JM Arbitrage Fund vs Mahindra Manulife Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Arbitrage Fund is an Arbitrage fund and Mahindra Manulife Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, JM Arbitrage Fund (Direct) returned 6.9% a year and Mahindra Manulife Business Cycle Fund (Direct) returned 15.7% a year. JM Arbitrage Fund charges 1.42% a year and Mahindra Manulife Business Cycle Fund 0.95% (Direct plans). Their portfolios overlap 29.7%: they hold 29 of the same securities.
Mahindra Manulife Business Cycle Fund
Thematic
- 3 year return
- 15.7%
- Expense ratio
- 0.95%
- NAV
- ₹15.07
Which is better, JM Arbitrage or Mahindra Manulife Business Cycle? 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 Business Cycle returned more over 3 years: 15.7% a year against 6.9%.
- JM Arbitrage returned more over 1 year: 6.4% against −4.5%.
- Mahindra Manulife Business Cycle costs less: 0.95% a year against 1.42% (Direct plans).
- JM Arbitrage swung less over 3 years: a standard deviation of 1.1% a year against 15.7%.
- JM Arbitrage fell less in its worst fall since 13-09-2023: −0.5% against −21.4%.
- JM Arbitrage holds more in large companies: 57.7% of the fund in large caps against 43.1%.
- Mahindra Manulife Business Cycle is the larger fund: ₹1,291 Cr against ₹341 Cr.
- Their portfolios overlap 29.7%: 29 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 | JM Arbitrage Fund | Mahindra Manulife Business Cycle Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Arbitrage | Thematic |
| AUM | ₹341 Cr (30-09-2026) | ₹1,291 Cr (30-09-2026) |
| NAV | ₹37.71 (Direct) | ₹15.07 (Direct) |
| Expense ratio (Direct) | 1.42% | 0.95% |
| Expense ratio (Regular) | 2.07% | 2.45% |
| Riskometer | Low | Very High |
| Benchmark | Nifty 50 Arbitrage Index | Nifty 500 TRI |
| Launch date | 18-07-2006 | 11-09-2023 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar | Krishna Sanghavi, Vishal Jajoo, Renjith Sivaram |
| Exit load | 0.5% of NAV on all investment (including SIP/STP/SWP) transactions, if redeemed / switched - out within 30 days of transfer / allotment of units in normal transactions / allotment of units of respective installments in SIP/STP/SWP transactions. | Exit load of 1%, if redeemed within 3 months |
JM Arbitrage vs Mahindra Manulife Business Cycle: 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 |
|---|---|---|---|---|---|---|---|
| JM Arbitrage Fund (Direct) | +0.52% | +1.53% | +3.14% | +6.43% | +6.94% | +6.44% | +5.63% |
| Mahindra Manulife Business Cycle Fund (Direct) | −4.82% | −8.53% | −5.99% | −4.53% | +15.68% | -- | -- |
| Arbitrage average | +0.56% | +1.52% | +3.20% | +6.62% | +7.18% | +6.68% | +6.31% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | -- | -- |
Category average: the average of the 39 Arbitrage funds and the 235 Thematic funds, same plan type.
JM Arbitrage vs Mahindra Manulife Business Cycle: Year-wise Returns
| Year | JM ArbitrageJM Arbitrage | Mahindra Manulife Business CycleMahindra Manulife Business Cycle |
|---|---|---|
| 2026to date | +5.21% | −5.93% |
| 2025 | +6.61% | +8.38% |
| 2024 | +7.96% | +28.11% |
| 2023 | +7.39% | -- |
| 2022 | +4.62% | -- |
| 2021 | +3.16% | -- |
JM Arbitrage vs Mahindra Manulife Business Cycle: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife Business Cycle Fund
Rolling returns
Every 3-year holding period, 30 of them, one for each trading day from 15-09-2026 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.
JM Arbitrage Fund (Direct)
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 500 TRI
to
Sept 2026Sept 2023
to
Sept 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 2026Oct 2023
to
Oct 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Arbitrage | 0.0 | 0.0 | 100.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.0% | 7.0% | 6.9% | 7.0% | 0% |
| Mahindra Manulife Business Cycle | 0.0 | 0.0 | 0.0 | 6.5 | 93.5 | 0.0 | 0.0 | 16.3% | 16.2% | 14.9% | 18.1% | 100% |
| Nifty 500 TRI | 0.0 | 0.0 | 63.3 | 36.7 | 0.0 | 0.0 | 0.0 | 9.8% | 9.6% | 8.8% | 11.0% | -- |
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 Nifty 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 13-09-2023. Past returns do not promise future returns.
JM Arbitrage vs Mahindra Manulife Business Cycle: 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 01-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM ArbitrageJM Arbitrage Fund (Direct) | ₹3,80,000 | ₹4,22,450 | ₹42,450 | 6.6% |
| Mahindra Manulife Business CycleMahindra Manulife Business Cycle Fund (Direct) | ₹3,80,000 | ₹4,06,206 | ₹26,206 | 4.2% |
JM ArbitrageJM Arbitrage Fund (Direct)
Mahindra Manulife Business CycleMahindra Manulife Business Cycle 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.
JM Arbitrage vs Mahindra Manulife Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Arbitrage Fund (Direct) | Mahindra Manulife Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.43% | −4.53% |
| Standard deviation | 1.45% | 14.69% |
| Sharpe ratio | 0.82 | -0.67 |
| Sortino ratio | 1.24 | -0.86 |
| Maximum drawdown | −0.5% (06-08-2026) | −12.0% (23-10-2026) |
| Beta | -- | 0.98 |
| Alpha | -- | +2.52% |
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 | JM Arbitrage Fund (Direct) | Mahindra Manulife Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.94% | +15.68% |
| Standard deviation | 1.14% | 15.69% |
| Sharpe ratio | 0.81 | 0.62 |
| Sortino ratio | 1.22 | 0.82 |
| Maximum drawdown | −0.5% (06-08-2026) | −21.4% (03-03-2025) |
| Beta | -- | 1.05 |
| Alpha | -- | +5.26% |
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 | JM Arbitrage Fund (Direct) | Mahindra Manulife Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.41% | +13.93% |
| Standard deviation | 1.05% | 15.56% |
| Sharpe ratio | 0.34 | 0.51 |
| Sortino ratio | 0.50 | 0.67 |
| Maximum drawdown | −0.5% (09-07-2020) | −21.4% (03-03-2025) |
| Beta | -- | 1.05 |
| Alpha | -- | +5.44% |
From daily NAVs, 03-01-2013 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.
JM Arbitrage Fund (Direct)
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Arbitrage Fund (Direct) | −0.5% | 03-08-2026 | 06-08-2026 | 01-09-2026 | 26 days | −0.1% |
| Mahindra Manulife Business Cycle Fund (Direct) | −21.4% | 27-09-2024 | 03-03-2025 | 22-06-2026 | 16 months | −10.5% |
| Nifty 500 TRI | −18.6% | 26-09-2024 | 28-02-2025 | Not yet | -- | −8.8% |
From daily values since 13-09-2023, 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.
JM Arbitrage Fund (Direct)
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 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.
JM Arbitrage Fund (Direct)
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Arbitrage Fund (Direct) | 18% | -15% | 15.62% |
| Mahindra Manulife Business Cycle Fund (Direct) | 121% | 102% | 5.12% |
From month-end values since 13-09-2023. 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.
JM Arbitrage vs Mahindra Manulife Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: JM Arbitrage Fund, September 2026; Mahindra Manulife Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 29.7%
- Held by both
- 29
- Only in JM Arbitrage
- 84
- Only in Mahindra Manulife Business Cycle
- 39
| Security | % of JM Arbitrage | % of Mahindra Manulife Business Cycle |
|---|---|---|
| Reliance Industries Limited | 4.13% | 3.85% |
| ICICI Bank Limited | 4.54% | 3.07% |
| Axis Bank Limited | 3.89% | 2.71% |
| Indus Towers Limited | 1.97% | 2.31% |
| Vodafone Idea Limited | 3.40% | 1.93% |
| Adani Enterprises Limited | 1.92% | 2.47% |
| Bandhan Bank Limited | 1.90% | 2.52% |
| IDFC First Bank Limited | 1.73% | 2.02% |
| Bajaj Finance Limited | 1.33% | 1.54% |
| Maruti Suzuki India Limited | 1.28% | 1.48% |
| Steel Authority of India Limited | 1.18% | 1.69% |
| Adani Energy Solutions Limited | 1.09% | 1.79% |
| Bank of Baroda | 1.29% | 0.71% |
| JSW Steel Limited | 0.67% | 1.26% |
| Manappuram Finance Limited | 0.56% | 1.10% |
| Biocon Limited | 0.54% | 1.33% |
| Ambuja Cements Limited | 0.47% | 1.45% |
| Glenmark Pharmaceuticals Limited | 0.41% | 1.57% |
| Divi's Laboratories Limited | 0.41% | 2.16% |
| Tata Consumer Products Limited | 0.31% | 0.74% |
| NMDC Limited | 1.37% | 0.30% |
| NTPC Limited | 0.27% | 1.56% |
| Punjab National Bank | 0.27% | 1.05% |
| Shriram Finance Limited | 0.24% | 1.37% |
| JSW Energy Limited | 0.20% | 3.04% |
| Grasim Industries Limited | 0.20% | 3.20% |
| Hindalco Industries Limited | 0.10% | 1.09% |
| IndusInd Bank Limited | 0.06% | 2.51% |
| Coal India Limited | 0.02% | 1.48% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 29.7% means 29.7% 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 JM Arbitrage Fund
| Security | % of fund |
|---|---|
| JM Financial Mutual Fund | 7.82% |
| Tata Steel Limited | 3.27% |
| Kotak Mahindra Bank Limited | 2.94% |
| State Bank of India | 2.60% |
| Eicher Motors Limited | 1.76% |
Largest holdings only in Mahindra Manulife Business Cycle Fund
| Security | % of fund |
|---|---|
| Bajaj Auto Limited | 2.25% |
| Tech Mahindra Limited | 2.20% |
| Ajanta Pharma Limited | 1.87% |
| The Ramco Cements Limited | 1.77% |
| Kajaria Ceramics Limited | 1.60% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Arbitrage | Mahindra Manulife Business Cycle |
|---|---|---|
| Equity | 77.1% | 96.8% |
| Debt | 7.3% | 0.0% |
| Cash and others | 15.6% | 3.2% |
Market cap of stocks
| Market cap | JM Arbitrage | Mahindra Manulife Business Cycle |
|---|---|---|
| Large Cap | 57.7% | 43.1% |
| Mid Cap | 13.0% | 22.4% |
| Small Cap | 6.4% | 31.3% |
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 | JM Arbitrage | Mahindra Manulife Business Cycle |
|---|---|---|
| Banks | 23.7% | 15.6% |
| Pharmaceuticals & Biotechnology | 3.4% | 9.5% |
| Industrial Products | 0.3% | 8.7% |
| Power | 2.6% | 7.5% |
| Cement & Cement Products | 0.7% | 7.3% |
| Finance | 6.3% | 5.5% |
| Telecom - Services | 6.2% | 4.2% |
| Ferrous Metals | 5.1% | 3.8% |
| Petroleum Products | 4.4% | 3.9% |
| Automobiles | 4.1% | 3.7% |
The six largest sectors of each fund's stocks, % of the fund.
JM Arbitrage vs Mahindra Manulife Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Arbitrage Fund | Mahindra Manulife Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.42% | 0.95% |
| Base expense ratio (Direct) | 0.35% | 0.55% |
| Total expense ratio (Regular) | 2.07% | 2.45% |
| Base expense ratio (Regular) | 0.91% | 1.87% |
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
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Compare JM Arbitrage with
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JM Arbitrage Fund vs Mahindra Manulife Business Cycle Fund: Frequently Asked Questions
What is the difference between JM Arbitrage Fund and Mahindra Manulife Business Cycle Fund?
JM Arbitrage Fund is an Arbitrage fund, Mahindra Manulife Business Cycle Fund is a Thematic fund, run by JM Financial Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 29.7%. JM Arbitrage Fund charges 1.42% a year and Mahindra Manulife Business Cycle Fund 0.95%.
Which has given higher returns, JM Arbitrage Fund or Mahindra Manulife Business Cycle Fund?
Over 1 year: JM Arbitrage Fund +6.43%, Mahindra Manulife Business Cycle Fund −4.53%. Over 3 years: JM Arbitrage Fund +6.94% a year, Mahindra Manulife Business Cycle Fund +15.68% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Arbitrage Fund or Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund charges less: 0.95% a year against 1.42%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Arbitrage Fund and Mahindra Manulife Business Cycle Fund overlap?
29.7%. They hold 29 of the same securities, the largest shared ones being RELIANCE, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, JM Arbitrage Fund or Mahindra Manulife Business Cycle Fund?
On SEBI's riskometer, JM Arbitrage Fund is rated Low and Mahindra Manulife Business Cycle Fund Very High. Over 3 years, the standard deviation of daily returns was 1.14% and 15.69% a year.
Which is better for SIP, JM Arbitrage Fund or Mahindra Manulife Business Cycle Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,10,053 in JM Arbitrage Fund (XIRR 6.6% a year) and ₹3,91,167 in Mahindra Manulife Business Cycle Fund (XIRR 3.6% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both JM Arbitrage Fund and Mahindra Manulife Business Cycle Fund?
Yes. 29.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Arbitrage Fund and Mahindra Manulife Business Cycle Fund?
JM Arbitrage Fund: Asit Bhandarkar, Satish Ramanathan, Deepak Gupta, Ruchi Fozdar. Mahindra Manulife Business Cycle Fund: Krishna Sanghavi, Vishal Jajoo, Renjith Sivaram.
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.