Baroda BNP Paribas Business Cycle Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Baroda BNP Paribas Business Cycle Fund Direct Growth Plan is at ₹16.8887 as of 16 Sep 2026, with scheme AUM of ₹573 Cr. Its 1-year, 3-year and 5-year returns are 1.48%, 12% and 11.04% respectively, and the fund carries a High Risk label. Our view is that it has offered a mixed recent picture, with longer-term compounding looking steadier than the latest year, which makes it more relevant for investors who can stay patient through uneven cycles.

The fund’s business-cycle approach and diversified equity portfolio can work better for investors who are comfortable with volatility and want exposure beyond a narrow style bet. The current return profile is still behind a plain benchmark over the most recent year, but the 3-year and 5-year numbers suggest the strategy has been more effective over a longer holding period.

Quick facts

Particular	Details
NAV	₹16.8887 as of 16 Sep 2026
AUM	₹573 Cr
Expense Ratio	0.91%
Launch Date	15 Sep 2021
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 10% of units and 1% for remaining units on or beofre 1Y, Nil after 1Y
Fund Managers	Rohan Korde, Ankeet Pandya

The fund is managed by Rohan Korde and Ankeet Pandya.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.7%	-4.41%
3M	-0.19%	-3.6%
1Y	1.48%	-7.76%
3Y	12%	5.74%
5Y	11.04%	5.67%

The recent pattern is softer than the longer-term numbers. Over 1 month and 3 months, the fund was negative, but it still held up better than the benchmark in both windows, which suggests the portfolio has been more resilient than the index during a weak stretch.

At 1 year, the fund stayed in positive territory while the benchmark was negative, so the relative gap is meaningful even though the absolute gain is modest. That tells us the strategy has not been smooth in the short run, but it has still protected against a weaker benchmark phase.

The longer horizon is more supportive. The 3-year and 5-year returns both stand above the benchmark’s corresponding figures, which indicates that the business-cycle approach has created a clearer advantage over full market cycles than it has in the recent year. In our view, that uneven pattern is important: the fund has not delivered a straight-line experience, but it has shown better compounding than the benchmark over longer periods.

The time path also matters. The performance has moved through phases of weakness and recovery rather than a steady climb, which is consistent with a cyclically tilted equity strategy. For investors, that means the fund may need patience through lulls before the longer-term trend can be properly reflected.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Baroda BNP Paribas 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Baroda BNP Paribas Business Cycle Fund Direct Growth Plan	1.48%	12%	11.04%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year returns, the fund trails the strongest peer figures by a wide margin, even though its own result remains positive. The picture changes on longer horizons: the fund’s 3-year return is available and stronger than the only peer in this set with a comparable 3-year figure, while the 5-year figure is solid enough to look more balanced than the short-term comparison suggests.

That split tells us the fund is not competing well on near-term momentum, but its longer-run profile is less disappointing. For investors comparing only recent performance, the peer set looks much stronger; for investors who care more about cycle-based compounding, the fund’s 3-year and 5-year figures give a more credible case.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	5.7%
Hitachi Energy India Limited	Capital Goods	5.3%
Reliance Industries Limited	Crude Oil	4.94%
HDFC Bank Limited	Bank	4.23%
Larsen & Toubro Limited	Infrastructure	4.13%
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	3.92%
Sun Pharmaceutical Industries Limited	Healthcare	3.27%
Divi'S Laboratories Limited	Healthcare	2.97%
Bharat Heavy Electricals Limited	Capital Goods	2.78%
State Bank of India	Bank	2.41%

The top 10 holdings account for approximately 39.65% of the portfolio.

To see all holdings, visit the Baroda BNP Paribas Business Cycle Fund Direct Growth Plan page

ICICI Bank Limited is the largest disclosed holding at 5.7%, and it is followed fairly closely by Hitachi Energy India Limited at 5.3%. After that, the weights step down gradually, with the tenth holding at 2.41%, so the portfolio does not look dominated by a single position.

That said, the top slice still matters. With the first 10 holdings together accounting for 39.65% of the portfolio, the fund may see a meaningful influence from its largest names, even though the rest of the disclosed holdings create a longer tail beyond the top 10. The fact that 54 holdings are disclosed suggests a diversified spread, but the visible weights still point to a portfolio where a handful of positions could have greater influence on near-term movement.

In our view, the structure looks balanced rather than highly concentrated. The position sizes are large enough to matter individually, but the decline from the biggest name to the tenth also suggests the fund is not relying on just one or two holdings to drive outcomes.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors who can accept High Risk exposure and stay invested through periods when short-term returns are weak or uneven. The 1-year number is modest, but the 3-year and 5-year records are stronger, which makes patience more important than tactical timing.

It is better suited to a longer horizon rather than a short holding period, because the benchmark comparison and the return pattern both show that the strategy may need time to work through cycles. The main trade-off is that you may accept short-term volatility in exchange for a better chance of cycle-led compounding over multiple years.

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: Nil up to 10% of units and 1% for remaining units if sold on or before 1 year; nil after 1 year.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Baroda BNP Paribas Business Cycle Fund Direct Growth Plan?
Its current NAV is ₹16.8887 as of 16 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 1.48%, 12% and 11.04%.

How does it compare with the benchmark?
It has outperformed the benchmark over 1 year, 3 years and 5 years. Over 1 month and 3 months, it also held up better than the benchmark even though both were negative.

How does it compare with peer funds on available return data?
Its 1-year return is much lower than the strongest peer figures shown here, while its 3-year and 5-year profile is more balanced. The short-term peer picture is stronger than the fund’s own 1-year result, but the longer-term view is more mixed.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what kind of portfolio does it hold?
The fund is managed by Rohan Korde and Ankeet Pandya. Its largest disclosed holdings include ICICI Bank Limited, Hitachi Energy India Limited, Reliance Industries Limited and HDFC Bank Limited, which indicates a diversified equity mix rather than a narrow single-sector portfolio.

Bottom line

Baroda BNP Paribas Business Cycle Fund Direct Growth Plan shows a clear split between shorter-term and longer-term behaviour. The latest year has been muted, but the 3-year and 5-year figures are stronger and sit above the benchmark over the same periods. The fund carries High Risk and holds a fairly spread-out portfolio, with the top 10 names accounting for 39.65% across 54 disclosed holdings. That makes it a better fit for patient investors who can tolerate uneven phases while looking for cycle-led equity exposure.

Published on 17 September 2026 at 11:29 AM 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.