ICICI Pru Business Cycle Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
ICICI Pru Business Cycle Fund Direct Growth Plan currently has a NAV of ₹25.14 as of 15 Sep 2026 and an AUM of ₹15,873 Cr. Its 1-year, 3-year and 5-year returns are -4.37%, 13.34% and 14.97% respectively, and the fund sits in the High Risk bucket. Our view is that this is better suited to investors who can accept sharp swings and are comfortable with a business-cycle style equity strategy rather than a steady, low-variation path.
The recent numbers are uneven, but the longer-term profile still shows meaningful compounding. The portfolio is spread across banks, infrastructure, auto, real estate, telecom and even an overseas ETF exposure, so the fund may behave differently from a plain benchmark-heavy equity allocation.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹25.14 as of 15 Sep 2026 |
| AUM | ₹15,873 Cr |
| Expense Ratio | 0.76% |
| Launch Date | 18 Jan 2021 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 1M, Nil after 1M |
| Fund Managers | Manish Banthia, Manan Tijoriwala, Divya Jain |
The fund is managed by Manish Banthia, Manan Tijoriwala and Divya Jain.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -5.81% | -4.81% |
| 3M | -4.56% | -3.63% |
| 1Y | -4.37% | -8.27% |
| 3Y | 13.34% | 5.59% |
| 5Y | 14.97% | 5.58% |
The recent stretch has been weak, especially over 1 month and 3 months, where the fund remained below zero and trailed the benchmark’s already soft showing. That tells us the fund has faced a difficult short-term environment, and the near-term movement has not been smooth.
The 1-year figure is still negative, but it is less weak than the benchmark, so the fund has held up better than the index over that horizon. That matters because it suggests the fund has not simply mirrored the benchmark’s downturn; it has preserved some relative resilience even while absolute returns stayed negative.
The longer record looks more constructive. The 3-year and 5-year returns are both comfortably positive and well ahead of the benchmark returns over the same periods. Our view is that this points to a style that can recover over time, but not in a straight line; investors need to tolerate periods where the fund may look choppy before the longer compounding trend becomes visible.
Viewed together, the pattern is mixed rather than uniform. The recent weakness is real, but the 3-year and 5-year outcomes indicate that the strategy has been able to compound meaningfully over fuller cycles.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD ICICI Pru 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 ICICI Pru Business Cycle? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| ICICI Pru Business Cycle Fund Direct Growth Plan | -4.37% | 13.34% | 14.97% |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.8% | 36.32% | 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 |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 25.31% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 23.52% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the near term, the fund’s 1-year return is negative while several peers in the table show sharply positive 1-year outcomes, so the recent picture is softer than theirs. The longer horizon is more balanced: the fund’s 3-year return stands above the one peer with a 3-year figure, while its 5-year return is also positive and consistent with a multi-cycle compounding story. In other words, the short-term comparison looks weaker, but the longer-term pattern is more constructive.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| HDFC Bank Ltd. | Bank | 8.98% |
| ICICI Bank Ltd. | Bank | 7.67% |
| TREPS | Cash & Cash Equivalents and Net Assets | 7.07% |
| Reliance Industries Ltd. | Crude Oil | 5.36% |
| Larsen & Toubro Ltd. | Infrastructure | 4.92% |
| Maruti Suzuki India Ltd. | Automobile & Ancillaries | 4.2% |
| Kotak Mahindra Bank Ltd. | Bank | 3.86% |
| DLF Ltd. | Realty | 3.12% |
| Xtrackers Harvest Csi 300 China A-Shares ETF | Overseas Mutual Fund Units | 2.9% |
| Bharti Airtel Ltd. | Telecom | 2.88% |
The top 10 holdings account for approximately 50.96% of the portfolio.
To see all holdings, visit the ICICI Pru Business Cycle Fund Direct Growth Plan page
The largest position, HDFC Bank Ltd., is 8.98%, which is large enough to matter but not so large that a single stock dominates the visible book. The gap from the first holding to the tenth holding is noticeable, yet not extreme, and that suggests the portfolio still keeps several positions in play rather than relying on only one or two names.
The top 10 holdings together account for about half the portfolio, while 42 holdings are disclosed in total. That mix suggests a fund that is moderately concentrated at the top but still diversified across a wider tail of positions, so individual holdings may have meaningful influence without making the strategy entirely dependent on a narrow set of stocks.
We also note that the visible list includes banks, infrastructure, auto, real estate, telecom and an overseas ETF. That broad spread may help the fund express its business-cycle approach across different parts of the market rather than staying locked into one narrow theme.
Source data date: as of 15 Sep 2026
Who should invest
This fund is better aligned with investors who can tolerate High Risk volatility and stay invested through weaker phases. The 1-year return is negative, while the 3-year and 5-year numbers are positive, so the fund seems to work better for a patient horizon than for short holding periods.
It may suit an investor who is comfortable with a benchmark-linked equity fund that can look uneven in the short run but still build returns over a full cycle. The main trade-off is clear: you may accept rough near-term patches in exchange for the possibility of stronger multi-year compounding. The portfolio’s spread across banks, industrials, autos, real estate and telecom also suggests that outcomes may be driven by changing cycle conditions rather than a single stable theme.
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: 1% if units are sold within 1 month; no exit load after that.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of ICICI Pru Business Cycle Fund Direct Growth Plan?
Its NAV is ₹25.14 as of 15 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s returns are -4.37% for 1 year, 13.34% for 3 years and 14.97% for 5 years.
How does the fund compare with the benchmark?
It has done better than Nifty 50 over 1 year, 3 years and 5 years, while the near-term 1-month and 3-month figures remain weak.
How does it compare with the listed peer funds?
The fund’s 1-year return is weaker than several peers in the table, but its 3-year return is stronger than the peer with a 3-year figure available and its 5-year return remains positive.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is its exit load?
The fund is managed by Manish Banthia, Manan Tijoriwala and Divya Jain. The exit load is 1% if units are sold within 1 month, and nil after that.
Bottom line
ICICI Pru Business Cycle Fund Direct Growth Plan shows a clear split between near-term weakness and longer-term recovery. Its recent return pattern is softer, but the 3-year and 5-year numbers remain constructive and ahead of the benchmark. The fund carries High Risk and keeps a fairly broad spread across banks, industrials, autos, real estate, telecom and an overseas ETF. That combination makes it more suitable for investors who can stay patient through cycle-driven volatility and are looking for multi-year equity exposure rather than short-term consistency.
Published on 16 September 2026 at 5:57 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.