ITI Business Cycle Fund vs Mahindra Manulife Large & Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
ITI Business Cycle Fund is a Thematic fund and Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund. ITI Business Cycle Fund charges 1.63% a year and Mahindra Manulife Large & Mid Cap Fund 0.84% (Direct plans). Their portfolios overlap 31.2%: they hold 23 of the same securities.
Mahindra Manulife Large & Mid Cap Fund
Large & Mid Cap
- Expense ratio
- 0.84%
- NAV
- ₹29.86
Which is better, ITI Business Cycle or Mahindra Manulife Large & Mid Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Large & Mid Cap costs less: 0.84% a year against 1.63% (Direct plans).
- Mahindra Manulife Large & Mid Cap fell less in its worst fall since 12-03-2026: −9.9% against −12.3%.
- Mahindra Manulife Large & Mid Cap holds more in large companies: 44.9% of the fund in large caps against 30.0%.
- Mahindra Manulife Large & Mid Cap is the larger fund: ₹2,753 Cr against ₹117 Cr.
- Their portfolios overlap 31.2%: 23 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 | ITI Business Cycle Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Fund house | ITI Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Thematic | Large & Mid Cap |
| AUM | ₹117 Cr (30-09-2026) | ₹2,753 Cr (30-09-2026) |
| NAV | ₹9.97 (Direct) | ₹29.86 (Direct) |
| Expense ratio (Direct) | 1.63% | 0.84% |
| Expense ratio (Regular) | 3.39% | 2.20% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 09-03-2026 | 30-12-2019 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Nilay Dalal, Alok Ranjan | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi |
| Exit load | Exit load of 0.50%, if redeemed within 3 months. | Exit Load: 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 months from the date of allotment. |
ITI Business Cycle vs Mahindra Manulife Large & Mid 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 |
|---|---|---|---|---|---|---|---|
| ITI Business Cycle Fund (Direct) | −5.70% | −4.02% | −3.02% | -- | -- | -- | -- |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −0.88% | −3.09% | +2.43% | −2.22% | +11.86% | +10.94% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 235 Thematic funds and the 36 Large & Mid Cap funds, same plan type.
ITI Business Cycle vs Mahindra Manulife Large & Mid Cap: Year-wise Returns
| Year | ITI Business CycleITI Business Cycle | Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap |
|---|---|---|
| 2026to date | -- | −1.33% |
| 2025 | -- | +3.77% |
| 2024 | -- | +18.48% |
| 2023 | -- | +34.45% |
| 2022 | -- | +3.94% |
| 2021 | -- | +48.04% |
ITI Business Cycle vs Mahindra Manulife Large & Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of ITI Business Cycle Fund
ITI Business Cycle vs Mahindra Manulife Large & Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | ITI Business Cycle Fund (Direct) | Mahindra Manulife Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.10% | +17.35% |
| Standard deviation | 12.69% | 17.53% |
| Sharpe ratio | -0.42 | 0.70 |
| Sortino ratio | -0.55 | 0.92 |
| Maximum drawdown | −12.3% (23-10-2026) | −32.9% (23-03-2020) |
| Beta | 0.68 | 0.97 |
| Alpha | −2.55% | +1.80% |
From daily NAVs, 12-03-2026 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.
ITI Business Cycle Fund (Direct)
Mahindra Manulife Large & Mid Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| ITI Business Cycle Fund (Direct) | −12.3% | 23-09-2026 | 23-10-2026 | Not yet | -- | −9.9% |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −9.9% | 31-08-2026 | 23-10-2026 | Not yet | -- | −7.0% |
| Nifty 500 TRI | −9.9% | 03-08-2026 | 23-10-2026 | Not yet | -- | −7.9% |
From daily values since 12-03-2026, the first day every fund has.
ITI Business Cycle vs Mahindra Manulife Large & Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: ITI Business Cycle Fund, September 2026; Mahindra Manulife Large & Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 31.2%
- Held by both
- 23
- Only in ITI Business Cycle
- 48
- Only in Mahindra Manulife Large & Mid Cap
- 46
| Security | % of ITI Business Cycle | % of Mahindra Manulife Large & Mid Cap |
|---|---|---|
| HDFC Bank Limited | 3.83% | 2.71% |
| ICICI Bank Limited | 2.37% | 4.38% |
| Eternal Limited | 2.19% | 2.84% |
| Reliance Industries Limited | 1.93% | 1.94% |
| Bajaj Auto Limited | 1.70% | 1.75% |
| Laurus Labs Limited | 1.59% | 2.03% |
| Divi's Laboratories Limited | 1.54% | 1.79% |
| Multi Commodity Exchange of India Limited | 1.34% | 1.77% |
| Titan Company Limited | 1.70% | 1.28% |
| IDFC First Bank Limited | 1.21% | 1.51% |
| Glenmark Pharmaceuticals Limited | 1.19% | 2.36% |
| Solar Industries India Limited | 1.18% | 1.44% |
| Torrent Pharmaceuticals Limited | 1.17% | 1.27% |
| Bharat Heavy Electricals Limited | 1.17% | 1.71% |
| Apollo Hospitals Enterprise Limited | 1.30% | 1.16% |
| Neuland Laboratories Limited | 1.16% | 1.92% |
| Radico Khaitan Limited | 1.10% | 1.25% |
| Bajaj Finance Limited | 1.31% | 1.08% |
| Global Health Limited | 0.98% | 1.08% |
| Marico Limited | 1.10% | 0.96% |
| Aarti Industries Limited | 0.91% | 0.92% |
| State Bank of India | 0.74% | 1.57% |
| IIFL Finance Limited | 0.95% | 0.54% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.2% means 31.2% 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 ITI Business Cycle Fund
| Security | % of fund |
|---|---|
| ESDS Software Solution Ltd | 6.03% |
| Manipal Payment and Identity Solutions Ltd | 2.02% |
| HDFC Life Insurance Company Limited | 2.01% |
| Grasim Industries Limited | 1.41% |
| LG Electronics India Ltd | 1.40% |
Largest holdings only in Mahindra Manulife Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Axis Bank Limited | 2.81% |
| The Federal Bank Limited | 2.76% |
| Senores Pharmaceuticals Limited | 2.16% |
| IndusInd Bank Limited | 2.04% |
| Larsen & Toubro Limited | 1.98% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | ITI Business Cycle | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Equity | 91.3% | 96.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.7% | 3.8% |
Market cap of stocks
| Market cap | ITI Business Cycle | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Large Cap | 30.0% | 44.9% |
| Mid Cap | 23.4% | 37.5% |
| Small Cap | 28.0% | 13.8% |
| Not on AMFI's list | 9.9% | 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 | ITI Business Cycle | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Banks | 14.1% | 18.5% |
| Pharmaceuticals & Biotechnology | 12.6% | 13.0% |
| IT - Services | 6.0% | 0.0% |
| Finance | 3.5% | 5.9% |
| Industrial Products | 4.5% | 3.1% |
| Healthcare Services | 4.3% | 2.2% |
| Chemicals & Petrochemicals | 4.3% | 2.4% |
| Auto Components | 1.3% | 3.8% |
| Capital Markets | 1.9% | 3.8% |
| Retailing | 3.2% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
ITI Business Cycle vs Mahindra Manulife Large & Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | ITI Business Cycle Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.63% | 0.84% |
| Base expense ratio (Direct) | 0.53% | 0.52% |
| Total expense ratio (Regular) | 3.39% | 2.20% |
| Base expense ratio (Regular) | 2.10% | 1.70% |
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
Compare ITI Business Cycle with
Compare Mahindra Manulife Large & Mid Cap with
- Mahindra Manulife Large & Mid Cap vs Invesco India Large & Mid Cap
- Mahindra Manulife Large & Mid Cap vs Motilal Oswal Large and Midcap
- Mahindra Manulife Large & Mid Cap vs HSBC Large & Mid Cap
- Mahindra Manulife Large & Mid Cap vs Bandhan Large & Mid Cap
- Mahindra Manulife Large & Mid Cap vs Quant Large & Mid Cap
ITI Business Cycle Fund vs Mahindra Manulife Large & Mid Cap Fund: Frequently Asked Questions
What is the difference between ITI Business Cycle Fund and Mahindra Manulife Large & Mid Cap Fund?
ITI Business Cycle Fund is a Thematic fund, Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund, run by ITI Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 31.2%. ITI Business Cycle Fund charges 1.63% a year and Mahindra Manulife Large & Mid Cap Fund 0.84%.
Which has the lower expense ratio, ITI Business Cycle Fund or Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Large & Mid Cap Fund charges less: 0.84% a year against 1.63%. These are the Direct plans' total expense ratios reported to AMFI.
How much do ITI Business Cycle Fund and Mahindra Manulife Large & Mid Cap Fund overlap?
31.2%. They hold 23 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, ITI Business Cycle Fund or Mahindra Manulife Large & Mid Cap Fund?
On SEBI's riskometer, ITI Business Cycle Fund is rated Very High and Mahindra Manulife Large & Mid Cap Fund Very High. Over their common history, the standard deviation of daily returns was 12.69% and 17.53% a year.
Can I invest in both ITI Business Cycle Fund and Mahindra Manulife Large & Mid Cap Fund?
Yes. 31.2% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages ITI Business Cycle Fund and Mahindra Manulife Large & Mid Cap Fund?
ITI Business Cycle Fund: Nilay Dalal, Alok Ranjan. Mahindra Manulife Large & Mid Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi.
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.