Mahindra Manulife Business Cycle Fund Direct Growth NAV today
AMFI: 152045ISIN: INF174V01BQ4MUTF_IN: MAHI_MANU_BUSI_1DQTXTCMahindra Manulife Mutual FundSectoral / Thematic funds
NAV ₹14.8223down ₹0.30 (1.96%)
NAV for 23 Oct 2026, against 22 Oct 2026. Declared once a day.
- Fund sizeAssets under management. The money the fund manages for all its investors, across every plan, at the end of the month.
- ₹1,291 CrSep 2026
- Expense ratioTotal expense ratio. What the fund charges each year as a share of the money invested, taken out of the NAV every day, so the returns shown are already after it.
- 0.93%16 Oct 2026
- P/EP/E. What the fund pays for each rupee of yearly profit its companies earn: the total value of its shares divided by those companies' last four quarters of profit, each in proportion to what the fund holds. The profit leaves out one-off items (exceptional items and businesses sold or demerged), so one company's one-off gain cannot make the fund look cheap. A loss-making company lowers the profit. Shown when at least 80% of the fund's shares are counted.
- 25.230 Sep 2026
- Risk levelRiskometer. The fund's own risk label on SEBI's six-step scale, from Low to Very High, set from what the fund holds and reviewed every month.
- Very HighAug 2026
- HoldingsHoldings. The number of different securities in the fund's latest monthly portfolio: shares, bonds, money market paper and units of other funds, not cash, overnight lending or futures.
- 6830 Sep 2026
- LaunchedLaunch date. The day the fund first allotted units to investors, at the close of its new fund offer.
- 11 Sep 2023
Mahindra Manulife Business Cycle Fund returns
Direct Growth plan
Over each window to 23 Oct 2026
| Over | ReturnTrailing return. The change in NAV from the start date to the latest NAV; over a year and longer, the yearly rate that would compound to the same change (CAGR). | BenchmarkBenchmark. The index the fund house chose to measure the fund against, in its total return form, with dividends added back. | Rank in categoryRank in category. The fund's place among the funds of its category with a return over the same window, highest return first. | Category medianCategory median. The middle return of the funds in the category over the same window: half returned more, half less. | Middle halfMiddle half of the category. The returns of the fund a quarter of the way down the category and the fund a quarter of the way up, over the same window: half the category's funds returned between the two. |
|---|---|---|---|---|---|
| 1 week | −5.27% | −3.77% | – | – | – |
| 1 month | −9.79% | −6.54% | 205 of 254 | −8.23% | −9.5% to −6.6% |
| 3 months | −8.88% | −6.53% | 219 of 250 | −6.23% | −7.7% to −4.3% |
| 6 months | −7.11% | −5.44% | 206 of 250 | −3.43% | −6.3% to +2.1% |
| 1 year | −5.61% | −8.97% | 123 of 228 | −5.19% | −9.3% to +0.6% |
| 3 years | +15.15% | +9.29% | 47 of 141 | +12.40% | +8.6% to +16.8% |
| 5 years | Needs 5 years | – | – | +10.89% | +8.1% to +14.6% |
| 10 years | Needs 10 years | – | – | +13.74% | +11.5% to +15.5% |
₹10,000 put in on 13 Sep 2023 is ₹14,792 at the NAV of 23 Oct 2026Growth of ₹10,000. What ₹10,000 put in at the NAV of the first day would be worth at the latest NAV, after the fund's expenses and before tax and any exit load.Over a year and longer, a return is the yearly rate. Benchmark: Nifty 500 TRI, over the same days as the fund. Rank, median and middle half among the Direct plans of Sectoral / Thematic funds, each fund's return to its latest NAV on or before 25 Oct 2026.
At the month end, 30 Sep 2026
| Over | FundTrailing return. The change in NAV from the start date to the latest NAV; over a year and longer, the yearly rate that would compound to the same change (CAGR). | BenchmarkBenchmark return. The change in the benchmark index's total return level over the same dates as the fund's return, as a yearly rate over a year and longer. |
|---|---|---|
| 1 year | +5.99% | −2.03% |
| 3 years | +16.40% | +9.50% |
| Since launch | +16.24% | +8.60% |
Benchmark: Nifty 500 TRI. Both as the fund house states them for the month.
Return in each calendar year
- Fund, Direct GrowthCalendar year return. The change in NAV from the last NAV of one year to the last NAV of the next.
- Nifty 500 TRIBenchmark return. The change in the benchmark index's total return level over the same dates as the fund's return, as a yearly rate over a year and longer.
Highest year to Dec 2024, +28.1%; lowest year to Dec 2025, +8.4%
Mahindra Manulife Business Cycle Fund SIP returns
₹10,000 on the 1st of every month, valued at the NAV of 23 Oct 2026
| Period | InvestedAmount invested. ₹10,000 on the 1st of every month, or the next day the fund priced, added up over the period. | Value todayValue today. What the units bought by every instalment are worth at the latest NAV. | Invested against value today | SIP returnSIP return (XIRR). The yearly rate that, applied to each monthly instalment from the day it was invested, gives the value of all the units today. | After stamp dutySIP return after stamp duty. The same SIP return with stamp duty of 0.005% taken from every instalment since 1 Jul 2020, so ₹10,000 buys ₹9,999.50 of units. | Stamp dutyStamp duty paid. The stamp duty on all the instalments, in rupees: 0.005% of each purchase made since 1 Jul 2020. |
|---|---|---|---|---|---|---|
| 1 year12 instalments | ₹1,20,000 | ₹1,11,606₹1,11,600 after stamp duty | −13.23% | −13.24% | ₹6 | |
| 3 years36 instalments | ₹3,60,000 | ₹3,69,941₹3,69,922 after stamp duty | +1.80% | +1.80% | ₹18 | |
| Since Sep 202337 instalments | ₹3,70,000 | ₹3,84,733₹3,84,713 after stamp duty | +2.52% | +2.52% | ₹19 |
5 years: Launched 11 Sep 2023, needs 5 years of history.
Rolling returns
Per cent a year, every window from 13 Sep 2023 to 23 Oct 2026
Lowest to highestAverage
LowestLowest rolling return. The worst yearly return of any window of this length in the fund's history, one window starting on each day it priced.AverageAverage rolling return. The average of the yearly returns of every window of this length in the fund's history.HighestHighest rolling return. The best yearly return of any window of this length in the fund's history.Ended higherWindows that ended higher. The share of all the windows of this length in which the NAV ended above where it started.
1 year520 windows−9.1%+13.0%+64.1%86.4%
3 yearsLaunched 11 Sep 2023, needs 4 years of history
Mahindra Manulife Business Cycle Fund expense ratio and exit load
Per cent of the money invested, a year. Each month shows its last day filed; the parts were redefined from Apr 2026.
- Regular over directDirect and regular plan cost gap. The regular plan's expense ratio less the direct plan's: what buying through a distributor costs each year, since both plans own the same portfolio.
- 1.49 ptsA year, on 16 Oct 2026
- Direct, 30-day averageExpense ratio, 30-day average. The total expense ratio averaged over the last 30 days the fund filed it, which evens out the day-to-day moves in brokerage and levies.
- 0.93%Over the last 30 days filed
- Regular, 30-day averageExpense ratio, 30-day average. The total expense ratio averaged over the last 30 days the fund filed it, which evens out the day-to-day moves in brokerage and levies.
- 2.42%Over the last 30 days filed
Total expense ratio, month by month
- Regular plan
- Direct plan
Direct plan highest 1.20%, Apr 2026.Direct plan lowest 0.36%, Jun 2024.
What the expense ratio is made of
| Part | Direct | Regular |
|---|---|---|
| Base expense ratioBase expense ratio. The part of the expense ratio that pays the fund house and the distributor, before brokerage, transaction costs, levies and GST. | 0.53% | 1.85% |
| Brokerage | 0.10% | 0.10% |
| Transaction costs | 0.01% | 0.01% |
| Statutory levies | 0.29% | 0.46% |
Per cent of assets a year, filed for 16 Oct 2026. The parts add up to that day's total.
Exit load, in the fund house's words
Exit Load: 1%* *An Exit Load of 1.00% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO).
Buying and selling
- Lump-sum purchases
- Accepted
- Minimum investmentMinimum investment. The smallest amount the plan accepts for a first purchase.
- ₹1,000
- Minimum top-up
- ₹1,000
- Minimum redemption
- ₹1,000
- SIP
- Accepted
- SIP instalments, at least
- Weekly & Monthly - 6, Quarterly - 4
- STP, transfers to another fund
- Not accepted
- SWP, regular withdrawals
- Accepted
- Switches
- Accepted
- Lock-inLock-in. The time after each purchase during which those units cannot be sold.
- None
- SIP minimum
- Weekly: 1000; Monthly: 1000; Quarterly: 1500
- SIP dates
- Any Date of the month available under Monthly & Quarterly frequencies. Any day of the Week (except Saturday & Sunday) available under Weekly frequency
As listed for this plan on 24 Oct 2026.
Mahindra Manulife Business Cycle Fund AUM
₹ crore, every plan of the fund together.
- Average assetsAverage assets under management. The money the fund managed, averaged over every day of the quarter, added up across its plans.
- ₹1,349 CrQuarter to Sep 2026
- In the direct plansShare of assets in the direct plans. The direct plans' average assets for the quarter as a percentage of the fund's total; the rest is in the regular plans, bought through distributors.
- 4.0%Of the quarter's average
Average assets by quarter, by plan
- Regular plans
- Direct plans
The latest quarter is the largest since the quarter to Sep 2023.
Assets at each month end
Highest ₹1,364 Cr, Aug 2026.Lowest ₹1,055 Cr, Feb 2025.
Mahindra Manulife Business Cycle Fund portfolio
Portfolio disclosed for 30 Sep 2026.
Holdings on 30 Sep 2026
| Large, mid and small cap. Companies ranked by average market value over six months: the first 100 are large cap, the next 150 mid cap, the rest small cap, by the list in force for the portfolio's month. | Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. | Held since. The first month end of the fund's current run of holding this position; marked "or earlier" where that month is the fund's first portfolio on record or the first after a gap in its portfolios. | |||
|---|---|---|---|---|---|
| Reliance IndustriesPetroleum Products | Large cap1st | 3.85% | 49.72 | 4,18,860 | Sep 2023or earlier |
| Grasim IndustriesCement & Cement Products | Large cap44th | 3.20% | 41.34 | 1,35,000 | Sep 2023or earlier |
| ICICI BankBanks | Large cap5th | 3.07% | 39.65 | 3,00,000 | Mar 2026 |
| JSW EnergyPower | Mid cap121st | 3.04% | 39.28 | 7,94,000 | Jun 2025 |
| Axis BankBanks | Large cap15th | 2.71% | 34.94 | 2,85,000 | Jun 2026 |
| Bandhan BankBanks | Small cap277th | 2.52% | 32.54 | 18,26,000 | Jan 2026 |
| IndusInd BankBanks | Mid cap152nd | 2.51% | 32.40 | 3,59,474 | Oct 2025 |
| Adani EnterprisesMetals & Minerals Trading | Large cap28th | 2.47% | 31.94 | 1,10,000 | Apr 2026 |
| Indus TowersTelecom - Services | Large cap92nd | 2.31% | 29.86 | 8,00,000 | Sep 2023or earlier |
| Bajaj AutoAutomobiles | Large cap31st | 2.25% | 29.07 | 26,733 | Jan 2025 |
| Tech MahindraIT - Software | Large cap59th | 2.20% | 28.46 | 1,86,715 | Sep 2023or earlier |
| Divi's LaboratoriesPharmaceuticals & Biotechnology | Large cap50th | 2.16% | 27.87 | 30,000 | Jan 2024 |
| IDFC First BankBanks | Mid cap167th | 2.02% | 26.06 | 32,00,000 | Dec 2025 |
| Vodafone IdeaTelecom - Services | Large cap83rd | 1.93% | 24.87 | 1,92,02,548 | Jan 2026 |
| Ajanta PharmaPharmaceuticals & Biotechnology | Mid cap236th | 1.87% | 24.15 | 66,686 | Mar 2026 |
Weight is per cent of the fund's net assets; value in ₹ crore.
Cash and receivables on 30 Sep 2026
| Weight in the fund. The holding's market value on the portfolio date as a share of the fund's net assets. | ||
|---|---|---|
| Net Receivables / (Payables) | 2.99% | 38.02 |
| Triparty Repo | 1.70% | 21.94 |
| Margin placed with CCIL & ARCL | 0.02% | 0.25 |
Weight is per cent of the fund's net assets; value in ₹ crore.
- Largest holdingLargest holding. The share of the fund in its single largest position, cash and futures not counted as positions.
- 3.85%Reliance Industries
- Top 5 holdingsTop 5 holdings. The share of the fund held in its five largest positions.
- 15.87%
- Top 10 holdingsTop 10 holdings. The share of the fund held in its ten largest positions.
- 27.93%
- Effective holdingsEffective number of holdings. The number of equal-sized positions that would be as concentrated as the fund's actual weights.
- 53.9Taken over 96.77% of the fund
Asset allocation
Asset allocation. What the fund owns, by kind of asset, each as a share of its net assets; futures and options are shown beside it, not in it, since they are contracts rather than assets bought.- Indian shares96.77%
- Cash and receivables4.71%
Per cent of the fund's net assets.
Large, mid and small cap
Large, mid and small cap. Companies ranked by average market value over six months: the first 100 are large cap, the next 150 mid cap, the rest small cap, by the list in force for the portfolio's month.- Large cap44.55%Category 49.50%
- Mid cap23.12%Category 21.62%
- Small cap32.33%Category 26.68%
Per cent of the fund's Indian shares. By the list for the six months to Jun 2026. Category is the average of 249 Sectoral / Thematic funds.
Sector allocation
Sector weight. The fund's shares grouped by the business each company is in, less the futures sold on them, each group as a share of the fund's net assets.15sectors
- Financial Services21.09%Category 21.68%
- Capital Goods13.42%Category 9.90%
- Healthcare9.46%Category 12.70%
- Metals & Mining9.10%Category 2.47%
- Power7.45%Category 2.77%
- Construction Materials7.33%Category 1.25%
- Automobile And Auto Components6.43%Category 9.16%
- Oil Gas & Consumable Fuels5.33%Category 3.38%
- Information Technology4.41%Category 5.12%
- Telecommunication4.24%Category 2.99%
- Chemicals3.28%Category 1.97%
- Textiles2.11%Category 0.46%
- Consumer Durables1.60%Category 3.48%
- Fast Moving Consumer Goods1.29%Category 4.73%
- Services0.23%Category 2.61%
Per cent of the fund's net assets, less the futures sold on its shares, Sep 2026. Category is the average of 254 Sectoral / Thematic funds. Category average. The sector's weight, less the futures sold on it, averaged over the 254 Sectoral / Thematic funds that disclosed a portfolio for Sep 2026. A fund holding none of the sector counts as 0.
Sector allocation month by month
| 13 months | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial Services12 companies | 21.09% | 21.96% | 24.11% | 23.73% | 20.36% | 19.51% | 20.33% | 23.04% | 25.27% | 22.69% | 23.43% | 23.52% | |
| Capital Goods13 companies | 13.42% | 8.19% | 7.76% | 8.48% | 8.16% | 8.04% | 5.40% | 5.32% | 4.63% | 5.85% | 5.03% | 4.85% | |
| Healthcare6 companies | 9.46% | 10.36% | 10.06% | 10.29% | 10.70% | 9.58% | 11.05% | 8.70% | 8.20% | 9.39% | 7.80% | 5.61% | |
| Metals & Mining7 companies | 9.10% | 9.18% | 5.80% | 6.34% | 6.55% | 6.48% | 4.36% | 4.30% | 2.94% | 2.97% | 3.76% | 4.17% | |
| Power4 companies | 7.45% | 7.67% | 8.47% | 8.17% | 7.98% | 7.25% | 6.88% | 5.87% | 5.34% | 4.90% | 4.96% | 5.29% | |
| Construction Materials4 companies | 7.33% | 7.50% | 7.44% | 7.70% | 8.15% | 8.02% | 8.32% | 8.73% | 8.57% | 6.76% | 6.25% | 6.48% | |
| Automobile And Auto Components4 companies | 6.43% | 6.58% | 6.92% | 6.92% | 7.15% | 8.38% | 9.01% | 8.24% | 8.59% | 10.06% | 10.12% | 11.99% | |
| Oil Gas & Consumable Fuels2 companies | 5.33% | 5.83% | 6.69% | 6.83% | 7.23% | 7.65% | 7.34% | 9.08% | 8.37% | 8.70% | 8.74% | 8.77% | |
| Information Technology3 companies | 4.41% | 6.46% | 7.15% | 6.86% | 7.70% | 7.69% | 10.17% | 8.70% | 10.92% | 11.17% | 10.93% | 9.32% | |
| Telecommunication2 companies | 4.24% | 4.30% | 4.15% | 4.42% | 5.28% | 4.85% | 5.62% | 5.74% | 5.80% | 3.23% | 3.11% | 2.85% | |
| Chemicals4 companies | 3.28% | 3.45% | 2.95% | 1.78% | 1.71% | 1.88% | 1.71% | 1.02% | 0.80% | 0.77% | 0.77% | 0.90% | |
| Textiles3 companies | 2.11% | 2.69% | 2.60% | 2.93% | 2.30% | 2.31% | 2.19% | 2.13% | 1.45% | 1.70% | 2.03% | 1.89% |
Per cent of the fund's net assets, less the futures sold on its shares, at each month end, Oct 2025 to Sep 2026; the line runs from Sep 2025.
Bought and sold
Sep 2026 against Aug 2026, position by position.
Positions changed, month by month
- New
- Added
- Trimmed
- Sold out
- New positionsNew positions. Holdings in this month's portfolio that were not in the month before.
- 65.59% of the fund
- Sold outSold out. Holdings in last month's portfolio that are gone from this one, other than a bond or deposit repaid on its due date.
- 54.96% of the fund before
- Added toAdded to. Holdings with more units than the month before. Where the fund states no units, a weight that rose by more than a tenth.
- 5
- TrimmedTrimmed. Holdings with fewer units than the month before. Where the fund states no units, a weight that fell by more than a tenth.
- 6
- UnchangedUnchanged. Holdings with the same number of units as the month before. Their weight can still move with the price.
- 51
- Traded at leastTraded at least. The smaller of the weight bought in new positions and the weight sold out of old ones, cash left out: the least the fund must have bought and sold in the month.
- 4.96%
- Weight that movedWeight that moved. Half the sum of every position's change in weight between the two month ends, new and sold positions included; price moves alone raise it.
- 9.24%
Changes in Sep 2026
| What changed. New: not held the month before. Added or trimmed: more or fewer units than the month before, or, where no units are stated, a weight that moved by more than a tenth. Sold out: held the month before, gone now. Matured: a bond or deposit whose repayment date fell between the two portfolios, so it was repaid rather than sold (one sold in its last days reads the same). | Change in weight. The holding's weight this month less its weight the month before, in percentage points; a price move alone changes it. | ||||
|---|---|---|---|---|---|
| Infosys | Sold out | – | 2.18% | −2.18 pts | −2,62,703 |
| HBL Engineering | New | 1.42% | 0.00% | +1.42 pts | +2,31,380 |
| Finolex Cables | New | 1.11% | 0.00% | +1.11 pts | +98,443 |
| The Federal Bank | Sold out | – | 1.10% | −1.10 pts | −4,20,000 |
| HEG Advanced Materials | New | 1.03% | 0.00% | +1.03 pts | +5,60,533 |
| Jindal Saw | New | 0.91% | 0.00% | +0.91 pts | +4,24,000 |
| Graphite India | New | 0.89% | 0.00% | +0.89 pts | +1,50,000 |
| NMDC | Trimmed | 0.30% | 0.97% | −0.67 pts | −10,00,000 |
| Anthem Biosciences | Trimmed | 1.06% | 1.70% | −0.64 pts | −1,00,000 |
| Bandhan Bank | Added | 2.52% | 1.88% | +0.64 pts | +2,60,000 |
| Tega Industries | Sold out | – | 0.64% | −0.64 pts | −55,165 |
| GAIL (India) | Sold out | – | 0.59% | −0.59 pts | −4,55,226 |
| Gokaldas Exports | Trimmed | 0.40% | 0.94% | −0.54 pts | −88,813 |
| Garware Hi-Tech Films | Added | 0.69% | 0.21% | +0.48 pts | +8,838 |
| Aurobindo Pharma | Sold out | – | 0.45% | −0.45 pts | −36,132 |
Weights are per cent of the fund's net assets; a change in weight is in percentage points.
Holdings month by month
| Holding | Oct 25 | Nov 25 | Dec 25 | Jan 26 | Feb 26 | Mar 26 | Apr 26 | May 26 | Jun 26 | Jul 26 | Aug 26 | Sep 26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Reliance Industries | 4.84% | 5.05% | 4.74%Cut | 4.26% | 4.21% | 4.50% | 4.59%Added | 4.24% | 4.05% | 4.04% | 3.92% | 3.85% |
 Grasim Industries | 2.02% | 1.90% | 2.38%Added | 2.95%Added | 2.90% | 2.93% | 2.89% | 3.23% | 3.13% | 3.09% | 3.34% | 3.20% |
 ICICI Bank | – | – | – | – | – | 2.05%Bought again | 1.93% | 1.93% | 3.09%Added | 3.17% | 3.20% | 3.07% |
 JSW Energy | 2.05% | 1.88% | 1.85% | 2.28%Added | 2.64%Added | 2.82% | 2.77%Cut | 3.62%Added | 3.46% | 3.25% | 3.03% | 3.04% |
 Axis Bank | 2.88%Cut | 1.72%Cut | 2.19%Added | 1.28%Cut | Sold out | – | – | – | 2.87%Bought again | 2.58% | 2.72% | 2.71% |
 Bandhan Bank | – | – | – | 1.28%Bought again | 1.26%Cut | 1.28%Added | 1.63% | 2.50%Added | 2.39% | 2.01% | 1.88% | 2.52%Added |
 IndusInd Bank | 1.11%Bought again | 2.00%Added | 2.00% | 2.50%Added | 2.64% | 2.30% | 2.52% | 2.52% | 2.49% | 2.68% | 2.68% | 2.51% |
 Adani Enterprises | – | – | – | – | – | – | 1.11%Bought | 2.48%Added | 2.50% | 2.44% | 2.31% | 2.47% |
 Indus Towers | 2.85%Added | 3.11% | 3.23% | 4.33%Added | 3.97%Cut | 4.04% | 3.14%Cut | 2.71%Cut | 2.34% | 2.31% | 2.28% | 2.31% |
 Bajaj Auto | 3.25% | 3.28% | 3.36% | 3.50% | 3.60% | 3.51% | 3.60% | 2.93%Cut | 2.66% | 2.69%Cut | 2.38%Cut | 2.25% |
 Tech Mahindra | 1.90% | 2.18%Added | 2.28% | 2.52% | 1.95% | 2.20% | 2.11% | 2.12% | 1.96% | 2.27% | 2.23% | 2.20% |
 Divi's Laboratories | 2.33% | 2.22% | 2.18% | 2.09% | 1.70%Cut | 1.74% | 1.72% | 1.76% | 1.70% | 1.78%Cut | 2.08% | 2.16% |
 IDFC First Bank | – | – | 1.64%Bought | 1.62% | 1.64%Added | 1.45% | 1.44%Cut | 1.48% | 1.61% | 2.00%Added | 2.02% | 2.02% |
 Vodafone Idea | – | – | – | 1.47%Bought | 1.77%Added | 1.58% | 1.71% | 2.57%Added | 2.08%Cut | 1.84% | 2.02% | 1.93% |
 Ajanta Pharma | – | – | – | – | – | 1.50%Bought | 1.36% | 1.47%Added | 1.68% | 2.06%Added | 1.76%Cut | 1.87% |
Per cent of the fund's net assets at each month end, Oct 2025 to Sep 2026. Under it, the change on the fund's previous month. "After a gap" is a holding after a month with no portfolio on record, so when it was bought is not known; "Not filed" is one gone across such a gap.
Portfolio turnover, per cent of assets a year
- TurnoverPortfolio turnover. How much of the portfolio the fund bought or sold over the last year, as a share of its assets, as the fund house states it.
Highest 95.0% in Aug 2026
Risk ratios
NAV to 23 Oct 2026
Each bar runs from the lowest to the highest figure among the Direct plans of Sectoral / Thematic funds (130 funds) over the same 3 years; the tick is their average and the dot this fund.
How much the NAV moves
Standard deviationStandard deviation. How far the fund's monthly returns spread around their average, stated as a yearly figure: the wider the spread, the more the NAV moves.16.82%
12.76%Lowest17.49%Average of 138 funds31.25%Highest
Downside deviationDownside deviation. Standard deviation counting only the months in which the fund lost money, stated as a yearly figure.9.85%
5.67%Lowest10.73%Average of 138 funds16.26%Highest
Sharpe ratioSharpe ratio. The monthly return above the 91-day Treasury bill yield, divided by its standard deviation and stated for a year: the extra return for each unit of movement in the NAV.0.64
−0.56Lowest0.47Average of 138 funds1.19Highest
Sortino ratioSortino ratio. The monthly return above the 91-day Treasury bill yield, divided by how far it fell below that yield and stated for a year: the extra return for each unit of movement on the way down.1.01
−0.68Lowest0.75Average of 138 funds2.32Highest
Against Nifty 500 TRI
BetaBeta. How much the fund's monthly return moved for each 1% move in its benchmark: 1 moves with it, below 1 moves less.1.03
0.63Lowest0.93Average1.21Highest
AlphaAlpha. The yearly return the fund made beyond what its beta to the benchmark accounts for.+6.82 pts
−6.37 ptsLowest+1.93 ptsAverage of 93 funds+12.46 ptsHighest
R-squaredR-squared. The share of the fund's monthly movement that its benchmark's movement explains, from 0 to 100.93.0
42.9Lowest87.3Average98.2Highest
CorrelationCorrelation. How closely the fund's monthly returns moved in step with its benchmark's, from minus 1 (always opposite) to 1 (always together).0.96
0.66Lowest0.93Average0.99Highest
Upside captureUpside capture. The fund's return in the months its benchmark rose, as a percentage of the benchmark's return in those months.120.6%
65.5%Lowest99.0%Average134.6%Highest
Downside captureDownside capture. The fund's return in the months its benchmark fell, as a percentage of the benchmark's fall in those months.93.8%
45.6%Lowest87.9%Average118.1%Highest
Information ratioInformation ratio. The fund's return above its benchmark, divided by how much that difference varied, as stated by the fund house.To 30 Sep 20261.33
Largest falls
| Largest over | FallLargest fall. The biggest drop in NAV from a high to the low that followed, before the NAV went back above that high. | High on | Low on | Back at the highBack at the high. The first day the NAV closed at or above the high it had fallen from. |
|---|---|---|---|---|
| 1 year | −11.97% | 10 Aug 2026 | 23 Oct 2026 | Not yet |
| 3 years and since Sep 2023 | −21.44% | 27 Sep 2024 | 3 Mar 2025 | 22 Jun 2026 |
Risk level by month
| Months | FundRiskometer. The fund's own risk label on SEBI's six-step scale, from Low to Very High, set from what the fund holds and reviewed every month. | BenchmarkBenchmark's risk level. The riskometer level of the fund's benchmark index for the same month, on the same six-step scale as the fund's own. |
|---|---|---|
| Aug 2024 to Aug 202625 months | Very High | Very HighNifty 500 TRI |
The riskometer at each month end, the fund's and its benchmark's. A month with none on record is left out.
Mahindra Manulife Business Cycle Fund managers
Managers now
| Manager | Return in the manager's time. The change in the plan's NAV from the day the manager took the fund over to the latest NAV; past a year, the yearly rate that would compound to the same change. | Benchmark over the same days. The change in the fund's benchmark index over the same days as the manager's return, worked out the same way, with the dividends of the index's companies added back. | Difference from the benchmark. The fund's return in the manager's time less its benchmark's over the same days, in percentage points. | Portfolio changed after the handover. How much of the portfolio was different three months after the manager took over: half the sum of every holding's change in weight, with each side's holdings scaled to add up to 100 so a move into cash does not count. | Portfolio changed before the handover. The same measure over the three months before the manager took over, since portfolios change anyway. | Assets the manager runs. The latest monthly size of every fund the manager runs now, added up; a fund run with others counts in full for each of its managers, and the line under it counts only the funds they run alone. | ||
|---|---|---|---|---|---|---|---|---|
| Krishna SanghaviPrimary | Sep 2023 | +15.49%a year | +9.07% | +6.43 pts | – | – | 5 | ₹14,667 Cr |
| Renjith SivaramComanage | Sep 2023 | +15.49%a year | +9.07% | +6.43 pts | – | – | 4 | ₹3,672 Cr |
| Pranav PatelComanage - Overseas Investments; Dedicated Fund Manager for Overseas Investments | Jan 2024 | +10.71%a year | +5.75% | +4.96 pts | 27.4% | 35.5% | 4 | ₹1,928 Cr |
Returns are the direct plan's growth NAV, from the day each took over to the latest NAV, beside the benchmark over the same days.
Other funds they run
| Fund | Return in the manager's time. The change in the plan's NAV from the day the manager took the fund over to the latest NAV; past a year, the yearly rate that would compound to the same change. | Benchmark over the same days. The change in the fund's benchmark index over the same days as the manager's return, worked out the same way, with the dividends of the index's companies added back. | Difference from the benchmark. The fund's return in the manager's time less its benchmark's over the same days, in percentage points. | ||
|---|---|---|---|---|---|
| Mahindra Manulife Small Cap FundKrishna Sanghavi | Oct 2024 | +6.12%a year | – | – | ₹5,373 Cr |
| Mahindra Manulife Mid Cap FundKrishna Sanghavi | Oct 2024 | +2.26%a year | +2.53% | −0.27 pts | ₹5,058 Cr |
| Mahindra Manulife Focused FundKrishna Sanghavi | Nov 2020 | +19.03%a year | +14.75% | +4.27 pts | ₹1,930 Cr |
| Mahindra Manulife Value FundKrishna Sanghavi | Mar 2025 | +13.25%a year | +7.11% | +6.14 pts | ₹1,015 Cr |
| Mahindra Manulife Multi Asset allocation FundRenjith Sivaram | Mar 2024 | +14.13%a year | – | – | ₹1,214 Cr |
| Mahindra Manulife Manufacturing FundRenjith Sivaram | Jun 2024 | +2.65%a year | +2.79% | −0.15 pts | ₹648 Cr |
| Mahindra Manulife Equity Savings FundRenjith Sivaram | Jul 2023 | +9.77%a year | – | – | ₹519 Cr |
| Mahindra Manulife Equity Savings FundPranav Patel | Jan 2024 | +7.50%a year | – | – | ₹519 Cr |
| Mahindra Manulife Short Term FundPranav Patel | Jan 2024 | +7.43%a year | – | – | ₹79 Cr |
| Mahindra Manulife Asia Pacific REITs FOFPranav Patel | Jan 2024 | +6.16%a year | – | – | ₹40 Cr |
Up to ten funds a manager, largest first. Returns are the direct plan's.
Portfolio overlap
Funds holding the most of the same securities, by weight.
Closest funds in the category
| Portfolio overlap. The share of the two funds' portfolios that is the same: for every holding they share, the smaller of its two weights, added up. | Shared holdings. The number of securities both funds hold, cash and futures left out. | |
|---|---|---|
| Mahindra Manulife Innovation Opportunities FundMahindra Manulife Mutual Fund | 25.69% | 17 |
| Aditya Birla Sun Life Special Opportunities FundAditya Birla Sun Life Mutual Fund | 24.12% | 20 |
| Franklin India Multi-Factor FundFranklin Templeton Mutual Fund | 23.72% | 20 |
| Sundaram Multi-Factor FundSundaram Mutual Fund | 22.90% | 18 |
| Bandhan Business Cycle FundBandhan Mutual Fund | 22.07% | 18 |
| JioBlackRock Sector Rotation FundJio BlackRock Mutual Fund | 21.82% | 41 |
| Aditya Birla Sun Life Conglomerate FundAditya Birla Sun Life Mutual Fund | 21.69% | 12 |
| Mahindra Manulife Manufacturing FundMahindra Manulife Mutual Fund | 19.95% | 14 |
| Edelweiss Business Cycle FundEdelweiss Mutual Fund | 19.73% | 14 |
| Axis Business Cycles FundAxis Mutual Fund | 19.30% | 12 |
Portfolios for Sep 2026. Overlap is per cent of the portfolio the two funds hold in common.
Overlap with the fund house's other funds
| Portfolio overlap. The share of the two funds' portfolios that is the same: for every holding they share, the smaller of its two weights, added up. | |
|---|---|
| Mahindra Manulife Value FundMahindra Manulife Mutual Fund | 60.12% |
| Mahindra Manulife Focused FundMahindra Manulife Mutual Fund | 35.49% |
| Mahindra Manulife Multi Cap FundMahindra Manulife Mutual Fund | 30.02% |
| Mahindra Manulife Flexi Cap FundMahindra Manulife Mutual Fund | 27.99% |
| Mahindra Manulife Large Cap FundMahindra Manulife Mutual Fund | 26.04% |
| Mahindra Manulife Small Cap FundMahindra Manulife Mutual Fund | 25.34% |
| Mahindra Manulife Innovation Opportunities FundMahindra Manulife Mutual Fund | 25.25% |
| Mahindra Manulife Large & Mid Cap FundMahindra Manulife Mutual Fund | 24.56% |
| Mahindra Manulife Mid Cap FundMahindra Manulife Mutual Fund | 22.95% |
| Mahindra Manulife Manufacturing FundMahindra Manulife Mutual Fund | 21.39% |
As the fund house states it, for Sep 2026.
Mahindra Manulife Business Cycle Fund dividend history
Paid through the IDCW (income distribution cum capital withdrawal) option, once called a dividend.
Changes to the fund
Newest first.
2026
- 1 AprExpenseExpense ratio stated under the new rules: a base ratio, with brokerage, levies and GST on top
Fund details
Objective
The Scheme shall 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. However, there is no assurance that the objective of the Scheme will be realized.
Asset allocation
- Equity and Equity related instruments of companies selected based on the business cycle theme^*: 80%- 100%, Equity and Equity related instruments of companies other than above: 0%- 20%
- Money Market Instruments/, other liquidinstruments@: 0% - 20%
- Units of mutual funds$ (Including Gold & Silver ETFs): 0% - 20%
- Units issued by REITs & InvITs: 0% - 10% ^ including derivative instruments to the extent of 50% of the equity component of the Scheme. Investment in derivatives shall be for hedging, portfolio balancing and such other purposes as maybe permitted from time to time under the Regulations and subject to guidelines issued by SEBI/RBI from time to time. The Scheme may utilize the entire available equity derivatives exposure limit as provided above, for hedging purpose. However, the equity derivatives exposure towards non-hedging purpose shall not exceed 20% of the net assets of the Scheme, subject to maximum derivatives exposure as defined above (i.e. 50% of the equity component of the Scheme). The margin money deployed on derivative positions would be included in the permissible Fixed Income Securities category.
*The Scheme may invest in Foreign Securities (including units/securities issued by overseas mutual funds with similar investment objective or strategy / Foreign Securities having business cycle theme) up to 20% of the net assets of the Scheme in compliance with Clause 13.11 of the SEBI Master Circular pertaining to overseas investments by mutual funds, as amended from time to time. The Scheme shall invest in Foreign Securities as per the limits available to ‘Ongoing Schemes’ in terms of Clause 13.11.4 of the SEBI Master Circular. Further, SEBI vide its Clause 13.11.4 of the SEBI Master Circular, clarified that the above specified limit would be considered as soft limit(s) for the purpose of reporting only by mutual funds on monthly basis in the format prescribed by SEBI. @other liquid instruments shall include cash, bank deposits with Scheduled Commercial Banks, Government Securities, Treasury bills, Repo on Government securities and any other instruments as specified by SEBI from time to time.
Type of scheme
An open ended equity scheme investing in business cycles based theme
- Stated category
- Thematic
- BenchmarkBenchmark. The index the fund house chose to measure the fund against, in its total return form, with dividends added back.
- NIFTY 500 TRI (First Tier Benchmark)
- Risk level at launchRiskometer. The fund's own risk label on SEBI's six-step scale, from Low to Very High, set from what the fund holds and reviewed every month.
- Very High
- New fund offer
- 21 Aug 2023 to 4 Sep 2023
- Units first allotted
- 11 Sep 2023
- Open for sale again
- 13 Sep 2023
- Price at the offer
- ₹10 a unit
- Minimum at the offer
- ₹1,000
Plans and codes
| Plan | AMFI code | ISIN | ISIN, reinvestment | MUTF_IN | First NAV |
|---|---|---|---|---|---|
| Direct Growth | 152045 | INF174V01BQ4 | MAHI_MANU_BUSI_1DQTXTC | 13 Sep 2023 | |
| Regular Growth | 152046 | INF174V01BN1 | MAHI_MANU_BUSI_17UITFA | 13 Sep 2023 | |
| Direct IDCW | 152048 | INF174V01BR2 | INF174V01BS0 | MAHI_MANU_BUSI_1IQ4DM6 | 13 Sep 2023 |
| Regular IDCW | 152047 | INF174V01BO9 | INF174V01BP6 | MAHI_MANU_BUSI_XGN47U | 13 Sep 2023 |
This fund
- Scheme information document (opens in a new tab)The fund's objective, terms, costs and risks in full
Factsheet
- Fund Factsheet - August 2026 (opens in a new tab)Mahindra Manulife Mutual Fund, Aug 2026
Statement of additional information
- SAI Mahindra Manulife Mutual Fund (opens in a new tab)Mahindra Manulife Mutual Fund, Oct 2026
Annual report
- Mahindra Manulife Mutual Fund Annual Report FY 2025-26 (opens in a new tab)Mahindra Manulife Mutual Fund, Mar 2026
- Mahindra Manulife Mutual Fund ABRIDGED Annual Report FY 2025-26 (opens in a new tab)Mahindra Manulife Mutual Fund, Mar 2026
Riskometer disclosure
- Disclosure on Risk-o-meter level of schemes - FY - 2025-26 (opens in a new tab)Mahindra Manulife Mutual Fund, Mar 2026
Portfolio overlap disclosure
- Portfolio Overlap - September 2026 (opens in a new tab)Mahindra Manulife Mutual Fund, Sep 2026