Mahindra Manulife Business Cycle Fund is a Thematic fund run by Mahindra Manulife Mutual Fund. On 30-09-2026, it managed ₹1,291 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 15.7% a year and its Regular plan returned 13.8% a year. Its benchmark, Nifty 500 TRI, returned 10.2% a year over the same 3 years.
NAV (Direct plan)
₹15.07
▼ 1.25% · 30-10-2026
NAV (Regular plan)
₹14.30
▼ 1.25% · 30-10-2026
Expense ratio
0.95%Direct2.45%Regular
0.95%
A year
Riskometer
Very High
Set by the fund house
3 year return
15.7%Direct13.8%Regular
15.7%
A year
Mahindra Manulife Business Cycle Fund NAV Today
NAV on 30-10-2026: Direct Plan Growth ₹15.07 (down 1.25% that day); Regular Plan Growth ₹14.30 (down 1.25% that day).
This fund (Direct plan)
₹15.0702
Mahindra Manulife Business Cycle Fund Returns vs Nifty 500 TRI
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
Trailing returns
Period
1M
3M
6M
1Y
3Y
5Y
10Y
This fund (Direct)
−4.82%
−8.53%
−5.99%
−4.53%
+15.68%
--
--
This fund (Regular)
−4.94%
−8.88%
−6.71%
−6.01%
+13.76%
--
--
Nifty 500 TRI
−0.75%
−6.05%
−2.83%
−7.34%
+10.22%
+8.81%
+12.51%
Thematic average
−2.09%
−4.52%
+0.86%
−1.22%
+13.76%
--
--
Best in Thematic
+11.54%
+11.27%
+22.16%
+75.71%
+54.78%
--
--
Worst in Thematic
−16.05%
−11.74%
−13.97%
−22.44%
−4.46%
--
--
Rank in Thematic
201/235
213/232
196/232
117/215
45/133
--
--
Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.
Mahindra Manulife Business Cycle Fund Year-wise Returns
Return of each calendar year
Year
Direct
Regular
Nifty 500 TRI
2026to date
−5.93%
−7.13%
−7.51%
2025
+8.38%
+6.63%
+7.76%
2024
+28.11%
+25.85%
+16.24%
Mahindra Manulife Business Cycle Fund Rolling Returns
The return of every holding period in the fund's history, not only the one that ends today
Rolling returns
Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 31 periods, one for each trading day from 15-09-2026 to 30-10-2026.
0%5%10%15%20%
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 500 TRI
Sept 2023 to Sept 2026Sept 2023 to Sept 2026Oct 2023 to Oct 2026Oct 2023 to Oct 2026Oct 2023 to Oct 2026Oct 2023 to Oct 2026
Mahindra Manulife Business Cycle Fund (Direct)Nifty 500 TRI
0%
0%
Below 0%
0%
0%
0-5%
0%
61%
5-10%
7%
39%
10-15%
94%
0%
15-20%
0%
0%
20-25%
0%
0%
Above 25%
Every holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
525
8.3%
−9.1%
64.3%
14%
5.2%
70%
2 years
277
9.4%
−2.3%
27.9%
8%
5.4%
100%
3 years
31
16.2%
14.9%
18.1%
0%
9.6%
100%
Every SIP holding period at a glance
Period
Periods
Median
Lowest
Highest
With a loss
Benchmark median
Beat benchmark
1 year
26
9.9%
−20.6%
63.5%
27%
4.1%
65%
Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty 500 TRI over the same days. Past returns do not promise future returns.
Mahindra Manulife Business Cycle Fund Risk
How much it swings, and the falls an investor had to sit through
Risk and return
Measure
Mahindra Manulife Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
−4.53%
−7.34%
Standard deviation
14.69%
14.48%
Sharpe ratio
-0.67
-0.87
Sortino ratio
-0.86
-1.16
Maximum drawdown
−12.0%
(23-10-2026)
−14.7%
(30-03-2026)
Beta
0.98
1.00
Alpha
+2.52%
0.00%
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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
Mahindra Manulife Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+15.68%
+10.22%
Standard deviation
15.69%
14.30%
Sharpe ratio
0.62
0.29
Sortino ratio
0.82
0.40
Maximum drawdown
−21.4%
(03-03-2025)
−18.6%
(28-02-2025)
Beta
1.05
1.00
Alpha
+5.26%
0.00%
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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
Measure
Mahindra Manulife Business Cycle Fund (Direct)This fund
Nifty 500 TRI
Return (CAGR)
+13.93%
+8.38%
Standard deviation
15.56%
14.18%
Sharpe ratio
0.51
0.16
Sortino ratio
0.67
0.22
Maximum drawdown
−21.4%
(03-03-2025)
−18.6%
(28-02-2025)
Beta
1.05
1.00
Alpha
+5.44%
0.00%
From daily NAVs, 13-09-2023 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: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.
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.
−25%−20%−15%−10%−5%0%
Mahindra Manulife Business Cycle Fund (Direct)
Nifty 500 TRI
202420252026
Mahindra Manulife Business Cycle Fund (Direct)Nifty 500 TRI
Worst fall
High before it
Bottom
Back at the high
Time to climb back
Below its high today
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 the Direct plan's daily NAV since 13-09-2023, adjusted for unit splits, and Nifty 500 TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.
Mahindra Manulife Business Cycle Fund vs Other Thematic Funds
The five Thematic funds with the best three year return, and this fund. Direct plans.
AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.
Mahindra Manulife Business Cycle Fund Expense Ratio and Costs
What each plan charges a year, in force from 23-10-2026
Plan
Base expense ratio
Brokerage
Transaction costs
Levies and GST
Total expense ratio
Thematic median
Cost rank (1 = cheapest)
Direct
0.55%
0.10%
0.01%
0.29%
0.95%
1.18%
43/235
Regular
1.87%
0.10%
0.01%
0.47%
2.45%
2.41%
128/235
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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.
Direct vs Regular: what the gap cost
Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.
Over the last
Regular
Direct
Direct earned more by
₹1 lakh became (Regular)
₹1 lakh became (Direct)
1 year
−6.01%
−4.53%
1.48%
₹93,990
₹95,470
3 years
13.76%
15.68%
1.92% a year
₹1,47,221
₹1,54,801
Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.
Mahindra Manulife Business Cycle Fund SIP Calculator
What a one-time or monthly investment in this fund would be worth today, from its own NAV history
Growth of an investment
Step up each year
PeriodFor
₹10,000 on the first trading day of every month, from 13-09-2023 to 30-10-2026: 38 instalments, ₹3,80,000 in all.
Investment
Invested
Value now
Gain
Return a year
Direct planMahindra Manulife Business Cycle Fund (Direct)
₹3,80,000
₹4,06,206
₹26,206
4.2%
Regular planMahindra Manulife Business Cycle Fund (Regular)
Direct planMahindra Manulife Business Cycle Fund (Direct)Regular planMahindra Manulife Business Cycle Fund (Regular)Nifty 500 TRICategory averageCategory average, 235 Thematic fundsAmount invested
From each plan's published NAV (Growth option), the benchmark's TRI and the category average, 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.
Mahindra Manulife Business Cycle Fund Asset Allocation
Asset allocation as on 30-09-2026
What the fund holds
96.8%Equity
Asset
Fund
Category
Equity
96.8%
94.5%
Cash and others
3.2%
4.0%
Market cap of stocks
Market cap
Fund
Category
Large Cap
43.1%
45.7%
Mid Cap
22.4%
19.6%
Small Cap
31.3%
24.1%
Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Mahindra Manulife Business Cycle Fund Sector Allocation
Sector allocation of the fund's stocks as on 30-09-2026
Largest sectors
Banks15.6%
Pharmaceuticals & Biotechnology9.5%
Industrial Products8.7%
Power7.5%
Cement & Cement Products7.3%
Finance5.5%
Telecom - Services4.2%
Petroleum Products3.9%
Ferrous Metals3.8%
Automobiles3.7%
The ten largest of 25 sectors. The other 15 add up to 27.1%.
Sector changes
Sector
July 2026
August 2026
September 2026
Change
Banks
17.3%
16.3%
15.6%
−1.7%
Pharmaceuticals & Biotechnology
10.1%
10.4%
9.5%
−0.6%
Industrial Products
2.8%
2.6%
8.7%
+5.9%
Power
8.5%
7.7%
7.5%
−1.0%
Cement & Cement Products
7.4%
7.5%
7.3%
−0.1%
Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.
Mahindra Manulife Business Cycle Fund Portfolio Holdings
As on 30-09-2026 · 68 holdings · from the fund house's monthly portfolio
Holdings
Sector
Weight%
Holdings trend
1M change
Reliance Industries Limited
Petroleum Products
3.85%
0.0%
Grasim Industries Limited
Cement & Cement Products
3.20%
0.0%
ICICI Bank Limited
Banks
3.07%
0.0%
JSW Energy Limited
Power
3.04%
0.0%
Axis Bank Limited
Banks
2.71%
0.0%
Bandhan Bank Limited
Banks
2.52%
+16.6%
IndusInd Bank Limited
Banks
2.51%
0.0%
Adani Enterprises Limited
Metals & Minerals Trading
2.47%
0.0%
Indus Towers Limited
Telecom - Services
2.31%
0.0%
Bajaj Auto Limited
Automobiles
2.25%
0.0%
Tech Mahindra Limited
IT - Software
2.20%
0.0%
Divi's Laboratories Limited
Pharmaceuticals & Biotechnology
2.16%
0.0%
IDFC First Bank Limited
Banks
2.02%
0.0%
Vodafone Idea Limited
Telecom - Services
1.93%
0.0%
Ajanta Pharma Limited
Pharmaceuticals & Biotechnology
1.87%
0.0%
Adani Energy Solutions Limited
Power
1.79%
0.0%
The Ramco Cements Limited
Cement & Cement Products
1.77%
0.0%
Steel Authority of India Limited
Ferrous Metals
1.69%
+33.3%
Kajaria Ceramics Limited
Consumer Durables
1.60%
0.0%
Glenmark Pharmaceuticals Limited
Pharmaceuticals & Biotechnology
1.57%
0.0%
Carborundum Universal Limited
Industrial Products
1.56%
0.0%
NTPC Limited
Power
1.56%
0.0%
Bajaj Finance Ltd
Finance
1.54%
0.0%
Coal India Limited
Consumable Fuels
1.48%
0.0%
Maruti Suzuki India Limited
Automobiles
1.48%
0.0%
Zydus Lifesciences Limited
Pharmaceuticals & Biotechnology
1.47%
0.0%
Ambuja Cements Limited
Cement & Cement Products
1.45%
0.0%
Vedanta Aluminium Metal Limited
Non - Ferrous Metals
1.44%
0.0%
REC Limited
Finance
1.44%
0.0%
HBL Engineering Limited
Industrial Products
1.42%
New
Asahi India Glass Limited
Auto Components
1.41%
0.0%
Cochin Shipyard Limited
Industrial Manufacturing
1.39%
0.0%
Shriram Finance Limited
Finance
1.37%
0.0%
Biocon Limited
Pharmaceuticals & Biotechnology
1.33%
0.0%
CEAT Limited
Auto Components
1.29%
0.0%
Sagility Limited
IT - Services
1.26%
+26.5%
JSW Steel Limited
Ferrous Metals
1.26%
0.0%
LMW Limited
Industrial Manufacturing
1.20%
0.0%
Deepak Fertilizers and Petrochemicals Corporation Limited
Chemicals & Petrochemicals
1.16%
0.0%
Supreme Petrochem Limited
Chemicals & Petrochemicals
1.16%
0.0%
Finolex Cables Limited
Industrial Products
1.11%
New
Kirloskar Brothers Limited
Industrial Products
1.10%
0.0%
Manappuram Finance Limited
Finance
1.10%
0.0%
Hindalco Industries Limited
Non - Ferrous Metals
1.09%
0.0%
Anthem Biosciences Limited
Pharmaceuticals & Biotechnology
1.06%
−38.5%
CESC Limited
Power
1.06%
−16.1%
Ujjivan Small Finance Bank Limited
Banks
1.05%
0.0%
Punjab National Bank
Banks
1.05%
0.0%
HEG Advanced Materials Ltd
Industrial Products
1.03%
New
MphasiS Limited
IT - Software
0.95%
0.0%
Dalmia Bharat Limited
Cement & Cement Products
0.91%
0.0%
Jindal Saw Ltd
Industrial Products
0.91%
New
Graphite India Limited
Industrial Products
0.89%
New
S. P. Apparels Limited
Textiles & Apparels
0.86%
−0.2%
Sarda Energy and Minerals Limited
Ferrous Metals
0.85%
0.0%
K.P.R. Mill Limited
Textiles & Apparels
0.85%
0.0%
Mazagon Dock Shipbuilders Limited
Industrial Manufacturing
0.82%
0.0%
Elecon Engineering Company Limited
Electrical Equipment
0.79%
0.0%
Tata Consumer Products Limited
Agricultural Food & other Products
0.74%
0.0%
Bank of Baroda
Banks
0.71%
0.0%
Garware Hi-Tech Films Limited
Industrial Products
0.69%
+224.9%
Foseco India Limited
Chemicals & Petrochemicals
0.60%
0.0%
Triveni Engineering & Industries Limited
Agricultural Food & other Products
0.55%
+97.9%
Garden Reach Shipbuilders & Engineers Limited
Aerospace & Defense
0.51%
0.0%
Gokaldas Exports Limited
Textiles & Apparels
0.40%
−54.1%
NOCIL Limited
Chemicals & Petrochemicals
0.36%
−54.0%
NMDC Limited
Minerals & Mining
0.30%
−66.7%
Smartworks Coworking Spaces Ltd
Commercial Services & Supplies
0.23%
New
Mahindra Manulife Business Cycle Fund Stocks Bought and Sold
All changes are between August 2026 and September 2026
More
Stocks bought and sold in September 2026
Bandhan Bank Limited
↑Added
+16.6%
2.52%
Infosys Limited
↓Sold out
−100%
was 2.18%
Anthem Biosciences Limited
↓Reduced
−38.5%
1.06%
Steel Authority of India Limited
↑Added
+33.3%
1.69%
HBL Engineering Limited
↑New
New
1.42%
CESC Limited
↓Reduced
−16.1%
1.06%
Sagility Limited
↑Added
+26.5%
1.26%
Finolex Cables Limited
↑New
New
1.11%
The Federal Bank Limited
↓Sold out
−100%
was 1.10%
HEG Advanced Materials Ltd
↑New
New
1.03%
NMDC Limited
↓Reduced
−66.7%
0.30%
Gokaldas Exports Limited
↓Reduced
−54.1%
0.40%
Jindal Saw Ltd
↑New
New
0.91%
S. P. Apparels Limited
↓Reduced
−0.2%
0.86%
Graphite India Limited
↑New
New
0.89%
NOCIL Limited
↓Reduced
−54.0%
0.36%
Garware Hi-Tech Films Limited
↑Added
+224.9%
0.69%
Tega Industries Limited
↓Sold out
−100%
was 0.64%
GAIL (India) Limited
↓Sold out
−100%
was 0.59%
Triveni Engineering & Industries Limited
↑Added
+97.9%
0.55%
Aurobindo Pharma Limited
↓Sold out
−100%
was 0.45%
Smartworks Coworking Spaces Ltd
↑New
New
0.23%
No stocks in this group for September 2026.
A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.
Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.
Mahindra Manulife Business Cycle Fund Overview
Fund facts from the scheme summary document, as on 16-10-2026
Expense ratio (Direct)
0.95%
Expense ratio (Regular)
2.45%
Category
Thematic
Risk
Very High
Benchmark
Nifty 500 TRI
Launch date
11-09-2023
Minimum investment
₹1,000
Minimum additional investment
₹1,000
AUM
₹1,290.60 Cr (30-09-2026)
Lock in
None
Scheme code (Direct)
152045
ISIN (Direct)
INF174V01BQ4
Scheme code (Regular)
152046
ISIN (Regular)
INF174V01BN1
NAV history
From 13-09-2023, 3.1 years
Exit load
Exit load of 1%, if redeemed within 3 months
Tax on Mahindra Manulife Business Cycle Fund returns
Mahindra Manulife Business Cycle Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.
Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.
All plans and options
Plan
Option
NAV
As on
direct
Growth
₹15.0702
30-10-2026
direct
IDCW
₹12.9434
30-10-2026
regular
Growth
₹14.2973
30-10-2026
regular
IDCW
₹12.21
30-10-2026
About Mahindra Manulife Business Cycle Fund
Mahindra Manulife Business Cycle Fund is a mutual fund from Mahindra Manulife Mutual Fund. Its category is Thematic. It was launched on 11-09-2023. Its benchmark is Nifty 500 TRI. At the end of September 2026 it held 68 securities.
Fund Manager
Krishna Sanghavi
Fund manager of Mahindra Manulife Business Cycle Fund, since 11-09-2023
Vishal Jajoo
Fund manager of Mahindra Manulife Business Cycle Fund, since 02-05-2025
Renjith Sivaram
Fund manager of Mahindra Manulife Business Cycle Fund, since 11-09-2023
Frequently Asked Questions for Mahindra Manulife Business Cycle Fund
What is the current NAV of Mahindra Manulife Business Cycle Fund?
The Direct plan NAV is ₹15.0702. The Regular plan NAV is ₹14.2973, as on 30-10-2026.
What are the returns of Mahindra Manulife Business Cycle Fund?
The Direct plan returned −4.53% in 1 year, +15.68% a year over 3 years. The Regular plan returned −6.01% in 1 year, +13.76% a year over 3 years. These figures are as on 30-10-2026.
What is the expense ratio of Mahindra Manulife Business Cycle Fund?
The Direct plan charges 0.95% a year. The Regular plan charges 2.45% a year. This is the figure the fund house reported to AMFI, in force from 23-10-2026.
What is the AUM of Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund managed ₹1,290.60 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.
What are the top holdings of Mahindra Manulife Business Cycle Fund?
At the end of September 2026 the largest holdings were RELIANCE (3.85%), GRASIM (3.20%), ICICIBANK (3.07%), JSWENERGY (3.04%), AXISBANK (2.71%). The fund held 68 securities in all.
What did Mahindra Manulife Business Cycle Fund buy and sell in September 2026?
It bought 6 new stocks: Smartworks Coworking Spaces Ltd, Finolex Cables Limited, HBL Engineering Limited, Jindal Saw Ltd, Graphite India Limited. It sold out of 5: Infosys Limited, Tega Industries Limited, GAIL (India) Limited, The Federal Bank Limited, Aurobindo Pharma Limited. It added shares in 5. It reduced 6.
How do I invest in Mahindra Manulife Business Cycle Fund?
Through Mahindra Manulife Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹1,000. You can invest once or through a monthly SIP.
Who is the fund manager of Mahindra Manulife Business Cycle Fund?
Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.
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.
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