EquitySectoral/ ThematicRegularGrowthVery High

Bandhan Business Cycle Fund

Q: What is the NAV of Bandhan Business Cycle Fund?

As of 05 Oct 2026, the NAV of Bandhan Business Cycle Fund is ₹9.39 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Bandhan Business Cycle Fund delivered?

Bandhan Business Cycle Fund has returned -6.04% over 1 year and -3.16% 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 Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund charges an expense ratio of 2.47% 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 Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund's largest holdings are Axis Bank Limited (5.3%), HDFC Bank Limited (4.6%), Reliance Industries Limited (4.4%), ICICI Bank Limited (4.3%) and One 97 Communications Limited (3.7%). Holdings are disclosed monthly and change over time.

Q: How risky is Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.3% and its worst peak-to-trough fall in our sample was -18.1%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of Bandhan Business Cycle Fund?

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

Q: Who manages Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund is managed by Vishal Biraia, Ritika Behera and Brijesh Shah at Bandhan.

Q: How is Bandhan Business Cycle Fund taxed?

Bandhan 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.

Bandhan Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹9.39

+0.94% 1D

as of 05 Oct 2026

This is the Regular plan of Bandhan 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

-6.72%absolute

52-week rangePrev NAV ₹9.30

Latest ₹9.39

Low ₹8.4848th percentile of its 52-week rangeHigh ₹10.35

Scorecard

★★☆☆☆2/5 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.

Performance—

Not enough Sectoral/ Thematic peers to rank yet

RiskModerate

Volatility 15.3% vs 15.6% category avg

CostAverage

2.5% expense vs 2.5% category avg

Consistency—

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 8.21pp

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.47%

Category 2.46%▲0.01%

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

19.05

Category —

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

—

Category 0.36

Scheme Info

Definitions

Plan

Regular · Growth

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

None

• If redeemed/switched out on/within 30 days from the date of allotment - Description 0.5% of applicable NAV; • If redeemed/switched out after 30 days from the date of allotment – Nil Particulars Details Fresh Purchase Rs. 1000/- and in multiples of Re. 1/- (including switches) thereafter SIP Rs. 100/- and in multiples of Re. 1 thereafter [Minimum 6 installments] SWP Rs. 200/- and any amount there

Up to 0.50%

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

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

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.

01 Oct 2024

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

Definitions

Absolute return over the last 1 month (not annualized)

-4.62%

Absolute return over the last 3 months (not annualized)

-4.93%

Absolute return over the last 6 months (not annualized)

+7.60%

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

-7.96%

Annualized returns (≥1Y — CAGR)

Definitions

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

-6.04%

3-year annualized return (CAGR)

—

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.

-3.16%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.28%

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

—

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

—

Largest peak-to-trough decline over full history

-18.07%

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

—

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

—

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

—

Excess return per unit of beta (market risk)

—

Active return over the benchmark per unit of tracking error

—

Annualized std dev of fund-minus-benchmark returns

—

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

—

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

—

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	-4.62%	-4.57%	-0.05%
3M abs	-4.93%	-2.61%	-2.32%
6M abs	+7.60%	+11.41%	-3.81%
1Y CAGR	-6.04%	+2.17%	-8.21%
3Y CAGR	—	+12.50%	—
5Y CAGR	—	+10.82%	—

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

-6.04%

Beats 20.6% · rank #182

3Y return

—

5Y return

—

Sharpe

—

Sortino

—

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

₹1.20L

Current value

₹1.16L

Absolute

-3.39%

XIRR

-7.28%

Value vs. invested

ValueInvested

12 monthly installments of ₹10,000 into Bandhan 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	-7.96%	-7.18%	-0.78%
2025	+4.64%	+7.94%	-3.30%
2024part	-2.65%	—	—

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.

History points

502

Expense ratio

2.47%

AUM

₹1,210Cr

Exit load

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

P/E ratio

19.1

P/B ratio

3.3

Avg market cap

₹3,77,262Cr

P/E & P/B are portfolio-weighted harmonic means across 72 of 84 equity holdings (90% 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


Bandhan Business Cycle FundThis fund Bandhan · Regular · Growth	★★☆☆☆ 1Y	-6.04%	—	—	—	2.47%	₹1,210Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · Growth	★★★★☆	+125.07%	+61.55%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · Growth	★★★★☆	+19.02%	+34.59%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · Growth	★★★★★	+24.17%	+28.28%	—	—	2.11%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · Growth	★★★☆☆	+31.28%	+23.90%	+8.86%	—	2.47%	₹720.84Cr
Nippon India Japan Equity Fund Nippon India · Regular · Growth	★★★☆☆	+28.99%	+22.97%	+10.76%	—	2.50%	₹330.20Cr

Market-cap allocation · AMFI bands, Jul 2026

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

Large cap58.7%
Mid cap19.7%
Small cap21.6%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity99.89%
Cash & Equivalents0.11%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Bandhan Balanced Advantage Fund Bandhan · Dynamic Asset Allocation or Balanced Advantage	62.4% of 70% equity	★★★☆☆	1.07%	+9.31%
Canara Robeco Large Cap Fund Canara Robeco · Large Cap Fund	47.2%	★★★★☆	0.63%	+9.16%
UTI - Equity Savings Fund UTI · Equity Savings	46.8% of 67% equity	★★★★☆	1.04%	+7.86%
Groww ELSS Tax Saver Fund Groww · ELSS	46.8%	★☆☆☆☆	1.52%	+7.98%
Kotak Large Cap Fund Kotak Mahindra · Large Cap Fund	46.8%	★★★★☆	0.76%	+9.26%
UTI Balanced Advantage Fund UTI · Dynamic Asset Allocation or Balanced Advantage	46.5% of 68% equity	★★☆☆☆	0.91%	+7.68%
360 ONE MSCI India ETF 360 One · Other ETFs	46.1%	—	—	—
PGIM India Large Cap Fund PGIM India · Large Cap Fund	46.1%	★☆☆☆☆	1.09%	+6.85%

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.

-18.1%29 Oct 2025 → 30 Mar 2026
Still below that high — 5 months down, and no recovery yet.
-16.4%11 Dec 2024 → 28 Feb 2025
Fell over 3 months, back to the old high on 16 Jul 2025 — 5 months under water after the low.
-6.4%15 Oct 2024 → 21 Nov 2024
Fell over 37 days, back to the old high on 04 Dec 2024 — 13 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

₹1,210Cr

April - June 2026

-7%

since January - March 2026

−₹28.73Cr

est. net flow, last quarter

Down +7% from its peak of ₹1,300Cr 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

Bandhan Mutual Fund is the former IDFC Mutual Fund, bought in 2022 by a consortium of Bandhan Financial Holdings, ChrysCapital and GIC and renamed the following year. It carries a long-established debt franchise alongside its equity and index schemes.

Launched

19 Dec 1999

Total AUM

₹2,04,046Cr+4.5% QoQ

Avg AUM · April - June 2026

Website

bandhanmutual.com

Fund Managers

VBVishal BiraiaStart date not disclosed

Role

Vice President Bachelor - Fund Management, Equities

Experience

Mr. Vishal Biraia joined Bandhan AMC Limited in June, 2023 in Fund Bandhan Management. He was earlier associated with Max Business Cycle Fund - Equity Life Insurance (June 2021 to May 2023) and Aviva Life Insurance (July 2018 – November 2021) as Research analyst and assistant fund manager. Prior to that, he was associated with Antique Stock Broking (January 2015 to July 2018) with primary responsibility of research and marketing Indian equities to FII’s and with Batlivala & Karani Securities (June 2007 to July 2014) as Research Analyst. (Total Experience -17 years.)

Funds managed (3)

All schemes Vishal Biraia runs →

RBRitika BeheraStart date not disclosed

Role

Vice President MBA -Equities

Education

(Finance), Bcom

Experience

Ms. Ritika Behera has joined Bandhan AMC Limited as Vice President – Equity Equities on August 10, 2023 in Equity Investments team. In her role she will be US Equity responsible for research and analysis. Prior to Bandhan AMC Limited, she was associated with Ocean Dial Asset Equity portion management from April 2021 to July 2023 as Analyst. Earlier to this, she was and all other schemes associated with Elara Securities Pvt having Limited from January 2017 to March 2021 and Batlivala & Karani Securities Pvt Ltd from August 2013 to January 2017. (Total experience – 14 years)

Funds managed (21)

All schemes Ritika Behera runs →

BSBrijesh ShahStart date not disclosed

Role

Senior Vice President – Fixed Income

Education

Post Graduate Diploma in Finance

Experience

Mr Shah is associated with Bandhan AMC since August 2015 as part of the Fixed Income Team and will now be handling investments and fixed income Bandhan US Treasury Bond 0-1 year – fund management. Prior experience: · IDBI Asset Management Ltd. – Dealing in Fixed income (Jan.2013 to Aug.2015) · India Bulls Asset Management Ltd. – Dealing in Fixed income (Jun.2011 to Dec.2012) · Mata Securities - Relationship Manager, Wholesale Debt Market (Jun.2010 to Jun.2011) · Twenty First Century - Relationship Manager, Wholesale Debt Market (Jan.2009 to May2010) (Total experience – 15 years)

Funds managed (43)

All schemes Brijesh Shah runs →

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

Fund managers

Vishal Biraia Ritika Behera Brijesh Shah

Top holdings

Axis Bank Limited HDFC Bank Limited Reliance Industries Limited ICICI Bank Limited One 97 Communications Limited Bajaj Finance Limited Bharti Airtel Limited Larsen & Toubro Limited NTPC Limited Infosys Limited Kotak Mahindra Bank Limited State Bank of India

Bandhan 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 Bandhan Business Cycle Fund?

As of 05 Oct 2026, the NAV of Bandhan Business Cycle Fund is ₹9.39 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Bandhan Business Cycle Fund delivered?

Bandhan Business Cycle Fund has returned -6.04% over 1 year and -3.16% 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 Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund charges an expense ratio of 2.47% 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 Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund's largest holdings are Axis Bank Limited (5.3%), HDFC Bank Limited (4.6%), Reliance Industries Limited (4.4%), ICICI Bank Limited (4.3%) and One 97 Communications Limited (3.7%). Holdings are disclosed monthly and change over time.

How risky is Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.3% and its worst peak-to-trough fall in our sample was -18.1%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of Bandhan Business Cycle Fund?

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

Who manages Bandhan Business Cycle Fund?

Bandhan Business Cycle Fund is managed by Vishal Biraia, Ritika Behera and Brijesh Shah at Bandhan.

How is Bandhan Business Cycle Fund taxed?

Bandhan 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.