Mahindra Manulife Business Cycle Fund
Equity OpportunitiesVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹15.39+0.22%1 day
- Return since launch
- 15.2%
- 52-week range
- ₹13.89 — ₹16.03
- AUM
- ₹1,364 Cr
Mahindra Manulife Business Cycle Fund is a Equity Opportunities equity fund from Mahindra Manulife Mutual Fund with ₹1,364 Cr under management, launched in 2023. Over three years it has returned 7.2% a year, against 13.4% for its category. The expense ratio is 2.40% 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 +6.9% against +0.2% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 2.3% | −3.9 pts | 6.1% | 1.5% |
| 2Y | 4.4% | −1.2 pts | 5.6% | 1.0% |
| 3Y | 7.2% | −6.3 pts | 13.4% | 3.3% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -3.9% | −1.6 pts | -2.3% | -2.6% |
| 3M | -0.8% | −2.8 pts | 2.0% | 0.9% |
| 6M | 8.4% | −7.3 pts | 15.8% | 12.8% |
| 1Y | 6.9% | +0.8 pts | 6.1% | 0.1% |
| 2Y | -1.8% | −0.9 pts | -0.9% | -4.3% |
| 3Y | 15.6% | +2.2 pts | 13.4% | 10.1% |
Since launch (21 Aug 2023): 15.2%
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 25 Sep 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.
Portfolio
Mahindra Manulife Business Cycle Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity96.7%
- Other3.3%
Market cap split
- Large47.8%
- Mid26.1%
- Small26.1%
- P/E
- 20.67
- P/B
- 2.49
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Reliance Industries Ltd. | Energy | 3.92% | ₹53.49 Cr | +4.24% | +4.21% | +4.70% |
| Grasim Industries Ltd. | Materials | 3.34% | ₹45.51 Cr | +3.23% | +2.90% | +2.07% |
| Others | Others | 3.25% | ₹44.38 Cr | +0.06% | +0.33% | +0.42% |
| ICICI Bank Ltd. | Financial | 3.20% | ₹43.62 Cr | +1.93% | — | — |
| JSW Energy Ltd. | Capital Goods | 3.03% | ₹41.32 Cr | +3.62% | +2.64% | +2.02% |
| Axis Bank Ltd. | Financial | 2.72% | ₹37.05 Cr | — | — | +1.90% |
| Indusind Bank Ltd. | Financial | 2.68% | ₹36.54 Cr | +2.52% | +2.64% | — |
| Bajaj Auto Ltd. | Automobile | 2.38% | ₹32.43 Cr | +2.93% | +3.60% | +2.43% |
| Adani Enterprises Ltd. | Services | 2.31% | ₹31.45 Cr | +2.48% | — | — |
| Indus Towers Ltd. | Communication | 2.28% | ₹31.10 Cr | +2.71% | +3.97% | +2.26% |
| Tech Mahindra Ltd. | Technology | 2.23% | ₹30.40 Cr | +2.12% | +1.95% | +2.10% |
| Infosys Ltd. | Technology | 2.18% | ₹29.79 Cr | +2.96% | +3.32% | +4.07% |
| Divi's Laboratories Ltd. | Healthcare | 2.08% | ₹28.40 Cr | +1.76% | +1.70% | +2.05% |
| Vodafone Idea Ltd. | Communication | 2.02% | ₹27.52 Cr | +2.57% | +1.77% | — |
| IDFC First Bank Ltd. | Financial | 2.02% | ₹27.51 Cr | +1.48% | +1.64% | — |
| Bandhan Bank Ltd. | Financial | 1.88% | ₹25.60 Cr | +2.50% | +1.26% | — |
| Adani Energy Solutions Ltd. | Energy | 1.83% | ₹24.95 Cr | — | — | — |
| Ajanta Pharma Ltd. | Healthcare | 1.76% | ₹24.02 Cr | +1.47% | — | — |
| The Ramco Cements Ltd. | Materials | 1.74% | ₹23.75 Cr | +1.80% | +2.34% | +1.08% |
| Anthem Biosciences Ltd. | Healthcare | 1.70% | ₹23.22 Cr | +1.07% | +0.73% | +0.92% |
| Bajaj Finance Ltd. | Financial | 1.60% | ₹21.85 Cr | +1.44% | +1.58% | +1.94% |
| Maruti Suzuki India Ltd. | Automobile | 1.59% | ₹21.68 Cr | +1.61% | — | +2.45% |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 1.58% | ₹21.51 Cr | +0.99% | +1.64% | — |
| Kajaria Ceramics Ltd. | Materials | 1.53% | ₹20.87 Cr | +1.47% | +1.58% | +0.94% |
| Cochin Shipyard Ltd. | Capital Goods | 1.51% | ₹20.59 Cr | +1.25% | — | — |
| NTPC Ltd. | Energy | 1.50% | ₹20.41 Cr | +1.85% | +1.83% | +1.69% |
| Ambuja Cements Ltd. | Materials | 1.47% | ₹20.06 Cr | +0.86% | +0.96% | — |
| REC Ltd. | Financial | 1.47% | ₹20.04 Cr | +1.60% | — | — |
| Shriram Finance Ltd | Financial | 1.46% | ₹19.98 Cr | +1.63% | +1.24% | — |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 1.44% | ₹19.58 Cr | +0.21% | — | — |
| Biocon Ltd. | Healthcare | 1.40% | ₹19.06 Cr | +1.52% | +1.38% | — |
| Zydus Lifesciences Ltd. | Healthcare | 1.39% | ₹19.01 Cr | +1.36% | — | — |
| Asahi India Glass Ltd. | Materials | 1.33% | ₹18.08 Cr | +1.31% | +1.31% | +2.30% |
| Coal India Ltd. | Materials | 1.32% | ₹18.05 Cr | +1.58% | +1.82% | +1.50% |
| CESC Ltd. | Energy | 1.31% | ₹17.83 Cr | +2.30% | +1.40% | +1.45% |
| Carborundum Universal Ltd. | Metals & Mining | 1.30% | ₹17.77 Cr | +0.99% | +0.50% | — |
| company:3696 | Metals & Mining | 1.29% | ₹17.55 Cr | — | — | — |
| LMW Ltd. | Capital Goods | 1.28% | ₹17.43 Cr | +1.11% | +1.04% | +1.07% |
| Ceat Ltd. | Automobile | 1.28% | ₹17.41 Cr | +1.30% | +1.42% | +1.31% |
| company:1860 | Metals & Mining | 1.25% | ₹17.00 Cr | — | — | — |
| Deepak Fertilisers And Petrochemicals Corporation Ltd. | Chemicals | 1.15% | ₹15.65 Cr | — | — | — |
| Manappuram Finance Ltd. | Financial | 1.12% | ₹15.30 Cr | +1.12% | +0.98% | +1.17% |
| company:1502 | Metals & Mining | 1.12% | ₹15.23 Cr | — | — | +0.89% |
| Kirloskar Brothers Ltd. | Capital Goods | 1.12% | ₹15.21 Cr | +1.00% | +0.97% | +1.29% |
| The Federal Bank Ltd. | Financial | 1.10% | ₹14.98 Cr | +1.73% | +1.80% | — |
| Sagility Ltd. | Services | 1.04% | ₹14.21 Cr | +0.95% | +0.92% | — |
| Mphasis Ltd. | Technology | 1.01% | ₹13.84 Cr | +0.99% | — | — |
| Ujjivan Small Finance Bank Ltd. | Financial | 1.01% | ₹13.82 Cr | +0.83% | +0.89% | — |
| Punjab National Bank | Financial | 1.00% | ₹13.71 Cr | — | +1.21% | +1.42% |
| Supreme Petrochem Ltd. | Materials | 0.99% | ₹13.52 Cr | +0.95% | +1.02% | — |
| NMDC Ltd. | Metals & Mining | 0.97% | ₹13.23 Cr | +1.21% | +1.26% | — |
| Dalmia Bharat Ltd. | Materials | 0.95% | ₹12.99 Cr | +0.94% | +1.07% | — |
| Gokaldas Exports Ltd. | Textiles | 0.94% | ₹12.82 Cr | +0.87% | +0.81% | — |
| Mazagon Dock Shipbuilders Ltd. | Capital Goods | 0.91% | ₹12.40 Cr | +0.94% | — | — |
| S.P. Apparels Ltd. | Textiles | 0.89% | ₹12.09 Cr | +0.69% | +0.63% | +0.86% |
| K.P.R. Mill Ltd. | Textiles | 0.86% | ₹11.78 Cr | +0.74% | +0.69% | — |
| Sarda Energy & Minerals Ltd. | Metals & Mining | 0.80% | ₹10.98 Cr | +0.86% | +0.93% | — |
| company:3914 | Consumer Staples | 0.76% | ₹10.38 Cr | — | — | — |
| NOCIL Ltd. | Materials | 0.74% | ₹10.07 Cr | +0.76% | — | +0.62% |
| Bank Of Baroda | Financial | 0.70% | ₹9.54 Cr | +1.44% | +1.73% | — |
| Elecon Engineering Company Ltd. | Capital Goods | 0.66% | ₹9.06 Cr | +0.84% | — | — |
| Tega Industries Ltd. | Metals & Mining | 0.64% | ₹8.75 Cr | +0.75% | +0.77% | — |
| GAIL (India) Ltd. | Energy | 0.59% | ₹8.08 Cr | +1.20% | +1.24% | +1.37% |
| company:1151 | Chemicals | 0.57% | ₹7.73 Cr | — | — | — |
| Garden Reach Shipbuilders & Engineers Ltd. | Capital Goods | 0.56% | ₹7.70 Cr | +0.61% | — | — |
| Aurobindo Pharma Ltd. | Healthcare | 0.45% | ₹6.20 Cr | +1.53% | +1.36% | — |
| company:6079 | Consumer Staples | 0.33% | ₹4.53 Cr | — | — | +0.96% |
| company:1218 | Materials | 0.21% | ₹2.80 Cr | — | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| ITC Ltd. | 1.66% | 0.00% | -1.66% |
| company:3696 | 0.00% | 1.29% | +1.29% |
| company:1860 | 0.00% | 1.25% | +1.25% |
| company:1502 | 0.00% | 1.12% | +1.12% |
| The Federal Bank Ltd. | 2.06% | 1.10% | -0.96% |
| company:3914 | 0.00% | 0.76% | +0.76% |
| HCL Technologies Ltd. | 0.74% | 0.00% | -0.74% |
| GAIL (India) Ltd. | 1.28% | 0.59% | -0.69% |
| Technocraft Industries (India) Ltd. | 0.68% | 0.00% | -0.68% |
| Vedanta Aluminium Metal Ltd. | 0.77% | 1.44% | +0.67% |
| Glenmark Pharmaceuticals Ltd. | 0.93% | 1.58% | +0.65% |
| Tata Steel Ltd. | 0.62% | 0.00% | -0.62% |
| company:1151 | 0.00% | 0.57% | +0.57% |
| Bajaj Finance Ltd. | 2.16% | 1.60% | -0.56% |
| Aurobindo Pharma Ltd. | 0.93% | 0.45% | -0.48% |
| Cochin Shipyard Ltd. | 1.17% | 1.51% | +0.34% |
| company:6079 | 0.00% | 0.33% | +0.33% |
| Carborundum Universal Ltd. | 0.98% | 1.30% | +0.32% |
| Bajaj Auto Ltd. | 2.69% | 2.38% | -0.31% |
| Adani Energy Solutions Ltd. | 2.13% | 1.83% | -0.30% |
| Divi's Laboratories Ltd. | 1.78% | 2.08% | +0.30% |
| Ajanta Pharma Ltd. | 2.06% | 1.76% | -0.30% |
| Shriram Finance Ltd | 1.74% | 1.46% | -0.28% |
| Grasim Industries Ltd. | 3.09% | 3.34% | +0.25% |
| REC Ltd. | 1.70% | 1.47% | -0.23% |
| JSW Energy Ltd. | 3.25% | 3.03% | -0.22% |
| company:1218 | 0.00% | 0.21% | +0.21% |
| LMW Ltd. | 1.09% | 1.28% | +0.19% |
| CESC Ltd. | 1.49% | 1.31% | -0.18% |
| Vodafone Idea Ltd. | 1.84% | 2.02% | +0.18% |
| NMDC Ltd. | 1.13% | 0.97% | -0.16% |
| Anthem Biosciences Ltd. | 1.55% | 1.70% | +0.15% |
| Axis Bank Ltd. | 2.58% | 2.72% | +0.14% |
| Adani Enterprises Ltd. | 2.44% | 2.31% | -0.13% |
| Bandhan Bank Ltd. | 2.01% | 1.88% | -0.13% |
| Deepak Fertilisers And Petrochemicals Corporation Ltd. | 1.27% | 1.15% | -0.12% |
| Ambuja Cements Ltd. | 1.59% | 1.47% | -0.12% |
| Reliance Industries Ltd. | 4.04% | 3.92% | -0.12% |
| Manappuram Finance Ltd. | 1.23% | 1.12% | -0.11% |
| NTPC Ltd. | 1.60% | 1.50% | -0.10% |
| Asahi India Glass Ltd. | 1.23% | 1.33% | +0.10% |
| K.P.R. Mill Ltd. | 0.77% | 0.86% | +0.09% |
| Maruti Suzuki India Ltd. | 1.68% | 1.59% | -0.09% |
| The Ramco Cements Ltd. | 1.83% | 1.74% | -0.09% |
| Sagility Ltd. | 0.97% | 1.04% | +0.07% |
| Biocon Ltd. | 1.45% | 1.40% | -0.05% |
| Gokaldas Exports Ltd. | 0.99% | 0.94% | -0.05% |
| Kajaria Ceramics Ltd. | 1.48% | 1.53% | +0.05% |
| Coal India Ltd. | 1.37% | 1.32% | -0.05% |
| Ujjivan Small Finance Bank Ltd. | 1.06% | 1.01% | -0.05% |
| S.P. Apparels Ltd. | 0.84% | 0.89% | +0.05% |
| Ceat Ltd. | 1.32% | 1.28% | -0.04% |
| Tech Mahindra Ltd. | 2.27% | 2.23% | -0.04% |
| Tega Industries Ltd. | 0.60% | 0.64% | +0.04% |
| Sarda Energy & Minerals Ltd. | 0.84% | 0.80% | -0.04% |
| Mphasis Ltd. | 0.98% | 1.01% | +0.03% |
| Zydus Lifesciences Ltd. | 1.36% | 1.39% | +0.03% |
| Indus Towers Ltd. | 2.31% | 2.28% | -0.03% |
| Mazagon Dock Shipbuilders Ltd. | 0.88% | 0.91% | +0.03% |
| NOCIL Ltd. | 0.71% | 0.74% | +0.03% |
| ICICI Bank Ltd. | 3.17% | 3.20% | +0.03% |
| Dalmia Bharat Ltd. | 0.93% | 0.95% | +0.02% |
| Supreme Petrochem Ltd. | 0.97% | 0.99% | +0.02% |
| Bank Of Baroda | 0.72% | 0.70% | -0.02% |
| IDFC First Bank Ltd. | 2.00% | 2.02% | +0.02% |
| Garden Reach Shipbuilders & Engineers Ltd. | 0.58% | 0.56% | -0.02% |
| Elecon Engineering Company Ltd. | 0.68% | 0.66% | -0.02% |
| Kirloskar Brothers Ltd. | 1.10% | 1.12% | +0.02% |
| Infosys Ltd. | 2.19% | 2.18% | -0.01% |
| Punjab National Bank | 1.00% | 1.00% | 0.00% |
| Others | 0.02% | 0.02% | 0.00% |
| Indusind Bank Ltd. | 2.68% | 2.68% | 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 | ₹3,934 Cr | 2.19% | 10.1% | 10.3% | 15.9% |
 Franklin India Opportunities Fund | ₹9,717 Cr | 2.09% | 7.4% | 9.7% | 18.4% |
 Kotak Business Cycle Fund | ₹3,509 Cr | 2.05% | 11.2% | 10.5% | — |
 Aditya Birla Sun Life Special Opportunities Fund | ₹1,279 Cr | 2.29% | 14.1% | 13.7% | 15.8% |
 HSBC Business Cycles Fund | ₹1,229 Cr | 2.32% | 7.9% | 7.2% | 13.5% |
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 months8.44% absolute | ₹60,000 | ₹65,064 | 8.44% | |
| 1 year6.91% annualised | ₹1,20,000 | ₹1,24,588 | 3.82% | |
| 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 ₹15.39 as on 25 Sep 2026.
What is the expense ratio of Mahindra Manulife Business Cycle Fund?
The expense ratio of Mahindra Manulife Business Cycle Fund is 2.40% 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 ₹34,805 Cr under management.