Sectoral / Thematic · Equity

Axis Business Cycles Fund

Axis Asset Management Co. Ltd.

Benchmark

Nifty 500 TRI

Riskometer

Very High

Size

₹2,016 cr

Allotted

22 Feb 2023

Holdings as of

30 Sep 2026

Axis Business Cycles Fund is a sectoral / thematic fund of Axis Asset Management Co. Ltd. with ₹2,016 cr under management. It is ahead of its benchmark (Nifty 500 TRI) in 2 of 2 periods. Its direct plan charges 1.63% a year.

Has Axis Business Cycles Fund beaten its benchmark?

Ahead of its benchmark, Nifty 500 TRI, in 2 of 2 periods in AMFI's figures; +1.11% over the last year against −4.30%.

Period returns

Direct Plan, growth · 3y and longer a year

Period	Fund	Nifty 500 TRI	Ahead
1 month	−4.32%	−3.60%	—
3 months	−1.99%	−5.03%	—
6 months	+3.54%	−1.83%	—
1 year	+1.11%	−4.06%	+5.17 pts
3 years	+12.23%	+9.27%	+2.96 pts
5 years	—	+8.00%	—
10 years	—	+12.69%	—
Since start from 27 Feb 2023	+16.19%	—	—

Valarth price history to 14 Oct 2026 · the index is the one the fund is nearest; — not on record

Official figures

AMFI performance feed, 13 Oct 2026

Ahead of its benchmark (Nifty 500 TRI) in 2 of 2 periods.

Period	Direct	Regular	Benchmark	Ahead	Rank
1y	+1.11%	+0.06%	−4.30%	+5.41	🔒
3y	+12.38%	+11.02%	+9.33%	+3.05	🔒
5y	—	—	—	—	—
10y	—	—	—	—	—

Ahead in points a year · its rank among Sectoral / Thematic funds, and how steady the lead is, in the app

Value of 100, month-end

Feb 2023 to 14 Oct 2026

Fund 172Nifty 500 TRI 157

₹100 put in at the start of Feb 2023 would be ₹172 on 14 Oct 2026, against ₹157 in the Nifty 500 TRI.

Risk, falls and every year

🔒 Pro

Its worst fall and how long it took to recover, three-year stretches, Sharpe, beta and capture ratios, calendar years beside the index, and money in and out: in the app.

See them in the app →

What does Axis Business Cycles Fund cost?

1.63% a year on the direct plan, 2.37% on the regular plan; 50 of 61 funds in its category charge less.

Direct plan

1.63% a year

Category median 1.09%

Regular plan

2.37% a year

Category median 2.40%

Gap

0.74 points

for the same holdings

50 of 61 funds in its category charge less on the direct plan.

Expense report, Oct 2026 · Equity Schemes - Thematic Fund

What the regular plan costs you over time

🔒 Pro

The same money left for years in the direct and the regular plan, side by side, and what the commission takes: in the app.

Who manages Axis Business Cycles Fund?

Ashish Naik, since None.

Ashish Naik

Primary/Domestic Equities

None years

since None

Benchmark as filedNifty 500 TRI

Exit load

If redeemed / switched-out within 12 months from the date of allotment - ? For 10% of investment: Nil; For remaining investment: 1% If redeemed/switched out after 12 months from the date of allotment: Nil

From 5 Scheme Summary Documents filed with NSE, first on 17 May 2026; as on 5 Oct 2026

What does Axis Business Cycles Fund hold?

89 holdings as of 30 Sep 2026; the ten largest are 29.2% of the fund, the largest Larsen & Toubro Limited at 3.8%.

Mix

Holdings as of 30 Sep 2026

Equity95.6%Debt0.5%Cash3.9%Other0.0%

Holdings

85 shares

Top ten

29.2%

of the fund

Effective holdings

56.8

spread, as if equal-weighted

Matched to our table

100%

of the equity

Five largest

% of fund

Larsen & Toubro Limited3.79%

Axis Bank Limited3.60%

ICICI Bank Limited3.59%

HDFC Bank Limited3.34%

Kotak Mahindra Bank Limited2.72%

Five largest industries

% of fund

Banks18.3%

Auto Components7.50%

Chemicals & Petrochemicals7.30%

Finance5.60%

Industrial Products5.00%

By company size

% of equity · SEBI size lists

Large Cap50.1%Mid Cap24.5%Small Cap25.4%

How does Axis Business Cycles Fund score against its category?

Seven scores against funds of its kind, and the warning signs it trips.

Scorecard

🔒 Pro

Seven scores, each out of 5, against funds in its category, with the reasons, and the warning signs it trips: in the app.

Open scorecard in the app →

Are the companies inside any good?

The holdings by valuation, forensic risk, business quality and balance sheet, weighted by their share of the fund.

The companies inside

🔒 Pro

The holdings weighted by their share of the fund: P/E and ROE, forensic risk levels, Valarth's valuation view, quality, moats, balance sheets and who owns them: in the app.

How is Axis Business Cycles Fund run?

Turnover, what it bought and sold, its cash and its record in new listings, from its monthly holdings files.

How it is run

🔒 Pro

Turnover, what it bought and sold and when, how long it holds, size drift, cash and its record in new listings, from up to two years of monthly holdings files: in the app.

Which funds hold much the same?

The index it is nearest and the funds whose holdings overlap most.

not an index tracker

Nearest to the Nifty 500: 64% of it differs from the index (an active fund is usually above 60%).

Active share 64.0%60%

Funds that hold much the same

% of holdings in common

Axis Multi Asset Allocation Fund49.9% the same

52 shared holdings

ADITYA BIRLA SUN LIFE LARGE CAP FUND41.4% the same

29 shared holdings

Axis Value Fund41.1% the same

36 shared holdings

How much is in its sponsor's own group?

Holdings in companies of the fund house's sponsor group, beside the index.

Related-party exposure

🔒 Pro

How much of the fund is in companies of its sponsor's own group, beside what the index holds of them: in the app.

Questions people ask

Who manages Axis Business Cycles Fund?

Ashish Naik (Primary/Domestic Equities) since None.

What is the expense ratio of Axis Business Cycles Fund?

1.63% a year on the direct plan and 2.37% on the regular plan (expense report, Oct 2026).

How has Axis Business Cycles Fund done?

Its direct plan returned +12.38% a year over 3 years against +9.33% for its benchmark, Nifty 500 TRI, as of 13 Oct 2026.