Fundalysisby DARKHORSESTOCKS

Scheme

Union Business Cycle Fund

Holds 59 companies worth ₹496 Cr in Aug 2026.

  • Fund house

    UnionThe fund house that runs this scheme.

  • AUM

    ₹485 CrUnion Business Cycle Fund's AUM at the end of 30 Sept 2026, as AMFI reports it. Down 6.3% on Aug 2026, ₹518 Cr.

  • Largest holding

    ICICI BankICICI Bank is 6.4% of this scheme's NAV.

  • Fund manager

    Harshad PatwardhanRuns its co-manager part since 1 Nov 2024, as the fund house dates it. With Pratik Dharmshi (co-manager).

Overview(6 Oct 2026)

Fund managers2

  1. Harshad PatwardhanCo-manager · Nov 2024 · 32y · CFA PGDM B.Tech
  2. Pratik DharmshiCo-manager · Dec 2024 · 15y · CA B.Com
  1. Sanjay BembalkarMar 2024 – Dec 2024
  2. Hardick BoraMar 2024 – Nov 2024

Key facts

Benchmark
Nifty 500 Index (TRI) Nifty Benchmark Disclaimer: The “Product” offered by “the issuer” is not sponsored, endorsed, sold or promoted by NSE Indices Limited (Formerly Indian Index Services & Products Limited) (IISL). NSE Indices Limited does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of “the Product” or any member of the public regarding the advisability of investing in securities generally or in the “the Product” linked to Nifty 500 Index or particularly in the ability of the Nifty 500 Index, to track general stock market performance in India. The relationship of NSE INDICES LIMITED to the Issuer is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by NSE INDICES LIMITED without regard to the Issuer or the Product(s). NSE INDICES LIMITED does not have any obligation to take the needs of the Issuer or the owners of the Product(s) into consideration in determining, composing or calculating the NIFTY 500 Index. NSE INDICES LIMITED is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. NSE INDICES LIMITED has no obligation or liability in connection with the administration, marketing or trading of the Product(s).
Risk
Very High
Expense
Regular 3.06% · Direct 1.81%
Exit load
1% if units are redeemed/switched out on or before completion of 1 year from the date of allotment. Nil if redeemed or switched out after completion of 1 year from the date of allotment of units.
Started
5 Mar 2024
Minimum
₹1,000

Source.Its Scheme Summary Document as of 6 Oct 2026 at AMFI.

What changed(60 changes)

Oct 2026

1 change
  1. Expense ratio
    5 OctRegular 3.11% → 3.06%Direct 1.86% → 1.81%

Sept 2026

3 changes

Aug 2026

2 changes
  1. Category
    31 AugSectoral/ Thematic → Equity Scheme – Thematic Fund
  2. Expense ratio
    2 AugRegular 3.13% → 3.11%Direct 1.91% → 1.89%

Source.Its filings at NSE, since Aug 2024.

Fund managers over time(Mar 2024 – now)

  1. Harshad Patwardhan
  2. Pratik Dharmshi
  3. Sanjay Bembalkar
  4. Hardick Bora
MainCoSlice20252026
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 – Oct 2026)

Every change to the expense ratio, newest first.
55 changesRegularDirectΔ pt
5 Oct 20263.06%1.81%0.05
15 Sept 20263.11%1.86%0
10 Sept 20263.07%1.86%0
6 Sept 20263.08%1.86%0.03
2 Aug 20263.11%1.89%0.02
26 Jul 20263.13%1.91%0.01
6 Jul 20263.12%1.90%0.04
23 Jun 20263.80%1.86%0
18 Jun 20263.07%1.86%0.65
14 Jun 20262.43%1.21%0.87
8 Jun 20263.30%2.08%1.02
1 Jun 20264.31%3.10%1.89
28 May 20262.43%1.21%0.04
24 May 20262.39%1.17%0.96
18 May 20263.35%2.13%0.15
12 May 20263.19%1.98%0.12
11 May 20263.31%2.10%0.37
5 May 20262.94%1.73%0.07
28 Apr 20263.01%1.80%0.62
26 Apr 20262.38%1.18%1.17
22 Apr 20263.56%2.35%0.32
16 Apr 20263.88%2.67%0.16
9 Apr 20263.72%2.51%0.24
7 Apr 20263.48%2.27%0.34
19 Mar 20262.58%1.93%0.36
16 Mar 20262.52%1.57%0.02
22 Jan 20262.50%1.55%0.01
13 Jan 20262.49%1.54%0.01
4 Jan 20262.48%1.53%0.15
7 Dec 20252.46%1.38%0.01
31 Oct 20252.45%1.37%0.35
9 Oct 20252.40%1.02%0.01
23 Sept 20252.39%1.01%0.01
12 Aug 20252.40%1.02%0.24
16 Jul 20252.36%0.78%0.01
27 Jun 20252.35%0.77%0.01
21 Apr 20252.36%0.78%0
11 Apr 20252.37%0.78%0.18
2 Apr 20252.33%0.60%0.14
19 Mar 20252.39%0.74%0
7 Mar 20252.40%0.74%0.31
28 Feb 20252.45%1.05%0.01
24 Feb 20252.44%1.04%0.01
14 Feb 20252.43%1.03%0.02
3 Feb 20252.41%1.01%0.01
23 Jan 20252.42%1.02%0.01
16 Jan 20252.41%1.01%0.02
13 Jan 20252.39%0.99%0.01
2 Jan 20252.38%0.98%0.07
6 Dec 20242.38%1.05%0.02
22 Oct 20242.40%1.07%0.02
17 Oct 20242.38%1.05%0.01
11 Oct 20242.39%1.06%0.01
28 Aug 20242.40%1.07%0.01
23 Aug 20242.41%1.08%–
Direct plan, 5 Oct 2026
1.81%
Regular plan 3.06% · Exit load 1% if units are redeemed/switched out on or before completion of 1 year from the date of allotment. Nil if redeemed or switched out after completion of 1 year from the date of allotment of units.
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(6 Oct 2026)

Objective

The Investment Objective of the Scheme is to generate long-term capital appreciation by investing with a focus on riding business cycles through allocation between sectors and stocks at different stages of business cycles in the economy. However, there is 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 Index (TRI) Nifty Benchmark Disclaimer: The “Product” offered by “the issuer” is not sponsored, endorsed, sold or promoted by NSE Indices Limited (Formerly Indian Index Services & Products Limited) (IISL). NSE Indices Limited does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of “the Product” or any member of the public regarding the advisability of investing in securities generally or in the “the Product” linked to Nifty 500 Index or particularly in the ability of the Nifty 500 Index, to track general stock market performance in India. The relationship of NSE INDICES LIMITED to the Issuer is only in respect of the licensing of the Indices and certain trademarks and trade names associated with such Indices which is determined, composed and calculated by NSE INDICES LIMITED without regard to the Issuer or the Product(s). NSE INDICES LIMITED does not have any obligation to take the needs of the Issuer or the owners of the Product(s) into consideration in determining, composing or calculating the NIFTY 500 Index. NSE INDICES LIMITED is not responsible for or has participated in the determination of the timing of, prices at, or quantities of the Product(s) to be issued or in the determination or calculation of the equation by which the Product(s) is to be converted into cash. NSE INDICES LIMITED has no obligation or liability in connection with the administration, marketing or trading of the Product(s).

Asset allocation it may hold% of NAV

  1. Equity and Equity Related Instruments selected on the basis of business cycle
    Allowed80–100%
  2. Equity & Equity related instruments of entity(ies) other than the above entity(ies)
    Allowed0–20%
  3. Money Market Instruments, Other Liquid Instruments and other assets as permitted by SEBI
    Allowed0–20%Holds4.3%
  4. Units issued by InvITs
    Allowed0–10%Holds0.0%

Holds in Aug 2026.95.7% equity · 4.3% debt and cash

How to invest(6 Oct 2026)

Buying

To start
₹1,000, then in multiples of ₹1
To add
₹1,000, then in multiples of ₹1
Most
No Limit
Systematic
SIP - Daily, Weekly, Fortnightly and Monthly, SWP - Daily/ Monthly/ Quarterly/ Half Yearly and Yearly, STP - Daily, Weekly, Fortnightly, Monthly, Quarterly and Half Yearly
Dates
SIP - Daily (only business days) for Daily frequency, any date of the month for weekly, fortnightly and monthly frequency, STP - Daily (only business days) for Daily frequency, Monday to Friday for weekly frequency, Every Alternate Wednesday for fortnightly frequency and Any date of the month for monthly, quarterly and half yearly frequency, SWP - Daily (Only Business days) for Daily Frequency and any date of the month for monthly, quarterly, half yearly and yearly frequency
Minimum
SIP - Rs. 100 for daily SIP, Rs. 500 for weekly SIP, Rs. 500 for fortnightly SIP, Rs. 500 for monthly SIP, SWP - Rs. 500 , STP - Rs. 100, then sIP - Rs. 1 thereof for all frequencies, STP - Rs. 1 thereof for all frequencies, SWP - Rs. 1 thereof for all frequencies.
Instalments
SIP - 6 instalments for all frequencies, STP - 6 instalments for all frequencies, SWP - 6 instalments for all frequencies
Most
SIP - Not applicable, STP - Not applicable, SWP - Not applicable

Selling and switching

To redeem
₹1,000 or Units Equivalent to Rs. 1,000 or the balance in the account of the unitholder, whichever is lower units
Switch minimum
₹1,000 or Switch in : Units equivalent to Rs. 1000 Switch out: Units Equivalent to Rs. 1,000 or the balance in the account of the unitholder, whichever is lower units
Switch multiples
Switch in: in multiples of Re. 1 Switch out: in multiples of Re. 1 or Switch in: Units equivalent to Re. 1 Switch out: Units equivalent to Re. 1 units

Scheme details(6 Oct 2026)

What it is

Category
Equity Scheme – Thematic Fund
Offer
13 Feb 2024 to 27 Feb 2024
Started
5 Mar 2024
Reopened
12 Mar 2024
Plans
Direct Plan - Growth Option · Direct Plan - Reinvestment of Income Distribution cum Capital Withdrawal (IDCW) Option · Direct Plan - Payout of Income Distribution cum Capital Withdrawal Option · Direct Plan - Transfer of Income Distribution cum Capital Withdrawal Option · Regular Plan - Growth Option · Regular Plan - Reinvestment of Income Distribution cum Capital Withdrawal Option · Regular Plan - Payout of Income Distribution cum Capital Withdrawal Option · Regular Plan - Transfer of Income Distribution cum Capital Withdrawal Option
Face value
₹10
Listed
The Scheme being an open ended Scheme it is not proposed to be listed on any stock exchange. However, the Trustee reserves the right to list the units of the Scheme on any stock exchange(s) at its sole discretion at a later date.

How it is run

Swing pricing
No
Side-pocketing
Enabled but no segregated portfolio created.
Custodian
SBI-SG Global Securities Services Private Limited
Auditor
M/s S.R Batliboi & Co. LLP
Registrar
Computer Age Management Services Limited (CAMS)
SEBI code
UNIN/O/E/THE/24/01/0025