ITI Business Cycle Fund vs Tata Business Cycle Fund
ITI Business Cycle Fund and Tata Business Cycle Fund are both Business Cycle Funds. As of 4 Nov 2026 (Direct plan, Growth option): 3-year CAGR — vs +10.47%, 5-year CAGR — vs +12.72%, volatility — vs 15.77%, maximum drawdown −12.35% vs −20.01%. Their portfolios overlap by 11.5% (7 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
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Fund house | ITI Mutual Fund | Tata Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹10.3081 | ₹19.5935 |
| NAV date | 4 Nov 2026 | 4 Nov 2026 |
| Launched (first NAV) | 12 Mar 2026 | 11 Aug 2021 |
| Track record | 0.6 yrs | 5.2 yrs |
| Fund size (AUM) | ₹117 Cr | ₹2,416 Cr |
| Securities held | 71 | 50 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| 1 month | −1.46% | +1.07% |
| 3 months | −2.73% | −6.40% |
| 6 months | −1.65% | −3.71% |
| 1 year | — | −4.66% |
| 3 years (CAGR) | — | +10.47% |
| 5 years (CAGR) | — | +12.72% |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | — | +13.75% |
| SIP return (XIRR, 5 years) ⓘ | — | +10.15% |
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
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| 2026 (year to date) | — | −3.83% |
| 2025 | — | +2.23% |
| 2024 | — | +20.37% |
| 2023 | — | +36.54% |
| 2022 | — | +15.42% |
Risk
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Volatility (annualised) ⓘ | — | 15.77% |
| Downside volatility ⓘ | — | 11.15% |
| Sharpe ratio ⓘ | — | 0.25 |
| Sortino ratio ⓘ | — | 0.36 |
| Maximum drawdown ⓘ | −12.35% | −20.01% |
| Recovery from that fall | — | — |
| Current fall from peak | −6.93% | −10.11% |
| Rolling 1-year return: worst | — | −10.31% |
| Rolling 1-year return: median | — | +10.57% |
| Rolling 1-year return: best | — | +57.65% |
| Share of 1-year periods with a loss | — | 13.72% |
Against each fund's benchmark
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Beta ⓘ | — | 0.99 |
| Alpha (Jensen's, annualised) ⓘ | — | −0.89% |
| R² ⓘ | — | 93.79 |
| Upside capture | — | 98.81% |
| Downside capture | — | 104.03% |
| Tracking error | — | 4.01% |
| Information ratio | — | -0.27 |
| Treynor ratio | — | 2.64 |
Portfolio
Asset mix
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Equity | 91.32% | 97.76% |
| Cash & equivalents | 8.68% | 2.24% |
Market-cap split (share of fund assets)
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Large Cap | 30.01% | 46.06% |
| Mid Cap | 23.44% | 21.29% |
| Small Cap | 27.98% | 29.47% |
| Unclassified | 9.89% | 0.94% |
Concentration
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Top 10 holdings | 25.37% | 34.42% |
| Effective number of stocks ⓘ | 64.1 | 41.9 |
| Securities held | 71 | 50 |
Portfolio overlap: 11.5%
7 companies are held by both funds; by weight, 11.5% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | ITI Business Cycle | Tata Business Cycle |
|---|---|---|
| HDFC Bank Limited | 3.83% | 3.73% |
| Reliance Industries Limited | 1.93% | 4.80% |
| HDFC Life Insurance Company Limited | 2.01% | 1.38% |
| Apollo Hospitals Enterprise Limited | 1.30% | 1.95% |
| Dr. Lal Path Labs Limited | 1.13% | 1.93% |
| Marico Limited | 1.10% | 2.08% |
| DCB Bank Limited | 0.90% | 1.40% |
Top 10 holdings
ITI Business Cycle
- ESDS Software Solution Ltd6.03%
- HDFC Bank Limited3.83%
- ICICI Bank Limited2.37%
- Eternal Limited2.19%
- Manipal Payment and Identity Solutions Ltd2.02%
- HDFC Life Insurance Company Limited2.01%
- Reliance Industries Limited1.93%
- Titan Company Limited1.70%
- Bajaj Auto Limited1.70%
- Laurus Labs Limited1.59%
Tata Business Cycle
- Reliance Industries Limited4.80%
- Metropolis Healthcare Limited4.25%
- Axis Bank Limited3.95%
- Jindal Steel Limited3.92%
- HDFC Bank Limited3.73%
- L&T Finance Limited2.96%
- Larsen & Toubro Limited2.92%
- Delhivery Limited2.78%
- Cummins India Limited2.58%
- Adani Energy Solutions Limited2.53%
Sector exposure
| ITI Business Cycle | Tata Business Cycle | |
|---|---|---|
| Banks | 14.10% | 9.08% |
| Pharmaceuticals & Biotechnology | 12.62% | 3.15% |
| Finance | 3.48% | 8.69% |
| Healthcare Services | 4.33% | 8.13% |
| Industrial Products | 4.48% | 7.00% |
| Cement & Cement Products | 1.41% | 6.72% |
| IT - Services | 6.03% | 0.00% |
| Ferrous Metals | 0.92% | 5.95% |
| Insurance | 2.01% | 5.29% |
| Petroleum Products | 1.93% | 4.80% |
| Power | 1.01% | 4.42% |
| Chemicals & Petrochemicals | 4.31% | 0.00% |
| Financial Technology (Fintech) | 2.80% | 4.08% |
| Auto Components | 1.28% | 3.92% |
Questions people ask
What is the difference between ITI Business Cycle and Tata Business Cycle returns?
As of 4 Nov 2026, Direct plan Growth option: 1-year return — vs −4.66%; 3-year CAGR — vs +10.47%; 5-year CAGR — vs +12.72%; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do ITI Business Cycle and Tata Business Cycle compare on risk?
Volatility (36 monthly returns, annualised) — vs 15.77%; Sharpe ratio — vs 0.25; Sortino ratio — vs 0.36; maximum drawdown −12.35% vs −20.01%; beta — vs 0.99.
How much do ITI Business Cycle and Tata Business Cycle overlap?
By weight, 11.5% of the two portfolios is invested in the same companies; 7 stocks are held by both, the largest shared positions being HDFC Bank Limited, Reliance Industries Limited, HDFC Life Insurance Company Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of ITI Business Cycle and Tata Business Cycle?
ITI Business Cycle: large cap 30.0%, mid cap 23.4%, small cap 28.0%. Tata Business Cycle: large cap 46.1%, mid cap 21.3%, small cap 29.5% (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
ITI Business Cycle vs
Tata 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.