Baroda BNP Paribas Business Cycle Fund
Direct · GrowthAI Summary
The fund has delivered consistent alpha over the NIFTY 50 across all long-term windows, with a 3Y SIP XIRR of 15.09% versus a benchmark 3Y CAGR of 6.22% and alpha of 6.31%. However, it trails its sectoral/thematic category on SIP XIRR at every horizon — 15.09% vs 16.18% over 3Y and 11.24% vs 17.43% over 5Y. Recent performance has softened, with a -3.54% calendar year return in 2026 and a 1Y XIRR of 10.39%.
The fund shows a defensive risk profile with a beta below 1 (0.89-0.93) and notably low downside capture of 80-88%, meaning it has historically fallen less than the benchmark in down markets. The Calmar ratio of 0.85 over 3Y indicates reasonable risk-adjusted returns, though it weakens to 0.52 over 5Y. Two drawdown events exceeding 10% have occurred, with the maximum drawdown lasting 158 days.
The portfolio holds 49 stocks with a diversified large-cap tilt, led by ICICI Bank (5.93%), Reliance Industries (4.93%), and HDFC Bank (4.53%). Banks dominate at 19.4% of the portfolio, followed by Pharmaceuticals (8.0%) and IT-Software (7.3%), so the top sector carries meaningful concentration risk. The presence of cyclical names like L&T, BHEL, and TVS Motor aligns with the business cycle theme.
While the fund beats its benchmark comfortably, it underperforms the sectoral/thematic category average SIP XIRR at all measured horizons, including 11.24% vs 17.43% over 5Y. Calendar year returns show uneven consistency — strong years like 2023 (32.03%) and 2024 (21.53%) contrast with flat years such as 2021 (0.1%) and 2025 (1.89%). This suggests performance is cycle-dependent rather than uniformly competitive within its peer group.
This fund suits investors comfortable with thematic risk who want cyclical, benchmark-beating exposure with a defensive downside profile. A time horizon of at least 5 years is advisable given the uneven year-to-year returns and dependence on business cycle timing. It should be treated as a satellite allocation within a diversified portfolio, not a core holding, given its underperformance versus category peers.
- Consistent positive alpha versus NIFTY 50 across 1Y to 15Y windows, including 8.06% alpha over 1Y
- Low downside capture of 80-88% with beta below 1, offering better downside protection than the benchmark
- Diversified 49-stock portfolio with a reasonable 0.93% expense ratio for the category
- Underperforms the category average SIP XIRR at every horizon, including 11.24% vs 17.43% over 5Y
- Heavy sector concentration in Banks at 19.4% of the portfolio creates single-sector risk
- Weak recent momentum with a -3.54% return in 2026 and highly uneven calendar year performance
Generated on 31-10-2026, 2:17 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.60 L | 16.1% | -24.5% | 58.3% |
| 3 Years | ₹36.00 L | ₹44.29 L | 15.4% | 0.7% | 34.2% |
| 5 Years | ₹60.00 L | ₹79.59 L | 11.5% | 8.8% | 13.3% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 16.1% | 14.3% | 10.6% | +1.8% |
| 3 Years | 15.4% | 11.0% | 16.2% | +4.3% |
| 5 Years | 11.5% | 10.4% | 17.4% | +1.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 15.4% | 7.8% | -9.5% | 51.9% | 0.51 | 2.08 | 85% | — | — |
| 3 Years | 17.2% | 17.2% | 11.4% | 24.3% | 4.08 | — | 100% | — | — |
| 5 Years | 10.5% | 10.5% | 9.7% | 11.3% | 8.27 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.68 | 0.89 | 90.4% | 80.2% | -2.3% | -10.9% |
| 3 Years | +5.95 | 0.93 | 95.5% | 87.7% | 12.4% | 6.4% |
| 5 Years | +4.93 | 0.93 | 94.7% | 88.2% | 10.2% | 5.2% |
| 7 Years | +3.20 | 0.93 | 94.3% | 88.2% | 7.3% | 4.0% |
| 10 Years | +2.06 | 0.93 | 94.3% | 88.2% | 5.1% | 2.8% |
| 12 Years | +1.63 | 0.93 | 94.3% | 88.2% | 4.2% | 2.3% |
| 15 Years | +1.21 | 0.93 | 94.3% | 88.2% | 3.4% | 1.8% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 5.93% |
| 2 | Reliance Industries Limited | 4.93% |
| 3 | HDFC Bank Limited | 4.53% |
| 4 | Larsen & Toubro Limited | 4.11% |
| 5 | Sun Pharmaceutical Industries Limited | 3.21% |
| 6 | Divi's Laboratories Limited | 3.13% |
| 7 | Bharat Heavy Electricals Limited | 2.80% |
| 8 | Kotak Mahindra Bank Limited | 2.46% |
| 9 | TVS Motor Company Limited | 2.42% |
| 10 | State Bank of India | 2.34% |