Baroda BNP Paribas Business Cycle Fund vs Mahindra Manulife Large Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Baroda BNP Paribas Business Cycle Fund is a Thematic fund and Mahindra Manulife Large Cap Fund is a Large Cap fund. In the 3 years to 30-10-2026, Baroda BNP Paribas Business Cycle Fund (Direct) returned 12.4% a year and Mahindra Manulife Large Cap Fund (Direct) returned 9.2% a year. Baroda BNP Paribas Business Cycle Fund charges 1.07% a year and Mahindra Manulife Large Cap Fund 1.09% (Direct plans). Their portfolios overlap 44.6%: they hold 21 of the same securities.
Baroda BNP Paribas Business Cycle Fund
Thematic
- 3 year return
- 12.4%
- Expense ratio
- 1.07%
- NAV
- ₹16.45
Mahindra Manulife Large Cap Fund
Large Cap
- 3 year return
- 9.2%
- Expense ratio
- 1.09%
- NAV
- ₹24.22
Which is better, Baroda BNP Paribas Business Cycle or Mahindra Manulife Large Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Baroda BNP Paribas Business Cycle returned more over 5 years: 10.5% a year against 7.6%.
- Baroda BNP Paribas Business Cycle returned more over 3 years: 12.4% a year against 9.2%.
- Baroda BNP Paribas Business Cycle costs less: 1.07% a year against 1.09% (Direct plans).
- Mahindra Manulife Large Cap swung less over 3 years: a standard deviation of 12.9% a year against 13.6%.
- Mahindra Manulife Large Cap fell less in its worst fall since 21-09-2021: −16.7% against −20.3%.
- Mahindra Manulife Large Cap holds more in large companies: 85.5% of the fund in large caps against 65.3%.
- Mahindra Manulife Large Cap is the larger fund: ₹647 Cr against ₹535 Cr.
- Their portfolios overlap 44.6%: 21 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Baroda BNP Paribas Business Cycle Fund | Mahindra Manulife Large Cap Fund |
|---|---|---|
| Fund house | Baroda BNP Paribas Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Thematic | Large Cap |
| AUM | ₹535 Cr (30-09-2026) | ₹647 Cr (30-09-2026) |
| NAV | ₹16.45 (Direct) | ₹24.22 (Direct) |
| Expense ratio (Direct) | 1.07% | 1.09% |
| Expense ratio (Regular) | 2.52% | 2.60% |
| Riskometer | Not available | Very High |
| Benchmark | Not available | Nifty 100 TRI |
| Launch date | Not available | 15-03-2019 |
| Minimum investment | Not available | ₹1,000 |
| Lock in | Not available | None |
| Fund managers | Not available | $ Mr. Hemang Kapasi, $ Ms. Kirti Dalvii |
| Exit load | Not available | An Exit Load of 1% 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. |
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Business Cycle Fund (Direct) | −1.29% | −4.05% | −1.51% | −2.27% | +12.36% | +10.53% | -- |
| Mahindra Manulife Large Cap Fund (Direct) | +1.55% | −5.30% | −2.62% | −8.80% | +9.23% | +7.57% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | -- |
Category average: the average of the 235 Thematic funds and the 35 Large Cap funds, same plan type.
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Year-wise Returns
| Year | Baroda BNP Paribas Business CycleBaroda BNP Paribas Business Cycle | Mahindra Manulife Large CapMahindra Manulife Large Cap |
|---|---|---|
| 2026to date | −3.99% | −10.45% |
| 2025 | +2.32% | +11.28% |
| 2024 | +22.14% | +14.73% |
| 2023 | +32.60% | +23.99% |
| 2022 | +3.06% | +3.87% |
| 2021 | -- | +31.99% |
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of Baroda BNP Paribas Business Cycle Fund
Rolling returns
Every 3-year holding period, 518 of them, one for each trading day from 23-09-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Baroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large Cap Fund (Direct)
BSE 500 TRI
to
Nov 2024Apr 2022
to
Apr 2025Aug 2022
to
Aug 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Baroda BNP Paribas Business Cycle | 0.0 | 0.0 | 0.0 | 18.7 | 65.6 | 15.6 | 0.0 | 17.3% | 17.2% | 11.4% | 24.3% | 100% |
| Mahindra Manulife Large Cap | 0.0 | 0.0 | 7.5 | 45.3 | 44.3 | 2.9 | 0.0 | 14.3% | 14.8% | 7.0% | 21.3% | 16% |
| BSE 500 TRI | 0.0 | 0.0 | 4.6 | 39.4 | 50.8 | 5.2 | 0.0 | 15.1% | 15.2% | 8.4% | 22.0% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 500 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 21-09-2021. Past returns do not promise future returns.
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 21-09-2021 to 30-10-2026: 62 instalments, ₹6,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Baroda BNP Paribas Business CycleBaroda BNP Paribas Business Cycle Fund (Direct) | ₹6,20,000 | ₹7,92,572 | ₹1,72,572 | 9.5% |
| Mahindra Manulife Large CapMahindra Manulife Large Cap Fund (Direct) | ₹6,20,000 | ₹7,33,733 | ₹1,13,733 | 6.5% |
Baroda BNP Paribas Business CycleBaroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large CapMahindra Manulife Large Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Baroda BNP Paribas Business Cycle Fund (Direct) | Mahindra Manulife Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.27% | −8.80% |
| Standard deviation | 13.17% | 13.18% |
| Sharpe ratio | -0.57 | -1.07 |
| Sortino ratio | -0.77 | -1.42 |
| Maximum drawdown | −13.2% (31-03-2026) | −14.6% (31-03-2026) |
| Beta | 0.90 | 0.94 |
| Alpha | +4.05% | −1.01% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Baroda BNP Paribas Business Cycle Fund (Direct) | Mahindra Manulife Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +12.36% | +9.23% |
| Standard deviation | 13.58% | 12.91% |
| Sharpe ratio | 0.47 | 0.25 |
| Sortino ratio | 0.63 | 0.34 |
| Maximum drawdown | −20.3% (28-02-2025) | −15.1% (28-02-2025) |
| Beta | 0.93 | 0.93 |
| Alpha | +2.74% | +0.36% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Baroda BNP Paribas Business Cycle Fund (Direct) | Mahindra Manulife Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.53% | +7.57% |
| Standard deviation | 13.75% | 13.40% |
| Sharpe ratio | 0.34 | 0.13 |
| Sortino ratio | 0.47 | 0.18 |
| Maximum drawdown | −20.3% (28-02-2025) | −16.7% (17-06-2022) |
| Beta | 0.94 | 0.95 |
| Alpha | +2.06% | +0.42% |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Baroda BNP Paribas Business Cycle Fund (Direct) | Mahindra Manulife Large Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.19% | +12.29% |
| Standard deviation | 13.70% | 16.22% |
| Sharpe ratio | 0.32 | 0.44 |
| Sortino ratio | 0.44 | 0.60 |
| Maximum drawdown | −20.3% (28-02-2025) | −35.3% (23-03-2020) |
| Beta | 0.93 | 0.93 |
| Alpha | +1.70% | +1.56% |
From daily NAVs, 21-09-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Baroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large Cap Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Baroda BNP Paribas Business Cycle Fund (Direct) | −20.3% | 23-09-2024 | 28-02-2025 | Not yet | -- | −8.0% |
| Mahindra Manulife Large Cap Fund (Direct) | −16.7% | 17-01-2022 | 17-06-2022 | 24-11-2022 | 5 months | −11.4% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 21-09-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Baroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large Cap Fund (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Baroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large Cap Fund (Direct)
BSE 500 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Baroda BNP Paribas Business Cycle Fund (Direct)
Mahindra Manulife Large Cap Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Baroda BNP Paribas Business Cycle Fund (Direct) | 106% | 98% | 3.54% |
| Mahindra Manulife Large Cap Fund (Direct) | 92% | 92% | 4.02% |
From month-end values since 21-09-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Baroda BNP Paribas Business Cycle Fund, September 2026; Mahindra Manulife Large Cap Fund, September 2026
Holdings in common
- Overlap
- 44.6%
- Held by both
- 21
- Only in Baroda BNP Paribas Business Cycle
- 33
- Only in Mahindra Manulife Large Cap
- 23
| Security | % of Baroda BNP Paribas Business Cycle | % of Mahindra Manulife Large Cap |
|---|---|---|
| ICICI Bank Limited | 5.93% | 8.79% |
| Reliance Industries Limited | 4.93% | 4.97% |
| HDFC Bank Limited | 4.53% | 8.06% |
| Larsen & Toubro Limited | 4.11% | 3.47% |
| Kotak Mahindra Bank Limited | 2.46% | 2.57% |
| TVS Motor Company Limited | 2.42% | 2.61% |
| Eternal Limited | 2.26% | 3.22% |
| Sun Pharmaceutical Industries Limited | 3.21% | 2.13% |
| Bharti Airtel Limited | 2.07% | 4.45% |
| Divi's Laboratories Limited | 3.13% | 1.88% |
| Infosys Limited | 1.86% | 2.59% |
| State Bank of India | 2.34% | 1.60% |
| Axis Bank Limited | 1.24% | 3.60% |
| Titan Company Limited | 1.16% | 1.70% |
| Bajaj Finserv Limited | 1.11% | 2.60% |
| Tata Consultancy Services Limited | 1.04% | 1.47% |
| Tech Mahindra Limited | 1.00% | 1.98% |
| Nestle India Limited | 1.98% | 0.97% |
| HDFC Life Insurance Company Limited | 0.88% | 2.26% |
| Eicher Motors Limited | 1.81% | 0.83% |
| LG Electronics India Ltd | 1.45% | 0.80% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 44.6% means 44.6% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Baroda BNP Paribas Business Cycle Fund
| Security | % of fund |
|---|---|
| Hitachi Energy India Limited | 5.16% |
| Bharat Heavy Electricals Limited | 2.80% |
| Persistent Systems Limited | 2.04% |
| Aequs Limited | 1.75% |
| The Phoenix Mills Limited | 1.69% |
Largest holdings only in Mahindra Manulife Large Cap Fund
| Security | % of fund |
|---|---|
| Mahindra & Mahindra Limited | 2.53% |
| Grasim Industries Limited | 2.04% |
| Avenue Supermarts Limited | 2.00% |
| Adani Enterprises Limited | 1.72% |
| InterGlobe Aviation Limited | 1.70% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Baroda BNP Paribas Business Cycle | Mahindra Manulife Large Cap |
|---|---|---|
| Equity | 94.3% | 94.0% |
| Debt | 0.9% | 0.0% |
| Cash and others | 4.8% | 6.0% |
Market cap of stocks
| Market cap | Baroda BNP Paribas Business Cycle | Mahindra Manulife Large Cap |
|---|---|---|
| Large Cap | 65.3% | 85.5% |
| Mid Cap | 15.4% | 6.9% |
| Small Cap | 13.0% | 1.6% |
| Not on AMFI's list | 0.7% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Baroda BNP Paribas Business Cycle | Mahindra Manulife Large Cap |
|---|---|---|
| Banks | 19.4% | 26.3% |
| Automobiles | 4.2% | 8.2% |
| Electrical Equipment | 8.0% | 0.0% |
| Pharmaceuticals & Biotechnology | 8.0% | 6.5% |
| IT - Software | 7.3% | 6.0% |
| Retailing | 2.3% | 6.6% |
| Petroleum Products | 4.9% | 5.0% |
The six largest sectors of each fund's stocks, % of the fund.
Baroda BNP Paribas Business Cycle vs Mahindra Manulife Large Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Baroda BNP Paribas Business Cycle Fund | Mahindra Manulife Large Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.07% | 1.09% |
| Base expense ratio (Direct) | 0.83% | 0.72% |
| Total expense ratio (Regular) | 2.52% | 2.60% |
| Base expense ratio (Regular) | 2.07% | 2.05% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
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Baroda BNP Paribas Business Cycle Fund vs Mahindra Manulife Large Cap Fund: Frequently Asked Questions
What is the difference between Baroda BNP Paribas Business Cycle Fund and Mahindra Manulife Large Cap Fund?
Baroda BNP Paribas Business Cycle Fund is a Thematic fund, Mahindra Manulife Large Cap Fund is a Large Cap fund, run by Baroda BNP Paribas Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 44.6%. Baroda BNP Paribas Business Cycle Fund charges 1.07% a year and Mahindra Manulife Large Cap Fund 1.09%.
Which has given higher returns, Baroda BNP Paribas Business Cycle Fund or Mahindra Manulife Large Cap Fund?
Over 1 year: Baroda BNP Paribas Business Cycle Fund −2.27%, Mahindra Manulife Large Cap Fund −8.80%. Over 3 years: Baroda BNP Paribas Business Cycle Fund +12.36% a year, Mahindra Manulife Large Cap Fund +9.23% a year. Over 5 years: Baroda BNP Paribas Business Cycle Fund +10.53% a year, Mahindra Manulife Large Cap Fund +7.57% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Baroda BNP Paribas Business Cycle Fund or Mahindra Manulife Large Cap Fund?
Baroda BNP Paribas Business Cycle Fund charges less: 1.07% a year against 1.09%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Baroda BNP Paribas Business Cycle Fund and Mahindra Manulife Large Cap Fund overlap?
44.6%. They hold 21 of the same securities, the largest shared ones being ICICIBANK, RELIANCE, HDFCBANK. From each fund's latest monthly portfolio.
Which is better for SIP, Baroda BNP Paribas Business Cycle Fund or Mahindra Manulife Large Cap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,76,159 in Baroda BNP Paribas Business Cycle Fund (XIRR 9.4% a year) and ₹7,18,522 in Mahindra Manulife Large Cap Fund (XIRR 6.4% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Baroda BNP Paribas Business Cycle Fund and Mahindra Manulife Large Cap Fund?
Yes. 44.6% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.