April 30, 2026
RA Jainee
Invesco India Business Cycle Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 12.85 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 12.86 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 12 |
| Benchmark | NIFTY 500 TRI |
| AUM Rs. | 841 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.67% |
| 1 Year Return (%) | 15.14 |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 24.28% |
⚖️ Sahifund Review – Invesco India Business Cycle Fund ✔
PLUS:
• Strong recent performance – 1-year return of 15.14% significantly beating benchmark and category peers
• Top-ranked fund in its category (Rank 1 in 1-year returns) showing early execution strength
• Low expense ratio (0.67%) enhances long-term compounding
• Unique business cycle strategy capturing sector rotation opportunities
• Well-diversified portfolio across 35 stocks and multi-cap allocation
• Backed by experienced fund manager with strong institutional pedigree
• Suitable for SIP investors aiming to benefit from market cycles
• Healthy mix of large, mid and small caps provides balanced growth exposure
MINUS:
• Very short track record (launched Feb 2025) – lacks long-term consistency proof
• High portfolio valuations (P/E ~40.81) increase downside risk
• Cyclical strategy can lead to volatile returns during market shifts
• Relatively small AUM (Rs. 841 Cr) may impact scalability
• Performance sustainability yet to be tested across full market cycles
• Moderate sector concentration (Top 3 sectors ~65%)
• Slight momentum dependency on sector rotation timing
Sahifund View (Decisive Line):
A promising emerging performer in the business cycle category with strong early returns, but investors should proceed with SIP and patience due to limited track record and cyclical volatility.
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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 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) Aditya Khemani
Education: Mr. Khemani has done B.Com (Hons) and PGDM from IIM, Lucknow.
Experience: Prior to joining Invesco Mutual Fund, He was associated with Motilal Oswal Mutual Fund, HSBC AMC, SBI Mutual Fund, ICICI Prudential AMC and Morgan Stanley Advantage Services.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (RS) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 100 |
| Min. No of Cheques | 12 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 0.5% for redemption within 3 months |
Basic Details of Invesco India Business Cycle Fund
| Fund House | Invesco Mutual Fund |
| Launch Date | 27-Feb-25 |
| Return Since Launch | 24.28% |
| Benchmark | NIFTY 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 841 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.67% |
| (As on 31-Mar-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | — |
Invesco India Business Cycle Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Invesco India Business Cycle Dir | 0.00 | -0.62 | 12.52 | 7.53 | -2.36 | 15.14 | — | — | — | — |
| BSE 500 TRI | -5.46 | -1.05 | 7.12 | -0.60 | -4.62 | 2.46 | — | — | — | — |
| Equity: Thematic-Business Cycle | -3.13 | -0.88 | 8.74 | 2.24 | -3.60 | 4.45 | — | — | — | — |
| Rank within category | 3 | 5 | 2 | 3 | 7 | 1 | — | — | — | — |
| Number of funds in category | 18 | 19 | 19 | 18 | 18 | 18 | 8 | 2 | 1 | 1 |
Peer Comparison of Invesco India 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 (%) | |
| Invesco India Business Cycle Dir | Unrated | 15.14 | — | — | 0.67 | 841 | 24.28 | 0.50 (90) | 1Y 2M | 12.00 |
| 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 |
Invesco India Business Cycle Fund Portfolio
| No. of Stocks | 35 |
| Top 10 Stocks | 48.16% |
| Top 5 Stocks | 27.42% |
| Top 3 Sectors | 64.96% |
| Portfolio P/B Ratio | 3.91 |
| Portfolio P/E Ratio | 40.81 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 53,431 | 1,17,708 |
| Giant (%) | — | — |
| Large (%) | 31.62 | 53.03 |
| Mid (%) | 38.57 | 25.08 |
| Small (%) | 29.81 | 21.89 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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