ICICI Prudential Mutual Fund · Direct Growth · SEBI Category: Equity
ICICI Prudential Business Cycle Fund is India's largest business cycle fund at over ₹15,000 crore AUM — reflecting strong investor trust in Sankaran Naren's macro investment capabilities. The fund rotates across sectors based on ICICI Pru's assessment of where India is in the economic cycle — moving from cyclicals (metals, cement, construction) in early recovery to defensives (FMCG, pharma, IT) in late cycle phases.
The fund has already demonstrated meaningful sector rotation since inception — rotating from recovery cyclicals in 2021 into mid-cycle growth sectors in 2022-2023 and maintaining exposure to the infrastructure capex theme. Naren's ability to identify cycle turns early has been the fund's primary alpha source. The ICICI Pru macro research team's comprehensive economic data analysis supports these rotation decisions.
Sankaran Naren, CIO of ICICI Prudential Mutual Fund, co-manages the ICICI Prudential Business Cycle Fund alongside Mittul Kalawadia. Naren's macro research expertise and contrarian investment philosophy make him particularly well-suited to business cycle investing — identifying economic cycle inflection points before the broader market and rotating sector exposure accordingly. His track record of macro calls across multiple Indian economic cycles is one of the strongest in the industry.
For current co-manager details and full biography, refer to the latest ICICI Prudential Mutual Fund factsheet on AMFI or the AMC website.
Informational points to help you form your own view — not judgements or recommendations.
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| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | Sharpe (3Y) |
|---|---|---|---|---|---|---|
| ICICI Prudential Business Cycle Fund ▲ | ₹25.49 | ₹15.7K Cr Jan–Mar 2026 | +1.4% | +19.2% p.a. | +17.4% p.a. | 1.13 |
| Tata Business Cycle Fund | ₹19.98 | ₹2.6K Cr Jan–Mar 2026 | +2.2% | +17.0% p.a. | — | 0.83 |
| HDFC Business Cycle Fund | ₹14.65 | ₹2.6K Cr Jan–Mar 2026 | -0.5% | +11.3% p.a. | — | 0.48 |
| Axis Business Cycles Fund | ₹16.74 | ₹2.1K Cr Jan–Mar 2026 | +0.1% | +15.0% p.a. | — | 0.64 |
| Motilal Oswal Business Cycle Fund | ₹11.42 | ₹1.8K Cr Jan–Mar 2026 | -8.4% | — | — | — |
Calculated from 1,321 daily NAV records in RightAdvise DB. Last calculated: Jun 2026.
1M / 3M / 6M / 1Y — simple point-to-point return · 3Y / 5Y / 10Y — CAGR (compounded annual growth rate)
Based on all rolling windows in full NAV history. Dates show the start and end of each period.
Jan 1 to Dec 31 each year. Simple point-to-point — not CAGR.
Rolling returns show performance across every possible investment start date — not one cherry-picked number. Learn more →
How much the fund fell from its peak NAV — what investors actually experience during crashes. Calculated from full NAV history.
Calculated from actual NAV data. "Pre-inception" means the fund didn't exist during that period.
Calculated from 3 years of daily NAV — industry standard. Risk-free rate: 6.5% p.a. Last updated: Jun 2026. What do these mean? →
Our portfolio holdings page shows every stock the fund owns, sector allocation, and month-over-month changes — from official AMC disclosures.
See how ICICI Prudential Business Cycle Fund Direct Plan Growth ranks against other Equity funds on returns, drawdown, Sharpe ratio and AAUM — side by side.
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