Mahindra Manulife Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 9 Nov 2026
- ₹15.35+0.74%1 day
- Return since launch
- 14.2%
- 52-week range
- ₹13.89 — ₹16.03
- AUM
- ₹1,291 Cr
Mahindra Manulife Business Cycle Fund is a Equity Opportunities equity fund from Mahindra Manulife Mutual Fund with ₹1,291 Cr under management, launched in 2023. Over three years it has returned 5.7% a year, against 13.7% for its category. The expense ratio is 2.44% and the SEBI riskometer reading is Very High.
Performance
Mahindra Manulife Business Cycle Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +1.4% against -1.4% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 0.9% | −3.2 pts | 4.1% | 5.3% |
| 2Y | 4.1% | −1.7 pts | 5.8% | 3.0% |
| 3Y | 5.7% | −8.1 pts | 13.7% | 3.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 5.3% | +1.6 pts | 3.8% | 4.8% |
| 3M | -4.2% | −3.2 pts | -1.0% | -0.9% |
| 6M | -0.3% | −5.8 pts | 5.5% | 4.4% |
| 1Y | 1.5% | −2.7 pts | 4.1% | -1.1% |
| 2Y | 1.9% | −0.8 pts | 2.7% | 0.1% |
| 3Y | 15.6% | +1.9 pts | 13.7% | 10.6% |
Since launch (21 Aug 2023): 14.2%
Calendar-year returns
Category average25.6%
6.6%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 6.6% | +3.4 pts | 3.2% |
| 2024 | 25.6% | +2.4 pts | 23.3% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.42%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.85%
- Brokerage
- 0.10%
- Transaction charges
- 0.01%
- Statutory levies
- 0.46%
- Exit load
- Exit load of 1%, if redeemed within 3 months
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- NIFTY 500 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Very High
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | 3.45 | 5.29 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 1.04 | 0.95 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.52 | 0.64 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.74 | 0.86 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 16.98 | 15.70 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 4 category peers | |||
Portfolio
Mahindra Manulife Business Cycle Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity96.8%
- Other3.2%
Market cap split
- Large44.6%
- Mid23.1%
- Small32.3%
- P/E
- 19.85
- P/B
- 2.31
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Reliance Industries Ltd. | Energy | 3.85% | ₹49.72 Cr | +4.05% | +4.50% | +4.65% |
| Grasim Industries Ltd. | Materials | 3.20% | ₹41.34 Cr | +3.13% | +2.93% | +2.02% |
| Others | Others | 3.18% | ₹41.07 Cr | +0.06% | +6.03% | +1.35% |
| ICICI Bank Ltd. | Financial | 3.07% | ₹39.65 Cr | +3.09% | +2.05% | — |
| JSW Energy Ltd. | Capital Goods | 3.04% | ₹39.28 Cr | +3.46% | +2.82% | +2.16% |
| Axis Bank Ltd. | Financial | 2.71% | ₹34.94 Cr | +2.87% | — | +3.78% |
| Bandhan Bank Ltd. | Financial | 2.52% | ₹32.54 Cr | +2.39% | +1.28% | — |
| Indusind Bank Ltd. | Financial | 2.51% | ₹32.40 Cr | +2.49% | +2.30% | — |
| Adani Enterprises Ltd. | Services | 2.47% | ₹31.94 Cr | +2.50% | — | — |
| Indus Towers Ltd. | Communication | 2.31% | ₹29.86 Cr | +2.34% | +4.04% | +2.25% |
| Bajaj Auto Ltd. | Automobile | 2.25% | ₹29.07 Cr | +2.66% | +3.51% | +3.32% |
| Tech Mahindra Ltd. | Technology | 2.20% | ₹28.46 Cr | +1.96% | +2.20% | +1.96% |
| Divi's Laboratories Ltd. | Healthcare | 2.16% | ₹27.87 Cr | +1.70% | +1.74% | +2.06% |
| IDFC First Bank Ltd. | Financial | 2.02% | ₹26.06 Cr | +1.61% | +1.45% | — |
| Vodafone Idea Ltd. | Communication | 1.93% | ₹24.87 Cr | +2.08% | +1.58% | — |
| Ajanta Pharma Ltd. | Healthcare | 1.87% | ₹24.15 Cr | +1.68% | +1.50% | — |
| Adani Energy Solutions Ltd. | Energy | 1.79% | ₹23.14 Cr | +0.90% | — | — |
| The Ramco Cements Ltd. | Materials | 1.77% | ₹22.83 Cr | +1.88% | +2.11% | +1.52% |
| Steel Authority Of India Ltd. | Metals & Mining | 1.69% | ₹21.78 Cr | — | — | — |
| Kajaria Ceramics Ltd. | Materials | 1.60% | ₹20.71 Cr | +1.59% | +1.68% | +1.46% |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 1.57% | ₹20.25 Cr | +0.94% | +1.81% | — |
| NTPC Ltd. | Energy | 1.56% | ₹20.12 Cr | +1.66% | +1.96% | +1.73% |
| Carborundum Universal Ltd. | Metals & Mining | 1.56% | ₹20.12 Cr | +1.11% | +0.60% | — |
| Bajaj Finance Ltd. | Financial | 1.54% | ₹19.83 Cr | +1.55% | +1.41% | +2.50% |
| Maruti Suzuki India Ltd. | Automobile | 1.48% | ₹19.15 Cr | +1.69% | +1.05% | +1.18% |
| Coal India Ltd. | Materials | 1.48% | ₹19.09 Cr | +1.48% | +1.72% | +1.53% |
| Zydus Lifesciences Ltd. | Healthcare | 1.47% | ₹19.02 Cr | +1.36% | — | — |
| Ambuja Cements Ltd. | Materials | 1.45% | ₹18.70 Cr | +0.79% | +0.85% | +0.93% |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 1.44% | ₹18.58 Cr | +0.77% | — | — |
| REC Ltd. | Financial | 1.44% | ₹18.54 Cr | +1.69% | — | — |
| HBL Engineering Ltd. | Capital Goods | 1.42% | ₹18.38 Cr | — | — | — |
| Asahi India Glass Ltd. | Materials | 1.41% | ₹18.21 Cr | +1.21% | +1.27% | +2.32% |
| Cochin Shipyard Ltd. | Capital Goods | 1.39% | ₹17.93 Cr | +1.26% | — | — |
| Shriram Finance Ltd | Financial | 1.37% | ₹17.69 Cr | +1.75% | +1.67% | — |
| Biocon Ltd. | Healthcare | 1.33% | ₹17.13 Cr | +1.45% | +1.42% | — |
| Ceat Ltd. | Automobile | 1.29% | ₹16.62 Cr | +1.36% | +1.44% | +1.44% |
| JSW Steel Ltd. | Metals & Mining | 1.26% | ₹16.29 Cr | — | — | — |
| Sagility Ltd. | Services | 1.26% | ₹16.27 Cr | +0.89% | +1.03% | — |
| LMW Ltd. | Capital Goods | 1.20% | ₹15.49 Cr | +1.08% | +0.94% | +1.08% |
| Deepak Fertilisers And Petrochemicals Corporation Ltd. | Chemicals | 1.16% | ₹15.03 Cr | — | — | — |
| Supreme Petrochem Ltd. | Materials | 1.16% | ₹14.99 Cr | +0.99% | +1.16% | +1.05% |
| Finolex Cables Ltd. | Capital Goods | 1.11% | ₹14.28 Cr | — | — | — |
| Manappuram Finance Ltd. | Financial | 1.10% | ₹14.21 Cr | +1.09% | +0.96% | +0.83% |
| Kirloskar Brothers Ltd. | Capital Goods | 1.10% | ₹14.21 Cr | +1.23% | +0.91% | +1.26% |
| Hindalco Industries Ltd. | Metals & Mining | 1.09% | ₹14.13 Cr | — | — | +1.25% |
| Anthem Biosciences Ltd. | Healthcare | 1.06% | ₹13.74 Cr | +1.50% | +1.02% | +0.84% |
| CESC Ltd. | Energy | 1.06% | ₹13.70 Cr | +2.08% | +2.10% | +1.52% |
| Punjab National Bank | Financial | 1.05% | ₹13.57 Cr | +0.96% | — | +1.93% |
| Ujjivan Small Finance Bank Ltd. | Financial | 1.05% | ₹13.50 Cr | +0.88% | +0.86% | — |
| HEG Advanced Materials Ltd. | Capital Goods | 1.03% | ₹13.32 Cr | — | — | — |
| Mphasis Ltd. | Technology | 0.95% | ₹12.28 Cr | +0.92% | — | — |
| Dalmia Bharat Ltd. | Materials | 0.91% | ₹11.79 Cr | +0.89% | +1.06% | — |
| Jindal Saw Ltd. | Metals & Mining | 0.91% | ₹11.77 Cr | — | — | — |
| Graphite India Ltd. | Capital Goods | 0.89% | ₹11.47 Cr | — | — | — |
| S.P. Apparels Ltd. | Textiles | 0.86% | ₹11.09 Cr | +0.98% | +0.68% | +0.84% |
| K.P.R. Mill Ltd. | Textiles | 0.85% | ₹11.03 Cr | +0.88% | +0.70% | — |
| Sarda Energy & Minerals Ltd. | Metals & Mining | 0.85% | ₹10.94 Cr | +0.82% | +0.95% | — |
| Mazagon Dock Shipbuilders Ltd. | Capital Goods | 0.82% | ₹10.57 Cr | +0.93% | — | — |
| Elecon Engineering Company Ltd. | Capital Goods | 0.79% | ₹10.16 Cr | +0.88% | — | — |
| Tata Consumer Products Ltd. | Consumer Staples | 0.74% | ₹9.50 Cr | — | — | — |
| Bank Of Baroda | Financial | 0.71% | ₹9.22 Cr | +1.43% | +1.47% | — |
| Garware Hi-Tech Films Ltd. | Materials | 0.69% | ₹8.96 Cr | — | — | — |
| Foseco India Ltd. | Chemicals | 0.60% | ₹7.77 Cr | — | — | — |
| Triveni Engineering & Industries Ltd. | Consumer Staples | 0.55% | ₹7.15 Cr | — | — | +0.90% |
| Garden Reach Shipbuilders & Engineers Ltd. | Capital Goods | 0.51% | ₹6.55 Cr | +0.61% | — | — |
| Gokaldas Exports Ltd. | Textiles | 0.40% | ₹5.19 Cr | +1.07% | +0.81% | +0.91% |
| NOCIL Ltd. | Materials | 0.36% | ₹4.62 Cr | +0.79% | +0.55% | — |
| NMDC Ltd. | Metals & Mining | 0.30% | ₹3.83 Cr | +1.15% | +1.30% | — |
| Smartworks Coworking Spaces Ltd. | Services | 0.23% | ₹2.99 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Infosys Ltd. | 2.18% | 0.00% | -2.18% |
| HBL Engineering Ltd. | 0.00% | 1.42% | +1.42% |
| Finolex Cables Ltd. | 0.00% | 1.11% | +1.11% |
| The Federal Bank Ltd. | 1.10% | 0.00% | -1.10% |
| HEG Advanced Materials Ltd. | 0.00% | 1.03% | +1.03% |
| Jindal Saw Ltd. | 0.00% | 0.91% | +0.91% |
| Graphite India Ltd. | 0.00% | 0.89% | +0.89% |
| NMDC Ltd. | 0.97% | 0.30% | -0.67% |
| Bandhan Bank Ltd. | 1.88% | 2.52% | +0.65% |
| Tega Industries Ltd. | 0.64% | 0.00% | -0.64% |
| Anthem Biosciences Ltd. | 1.70% | 1.06% | -0.64% |
| GAIL (India) Ltd. | 0.59% | 0.00% | -0.59% |
| Gokaldas Exports Ltd. | 0.94% | 0.40% | -0.54% |
| Garware Hi-Tech Films Ltd. | 0.21% | 0.69% | +0.49% |
| Aurobindo Pharma Ltd. | 0.45% | 0.00% | -0.45% |
| Steel Authority Of India Ltd. | 1.29% | 1.69% | +0.40% |
| NOCIL Ltd. | 0.74% | 0.36% | -0.38% |
| Carborundum Universal Ltd. | 1.30% | 1.56% | +0.26% |
| CESC Ltd. | 1.31% | 1.06% | -0.25% |
| Smartworks Coworking Spaces Ltd. | 0.00% | 0.23% | +0.23% |
| Triveni Engineering & Industries Ltd. | 0.33% | 0.55% | +0.22% |
| Sagility Ltd. | 1.04% | 1.26% | +0.22% |
| Supreme Petrochem Ltd. | 0.99% | 1.16% | +0.17% |
| Adani Enterprises Ltd. | 2.31% | 2.47% | +0.17% |
| Indusind Bank Ltd. | 2.68% | 2.51% | -0.17% |
| Coal India Ltd. | 1.32% | 1.48% | +0.16% |
| Grasim Industries Ltd. | 3.34% | 3.20% | -0.13% |
| ICICI Bank Ltd. | 3.20% | 3.07% | -0.12% |
| Bajaj Auto Ltd. | 2.38% | 2.25% | -0.12% |
| Elecon Engineering Company Ltd. | 0.66% | 0.79% | +0.12% |
| Cochin Shipyard Ltd. | 1.51% | 1.39% | -0.12% |
| Ajanta Pharma Ltd. | 1.76% | 1.87% | +0.11% |
| Maruti Suzuki India Ltd. | 1.59% | 1.48% | -0.11% |
| Shriram Finance Ltd | 1.46% | 1.37% | -0.09% |
| Mazagon Dock Shipbuilders Ltd. | 0.91% | 0.82% | -0.09% |
| Vodafone Idea Ltd. | 2.02% | 1.93% | -0.09% |
| Asahi India Glass Ltd. | 1.33% | 1.41% | +0.09% |
| Zydus Lifesciences Ltd. | 1.39% | 1.47% | +0.08% |
| Divi's Laboratories Ltd. | 2.08% | 2.16% | +0.08% |
| LMW Ltd. | 1.28% | 1.20% | -0.08% |
| Kajaria Ceramics Ltd. | 1.53% | 1.60% | +0.07% |
| Biocon Ltd. | 1.40% | 1.33% | -0.07% |
| Reliance Industries Ltd. | 3.92% | 3.85% | -0.07% |
| Bajaj Finance Ltd. | 1.60% | 1.54% | -0.06% |
| NTPC Ltd. | 1.50% | 1.56% | +0.06% |
| Mphasis Ltd. | 1.01% | 0.95% | -0.06% |
| Garden Reach Shipbuilders & Engineers Ltd. | 0.56% | 0.51% | -0.06% |
| Punjab National Bank | 1.00% | 1.05% | +0.05% |
| Sarda Energy & Minerals Ltd. | 0.80% | 0.85% | +0.04% |
| Dalmia Bharat Ltd. | 0.95% | 0.91% | -0.04% |
| Adani Energy Solutions Ltd. | 1.83% | 1.79% | -0.04% |
| Foseco India Ltd. | 0.57% | 0.60% | +0.04% |
| Indus Towers Ltd. | 2.28% | 2.31% | +0.03% |
| Ujjivan Small Finance Bank Ltd. | 1.01% | 1.05% | +0.03% |
| REC Ltd. | 1.47% | 1.44% | -0.03% |
| The Ramco Cements Ltd. | 1.74% | 1.77% | +0.03% |
| S.P. Apparels Ltd. | 0.89% | 0.86% | -0.03% |
| Tata Consumer Products Ltd. | 0.76% | 0.74% | -0.02% |
| Tech Mahindra Ltd. | 2.23% | 2.20% | -0.02% |
| Hindalco Industries Ltd. | 1.12% | 1.09% | -0.02% |
| Ambuja Cements Ltd. | 1.47% | 1.45% | -0.02% |
| Manappuram Finance Ltd. | 1.12% | 1.10% | -0.02% |
| Deepak Fertilisers And Petrochemicals Corporation Ltd. | 1.15% | 1.16% | +0.02% |
| JSW Steel Ltd. | 1.25% | 1.26% | +0.02% |
| JSW Energy Ltd. | 3.03% | 3.04% | +0.02% |
| Bank Of Baroda | 0.70% | 0.71% | +0.02% |
| Kirloskar Brothers Ltd. | 1.12% | 1.10% | -0.01% |
| Ceat Ltd. | 1.28% | 1.29% | +0.01% |
| K.P.R. Mill Ltd. | 0.86% | 0.85% | -0.01% |
| Axis Bank Ltd. | 2.72% | 2.71% | -0.01% |
| Glenmark Pharmaceuticals Ltd. | 1.58% | 1.57% | -0.01% |
| Vedanta Aluminium Metal Ltd. | 1.44% | 1.44% | 0.00% |
| IDFC First Bank Ltd. | 2.02% | 2.02% | 0.00% |
| Others | 0.02% | 0.02% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹7,241 Cr | 2.05% | 8.5% | 9.4% | 15.0% |
 ICICI Prudential Business Cycle Fund | ₹14,614 Cr | 1.86% | 3.4% | 6.8% | 13.3% |
 Franklin India Opportunities Fund | ₹9,577 Cr | 2.08% | 0.9% | 5.9% | 16.1% |
 Kotak Business Cycle Fund | ₹3,414 Cr | 2.02% | 15.1% | 11.2% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,359 Cr | 2.26% | 14.5% | 13.5% | 15.7% |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The Scheme seek to generate long term capital appreciation by investing predominantly in equity and equity related securities with a focus on identifying and investing in business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy.
Fund managers
- Krishna SanghaviMr. Sanghvi is a B.Com (H), CWA from ICWAI, Master of Management Studies (Finance) from NMIMS, Mumbai and CFA from ICFAI.Prior to joining Mahindra Manulife Investment Management Pvt. Ltd., he has worked with Canara Robeco AMC, Kotak Mahindra AMC Ltd. and Kotak Life Insurance, Aviva Life Insurance Company Ltd..
- Renjith Sivaram RadhakrishnanMr. Sivaram is an MBA in Finance and holds a Bachelorâs degree in Mechanical engineeringPrior to joining Mahindra Manulife Mutual Fund, he was associated with ICCI Securities, Antique Stock Broking, B&K Securities and Indian Seamless Steels and Alloys Ltd
- Vishal JajooMr. Jajoo is a Chartered Accountant, PGDM (Finance) and MBA (Investments)Prior to joining Mahindra Manulife AMC, he has worked with ITI Mutual Fund and Tata Investment Corporation Ltd
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months−0.33% absolute | ₹60,000 | ₹59,802 | −0.33% | |
| 1 year1.48% annualised | ₹1,20,000 | ₹1,20,966 | 0.81% | |
| 3 years15.62% annualised | ₹3,60,000 | ₹4,61,447 | 28.18% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of Mahindra Manulife Business Cycle Fund?
The NAV of Mahindra Manulife Business Cycle Fund is ₹15.35 as on 9 Nov 2026.
What is the expense ratio of Mahindra Manulife Business Cycle Fund?
The expense ratio of Mahindra Manulife Business Cycle Fund is 2.44% per year.
What is the minimum SIP amount for Mahindra Manulife Business Cycle Fund?
You can start a SIP in Mahindra Manulife Business Cycle Fund with ₹3,000 a month.
Is there a lock-in or exit load on Mahindra Manulife Business Cycle Fund?
Lock-in: None. Exit load: Exit load of 1%, if redeemed within 3 months.
How risky is Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund is rated Very High on the SEBI riskometer and belongs to the Equity Opportunities category.
Which fund house manages Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund is managed by Mahindra Manulife Mutual Fund, which runs 27 schemes with ₹38,154 Cr under management.