EquitySectoral/ ThematicDirectGrowthVery High

HSBC Business Cycles Fund

Q: What is the NAV of HSBC Business Cycles Fund?

As of 05 Oct 2026, the NAV of HSBC Business Cycles Fund is ₹47.59 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has HSBC Business Cycles Fund delivered?

HSBC Business Cycles Fund has returned +1.34% over 1 year, +15.69% per year over 3 years and +16.51% 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 HSBC Business Cycles Fund?

HSBC Business Cycles Fund charges an expense ratio of 1.14% 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 HSBC Business Cycles Fund?

HSBC Business Cycles Fund's largest holdings are ICICI Bank Limited (5.6%), Mtar Technologies Limited (3.4%), HDFC Bank Limited (2.9%), InterGlobe Aviation Limited (2.8%) and Reliance Industries Limited (2.7%). Holdings are disclosed monthly and change over time.

Q: How risky is HSBC Business Cycles Fund?

HSBC Business Cycles Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 18.3% and its worst peak-to-trough fall in our sample was -23.4%. 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 0.50 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Business Cycles Fund's 0.50 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of HSBC Business Cycles Fund?

HSBC Business Cycles Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages HSBC Business Cycles Fund?

HSBC Business Cycles Fund is managed by Mayank Chaturvedi and Gautam Bhupal at HSBC.

Q: How is HSBC Business Cycles Fund taxed?

HSBC Business Cycles 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.

HSBC Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹47.59

+0.82% 1D

as of 05 Oct 2026

This is the Direct plan of HSBC Business Cycles Fund — bought from the fund house, with no distributor commission in 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

+1.42%absolute

52-week rangePrev NAV ₹47.20

Latest ₹47.59

Low ₹39.6778th percentile of its 52-week rangeHigh ₹49.86

Scorecard

★★★☆☆3/5 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 +15.69% · ranks 53 of 142 Sectoral/ Thematic funds

RiskHigh

Volatility 18.3% vs 15.6% category avg

CostLow

1.1% expense vs 1.3% 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

Ahead of the Sectoral/ Thematic average on 1M/3M/6M
3-year return (+15.69%) beats the Sectoral/ Thematic average (+13.79%)
Stronger risk-adjusted returns — Sharpe 0.50 vs 0.45 Sectoral/ Thematic average
Low expense ratio (1.14%) vs the Sectoral/ Thematic average of 1.27%
Consistent — positive in 100% of rolling 3-year windows

Concerns

1-year return (+1.34%) trails the Sectoral/ Thematic average (+3.40%)
More volatile than its Sectoral/ Thematic peers (18.3% vs 15.6%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.14%

Category 1.27%▼0.13%

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

29.41

Category 28.66▲0.75

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

0.50

Category 0.45▲0.05

Scheme Info

Definitions

Plan

Direct · Growth

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

None

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.

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.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

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.

28 Nov 2022

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

Definitions

Absolute return over the last 1 month (not annualized)

-3.33%

Absolute return over the last 3 months (not annualized)

-0.30%

Absolute return over the last 6 months (not annualized)

+16.46%

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

+2.48%

Annualized returns (≥1Y — CAGR)

Definitions

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

+1.34%

3-year annualized return (CAGR)

+15.69%

5-year annualized return (CAGR)

—

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.

+16.51%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

18.28%

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

0.50

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

0.68

Largest peak-to-trough decline over full history

-23.41%

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

5.31%

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

1.19

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

82.5%

Excess return per unit of beta (market risk)

7.67

Active return over the benchmark per unit of tracking error

0.65

Annualized std dev of fund-minus-benchmark returns

9.09%

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

133.2%

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

118.4%

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	-3.33%	-4.48%	+1.15%
3M abs	-0.30%	-2.33%	+2.03%
6M abs	+16.46%	+12.05%	+4.41%
1Y CAGR	+1.34%	+3.40%	-2.06%
3Y CAGR	+15.69%	+13.79%	+1.90%
5Y CAGR	—	+12.04%	—

Category average across peers in Sectoral/ Thematic (up to 255 funds with data), 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

+1.34%

Beats 50.9% · rank #113

3Y return

+15.69%

Beats 63.1% · rank #53

5Y return

—

Sharpe

0.50

Beats 58.2% · rank #60

Sortino

0.68

Beats 57.4% · rank #60

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

₹3.60L

Current value

₹3.95L

Absolute

+9.83%

XIRR

+6.52%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into HSBC Business Cycles 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	+2.48%	-7.18%	+9.66%
2025	-1.62%	+7.94%	-9.56%
2024	+37.79%	+16.43%	+21.36%
2023	+32.74%	+27.43%	+5.31%
2022part	-2.30%	—	—

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 Gautam Bhupal Sonal Gupta; Gautam Bhupal, Mayank Chaturvedi, Dipan S. Parikh stepped away
25 Sep 2026

History points

948

Expense ratio

1.14%

AUM

₹1,134Cr

Portfolio turnover

33%

Exit load

P/E ratio

29.4

P/B ratio

5.4

Avg market cap

₹2,48,585Cr

P/E & P/B are portfolio-weighted harmonic means across 57 of 70 equity holdings (80% 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


HSBC Business Cycles FundThis fund HSBC · Direct · Growth	★★★☆☆	+1.34%	+15.69%	—	29.41	1.14%	₹1,134Cr
Nippon India Taiwan Equity Fund Nippon India · Direct · Growth	★★★★☆	+128.11%	+63.78%	—	—	1.06%	₹1,110Cr
HDFC Defence Fund HDFC · Direct · Growth	★★★★☆	+20.18%	+36.05%	—	57.59	0.89%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Direct · Growth	★★★★★	+25.57%	+29.81%	—	44.12	1.03%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Direct · Growth	★★★☆☆	+32.46%	+25.00%	+9.83%	26.07	1.21%	₹720.84Cr
Nippon India Japan Equity Fund Nippon India · Direct · Growth	★★★☆☆	+30.50%	+24.42%	+12.14%	—	1.37%	₹330.20Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap44.6%
Mid cap18.2%
Small cap37.2%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity96.28%
Cash & Equivalents3.72%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
HSBC Aggressive Hybrid Fund HSBC · Aggressive Hybrid Fund	45.6% of 75% equity	★★★☆☆	0.97%	+12.84%
HSBC Flexi Cap Fund HSBC · Flexi Cap Fund	43.9%	★★★☆☆	1.30%	+15.21%
ICICI Prudential Balanced Advantage Fund ICICI Prudential · Dynamic Asset Allocation or Balanced Advantage	36.9% of 70% equity	★★★★★	1.03%	+10.31%
Tata Dividend Yield Fund Tata · Dividend Yield Fund	36.9%	★★★☆☆	0.79%	+13.02%
HSBC Infrastructure Fund HSBC · Sectoral/ Thematic	36.0%	★★★☆☆	1.11%	+15.43%
Canara Robeco Flexi Cap Fund Canara Robeco · Flexi Cap Fund	35.5%	★★★☆☆	0.69%	+10.64%
Edelweiss Balanced Advantage Fund Edelweiss · Dynamic Asset Allocation or Balanced Advantage	35.1% of 83% equity	★★★☆☆	0.81%	+10.06%
Union Balanced Advantage Fund Union · Dynamic Asset Allocation or Balanced Advantage	34.8% of 74% equity	★★★☆☆	1.46%	+7.80%

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.

🚩Holdings under NSE surveillance (ASM)

4 holdings — 6.83% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Mtar Technologies LimitedLong-term · Stage IV3.37%
PB Fintech LimitedShort-term · Stage I1.82%
Sterlite Technologies LimitedLong-term · Stage IV1.09%
Optiemus Infracom LimitedShort-term · Stage I0.55%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

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.

-23.4%11 Dec 2024 → 03 Mar 2025
Fell over 3 months, back to the old high on 26 Aug 2026 — 18 months under water after the low.
-9.1%15 Oct 2024 → 13 Nov 2024
Fell over 29 days, back to the old high on 06 Dec 2024 — 23 days under water after the low.
-8.7%03 Jun 2024 → 04 Jun 2024
Fell over 1 day, back to the old high on 12 Jun 2024 — 8 days 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

₹1,134Cr

April - June 2026

+5%

since January - March 2026

+₹53.38Cr

est. net flow, last quarter

At or near its largest, ₹1,134Cr 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

HSBC Mutual Fund is the Indian arm of HSBC Asset Management and has operated here since 2002. It roughly tripled in size by acquiring L&T Mutual Fund in 2022 and merging the two line-ups.

Launched

26 May 2002

Total AUM

₹1,56,995Cr+9.8% QoQ

Avg AUM · July - September 2026

Website

assetmanagement.hsbc.co.in/en

Fund Managers

MCMayank ChaturvediStart date not disclosed

Education

Chartered Accountant (ICAI) CFA Level 2 (Charlottsville, USA) B.Com (Ahmedabad University)

Experience

Around 5 years of experience HSBC Asset Management (India) Private Limited as Vice President - Equity (Since September 2023 onwards) Prior Assignments: • Equirus Securities – Equity Research Analyst from December 2019 to August 2023. Fund Manager Gautam Bhupal (Equity), Shriram Ramanathan & Mohd. Asif Rizwi (Fixed Income) and Mayank Chaturvedi (Foreign Securities) Neelotpal Sahai & Prakriti Banka (Equity), Praveen Ayathan (Arbitrage portion), Mahesh Chhabria & Mohd. Asif Rizwi (Fixed Income) and Mayank Chaturvedi (Overseas Investments) Mahesh Chhabria & Mohd. Asif Rizwi (Fixed Income), Cheenu Gupta & Abhishek Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Anish Goenka (Equity) and Mayank Chaturvedi (Foreign Securities) Abhishek Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Cheenu Gupta (Equity), Praveen Ayathan (Arbitrage) Mahesh Chhabria & Mohd. Asif Rizwi (Fixed Income) and Mayank Chaturvedi (Foreign Securities) Gautam Bhupal & Harsh Shah, (Equity) and Mayank Chaturvedi (Foreign Securities) Abhishek Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Neelotpal Sahai & Sonal Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Abhishek Gupta (Equity), Siddharth Vora (Equity) and Mayank Chaturvedi (Foreign Securities) Venugopal Manghat & Gautam Bhupal (Equity) and Mayank Chaturvedi (Foreign Securities) Cheenu Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Neelotpal Sahai (Equity) and Mayank Chaturvedi (Foreign Securities) Cheenu Gupta (Equity) and Mayank Chaturvedi (Foreign Securities) Gautam Bhupal PUBLIC Fund Manager Cheenu Gupta (Equity), Mahesh Chhabria & Mohd. Asif Rizwi (Fixed Income), Dipan Parikh (Gold / Silver ETFs) and Mayank Chaturvedi (Foreign Securities) Venugopal Manghat (Equity), Mahesh Chhabria (Fixed Income) and Mayank Chaturvedi (Foreign Securities) Venugopal Manghat and Mayank Chaturvedi (Foreign Securities) Gautam Bhupal (Equity) and Mayank Chaturvedi (Foreign Securities) Venugopal Manghat and Mayank Chaturvedi (Foreign Securities)

Funds managed (14)

All schemes Mayank Chaturvedi runs →

GBGautam BhupalStart date not disclosed

Role

Vice President & Fund Manager Equities

Education

PGDBM, CA, CS, B.Com (Hons)

Experience

Over 21 years of experience in Research and Fund Management. HSBC Asset Management (India) Private Limited President & Fund Manager, from October 2015 to February 2022 Vice President – Investment Management, from June 2015 to October 2016. Fund Manager for PMS Portfolios from July 2008 to June 2015 UTI Asset Management Company Equity Research Analyst from May 2004 to June 2008.

Funds managed (4)

All schemes Gautam Bhupal 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

Mayank Chaturvedi Gautam Bhupal

Top holdings

ICICI Bank Limited Mtar Technologies Limited HDFC Bank Limited InterGlobe Aviation Limited Reliance Industries Limited Hindustan Aeronautics Limited Bharat Electronics Limited RBL Bank Limited Larsen & Toubro Limited GE Vernova T&D India Limited ICICI Prudential AMC Ltd State Bank of India

HSBC 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.

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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 HSBC Business Cycles Fund?

As of 05 Oct 2026, the NAV of HSBC Business Cycles Fund is ₹47.59 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has HSBC Business Cycles Fund delivered?

HSBC Business Cycles Fund has returned +1.34% over 1 year, +15.69% per year over 3 years and +16.51% 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 HSBC Business Cycles Fund?

HSBC Business Cycles Fund charges an expense ratio of 1.14% 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 HSBC Business Cycles Fund?

HSBC Business Cycles Fund's largest holdings are ICICI Bank Limited (5.6%), Mtar Technologies Limited (3.4%), HDFC Bank Limited (2.9%), InterGlobe Aviation Limited (2.8%) and Reliance Industries Limited (2.7%). Holdings are disclosed monthly and change over time.

How risky is HSBC Business Cycles Fund?

HSBC Business Cycles Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 18.3% and its worst peak-to-trough fall in our sample was -23.4%. 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 0.50 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Business Cycles Fund's 0.50 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of HSBC Business Cycles Fund?

HSBC Business Cycles Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages HSBC Business Cycles Fund?

HSBC Business Cycles Fund is managed by Mayank Chaturvedi and Gautam Bhupal at HSBC.

How is HSBC Business Cycles Fund taxed?

HSBC Business Cycles 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.