March 30, 2026
RA Jainee
Axis Business Cycles Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 15.83 |
| NAV Bonus (Rs.) | — |
| NAV IDCWÂ (Rs.) | 15.82 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | NIFTY 500 TRI |
| AUM Rs. | 2,145 Cr |
| Â | (As on 28-Feb-2026) |
| Expense | 0.93% |
| 1 Year Return (%) | 2.06 |
| 3 Year Return (%) | 17.06 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 16.04% |
⚖️ Sahifund Review – Axis Business Cycles Fund ✔
PLUS: Stability, track record, cost efficiency
Axis Business Cycles Fund has made a decent start in a relatively niche category, with returns slightly ahead of both the benchmark and category average over 1-year and 3-year periods. The fund’s 0.93% expense ratio is not the lowest in the category, but still remains within an acceptable band for an active thematic strategy. With 74 stocks in the portfolio and top 10 holdings at just 33.27%, diversification is reasonably healthy and stock-specific risk is not excessive. The allocation across large, mid and small caps also gives the fund a more balanced business-cycle participation profile. Backed by Axis Mutual Fund, it carries fund house credibility and can suit investors looking to build gradual exposure through SIP in a tactical equity theme.
MINUS: Limited track record, peer pressure, high churn
The biggest limitation is that the fund is still quite young, so there is not enough long-term performance history to establish consistency across full market cycles. Its 1-year return of 2.06% looks only modest, and when compared with stronger peers like ICICI Prudential and Kotak Business Cycle Fund, the relative outperformance is not very convincing. The turnover ratio of 84% is high, suggesting aggressive portfolio reshuffling, which can increase execution risk in volatile phases. The fund also maintains a large-cap leaning portfolio, which may reduce upside in phases when mid and small-cap cyclical names outperform sharply. As a thematic strategy, it is inherently more volatile than a diversified flexi-cap or large & mid-cap fund.
Sahifund View (Decisive Line):
Axis Business Cycles Fund is a reasonable SIP-based satellite bet, but not yet a high-conviction category leader for fresh lump-sum allocation.
👉 Apply Online | Ask Us MF Queries |
| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.Â
Suitable For Which Investors?Â
Business Cycle funds are suitable for investors:Â
1. Seeking exposure in a diversified set of stocks with a focus on riding business cycles for high returnsÂ
2. Aiming for long term wealth creationÂ
3. With a 5+ year investment horizonÂ
4. Who are at ease with the market’s ups and downsÂ
Note:Â
• Invest only through SIPÂ
Fund’s Investment Strategy:
The scheme seeks to provide long term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund Manager:
1) Ashish Naik
Education: Mr. Naik is a B.E from Mumbai University and MBA from XLRI, Jamshedpur.
Experience: Prior to joining Axis Mutual Fund he was associated with organizations such as Goldman Sachs and has over 7 years of experience as an Equity Analyst.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | — |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | For units in excess of 10% of the investment, 1% will be charged for redemption within 365 days |
Basic Details of Axis Business Cycles Fund Â
| Fund House | Axis Mutual Fund |
| Launch Date | 22-Feb-23 |
| Return Since Launch | 16.04% |
| Benchmark | NIFTY 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets (Rs.) | 2,145 Cr |
| Â | (As on 28-Feb-2026) |
| Expense | 0.93% |
| Â | (As on 28-Feb-2026) |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 84.00% |
Trailing Returns (%) of Axis Business Cycles Fund
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Axis Business Cycles Dir | -8.5 | 2.06 | -8.6 | -8.34 | -7.1 | 2.06 | 17 | — | — | — |
| BSE 500 TRI | -10 | 1.93 | -8.3 | -9.96 | -6.68 | 0.73 | 15 | — | — | — |
| Equity: Thematic-Business Cycle | -9.27 | 1.98 | -7.8 | -9.32 | -7.7 | 1.52 | 17 | — | — | — |
| Rank within category | 7 | 11 | 13 | 6 | 9 | 9 | 5 | — | — | — |
| Number of funds in category | 18 | 19 | 18 | 18 | 18 | 18 | 8 | 2 | 1 | 1 |
Peer Comparison of Axis Business Cycles Fund
| Â | Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) |
| Axis Business Cycles Dir | Unrated | 2.06 | 17.06 | — | 0.93 | 2,145 | 16.04 | 1.00 (365) | 3Y 1M | 84.00 |
| ICICI Pru Business Cycle Dir | Unrated | 5.53 | 21.82 | 19.14 | 0.73 | 16,202 | 19.16 | 1.00 (30) | 5Y 2M | 32.00 |
| Kotak Business Cycle Dir | Unrated | 5.22 | 17.98 | — | 0.63 | 3,054 | 13.97 | 0.50 (90) | 3Y 5M | 24.48 |
| Tata Business Cycle Dir | Unrated | -0.38 | 17.67 | — | 0.58 | 2,695 | 14.15 | 0.50 (30) | 4Y 7M | 58.01 |
| HDFC Business Cycle Dir | Unrated | -2.06 | 12.87 | — | 1.07 | 2,650 | 9.87 | 1.00 (365) | 3Y 3M | 61.10 |
Portfolio Analysis of Axis Business Cycles Fund
| No. of Stocks | 74 |
| Top 10 Stocks | 33.27% |
| Top 5 Stocks | 20.79% |
| Top 3 Sectors | 63.32% |
| Portfolio P/B Ratio | 3.82 |
| Portfolio P/E Ratio | 30.40 |
Portfolio Breakup
| Â | Fund | Category |
| Average Mkt Cap (Rs Cr) | 1,66,306 | 1,27,675 |
| Giant (%) | — | — |
| Large (%) | 58.90 | 53.15 |
| Mid (%) | 20.98 | 24.25 |
| Small (%) | 20.12 | 22.59 |
| Tiny (%) | — | — |
Apply Online: https://www.axismf.com/Online/Login OR https://www.axismf.com/mutual-funds
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
Quicklinks