Mahindra Manulife Business Cycle Fund Direct Growth

Fund Overview

Fund Size

₹1,364 Cr

Expense Ratio

0.91%

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 3 years and 12 days, having been launched on 13-Sep-23.
As of 24-Sep-26, it has a Net Asset Value (NAV) of ₹16.16, Assets Under Management (AUM) of 1364.42 Crores, and an expense ratio of 0.91%.

Mahindra Manulife Business Cycle Fund Direct Growth has given a CAGR return of 17.08% since inception.
The fund's asset allocation comprises around 96.75% in equities, 0.00% in debts, and 3.25% 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

+6.13%

— (Cat Avg.)

3 Years

+17.46%

— (Cat Avg.)

Since Inception

+17.08%

— (Cat Avg.)

Portfolio Summaryas of 31st August 2026

Equity	₹1,320.04 Cr	96.75%
Others	₹44.38 Cr	3.25%

Top Holdings

All Holdings

Equity

Debt & Others

Name	Type	Amount	Holdings
Reliance Industries Ltd	Equity	₹53.49 Cr	3.92%
Grasim Industries Ltd	Equity	₹45.51 Cr	3.34%
ICICI Bank Ltd	Equity	₹43.62 Cr	3.20%
JSW Energy Ltd	Equity	₹41.32 Cr	3.03%
Axis Bank Ltd	Equity	₹37.05 Cr	2.72%
IndusInd Bank Ltd	Equity	₹36.54 Cr	2.68%
Bajaj Auto Ltd	Equity	₹32.43 Cr	2.38%
Adani Enterprises Ltd	Equity	₹31.45 Cr	2.31%
Indus Towers Ltd Ordinary Shares	Equity	₹31.1 Cr	2.28%
Tech Mahindra Ltd	Equity	₹30.4 Cr	2.23%
Infosys Ltd	Equity	₹29.79 Cr	2.18%
Divi's Laboratories Ltd	Equity	₹28.4 Cr	2.08%
Vodafone Idea Ltd	Equity	₹27.52 Cr	2.02%
IDFC First Bank Ltd	Equity	₹27.51 Cr	2.02%
Bandhan Bank Ltd	Equity	₹25.6 Cr	1.88%
Adani Energy Solutions Ltd	Equity	₹24.95 Cr	1.83%
Ajanta Pharma Ltd	Equity	₹24.02 Cr	1.76%
Ramco Cements Ltd	Equity	₹23.75 Cr	1.74%
Anthem Biosciences Ltd	Equity	₹23.22 Cr	1.70%
Triparty Repo	Cash - Repurchase Agreement	₹22.77 Cr	1.67%
Bajaj Finance Ltd	Equity	₹21.85 Cr	1.60%
Maruti Suzuki India Ltd	Equity	₹21.68 Cr	1.59%
Glenmark Pharmaceuticals Ltd	Equity	₹21.51 Cr	1.58%
Net Receivables / (Payables)	Cash - Collateral	₹21.36 Cr	1.57%
Kajaria Ceramics Ltd	Equity	₹20.87 Cr	1.53%
Cochin Shipyard Ltd	Equity	₹20.59 Cr	1.51%
NTPC Ltd	Equity	₹20.41 Cr	1.50%
Ambuja Cements Ltd	Equity	₹20.06 Cr	1.47%
REC Ltd	Equity	₹20.04 Cr	1.47%
Shriram Finance Ltd	Equity	₹19.98 Cr	1.46%
Vedanta Aluminium Metal Ltd	Equity	₹19.58 Cr	1.44%
Biocon Ltd	Equity	₹19.06 Cr	1.40%
Zydus Lifesciences Ltd	Equity	₹19.01 Cr	1.39%
Asahi India Glass Ltd	Equity	₹18.08 Cr	1.33%
Coal India Ltd	Equity	₹18.05 Cr	1.32%
CESC Ltd	Equity	₹17.83 Cr	1.31%
Carborundum Universal Ltd	Equity	₹17.77 Cr	1.30%
Steel Authority Of India Ltd	Equity	₹17.55 Cr	1.29%
LMW Ltd	Equity	₹17.43 Cr	1.28%
Ceat Ltd	Equity	₹17.41 Cr	1.28%
JSW Steel Ltd	Equity	₹17 Cr	1.25%
Deepak Fertilisers & Petrochemicals Corp Ltd	Equity	₹15.65 Cr	1.15%
Manappuram Finance Ltd	Equity	₹15.3 Cr	1.12%
Hindalco Industries Ltd	Equity	₹15.23 Cr	1.12%
Kirloskar Brothers Ltd	Equity	₹15.21 Cr	1.12%
The Federal Bank Ltd	Equity	₹14.98 Cr	1.10%
Sagility Ltd	Equity	₹14.21 Cr	1.04%
Mphasis Ltd	Equity	₹13.84 Cr	1.01%
Ujjivan Small Finance Bank Ltd Ordinary Shares	Equity	₹13.82 Cr	1.01%
Punjab National Bank	Equity	₹13.71 Cr	1.00%
Supreme Petrochem Ltd	Equity	₹13.52 Cr	0.99%
NMDC Ltd	Equity	₹13.23 Cr	0.97%
Dalmia Bharat Ltd	Equity	₹12.99 Cr	0.95%
Gokaldas Exports Ltd	Equity	₹12.82 Cr	0.94%
Mazagon Dock Shipbuilders Ltd	Equity	₹12.4 Cr	0.91%
S.P. Apparels Ltd	Equity	₹12.09 Cr	0.89%
K.P.R. Mill Ltd	Equity	₹11.78 Cr	0.86%
Sarda Energy & Minerals Ltd	Equity	₹10.98 Cr	0.80%
Tata Consumer Products Ltd	Equity	₹10.38 Cr	0.76%
NOCIL Ltd	Equity	₹10.07 Cr	0.74%
Bank of Baroda	Equity	₹9.54 Cr	0.70%
Elecon Engineering Co Ltd	Equity	₹9.06 Cr	0.66%
Tega Industries Ltd	Equity	₹8.75 Cr	0.64%
GAIL (India) Ltd	Equity	₹8.08 Cr	0.59%
Foseco India Ltd	Equity	₹7.73 Cr	0.57%
Garden Reach Shipbuilders & Engineers Ltd	Equity	₹7.7 Cr	0.56%
Aurobindo Pharma Ltd	Equity	₹6.2 Cr	0.45%
Triveni Engineering & Industries Ltd	Equity	₹4.53 Cr	0.33%
Garware Hi-Tech Films Ltd	Equity	₹2.8 Cr	0.21%
Margin Placed With Ccil & Arcl	Cash - Repurchase Agreement	₹0.25 Cr	0.02%

Allocation By Market Cap (Equity)

Other Allocation

Equity Sector

Debt & Others

Sector	Amount	Holdings
Financial Services	₹299.56 Cr	21.95%
Basic Materials	₹245.66 Cr	18.00%
Healthcare	₹155.64 Cr	11.41%
Industrials	₹129.79 Cr	9.51%
Consumer Cyclical	₹126.29 Cr	9.26%
Utilities	₹112.58 Cr	8.25%
Energy	₹102.99 Cr	7.55%
Technology	₹74.02 Cr	5.42%
Communication Services	₹58.62 Cr	4.30%
Consumer Defensive	₹14.9 Cr	1.09%

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 August 2026

ISIN

INF174V01BQ4

Expense Ratio

0.91%

Exit Load

1.00%

Fund Size

₹1,364 Cr

Age

3 years

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
Invesco India Nifty India Defence Index Fund Direct Growth Very High Risk	-	0.0%	-	-
Invesco India Nifty India Defence Index Fund Regular Growth Very High Risk	-	0.0%	-	-
Motilal Oswal Quality Fund Regular Growth Very High Risk	-	1.0%	-	-
Motilal Oswal Quality Fund Direct Growth Very High Risk	-	1.0%	-	-
JioBlackRock Sector Rotation Fund Regular Growth Very High Risk	1.9%	0.0%	₹166.92 Cr	-
SageOne India Growth GIFT Fund Regular Growth Very High Risk	-	-	₹3.11 Cr	2.0%
Motilal Oswal Nifty Metal ETF Very High Risk	0.4%	-	₹1.65 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Direct Growth Very High Risk	0.1%	1.0%	₹117.20 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF FOF Regular Growth Very High Risk	0.6%	1.0%	₹117.20 Cr	-
Groww Nifty Cements ETF Very High Risk	-	-	-	-
Baroda BNP Paribas Services Fund Regular Growth Very High Risk	2.4%	1.0%	₹622.69 Cr	-
Baroda BNP Paribas Services Fund Direct Growth Very High Risk	0.5%	1.0%	₹622.69 Cr	-
HDFC Nifty Metal ETF Very High Risk	9.5%	-	₹122.49 Cr	-
DSP Nifty Midcap 150 Quality 50 ETF Very High Risk	0.5%	-	₹100.81 Cr	-3.3%
NJ Momentum Fund Direct Growth Very High Risk	0.7%	0.0%	₹342.68 Cr	-
NJ Momentum Fund Regular Growth Very High Risk	2.5%	0.0%	₹342.68 Cr	-
Groww Nifty Smallcap 250 Momentum Quality 100 ETF Very High Risk	2.2%	-	₹7.38 Cr	-
360 ONE MSCI India ETF Very High Risk	0.5%	-	₹6.71 Cr	-
Motilal Oswal BSE Select IPO ETF Very High Risk	0.7%	-	₹6.38 Cr	-
SBI Nifty Midcap 150 Momentum 50 ETF Very High Risk	0.7%	-	₹130.94 Cr	-
Aditya Birla Sun Life MSCI India ETF Very High Risk	0.2%	-	₹11.21 Cr	-
ITI Business Cycle Fund Regular Growth Very High Risk	3.5%	0.0%	₹116.38 Cr	-
ITI Business Cycle Fund Direct Growth Very High Risk	1.8%	0.0%	₹116.38 Cr	-
Mirae Asset BSE India Defence ETF Very High Risk	0.7%	-	₹175.19 Cr	-
Kotak Services Fund Regular Growth Very High Risk	2.6%	0.0%	₹756.53 Cr	-
Kotak Services Fund Direct Growth Very High Risk	1.3%	0.0%	₹756.53 Cr	-
SBI Quality Fund Direct Growth Very High Risk	1.3%	1.0%	₹2658.53 Cr	-
Mirae Asset BSE India Defence ETF FOF Direct Growth Very High Risk	0.2%	0.0%	₹123.72 Cr	-
Mirae Asset BSE India Defence ETF FOF Regular Growth Very High Risk	0.8%	0.0%	₹123.72 Cr	-
SBI Quality Fund Regular Growth Very High Risk	2.4%	1.0%	₹2658.53 Cr	-
Motilal Oswal Nifty MNC ETF Very High Risk	0.6%	-	₹2.48 Cr	-
JioBlackRock Sector Rotation Fund Direct Growth Very High Risk	0.8%	0.0%	₹166.92 Cr	-
Groww Nifty PSE ETF FOF Regular Growth Very High Risk	0.5%	0.0%	₹12.13 Cr	-
Groww Nifty PSE ETF FOF Direct Growth Very High Risk	0.2%	0.0%	₹12.13 Cr	-
Groww Nifty PSE ETF Very High Risk	0.5%	-	₹17.74 Cr	-
Mahindra Manulife Innovation Opportunities Fund Direct Growth Very High Risk	0.9%	0.0%	₹262.96 Cr	-
Mahindra Manulife Innovation Opportunities Fund Regular Growth Very High Risk	2.5%	0.0%	₹262.96 Cr	-
Groww Nifty Chemicals ETF Very High Risk	0.5%	-	₹36.56 Cr	-
Motilal Oswal Nifty Services Sector ETF Very High Risk	0.6%	-	₹6.28 Cr	-
Groww Nifty Metal ETF Very High Risk	0.6%	-	₹42.14 Cr	-
DSP MSCI INDIA ETF Very High Risk	0.5%	-	₹2.76 Cr	-
Kotak Rural Opportunities Fund Regular Growth Very High Risk	2.5%	0.0%	₹758.11 Cr	-
Kotak Rural Opportunities Fund Direct Growth Very High Risk	0.9%	0.0%	₹758.11 Cr	-
ANGEL ONE NIFTY TOTAL MARKET MOMENTUM QUALITY 50 ETF Very High Risk	1.4%	-	₹16.64 Cr	-
Kotak Nifty Chemicals ETF Very High Risk	0.3%	-	₹114.09 Cr	-
ICICI Prudential Conglomerate Fund Regular Growth Moderately High risk	2.4%	1.0%	₹817.05 Cr	-
ICICI Prudential Conglomerate Fund Direct Growth Moderately High risk	1.4%	1.0%	₹817.05 Cr	-
DSP Nifty500 Flexicap Quality 30 ETF Very High Risk	0.8%	-	₹14.82 Cr	-
Kotak Nifty 200 Momentum 30 ETF Very High Risk	0.9%	-	₹35.93 Cr	-
The Wealth Company Ethical Fund Direct Growth Very High Risk	1.2%	0.0%	₹41.14 Cr	-

About the AMC

Mahindra Manulife Mutual Fund

022-66327900

https://www.mahindramanulife.com/

Total AUM

₹37,731 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	0.9%	0.0%	₹262.96 Cr	-
Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Moderate Risk	0.2%	0.0%	₹12.78 Cr	-
Mahindra Manulife Banking & Financial Services Fund Direct Growth Very High Risk	1.2%	0.0%	₹477.42 Cr	5.7%
Mahindra Manulife Value Fund Direct Growth Very High Risk	1.0%	0.0%	₹1028.62 Cr	9.7%
Mahindra Manulife Manufacturing Fund Direct Growth Very High Risk	1.2%	0.0%	₹684.43 Cr	8.7%
Mahindra Manulife Multi Asset Allocation Fund Direct Growth Very High Risk	0.6%	0.0%	₹1234.81 Cr	11.3%
Mahindra Manulife Business Cycle Fund Direct Growth Very High Risk	0.9%	1.0%	₹1364.42 Cr	6.1%
Mahindra Manulife Large Cap Fund Direct Growth Very High Risk	1.1%	1.0%	₹695.06 Cr	-6.3%
Mahindra Manulife Liquid Fund Direct Growth Moderate Risk	0.1%	0.0%	₹1392.28 Cr	6.5%
Mahindra Manulife Large & Mid Cap Fund Direct Growth Very High Risk	0.9%	1.0%	₹2929.22 Cr	4.2%
Mahindra Manulife ELSS Fund Direct Growth Very High Risk	1.1%	0.0%	₹894.74 Cr	-6.4%
Mahindra Manulife Overnight Fund Direct Growth Low Risk	0.1%	0.0%	₹76.89 Cr	5.2%
Mahindra Manulife Small Cap Fund Direct Growth Very High Risk	1.0%	1.0%	₹5467.66 Cr	17.2%
Mahindra Manulife Flexi Cap Fund Direct Growth Very High Risk	1.0%	1.0%	₹1589.55 Cr	-2.8%
Mahindra Manulife Consumption Fund Direct Growth Very High Risk	1.1%	1.0%	₹489.39 Cr	-6.8%
Mahindra Manulife Focused Fund Direct Growth Very High Risk	0.8%	1.0%	₹2108.86 Cr	-2.0%
Mahindra Manulife Asia Pacific REITs FOF Direct Growth Very High Risk	0.5%	1.0%	₹41.50 Cr	3.4%
Mahindra Manulife Equity Savings Fund Direct Growth Moderately High risk	1.3%	1.0%	₹530.31 Cr	5.4%
Mahindra Manulife Multi Cap Fund Direct Growth Very High Risk	0.9%	1.0%	₹7662.34 Cr	12.0%
Mahindra Manulife Dynamic Bond Fund Direct Growth Moderately High risk	0.4%	0.0%	₹49.18 Cr	5.0%
Mahindra Manulife Ultra Short Duration Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹221.94 Cr	6.7%
Mahindra Manulife Short Duration Fund Direct Growth Low to Moderate Risk	0.3%	0.0%	₹81.27 Cr	5.8%
Mahindra Manulife Mid Cap Fund Direct Growth Very High Risk	0.8%	1.0%	₹5406.37 Cr	8.4%
Mahindra Manulife Arbitrage Fund Direct Growth Low Risk	1.2%	0.0%	₹134.02 Cr	6.3%
Mahindra Manulife Low Duration Fund Direct Growth Moderate Risk	0.3%	0.0%	₹534.58 Cr	6.4%
Mahindra Manulife Aggressive Hybrid Fund Direct Growth Very High Risk	0.9%	1.0%	₹2790.82 Cr	-3.2%
Mahindra Manulife Balanced Advantage Fund Direct Growth Very High Risk	0.8%	1.0%	₹922.99 Cr	3.5%

Risk Level

Your principal amount will be at Very High Risk

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Still got questions?
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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 24-Sep-2026, is ₹16.16.

What are the returns of Mahindra Manulife Business Cycle Fund Direct Growth?

The fund has generated 6.13% over the last 1 year and 17.46% over the last 3 years. However, this does not guarantee that the fund will perform similarly in the future.

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

The fund's allocation of assets is distributed as 96.75% in equities, 0.00% in bonds, and 3.25% 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