EquitySectoral/ ThematicRegularGrowthVery High

ITI Business Cycle Fund

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

As of 05 Oct 2026, the NAV of ITI Business Cycle Fund is ₹10.35 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has ITI Business Cycle Fund delivered?

ITI Business Cycle Fund has returned +3.75% 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 ITI Business Cycle Fund?

ITI Business Cycle Fund charges an expense ratio of 3.39% 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 ITI Business Cycle Fund?

ITI Business Cycle Fund's largest holdings are ICICI Bank Limited (3.7%), HDFC Bank Limited (2.9%), Bajaj Finance Limited (2.5%), Reliance Industries Limited (2.1%) and State Bank of India (1.9%). Holdings are disclosed monthly and change over time.

Q: How risky is ITI Business Cycle Fund?

ITI Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 11.8% and its worst peak-to-trough fall in our sample was -5.8%. 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 ITI Business Cycle Fund?

ITI Business Cycle Fund is benchmarked against the Nifty 500 Total Return Index. Its alpha and beta on this page are measured against that index.

Q: Who manages ITI Business Cycle Fund?

ITI Business Cycle Fund is managed by Rajesh Bhatia, Alok Ranjan and Nilay Dalal at ITI.

Q: How is ITI Business Cycle Fund taxed?

ITI 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.

ITI Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹10.35

+0.16% 1D

as of 05 Oct 2026

This is the Regular plan of ITI 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

+3.75%absolute

52-week rangePrev NAV ₹10.34

Latest ₹10.35

Low ₹9.6254th percentile of its 52-week rangeHigh ₹10.97

Scorecard

Not rated

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. Not rated — this fund has no full year of NAV history yet. A rating needs at least a 1-year return to rank its performance against peers.

Performance—

Not enough Sectoral/ Thematic peers to rank yet

RiskLow

Volatility 11.8% vs 15.6% category avg

CostHigh

3.4% 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

Less volatile than its Sectoral/ Thematic peers (11.8% vs 15.6%)

Concerns

High expense ratio (3.39%) vs the Sectoral/ Thematic average of 2.46%

Key Metrics

Annual fee charged by the fund, already deducted from NAV

3.39%

Category 2.46%▲0.93%

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

27.16

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

0.50% if redeemed or switched out on or before completion of 3 months from the date of allotment of units ; Nil, if redeemed or switched out after completion of 3 months from the date of allotment of units.

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

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹5,000

Nifty 500 Total Return Index

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.

12 Mar 2026

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

Definitions

Absolute return over the last 1 month (not annualized)

-3.00%

Absolute return over the last 3 months (not annualized)

-1.06%

Absolute return over the last 6 months (not annualized)

+6.93%

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

+3.75%

Annualized returns (≥1Y — CAGR)

Definitions

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

—

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.

+3.75%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

11.80%

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

-5.76%

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	-3.00%	-4.58%	+1.58%
3M abs	-1.06%	-2.62%	+1.56%
6M abs	+6.93%	+11.41%	-4.48%
1Y CAGR	—	+2.14%	—
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.

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

₹60.00K

Current value

₹59.55K

Absolute

-0.75%

XIRR

-3.53%

Value vs. invested

ValueInvested

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

History points

140

Expense ratio

3.39%

AUM

₹105.43Cr

Portfolio turnover

103%

Exit load

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

P/E ratio

27.2

P/B ratio

5.0

Avg market cap

₹2,27,988Cr

P/E & P/B are portfolio-weighted harmonic means across 66 of 75 equity holdings (86% 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


ITI Business Cycle FundThis fund ITI · Regular · Growth	—	—	—	—	—	3.39%	₹105.43Cr
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 cap42.1%
Mid cap33.5%
Small cap24.4%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity97.08%
Cash & Equivalents2.92%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
ITI Balanced Advantage Fund ITI · Dynamic Asset Allocation or Balanced Advantage	64.1% of 74% equity	★★☆☆☆	1.59%	+8.61%
ITI Value Fund ITI · Value Fund	52.9%	★★★☆☆	1.34%	+11.46%
Mahindra Manulife Large & Mid Cap Fund Mahindra Manulife · Large & Mid Cap Fund	38.0%	★★★☆☆	0.83%	+11.01%
Edelweiss Multi Cap Fund Edelweiss · Multi Cap Fund	38.0%	★★☆☆☆	0.71%	—
PGIM India Multi Asset Allocation Fund PGIM India · Multi Asset Allocation	35.5% of 67% equity	—	0.85%	—
Mahindra Manulife Balanced Advantage Fund Mahindra Manulife · Dynamic Asset Allocation or Balanced Advantage	35.4% of 70% equity	★★★★☆	0.83%	+10.49%
Edelweiss Aggressive Hybrid Fund Edelweiss · Aggressive Hybrid Fund	35.2% of 77% equity	★★★★★	0.70%	+12.31%
Union Flexi Cap Fund Union · Flexi Cap Fund	35.1%	★★☆☆☆	1.50%	+10.39%

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)

2 holdings — 3.20% 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.

ESDS Software Solution LimitedLong-term · Stage I1.72%
Turtlemint Fintech Solutions LimitedShort-term · Stage I1.48%

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.

-5.8%23 Sep 2026 → 01 Oct 2026
Still below that high — 8 days down, and no recovery yet.

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

₹105.43Cr

April - June 2026

+330%

since January - March 2026

At or near its largest, ₹105.43Cr 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.

AMC Profile

ITI Mutual Fund is run by ITI Asset Management, part of the Investment Trust of India group. It launched its first schemes in 2019 and runs a mix of equity, hybrid and debt funds.

Launched

13 May 2018

Total AUM

₹11,302Cr+4.4% QoQ

Avg AUM · April - June 2026

Website

itiamc.com

Fund Managers

RBRajesh BhatiaStart date not disclosed

Education

CFA, AIMR, Associate Cost Management Accounting, B.Com

Experience

Mr. Bhatia joined ITI Asset Management Limited (ITI AMC) in December 2022 and Balanced Advantage Fund. has over 33 years of work experience in Further, he also act as a capital market. Past Experience: Prior to joining ITI AMC, he was Managing Director and CIO of ITI Long Short Equity Fund from June 2017 to December 2022. He was also associated with SIMTO Investments as CIO from September 2013 to June 2017.

Funds managed (11)

All schemes Rajesh Bhatia runs →

ARAlok RanjanStart date not disclosed

Role

Co- Head Equity Manager

Education

B.Sc. (Hons.) Physics, MBA (Finance)

Experience

Mr. Alok joined ITI AMC in November 2024 and has over 25 years of work experience in fund management, portfolio management and equity research. Past experience:- Prior to joining ITI AMC, he was associated with ITI Alternate Funds Management Ltd as CEO from January 2024 to October 2024. Prior to ITI Alternate Funds Management Ltd he was associated with ITI AMC from September 2023 to December 2023 as Senior Fund Manager. Prior to ITI AMC he was associated with IDBI Asset Management Company Limited as CIO - Equity from August 2021 to September 2023 and his primary responsibility included fund management activities. Prior to that, he was associated with Shriram Asset Management Company Limited as Senior Fund Manager from July 2020 to January 2021. Prior to that he was associated with Way2Wealth Brokers Pvt. Ltd. as a Research Portfolio Manager from August 2007 to July 2020.

Funds managed (3)

All schemes Alok Ranjan runs →

NDNilay DalalStart date not disclosed

Role

Equity Fund

Education

MBA (Finance)

Experience

Mr. Nilay Dalal joined ITI Asset Management Limited in April 2023 and has over 13 years of work experience in financial markets. Past Experience : December 2019 – April 2023 with Axis Asset Management Company as Equity Research Analyst. May 2011 – December 2019 with SBI Life Insurance as Equity Research Analyst

Funds managed (2)

All schemes Nilay Dalal 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

Rajesh Bhatia Alok Ranjan Nilay Dalal

Top holdings

ICICI Bank Limited HDFC Bank Limited Bajaj Finance Limited Reliance Industries Limited State Bank of India Bajaj Auto Limited Titan Company Limited Shriram Finance Limited ESDS Software Solution Ltd Divi's Laboratories Limited Grasim Industries Limited Laurus Labs Limited

ITI 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 ITI Business Cycle Fund?

As of 05 Oct 2026, the NAV of ITI Business Cycle Fund is ₹10.35 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has ITI Business Cycle Fund delivered?

ITI Business Cycle Fund has returned +3.75% 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 ITI Business Cycle Fund?

ITI Business Cycle Fund charges an expense ratio of 3.39% 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 ITI Business Cycle Fund?

ITI Business Cycle Fund's largest holdings are ICICI Bank Limited (3.7%), HDFC Bank Limited (2.9%), Bajaj Finance Limited (2.5%), Reliance Industries Limited (2.1%) and State Bank of India (1.9%). Holdings are disclosed monthly and change over time.

How risky is ITI Business Cycle Fund?

ITI Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 11.8% and its worst peak-to-trough fall in our sample was -5.8%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of ITI Business Cycle Fund?

ITI Business Cycle Fund is benchmarked against the Nifty 500 Total Return Index. Its alpha and beta on this page are measured against that index.

Who manages ITI Business Cycle Fund?

ITI Business Cycle Fund is managed by Rajesh Bhatia, Alok Ranjan and Nilay Dalal at ITI.

How is ITI Business Cycle Fund taxed?

ITI 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.