Union Business Cycle Fund - Direct Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Portfolio Turnover Ratio : 152.00%. Category average turnover ratio is 153.01%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 98.16% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.16%

No of Stocks : 54 (Category Avg - 44.44) | Large Cap Investments : 36.4%| Mid Cap Investments : 12.89% | Small Cap Investments : 16.54% | Other : 32.33%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	54	43.41
Top 5 Stock Weight	22.32%	32.46%
Top 10 Stock Weight	37.9%	49.59%
Top 3 Sector Weight	24.47%	43.5%

Category - Sectoral/Thematic

Particulars	This Scheme	Category
Average mcap (Cr)	78568.14	72450.77
Holdings in large cap stocks	36.4%	37.14%
Holdings in mid cap stocks	12.89%	14.47%
Holdings in small cap stocks	16.54%	13.1%

Category - Sectoral/Thematic

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
ICICI Bank Ltd.	Private sector bank	318.1	5.59%	0.22%	6.73% (Apr 2025)	5.37% (Sep 2025)	2.36 L	13.44 k
HDFC Bank Ltd.	Private sector bank	309.6	5.44%	0.44%	8.17% (Mar 2025)	5% (Sep 2025)	3.14 L	19.29 k
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	231.8	4.07%	-0.03%	4.1% (Sep 2025)	0% (Nov 2024)	14.32 k	0.00
State Bank Of India	Public sector bank	208	3.65%	0.43%	3.65% (Oct 2025)	2.03% (Jun 2025)	2.22 L	15.77 k
Larsen & Toubro Ltd.	Civil construction	203.5	3.57%	0.51%	4.22% (Jan 2025)	2.53% (Apr 2025)	50.48 k	3.66 k
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	199.2	3.50%	-0.09%	6.1% (Apr 2025)	3.5% (Oct 2025)	96.97 k	-9.84 k
- Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	195.5	3.43%	0.00%	3.43% (Oct 2025)	0% (Nov 2024)	56.06 k	0.00
Infosys Ltd.	Computers - software & consulting	171.8	3.02%	-0.87%	5.37% (Jan 2025)	3.02% (Oct 2025)	1.16 L	-0.35 L
Bharat Electronics Ltd.	Aerospace & defense	171.8	3.02%	0.11%	3.02% (Oct 2025)	0.79% (Nov 2024)	4.03 L	0.00
Bajaj Finance Ltd.	Non banking financial company (nbfc)	148.3	2.61%	0.07%	2.87% (Feb 2025)	0% (Nov 2024)	1.42 L	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
ICICI Bank Ltd.	Private sector bank	11.75	318.1	5.59%	0.22%	6.73% (Apr 2025)	5.37% (Sep 2025)	2.36 L	13.44 k	Large Cap	36.4
HDFC Bank Ltd.	Private sector bank	11.75	309.6	5.44%	0.44%	8.17% (Mar 2025)	5% (Sep 2025)	3.14 L	19.29 k	Other	32.33
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	7.5	231.8	4.07%	-0.03%	4.1% (Sep 2025)	0% (Nov 2024)	14.32 k	0.00	Large Cap	36.4
State Bank Of India	Public sector bank	3.65	208	3.65%	0.43%	3.65% (Oct 2025)	2.03% (Jun 2025)	2.22 L	15.77 k	Large Cap	36.4
Larsen & Toubro Ltd.	Civil construction	3.57	203.5	3.57%	0.51%	4.22% (Jan 2025)	2.53% (Apr 2025)	50.48 k	3.66 k	Large Cap	36.4
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.5	199.2	3.50%	-0.09%	6.1% (Apr 2025)	3.5% (Oct 2025)	96.97 k	-9.84 k	Large Cap	36.4
- Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	7.5	195.5	3.43%	0.00%	3.43% (Oct 2025)	0% (Nov 2024)	56.06 k	0.00	Large Cap	36.4
Infosys Ltd.	Computers - software & consulting	4.3	171.8	3.02%	-0.87%	5.37% (Jan 2025)	3.02% (Oct 2025)	1.16 L	-0.35 L	Large Cap	36.4
Bharat Electronics Ltd.	Aerospace & defense	5.22	171.8	3.02%	0.11%	3.02% (Oct 2025)	0.79% (Nov 2024)	4.03 L	0.00	Mid Cap	12.89
Bajaj Finance Ltd.	Non banking financial company (nbfc)	4.38	148.3	2.61%	0.07%	2.87% (Feb 2025)	0% (Nov 2024)	1.42 L	0.00	Other	32.33
Eternal Ltd.	E-retail/ e-commerce	4.88	138.7	2.44%	-0.10%	2.54% (Sep 2025)	0% (Nov 2024)	4.36 L	0.00	Other	32.33
Cummins India Ltd.	Compressors, pumps & diesel engines	2.37	135.1	2.37%	0.19%	2.37% (Oct 2025)	1.23% (Apr 2025)	31.09 k	0.00	Mid Cap	12.89
Ultratech Cement Ltd.	Cement & cement products	2.3	131.1	2.30%	-0.10%	3.69% (Jan 2025)	0% (Nov 2024)	10.98 k	0.00	Large Cap	36.4
GE T&D India Ltd.	Heavy electrical equipment	3.26	129.5	2.28%	0.02%	2.38% (Aug 2025)	0.98% (Nov 2024)	42.64 k	0.00	Small Cap	16.54
Ujjivan Small Finance Bank Ltd.	Other bank	2.25	128.3	2.25%	0.68%	2.25% (Oct 2025)	0% (Nov 2024)	24.75 L	5.77 L	Other	32.33
InterGlobe Aviation Ltd.	Airline	2.11	120	2.11%	-0.34%	2.78% (Apr 2025)	0.88% (Nov 2024)	21.34 k	-3.17 k	Large Cap	36.4
Max Healthcare Institute Ltd.	Hospital	3.5	113.4	1.99%	0.02%	2.16% (Dec 2024)	1.88% (Feb 2025)	98.81 k	0.00	Other	32.33
TVS Motor Company Ltd.	2/3 wheelers	2.02	113.1	1.99%	-0.40%	2.39% (Sep 2025)	1.11% (Dec 2024)	32.24 k	-6.66 k	Mid Cap	12.89
PVR Inox Ltd.	Film production, distribution & exhibition	1.88	107.1	1.88%	0.42%	1.88% (Oct 2025)	0% (Nov 2024)	88.80 k	13.03 k	Small Cap	16.54
Swiggy Ltd.	E-retail/ e-commerce	4.88	106.5	1.87%	-0.09%	1.96% (Sep 2025)	0% (Nov 2024)	2.60 L	0.00	Other	32.33
Solar Industries India Ltd.	Explosives	1.8	102.3	1.80%	0.04%	3.16% (May 2025)	1.06% (Nov 2024)	7.37 k	0.00	Small Cap	16.54
KEI Industries Ltd.	Cables - electricals	1.79	102.1	1.79%	-0.05%	1.84% (Sep 2025)	0% (Nov 2024)	25.33 k	0.00	Small Cap	16.54
# Shriram Finance Ltd.	Non banking financial company (nbfc)	4.38	100.6	1.77%	1.77%	2.39% (May 2025)	0% (Nov 2024)	1.34 L	1.34 L	Other	32.33
Kaynes Technology India Private Ltd.	Industrial products	1.73	98.6	1.73%	-0.12%	1.85% (Sep 2025)	0% (Nov 2024)	14.71 k	0.00	Other	32.33
One 97 Communications Ltd.	Financial technology (fintech)	1.72	97.7	1.72%	0.21%	1.72% (Oct 2025)	0% (Nov 2024)	74.95 k	0.00	Other	32.33
Tata Steel Ltd.	Iron & steel products	2.23	93.6	1.64%	0.68%	1.64% (Oct 2025)	0% (Nov 2024)	5.12 L	1.94 L	Other	32.33
Dixon Technologies (India) Ltd.	Consumer electronics	1.54	87.7	1.54%	-0.11%	2.35% (Apr 2025)	1.08% (Jan 2025)	5.66 k	0.00	Other	32.33
Apollo Hospitals Enterprises Ltd.	Hospital	3.5	86	1.51%	0.22%	2.57% (Jan 2025)	0% (Nov 2024)	11.19 k	1.47 k	Mid Cap	12.89
Motherson Sumi Wiring India Ltd.	Auto components & equipments	3.56	85.1	1.50%	0.03%	1.5% (Oct 2025)	0% (Nov 2024)	18.03 L	0.00	Other	32.33
Navin Flourine International Ltd.	Commodity chemicals	1.47	83.7	1.47%	0.40%	1.47% (Oct 2025)	0% (Nov 2024)	14.71 k	1.74 k	Small Cap	16.54
Data Patterns India Ltd.	Aerospace & defense	5.22	83.4	1.46%	0.33%	1.46% (Oct 2025)	0% (Nov 2024)	30.39 k	5.61 k	Other	32.33
Amber Enterprises India Ltd.	Household appliances	2.48	82.5	1.45%	-0.03%	2.3% (Mar 2025)	0% (Nov 2024)	10.27 k	0.00	Small Cap	16.54
Ami Organics Ltd.	Pharmaceuticals	1.41	80.2	1.41%	0.32%	1.41% (Oct 2025)	0% (Nov 2024)	46.41 k	0.00	Other	32.33
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.33	75.8	1.33%	0.19%	1.44% (Jun 2025)	0% (Nov 2024)	8.20 k	0.00	Small Cap	16.54
Nippon Life India Asset Management Ltd.	Asset management company	1.32	75	1.32%	-0.25%	1.62% (Dec 2024)	0% (Nov 2024)	85.72 k	-0.16 L	Mid Cap	12.89
Netweb Technologies India Ltd.	Computers hardware & equipments	1.26	71.5	1.26%	0.11%	1.26% (Oct 2025)	0% (Nov 2024)	17.71 k	0.00	Other	32.33
UNO Minda Ltd.	Auto components & equipments	3.56	70.4	1.24%	-0.08%	1.32% (Sep 2025)	0.9% (Apr 2025)	57.00 k	0.00	Small Cap	16.54
SBI Life Insurance Co Ltd.	Life insurance	1.11	63	1.11%	0.08%	1.11% (Oct 2025)	0% (Nov 2024)	32.21 k	0.00	Large Cap	36.4
Reliance Industries Ltd.	Refineries & marketing	1.08	61.5	1.08%	-0.54%	4.58% (Apr 2025)	1.08% (Oct 2025)	41.38 k	-0.25 L	Large Cap	36.4
Blue Star Ltd.	Household appliances	2.48	58.8	1.03%	0.01%	1.03% (Aug 2025)	0% (Nov 2024)	30.35 k	0.00	Small Cap	16.54
Mphasis Ltd.	Computers - software & consulting	4.3	58	1.02%	0.53%	1.48% (Aug 2025)	0% (Nov 2024)	20.98 k	10.57 k	Mid Cap	12.89
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	3.26	55.6	0.98%	-0.02%	1% (Sep 2025)	0% (Nov 2024)	75.42 k	0.00	Small Cap	16.54
Hindalco Industries Ltd.	Aluminium	0.86	49.1	0.86%	0.07%	0.86% (Oct 2025)	0% (Nov 2024)	57.86 k	0.00	Large Cap	36.4
Metro Brands Ltd.	Footwear	0.84	48.1	0.84%	-0.14%	0.98% (Sep 2025)	0% (Nov 2024)	42.57 k	0.00	Other	32.33
Indian Hotels Company Limited	Hotels & resorts	0.84	47.8	0.84%	0.01%	1.71% (Apr 2025)	0.83% (Sep 2025)	64.39 k	0.00	Mid Cap	12.89
WABCO India Ltd.	Auto components & equipments	3.56	46.8	0.82%	-0.05%	0.95% (Aug 2025)	0% (Nov 2024)	3.77 k	0.00	Mid Cap	12.89
UPL Ltd.	Pesticides & agrochemicals	0.8	45.8	0.80%	-0.13%	1.51% (Feb 2025)	0% (Nov 2024)	63.59 k	-0.16 L	Large Cap	36.4
Garden Reach Shipbuilders and Engineers Ltd.	Aerospace & defense	5.22	42	0.74%	0.24%	0.74% (Oct 2025)	0% (Nov 2024)	16.45 k	5.30 k	Small Cap	16.54
# Kotak Mahindra Bank Ltd.	Private sector bank	11.75	41.2	0.72%	0.72%	3.41% (Mar 2025)	0% (Nov 2024)	19.59 k	19.59 k	Large Cap	36.4
J S W Steel Ltd.	Iron & steel products	2.23	33.4	0.59%	-0.54%	1.13% (Sep 2025)	0% (Nov 2024)	27.72 k	-0.28 L	Large Cap	36.4
FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	4.88	32.2	0.57%	0.03%	0.57% (Oct 2025)	0% (Nov 2024)	1.30 L	0.00	Other	32.33
# V-Mart Retail Ltd.	Diversified retail	0.55	31.4	0.55%	0.55%	1.46% (Nov 2024)	0% (Nov 2024)	37.89 k	37.89 k	Small Cap	16.54
# Latent View Analytics Ltd.	Computers - software & consulting	4.3	14.5	0.26%	0.26%	0.26% (Oct 2025)	0% (Nov 2024)	32.40 k	32.40 k	Other	32.33
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	2.02	1.6	0.03%	0.00%	0% (Nov 2025)	0% (Nov 2025)	1.56 L	0.00	Other	32.33
Jindal Steel Ltd.	Iron & steel products	2.23	30.7	0.00%	-0.55%	-	-	-	-	Mid Cap	12.89
Max Financial Services Ltd.	Life insurance	1.11	39.5	0.00%	-0.71%	-	-	-	-	Mid Cap	12.89
Lupin Ltd.	Pharmaceuticals	1.41	53.5	0.00%	-0.96%	-	-	-	-	Large Cap	36.4
Hindustan Aeronautics Ltd.	Aerospace & defense	5.22	60.9	0.00%	-1.09%	-	-	-	-	Other	32.33
PNC Infratech Ltd.	Civil construction	3.57	55.8	0.00%	-1.00%	-	-	-	-	Small Cap	16.54
J.K. Cement Ltd.	Cement & cement products	2.3	40.3	0.00%	-0.72%	-	-	-	-	Small Cap	16.54

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Kotak Mahindra Bank Ltd.	Private sector bank	41.2	0.72%	0.72%	3.41% (Mar 2025)	0% (Nov 2024)	19.59 k	19593
# V-Mart Retail Ltd.	Diversified retail	31.4	0.55%	0.55%	1.46% (Nov 2024)	0% (Nov 2024)	37.89 k	37890
# Latent View Analytics Ltd.	Computers - software & consulting	14.5	0.26%	0.26%	0.26% (Oct 2025)	0% (Nov 2024)	32.40 k	32403
# Shriram Finance Ltd.	Non banking financial company (nbfc)	100.6	1.77%	1.77%	2.39% (May 2025)	0% (Nov 2024)	1.34 L	134362

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Jindal Steel Ltd.	Iron & steel products	30.7	0.00%	-0.55%	0.55% (Sep 2025)	0% (Nov 2024)	-28884
Max Financial Services Ltd.	Life insurance	39.5	0.00%	-0.71%	1.37% (Jun 2025)	0% (Nov 2024)	-25063
Lupin Ltd.	Pharmaceuticals	53.5	0.00%	-0.96%	2.04% (Nov 2024)	0% (Nov 2024)	-28010
Hindustan Aeronautics Ltd.	Aerospace & defense	60.9	0.00%	-1.09%	2.27% (May 2025)	0% (Nov 2024)	-12820
PNC Infratech Ltd.	Civil construction	55.8	0.00%	-1.00%	1.04% (Jul 2025)	0% (Nov 2024)	-189773
J.K. Cement Ltd.	Cement & cement products	40.3	0.00%	-0.72%	1.12% (May 2025)	0% (Nov 2024)	-6395

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	5.44%	5.00%	5.57%	6.28%	6.01%	8.07%	8.13%	8.17%	8.04%	5.66%	7.92%	7.93%	7.01%
ICICI Bank Ltd.	5.59%	5.37%	6.14%	6.35%	5.98%	6.70%	6.73%	6.52%	6.25%	6.01%	5.99%	6.20%	5.29%
Bharti Airtel Ltd.	3.50%	3.59%	4.91%	5.18%	5.75%	5.47%	6.10%	5.58%	4.93%	4.72%	4.13%	3.54%	3.60%
Infosys Ltd.	3.02%	3.89%	4.03%	3.71%	4.04%	3.81%	3.49%	3.58%	5.21%	5.37%	3.85%	4.79%	4.64%
Larsen & Toubro Ltd.	3.57%	3.06%	3.03%	2.99%	2.65%	2.74%	2.53%	3.10%	3.54%	4.22%	4.05%	3.51%	2.45%
Reliance Industries Ltd.	1.08%	1.62%	2.63%	3.84%	3.99%	3.56%	4.58%	3.93%	2.97%	3.48%	1.97%	2.64%	2.79%
Mahindra & Mahindra Ltd.	3.43%	3.43%	3.22%	2.95%	2.07%	-	-	0.91%	2.77%	2.96%	2.83%	2.84%	-
Ultratech Cement Ltd.	2.30%	2.40%	1.98%	1.87%	1.17%	2.53%	3.42%	3.47%	3.52%	3.69%	2.51%	-	-
State Bank Of India	3.65%	3.22%	2.12%	2.05%	2.03%	2.59%	2.56%	2.57%	2.46%	2.55%	3.25%	2.99%	1.05%
HCL Technologies Limited	-	-	-	-	-	-	-	-	-	1.88%	1.98%	2.76%	2.70%
Maruti Suzuki India Ltd.	4.07%	4.10%	2.31%	0.89%	0.84%	1.23%	1.24%	2.46%	3.34%	2.42%	-	-	-
Kotak Mahindra Bank Ltd.	0.72%	-	-	-	-	-	2.53%	3.41%	2.96%	1.80%	-	-	-
Bharat Electronics Ltd.	3.02%	2.91%	2.45%	2.48%	2.97%	2.79%	2.32%	1.78%	1.56%	2.77%	2.63%	0.79%	0.51%
National Thermal Power Corporation Ltd.	-	-	-	-	-	1.89%	2.41%	1.03%	-	-	-	2.57%	2.95%
Eternal Ltd.	2.44%	2.54%	2.22%	2.12%	1.41%	-	-	-	-	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	-	2.10%	1.66%	1.47%