HSBC Business Cycles Fund
HSBC Mutual Fund · Sectoral/Thematic · Regular plan, growth option
NAV (₹), 1 Oct 2026
42.2827
1-day change
-1.10%
1Y return
0.0%
3Y CAGR
13.9%
5Y CAGR
n/a
Max drawdown, 5Y
n/a
NAV history month-end NAV, ₹ · 28 Nov 2022 to 1 Oct 2026
Returns vs Sectoral/Thematic median (259 schemes) and “Business cycle & rotation” median (22)
| Period | Scheme | Category median | Business cycle & rotation median |
|---|---|---|---|
| 1 month | -4.2% | -5.4% | -5.4% |
| 3 months | -1.8% | -3.1% | -2.3% |
| 6 months | 14.9% | 8.5% | 11.2% |
| Year to date | 0.7% | -2.6% | -1.6% |
| 1 year | 0.0% | 0.0% | 0.1% |
| 3 years (CAGR) | 13.9% | 11.7% | 10.7% |
| 5 years (CAGR) | n/a | 10.6% | 11.3% |
| 7 years (CAGR) | n/a | 15.7% | n/a |
| 10 years (CAGR) | n/a | 13.3% | n/a |
| Since first NAV (CAGR) | 15.0% | – | – |
“Business cycle & rotation” is MFIC's grouping of Sectoral/Thematic schemes by the theme or index in their names, not an AMFI category.
Rolling returns every business-day start date
| Measure | Scheme | Category median |
|---|---|---|
| 1Y rolling median | 9.8% | 9.8% |
| 3Y rolling median | 17.1% | 15.6% |
| 3Y rolling worst | 13.7% | 0.6% |
| 3Y periods positive | 100% | 100% |
| 3Y periods ahead of benchmark | 100% | 71% |
| 5Y rolling median | n/a | 14.2% |
| 5Y rolling worst | n/a | 0.3% |
| 5Y periods ahead of benchmark | n/a | 70% |
Benchmark: Nifty 500 (proxy: Motilal Oswal Nifty 500 Index Fund, price return).
Risk 36 months, monthly returns, Rf 6.5%
| Measure | Scheme | Category median |
|---|---|---|
| Standard deviation (ann.) | 20.5% | 16.7% |
| Sharpe ratio | 0.42 | 0.34 |
| Sortino ratio | 0.67 | 0.51 |
| Beta | 1.19 | 0.96 |
| Alpha (ann.) | 4.5% | 2.3% |
| Upside capture | 139.70 | 103.56 |
| Downside capture | 115.41 | 96.87 |
Drawdowns peak-to-trough falls in NAV
| Measure | Scheme | Category median |
|---|---|---|
| Maximum drawdown, full history | −23.6% | −23.7% |
| Maximum drawdown, last 10Y | n/a | −39.3% |
| Maximum drawdown, last 5Y | n/a | −22.8% |
| Current drawdown | −7.0% | −8.8% |
| Recovery time of worst fall | n/a | – |
Longer histories include more crises, so compare the 5Y and 10Y figures across schemes of different ages.
Direct or Regular for this scheme?
The Regular plan's expense ratio is 2.34% a year and the Direct plan's 1.14%, a gap of 1.20%; over the last 3 years the Direct plan returned 1.29 percentage points a year more. On a ₹25,000 monthly SIP for 20 years (illustration at 12% a year before costs) the gap adds up to about ₹26,65,595.
With the Regular plan, that cost pays a distributor to help you plan, choose and review funds, and stay invested when markets fall. Whether it is worth it depends on how much of that you will do yourself.
TER: AMFI TER disclosure. Returns: AMFI NAVs. Illustration, not a guaranteed saving or return.
Recent disclosure changes last 120 days, as disclosed via AMFI
- 1 Oct 2026: TER increased from 2.32% to 2.34% (AMFI TER disclosure)
- 30 Sep 2026: TER reduced from 2.33% to 2.32% (AMFI TER disclosure)
- 29 Sep 2026: TER increased from 2.32% to 2.33% (AMFI TER disclosure)
- 24 Sep 2026: TER increased from 2.31% to 2.32% (AMFI TER disclosure)
- 23 Sep 2026: TER reduced from 2.32% to 2.31% (AMFI TER disclosure)
- 15 Sep 2026: TER increased from 2.31% to 2.32% (AMFI TER disclosure)
- 11 Sep 2026: TER reduced from 2.32% to 2.31% (AMFI TER disclosure)
- 9 Sep 2026: TER increased from 2.31% to 2.32% (AMFI TER disclosure)
- 8 Sep 2026: TER reduced from 2.32% to 2.31% (AMFI TER disclosure)
Fund managers and scheme facts Scheme Summary Document via AMFI
| Fund manager | Role | Managing since |
|---|---|---|
| Gautam Bhupal | 1 Jun 2023 | |
| Mayank Chaturvedi | 1 Oct 2025 | |
| Dipan S. Parikh | 26 Aug 2026 |
Objective: To seek to generate long-term capital appreciation from a portfolio of predominantly 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. The Scheme could also additionally invest in Foreign Securities. There is no assurance that the objective of the Scheme will be realised and the Scheme does not assure or guarantee any returns.
Stated asset allocation: Equity and Equity related securities: 80%-100% Money market instruments and other liquid instruments :0% to 20% Units issued by InvITs:0% to 10% Units of Gold and Silver ETFs : 0% to 20%
Benchmark (tier 1): Nifty 500 TRI
Exit load: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil.
Minimum application: ₹5,000
Allotment date: 20 Aug 2014
Documents: Scheme Information Document · Scheme Summary Document. Read the scheme documents before investing.
Cost, size and riskometer as disclosed to AMFI
| Measure | Scheme | Category median |
|---|---|---|
| Expense ratio (TER), Regular plan | 2.34% | 2.38% |
| AUM, whole scheme (₹ crore) | 1,179 | 1,245 |
| Riskometer | Very High | – |
TER: AMFI, TER of MF Schemes. AUM and riskometer: AMFI, Fund Performance, 30 Sep 2026.
Official benchmark and category consistency
| Measure | Scheme | Benchmark / category |
|---|---|---|
| Return, 1 year (AMFI) | 2.1% | -2.0% TRI |
| Return, 3 years (AMFI) | 14.3% | 9.5% TRI |
| Return, 5 years (AMFI) | 13.5% | 9.0% TRI |
Official benchmark: Nifty 500 TRI (total return index, as published by AMFI). Category consistency: last 10 years of month-ends, Sectoral/Thematic Regular plans; how it is calculated.
Calendar-year returns NAV change from 31 Dec to 31 Dec
| Year | Scheme | Nifty 500 proxy | Difference |
|---|---|---|---|
| 2026 YTD | 0.7% | -7.8% | +8.5% |
| 2025 | -2.7% | 7.7% | −10.4% |
| 2024 | 36.3% | 15.6% | +20.7% |
| 2023 | 31.3% | 26.5% | +4.8% |
Benchmark proxy: Motilal Oswal Nifty 500 Index Fund (Direct plan NAV, price return), which carries its own costs. The first year starts from the first 31 December in the scheme's history.
Monthly SIP of ₹10,000 first business day of each month, ending 1 Oct 2026
| Period | Invested | Value | XIRR |
|---|---|---|---|
| 1 year | ₹1,20,000 | ₹1,22,261 | 3.5% |
| 3 years | ₹3,60,000 | ₹3,91,032 | 5.4% |
Uses this plan's NAVs; ignores stamp duty, exit loads and taxes. One historical path only — the interactive SIP analyzer shows outcomes across every start date.
Scheme facts
AMC: HSBC Mutual Fund
Category: Sectoral/Thematic
Plan / option: Regular · Growth
AMFI scheme code: 151144
ISIN: INF917K01RF8
First NAV in MFIC data: 28 Nov 2022
History: 3.8 years
Portfolio holdings: see the scheme's monthly portfolio disclosure on the fund house website
Schemes that behaved similarly correlation of monthly returns, last 5 years
| Scheme | Category | Correlation | 3Y CAGR |
|---|---|---|---|
| ITI Large & Mid Cap Fund | Large & Mid Cap | 0.97 | n/a |
| ITI Flexi Cap Fund | Flexi Cap | 0.96 | 15.8% |
| Bank of India Business Cycle Fund | Sectoral/Thematic | 0.96 | n/a |
| HSBC Flexi Cap Fund | Flexi Cap | 0.96 | 13.7% |
| Bandhan Business Cycle Fund | Sectoral/Thematic | 0.96 | n/a |
| DSP Multi Cap Fund | Multi Cap | 0.95 | n/a |
Questions about HSBC Business Cycles Fund
- What is the latest NAV of HSBC Business Cycles Fund?
- The NAV of the Regular plan (growth option) was ₹42.2827 on 1 Oct 2026, as published by AMFI.
- Which category is HSBC Business Cycles Fund in?
- It is classified as Sectoral/Thematic in AMFI's daily NAV file; a Sectoral/Thematic scheme invests at least 80% in one sector or theme. MFIC compares it with 259 Sectoral/Thematic schemes (Regular plans).
- What returns has HSBC Business Cycles Fund delivered?
- Over one year the NAV changed by 0.0%. The 3-year CAGR is 13.9% (category median 11.7%). Returns are after expenses and before tax. Past performance may or may not be sustained in future.
- How consistent have its 3-year returns been?
- Measuring a 3-year CAGR from every business day in its history, the median was 17.1%, the lowest was 13.7%, and 100% of 3-year periods ended with a gain. It was ahead of Nifty 500 (index-fund proxy) in 100% of those periods.
- What was the largest fall in HSBC Business Cycles Fund's NAV?
- The largest peak-to-trough fall in its available history was 23.6%.
- How volatile is HSBC Business Cycles Fund?
- Its annualised standard deviation of monthly returns over the last 36 months is 20.5%, which is above the Sectoral/Thematic category median of 16.7%.
- What would a monthly SIP in HSBC Business Cycles Fund have grown to?
- A SIP of ₹10,000 on the first business day of each month for the last 3 years (36 instalments, ₹3,60,000 invested) would have been worth about ₹3,91,032 on 1 Oct 2026, an annualised return (XIRR) of 5.4%. This uses the Regular plan's NAVs, ignores taxes and exit loads, and past performance may or may not be sustained in future.
- What is the expense ratio (TER) of HSBC Business Cycles Fund?
- The total expense ratio of the Regular plan is 2.34% a year, as disclosed to AMFI (median of Sectoral/Thematic Regular plans: 2.38%). It is already deducted from the NAV, so every return shown is after expenses.
- How large is HSBC Business Cycles Fund?
- Assets under management of the whole scheme were ₹1,179 crore on 30 Sep 2026, as published by AMFI.
- What is the riskometer level of HSBC Business Cycles Fund?
- AMFI lists the scheme's riskometer as “Very High”, and its benchmark's as “Very High”. The riskometer is a label of potential risk set under SEBI rules, not a forecast.
- What is the benchmark of HSBC Business Cycles Fund and how has it compared?
- Its official benchmark is the Nifty 500 TRI. Over 3 years AMFI reports a return of 14.3% for this plan against 9.5% for the benchmark total return index; over 5 years 13.5% against 9.0%. Past performance does not indicate future results.
- Who manages HSBC Business Cycles Fund?
- According to its Scheme Summary Document, HSBC Business Cycles Fund is managed by Gautam Bhupal (since 1 Jun 2023), Mayank Chaturvedi (since 1 Oct 2025), Dipan S. Parikh (since 26 Aug 2026).
- What is the exit load of HSBC Business Cycles Fund?
- As stated in its scheme documents: If the units redeemed or switched out are upto 10% of the units purchased or switched in (“the limit”) within 1 year from the date of allotment – Nil. If units redeemed or switched out are over and above the limit within 1 year from the date of allotment – 1%. If units are redeemed or switched out on or after 1 year from the date of allotment – Nil. Check the latest Scheme Information Document before investing, as loads can change.
- What is the minimum investment in HSBC Business Cycles Fund?
- The minimum application amount is ₹5,000. SIP details: SIP - 500 Daily 6; 500 Weekly 6; 500 Monthly 6; 1500 Quarterly 4; Minimum Aggregate Amount: Rs. 6,000/- in multiples of Re.1. SWP - 500 STP - 500;The minimum amount required under the source scheme for registering STP is Rs. 6,000..
- What is the difference between the Direct and Regular plans?
- Both plans hold the same portfolio; the Regular plan includes distribution costs in its expense ratio. Over one year the Direct plan's NAV changed by 1.2% and the Regular plan's by 0.0%. The Regular plan includes the services of a distributor.
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Data & disclosure. Source: AMFI daily NAV file and historical NAVs via mfapi.in; calculations by MFIC, as of 1 Oct 2026. Category medians use Regular plans in the same AMFI category. Mutual fund investments are subject to market risks; read all scheme-related documents carefully. Past performance may or may not be sustained in future. This page is for research and education only and is not investment advice or a recommendation to buy, sell or hold any scheme. Integrato Financial Services Pvt. Ltd. is an AMFI-registered Mutual Fund Distributor (ARN-173155). Methodology.