Business Cycle Fund follows a business cycle investment approach that focuses on identifying earnings up cycle opportunities where the worst phase of the cycle appears discounted and businesses transition from headwinds and disbelief to tailwinds and belief. The strategy combines macro driven and micro driven analysis to capture opportunities arising from inflation trends, interest rate cycles, policy framework, capex programs, demand supply equilibrium, technological shifts, government policies and structural industry changes. The portfolio construction follows a mix of top down and bottom up approach with a flexible allocation framework and low churn investment philosophy. The portfolio typically maintains a stock count of about 20 to 35 stocks and can allow single sector allocation as high as about 40 percent while focusing on 4 to 6 sectors at a time depending on the phase of the business cycle. The strategy seeks opportunities where earnings trajectory and perception change can lead to valuation rerating. Examples illustrating business cycle opportunities include capital goods companies such as ABB India Ltd. and Siemens Ltd., banking leaders like ICICI Bank Ltd. and State Bank of India Ltd., pharmaceutical companies like Lupin Ltd. and Sun Pharmaceutical Industries Ltd., and hospitality companies such as Indian Hotels Co. Ltd. and Chalet Hotels Ltd. Sector agnostic. Market cap agnostic.