EquitySectoral/ ThematicRegularGrowthVery High

ICICI Prudential Business Cycle Fund

Q: What is the NAV of ICICI Prudential Business Cycle Fund?

As of 01 Oct 2026, the NAV of ICICI Prudential Business Cycle Fund is ₹23.20 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has ICICI Prudential Business Cycle Fund delivered?

ICICI Prudential Business Cycle Fund has returned -6.19% over 1 year, +12.39% per year over 3 years, +12.93% per year over 5 years and +15.90% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund charges an expense ratio of 1.85% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund's largest holdings are HDFC Bank Ltd. (9.0%), ICICI Bank Ltd. (7.7%), Reliance Industries Ltd. (5.4%), Larsen & Toubro Ltd. (4.9%) and Maruti Suzuki India Ltd. (4.2%). Holdings are disclosed monthly and change over time.

Q: How risky is ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 12.9% and its worst peak-to-trough fall in our sample was -14.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.46 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. ICICI Prudential Business Cycle Fund's 0.46 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is benchmarked against the AMFI Tier I benchmark – Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is managed by Sharmila D'silva, Manish Banthia, Anish Tawakley, Divya Jain and Manan Tijoriwala at ICICI Prudential.

Q: How is ICICI Prudential Business Cycle Fund taxed?

ICICI Prudential Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

ICICI Prudential Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹23.20

-0.85% 1D

as of 01 Oct 2026

This is the Regular plan of ICICI Prudential Business Cycle Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

-5.68%CAGR

52-week rangePrev NAV ₹23.40

Latest ₹23.20

Low ₹22.3523rd percentile of its 52-week rangeHigh ₹26.08

Scorecard

★★★★★5/5 vs 142 of 255 Sectoral/ Thematic peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Sectoral/ Thematic (same plan and option). 142 of the 255 Sectoral/ Thematic funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +12.39% · ranks 68 of 142 Sectoral/ Thematic funds

RiskLow

Volatility 12.9% vs 15.6% category avg

CostLow

1.9% expense vs 2.5% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

5-year return (+12.93%) beats the Sectoral/ Thematic average (+11.02%)
Stronger risk-adjusted returns — Sharpe 0.46 vs 0.34 Sectoral/ Thematic average
Less volatile than its Sectoral/ Thematic peers (12.9% vs 15.6%)
Low expense ratio (1.85%) vs the Sectoral/ Thematic average of 2.47%
Consistent — positive in 100% of rolling 3-year windows

Concerns

Trails the Sectoral/ Thematic average on 1M/3M/6M/1Y — 1Y by 8.49pp

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.85%

Category 2.47%▼0.62%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

21.93

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.46

Category 0.34▲0.12

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

1% of the applicable Net Asset Value - if the amount sought to be redeemed or switch out is invested for a period of upto 1 months from the date of allotment. NIL - if the amount sought to be redeemed or switch out is invested for a period more than 1 months from the date of allotment The Trustees shall have a right to prescribe or modify the exit load structure with prospective effect s

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

—

Smallest recurring SIP instalment the scheme accepts

—

Smallest one-time (lumpsum) investment the scheme accepts

—

AMFI Tier I benchmark – Nifty 500 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

19 Jan 2021

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.69%

Absolute return over the last 3 months (not annualized)

-7.13%

Absolute return over the last 6 months (not annualized)

+2.29%

Absolute return since 1 Jan of this year (not annualized)

-9.83%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

-6.19%

3-year annualized return (CAGR)

+12.39%

5-year annualized return (CAGR)

+12.93%

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+15.90%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

12.87%

Excess return per unit of total volatility (rf = 6.5%)

0.46

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.64

Largest peak-to-trough decline over full history

-14.74%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

3.05%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

0.89

How much of the fund's movement Nifty 500 TRI explains

92.2%

Excess return per unit of beta (market risk)

7.05

Active return over the benchmark per unit of tracking error

0.68

Annualized std dev of fund-minus-benchmark returns

4.44%

Fund's share of benchmark gains in up months (100 = matches index)

99.1%

Fund's share of benchmark losses in down months (lower is better)

82.1%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Sectoral/ Thematic)

Period	Fund	Category avg.	Diff
1M abs	-5.69%	-5.14%	-0.55%
3M abs	-7.13%	-2.33%	-4.80%
6M abs	+2.29%	+10.85%	-8.56%
1Y CAGR	-6.19%	+2.30%	-8.49%
3Y CAGR	+12.39%	+12.15%	+0.24%
5Y CAGR	+12.93%	+11.02%	+1.91%

Category average across peers in Sectoral/ Thematic (254 of 255 carry a figure for at least one period), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 255 peers in Sectoral/ Thematic

1Y return

-6.19%

Beats 20.6% · rank #182

3Y return

+12.39%

Beats 52.5% · rank #68

5Y return

+12.93%

Beats 67.3% · rank #34

Sharpe

0.46

Beats 65.2% · rank #50

Sortino

0.64

Beats 66% · rank #49

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.77L

Absolute

+29.53%

XIRR

+10.62%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into ICICI Prudential Business Cycle Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-9.83%	-7.18%	-2.65%
2025	+15.59%	+7.94%	+7.65%
2024	+20.19%	+16.43%	+3.76%
2023	+32.76%	+27.43%	+5.33%
2022	+10.28%	+4.34%	+5.94%
2021part	+26.37%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

Recent changes

Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.

Fund manager change — now managed by Sanket Gaidhani; Manish Banthia, Manan Tijoriwala, Divya Jain stepped away
25 Sep 2026
Fund manager change — now managed by Manan Tijoriwala, Divya Jain; Anish Tawakley, Lalit Kumar, Priyanka Khandelwal stepped away
25 Sep 2026

History points

1,404

Expense ratio

1.85%

AUM

₹15,774Cr

Portfolio turnover

96%

Exit load

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

21.9

P/B ratio

4.1

Avg market cap

₹4,77,311Cr

P/E & P/B are portfolio-weighted harmonic means across 58 of 73 equity holdings (82% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Sectoral/ Thematic

Compare all


ICICI Prudential Business Cycle FundThis fund ICICI Prudential · Regular · Growth	★★★★★	-6.19%	+12.39%	+12.93%	—	1.85%	₹15,774Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · Growth	★★★★☆	+118.60%	+60.45%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · Growth	★★★★☆	+21.45%	+34.62%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · Growth	★★★★★	+25.19%	+28.72%	—	—	2.11%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · Growth	★★★☆☆	+32.21%	+22.88%	+8.49%	—	2.47%	₹720.84Cr
Aditya Birla Sun Life International Equity Fund Aditya Birla Sun Life · Regular · Growth	★★★★☆	+17.38%	+21.97%	+12.58%	—	2.54%	₹320.62Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 97% of the equity sleeve priced.

Large cap75.9%
Mid cap16.3%
Small cap7.8%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity91.73%
Cash & Equivalents7.29%
Debt0.98%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
ICICI Prudential Large Cap Fund ICICI Prudential · Large Cap Fund	64.2%	★★★★★	1.01%	+9.21%
DSP Business Cycle Fund DSP · Sectoral/ Thematic	64.1% of 83% equity	★★★☆☆	1.17%	—
DSP Large Cap Fund DSP · Large Cap Fund	63.4%	★★★☆☆	1.21%	+9.35%
Bandhan Flexi Cap Fund Bandhan · Flexi Cap Fund	50.4%	★★☆☆☆	1.52%	+9.46%
UTI - Large Cap Fund UTI · Large Cap Fund	50.1%	★★☆☆☆	1.19%	+6.08%
ICICI Prudential India Opportunities Fund ICICI Prudential · Sectoral/ Thematic	49.7%	★★★★★	0.92%	+12.28%
DSP Value Fund DSP · Value Fund	49.5% of 80% equity	★★★★★	1.55%	+15.37%
UTI Balanced Advantage Fund UTI · Dynamic Asset Allocation or Balanced Advantage	49.5% of 68% equity	★★☆☆☆	0.91%	+7.41%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-14.7%26 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 26 Jun 2025 — 4 months under water after the low.
-14.3%05 Jan 2026 → 30 Mar 2026
Still below that high — 3 months down, and no recovery yet.
-12.4%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 12 Aug 2022 — 2 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹15,774Cr

April - June 2026

since January - March 2026

+₹853.40Cr

est. net flow, last quarter

At or near its largest, ₹15,774Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

ICICI Prudential Mutual Fund is a joint venture between ICICI Bank and Prudential plc of the UK, in business since 1993. It is among India's largest houses by assets and runs one of the industry's widest scheme line-ups across equity, debt and hybrid.

Launched

11 Oct 1993

Total AUM

₹11,14,544Cr+1.0% QoQ

Avg AUM · April - June 2026

Website

icicipruamc.com

Fund Managers

SDSharmila D'silvaStart date not disclosed

Role

Fund Manager – MF Equity

Total experience

Over 8 years

Education

CA and Bachelor of Commerce in Accounting and Finance (BAF)

Experience

Sharmila D’silva is associated with ICICI in Prudential Asset Management Company Limited from September 2016. She is involved in economics research, strategy research and business cycle research.

Funds managed (33)

All schemes Sharmila D'silva runs →

MBManish BanthiaStart date not disclosed

Role

Chief Investment Officer - Fixed Income

Education

Chartered Accountant, MBA and B.Com

Experience

Mr. Manish Banthia is the Chief Investment Officer for the Fixed Income Investments. He is associated with ICICI Prudential Asset Management Company Limited since October 2005. He has an overall work experience of around 21 years. Past Experience: ~ ICICI Prudential Asset Management Company Limited - Fixed Income Investments - August 2007 to October 2009. ~ ICICI Prudential Asset Management Company Limited - New Product Development - October 2005 to July 2007. ~ Aditya Birla Nuvo Ltd. – June 2005 to October 2005. ~ Aditya Birla Management Corporation Ltd. – May 2004 to May 2005.

Funds managed (24)

All schemes Manish Banthia runs →

ATAnish TawakleyStart date not disclosed

Role

Co - CIO – Equity

Education

PGDM (MBA) from IIM Bangalore and B. Tech (Mechanical Engineering) from IIT Delhi.

Experience

Mr. Anish Tawakley is the Co - Chief Investment Officer for Equity Investments. He joined ICICI Prudential Asset Management Company Limited in April 2016. He has over 30 years of experience in Equity research role. Past Experience: ~ Barclays India - Equity Research - November 2011 to April 2016. ~ Credit Suisse India - Equity research - Indian financial services sector - January 2011 to November 2011. ~ Alliance Bernstein (UK) based in London - Equity Research - Financial Services stocks in Emerging Markets - January 2003 to November 2010.

Funds managed (3)

All schemes Anish Tawakley runs →

DJDivya JainStart date not disclosed

Role

Fund Manager – MF Equity

Education

Chartered Accountant and B.Com

Experience

Ms. Divya Jain has over 9 years of experience. She joined ICICI Prudential Asset Management Company Limited in April 2016. Past Experience: ~ ICICI Prudential Asset Management Company Limited – Senior Investment Analyst -January 7, 2019 – till date. ~ ICICI Prudential Asset Management Company Limited - Deputy manager – Compliance and Legal - April 2016 – January 2019 ~ Ultratech Cements Ltd - Finance-MIS - February 2016 - March 2016.

Funds managed (2)

All schemes Divya Jain runs →

MTManan TijoriwalaStart date not disclosed

Role

Fund Manager – MF Equity

Education

Chartered Accountant, Chartered Financial Analyst (CFA – all three levels) and Postgrad uate Program me in Management (PGP) from the Indian School of Business

Experience

Mr. Manan Tijoriwala joined ICICI Prudential Asset M a n a g e m e n t Company over 12 years of experience Past Experience: ~ Proud Securities and Credits Private Limited - Associate Vice President – Client Coverage - June 2018 to May 2019. ICICI Bank Limited - MII, Corporate Banking - June 2012 to April 2017

All schemes Manan Tijoriwala runs →

Fund manager, benchmark and dealing terms from this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Sharmila D'silva Manish Banthia Anish Tawakley Divya Jain

Top holdings

HDFC Bank Ltd.ICICI Bank Ltd.Reliance Industries Ltd.Larsen & Toubro Ltd.Maruti Suzuki India Ltd.Kotak Mahindra Bank Ltd.DLF Ltd.Xtrackers Harvest CSI 300 China A-Shares ETF HDFC Life Insurance Company Ltd.Bharti Airtel Ltd.Mahindra & Mahindra Ltd.Ultratech Cement Ltd.

ICICI Prudential in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Sectoral & Thematic funds

Sectoral and thematic funds must keep at least 80% in the equity of one sector (banking, pharma, technology) or one theme (consumption, manufacturing, ESG). That concentration is the point and the risk: with no mandate to diversify away from the sector, the fund rises and falls with it.

Frequently asked questions

What is the NAV of ICICI Prudential Business Cycle Fund?

As of 01 Oct 2026, the NAV of ICICI Prudential Business Cycle Fund is ₹23.20 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has ICICI Prudential Business Cycle Fund delivered?

ICICI Prudential Business Cycle Fund has returned -6.19% over 1 year, +12.39% per year over 3 years, +12.93% per year over 5 years and +15.90% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund charges an expense ratio of 1.85% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund's largest holdings are HDFC Bank Ltd. (9.0%), ICICI Bank Ltd. (7.7%), Reliance Industries Ltd. (5.4%), Larsen & Toubro Ltd. (4.9%) and Maruti Suzuki India Ltd. (4.2%). Holdings are disclosed monthly and change over time.

How risky is ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 12.9% and its worst peak-to-trough fall in our sample was -14.7%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.46 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. ICICI Prudential Business Cycle Fund's 0.46 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is benchmarked against the AMFI Tier I benchmark – Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages ICICI Prudential Business Cycle Fund?

ICICI Prudential Business Cycle Fund is managed by Sharmila D'silva, Manish Banthia, Anish Tawakley, Divya Jain and Manan Tijoriwala at ICICI Prudential.

How is ICICI Prudential Business Cycle Fund taxed?

ICICI Prudential Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.