Baroda BNP Paribas Business Cycle Fund vs HSBC Business Cycles Fund
Baroda BNP Paribas Business Cycle Fund and HSBC Business Cycles Fund are both Business Cycle Funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +14.26% vs +16.24%, 5-year CAGR +11.72% vs —, volatility 15.95% vs 20.45%, maximum drawdown −20.27% vs −23.41%. Their portfolios overlap by 24.9% (13 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
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | HSBC Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹17.6239 | ₹48.0744 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 21 Sep 2021 | 28 Nov 2022 |
| Track record | 5.1 yrs | 3.9 yrs |
| Fund size (AUM) | ₹535 Cr | ₹1,179 Cr |
| Securities held | 54 | 70 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| 1 month | +5.13% | −0.41% |
| 3 months | +0.51% | −1.65% |
| 6 months | +3.60% | +1.94% |
| 1 year | +5.78% | +2.83% |
| 3 years (CAGR) | +14.26% | +16.24% |
| 5 years (CAGR) | +11.72% | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +11.65% | +16.42% |
| SIP return (XIRR, 5 years) ⓘ | +12.10% | — |
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
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| 2026 (year to date) | +2.89% | +3.52% |
| 2025 | +2.32% | −1.62% |
| 2024 | +22.14% | +37.79% |
| 2023 | +32.60% | +32.74% |
| 2022 | +3.06% | — |
Risk
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Volatility (annualised) ⓘ | 15.95% | 20.45% |
| Downside volatility ⓘ | 11.02% | 13.00% |
| Sharpe ratio ⓘ | 0.49 | 0.48 |
| Sortino ratio ⓘ | 0.70 | 0.75 |
| Maximum drawdown ⓘ | −20.27% | −23.41% |
| Recovery from that fall | — | 18 months |
| Current fall from peak | −1.40% | −3.57% |
| Rolling 1-year return: worst | −9.53% | −8.28% |
| Rolling 1-year return: median | +7.66% | +9.46% |
| Rolling 1-year return: best | +51.92% | +59.50% |
| Share of 1-year periods with a loss | 15.06% | 19.01% |
Against each fund's benchmark
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Beta ⓘ | 1.01 | 1.20 |
| Alpha (Jensen's, annualised) ⓘ | +2.10% | +4.19% |
| R² ⓘ | 95.62 | 81.53 |
| Upside capture | 108.81% | 134.58% |
| Downside capture | 100.89% | 126.11% |
| Tracking error | 3.40% | 9.44% |
| Information ratio | 0.67 | 0.49 |
| Treynor ratio | 5.90 | 6.98 |
Portfolio
Asset mix
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Equity | 94.32% | 98.12% |
| Cash & equivalents | 4.75% | 1.88% |
| Debt | 0.93% | 0.00% |
Market-cap split (share of fund assets)
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Large Cap | 65.26% | 39.68% |
| Mid Cap | 15.36% | 18.24% |
| Small Cap | 13.01% | 38.75% |
| Unclassified | 0.69% | 1.45% |
Concentration
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Top 10 holdings | 38.68% | 29.72% |
| Effective number of stocks ⓘ | 41 | 53.3 |
| Securities held | 54 | 70 |
Portfolio overlap: 24.9%
13 companies are held by both funds; by weight, 24.9% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Baroda BNP Paribas Business Cycle | HSBC Business Cycles |
|---|---|---|
| ICICI Bank Limited | 5.93% | 5.33% |
| HDFC Bank Limited | 4.53% | 2.97% |
| Reliance Industries Limited | 4.93% | 2.58% |
| Larsen & Toubro Limited | 4.11% | 2.12% |
| Kotak Mahindra Bank Limited | 2.46% | 1.95% |
| State Bank of India | 2.34% | 1.86% |
| TVS Motor Company Ltd. | 2.42% | 1.74% |
| Eternal Limited | 2.26% | 1.74% |
| Bharat Electronics Limited | 1.18% | 2.22% |
| Titan Company Limited | 1.16% | 1.13% |
| Sterlite Technologies Limited | 0.94% | 1.42% |
| RBL Bank Limited | 0.75% | 2.43% |
| Pine Labs Limited | 0.64% | 1.19% |
Top 10 holdings
Baroda BNP Paribas Business Cycle
- ICICI Bank Limited5.93%
- Hitachi Energy India Limited5.16%
- Reliance Industries Limited4.93%
- HDFC Bank Limited4.53%
- Larsen & Toubro Limited4.11%
- Sun Pharmaceutical Industries Limited3.21%
- Divi's Laboratories Limited3.13%
- Bharat Heavy Electricals Limited2.80%
- Kotak Mahindra Bank Limited2.46%
- TVS Motor Company Ltd.2.42%
HSBC Business Cycles
- ICICI Bank Limited5.33%
- MTAR Technologies Limited3.90%
- InterGlobe Aviation Limited3.38%
- HDFC Bank Limited2.97%
- Reliance Industries Limited2.58%
- Hindustan Aeronautics Limited2.53%
- RBL Bank Limited2.43%
- ICICI Prudential Asset Management Company Limited2.26%
- Bharat Electronics Limited2.22%
- Larsen & Toubro Limited2.12%
Sector exposure
| Baroda BNP Paribas Business Cycle | HSBC Business Cycles | |
|---|---|---|
| Banks | 19.40% | 14.54% |
| Capital Markets | 1.13% | 10.87% |
| Electrical Equipment | 7.96% | 8.81% |
| Retailing | 2.26% | 8.02% |
| Pharmaceuticals & Biotechnology | 7.96% | 0.00% |
| IT - Software | 7.34% | 0.00% |
| Industrial Products | 1.40% | 6.37% |
| Construction | 4.11% | 5.01% |
| Petroleum Products | 4.93% | 2.58% |
| Finance | 2.21% | 4.81% |
| Aerospace & Defense | 2.93% | 4.75% |
| Transport Services | 0.00% | 4.53% |
| Consumer Durables | 3.70% | 4.29% |
| Automobiles | 4.23% | 2.76% |
Questions people ask
What is the difference between Baroda BNP Paribas Business Cycle and HSBC Business Cycles returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +5.78% vs +2.83%; 3-year CAGR +14.26% vs +16.24%; 5-year CAGR +11.72% vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Baroda BNP Paribas Business Cycle and HSBC Business Cycles compare on risk?
Volatility (36 monthly returns, annualised) 15.95% vs 20.45%; Sharpe ratio 0.49 vs 0.48; Sortino ratio 0.70 vs 0.75; maximum drawdown −20.27% vs −23.41%; beta 1.01 vs 1.20.
How much do Baroda BNP Paribas Business Cycle and HSBC Business Cycles overlap?
By weight, 24.9% of the two portfolios is invested in the same companies; 13 stocks are held by both, the largest shared positions being ICICI Bank Limited, HDFC Bank Limited, Reliance Industries Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Baroda BNP Paribas Business Cycle and HSBC Business Cycles?
Baroda BNP Paribas Business Cycle: large cap 65.3%, mid cap 15.4%, small cap 13.0%. HSBC Business Cycles: large cap 39.7%, mid cap 18.2%, small cap 38.8% (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.