Fundalysisby DARKHORSESTOCKS

Scheme

Axis Business Cycles Fund

Holds 85 companies worth ₹1,950 Cr in Sept 2026.

  • Fund house

    AxisThe fund house that runs this scheme.

  • AUM

    ₹2,041 CrAxis Business Cycles Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 6.0% on Aug 2026, ₹2,171 Cr.

  • Largest holding

    Larsen and ToubroLarsen and Toubro is 3.8% of this scheme's NAV.

  • Fund manager

    Ashish NaikRuns it since 22 Feb 2023, as the fund house dates it.

Overview(28 Sept 2026)

Fund managers1

  1. Ashish NaikFund manager, equity · Feb 2023 · 15y · FRM PGDM B.E.
  1. Mayank HyankiApr 2024 – Dec 2024

Key facts

Benchmark
Nifty 500 TRI
Risk
Very High
Expense
Regular 2.37% · Direct 1.6%
Exit load
10% within 12 months
Started
22 Feb 2023
Minimum
₹100

Source.Its Scheme Summary Document as of 28 Sept 2026 at AMFI.

What changed(23 changes)

Sept 2026

2 changes

May 2026

1 change
  1. Expense ratio
    17 MayRegular 2.06% → 2.2%Direct 0.92% → 1.06%

Jan 2026

1 change
  1. Expense ratio
    18 JanRegular 2.05% → 2.06%Direct 0.87% → 0.92%

Source.Its filings at NSE, since Aug 2024.

Fund managers over time(Feb 2023 – now)

  1. Ashish Naik
  2. Mayank Hyanki
MainCoSlice202420252026
Fig. 1.Who ran it when: each manager from the date the fund house gives, or the first document listing them where it gives none, to when they left. A slice is part of it: overseas, gold and silver, or arbitrage.

Costs(Aug 2024 – Sept 2026)

Every change to the expense ratio, newest first.
23 changesRegularDirectΔ pt
22 Sept 20262.37%1.60%0.01
10 Sept 20262.36%1.59%0.53
17 May 20262.20%1.06%0.14
18 Jan 20262.06%0.92%0.05
17 Dec 20252.05%0.87%0.07
13 Nov 20252.03%0.80%0.07
23 Jun 20252.01%0.73%0.03
4 Jun 20251.99%0.70%0.02
7 May 20252.01%0.68%0.01
16 Apr 20252.02%0.69%0.02
9 Apr 20252.03%0.71%0.01
25 Mar 20252.01%0.70%0.02
25 Feb 20252.03%0.72%0.02
29 Jan 20252.00%0.70%0.01
16 Jan 20251.99%0.69%0.03
30 Dec 20241.96%0.66%0.02
10 Dec 20241.97%0.68%0
28 Nov 20241.96%0.68%0.01
12 Nov 20241.97%0.67%0.01
30 Oct 20241.96%0.66%0.01
16 Oct 20241.96%0.65%0.01
23 Sept 20241.94%0.64%0.01
21 Aug 20241.95%0.65%–
Direct plan, 22 Sept 2026
1.60%
Regular plan 2.37% · Exit load 10% within 12 months
Fig. 1.Total expense ratio a year, each plan's, as its Scheme Summary Documents state it, filing by filing at NSE. A change holds until the next.

Objective and risk(28 Sept 2026)

Objective

To provide long term capital appreciation by investing predominantly in equity and equity related securities with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy However, there can be no assurance that the investment objective of the Scheme will be achieved.

Risk, type and benchmark

Riskometer
Very High
At launch
Very High
Type
An open ended equity scheme investing in business cycles based investing theme
Benchmark
Nifty 500 TRI

Asset allocation it may hold% of NAV

  1. Equity & Equity related instruments selected on the basis of business cycle
    Allowed80–100%
  2. Other Equity & Equity Related
    Allowed0–20%
  3. Debt and Money Market Instruments
    Allowed0–20%Holds4.4%
  4. Units issued by InvITs
    Allowed0–10%Holds0.0%

Holds in Sept 2026.95.6% equity · 4.4% debt and cash

How to invest(28 Sept 2026)

Buying

To start
₹100, then in multiples of ₹1
To add
₹100, then in multiples of ₹1
Systematic
SIP - Daily / Weekly / Monthly / Yearly SWP - Weekly / Monthly / Quarterly / Halfyearly / Yearly STP - Daily / Weekly / Fortnightly / Monthly / Quarterly
Dates
SIP - Except 29,30 and 31 all dates SWP - Any Business Day, STP - Daily, Weekly all days, Fortnightly - alternate Wednesday, Monthly and Quarterly 1,7,10,15 and 25
Minimum
SIP Daily, Weekly - 100, Monthly 100.00, SIP Yearly - 12000.00 SWP - 1000 STP - Daily, Weekly, Fortnightly, Monthly - 1000 and Quarterly 3000.00, then in multiples of ₹1
Instalments
SIP Daily -6, Weekly - 6, Monthly - 6/ Yearly -3 SWP - Weekly - 5, Monthly - 6, Quarterly - 4, Halfyearly - 4, Yearly - 2 STP - Daily -6, Weekly - 6, Fortnightly -6, Monthly - 6, Quarterly -2.

Selling and switching

Scheme details(28 Sept 2026)

What it is

Category
Thematic Fund
Offer
2 Feb 2023 to 16 Feb 2023
Started
22 Feb 2023
Reopened
27 Feb 2023
Plans
Direct IDCW-Payout,Direct IDCW-Reinvestment,Direct Growth · Regular IDCW-Payout,Regular IDCW-Reinvestment,Regular Growth
Face value
₹10
Listed
Unlisted

How it is run

Swing pricing
No
Side-pocketing
Yes
Custodian
DEUTSCHE BANK AG
Auditor
B S R & Co. LLP
Registrar
Kfintech Ltd
SEBI code
AXIS/O/E/THE/22/12/0070