MonitorDirect · GrowthWatch before adding
HSBC Business Cycles Fund
HSBC Mutual FundEquity Schemes - Thematic Fund3.9 years
The scheme seeks to generate long term capital appreciation from a portfolio of equity and equity related securities including equity derivatives in the Indian market with focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
- NAV
- 46.0999
- 29 Oct 2026
- 1Y
- -3.4%
- Trailing CAGR
- Upside capture
- +130%
- Vs NIFTY 500 TRI
- Downside capture
- +111%
- 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 29 Oct 2026
Stance
Watch before adding
Recent evidence is mixed. Compare peers before increasing exposure.
In three lines
Fits if · The fund beat the category median in 77% of rolling 3-year windows.
Fits if · Risk-adjusted return sits above the documented risk-free proxy.
Prefer peers if · Prefer Mahindra Manulife 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
1.15% TER (Direct). Lower cost compounds on long SIPs.
Drawdown vs peers
Pass
Peak-to-trough -23.4%. Ask whether you can hold through a similar fall.
Vs category
Pass
77% of rolling 3Y windows beat the category median, same plan and option.
Manager tenure
Watch
Mayank Chaturvedi · 1.1 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 ≈ 29.7% 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 23%. 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-3.4%
- 3Y+15.5%
- 5Yn/a
- 10Yn/a
- SI+15.3%
SIP XIRR
Equal monthly instalments to latest NAV
- 1Y+0.8%
- 3Y+4.6%
- 5Yn/a
- 10Yn/a
- Since inception
- +15.3%
- Calendar-day CAGR
- Excess 1Y
- +1.1%
- Category median, same plan and option
- 3Y win rate
- +77%
- Windows beating the median
- 3Y percentile
- 55
- Vs comparable share classes
- SIP 3Y XIRR
- +4.6%
- Simulated monthly SIP
- Worst rolling 3Y
- +13.9%
- 227 daily-ending windows
- Median rolling 3Y
- +18.1%
- 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 30 Oct 2026.
- 1Y excess
- +4.2%
- Fund minus TRI
- 3Y excess
- +5.1%
- Fund minus TRI
- Upside capture
- +130%
- Benchmark-up months
- Downside capture
- +111%
- Lower is better
Drawdown
Peak to trough from a running NAV high, with the path and recovery episodes.
- Max drawdown
- -23.4%
- Worst peak-to-trough
- Current
- -7.5%
- Below last peak
- Current spell
- 64 days
- Days below latest peak
- Time below peak
- +86%
- NAV observations
Drawdown
Path not in current snapshots
n/a
- Average recovery
- 17 days
- 51 recovered episodes
- Longest recovery
- 541 days
- Trough to prior peak
11 Dec 2024 – 26 Aug 2026
Trough 3 Mar 2025 · recovered in 541 days
-23.4%
26 Aug 2026 – open
Trough 23 Oct 2026 · not recovered
-11.1%
15 Oct 2024 – 6 Dec 2024
Trough 13 Nov 2024 · recovered in 23 days
-9.1%
3 Jun 2024 – 12 Jun 2024
Trough 4 Jun 2024 · recovered in 8 days
-8.7%
Dimensions
0–100 reads of named metrics. The mean is unweighted and only uses dimensions with data.
Returns
55
Vs category
57
Consistency
71
Risk-adjusted
55
Drawdown
42
Mean
56
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
- Long-term category-relative performance remains stronger than the most recent rolling 1-year windows, which have deteriorated across multiple periods.
Supporting reads
- The fund beat the category median in 77% of rolling 3-year windows.
- Risk-adjusted return sits above the documented risk-free proxy.
Portfolio
30 Sept 2026 · 71 holdings · top 10 are 29.7%.
- Top 5
- 18.2%
- Top 10
- 29.7%
- Largest holding
- 5.3%
- Effective holdings
- 52.1
ICICI Bank Ltd
Financial
5.3%
MTAR Technologies Ltd
Industrials
3.9%
Interglobe Aviation Ltd
Industrials
3.4%
HDFC Bank Ltd
Financial
3.0%
Reliance Industries Ltd
Energy & Utilities
2.6%
What changed
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
29 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
28 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
27 Oct 2026
DECISION
Status moved from HEALTHY to MONITOR.
27 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
23 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
22 Oct 2026
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.
22 Sept 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
21 Sept 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
18 Sept 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
17 Sept 2026
Worth investigating
Same-category peers with enough history to inspect beside this fund - including tradeoffs.
Mahindra Manulife Business Cycle Fund
Mahindra Manulife Mutual Fund
- 1Y
- -3.8%
- 3Y
- +16.3%
- Vol
- 15.7%
- Max DD
- -21.4%
- Sharpe
- 0.58
- 3Y win
- +100%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Lower TER
- Higher trailing returns
360 ONE QUANT FUND
360 ONE Mutual Fund
- 1Y
- -8.9%
- 3Y
- +13.5%
- Vol
- 16.6%
- Max DD
- -22.4%
- Sharpe
- 0.56
- 3Y win
- +91%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Lower TER
Caveat: Lower trailing returns
Mahindra Manulife Manufacturing Fund
Mahindra Manulife Mutual Fund
- 1Y
- +2.1%
- 3Y
- n/a
- Vol
- 15.0%
- Max DD
- -23.2%
- Sharpe
- -0.19
- 3Y win
- n/a
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
Caveat: Higher TER · Lower trailing returns
Nippon India Active Momentum Fund
Nippon India Mutual Fund
- 1Y
- +1.6%
- 3Y
- n/a
- Vol
- 15.2%
- Max DD
- -12.6%
- Sharpe
- 0.53
- 3Y win
- n/a
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
Caveat: Higher TER · Lower trailing returns
WhiteOak Capital Special Opportunities Fund
WhiteOak Capital Mutual Fund
- 1Y
- +7.2%
- 3Y
- n/a
- Vol
- 14.7%
- Max DD
- -17.0%
- Sharpe
- 0.67
- 3Y win
- n/a
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
Caveat: Higher TER · Lower trailing returns