Union Business Cycle Fund
Union Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
Union Business Cycle Fund is heavily tilted toward cyclical sectors—particularly banks, defense, and industrials—positioning for an economic expansion scenario. The manager is doubling down on financial sector strength through ICICI Bank's significant overweight, while trimming tech and telecom exposure in favor of infrastructure and renewable energy plays like GE Vernova and Suzlon. These shifts suggest conviction in a domestic capex-driven upcycle over service-sector gains.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹11.4800 | — | — | — | — | — | — |
| Regular Growth | ₹11.1500 | +2.39% | -2.19% | -2.79% | +4.11% | — | — |
| Direct IDCW | ₹11.4800 | — | — | — | — | — | — |
| Regular IDCW | ₹11.1500 | — | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
57
Top 5 Weight
19.96%
Top 10 Weight
33.02%
Active Share
—
Large Cap
41.93%
Gini
0.339
What Changed2026-03-31 → 2026-04-30
Holdings: 59 → 59+8 added−8 removed32 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| Bharat Heavy Electricals Ltd. | 2.88% |
| Power Mech Projects Ltd. | 2.43% |
| Bank of Maharashtra | 0.99% |
| Suzlon Energy Ltd. | 0.98% |
| Eternal Ltd. | 0.98% |
| Interglobe Aviation Ltd. | 0.84% |
| 360 ONE WAM Ltd. | 0.34% |
| 364 Day Treasury Bills | 0.10% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | ICICI Bank Ltd. INE090A01021 | 6.93% |
| 2 | Axis Bank Ltd. INE238A01034 | 4.09% |
| 3 | TREPS | 3.65% |
| 4 | Bharat Electronics Ltd. INE263A01024 | 3.12% |
| 5 | Cummins India Ltd. INE298A01020 | 2.94% |
| 6 | Bharat Heavy Electricals Ltd. INE257A01026 | 2.88% |
| 7 | Tata Steel Ltd. INE081A01020 | 2.76% |
| 8 | Solar Industries India Ltd. INE343H01029 | 2.72% |
| 9 | GE Vernova T&D India Ltd. INE200A01026 | 2.58% |
| 10 | Larsen & Toubro Ltd. INE018A01030 | 2.54% |
| 11 | State Bank of India INE062A01020 | 2.46% |
| 12 | Data Patterns (India) Ltd. INE0IX101010 | 2.45% |
| 13 | Reliance Industries Ltd. INE002A01018 | 2.45% |
| 14 | Power Mech Projects Ltd. INE211R01019 | 2.43% |
| 15 | Multi Commodity Exchange of India Ltd. INE745G01043 | 2.38% |
| 16 | Max Financial Services Ltd. INE180A01020 | 2.37% |
| 17 | JSW Energy Ltd. INE121E01018 | 2.32% |
| 18 | Ujjivan Small Finance Bank Ltd. INE551W01018 | 2.04% |
| 19 | Kotak Mahindra Bank Ltd. INE237A01036 | 1.97% |
| 20 | Navin Fluorine International Ltd. INE048G01026 | 1.95% |
Sector Allocation
Banks19.8%
Aerospace & Defense6.5%
Electrical Equipment6.4%
Chemicals & Petrochemicals5.5%
Pharmaceuticals & Biotechnology5.5%
Construction5.0%
Ferrous Metals4.6%
Auto Components4.5%
Automobiles4.5%
Industrial Products4.3%
Top 10 sectors by % to NAV. Excludes derivatives.