| KOTAK BUSINESS CYCLE FUND
An open ended equity scheme following business cycles based investing theme
| KOTAK BUSINESS CYCLE FUND
An open ended equity scheme following business cycles based investing theme

   

   
Investment Objective

The scheme shall seek to generate 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 is no assurance that the objective of the scheme will be achieved.

The scheme shall seek to generate 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 is no assurance that the objective of the scheme will be achieved.


Issuer/Instrument
% to Net
Assets

Equity & Equity related
Banks 13.63
ICICI Bank Ltd. 5.10
HDFC Bank Ltd. 3.32
Axis Bank Ltd. 3.10
INDIAN BANK 2.11
Retailing 8.35
VISHAL MEGA MART LIMITED 3.12
ETERNAL LIMITED 2.83
AVENUE SUPERMARTS LTD. 1.87
BRAINBEES SOLUTIONS LIMITED 0.53
Healthcare Services 8.06
ASTER DM HEALTHCARE LTD 3.45
VIJAYA DIAGNOSTIC CENTRE PVT 2.50
KRISHNA INSTITUTE OF MEDICAL 2.11
IT - Software 7.06
Infosys Ltd. 2.48
Mphasis Ltd 2.07
HEXAWARE TECHNOLOGIES LTD. 1.69
Tech Mahindra Ltd. 0.82
Automobiles 6.82
Maruti Suzuki India Limited 3.10
Mahindra & Mahindra Ltd. 2.57
TVS Motors Company Ltd 1.15
Insurance 5.33
ICICI Lombard General Insurance Company Ltd 2.19
SBI Life Insurance Company Ltd 2.18
MEDI ASSIST HEALTHCARE SERVICES LIMITED 0.96
Realty 4.59
BRIGADE ENTERPRISES LIMITED 1.78
Oberoi Realty Ltd 1.45
Mahindra Lifespace Developers Ltd 1.36
Finance 4.09
SHRIRAM FINANCE LTD. 2.08
APTUS VALUE HOUSING FINANCE 1.32
Power Finance Corporation Ltd. 0.69
Auto Components 4.06
UNO MINDA LIMITED 2.54
TENNECO CLEAN AIR INDIA LIMITED 0.82
ROLEX RINGS LTD. 0.70
Pharmaceuticals and Biotechnology 3.76
Sun Pharmaceuticals Industries Ltd. 1.66
MANKIND PHARMA LTD 1.42
Ipca Laboratories Ltd. 0.68
Telecom - Services 3.70
BHARTI HEXACOM LTD. 3.70
Consumer Durables 3.39
Century Plyboards (India) Ltd. 2.28
LG ELECTRONICS INDIA LTD 1.11
Construction 3.30
Larsen And Toubro Ltd. 1.79
KALPATARU PROJECTS INTERNATIONAL LIMITED 1.51
Electrical Equipment 3.02
GE VERNOVA T&D INDIA LIMITED 3.02
Personal Products 2.56
Godrej Consumer Products Ltd. 2.56
Industrial Products 1.88
HAPPY FORGINGS LTD 1.08
BANSAL WIRE INDUSTRIES LIMITED 0.80
Petroleum Products 1.79
RELIANCE INDUSTRIES LTD. 1.79
Cement and Cement Products 1.78
Ultratech Cement Ltd. 1.78
Beverages 1.60
UNITED SPIRITS LTD. 1.60
IT - Services 1.55
SAGILITY INDIA LTD. 1.55
Industrial Manufacturing 1.47
ADITYA INFOTECH LIMITED 1.47
Diversified FMCG 1.17
ITC Ltd. 1.17
Power 1.17
NTPC LTD 1.17
Chemicals and Petrochemicals 1.11
JUBILANT INGREVIA LTD 1.11
Capital Markets 1.05
ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD. 1.05
Commercial Services and Supplies 0.95
CMS INFO SYSTEMS LTD 0.95
Aerospace and Defense 0.85
HINDUSTAN AERONAUTICS LTD. 0.85
Transport Services 0.39
WESTERN CARRIERS (INDIA) LTD 0.39
Equity & Equity related - Total 98.48
Triparty Repo 1.87
Net Current Assets/(Liabilities) -0.35
Grand Total 100.00



Systematic Investment Plan (SIP) If you had invested Rs 10,000 every month
Monthly SIP of (₹) 10000 Since Inception 3 Year 1 year
Total amount invested (₹) 4,00,000 3,60,000 1,20,000
Total Value as on Dec 31, 2025 (₹) 5,20,970 4,55,825 1,27,959
Scheme Returns (%) 16.07 15.94 12.53
NIFTY 500 (TRI) Returns (%) 14.66 14.28 13.60
Alpha* 1.41 1.66 -1.07
NIFTY 500 (TRI) (₹)# 5,09,417 4,45,109 1,28,625
Nifty 50 (TRI) (₹)^ 4,99,628 4,38,641 1,29,514
Nifty 50 (TRI) Returns (%) 13.45 13.26 15.02

Scheme Inception : - September 28,2022. The returns are calculated by XIRR approach assuming investment of ₹10,000/- on the 1st working day of every month. Since Inception returns are assumed to be starting from the inception date of the Scheme and calculated accordingly. XIRR helps in calculating return on investments given an initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. The SIP performance details provided herein are of Regular Plan - Growth Option Different plans have different expense structure. # Benchmark; ^ Additional Benchmark. TRI – Total Return Index, In terms of para 6.14 of SEBI Master circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Source: ICRA MFI Explorer.

Net Asset Value (NAV)
RegularDirect
Growth Rs16.5832Rs17.4317
IDCW Rs16.5832Rs17.4308
(as on December 31, 2025)

Available Plans/Options

A) Regular Plan B) Direct Plan
Options: Payout of IDCW, Reinvestment of IDCW & Growth (applicable for all plans)


Fund Manager* Mr. Harish Bihani &
Mr. Abhishek Bisen
BenchmarkNifty 500 TRI
Allotment dateSeptember 28, 2022
AAUMRs3,066.68 crs
AUMRs3,108.04 crs
Folio count90,921

IDCW Frequency

Trustee's Discretion


Ratios
Portfolio Turnover23.63%
$Beta0.92
$Sharpe ##0.93
$Standard Deviation12.79%
^^(P/E) 33.16
^^P/BV 4.72
Source: $ICRA MFI Explorer, ^^Bloomberg

Market Capitalisation*
Large Cap47.08%
Mid Cap22.57%
Small Cap28.83%
Debt & Money Market1.52%

*% of Net Asset

Minimum Investment Amount

Initial & Additional Investment
• Rs100 and any amount thereafter
Systematic Investment Plan (SIP)
• Rs 100 and any amount thereafter

Ideal Investments Horizon

• 5 years & above


Load Structure

Entry Load: Nil. (applicable for all plans)
Exit Load:
• For redemption / switch out within 90 days from the date of allotment: 0.5%
• If units are redeemed or switched out on or after 90 days from the date of allotment - Nil


Total Expense Ratio**
Regular Plan: 1.92%
Direct Plan: 0.62%

Data as on 31st December, 2025 unless otherwise specified.

Folio Count data as on 30th November 2025.

Fund


Benchmark : Nifty 500 TRI
This product is suitable for investors who are seeking*:
  • Long term capital growth
  • Investment in portfolio of predominantly equity & equity related securities of companies with a focus on riding business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy

* Investors should consult their financial advisors if in doubt about whether the product is suitable for them.

For latest Riskometer, investors may refer to an addendum issued or updated on website at www.kotakmf.com

## Risk rate assumed to be 5.67% (FBIL Overnight MIBOR rate as on 31st Dec 2025).**Total Expense Ratio includes applicable GST.
* For Fund Manager experience, please refer 'For Regular Plan' & 'For Direct Plan'
For scheme performance, please refer 'For Regular Plan' & 'For Direct Plan'