Axis Business Cycles Fund vs Kotak Business Cycle Fund
Axis Business Cycles Fund and Kotak Business Cycle Fund are both Business Cycle Funds. As of 4 Nov 2026 (Direct plan, Growth option): 3-year CAGR +12.99% vs +16.90%, 5-year CAGR — vs —, volatility 16.13% vs 15.28%, maximum drawdown −19.25% vs −18.42%. Their portfolios overlap by 22.5% (16 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Fund house | Axis Mutual Fund | Kotak Mahindra Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹17.4600 | ₹18.2290 |
| NAV date | 4 Nov 2026 | 4 Nov 2026 |
| Launched (first NAV) | 27 Feb 2023 | 6 Oct 2022 |
| Track record | 3.7 yrs | 4.1 yrs |
| Fund size (AUM) | ₹2,039 Cr | ₹3,414 Cr |
| Securities held | 86 | 52 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| 1 month | +1.22% | +1.96% |
| 3 months | −3.80% | −1.86% |
| 6 months | +1.28% | +6.44% |
| 1 year | +0.40% | +4.30% |
| 3 years (CAGR) | +12.99% | +16.90% |
| 5 years (CAGR) | — | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +16.26% | +15.67% |
| SIP return (XIRR, 5 years) ⓘ | — | — |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| 2026 (year to date) | +0.92% | +4.57% |
| 2025 | +4.47% | +6.89% |
| 2024 | +21.14% | +29.35% |
| 2023 | — | +24.66% |
Risk
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Volatility (annualised) ⓘ | 16.13% | 15.28% |
| Downside volatility ⓘ | 11.29% | 10.58% |
| Sharpe ratio ⓘ | 0.40 | 0.68 |
| Sortino ratio ⓘ | 0.58 | 0.99 |
| Maximum drawdown ⓘ | −19.25% | −18.42% |
| Recovery from that fall | 16 months | 6 months |
| Current fall from peak | −5.21% | −2.41% |
| Rolling 1-year return: worst | −5.19% | −1.21% |
| Rolling 1-year return: median | +7.79% | +13.42% |
| Rolling 1-year return: best | +46.02% | +46.81% |
| Share of 1-year periods with a loss | 8.94% | 1.05% |
Against each fund's benchmark
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Beta ⓘ | 1.02 | 0.93 |
| Alpha (Jensen's, annualised) ⓘ | +1.85% | +5.43% |
| R² ⓘ | 94.98 | 89.72 |
| Upside capture | 107.73% | 110.51% |
| Downside capture | 100.59% | 84.12% |
| Tracking error | 3.67% | 5.06% |
| Information ratio | 0.55 | 1.14 |
| Treynor ratio | 5.60 | 10.13 |
Portfolio
Asset mix
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Equity | 95.60% | 98.63% |
| Cash & equivalents | 3.89% | 1.37% |
| Debt | 0.49% | 0.00% |
Market-cap split (share of fund assets)
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Large Cap | 47.87% | 42.03% |
| Mid Cap | 23.46% | 20.96% |
| Small Cap | 23.08% | 30.46% |
| Unclassified | 1.19% | 5.18% |
Concentration
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Top 10 holdings | 29.19% | 40.82% |
| Effective number of stocks ⓘ | 62.1 | 35.7 |
| Securities held | 86 | 52 |
Portfolio overlap: 22.5%
16 companies are held by both funds; by weight, 22.5% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Axis Business Cycles | Kotak Business Cycle |
|---|---|---|
| Axis Bank Limited | 3.60% | 3.67% |
| ICICI Bank Limited | 3.59% | 7.69% |
| HDFC Bank Limited | 3.34% | 2.62% |
| Eternal Limited | 1.56% | 4.05% |
| Mahindra & Mahindra Limited | 1.50% | 1.86% |
| Vishal Mega Mart Limited | 1.35% | 1.85% |
| Reliance Industries Limited | 2.17% | 1.23% |
| Mankind Pharma Limited | 1.08% | 1.48% |
| NTPC Limited | 1.35% | 1.04% |
| Brigade Enterprises Limited | 0.93% | 1.40% |
| Vedanta Aluminium Metal Limited | 0.92% | 1.75% |
| Jubilant Ingrevia Limited | 0.80% | 0.94% |
| Hindustan Aeronautics Limited | 0.69% | 0.82% |
| Mphasis Ltd. | 0.68% | 1.46% |
| 360 One WAM Limited | 0.54% | 1.99% |
Top 10 holdings
Axis Business Cycles
- Larsen & Toubro Limited3.79%
- Axis Bank Limited3.60%
- ICICI Bank Limited3.59%
- HDFC Bank Limited3.34%
- Kotak Mahindra Bank Limited2.72%
- Grasim Industries Limited2.67%
- Aether Industries Limited2.58%
- Bharti Airtel Limited2.47%
- PTC Industries Ltd2.22%
- IndusInd Bank Limited2.21%
Kotak Business Cycle
- ICICI Bank Limited7.69%
- Aditya Infotech Limited5.74%
- INDO-MIM Ltd.4.39%
- Eternal Limited4.05%
- Axis Bank Limited3.67%
- Aster DM Quality Care Limited3.37%
- Krishna Institute Of Medical Sciences Limited3.23%
- Vijaya Diagnostic Centre Limited3.11%
- Acme Solar Holdings Ltd2.87%
- Lenskart Solutions Limited2.70%
Sector exposure
| Axis Business Cycles | Kotak Business Cycle | |
|---|---|---|
| Banks | 17.45% | 15.83% |
| Retailing | 4.18% | 10.31% |
| Industrial Manufacturing | 1.34% | 10.13% |
| Healthcare Services | 1.48% | 9.71% |
| Auto Components | 7.21% | 2.08% |
| Chemicals & Petrochemicals | 6.94% | 0.94% |
| Finance | 5.36% | 3.48% |
| Automobiles | 2.69% | 5.10% |
| Industrial Products | 4.77% | 1.77% |
| Capital Markets | 0.54% | 4.71% |
| Pharmaceuticals & Biotechnology | 4.13% | 2.47% |
| IT - Software | 3.63% | 3.96% |
| Power | 1.35% | 3.91% |
| Insurance | 0.38% | 3.83% |
Questions people ask
What is the difference between Axis Business Cycles and Kotak Business Cycle returns?
As of 4 Nov 2026, Direct plan Growth option: 1-year return +0.40% vs +4.30%; 3-year CAGR +12.99% vs +16.90%; 5-year CAGR — vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Axis Business Cycles and Kotak Business Cycle compare on risk?
Volatility (36 monthly returns, annualised) 16.13% vs 15.28%; Sharpe ratio 0.40 vs 0.68; Sortino ratio 0.58 vs 0.99; maximum drawdown −19.25% vs −18.42%; beta 1.02 vs 0.93.
How much do Axis Business Cycles and Kotak Business Cycle overlap?
By weight, 22.5% of the two portfolios is invested in the same companies; 16 stocks are held by both, the largest shared positions being Axis Bank Limited, ICICI Bank Limited, HDFC Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Axis Business Cycles and Kotak Business Cycle?
Axis Business Cycles: large cap 47.9%, mid cap 23.5%, small cap 23.1%. Kotak Business Cycle: large cap 42.0%, mid cap 21.0%, small cap 30.5% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
More comparisons
Axis Business Cycles vs
Kotak Business Cycle vs
All Business Cycle Funds comparisons → · Compare up to six funds yourself → · Every fund in this category → · All comparisons →
Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 4 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.