Bandhan Business Cycle Fund vs ICICI Prudential Business Cycle Fund
Bandhan Business Cycle Fund and ICICI Prudential Business Cycle Fund are both Business Cycle Funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR — vs +16.38%, 5-year CAGR — vs +15.04%, volatility 17.60% vs 14.50%, maximum drawdown −17.58% vs −14.39%. Their portfolios overlap by 34.8% (21 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
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Fund house | Bandhan Mutual Fund | ICICI Prudential Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹10.2220 | ₹26.7700 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 1 Oct 2024 | 19 Jan 2021 |
| Track record | 2.1 yrs | 5.8 yrs |
| Fund size (AUM) | ₹1,003 Cr | ₹14,889 Cr |
| Securities held | 81 | 84 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| 1 month | +5.40% | +7.17% |
| 3 months | −0.12% | −0.04% |
| 6 months | +3.20% | +1.52% |
| 1 year | −1.18% | −0.15% |
| 3 years (CAGR) | — | +16.38% |
| 5 years (CAGR) | — | +15.04% |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +0.98% | +18.50% |
| SIP return (XIRR, 5 years) ⓘ | — | +14.50% |
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
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| 2026 (year to date) | −1.71% | −1.91% |
| 2025 | +6.22% | +16.72% |
| 2024 | — | +21.33% |
| 2023 | — | +34.29% |
| 2022 | — | +11.85% |
Risk
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Volatility (annualised) ⓘ | 17.60% | 14.50% |
| Downside volatility ⓘ | 12.87% | 9.73% |
| Sharpe ratio ⓘ | -0.31 | 0.68 |
| Sortino ratio ⓘ | -0.43 | 1.02 |
| Maximum drawdown ⓘ | −17.58% | −14.39% |
| Recovery from that fall | — | 3 months |
| Current fall from peak | −2.95% | −3.25% |
| Rolling 1-year return: worst | −10.13% | −9.72% |
| Rolling 1-year return: median | +2.29% | +14.39% |
| Rolling 1-year return: best | +16.00% | +57.85% |
| Share of 1-year periods with a loss | 36.13% | 3.56% |
Against each fund's benchmark
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Beta ⓘ | 1.06 | 0.89 |
| Alpha (Jensen's, annualised) ⓘ | +0.39% | +3.92% |
| R² ⓘ | 97.26 | 92.07 |
| Upside capture | 103.12% | 101.81% |
| Downside capture | 103.10% | 80.45% |
| Tracking error | 3.02% | 4.44% |
| Information ratio | -0.06 | 0.90 |
| Treynor ratio | -7.18 | 8.63 |
Portfolio
Asset mix
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Equity | 99.58% | 86.19% |
| Cash & equivalents | 0.42% | 9.76% |
| Foreign Securities | 0.00% | 2.95% |
| Debt | 0.00% | 1.09% |
Market-cap split (share of fund assets)
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Large Cap | 56.75% | 66.00% |
| Mid Cap | 22.49% | 13.73% |
| Small Cap | 19.19% | 6.45% |
| Unclassified | 1.15% | 0.02% |
Concentration
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Top 10 holdings | 38.90% | 45.59% |
| Effective number of stocks ⓘ | 43.1 | 32.1 |
| Securities held | 81 | 84 |
Portfolio overlap: 34.8%
21 companies are held by both funds; by weight, 34.8% of the two portfolios is the same. That is a moderate overlap.
| Held by both | Bandhan Business Cycle | ICICI Prudential Business Cycle |
|---|---|---|
| HDFC Bank Limited | 5.28% | 9.57% |
| Reliance Industries Limited | 4.51% | 5.31% |
| ICICI Bank Limited | 4.16% | 6.70% |
| Larsen & Toubro Limited | 3.03% | 4.50% |
| Bharti Airtel Limited | 3.63% | 2.97% |
| Kotak Mahindra Bank Limited | 2.71% | 3.44% |
| NTPC Limited | 3.28% | 2.28% |
| UltraTech Cement Limited | 2.07% | 2.77% |
| InterGlobe Aviation Limited | 1.54% | 2.06% |
| Axis Bank Limited | 5.34% | 1.44% |
| Maruti Suzuki India Limited | 0.99% | 3.95% |
| HDFC Life Insurance Company Limited | 0.85% | 2.95% |
| SBI Life Insurance Company Limited | 0.78% | 1.68% |
| ICICI Lombard General Insurance Company Limited | 0.51% | 1.32% |
| Hero MotoCorp Limited | 0.50% | 2.44% |
Top 10 holdings
Bandhan Business Cycle
- Axis Bank Limited5.34%
- HDFC Bank Limited5.28%
- Reliance Industries Limited4.51%
- ICICI Bank Limited4.16%
- Bharti Airtel Limited3.63%
- Bajaj Finance Limited3.61%
- One 97 Communications Limited3.35%
- NTPC Limited3.28%
- Larsen & Toubro Limited3.03%
- Kotak Mahindra Bank Limited2.71%
ICICI Prudential Business Cycle
- HDFC Bank Limited9.57%
- ICICI Bank Limited6.70%
- Reliance Industries Limited5.31%
- Larsen & Toubro Limited4.50%
- Maruti Suzuki India Limited3.95%
- Kotak Mahindra Bank Limited3.44%
- DLF Limited3.25%
- Bharti Airtel Limited2.97%
- Xtrackers Harvest CSI 300 China A-Shares ETF2.95%
- HDFC Life Insurance Company Limited2.95%
Sector exposure
| Bandhan Business Cycle | ICICI Prudential Business Cycle | |
|---|---|---|
| Banks | 26.34% | 21.25% |
| Automobiles | 1.49% | 10.95% |
| Finance | 9.23% | 0.71% |
| Power | 8.74% | 3.11% |
| Insurance | 2.14% | 7.53% |
| Petroleum Products | 4.51% | 6.10% |
| Realty | 0.91% | 5.79% |
| IT - Software | 5.29% | 0.00% |
| Construction | 5.15% | 4.50% |
| Cement & Cement Products | 2.59% | 4.33% |
| Retailing | 1.95% | 4.24% |
| Pharmaceuticals & Biotechnology | 4.11% | 0.00% |
| Telecom - Services | 3.63% | 2.97% |
| Financial Technology (Fintech) | 3.35% | 0.00% |
Questions people ask
What is the difference between Bandhan Business Cycle and ICICI Prudential Business Cycle returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return −1.18% vs −0.15%; 3-year CAGR — vs +16.38%; 5-year CAGR — vs +15.04%; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Bandhan Business Cycle and ICICI Prudential Business Cycle compare on risk?
Volatility (36 monthly returns, annualised) 17.60% vs 14.50%; Sharpe ratio -0.31 vs 0.68; Sortino ratio -0.43 vs 1.02; maximum drawdown −17.58% vs −14.39%; beta 1.06 vs 0.89.
How much do Bandhan Business Cycle and ICICI Prudential Business Cycle overlap?
By weight, 34.8% of the two portfolios is invested in the same companies; 21 stocks are held by both, the largest shared positions being HDFC Bank Limited, Reliance Industries Limited, ICICI Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Bandhan Business Cycle and ICICI Prudential Business Cycle?
Bandhan Business Cycle: large cap 56.8%, mid cap 22.5%, small cap 19.2%. ICICI Prudential Business Cycle: large cap 66.0%, mid cap 13.7%, small cap 6.5% (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.
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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 6 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.