April 28, 2026
RA Jainee
HSBC Business Cycles Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 45.92 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 26.47 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 6 |
| Benchmark | NIFTY 500 TRI |
| AUM Rs. | 977 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.95% |
| 1 Year Return (%) | 3.66 |
| 3 Year Return (%) | 20.13 |
| 5 Year Return (%) | 18.80 |
| 10 Year Return (%) | 14.74 |
| Return Since Launch | 13.94% |
⚖️ Sahifund Review – HSBC Business Cycles Fund ✔
PLUS:
• Strong long-term track record with ~14.7% 10-year returns indicating stability
• Consistent outperformance vs benchmark in 3Y and 5Y periods
• Well-diversified portfolio (~70 stocks) reduces concentration risk
• Balanced allocation across market caps with exposure to cyclical sectors
• Moderate expense ratio (~0.95%) in line with category
• Suitable for SIP investors aiming to benefit from economic cycles
• Backed by global expertise of HSBC Mutual Fund
• Strong category ranking in medium to long-term performance
MINUS:
• Weak recent momentum with ~3.66% 1-year return, lagging peers
• Cyclical strategy may underperform during economic slowdowns
• Sector concentration (~73% in top sectors) increases volatility risk
• Underperformance vs top peers like ICICI Pru in recent periods
• Limited alpha in short term despite strong long-term returns
• Moderate exposure to mid/small caps adds volatility
• Theme-based approach reduces diversification vs flexi-cap funds
• Performance heavily dependent on macroeconomic cycles
Sahifund View (Decisive Line):
A solid long-term performer for cycle-based investing, but timing of entry is critical as short-term returns can remain muted during unfavourable economic phases.
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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 from a portfolio of equity and equity related securities including equity derivatives in the Indian market with 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) Gautam Bhupal
Education: Mr. Bhupal holds a PGDBM and is a CA, CS and B.Com (Hons)
Experience: Prior to joining HSBC Mutual Fund he was working with IDFC Asset Management Company Ltd., Motilal Oswal Securities Ltd., Infosys Ltd., Vickers Ballas Securities Ltd., SBC Warburg, UTI Securities Ltd.
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 500 |
| Min. Withdrawal (Rs) | 500 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | 500 |
| 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 HSBC Business Cycles Fund
| Fund House | HSBC Mutual Fund |
| Launch Date | 20-Aug-14 |
| Return Since Launch | 13.94% |
| Benchmark | NIFTY 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 977 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.95% |
| (As on 31-Mar-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 27.00% |
HSBC Business Cycles Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| HSBC Business Cycles Dir | -1.10 | -0.86 | 12.30 | 6.48 | -3.32 | 3.66 | 20.13 | 18.80 | 16.73 | 14.74 |
| BSE 500 TRI | -4.45 | -0.78 | 10.37 | 0.45 | -3.90 | 3.30 | 16.09 | 14.49 | 14.37 | 14.43 |
| Equity: Thematic-Business Cycle | -3.11 | -0.87 | 8.83 | 2.40 | -3.62 | 4.44 | 18.45 | 19.42 | 16.73 | 14.74 |
| Rank within category | 5 | 8 | 3 | 4 | 11 | 10 | 2 | 2 | 1 | 1 |
| Number of funds in category | 17 | 18 | 18 | 17 | 17 | 17 | 7 | 2 | 1 | 1 |
Peer Comparison of HSBC Business Cycles 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 (%) | |
| HSBC Business Cycles Dir | Unrated | 3.66 | 20.13 | 18.80 | 0.95 | 977 | 13.94 | 1.00 (365) | 11Y 8M | 27.00 |
| ICICI Pru Business Cycle Dir | Unrated | 6.72 | 21.93 | 20.04 | 0.75 | 14,359 | 19.81 | 1.00 (30) | 5Y 3M | 32.00 |
| Kotak Business Cycle Dir | Unrated | 7.34 | 19.21 | — | 0.63 | 2,741 | 15.63 | 0.50 (90) | 3Y 6M | 23.10 |
| Tata Business Cycle Dir | Unrated | 2.31 | 19.00 | — | 0.59 | 2,366 | 15.58 | 0.50 (30) | 4Y 8M | 56.21 |
| HDFC Business Cycle Dir | Unrated | 2.97 | 13.88 | — | 1.10 | 2,334 | 11.96 | 1.00 (365) | 3Y 4M | 59.31 |
HSBC Business Cycles Fund Portfolio
| No. of Stocks | 70 |
| Top 10 Stocks | 32.07% |
| Top 5 Stocks | 20.33% |
| Top 3 Sectors | 73.34% |
| Portfolio P/B Ratio | 2.80 |
| Portfolio P/E Ratio | 21.55 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 71,477 | 1,17,708 |
| Giant (%) | — | — |
| Large (%) | 48.59 | 53.03 |
| Mid (%) | 16.04 | 25.08 |
| Small (%) | 35.37 | 21.89 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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