Mahindra Manulife Business Cycle Fund Direct Growth

Fund Overview

Fund Size

₹1,306 Cr

Expense Ratio

0.49%

ISIN

INF174V01BQ4

Minimum SIP

₹1,000

Exit Load

1.00%

Inception Date

13 Sep 2023

About this fund

Mahindra Manulife Business Cycle Fund Direct Growth is a Equity - Other mutual fund schemes offered by Mahindra Manulife Mutual Fund. This fund has been in existence for 2 years, 4 months and 14 days, having been launched on 13-Sep-23.
As of 23-Jan-26, it has a Net Asset Value (NAV) of ₹15.50, Assets Under Management (AUM) of 1305.64 Crores, and an expense ratio of 0.49%.

Mahindra Manulife Business Cycle Fund Direct Growth has given a CAGR return of 20.28% since inception.
The fund's asset allocation comprises around 98.43% in equities, 0.00% in debts, and 1.57% in cash & cash equivalents.
You can start investing in Mahindra Manulife Business Cycle Fund Direct Growth with a SIP of ₹1000 or a Lumpsum investment of ₹1000.

Performance against Category Average

In this section, we compare the returns of the scheme with the category average over various periods. Periods for which the fund has outperformed its category average are marked in green, otherwise red.

1 Year

+9.46%

— (Cat Avg.)

Since Inception

+20.28%

— (Cat Avg.)

Portfolio Summaryas of 31st December 2025

Equity	₹1,285.09 Cr	98.43%
Others	₹20.55 Cr	1.57%

Top Holdings

All Holdings

Equity

Debt & Others

Name	Type	Amount	Holdings
Reliance Industries Ltd	Equity	₹61.85 Cr	4.74%
State Bank of India	Equity	₹56.48 Cr	4.33%
Infosys Ltd	Equity	₹53.74 Cr	4.12%
Bajaj Auto Ltd	Equity	₹43.91 Cr	3.36%
Indus Towers Ltd Ordinary Shares	Equity	₹42.18 Cr	3.23%
ITC Ltd	Equity	₹32.24 Cr	2.47%
Grasim Industries Ltd	Equity	₹31.12 Cr	2.38%
Bajaj Finance Ltd	Equity	₹30.26 Cr	2.32%
Tech Mahindra Ltd	Equity	₹29.7 Cr	2.28%
Axis Bank Ltd	Equity	₹28.56 Cr	2.19%
Ramco Cements Ltd	Equity	₹28.53 Cr	2.18%
Divi's Laboratories Ltd	Equity	₹28.45 Cr	2.18%
Piramal Finance Ltd	Equity	₹27.26 Cr	2.09%
Hindustan Unilever Ltd	Equity	₹26.86 Cr	2.06%
Wipro Ltd	Equity	₹26.33 Cr	2.02%
IndusInd Bank Ltd	Equity	₹26.1 Cr	2.00%
JSW Energy Ltd	Equity	₹24.12 Cr	1.85%
Asahi India Glass Ltd	Equity	₹23.42 Cr	1.79%
Tata Steel Ltd	Equity	₹23.26 Cr	1.78%
Tata Consultancy Services Ltd	Equity	₹22.84 Cr	1.75%
Sun Pharmaceuticals Industries Ltd	Equity	₹22.01 Cr	1.69%
Coal India Ltd	Equity	₹21.91 Cr	1.68%
IDFC First Bank Ltd	Equity	₹21.4 Cr	1.64%
The Federal Bank Ltd	Equity	₹20.83 Cr	1.60%
Bank of Baroda	Equity	₹20.71 Cr	1.59%
NTPC Ltd	Equity	₹20.54 Cr	1.57%
Devyani International Ltd	Equity	₹19.96 Cr	1.53%
Ceat Ltd	Equity	₹19.91 Cr	1.53%
CESC Ltd	Equity	₹19.26 Cr	1.48%
Power Finance Corp Ltd	Equity	₹18.55 Cr	1.42%
Biocon Ltd	Equity	₹18.22 Cr	1.40%
Triparty Repo	Cash - Repurchase Agreement	₹18.1 Cr	1.39%
UltraTech Cement Ltd	Equity	₹17.68 Cr	1.35%
Kajaria Ceramics Ltd	Equity	₹17.31 Cr	1.33%
Aurobindo Pharma Ltd	Equity	₹17.15 Cr	1.31%
Punjab National Bank	Equity	₹16.68 Cr	1.28%
GAIL (India) Ltd	Equity	₹16.45 Cr	1.26%
Hindalco Industries Ltd	Equity	₹15.52 Cr	1.19%
ABB India Ltd	Equity	₹15.51 Cr	1.19%
APL Apollo Tubes Ltd	Equity	₹15.31 Cr	1.17%
Belrise Industries Ltd	Equity	₹15.26 Cr	1.17%
Maruti Suzuki India Ltd	Equity	₹15.03 Cr	1.15%
Shriram Finance Ltd	Equity	₹14.94 Cr	1.14%
GlaxoSmithKline Pharmaceuticals Ltd	Equity	₹14.58 Cr	1.12%
Union Bank of India	Equity	₹14.22 Cr	1.09%
Hero MotoCorp Ltd	Equity	₹13.85 Cr	1.06%
LMW Ltd	Equity	₹13.76 Cr	1.05%
Whirlpool of India Ltd	Equity	₹13.49 Cr	1.03%
Indian Oil Corp Ltd	Equity	₹13.32 Cr	1.02%
Glenmark Pharmaceuticals Ltd	Equity	₹13.23 Cr	1.01%
Sagility Ltd	Equity	₹13.11 Cr	1.00%
Kirloskar Brothers Ltd	Equity	₹12.89 Cr	0.99%
Gokaldas Exports Ltd	Equity	₹12.19 Cr	0.93%
AWL Agri Business Ltd	Equity	₹11.98 Cr	0.92%
Dabur India Ltd	Equity	₹11.58 Cr	0.89%
Ambuja Cements Ltd	Equity	₹11.13 Cr	0.85%
Tega Industries Ltd	Equity	₹10.76 Cr	0.82%
S.P. Apparels Ltd	Equity	₹10.06 Cr	0.77%
Supreme Petrochem Ltd	Equity	₹10.01 Cr	0.77%
Anthem Biosciences Ltd	Equity	₹8.86 Cr	0.68%
Technocraft Industries (India) Ltd	Equity	₹8.21 Cr	0.63%
Net Receivables / (Payables)	Cash	₹2.45 Cr	0.19%
Kwality Walls (India) Limited	Equity	₹0.47 Cr	0.04%

Allocation By Market Cap (Equity)

Other Allocation

Equity Sector

Debt & Others

Sector	Amount	Holdings
Financial Services	₹296.01 Cr	22.67%
Consumer Cyclical	₹187.07 Cr	14.33%
Basic Materials	₹152.55 Cr	11.68%
Healthcare	₹135.62 Cr	10.39%
Technology	₹132.62 Cr	10.16%
Energy	₹97.08 Cr	7.44%
Consumer Defensive	₹82.67 Cr	6.33%
Utilities	₹80.37 Cr	6.16%
Industrials	₹78.45 Cr	6.01%
Communication Services	₹42.18 Cr	3.23%

Risk & Performance Ratios

Fund Managers

Krishna Sanghavi

Since September 2023

Vishal Jajoo

Since May 2025

Renjith Radhakrishnan

Since September 2023

Additional Scheme Detailsas of 31st December 2025

ISIN

INF174V01BQ4

Expense Ratio

0.49%

Exit Load

1.00%

Fund Size

₹1,306 Cr

Age

2 years 4 months

Lumpsum Minimum

₹1,000

Fund Status

Open Ended Investment Company

Benchmark

Nifty 500 TRI

Investment Objective

To seek to generate long-term capital growth from an actively managed portfolio primarily of Equity and Equity Related Securities. Scheme shall invest in Indian equities,foreign equities and related instruments and debt securities.

Tax Treatment

Capital Gains Taxation:

Dividend Taxation:

Note: As per the Income Tax Budget 2024, mutual funds are subject to capital gains taxation, which includes surcharge and cess based on prevailing income tax rules and the investor’s income. Taxation applies only to realised gains, not notional gains. Please consult your tax advisors to determine the implications or consequences of your investments in such securities.

Similar Equity - Other Funds

Fund name	Expense Ratio	Exit Load	Fund size	1Y
Groww Nifty PSE ETF FOF Regular Growth Very High Risk	-	0.0%	-	-
Groww Nifty PSE ETF FOF Direct Growth Very High Risk	-	0.0%	-	-
Groww Nifty PSE ETF	-	-	-	-
iSIF Equity Ex-Top 100 Long-Short Fund Direct Growth Very High Risk	-	1.0%	-	-
iSIF Equity Ex-Top 100 Long-Short Fund Regular Growth Very High Risk	-	1.0%	-	-
Mahindra Manulife Innovation Opportunities Fund Direct Growth Very High Risk	-	0.0%	-	-
Mahindra Manulife Innovation Opportunities Fund Regular Growth Very High Risk	-	0.0%	-	-
Groww Nifty Chemicals ETF Very High Risk	-	-	-	-
Diviniti Equity Long Short Fund Direct Growth Very High Risk	-	0.0%	₹288.91 Cr	-
Diviniti Equity Long Short Fund Regular Growth Very High Risk	-	0.0%	₹288.91 Cr	-
DSP MSCI INDIA ETF Very High Risk	0.4%	-	₹7.77 Cr	-
Kotak Rural Opportunities Fund Regular Growth Very High Risk	-	0.0%	₹907.29 Cr	-
Kotak Rural Opportunities Fund Direct Growth Very High Risk	-	0.0%	₹907.29 Cr	-
Altiva Hybrid Long-Short Fund Direct Growth Low to Moderate Risk	-	0.0%	₹1306.26 Cr	-
Magnum Hybrid Long Short Fund Regular Growth Low to Moderate Risk	-	0.0%	₹2118.93 Cr	-
Altiva Hybrid Long-Short Fund Regular Growth Low to Moderate Risk	-	0.0%	₹1306.26 Cr	-
Magnum Hybrid Long Short Fund Direct Growth Low to Moderate Risk	-	0.0%	₹2118.93 Cr	-
ICICI Prudential Conglomerate Fund Regular Growth Moderately High risk	2.3%	1.0%	₹877.10 Cr	-
ICICI Prudential Conglomerate Fund Direct Growth Moderately High risk	1.1%	1.0%	₹877.10 Cr	-
qsif Equity Long-Short Fund Direct Growth Very High Risk	-	1.0%	-	-
qsif Equity Long-Short Fund Regular Growth Very High Risk	-	1.0%	-	-
The Wealth Company Ethical Fund Direct Growth Very High Risk	0.8%	0.0%	₹39.72 Cr	-
The Wealth Company Ethical Fund Regular Growth Very High Risk	2.3%	0.0%	₹39.72 Cr	-
Baroda BNP Paribas Business Conglomerates Fund Direct Growth Very High Risk	0.5%	1.0%	₹769.73 Cr	-
Baroda BNP Paribas Business Conglomerates Fund Regular Growth Very High Risk	2.3%	1.0%	₹769.73 Cr	-
Motilal Oswal Nifty Alpha 50 ETF Very High Risk	0.5%	-	₹5.64 Cr	-
Kotak Active Momentum Fund Direct Growth Very High Risk	0.7%	0.0%	₹1391.80 Cr	-
Kotak Active Momentum Fund Regular Growth Very High Risk	2.1%	0.0%	₹1391.80 Cr	-
Motilal Oswal Special Opportunities Fund Direct Growth Very High Risk	2.5%	1.0%	₹68.91 Cr	-
Motilal Oswal Special Opportunities Fund Regular Growth Very High Risk	2.6%	1.0%	₹68.91 Cr	-
Bandhan Multi-Factor Fund Regular Growth Very High Risk	2.4%	0.0%	₹588.87 Cr	-
Bandhan Multi-Factor Fund Direct Growth Very High Risk	0.8%	0.0%	₹588.87 Cr	-
ICICI Prudential Active Momentum Fund Direct Growth Moderate Risk	1.0%	1.0%	₹1438.36 Cr	-
ICICI Prudential Active Momentum Fund Regular Growth Moderate Risk	2.2%	1.0%	₹1438.36 Cr	-
Axis Services Opportunities Fund Direct Growth Very High Risk	0.7%	1.0%	₹1859.16 Cr	-
Axis Services Opportunities Fund Regular Growth Very High Risk	2.1%	1.0%	₹1859.16 Cr	-
Nippon India MNC Fund Direct Growth Very High Risk	1.2%	1.0%	₹440.65 Cr	-
Nippon India MNC Fund Regular Growth Very High Risk	2.5%	1.0%	₹440.65 Cr	-
HDFC Innovation Fund Direct Growth Very High Risk	0.7%	1.0%	₹2707.09 Cr	-
HDFC Innovation Fund Regular Growth Very High Risk	2.0%	1.0%	₹2707.09 Cr	-
Mirae Asset Nifty India Internet ETF Very High Risk	0.2%	-	₹18.35 Cr	-
Motilal Oswal Nifty India Tourism ETF Very High Risk	0.5%	-	₹4.71 Cr	-
Motilal Oswal Nifty India Manufacturing ETF Very High Risk	0.5%	-	₹1.92 Cr	-
Motilal Oswal Services Fund Direct Growth Very High Risk	1.5%	1.0%	₹97.55 Cr	-
Motilal Oswal Services Fund Regular Growth Very High Risk	2.5%	1.0%	₹97.55 Cr	-
ICICI Prudential Quality Fund Direct Growth Very High Risk	0.8%	1.0%	₹2316.38 Cr	-
ICICI Prudential Quality Fund Regular Growth Very High Risk	2.0%	1.0%	₹2316.38 Cr	-
Motilal Oswal Nifty Capital Market ETF Very High Risk	0.5%	-	₹108.91 Cr	-
Axis Nifty500 Momentum 50 ETF Very High Risk	-	-	-	-
Mirae Asset BSE Select IPO ETF Very High Risk	0.3%	-	₹19.31 Cr	-

About the AMC

Mahindra Manulife Mutual Fund

022-66327900

https://www.mahindramanulife.com/

Total AUM

₹33,324 Cr

Address

570 P. B. Marg, Worli, Mumbai 400018, Mumbai, 400018

Other Funds by Mahindra Manulife Mutual Fund

Fund name	Expense Ratio	Exit Load	Fund size	1Y
Mahindra Manulife Innovation Opportunities Fund Direct Growth Very High Risk	-	0.0%	-	-
Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Moderate Risk	-	0.0%	₹34.37 Cr	-
Mahindra Manulife Banking & Financial Services Fund Direct Growth Very High Risk	0.6%	0.0%	₹380.46 Cr	-
Mahindra Manulife Value Fund Direct Growth Very High Risk	0.5%	0.0%	₹660.46 Cr	-
Mahindra Manulife Manufacturing Fund Direct Growth Very High Risk	0.7%	0.0%	₹741.05 Cr	5.8%
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Very High Risk	0.3%	0.0%	₹930.83 Cr	23.7%
Mahindra Manulife Business Cycle Fund Direct Growth Very High Risk	0.5%	1.0%	₹1305.64 Cr	9.5%
Mahindra Manulife Large Cap Fund Direct Growth Very High Risk	0.6%	1.0%	₹755.51 Cr	10.0%
Mahindra Manulife Liquid Fund Direct Growth Moderate Risk	0.1%	0.0%	₹1215.68 Cr	6.5%
Mahindra Manulife Large & Mid Cap Fund Direct Growth Very High Risk	0.5%	1.0%	₹2776.86 Cr	6.0%
Mahindra Manulife ELSS Fund Direct Growth Very High Risk	0.6%	0.0%	₹973.16 Cr	8.5%
Mahindra Manulife Overnight Fund Direct Growth Low Risk	0.1%	0.0%	₹85.25 Cr	5.7%
Mahindra Manulife Small Cap Fund Direct Growth Very High Risk	0.4%	1.0%	₹4223.69 Cr	-1.0%
Mahindra Manulife Flexi Cap Fund Direct Growth Very High Risk	0.4%	1.0%	₹1596.73 Cr	8.0%
Mahindra Manulife Consumption Fund Direct Growth Very High Risk	0.6%	1.0%	₹559.43 Cr	1.7%
Mahindra Manulife Focused Fund Direct Growth Very High Risk	0.4%	1.0%	₹2227.85 Cr	7.3%
Mahindra Manulife Asia Pacific REITs FOF Direct Growth Very High Risk	0.5%	1.0%	₹42.10 Cr	32.4%
Mahindra Manulife Equity Savings Fund Direct Growth Moderately High risk	0.7%	1.0%	₹566.91 Cr	8.3%
Mahindra Manulife Multi Cap Fund Direct Growth Very High Risk	0.4%	1.0%	₹6132.78 Cr	7.2%
Mahindra Manulife Dynamic Bond Fund Direct Growth Moderately High risk	0.4%	0.0%	₹86.00 Cr	6.4%
Mahindra Manulife Ultra Short Duration Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹218.94 Cr	7.0%
Mahindra Manulife Short Duration Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹97.84 Cr	7.6%
Mahindra Manulife Mid Cap Fund Direct Growth Very High Risk	0.5%	1.0%	₹4294.84 Cr	4.4%
Mahindra Manulife Arbitrage Fund Direct Growth Low Risk	0.2%	0.0%	₹99.77 Cr	6.2%
Mahindra Manulife Low Duration Fund Direct Growth Moderate Risk	0.3%	0.0%	₹599.35 Cr	7.4%
Mahindra Manulife Aggressive Hybrid Fund Direct Growth Very High Risk	0.5%	1.0%	₹2108.49 Cr	8.9%
Mahindra Manulife Balanced Advantage Fund Direct Growth Very High Risk	0.5%	1.0%	₹928.21 Cr	6.4%

Risk Level

Your principal amount will be at Very High Risk

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What is the current NAV of Mahindra Manulife Business Cycle Fund Direct Growth?

The NAV of Mahindra Manulife Business Cycle Fund Direct Growth, as of 23-Jan-2026, is ₹15.50.

What is the portfolio composition of Mahindra Manulife Business Cycle Fund Direct Growth?

The fund's allocation of assets is distributed as 98.43% in equities, 0.00% in bonds, and 1.57% in cash and cash equivalents.

Who manages the Mahindra Manulife Business Cycle Fund Direct Growth?

The fund managers responsible for Mahindra Manulife Business Cycle Fund Direct Growth are:-

Krishna Sanghavi
Vishal Jajoo
Renjith Radhakrishnan

Disclaimer: Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the fluctuations in the interest rates. The past performance of the mutual funds is not necessarily indicative of the future performance of the schemes. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to specific legal, tax and financial implications of the investment/participation in the scheme.

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Mahindra Manulife Business Cycle Fund Direct Growth

Fund Overview