Motilal Oswal Business Cycle Fund vs Union Business Cycle Fund
Motilal Oswal Business Cycle Fund and Union Business Cycle Fund are both Business Cycle Funds. As of 5 Nov 2026 (Direct plan, Growth option): 3-year CAGR — vs —, 5-year CAGR — vs —, volatility 21.18% vs 16.13%, maximum drawdown −25.29% vs −19.90%. Their portfolios overlap by 11.2% (6 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
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Fund house | Motilal Oswal Mutual Fund | Union Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹12.4801 | ₹12.1300 |
| NAV date | 5 Nov 2026 | 5 Nov 2026 |
| Launched (first NAV) | 2 Sep 2024 | 12 Mar 2024 |
| Track record | 2.2 yrs | 2.7 yrs |
| Fund size (AUM) | ₹1,449 Cr | ₹485 Cr |
| Securities held | 34 | 63 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| 1 month | +1.13% | +2.62% |
| 3 months | −0.82% | −1.54% |
| 6 months | +9.84% | +1.68% |
| 1 year | −4.43% | +3.32% |
| 3 years (CAGR) | — | — |
| 5 years (CAGR) | — | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +8.15% | +7.64% |
| 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
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| 2026 (year to date) | +0.10% | +4.03% |
| 2025 | −3.70% | +2.82% |
Risk
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Volatility (annualised) ⓘ | 21.18% | 16.13% |
| Downside volatility ⓘ | 14.95% | 12.02% |
| Sharpe ratio ⓘ | 0.08 | 0.07 |
| Sortino ratio ⓘ | 0.11 | 0.09 |
| Maximum drawdown ⓘ | −25.29% | −19.90% |
| Recovery from that fall | — | 16 months |
| Current fall from peak | −6.23% | −1.94% |
| Rolling 1-year return: worst | −13.82% | −6.67% |
| Rolling 1-year return: median | −1.07% | +3.52% |
| Rolling 1-year return: best | +22.12% | +18.69% |
| Share of 1-year periods with a loss | 55.33% | 25.74% |
Against each fund's benchmark
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Beta ⓘ | 0.90 | 0.97 |
| Alpha (Jensen's, annualised) ⓘ | +5.55% | +0.98% |
| R² ⓘ | 47.39 | 90.40 |
| Upside capture | 124.12% | 101.46% |
| Downside capture | 91.10% | 96.11% |
| Tracking error | 15.49% | 5.00% |
| Information ratio | 0.36 | 0.20 |
| Treynor ratio | -5.47 | -1.54 |
Portfolio
Asset mix
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Equity | 98.13% | 94.67% |
| Cash & equivalents | 1.87% | 5.16% |
| Debt | 0.00% | 0.17% |
Market-cap split (share of fund assets)
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Large Cap | 30.93% | 44.60% |
| Mid Cap | 32.84% | 16.55% |
| Small Cap | 31.55% | 33.52% |
| Unclassified | 2.81% | 0.00% |
Concentration
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Top 10 holdings | 38.72% | 30.67% |
| Effective number of stocks ⓘ | 31.7 | 50.4 |
| Securities held | 34 | 63 |
Portfolio overlap: 11.2%
6 companies are held by both funds; by weight, 11.2% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Motilal Oswal Business Cycle | Union Business Cycle |
|---|---|---|
| One 97 Communications Limited | 3.46% | 2.58% |
| Shriram Finance Limited | 2.60% | 2.30% |
| RBL Bank Limited | 4.37% | 2.04% |
| Apollo Hospitals Enterprise Limited | 3.22% | 1.58% |
| Coforge Limited | 4.65% | 1.51% |
| Bharti Airtel Limited | 3.02% | 1.18% |
Top 10 holdings
Motilal Oswal Business Cycle
- Eternal Limited5.65%
- Coforge Limited4.65%
- RBL Bank Limited4.37%
- Kalyan Jewellers India Limited4.09%
- One 97 Communications Limited3.46%
- Max Healthcare Institute Limited3.40%
- Urban Company Ltd.3.35%
- IndusInd Bank Limited3.29%
- Prestige Estates Projects Limited3.24%
- Apollo Hospitals Enterprise Limited3.22%
Union Business Cycle
- ICICI Bank Limited6.34%
- Larsen & Toubro Limited3.62%
- Axis Bank Limited3.38%
- HDFC Bank Limited2.94%
- One 97 Communications Limited2.58%
- Sona BLW Precision Forgings Limited2.53%
- Sai Life Sciences Limited2.46%
- Shriram Finance Limited2.30%
- Bharat Heavy Electricals Limited2.29%
- Navin Fluorine International Limited2.23%
Sector exposure
| Motilal Oswal Business Cycle | Union Business Cycle | |
|---|---|---|
| Banks | 9.87% | 19.05% |
| Auto Components | 9.99% | 3.62% |
| Finance | 9.18% | 4.48% |
| Retailing | 9.10% | 0.00% |
| Electrical Equipment | 8.44% | 4.71% |
| IT - Software | 7.82% | 4.88% |
| Pharmaceuticals & Biotechnology | 2.68% | 7.78% |
| Healthcare Services | 6.62% | 4.27% |
| Textiles & Apparels | 0.00% | 6.08% |
| Construction | 0.00% | 6.01% |
| Capital Markets | 5.99% | 1.83% |
| Chemicals & Petrochemicals | 3.15% | 5.47% |
| Commercial Services & Supplies | 5.10% | 0.00% |
| Consumer Durables | 4.90% | 1.82% |
Questions people ask
What is the difference between Motilal Oswal Business Cycle and Union Business Cycle returns?
As of 5 Nov 2026, Direct plan Growth option: 1-year return −4.43% vs +3.32%; 3-year CAGR — vs —; 5-year CAGR — vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Motilal Oswal Business Cycle and Union Business Cycle compare on risk?
Volatility (36 monthly returns, annualised) 21.18% vs 16.13%; Sharpe ratio 0.08 vs 0.07; Sortino ratio 0.11 vs 0.09; maximum drawdown −25.29% vs −19.90%; beta 0.90 vs 0.97.
How much do Motilal Oswal Business Cycle and Union Business Cycle overlap?
By weight, 11.2% of the two portfolios is invested in the same companies; 6 stocks are held by both, the largest shared positions being One 97 Communications Limited, Shriram Finance Limited, RBL Bank Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Motilal Oswal Business Cycle and Union Business Cycle?
Motilal Oswal Business Cycle: large cap 30.9%, mid cap 32.8%, small cap 31.6%. Union Business Cycle: large cap 44.6%, mid cap 16.6%, small cap 33.5% (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 5 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.