Invesco India Business Cycle Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Invesco India Business Cycle Fund Direct Growth Plan has a NAV of ₹14.32 as of 15 September 2026 and scheme AUM of ₹1,381 Cr. Its 1-year, 3-year and 5-year returns are 11.35%, 0% and 0% respectively, and the fund is in the High Risk category.
Our view is that this is a high-risk equity fund with a differentiated, cycle-led portfolio, but its short history means the longer return record is still building. The recent 1-year number is positive, yet the benchmark has been weaker over the same period, so investors should read the fund as a concentrated thematic-style equity option rather than a steady core holding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹14.32 as of 15 Sep 2026 |
| AUM | ₹1,381 Cr |
| Expense Ratio | 0.69% |
| Launch Date | 27 Feb 2025 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 3M, Nil after 3M |
| Fund Managers | Aditya Khemani |
The fund is managed by Aditya Khemani.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -2.19% | -4.81% |
| 3M | 2.14% | -3.63% |
| 1Y | 11.35% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The last month was weak for the fund, but it still held up better than the benchmark. That is important because the benchmark itself was also negative, so the fund’s smaller decline suggests some resilience even in a soft market.
The 3-month return is positive, which points to a recovery phase after a choppy stretch. Over 1 year, the fund has stayed ahead of the benchmark by a wide margin, so the recent run is meaningfully better than the index even though the path has not been smooth.
We would treat the missing 3-year and 5-year figures as a reminder that this is a recently launched scheme. That means the fund does not yet offer a long full-cycle record, so the current story is more about how it has behaved since launch than about how it has compounded through several market regimes.
Compared with the benchmark, the fund has shown a stronger near-term profile across 1 month, 3 months and 1 year. The index has remained negative across those same windows, so the gap is not just a matter of outperformance in a rising market; it also reflects relative defence in a weaker phase.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Invesco India Business Cycle?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Invesco India Business Cycle? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Invesco India Business Cycle Fund Direct Growth Plan | 11.35% | Data not available | Data not available |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.16% | 37.12% | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 27.47% | Data not available | Data not available |
| SBI Automotive Opportunities Fund Direct Growth Plan | 27.05% | Data not available | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 26.51% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 25.46% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On a 1-year view, the fund trails several of the peer funds listed here, especially the stronger sector-focused and momentum-driven options. That does not make the recent 11.35% return weak in absolute terms, but it does show that the fund has not matched the most aggressive peer outcomes over the same horizon.
Because the peer set has limited 3-year and 5-year availability, the comparison is uneven. The one peer with a 3-year figure is far ahead, while the rest do not yet provide those longer numbers, so the available data suggest the fund is still early in its own return history relative to the peer group.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Kotak Mahindra Bank Ltd | Bank | 5.66% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 5.44% |
| Sai Life Sciences Limited | Domestic Equities | 5.00% |
| Larsen & Toubro Limited | Infrastructure | 4.74% |
| Aditya Infotech Limited | Domestic Equities | 4.64% |
| DLF Limited | Realty | 4.54% |
| Interglobe Aviation Limited | Aviation | 4.41% |
| Prestige Estates Projects Limited | Realty | 3.93% |
| Apollo Hospitals Enterprise Limited | Healthcare | 3.88% |
| Eternal Limited | Retailing | 3.59% |
The top 10 holdings account for approximately 45.83% of the portfolio.
To see all holdings, visit the Invesco India Business Cycle Fund Direct Growth Plan page
The largest position, Kotak Mahindra Bank Ltd, is 5.66%, so no single holding dominates the portfolio by itself. The tenth holding is 3.59%, which shows that the visible positions are fairly close together rather than extremely top-heavy.
At the same time, the top 10 disclosed positions together make up 45.83% of the portfolio, while 33 holdings are disclosed in total. That combination suggests a spread-out portfolio with a meaningful tail beyond the largest names, even though the fund still keeps several individual positions large enough to matter.
Because the weights step down gradually from the first holding to the tenth, the fund may have multiple positions that could influence outcomes instead of relying on one or two oversized bets. That can make the portfolio more balanced within a high-risk framework, but it also means stock selection across several themes matters.
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who can handle High Risk exposure and who are comfortable with a portfolio that may behave differently from the Nifty 50. The recent 1-year return is positive, but the short launch history means there is no long compounding record yet, so patience matters.
It is better suited to a medium-to-long investment horizon, where a cycle-aware strategy has time to play out across different market phases. The main trade-off is that the fund offers a differentiated equity style with some evidence of resilience versus the benchmark, but it also comes with a shorter track record and the possibility of sharper swings than a broad-market fund.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: 0.50% if units are sold on or before 3 months; nil after 3 months.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Invesco India Business Cycle Fund Direct Growth Plan?
The current NAV is ₹14.32 as of 15 September 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 11.35%, while the 3-year and 5-year returns are not available yet.
How has the fund done versus Nifty 50?
It has done better than Nifty 50 over 1 month, 3 months and 1 year. The benchmark is negative across those same periods, while the fund is positive over 3 months and 1 year.
How does it compare with the listed peer funds on 1-year return?
Its 1-year return of 11.35% is below the peer funds listed here that have available 1-year figures, including 25.46%, 26.51%, 27.05%, 27.47% and 69.16%.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
Aditya Khemani manages the fund. The exit load is 0.50% if units are sold on or before 3 months, and nil after 3 months.
Bottom line
This is a high-risk equity fund that has shown a better recent profile than its benchmark, especially over 1 month, 3 months and 1 year. The peer comparison is more mixed because several listed peers have much stronger 1-year numbers, while longer-duration peer data are limited. The portfolio is spread across 33 disclosed holdings, with no single position dominating, which may reduce dependence on one name but still leaves the fund exposed to cycle-sensitive equity bets.
Published on 16 September 2026 at 12:49 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.