Baroda BNP Paribas Business Cycle Fund

Direct · Growth

AI Summary

Performance

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%.

Risk

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.

Portfolio

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.

Category Positioning

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.

Investor Suitability

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.

₹16.67
02 Nov 2026
NAV
17.2%
3Y CAGR
10.5%
5Y CAGR
13.3%
Weighted CAGR
?
8.27
Sharpe
-20.3%
Max Drawdown
?
0.93%
TER

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% — —

-20.3%
Max Drawdown
5 mo
Drawdown Duration
Not recovered
Recovery Time
-5.2%
Avg Drawdown

Calmar Ratio by Duration

0.76
1Y
0.85
3Y
0.52
5Y

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%

49
Total Holdings
35.9%
Top 10 Weight
27
Sectors
# 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%