May 16, 2026
RA Jainee
Baroda BNP Paribas Business Cycle Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 16.55 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 13.82 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 6 |
| Benchmark | BSE 500 TRI |
| AUM Rs. | 561 Cr |
| (As on 30-Apr-2026) | |
| Expense | 0.98% |
| 1 Year Return (%) | 3.23 |
| 3 Year Return (%) | 16.22 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 11.41% |
⚖️ Sahifund Review – Baroda BNP Paribas Business Cycle Fund ✔
PLUS:
✓ Backed by the credibility of Baroda BNP Paribas Mutual Fund with experienced fund management focused on cyclical sector allocation.
✓ 3-year return of 16.22% remains reasonably healthy despite volatile market phases and economic cycle shifts.
✓ Diversified portfolio of 57 stocks reduces excessive concentration risk compared to many thematic funds.
✓ Dynamic business-cycle strategy allows allocation shifts across sectors depending on economic trends and opportunities.
✓ Large-cap exposure near 64% provides relative stability during broader market corrections.
✓ Top 10 holdings at 37.56% indicate balanced portfolio construction rather than aggressive stock concentration.
✓ Suitable for SIP investors looking for tactical sector rotation exposure within diversified equity allocation.
MINUS:
⚖️ 1-year return of 3.23% is weak and trails several business cycle peers including ICICI Prudential and Kotak.
⚖️ High turnover ratio of 62% may increase transaction costs and portfolio churn over time.
⚖️ Expense ratio of 0.98% is not among the lowest in the business cycle category.
⚖️ Large-cap bias may reduce alpha generation during strong mid-cap and small-cap rallies.
⚖️ Fund still lacks a long-term 5-year performance history across multiple economic cycles.
⚖️ Business-cycle investing depends heavily on timely sector rotation, which can lag during sudden market shifts.
⚖️ Thematic strategy may underperform diversified flexi-cap funds during prolonged sideways market conditions.
Sahifund View (Decisive Line):
Baroda BNP Paribas Business Cycle Fund may suit disciplined SIP investors seeking tactical cyclical exposure, but diversified flexi-cap funds remain a better core portfolio choice for most long-term investors
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
Business Cycle funds are suitable for investors:
1. Seeking exposure in a diversified set of stocks with a focus on riding business cycles for high returns
2. Aiming for long term wealth creation
3. With a 5+ year investment horizon
4. Who are at ease with the market’s ups and downs
Note:
• Invest only through SIP
Fund’s Investment Strategy:
The scheme seeks to generate long term capital appreciation for investors 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) Jitendra Sriram
Education: Mr. Sriram is a B.E (Electrical) and holds a post graduate diploma in Business Management.
Experience: Prior to joining Baroda BNP Paribas Mutual Fund, he has worked with HSBC AMC, Deutsche Equities Pvt. Ltd., HSBC Securities, Capital Markets Pvt. Ltd. and ITC Classic Share & Stock Broking.
2) Kushant Arora
Education: CA, FRM
Experience: Prior to Joining the Baroda BNP paribas asset management Ltd. He has worked with VLS Finance Ltd , Baroda asset management India Ltd, UTI asset management com Ltd and Axis sercurities.
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 500 |
| 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 Baroda BNP Paribas Business Cycle Fund
| Fund House | Baroda BNP Paribas Mutual Fund |
| Launch Date | 15-Sep-21 |
| Return Since Launch | 11.41% |
| Benchmark | BSE 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 561 Cr |
| (As on 30-Apr-2026) | |
| Expense | 0.98% |
| (As on 30-Apr-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 62.00% |
Baroda BNP Paribas Business Cycle Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Baroda BNP Paribas Business Cycle Dir | -3.36 | 0.81 | 2.40 | -1.61 | -1.97 | 3.23 | 16.22 | — | — | — |
| BSE 500 TRI | -5.41 | 1.01 | 1.83 | -3.12 | -5.20 | 1.05 | 14.09 | — | — | — |
| Equity: Thematic-Business Cycle | -2.52 | 0.97 | 3.14 | -0.95 | -3.17 | 3.71 | 16.84 | — | — | — |
| Rank within category | 13 | 13 | 12 | 12 | 9 | 12 | 6 | — | — | — |
| Number of funds in category | 18 | 19 | 19 | 18 | 18 | 18 | 8 | 2 | 1 | 1 |
Peer Comparison of Baroda BNP Paribas Business Cycle Fund
| 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 (%) | |
| Baroda BNP Paribas Business Cycle Dir | Unrated | 3.23 | 16.22 | — | 0.98 | 561 | 11.41 | 1.00 (365) | 4Y 8M | 62.00 |
| ICICI Pru Business Cycle Dir | Unrated | 4.66 | 20.49 | 18.74 | 0.67 | 15,813 | 19.53 | 1.00 (30) | 5Y 3M | 32.00 |
| Kotak Business Cycle Dir | Unrated | 5.59 | 17.91 | — | 0.86 | 3,064 | 15.59 | 0.50 (90) | 3Y 7M | 23.10 |
| Tata Business Cycle Dir | Unrated | 3.89 | 18.30 | — | 0.77 | 2,637 | 15.78 | 0.50 (30) | 4Y 9M | 56.21 |
| HDFC Business Cycle Dir | Unrated | 2.46 | 12.86 | — | 1.69 | 2,604 | 11.90 | 1.00 (365) | 3Y 5M | 59.31 |
Baroda BNP Paribas Business Cycle Fund Portfolio
| No. of Stocks | 57 |
| Top 10 Stocks | 37.56% |
| Top 5 Stocks | 25.49% |
| Top 3 Sectors | 54.49% |
| Portfolio P/B Ratio | 4.05 |
| Portfolio P/E Ratio | 28.56 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 2,03,729 | 1,16,954 |
| Giant (%) | — | — |
| Large (%) | 64.49 | 49.49 |
| Mid (%) | 23.46 | 26.73 |
| Small (%) | 12.05 | 23.77 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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