20%, and gains on units held longer at 12.5% on the amount above ₹1.25 lakh in a financial year, plus cess and any surcharge. For NRIs the fund house deducts this tax when you redeem. The outcome depends on your tax residence and facts, so confirm your position with a tax adviser.

Fund data comes from RuDo Wealth fund analytics; every return, volatility and worst fall is computed from the fund's ownRegular Growth NAV. Method reviewed by Alok Kumar, Chief Executive Officer, RuDo Digital Wealth, October 2026.

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.

This page is general information, not a recommendation to buy or sell any fund. Past performance does not indicate future returns.

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