MonitorDirect · GrowthWatch before adding
HDFC Business Cycle Fund
HDFC Mutual FundEquity Scheme - Sectoral/ Thematic3.9 years
The scheme seeks to provide long-term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles.
- NAV
- 15.095
- 28 Oct 2026
- 1Y
- -3.8%
- Trailing CAGR
- Upside capture
- +98%
- Vs NIFTY 500 TRI
- Downside capture
- +86%
- Lower is better
Buying brief
Should you add this fund?
Evidence on this desk, framed as a purchase checklist - not SEBI-registered advice.
As of 28 Oct 2026
Stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
In three lines
Prefer peers if · Prefer Kotak Business Cycle Fund if you want a same-category peer with stronger evidence.
Buy checklist
History depth
Watch
3.9 years - usable, still building a track record.
Engine status
Watch
Recent evidence is mixed. Compare peers before increasing exposure.
Expense ratio
Pass
1.16% TER (Direct). Lower cost compounds on long SIPs.
Drawdown vs peers
Pass
Peak-to-trough -18.0%. Ask whether you can hold through a similar fall.
Vs category
Fail
0% of rolling 3Y windows beat the category median, same plan and option.
Manager tenure
Pass
Dhruv Muchhal · 3.4 years on the scheme.
Exit load
n/a
No exit-load summary on file.
Tax / wrapper
Pass
Direct Growth, no ELSS lock flagged. Equity LTCG rules still apply after one year - not tax advice.
Portfolio concentration
Pass
Top 10 holdings ≈ 47.3% of the portfolio.
Browse category
Same-category peers are preloaded into compare when available.
Before you buy or SIP
Behaviour and wrappers - the usual India MF failure modes - not a buy instruction.
Drawdown rehearsal
This scheme’s worst fall on file is about 18%. Before you SIP, ask whether you would keep contributing through a similar drop - pausing on fear is the usual India MF failure mode.
SIP discipline
Monitor is recent mixed evidence - keep the SIP unless the buying brief says prefer peers, then swap with intent.
NAV
Path not in current snapshots
n/a
Returns
Trailing CAGR and simulated monthly SIP XIRR from daily NAV. Category comparison uses the median of comparable share classes in the peer set.
Trailing CAGR
Point-to-point, calendar-day annualized
- 1Y-3.8%
- 3Y+10.6%
- 5Yn/a
- 10Yn/a
- SI+11.1%
SIP XIRR
Equal monthly instalments to latest NAV
- 1Y+0.9%
- 3Y+3.6%
- 5Yn/a
- 10Yn/a
- Since inception
- +11.1%
- Calendar-day CAGR
- Excess 1Y
- -1.0%
- Category median, same plan and option
- 3Y win rate
- +0%
- Windows beating the median
- 3Y percentile
- 43
- Vs comparable share classes
- SIP 3Y XIRR
- +3.6%
- Simulated monthly SIP
- Worst rolling 3Y
- +9.3%
- 225 daily-ending windows
- Median rolling 3Y
- +12.9%
- Calendar-day CAGR
- Positive rolling 5Y
- n/a
- 0 daily-ending windows
Official benchmark
Date-aligned against NIFTY 500 TRI. Capture ratios use common month-end observations through 28 Oct 2026.
- 1Y excess
- +4.2%
- Fund minus TRI
- 3Y excess
- +0.6%
- Fund minus TRI
- Upside capture
- +98%
- Benchmark-up months
- Downside capture
- +86%
- Lower is better
Drawdown
Peak to trough from a running NAV high, with the path and recovery episodes.
- Max drawdown
- -18.0%
- Worst peak-to-trough
- Current
- -7.1%
- Below last peak
- Current spell
- 62 days
- Days below latest peak
- Time below peak
- +86%
- NAV observations
Drawdown
Path not in current snapshots
n/a
- Average recovery
- 7 days
- 51 recovered episodes
- Longest recovery
- 133 days
- Trough to prior peak
23 Sept 2024 – 3 Aug 2026
Trough 23 Mar 2026 · recovered in 133 days
-18.0%
27 Aug 2026 – open
Trough 23 Oct 2026 · not recovered
-9.6%
3 Jun 2024 – 11 Jun 2024
Trough 4 Jun 2024 · recovered in 7 days
-6.2%
14 Dec 2022 – 28 Apr 2023
Trough 15 Mar 2023 · recovered in 44 days
-6.2%
Dimensions
0–100 reads of named metrics. The mean is unweighted and only uses dimensions with data.
Returns
43
Vs category
44
Consistency
9
Risk-adjusted
47
Drawdown
55
Mean
40
Decision
Quantitative engine reasons behind the buying stance. An explanation can only restate what is already here.
Monitor
Buying stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
Why this status
No status reasons yet. History is still thin.
Supporting reads
No supporting reads in the current evidence set.
Portfolio
30 Sept 2026 · 64 holdings · top 10 are 47.3%.
- Top 5
- 31.6%
- Top 10
- 47.3%
- Largest holding
- 10.9%
- Effective holdings
- 28.3
Repo
Unspecified
10.9%
Bharti Airtel Ltd
Technology
5.7%
Kotak Mahindra Bank Ltd
Financial
5.3%
ICICI Bank Ltd
Financial
5.2%
Titan Company Ltd
Consumer Discretionary
4.5%
What changed
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
21 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
19 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
8 Sept 2026
Worth investigating
Same-category peers with enough history to inspect beside this fund - including tradeoffs.
Kotak Business Cycle Fund
Kotak Mahindra Mutual Fund
- 1Y
- +0.6%
- 3Y
- +15.9%
- Vol
- 12.7%
- Max DD
- -18.4%
- Sharpe
- 0.71
- 3Y win
- +98%
- Lower volatility
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Deeper drawdown
Aditya Birla Sun Life Business Cycle Fund
Aditya Birla Sun Life Mutual Fund
- 1Y
- -0.4%
- 3Y
- +12.7%
- Vol
- 13.9%
- Max DD
- -17.8%
- Sharpe
- 0.37
- 3Y win
- +13%
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher volatility · Higher TER
ICICI PRUDENTIAL HOUSING OPPORTUNITIES FUND
ICICI Prudential Mutual Fund
- 1Y
- -9.2%
- 3Y
- +10.4%
- Vol
- 12.6%
- Max DD
- -16.7%
- Sharpe
- 0.54
- 3Y win
- +66%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
Caveat: Higher TER · Lower trailing returns
Motilal Oswal Active Momentum Fund
Motilal Oswal Mutual Fund
- 1Y
- +14.2%
- 3Y
- n/a
- Vol
- 17.2%
- Max DD
- -16.6%
- Sharpe
- 0.97
- 3Y win
- n/a
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher volatility · Higher TER
Franklin India Technology Fund
Franklin Templeton Mutual Fund
- 1Y
- -9.1%
- 3Y
- +11.3%
- Vol
- 16.7%
- Max DD
- -30.7%
- Sharpe
- 0.69
- 3Y win
- +59%
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Higher volatility · Deeper drawdown