HSBC Business Cycles Fund
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.
Growthvine rating: 4/5 — ranked #25 of 186 in category.
Fund basics
| Category | Equity: Thematic |
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| NAV | ₹40.64 (as of 2026-10-22) |
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| AUM | ₹1,179 Cr |
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| Expense ratio | 1.87% |
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| Riskometer | Very High |
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| Fund manager | Gautam Bhupal |
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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 | 0.48 |
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| Standard deviation | 20.58% |
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| Max drawdown | −23.60% |
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| Alpha | 4.59 |
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| Beta | 1.19 |
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Over 5 years, captured 127.3% of Nifty 500's upside and 109.5% of its downside.
Market cap allocation
| Large cap | 40.4% |
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| Mid cap | 18.6% |
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| Small cap | 41.0% |
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Concentration
| Top 5 holdings | 18.2% |
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| Top 10 holdings | 29.7% |
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| Total holdings | 70 |
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Top holdings
- ICICI Bank Ltd. — 5.3%
- MTAR Technologies Limited — 3.9%
- InterGlobe Aviation Limited — 3.4%
- HDFC Bank Ltd. — 3.0%
- Reliance Industries Ltd — 2.6%
- Hindustan Aeronautics Limited — 2.5%
- RBL Bank Limited — 2.4%
- ICICI Prudential Asset Management Company Limited — 2.3%
- Bharat Electronics Ltd. — 2.2%
- Larsen & Toubro Limited — 2.1%
Top sectors
- Banking & Financial — 25.4%
- Industrial Products — 10.2%
- Retail — 8.9%
Calendar-year track record
| Year | Return | Quartile | Category rank |
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| 2026 (partial) | −3.2% | Q2 | #61 of 167 |
| 2025 | −2.7% | Q4 (Bottom) | #110 of 132 |
| 2024 | 36.3% | Q1 (Top) | #5 of 86 |
| 2023 | 31.3% | Q2 | #27 of 66 |