Union Business Cycle Fund
This is the Regular plan of Union 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.
Performance
Scorecard
★★★☆☆3/5 vs 229 of 255 Sectoral/ Thematic peers1Y- 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). Based on a 1-year record — this fund is too young for a 3-year CAGR, so its performance is ranked on 1Y against the same peers. 229 of the 255 Sectoral/ Thematic funds in this cohort carry the full record the stars need, so they are the ones ranked against.
Not enough Sectoral/ Thematic peers to rank yet
Volatility 15.4% vs 15.6% category avg
3.1% expense vs 2.5% category avg
Not enough history for a rolling 3Y view
Strengths & concerns
Generated from this fund's own numbers against its sub-category — each point names the figure behind it.
Strengths
No standout strengths identified.
Concerns
- Trails the Sectoral/ Thematic average on 3M/6M/1Y — 1Y by 1.55pp
- High expense ratio (3.06%) vs the Sectoral/ Thematic average of 2.46%
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (Sectoral/ Thematic)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -5.06% | -5.14% | +0.08% |
| 3M abs | -4.34% | -2.34% | -2.00% |
| 6M abs | +10.08% | +10.81% | -0.73% |
| 1Y CAGR | +0.72% | +2.27% | -1.55% |
| 3Y CAGR | — | +12.15% | — |
| 5Y CAGR | — | +11.03% | — |
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
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
12 monthly installments of ₹10,000 into Union 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 | -1.06% | -7.18% | +6.12% | |
| 2025 | +1.43% | +7.94% | -6.51% | |
| 2024part | +12.32% | — | — |
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.
Taxation
Taxed as equityThis 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.
Flat, on the whole gain
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity95.73%
- Cash & Equivalents4.16%
- Debt0.11%
Fund size over time
Quarterly average AUM · AMFIAt or near its largest, ₹511.53Cr in January - March 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
Union Mutual Fund is sponsored by Union Bank of India, and was branded Union KBC until its Belgian joint-venture partner exited. It runs a small equity, hybrid and debt line-up.
Fund Managers
HPHarshad PatwardhanManaging since 01 Nov 2024
Chief Investment Officer
B. Tech (IITB), PGDM (IIML), CFA (CFA Institute)
Over 31 years of experience in the field of research and portfolio management in Indian equities. From August 02, 2023 with Union Asset Management Company Pvt. Ltd as Chief Investment Officer. January 2022 to July 2023 with Girik Wealth Advisors as Chief Investment Officer. November 2016 to December 2021 with Edelweiss Asset Management Limited as Chief Investment Officer - Equities. June 2006 to November 2016 J P Morgan Asset Management India Private Limited as Chief Investment Officer - Equities.
PDPratik DharmshiManaging since 09 Dec 2024
Chartered Accountant, B. Com
Industry experience: Over 14 years of experience in the field Union of Equity Research and Fund Management. Appointed as Fund Manager - Equity at Union Asset Management Company Private Limited with effect from December 06, 2024. March 2023 to December 2024 with UTI Pension Fund Limited as Equity Fund Manager. August 2022 to March 2023 with Safe Enterprises as Equity Analyst. April 2022 to August 2022 with Girik Capital as Equity Analyst. August 2017 to April 2019 with Edelweiss Asset Management Company Limited as Equity Analyst and from April 2019 to February 2022 with Edelweiss Asset Management Company Limited as Equity Fund Manager. December 2013 to August 2017 with JP Morgan Private Limited as Equity Analyst. January 2011 to December 2013 with Crisil Limited as Equity Analyst. April 2010 to August 2010 with Morgan Stanley Advantage Private Limited as Equity Analyst.
Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and 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
Union 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.
Union Mutual Fund Says: When It Comes to Investing, Don’t Just Take a ‘Tukka’
IMPACT Magazine · 4d ago
‘Tukka Nahi ,Tareeka Chahiye’ now has a tune: Union Mutual Fund adds a jingle to its investor awareness campaign
Adgully.com · 4d ago
‘Tukka Nahi, Tareeka Chahiye’ now has a tune: Union Mutual Fund adds a jingle to its investor awareness campaign
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Union Short Term Fund(Ex)-IDCW Daily
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Union Short Term Fund(Ex)-IDCW Daily
The Economic Times · 24d ago
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 Union Business Cycle Fund?
As of 01 Oct 2026, the NAV of Union Business Cycle Fund is ₹11.25 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has Union Business Cycle Fund delivered?
Union Business Cycle Fund has returned +0.72% over 1 year and +4.80% 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 Union Business Cycle Fund?
Union Business Cycle Fund charges an expense ratio of 3.06% 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 Union Business Cycle Fund?
Union Business Cycle Fund's largest holdings are ICICI Bank Ltd. (6.4%), Larsen & Toubro Ltd. (4.2%), One 97 Communications Ltd. (3.3%), Axis Bank Ltd. (3.0%) and Shriram Finance Ltd. (2.8%). Holdings are disclosed monthly and change over time.
How risky is Union Business Cycle Fund?
Union Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.4% and its worst peak-to-trough fall in our sample was -20.4%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What is the benchmark of Union Business Cycle Fund?
Union Business Cycle Fund is benchmarked against the • As per AMFI Tier I benchmark @@@ Nifty 500 Index (TRI). Its alpha and beta on this page are measured against that index.
Who manages Union Business Cycle Fund?
Union Business Cycle Fund is managed by Harshad Patwardhan and Pratik Dharmshi at Union.
How is Union Business Cycle Fund taxed?
Union 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.