Fundalysisby DARKHORSESTOCKS

Scheme

ICICI Prudential Business Cycle Fund

Holds 76 companies worth ₹13,275 Cr in Sept 2026.

  • Fund house

    ICICIThe fund house that runs this scheme.

  • AUM

    ₹14,889 CrICICI Prudential Business Cycle Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 6.2% on Aug 2026, ₹15,873 Cr.

  • Largest holding

    HDFC BankHDFC Bank is 9.6% of this scheme's NAV.

  • Fund manager

    Manish BanthiaRuns its co-manager part since 19 Jan 2021, as the fund house dates it. With Manan Tijoriwala (co-manager), Divya Jain (co-manager).

Overview(1 Sept 2026)

Fund managers3

  1. Manish BanthiaCo-manager · Jan 2021 · 22y · MBA B.Com
  2. Manan TijoriwalaCo-manager · Aug 2025 · 12y · CFA
  3. Divya JainCo-manager · Jan 2026 · 9y · B.Com
  1. Anish TawakleyJan 2021 – Feb 2026

Key facts

Benchmark
Nifty 500 TRI
Expense
Regular 1.83% · Direct 0.97%
Exit load
1% within 1 month
Started
18 Jan 2021
Minimum
₹500

Source.Its Scheme Summary Document as of 1 Sept 2026 at AMFI.

What changed(6 changes)

Aug 2026

2 changes
  1. Expense ratio
    31 AugRegular 1.65% → 1.83%Direct 0.75% → 0.97%
  2. Category
    31 AugEquity - Sectoral/Thematic → Equity - Thematic

Jun 2026

1 change
  1. Expense ratio
    14 JunRegular 1.68% → 1.65%

Feb 2026

1 change
  1. Anish Tawakley left
    4 Febran it as co-manager from Jan 2021

Source.Its filings at NSE, since Aug 2025.

Fund managers over time(Jan 2021 – now)

  1. Manish Banthia
  2. Manan Tijoriwala
  3. Divya Jain
  4. Anish Tawakley
MainCoSlice20222023202420252026
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 2025 – Sept 2026)

Every change to the expense ratio, newest first.
4 changesRegularDirectΔ pt
31 Aug 20261.83%0.97%0.22
14 Jun 20261.65%0.75%0
4 Jan 20261.68%0.75%0.03
29 Aug 20251.70%0.72%–
Direct plan, 31 Aug 2026
0.97%
Regular plan 1.83% · Exit load 1% within 1 month
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(1 Sept 2026)

Objective

To generate long-term capital appreciation by investing with focus on riding business cycles through allocation between sectors and stocks at different stages of business cycles. However there can be no assurance or guarantee that the investment objective of the scheme would be achieved.

Risk, type and benchmark

At launch
High
Type
Open Ended
Benchmark
Nifty 500 TRI
Benchmark 2
Nifty 50 TRI

Asset allocation it may hold% of NAV

  1. Equity and equity related instruments selected on the basis of business cycle
    Allowed80–100%
  2. Other equity and equity related instruments
    Allowed0–20%
  3. Money market instruments, other liquid instruments^, Units of Overnight funds, Liquid funds and Money Market funds
    Allowed0–20%
  4. Units issued by InVITs
    Allowed0–10%Holds0.0%

Holds in Sept 2026.86.2% equity · 10.8% debt and cash · 3.0% fund units

How to invest(1 Sept 2026)

Buying

To start
₹500, then in multiples of ₹1
To add
₹500, then in multiples of ₹1
SIP how often
Daily,Weekly,Fortnightly,Monthly,Quarterly
SIP dates
Daily = Daily (only business days) Weekly = Anyday (Monday to Friday)* Fortnightly = 1st and 16th day of each month as applicable Monthly = Any day* Quarterly = Any day* *In case the date chosen for SIP falls on a Non-Business Day or on a date which is not available in a particular month, the SIP will beprocessed on the immediate next Business Day.
SIP minimum
Daily,Weekly,Fortnightly,Monthly = Rs. 100 Quarterly = Rs. 5,000, then re. 1/-
SIP instalments
Daily,Weekly,Fortnightly,Monthly = 6 Quarterly = 4

Selling and switching

To redeem
Any amount
Switch minimum
₹500
Switch multiples
Any amount
STP how often
Daily,Weekly,Fortnightly, Monthly,Quarterly
STP dates
Daily = Daily (only business days) Weekly = Anyday (Monday to Friday)* Fortnightly = 1st and 16th day of each month as applicable Monthly = Any date* Quarterly = Any date* *In case the date chosen for STP falls on a non-business day or on a day which is not available in a particular month, the STP will be processed on the immediate next business day.
STP minimum
Monthly, Weekly, Fortnightly, Quarterly = Rs. 1,000 Daily = Rs. 250, then re. 1/-
STP instalments
Daily,Weekly, Fortnightly, Monthly = 6 Quarterly = 4
SWP how often
Monthly,Quarterly, Half Yearly,Annual
SWP dates
Monthly = Any day* Quarterly= Any day* Half Yearly = Any day* Annual = Any day* *In case none of the frequencies has been selected then Monthly frequency shall be considered as the Default frequency and where no withdrawal date is selected, 1st business day of the month shall be considered as the default SWP date.
SWP minimum
Any amount, then re. 1
SWP instalments
Monthly,Quarterly, Half Yearly,Annual = 2

Scheme details(1 Sept 2026)

What it is

Category
Equity - Thematic
Offer
29 Dec 2020 to 12 Jan 2021
Started
18 Jan 2021
Reopened
22 Jan 2021
Plans
ICICI Prudential Business Cycle Fund - Direct Plan - Growth · ICICI Prudential Business Cycle Fund - Direct Plan - IDCW · ICICI Prudential Business Cycle Fund - Regular Plan - Growth · ICICI Prudential Business Cycle Fund - Regular Plan - IDCW
Face value
₹10
Listed
No

How it is run

Swing pricing
No
Side-pocketing
No
Custodian
HDFC Bank Limited, SBI-SG Global Securities Services Pvt. Ltd., Citibank N. A., Hongkong and Shanghai Banking Corporation Limited (HSBC) are acting as Custodians for the Scheme.
Auditor
Batliboi & Co. LLP
Registrar
Computer Age Management Services Limited
SEBI code
ICIC/O/E/THE/19/12/0118