Axis Business Cycles Fund Direct Growth

Fund Overview

Fund Size

₹2,168 Cr

Expense Ratio

1.61%

ISIN

INF846K016N4

Minimum SIP

₹100

Exit Load

1.00%

Inception Date

22 Feb 2023

About this fund

Axis Business Cycles Fund Direct Growth is a Equity - Other mutual fund schemes offered by Axis Mutual Fund. This fund has been in existence for 3 years, 6 months and 24 days, having been launched on 22-Feb-23.
As of 11-Sep-26, it has a Net Asset Value (NAV) of ₹18.05, Assets Under Management (AUM) of 2168.39 Crores, and an expense ratio of 1.61%.

Axis Business Cycles Fund Direct Growth has given a CAGR return of 18.09% since inception.
The fund's asset allocation comprises around 95.79% in equities, 0.00% in debts, and 4.21% in cash & cash equivalents.
You can start investing in Axis Business Cycles Fund Direct Growth with a SIP of ₹100 or a Lumpsum investment of ₹100.

Performance against Category Average

In this section, we compare the returns of the scheme with the category average over various periods. Periods for which the fund has outperformed its category average are marked in green, otherwise red.

1 Year

+5.68%

— (Cat Avg.)

3 Years

+13.00%

— (Cat Avg.)

Since Inception

+18.09%

— (Cat Avg.)

Portfolio Summaryas of 31st August 2026

Equity	₹2,077.19 Cr	95.79%
Others	₹91.19 Cr	4.21%

Top Holdings

All Holdings

Equity

Debt & Others

Name	Type	Amount	Holdings
Larsen & Toubro Ltd	Equity	₹83.23 Cr	3.84%
ICICI Bank Ltd	Equity	₹80.57 Cr	3.72%
Axis Bank Ltd	Equity	₹77.88 Cr	3.59%
HDFC Bank Ltd	Equity	₹64.05 Cr	2.95%
Grasim Industries Ltd	Equity	₹59.94 Cr	2.76%
Kotak Mahindra Bank Ltd	Equity	₹53.68 Cr	2.48%
Clearing Corporation Of India Ltd	Cash - Repurchase Agreement	₹52.99 Cr	2.44%
Aether Industries Ltd	Equity	₹52.47 Cr	2.42%
Bharti Airtel Ltd	Equity	₹51.88 Cr	2.39%
IndusInd Bank Ltd	Equity	₹50.83 Cr	2.34%
Mahindra & Mahindra Ltd	Equity	₹49.21 Cr	2.27%
One97 Communications Ltd	Equity	₹47.7 Cr	2.20%
PTC Industries Ltd	Equity	₹45.16 Cr	2.08%
HCL Technologies Ltd	Equity	₹42.29 Cr	1.95%
Reliance Industries Ltd	Equity	₹40.53 Cr	1.87%
Eternal Ltd	Equity	₹35.88 Cr	1.65%
Jindal Steel Ltd	Equity	₹33.51 Cr	1.55%
Bajaj Finance Ltd	Equity	₹33.37 Cr	1.54%
Solar Industries India Ltd	Equity	₹31.52 Cr	1.45%
CreditAccess Grameen Ltd Ordinary Shares	Equity	₹31.45 Cr	1.45%
Mankind Pharma Ltd	Equity	₹30.44 Cr	1.40%
Sona BLW Precision Forgings Ltd	Equity	₹30.23 Cr	1.39%
Vishal Mega Mart Ltd	Equity	₹30.09 Cr	1.39%
Tata Motors Ltd	Equity	₹28.68 Cr	1.32%
Net Receivables / (Payables)	Cash	₹28.31 Cr	1.31%
Jyoti CNC Automation Ltd	Equity	₹28.04 Cr	1.29%
NTPC Ltd	Equity	₹27.96 Cr	1.29%
Bosch Ltd	Equity	₹27.51 Cr	1.27%
TD Power Systems Ltd	Equity	₹27.35 Cr	1.26%
Hyundai Motor India Ltd	Equity	₹26.35 Cr	1.22%
Asian Paints Ltd	Equity	₹24.75 Cr	1.14%
Endurance Technologies Ltd	Equity	₹23.2 Cr	1.07%
Titagarh Rail Systems Ltd	Equity	₹22.87 Cr	1.05%
Bajaj Finserv Ltd	Equity	₹22.58 Cr	1.04%
Hindustan Zinc Ltd	Equity	₹22.33 Cr	1.03%
Amber Enterprises India Ltd Ordinary Shares	Equity	₹22.23 Cr	1.02%
PNB Housing Finance Ltd	Equity	₹22.22 Cr	1.02%
Hindustan Copper Ltd	Equity	₹22.13 Cr	1.02%
Coforge Ltd	Equity	₹21.78 Cr	1.00%
Brigade Enterprises Ltd	Equity	₹21.72 Cr	1.00%
ABB India Ltd	Equity	₹21.65 Cr	1.00%
Canara Bank	Equity	₹21.16 Cr	0.98%
Delhivery Ltd	Equity	₹21.11 Cr	0.97%
Info Edge (India) Ltd	Equity	₹20.72 Cr	0.96%
Bharat Forge Ltd	Equity	₹20.48 Cr	0.94%
Ambuja Cements Ltd	Equity	₹20.21 Cr	0.93%
Vedanta Aluminium Metal Ltd	Equity	₹19.7 Cr	0.91%
RBL Bank Ltd	Equity	₹19.47 Cr	0.90%
Swiggy Ltd	Equity	₹19.12 Cr	0.88%
Pine Labs Ltd	Equity	₹18.81 Cr	0.87%
RHI Magnesita India Ltd	Equity	₹18.72 Cr	0.86%
Cummins India Ltd	Equity	₹18.45 Cr	0.85%
Gujarat Fluorochemicals Ltd Ordinary Shares	Equity	₹17.63 Cr	0.81%
Sapphire Foods India Ltd	Equity	₹17.5 Cr	0.81%
Max Healthcare Institute Ltd Ordinary Shares	Equity	₹17.37 Cr	0.80%
Jubilant Foodworks Ltd	Equity	₹16.98 Cr	0.78%
Jubilant Ingrevia Ltd Ordinary Shares	Equity	₹16.87 Cr	0.78%
HealthCare Global Enterprises Ltd	Equity	₹16.57 Cr	0.76%
Minda Corp Ltd	Equity	₹16.24 Cr	0.75%
Aarti Industries Ltd	Equity	₹15.86 Cr	0.73%
United Spirits Ltd	Equity	₹15.83 Cr	0.73%
Mphasis Ltd	Equity	₹15.56 Cr	0.72%
Chalet Hotels Ltd	Equity	₹14.92 Cr	0.69%
Hindustan Aeronautics Ltd Ordinary Shares	Equity	₹14.55 Cr	0.67%
City Union Bank Ltd	Equity	₹14.37 Cr	0.66%
Welspun Corp Ltd	Equity	₹13.6 Cr	0.63%
Page Industries Ltd	Equity	₹13.6 Cr	0.63%
Anthem Biosciences Ltd	Equity	₹13.58 Cr	0.63%
Hindustan Unilever Ltd	Equity	₹13.31 Cr	0.61%
Tube Investments of India Ltd Ordinary Shares	Equity	₹13.28 Cr	0.61%
PI Industries Ltd	Equity	₹13.24 Cr	0.61%
Oil & Natural Gas Corp Ltd	Equity	₹12.9 Cr	0.59%
Alkem Laboratories Ltd	Equity	₹12.88 Cr	0.59%
SPR Auto Technologies Ltd	Equity	₹12.7 Cr	0.59%
360 One Wam Ltd Ordinary Shares	Equity	₹12.51 Cr	0.58%
SJS Enterprises Ltd	Equity	₹11.04 Cr	0.51%
Tech Mahindra Ltd	Equity	₹10.44 Cr	0.48%
India (Republic of)	Bond - Short-term Government Bills	₹9.9 Cr	0.46%
SBI Life Insurance Co Ltd	Equity	₹8.04 Cr	0.37%
Aditya Birla Real Estate Ltd	Equity	₹7.92 Cr	0.37%
Jindal Stainless Ltd	Equity	₹6.14 Cr	0.28%
Dhoot Transmission Ltd	Equity	₹3.75 Cr	0.17%
Nifty 24200 Call September 2026 Option	Equity Index - Option (Call)	₹0.81 Cr	0.04%

Allocation By Market Cap (Equity)

Allocation By Credit Quality (Debt)

AAA

Other Allocation

Equity Sector

Debt & Others

Sector	Amount	Holdings
Financial Services	₹512.19 Cr	23.62%
Consumer Cyclical	₹399.22 Cr	18.41%
Basic Materials	₹369.9 Cr	17.06%
Industrials	₹334.89 Cr	15.44%
Technology	₹156.58 Cr	7.22%
Healthcare	₹90.83 Cr	4.19%
Communication Services	₹72.6 Cr	3.35%
Energy	₹53.43 Cr	2.46%
Real Estate	₹29.64 Cr	1.37%
Consumer Defensive	₹29.15 Cr	1.34%
Utilities	₹27.96 Cr	1.29%

Risk & Performance Ratios

Fund Managers

Ashish Naik

Since February 2023

Additional Scheme Detailsas of 31st August 2026

ISIN

INF846K016N4

Expense Ratio

1.61%

Exit Load

1.00%

Fund Size

₹2,168 Cr

Age

3 years 6 months

Lumpsum Minimum

₹100

Fund Status

Open Ended Investment Company

Benchmark

Nifty 500 TR INR

Investment Objective

To seek to generate long-term capital growth from an actively managed portfolio primarily of Equity and Equity Related Securities. Scheme shall invest in Indian equities,foreign equities and related instruments and debt securities.

Tax Treatment

Capital Gains Taxation:

Dividend Taxation:

Note: As per the Income Tax Budget 2024, mutual funds are subject to capital gains taxation, which includes surcharge and cess based on prevailing income tax rules and the investor’s income. Taxation applies only to realised gains, not notional gains. Please consult your tax advisors to determine the implications or consequences of your investments in such securities.

Similar Equity - Other Funds

Fund name	Expense Ratio	Exit Load	Fund size	1Y
Invesco India Nifty India Defence Index Fund Direct Growth Very High Risk	-	0.0%	-	-
Invesco India Nifty India Defence Index Fund Regular Growth Very High Risk	-	0.0%	-	-
Motilal Oswal Quality Fund Regular Growth Very High Risk	-	1.0%	-	-
Motilal Oswal Quality Fund Direct Growth Very High Risk	-	1.0%	-	-
JioBlackRock Sector Rotation Fund Regular Growth Very High Risk	-	0.0%	₹162.77 Cr	-
SageOne India Growth GIFT Fund Regular Growth Very High Risk	-	-	₹3.04 Cr	-2.4%
Motilal Oswal Nifty Metal ETF Very High Risk	-	-	-	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Direct Growth Very High Risk	-	1.0%	₹117.20 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Regular Growth Very High Risk	-	1.0%	₹117.20 Cr	-
Groww Nifty Cements ETF Very High Risk	-	-	-	-
Baroda BNP Paribas Services Fund Regular Growth Very High Risk	-	1.0%	-	-
Baroda BNP Paribas Services Fund Direct Growth Very High Risk	-	1.0%	-	-
HDFC Nifty Metal ETF Very High Risk	0.3%	-	₹122.49 Cr	-
DSP Nifty Midcap 150 Quality 50 ETF Very High Risk	0.5%	-	₹100.81 Cr	-3.4%
NJ Momentum Fund Direct Growth Very High Risk	0.7%	0.0%	-	-
NJ Momentum Fund Regular Growth Very High Risk	2.5%	0.0%	-	-
Groww Nifty Smallcap 250 Momentum Quality 100 ETF Very High Risk	0.6%	-	₹6.80 Cr	-
360 ONE MSCI India ETF Very High Risk	1.7%	-	₹6.71 Cr	-
Motilal Oswal BSE Select IPO ETF Very High Risk	0.7%	-	₹6.38 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF Very High Risk	0.8%	-	₹130.94 Cr	-
Aditya Birla Sun Life MSCI India ETF Very High Risk	0.2%	-	₹11.21 Cr	-
ITI Business Cycle Fund Regular Growth Very High Risk	3.5%	0.0%	₹116.38 Cr	-
ITI Business Cycle Fund Direct Growth Very High Risk	1.8%	0.0%	₹116.38 Cr	-
Mirae Asset BSE India Defence ETF Very High Risk	0.3%	-	₹147.11 Cr	-
Kotak Services Fund Regular Growth Very High Risk	2.4%	0.0%	₹756.53 Cr	-
Kotak Services Fund Direct Growth Very High Risk	1.0%	0.0%	₹756.53 Cr	-
SBI Quality Fund Direct Growth Very High Risk	1.3%	1.0%	₹2658.53 Cr	-
Mirae Asset BSE India Defence ETF FOF Direct Growth Very High Risk	0.4%	0.0%	₹102.82 Cr	-
Mirae Asset BSE India Defence ETF FOF Regular Growth Very High Risk	0.9%	0.0%	₹102.82 Cr	-
SBI Quality Fund Regular Growth Very High Risk	2.4%	1.0%	₹2658.53 Cr	-
Motilal Oswal Nifty MNC ETF Very High Risk	0.6%	-	₹2.48 Cr	-
JioBlackRock Sector Rotation Fund Direct Growth Very High Risk	0.9%	0.0%	₹162.77 Cr	-
Groww Nifty PSE ETF FOF Regular Growth Very High Risk	0.5%	0.0%	₹11.80 Cr	-
Groww Nifty PSE ETF FOF Direct Growth Very High Risk	0.2%	0.0%	₹11.80 Cr	-
Groww Nifty PSE ETF Very High Risk	0.5%	-	₹17.37 Cr	-
Mahindra Manulife Innovation Opportunities Fund Direct Growth Very High Risk	0.9%	0.0%	₹236.43 Cr	-
Mahindra Manulife Innovation Opportunities Fund Regular Growth Very High Risk	2.5%	0.0%	₹236.43 Cr	-
Groww Nifty Chemicals ETF Very High Risk	0.5%	-	₹11.92 Cr	-
Motilal Oswal Nifty Services Sector ETF Very High Risk	0.6%	-	₹6.28 Cr	-
Groww Nifty Metal ETF Very High Risk	0.5%	-	₹41.90 Cr	-
DSP MSCI INDIA ETF Very High Risk	0.4%	-	₹2.76 Cr	-
Kotak Rural Opportunities Fund Regular Growth Very High Risk	2.4%	0.0%	₹758.11 Cr	-
Kotak Rural Opportunities Fund Direct Growth Very High Risk	0.8%	0.0%	₹758.11 Cr	-
ANGEL ONE NIFTY TOTAL MARKET MOMENTUM QUALITY 50 ETF Very High Risk	1.6%	-	₹15.66 Cr	-
Kotak Nifty Chemicals ETF Very High Risk	0.3%	-	₹114.09 Cr	-
ICICI Prudential Conglomerate Fund Regular Growth Moderately High risk	2.4%	1.0%	₹817.05 Cr	-
ICICI Prudential Conglomerate Fund Direct Growth Moderately High risk	1.3%	1.0%	₹817.05 Cr	-
DSP Nifty500 Flexicap Quality 30 ETF Very High Risk	0.9%	-	₹14.82 Cr	-
Kotak Nifty 200 Momentum 30 ETF Very High Risk	0.3%	-	₹35.93 Cr	-
The Wealth Company Ethical Fund Direct Growth Very High Risk	0.6%	0.0%	₹39.97 Cr	-

About the AMC

Axis Mutual Fund

+91 22 43255161

https://www.axismf.com/

Total AUM

₹3,86,396 Cr

Address

Axis House, 1st Floor, C-2, Wadia International Centre, Mumbai, 400 025

Other Funds by Axis Mutual Fund

Fund name	Expense Ratio	Exit Load	Fund size	1Y
Axis Nifty500 Low Volatility 50 Index Fund Direct Growth Very High Risk	-	0.0%	-	-
Axis Nifty Energy Index Fund Direct Growth Very High Risk	-	0.0%	-	-
Axis Nifty50 Equal Weight Index Fund Direct Growth Very High Risk	0.2%	0.0%	₹98.21 Cr	-
Axis Nifty Capital Markets Index Fund Direct Growth Very High Risk	1.7%	0.0%	₹125.01 Cr	-
Axis Nifty India Defence Index Fund Direct Growth Very High Risk	1.1%	0.0%	₹345.69 Cr	-
Axis Fixed Maturity Plan Series 130 92 Days Direct Growth Low to Moderate Risk	-	0.0%	-	-
Axis Fixed Maturity Plan Series 129 108 Days Direct Growth Low to Moderate Risk	-	0.0%	-	-
Axis BSE India Sector Leaders Index Fund Direct Growth Very High Risk	0.3%	0.0%	₹30.29 Cr	-
Axis Gold and Silver Passive FoF Direct Growth Very High Risk	0.1%	0.0%	₹576.01 Cr	-
Axis Multi-Asset Active FoF Direct Growth Very High Risk	0.2%	1.0%	₹1390.78 Cr	-
Axis Income Plus Arbitrage Passive Fund of Funds Direct Growth Low to Moderate Risk	0.1%	0.0%	₹108.49 Cr	-
Axis CRISIL-IBX Financial Services 3-6 Months Debt Index Fund Direct Growth Low to Moderate Risk	0.1%	0.0%	₹308.32 Cr	-
Axis Nifty500 Quality 50 Index Fund Direct Growth Very High Risk	0.4%	0.0%	₹80.43 Cr	-0.1%
Axis Services Opportunities Fund Direct Growth Very High Risk	0.8%	1.0%	₹1487.49 Cr	-1.2%
Axis Nifty AAA Bond Financial Services - Mar 2028 Index Fund Direct Growth Moderate Risk	-	0.0%	-	-
Axis Nifty500 Momentum 50 Index Fund Direct Growth Very High Risk	1.0%	0.0%	₹179.41 Cr	6.5%
Axis CRISIL IBX AAA Bond NBFC HFC Jun 2027 Index Fund Direct Growth Low to Moderate Risk	0.9%	0.0%	₹7.66 Cr	6.3%
Axis Momentum Fund Direct Growth Very High Risk	3.0%	1.0%	₹919.14 Cr	0.8%
Axis CRISIL-IBX AAA Bond Financial Services - Sep 2027 Index Fund Direct Growth Low to Moderate Risk	0.9%	0.0%	₹5.35 Cr	6.1%
Axis Nifty500 Value 50 Index Fund Direct Growth Very High Risk	0.5%	0.0%	₹235.57 Cr	12.8%
Axis CRISIL IBX AAA NBFC Index Jun 2027 Fund Direct Growth Low to Moderate Risk	0.2%	0.0%	₹2255.15 Cr	6.6%
Axis Consumption Fund Direct Growth Very High Risk	0.8%	1.0%	₹2615.78 Cr	-6.9%
Axis Nifty 500 Index Fund Direct Growth Very High Risk	0.2%	0.0%	₹322.09 Cr	-0.4%
Axis Nifty Bank Index Fund Direct Growth Very High Risk	0.3%	0.0%	₹184.23 Cr	3.9%
Axis CRISIL IBX SDL June 2034 Debt Index Fund Direct Growth Moderate Risk	0.2%	0.0%	₹8.30 Cr	4.3%
Axis S&P BSE Sensex Index Fund Direct Growth Very High Risk	0.3%	0.0%	₹54.02 Cr	-7.3%
Axis Fixed Term Plan Series 120 (91 Days) Direct Growth Moderate Risk	-	0.0%	-	-
Axis Fixed Term Plan Series 119 71 Days Direct Growth Low to Moderate Risk	-	-	-	-
Axis US Treasury Dynamic Bond ETF Fund of Fund Direct Growth Very High Risk	0.1%	0.0%	₹38.77 Cr	5.7%
Axis India Manufacturing Fund Direct Growth Very High Risk	0.9%	1.0%	₹5795.54 Cr	16.8%
Axis Fixed Term Plan Series 118 100 Days Direct Growth Moderate Risk	-	0.0%	-	-
Axis Fixed Term Plan Series 113 1228 Days Direct Growth Low to Moderate Risk	-	0.0%	₹92.41 Cr	6.2%
Axis Fixed Term Plan Series 110 1553 Days Direct Growth Moderate Risk	-	0.0%	-	-
Axis Fixed Term Plan Series 105 1128 Days Direct Growth Moderate Risk	-	0.0%	-	-
Axis Fixed Term Plan Series 112 1143 Days Direct Growth Low Risk	-	0.0%	₹76.51 Cr	6.0%
Axis Nifty SDL September 2026 Debt Index Fund Direct Growth Low Risk	0.2%	0.0%	₹65.58 Cr	5.7%
Axis Banking & PSU Debt Fund Direct Growth Moderate Risk	0.4%	0.0%	₹12003.89 Cr	5.3%
Axis Global Equity Alpha Fund of Fund Direct Growth Very High Risk	1.6%	1.0%	₹2534.97 Cr	19.4%
Axis Nifty Smallcap 50 Index Fund Direct Growth Very High Risk	0.3%	0.0%	₹783.48 Cr	15.8%
Axis Flexi Cap Fund Direct Growth Very High Risk	0.9%	0.0%	₹13942.88 Cr	6.3%
Axis Money Market Fund Direct Growth Moderate Risk	0.2%	0.0%	₹22282.82 Cr	6.7%
Axis Equity Hybrid Fund Direct Growth High Risk	1.2%	1.0%	₹1471.33 Cr	1.8%
Axis Special Situations Fund Direct Growth Very High Risk	1.4%	1.0%	₹1362.59 Cr	16.4%
Axis Corporate Debt Fund Direct Growth Moderate Risk	0.4%	0.0%	₹8001.92 Cr	5.7%
Axis ESG Equity Fund Direct Growth Very High Risk	1.7%	1.0%	₹1073.15 Cr	-1.8%
Axis Arbitrage Fund Direct Growth Low Risk	1.4%	0.0%	₹10594.14 Cr	6.7%
Axis Greater China Equity Fund of Fund Direct Growth Very High Risk	1.4%	1.0%	₹4061.57 Cr	24.5%
Axis Value Fund Direct Growth Very High Risk	1.0%	1.0%	₹1879.94 Cr	9.7%
Axis All Seasons Debt Fund of Funds Direct Growth Moderate Risk	0.1%	0.0%	₹2210.85 Cr	6.0%
Axis Quant Fund Direct Growth Very High Risk	3.0%	1.0%	₹827.21 Cr	2.3%

Risk Level

Your principal amount will be at Very High Risk

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What is the current NAV of Axis Business Cycles Fund Direct Growth?

The NAV of Axis Business Cycles Fund Direct Growth, as of 11-Sep-2026, is ₹18.05.

What are the returns of Axis Business Cycles Fund Direct Growth?

The fund has generated 5.68% over the last 1 year and 13.00% over the last 3 years. However, this does not guarantee that the fund will perform similarly in the future.

What is the portfolio composition of Axis Business Cycles Fund Direct Growth?

The fund's allocation of assets is distributed as 95.79% in equities, 0.00% in bonds, and 4.21% in cash and cash equivalents.

Who manages the Axis Business Cycles Fund Direct Growth?

The fund managers responsible for Axis Business Cycles Fund Direct Growth are:-

Ashish Naik

Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of the future performance of the schemes. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme.

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Axis Business Cycles Fund Direct Growth

Fund Overview