HSBC Business Cycles Fund Direct Growth

Fund Overview

Fund Size

₹1,179 Cr

Expense Ratio

1.12%

ISIN

INF917K01RI2

Minimum SIP

₹1,000

Exit Load

1.00%

Inception Date

20 Aug 2014

About this fund

HSBC Business Cycles Fund Direct Growth is a Equity - Other mutual fund schemes offered by HSBC Mutual Fund. This fund has been in existence for 12 years, 2 months and 13 days, having been launched on 20-Aug-14.
As of 30-Oct-26, it has a Net Asset Value (NAV) of ₹45.39, Assets Under Management (AUM) of 1178.73 Crores, and an expense ratio of 1.12%.

HSBC Business Cycles Fund Direct Growth has given a CAGR return of 13.21% since inception.
The fund's asset allocation comprises around 98.17% in equities, 0.00% in debts, and 1.83% in cash & cash equivalents.
You can start investing in HSBC Business Cycles Fund Direct Growth with a SIP of ₹1000 or a Lumpsum investment of ₹5000.

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

-4.83%

— (Cat Avg.)

3 Years

+14.78%

— (Cat Avg.)

5 Years

+13.12%

— (Cat Avg.)

10 Years

+12.64%

— (Cat Avg.)

Since Inception

+13.21%

— (Cat Avg.)

Portfolio Summaryas of 30th September 2026

Equity	₹1,157.12 Cr	98.17%
Others	₹21.62 Cr	1.83%

Top Holdings

All Holdings

Equity

Debt & Others

Name	Type	Amount	Holdings
ICICI Bank Ltd	Equity	₹62.78 Cr	5.33%
MTAR Technologies Ltd	Equity	₹45.92 Cr	3.90%
InterGlobe Aviation Ltd	Equity	₹39.87 Cr	3.38%
HDFC Bank Ltd	Equity	₹34.98 Cr	2.97%
Reliance Industries Ltd	Equity	₹30.47 Cr	2.59%
Hindustan Aeronautics Ltd Ordinary Shares	Equity	₹29.78 Cr	2.53%
RBL Bank Ltd	Equity	₹28.64 Cr	2.43%
ICICI Prudential Asset Management Co Ltd	Equity	₹26.69 Cr	2.26%
Bharat Electronics Ltd	Equity	₹26.18 Cr	2.22%
Larsen & Toubro Ltd	Equity	₹25 Cr	2.12%
GE Vernova T&D India Ltd	Equity	₹24.79 Cr	2.10%
Treps	Cash - Repurchase Agreement	₹23.62 Cr	2.00%
Kotak Mahindra Bank Ltd	Equity	₹23 Cr	1.95%
State Bank of India	Equity	₹21.95 Cr	1.86%
APL Apollo Tubes Ltd	Equity	₹21.9 Cr	1.86%
PNB Housing Finance Ltd	Equity	₹21.8 Cr	1.85%
Multi Commodity Exchange of India Ltd	Equity	₹21.78 Cr	1.85%
Electronics Mart India Ltd	Equity	₹21.6 Cr	1.83%
UltraTech Cement Ltd	Equity	₹21.47 Cr	1.82%
Eternal Ltd	Equity	₹20.56 Cr	1.74%
TVS Motor Co Ltd	Equity	₹20.53 Cr	1.74%
Paradeep Phosphates Ltd	Equity	₹20.07 Cr	1.70%
Motilal Oswal Financial Services Ltd	Equity	₹19.88 Cr	1.69%
Jyoti CNC Automation Ltd	Equity	₹19.26 Cr	1.63%
Dhoot Transmission Ltd	Equity	₹17.12 Cr	1.45%
Sterlite Technologies Ltd	Equity	₹16.69 Cr	1.42%
Swiggy Ltd	Equity	₹15.94 Cr	1.35%
Piramal Finance Ltd	Equity	₹15.33 Cr	1.30%
ABB India Ltd	Equity	₹15.31 Cr	1.30%
Ahluwalia Contracts (India) Ltd	Equity	₹15.12 Cr	1.28%
R R Kabel Ltd	Equity	₹15.11 Cr	1.28%
Time Technoplast Ltd	Equity	₹15.03 Cr	1.27%
Indo Count Industries Ltd	Equity	₹14.42 Cr	1.22%
Canara Robeco Asset Management Co Ltd	Equity	₹14.22 Cr	1.21%
Prudent Corporate Advisory Services Ltd	Equity	₹14.08 Cr	1.19%
Pine Labs Ltd	Equity	₹13.99 Cr	1.19%
Gujarat Fluorochemicals Ltd Ordinary Shares	Equity	₹13.92 Cr	1.18%
Meesho Ltd	Equity	₹13.67 Cr	1.16%
Shadowfax Technologies Ltd	Equity	₹13.56 Cr	1.15%
FSN E-Commerce Ventures Ltd	Equity	₹13.44 Cr	1.14%
Amber Enterprises India Ltd Ordinary Shares	Equity	₹13.35 Cr	1.13%
Titan Co Ltd	Equity	₹13.3 Cr	1.13%
Blue Star Ltd	Equity	₹13.3 Cr	1.13%
Power Mech Projects Ltd	Equity	₹13.23 Cr	1.12%
Titagarh Rail Systems Ltd	Equity	₹13.16 Cr	1.12%
Billionbrains Garage Ventures Ltd	Equity	₹13.02 Cr	1.10%
Nippon Life India Asset Management Ltd Ordinary Shares	Equity	₹12.84 Cr	1.09%
PB Fintech Ltd	Equity	₹12.68 Cr	1.08%
Gokaldas Exports Ltd	Equity	₹12.14 Cr	1.03%
Mold-tek Packaging Ltd	Equity	₹12.07 Cr	1.02%
Maruti Suzuki India Ltd	Equity	₹11.97 Cr	1.02%
PTC Industries Ltd	Equity	₹11.1 Cr	0.94%
Home First Finance Co India Ltd	Equity	₹10.97 Cr	0.93%
Wakefit Innovations Ltd	Equity	₹10.58 Cr	0.90%
Tata Motors Ltd	Equity	₹10.54 Cr	0.89%
Sobha Ltd	Equity	₹10.04 Cr	0.85%
Lenskart Solutions Ltd	Equity	₹9.47 Cr	0.80%
Optiemus Infracom Ltd	Equity	₹8.96 Cr	0.76%
Cholamandalam Investment and Finance Co Ltd	Equity	₹8.59 Cr	0.73%
Devyani International Ltd	Equity	₹8.46 Cr	0.72%
Diamond Power Infrastructure Ltd	Equity	₹8 Cr	0.68%
Pitti Engineering Ltd	Equity	₹6.76 Cr	0.57%
Aditya Infotech Ltd	Equity	₹6.54 Cr	0.55%
JSW Steel Ltd	Equity	₹6.27 Cr	0.53%
Apar Industries Ltd	Equity	₹5.98 Cr	0.51%
Indian Hume Pipe Co Ltd	Equity	₹5.81 Cr	0.49%
HDFC Asset Management Co Ltd	Equity	₹5.7 Cr	0.48%
Amara Raja Energy & Mobility Ltd	Equity	₹4.53 Cr	0.38%
Ganesha Ecosphere Ltd	Equity	₹4.49 Cr	0.38%
Bharat Bijlee Ltd	Equity	₹3.73 Cr	0.32%
Awfis Space Solutions Ltd	Equity	₹3.66 Cr	0.31%
Net Current Assets (Including Cash & Bank Balances)	Cash	₹-2 Cr	0.17%

Allocation By Market Cap (Equity)

Other Allocation

Equity Sector

Debt & Others

Sector	Amount	Holdings
Financial Services	₹368.93 Cr	31.30%
Industrials	₹365.72 Cr	31.03%
Consumer Cyclical	₹249.21 Cr	21.14%
Basic Materials	₹83.63 Cr	7.10%
Technology	₹39.64 Cr	3.36%
Energy	₹30.47 Cr	2.58%
Real Estate	₹10.04 Cr	0.85%
Healthcare	₹9.47 Cr	0.80%

Risk & Performance Ratios

Fund Managers

Gautam Bhupal

Since June 2023

Mayank Chaturvedi

Since October 2025

Additional Scheme Detailsas of 30th September 2026

ISIN

INF917K01RI2

Expense Ratio

1.12%

Exit Load

1.00%

Fund Size

₹1,179 Cr

Age

12 years 2 months

Lumpsum Minimum

₹5,000

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
SBI BSE India Defence ETF Very High Risk	-	-	-	-
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	2.5%	1.0%	₹40.13 Cr	-
Motilal Oswal Quality Fund Direct Growth Very High Risk	2.3%	1.0%	₹40.13 Cr	-
JioBlackRock Sector Rotation Fund Regular Growth Very High Risk	2.0%	0.0%	₹161.33 Cr	-
SageOne India Growth GIFT Fund Regular Growth Very High Risk	-	-	₹2.92 Cr	-1.5%
Motilal Oswal Nifty Metal ETF Very High Risk	7.9%	-	₹1.60 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Direct Growth Very High Risk	0.4%	1.0%	₹116.66 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Regular Growth Very High Risk	0.9%	1.0%	₹116.66 Cr	-
Groww Nifty Cements ETF Very High Risk	1.5%	-	₹9.04 Cr	-
Baroda BNP Paribas Services Fund Regular Growth Very High Risk	2.1%	1.0%	₹573.29 Cr	-
Baroda BNP Paribas Services Fund Direct Growth Very High Risk	0.5%	1.0%	₹573.29 Cr	-
HDFC Nifty Metal ETF Very High Risk	0.5%	-	₹119.73 Cr	-
DSP Nifty Midcap 150 Quality 50 ETF Very High Risk	0.4%	-	₹93.01 Cr	-8.2%
NJ Momentum Fund Direct Growth Very High Risk	2.6%	0.0%	₹365.10 Cr	-
NJ Momentum Fund Regular Growth Very High Risk	4.4%	0.0%	₹365.10 Cr	-
Groww Nifty Smallcap 250 Momentum Quality 100 ETF Very High Risk	1.5%	-	₹7.51 Cr	-
360 ONE MSCI India ETF Very High Risk	1.0%	-	₹6.48 Cr	-
Motilal Oswal BSE Select IPO ETF Very High Risk	0.6%	-	₹6.01 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF Very High Risk	0.4%	-	₹128.71 Cr	-
Aditya Birla Sun Life MSCI India ETF Very High Risk	0.2%	-	₹10.51 Cr	-
ITI Business Cycle Fund Regular Growth Very High Risk	3.4%	0.0%	₹116.61 Cr	-
ITI Business Cycle Fund Direct Growth Very High Risk	1.7%	0.0%	₹116.61 Cr	-
Mirae Asset BSE India Defence ETF Very High Risk	0.7%	-	₹183.08 Cr	-
Kotak Services Fund Regular Growth Very High Risk	2.6%	0.0%	₹710.88 Cr	-
Kotak Services Fund Direct Growth Very High Risk	1.3%	0.0%	₹710.88 Cr	-
SBI Quality Fund Direct Growth Very High Risk	1.3%	1.0%	₹2577.70 Cr	-
Mirae Asset BSE India Defence ETF FOF Direct Growth Very High Risk	0.2%	0.0%	₹130.19 Cr	-
Mirae Asset BSE India Defence ETF FOF Regular Growth Very High Risk	0.8%	0.0%	₹130.19 Cr	-
SBI Quality Fund Regular Growth Very High Risk	2.4%	1.0%	₹2577.70 Cr	-
Motilal Oswal Nifty MNC ETF Very High Risk	0.6%	-	₹2.27 Cr	-
JioBlackRock Sector Rotation Fund Direct Growth Very High Risk	0.8%	0.0%	₹161.33 Cr	-
Groww Nifty PSE ETF FOF Regular Growth Very High Risk	0.5%	0.0%	₹11.82 Cr	-
Groww Nifty PSE ETF FOF Direct Growth Very High Risk	0.2%	0.0%	₹11.82 Cr	-
Groww Nifty PSE ETF Very High Risk	0.5%	-	₹17.45 Cr	-
Mahindra Manulife Innovation Opportunities Fund Direct Growth Very High Risk	1.0%	0.0%	₹256.96 Cr	-
Mahindra Manulife Innovation Opportunities Fund Regular Growth Very High Risk	2.5%	0.0%	₹256.96 Cr	-
Groww Nifty Chemicals ETF Very High Risk	0.5%	-	₹10.95 Cr	-
Motilal Oswal Nifty Services Sector ETF Very High Risk	0.6%	-	₹5.90 Cr	-
Groww Nifty Metal ETF Very High Risk	0.6%	-	₹40.85 Cr	-
DSP MSCI INDIA ETF Very High Risk	0.4%	-	₹2.59 Cr	-
Kotak Rural Opportunities Fund Regular Growth Very High Risk	2.5%	0.0%	₹707.58 Cr	-
Kotak Rural Opportunities Fund Direct Growth Very High Risk	0.9%	0.0%	₹707.58 Cr	-
ANGEL ONE NIFTY TOTAL MARKET MOMENTUM QUALITY 50 ETF Very High Risk	1.1%	-	₹15.70 Cr	-
Kotak Nifty Chemicals ETF Very High Risk	0.3%	-	₹105.61 Cr	-
ICICI Prudential Conglomerate Fund Regular Growth Moderately High risk	2.4%	1.0%	₹763.49 Cr	-5.0%
ICICI Prudential Conglomerate Fund Direct Growth Moderately High risk	1.4%	1.0%	₹763.49 Cr	-3.9%
DSP Nifty500 Flexicap Quality 30 ETF Very High Risk	0.7%	-	₹15.24 Cr	-11.7%
Kotak Nifty 200 Momentum 30 ETF Very High Risk	0.8%	-	₹39.75 Cr	-9.6%

About the AMC

HSBC Mutual Fund

+91 22 66145000

https://www.assetmanagement.hsbc.co.in/en/mutual-funds

Total AUM

₹1,57,805 Cr

Address

16, V N Road, Mumbai, 400 001

Other Funds by HSBC Mutual Fund

Fund name	Expense Ratio	Exit Load	Fund size	1Y
RedHex Hybrid Long-Short Fund Direct Growth Low to Moderate Risk	1.5%	2.0%	₹1072.84 Cr	-
HSBC Gold ETF Fund of Fund Direct Growth High Risk	0.1%	1.0%	₹382.18 Cr	-
HSBC Financial Services Fund Direct Growth Very High Risk	1.0%	1.0%	₹902.72 Cr	-1.9%
HSBC India Export Opportunities Fund Direct Growth Very High Risk	1.0%	1.0%	₹1302.87 Cr	13.1%
HSBC Multi Asset Allocation Fund Direct Growth Moderate Risk	1.0%	1.0%	₹3140.77 Cr	4.7%
HSBC Consumption Fund Direct Growth Very High Risk	0.9%	1.0%	₹1697.52 Cr	-4.6%
HSBC Balanced Advantage Fund Direct Growth Very High Risk	1.2%	1.0%	₹1474.15 Cr	-1.6%
HSBC Infrastructure Fund Direct Growth Very High Risk	1.1%	1.0%	₹2379.27 Cr	0.4%
HSBC Aggressive Hybrid Fund Direct Growth Very High Risk	0.9%	1.0%	₹5651.50 Cr	0.1%
HSBC Value Fund Direct Growth Very High Risk	0.9%	1.0%	₹14659.74 Cr	-5.5%
HSBC Credit Risk Fund Direct Growth Moderately High risk	0.8%	1.0%	₹441.18 Cr	5.7%
HSBC Banking & PSU Debt Direct Growth Moderate Risk	0.3%	0.0%	₹3722.07 Cr	3.8%
HSBC Midcap Fund Direct Growth Very High Risk	1.1%	1.0%	₹16799.59 Cr	9.6%
HSBC ELSS Fund Direct Growth Very High Risk	1.2%	0.0%	₹3973.53 Cr	-3.3%
HSBC Equity Savings Fund Direct Growth Moderate Risk	1.5%	0.0%	₹1557.92 Cr	6.0%
HSBC Low Duration Fund Direct Growth Low to Moderate Risk	0.4%	0.0%	₹847.33 Cr	5.9%
HSBC Short Duration Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹3880.69 Cr	4.2%
HSBC Corporate Bond Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹5978.86 Cr	4.0%
HSBC Dynamic Bond Fund Direct Growth Moderate Risk	0.3%	0.0%	₹119.09 Cr	2.4%
HSBC Money Market Fund Direct Growth Low to Moderate Risk	0.1%	0.0%	₹6382.40 Cr	6.3%
HSBC Gilt Fund Direct Growth Moderate Risk	0.5%	0.0%	₹152.28 Cr	1.6%
HSBC Medium Duration Direct Growth Moderately High risk	0.4%	0.0%	₹670.22 Cr	4.3%
HSBC Focused Fund Direct Growth Very High Risk	1.1%	1.0%	₹1750.52 Cr	0.4%
HSBC Business Cycles Fund Direct Growth Very High Risk	1.1%	1.0%	₹1178.73 Cr	-4.8%
HSBC Overnight Fund Direct Growth Low Risk	0.1%	0.0%	₹4804.90 Cr	5.3%
HSBC Conservative Hybrid Fund Direct Growth Moderately High risk	1.2%	0.0%	₹151.68 Cr	0.6%
HSBC Large Cap Fund Direct Growth Very High Risk	1.4%	1.0%	₹1754.73 Cr	-5.3%
HSBC Global Emerging Markets Fund Direct Growth Very High Risk	0.7%	1.0%	₹513.39 Cr	20.0%
HSBC Brazil Fund Direct Growth Very High Risk	0.9%	1.0%	₹352.83 Cr	8.6%
HSBC Medium to Long Duration Fund Direct Growth Moderate Risk	0.6%	0.0%	₹48.16 Cr	2.3%
HSBC Liquid Fund Direct Growth Low to Moderate Risk	0.1%	0.0%	₹23038.43 Cr	6.4%
HSBC Flexi Cap Fund Direct Growth Very High Risk	1.3%	1.0%	₹5748.74 Cr	-1.6%
HSBC Tax Saver Equity Fund Direct Growth Very High Risk	1.8%	0.0%	₹243.60 Cr	4.7%
HSBC Ultra Short Duration Fund Direct Growth Low to Moderate Risk	0.2%	0.0%	₹2733.17 Cr	6.3%
HSBC CRISIL IBX 50:50 Gilt Plus SDL Apr 2028 Index Fund Direct Growth Low to Moderate Risk	0.2%	0.0%	₹1747.71 Cr	4.6%
HSBC Small Cap Fund Direct Growth Very High Risk	0.8%	1.0%	₹18512.70 Cr	2.3%
HSBC Global Equity Climate Change Fund of Fund Direct Growth Very High Risk	0.9%	1.0%	₹54.40 Cr	22.6%
HSBC Managed Solutions India Conservative Direct Growth Low to Moderate Risk	0.1%	0.0%	₹527.51 Cr	4.6%
HSBC Managed Solutions India Moderate Direct Growth Moderate Risk	0.6%	1.0%	₹114.79 Cr	4.3%
HSBC Managed Solutions India Growth Direct Growth Very High Risk	0.2%	1.0%	₹46.99 Cr	1.3%
HSBC CRISIL IBX Gilt June 2027 Index Fund Direct Growth Low to Moderate Risk	0.1%	0.0%	₹180.60 Cr	5.0%
HSBC Arbitrage Fund Direct Growth Low Risk	1.5%	0.0%	₹3633.25 Cr	6.5%
HSBC Nifty Next 50 Index Fund Direct Growth Very High Risk	0.4%	1.0%	₹184.32 Cr	-3.1%
HSBC Nifty 50 Index Fund Direct Growth Very High Risk	0.2%	1.0%	₹370.88 Cr	-10.1%
HSBC Large & Mid Cap Fund Direct Growth Very High Risk	1.4%	1.0%	₹5783.61 Cr	3.6%
HSBC Multi Cap Fund Direct Growth Very High Risk	0.8%	1.0%	₹6380.17 Cr	-0.1%
HSBC Asia Pacific (Ex Japan) Dividend Yield Fund Direct Growth Very High Risk	0.8%	1.0%	₹86.47 Cr	19.1%

Risk Level

Your principal amount will be at Very High Risk

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

The NAV of HSBC Business Cycles Fund Direct Growth, as of 30-Oct-2026, is ₹45.39.

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

The fund has generated -4.83% over the last 1 year and 14.78% 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 HSBC Business Cycles Fund Direct Growth?

The fund's allocation of assets is distributed as 98.17% in equities, 0.00% in bonds, and 1.83% in cash and cash equivalents.

Who manages the HSBC Business Cycles Fund Direct Growth?

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

Gautam Bhupal
Mayank Chaturvedi

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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HSBC Business Cycles Fund Direct Growth

Fund Overview