December 30, 2025
RA Jainee
ICICI Prudential Business Cycle Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 27.05 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 21.26 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 6 |
| Benchmark | NIFTY 500 TRI |
| AUM Rs. | 15,708 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.75% |
| 1 Year Return (%) | 14.82 |
| 3 Year Return (%) | 23.45 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 22.28% |
⚖️ Sahifund Review – ICICI Prudential Business Cycle Fund
✓ PLUS: Thematic edge, strong relative performance, reasonable cost
ICICI Prudential Business Cycle Fund has outperformed its benchmark and category decisively, ranking No.1 across most return periods, including 1-year and 3-year. The fund’s dynamic sector-rotation strategy allows it to capture opportunities across different phases of the economic cycle. An expense ratio of 0.75% is fair for an actively managed thematic fund with strong execution and experienced fund managers.
⚖️ MINUS: Thematic risk, timing dependency, large-cap tilt
Being a business-cycle thematic fund, returns are highly dependent on correct macro and sector timing. The portfolio shows a heavy large-cap and giant-cap bias, which may limit alpha during midcap-led rallies. Not suitable for conservative investors or those seeking steady, low-volatility returns.
Sahifund Verdict:
Ideal as a satellite allocation for investors with a 5+ year horizon who want to tactically ride economic cycles through SIPs, not as a core holding.
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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 by investing with focus on riding business cycles through allocation between sectors and stocks at different stages of business cycles.
Fund Manager:
1) Anish Tawakley
Education: Mr. Tawakley has done PGDM (MBA) from IIM Bangalore and B. Tech (Mechanical Engineering) from IIT Delhi
Experience: Prior joining to ICICI AMC he has worked with Barclays India – Equity Research, Credit Suisse India – Equity research – Indian financial services sector,
2) Manan Tijoriwala
Education: Chartered Accountant, Chartered Financial Analyst (CFA – all three levels) and Postgraduate Programme in Management (PGP) from the Indian School of Business.
Experience: Prior to joining the ICICI Pru AMC, he was associated with Proud Securities and Credits Private Ltd, ICICI Bank Ltd.
3) Manish Banthia
Education: Mr. Banthia is B.Com, CA and MBA
Experience: He is associated with ICICI Prudential Asset Management Company since Oct 2005, ICICI Prudential AMC – Fixed Income Investments – Aug 2007 to Oct 2009, ICICI Prudential AMC – New Product Development – Oct 2005 to Jul 2007, Aditya Birla Nuvo Ltd. – From May 2005 to Oct 2005, Aditya Birla Management Corporation Ltd. – From May 2004 to May 2005.
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 1 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 1% for redemption within 30 days |
Basic Details of ICICI Prudential Business Cycle Fund
| Fund House | ICICI Prudential Mutual Fund |
| Launch Date | 18-Jan-21 |
| Return Since Launch | 22.28% |
| Benchmark | NIFTY 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | Rs 15,708 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.75% |
| (As on 30-Nov-2025) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 35.00% |
Trailing Returns (%) of ICICI Prudential Business Cycle Fund
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| ICICI Pru Business Cycle Dir | 15.70 | -0.29 | -1.31 | 3.92 | 3.76 | 14.82 | 23.45 | — | — | — |
| BSE 500 TRI | 6.76 | -0.41 | -1.04 | 4.16 | 0.76 | 6.41 | 15.99 | — | — | — |
| Equity: Thematic-Business Cycle | 1.96 | -0.48 | -1.60 | 2.35 | 0.04 | 1.85 | 18.62 | — | — | — |
| Rank within category | 1 | 4 | 9 | 4 | 1 | 1 | 1 | — | — | — |
| Number of funds in category | 17 | 18 | 18 | 18 | 18 | 17 | 7 | 1 | 1 | 1 |
Peer Comparison of ICICI Prudential 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 (%) | |
| ICICI Pru Business Cycle Dir | Unrated | 14.82 | 23.45 | — | 0.75 | 15,708 | 22.28 | 1.00 (30) | 4Y 11M | 35.00 |
| Kotak Business Cycle Dir | Unrated | 5.75 | 19.49 | — | 0.62 | 3,065 | 18.34 | 0.50 (90) | 3Y 3M | 22.56 |
| HDFC Business Cycle Dir | Unrated | 1.80 | 15.00 | — | 0.84 | 2,928 | 14.38 | 1.00 (365) | 3Y 1M | 67.75 |
| Tata Business Cycle Dir | Unrated | 1.16 | 18.32 | — | 0.51 | 2,876 | 17.22 | 0.50 (30) | 4Y 4M | 59.91 |
| Axis Business Cycles Dir | Unrated | 3.35 | — | — | 0.80 | 2,265 | 20.92 | 1.00 (365) | 2Y 10M | 60.00 |
Portfolio Analysis of ICICI Prudential Business Cycle Fund
| No. of Stocks | 71 |
| Top 10 Stocks | 50.42% |
| Top 5 Stocks | 35.03% |
| Top 3 Sectors | 58.88% |
| Portfolio P/B Ratio | 3.36 |
| Portfolio P/E Ratio | 23.82 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 3,35,796 | 1,27,785 |
| Giant (%) | 75.25 | 41.72 |
| Large (%) | 15.05 | 21.17 |
| Mid (%) | 6.68 | 25.48 |
| Small (%) | 3.03 | 12.08 |
| Tiny (%) | — | 3.98 |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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