Sectoral / Thematic · Equity

Union Business Cycle Fund

Union Asset Management Company Private Limited

Benchmark

Nifty 500 TRI

Riskometer

Very High

Size

₹480 cr

Allotted

5 Mar 2024

Holdings as of

30 Sep 2026

Union Business Cycle Fund is a sectoral / thematic fund of Union Asset Management Company Private Limited with ₹480 cr under management. It is ahead of its benchmark (Nifty 500 TRI) in 1 of 1 periods. Its direct plan charges 1.81% a year. Harshad Patwardhan has managed it for 2.0 years.

Has Union Business Cycle Fund beaten its benchmark?

Ahead of its benchmark, Nifty 500 TRI, in 1 of 1 periods in AMFI's figures; +0.86% 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	−3.69%	−3.60%	—
3 months	−2.98%	−5.03%	—
6 months	+3.17%	−1.83%	—
1 year	+1.21%	−4.06%	+5.27 pts
3 years	—	+9.27%	—
5 years	—	+8.00%	—
10 years	—	+12.69%	—
Since start from 12 Mar 2024	+6.44%	—	—

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 1 of 1 periods.

Period	Direct	Regular	Benchmark	Ahead	Rank
1y	+0.86%	−0.18%	−4.30%	+5.16	🔒
3y	—	—	—	—	—
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

Mar 2024 to 14 Oct 2026

Fund 116Nifty 500 TRI 112

₹100 put in at the start of Mar 2024 would be ₹116 on 14 Oct 2026, against ₹112 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 Union Business Cycle Fund cost?

1.81% a year on the direct plan, 3.06% on the regular plan; 156 of 174 funds in its category charge less.

Direct plan

1.81% a year

Category median 1.22%

Regular plan

3.06% a year

Category median 2.38%

Gap

1.25 points

for the same holdings

156 of 174 funds in its category charge less on the direct plan.

Expense report, Oct 2026 · Equity Scheme - Sectoral/ Thematic

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 Union Business Cycle Fund?

Harshad Patwardhan, since 1 Nov 2024; Pratik Dharmshi, since 9 Dec 2024.

Harshad Patwardhan

2.0 years

since 1 Nov 2024

Pratik Dharmshi

1.8 years

since 9 Dec 2024

Benchmark as filedNifty 500 Index (TRI) Nifty Benchmark Disclaimer: The “Product” offered by “the issuer” is not sponsored, endorsed, sold or promoted by NSE Indices Limited (For

Exit load

1% if units are redeemed/switched out on or before completion of 1 year from the date of allotment. Nil if redeemed or switched out after completion of 1 year from the date of allotment of units.

From 39 Scheme Summary Documents filed with NSE, first on 16 Apr 2026; as on 12 Oct 2026

What does Union Business Cycle Fund hold?

65 holdings as of 30 Sep 2026; the ten largest are 30.7% of the fund, the largest ICICI Bank Ltd. at 6.3%.

Mix

Holdings as of 30 Sep 2026

Equity94.7%Debt0.2%Cash5.2%Other0.0%

Holdings

61 shares

Top ten

30.7%

of the fund

Effective holdings

45.2

spread, as if equal-weighted

Matched to our table

100%

of the equity

Five largest

% of fund

ICICI Bank Ltd.6.34%

Larsen & Toubro Ltd.3.62%

Axis Bank Ltd.3.38%

HDFC Bank Ltd.2.94%

One 97 Communications Ltd.2.58%

Five largest industries

% of fund

Banks20.1%

Pharmaceuticals & Biotechnology8.20%

Textiles & Apparels6.40%

Construction6.30%

Chemicals & Petrochemicals5.80%

By company size

% of equity · SEBI size lists

Large Cap47.1%Mid Cap17.5%Small Cap35.4%

How does Union Business Cycle 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 Union Business Cycle 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 50: 70% of it differs from the index (an active fund is usually above 60%).

Active share 70.2%60%

Funds that hold much the same

% of holdings in common

UNION MULTICAP FUND47.9% the same

33 shared holdings

UNION ELSS TAX SAVER FUND47.7% the same

32 shared holdings

UNION CHILDREN'S FUND43.1% the same

28 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 Union Business Cycle Fund?

Harshad Patwardhan (manager) since 1 Nov 2024; Pratik Dharmshi (manager) since 9 Dec 2024.

What is the expense ratio of Union Business Cycle Fund?

1.81% a year on the direct plan and 3.06% on the regular plan (expense report, Oct 2026).