Axis Business Cycles Fund
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.
Growthvine rating: 4/5 — ranked #35 of 186 in category.
Fund basics
| Category | Equity: Thematic |
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| NAV | ₹15.96 (as of 2026-10-22) |
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| AUM | ₹2,039 Cr |
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| Expense ratio | 1.76% |
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| Riskometer | Very High |
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| Fund manager | Ashish Naik |
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| Exit load | For units in excess of 10% of the investment, 1% will be charged for redemption within 365 days |
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Performance & risk
| Sharpe ratio | 0.39 |
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| Standard deviation | 16.18% |
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| Max drawdown | −19.64% |
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| Alpha | 1.49 |
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| Beta | 1.01 |
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Over 5 years, captured 102.5% of Nifty 500's upside and 93.7% of its downside.
Market cap allocation
| Large cap | 50.1% |
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| Mid cap | 24.5% |
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| Small cap | 25.4% |
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Concentration
| Top 5 holdings | 17.0% |
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| Top 10 holdings | 29.2% |
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| Total holdings | 86 |
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Top holdings
- Larsen & Toubro Limited — 3.8%
- AXIS Bank Ltd. — 3.6%
- ICICI Bank Ltd. — 3.6%
- HDFC Bank Ltd. — 3.3%
- Clearing Corporation of India Ltd — 3.1%
- Kotak Mahindra Bank Ltd. — 2.7%
- Grasim Industries Ltd — 2.7%
- Aether Industries Limited — 2.6%
- Bharti Airtel Ltd. — 2.5%
- PTC Industries Ltd. — 2.2%
Top sectors
- Banking & Financial — 18.0%
- Automobile — 9.9%
- Construction — 7.4%
Calendar-year track record
| Year | Return | Quartile | Category rank |
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| 2026 (partial) | −4.1% | Q2 | #68 of 167 |
| 2025 | 3.1% | Q3 | #76 of 132 |
| 2024 | 19.6% | Q3 | #47 of 86 |