EquitySectoral/ ThematicRegularGrowthVery High

Mahindra Manulife Business Cycle Fund

Q: What is the NAV of Mahindra Manulife Business Cycle Fund?

As of 01 Oct 2026, the NAV of Mahindra Manulife Business Cycle Fund is ₹14.81 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Business Cycle Fund delivered?

Mahindra Manulife Business Cycle Fund has returned +2.28% over 1 year, +13.88% per year over 3 years and +13.67% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund charges an expense ratio of 2.43% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund's largest holdings are Reliance Industries Limited (3.9%), Grasim Industries Limited (3.3%), ICICI Bank Limited (3.2%), JSW Energy Limited (3.0%) and Axis Bank Limited (2.7%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.8% and its worst peak-to-trough fall in our sample was -22.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.47 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife Business Cycle Fund's 0.47 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is benchmarked against the NIFTY 500 TRI (First Tier Benchmark). Its alpha and beta on this page are measured against that index.

Q: Who manages Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is managed by Krishna Sanghavi, Renjith Sivaram Radhakrishnan and Pranav Nishith Patel at Mahindra Manulife.

Q: How is Mahindra Manulife Business Cycle Fund taxed?

Mahindra Manulife Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Mahindra Manulife Mutual Fund · Best Sectoral & Thematic Mutual Funds

NAV

₹14.81

-1.53% 1D

as of 01 Oct 2026

This is the Regular plan of Mahindra Manulife Business Cycle Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

Compare SIP calculator

Performance

+2.74%CAGR

52-week rangePrev NAV ₹15.04

Latest ₹14.81

Low ₹13.8943rd percentile of its 52-week rangeHigh ₹16.03

Scorecard

★★★☆☆3/5 vs 142 of 255 Sectoral/ Thematic peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Sectoral/ Thematic (same plan and option). 142 of the 255 Sectoral/ Thematic funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +13.88% · ranks 51 of 142 Sectoral/ Thematic funds

RiskModerate

Volatility 15.8% vs 15.6% category avg

CostAverage

2.4% expense vs 2.5% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

3-year return (+13.88%) beats the Sectoral/ Thematic average (+12.14%)
Stronger risk-adjusted returns — Sharpe 0.47 vs 0.34 Sectoral/ Thematic average
Consistent — positive in 100% of rolling 3-year windows

Concerns

Trails the Sectoral/ Thematic average on 1M/3M/6M

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.43%

Category 2.46%▼0.03%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

18.57

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.47

Category 0.34▲0.13

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

1%* *An Exit Load of 1.00% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO).

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹1,000

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

NIFTY 500 TRI (First Tier Benchmark)

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

13 Sep 2023

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.98%

Absolute return over the last 3 months (not annualized)

-5.13%

Absolute return over the last 6 months (not annualized)

+4.55%

Absolute return since 1 Jan of this year (not annualized)

-3.79%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+2.28%

3-year annualized return (CAGR)

+13.88%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+13.67%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.79%

Excess return per unit of total volatility (rf = 6.5%)

0.47

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.62

Largest peak-to-trough decline over full history

-22.00%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

4.34%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

1.03

How much of the fund's movement Nifty 500 TRI explains

93.3%

Excess return per unit of beta (market risk)

7.78

Active return over the benchmark per unit of tracking error

1.10

Annualized std dev of fund-minus-benchmark returns

4.36%

Fund's share of benchmark gains in up months (100 = matches index)

115.6%

Fund's share of benchmark losses in down months (lower is better)

97.8%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Sectoral/ Thematic)

Period	Fund	Category avg.	Diff
1M abs	-5.98%	-5.14%	-0.84%
3M abs	-5.13%	-2.33%	-2.80%
6M abs	+4.55%	+10.84%	-6.29%
1Y CAGR	+2.28%	+2.26%	+0.02%
3Y CAGR	+13.88%	+12.14%	+1.74%
5Y CAGR	—	+11.03%	—

Category average across peers in Sectoral/ Thematic (254 of 255 carry a figure for at least one period), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 255 peers in Sectoral/ Thematic

1Y return

+2.28%

Beats 59.6% · rank #93

3Y return

+13.88%

Beats 64.5% · rank #51

5Y return

—

Sharpe

0.47

Beats 66% · rank #49

Sortino

0.62

Beats 64.5% · rank #51

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹3.60L

Current value

₹3.80L

Absolute

+5.50%

XIRR

+3.70%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into Mahindra Manulife Business Cycle Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-3.79%	-7.18%	+3.39%
2025	+6.63%	+7.94%	-1.31%
2024	+25.85%	+16.43%	+9.42%
2023part	+14.50%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

750

Expense ratio

2.43%

AUM

₹1,297Cr

Portfolio turnover

95%

Exit load

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

18.6

P/B ratio

3.1

Avg market cap

₹2,20,489Cr

P/E & P/B are portfolio-weighted harmonic means across 61 of 67 equity holdings (91% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Sectoral/ Thematic

Compare all


Mahindra Manulife Business Cycle FundThis fund Mahindra Manulife · Regular · Growth	★★★☆☆	+2.28%	+13.88%	—	—	2.43%	₹1,297Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · Growth	★★★★☆	+118.60%	+60.45%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · Growth	★★★★☆	+21.45%	+34.62%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · Growth	★★★★★	+25.19%	+28.72%	—	—	2.11%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · Growth	★★★☆☆	+32.21%	+22.88%	+8.49%	—	2.47%	₹720.84Cr
Aditya Birla Sun Life International Equity Fund Aditya Birla Sun Life · Regular · Growth	★★★★☆	+17.38%	+21.97%	+12.58%	—	2.54%	₹320.62Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap44.6%
Mid cap29.2%
Small cap26.2%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity96.79%
Cash & Equivalents3.25%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Mahindra Manulife Value Fund Mahindra Manulife · Value Fund	61.2%	★★★★★	1.05%	—
Edelweiss Arbitrage Fund Edelweiss · Arbitrage Fund	37.5% of 70% equity	★★★★☆	1.58%	+7.39%
Mahindra Manulife Focused Fund Mahindra Manulife · Focused Fund	36.3%	★★★★☆	0.91%	+11.10%
Nippon India Arbitrage Fund Nippon India · Arbitrage Fund	36.1% of 69% equity	★★★★☆	1.34%	+7.30%
JM Arbitrage Fund JM Financial · Arbitrage Fund	35.2% of 81% equity	★★☆☆☆	1.41%	+6.95%
SBI Arbitrage Fund SBI · Arbitrage Fund	34.6% of 77% equity	★★★☆☆	1.48%	+7.25%
Axis Arbitrage Fund Axis · Arbitrage Fund	34.6% of 68% equity	★★★☆☆	1.40%	+7.35%
DSP Arbitrage fund DSP · Arbitrage Fund	33.3% of 69% equity	★★★☆☆	1.17%	+7.20%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-22.0%27 Sep 2024 → 03 Mar 2025
Still below that high — 5 months down, and no recovery yet.
-7.8%03 Jun 2024 → 04 Jun 2024
Fell over 1 day, back to the old high on 13 Jun 2024 — 9 days under water after the low.
-6.3%04 Mar 2024 → 13 Mar 2024
Fell over 9 days, back to the old high on 02 Apr 2024 — 20 days under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹1,297Cr

April - June 2026

+1%

since January - March 2026

+₹40.70Cr

est. net flow, last quarter

At or near its largest, ₹1,297Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Mahindra Manulife Mutual Fund is a joint venture between Mahindra & Mahindra Financial Services and Manulife of Canada, which took a 49% stake in 2020 in what until then was Mahindra Mutual Fund. It runs a compact equity, hybrid and debt line-up.

Launched

03 Feb 2016

Total AUM

₹34,786Cr+5.0% QoQ

Avg AUM · April - June 2026

Website

mahindramanulife.com

Fund Managers

KSKrishna SanghaviManaging since 11 Sep 2023

Role

Chief Investment Officer – Equity

Total experience

28 years

Education

B. Com, ICWA, MMS (Finance)

Experience

Fund Manager in the last 10 years • Chief Investment Officer – Equity, Mahindra Manulife Investment Management Pvt. Ltd. (‘MMIMPL’) (November 1, 2019 until date); • Head of Equities, Canara Robeco Asset Management Co. Ltd. (July 2018 – October 2019); • Head of Equities - Aviva Life Insurance Company India Ltd. (May 2016 - July 2018); • Senior Fund Manager, Canara Robeco Asset Management Co. Ltd. (September 2012 May 2016); • Head of Equities, Kotak Mahindra Asset Management Co. Ltd. (January 2007 - August 2012)

Funds managed (5)

All schemes Krishna Sanghavi runs →

RRRenjith Sivaram RadhakrishnanManaging since 11 Sep 2023

Role

Fund Manager & Research Analyst – Equity

Total experience

15 years

Education

MBA(Finance) &, B-Tech (Mechanical Engineering)

Experience

• Fund Manager & Research Analyst. – Mahindra Manulife Investment Management Pvt. Ltd. Mahindra Manulife Investment Management Pvt. Ltd. (‘MMIMPL’) (June 1, 2023 until date) • Analyst – Mahindra Manulife Investment Management Pvt. Ltd. (‘MMIMPL’)(December 6, 2021 to May 31, 2023) • Analyst – ICCI Securities (June 2017 to November 2021) • Analyst – Antique Stock broking (January 2015 to 23rd June 2017) • Analyst – B&K Securities (January 2009 – January 2015)

Funds managed (4)

All schemes Renjith Sivaram Radhakrishnan runs →

PPPranav Nishith PatelManaging since 05 Jan 2024

Role

Research Analyst – Equity

Total experience

16 years

Education

B.E.(I.T) & M.Sc

Experience

MMIMPL - Research Analyst - Equity - April 18, 2022 - until date MSCI Services Pvt. Ltd - Vice President - May 2014 - April 2022

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Krishna Sanghavi Renjith Sivaram Radhakrishnan

Top holdings

Reliance Industries Limited Grasim Industries Limited ICICI Bank Limited JSW Energy Limited Axis Bank Limited IndusInd Bank Limited Bajaj Auto Limited Adani Enterprises Limited Indus Towers Limited Tech Mahindra Limited Infosys Limited Divi's Laboratories Limited

Mahindra Manulife in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Sectoral & Thematic funds

Sectoral and thematic funds must keep at least 80% in the equity of one sector (banking, pharma, technology) or one theme (consumption, manufacturing, ESG). That concentration is the point and the risk: with no mandate to diversify away from the sector, the fund rises and falls with it.

Frequently asked questions

What is the NAV of Mahindra Manulife Business Cycle Fund?

As of 01 Oct 2026, the NAV of Mahindra Manulife Business Cycle Fund is ₹14.81 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Business Cycle Fund delivered?

Mahindra Manulife Business Cycle Fund has returned +2.28% over 1 year, +13.88% per year over 3 years and +13.67% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund charges an expense ratio of 2.43% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund's largest holdings are Reliance Industries Limited (3.9%), Grasim Industries Limited (3.3%), ICICI Bank Limited (3.2%), JSW Energy Limited (3.0%) and Axis Bank Limited (2.7%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.8% and its worst peak-to-trough fall in our sample was -22.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.47 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife Business Cycle Fund's 0.47 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is benchmarked against the NIFTY 500 TRI (First Tier Benchmark). Its alpha and beta on this page are measured against that index.

Who manages Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is managed by Krishna Sanghavi, Renjith Sivaram Radhakrishnan and Pranav Nishith Patel at Mahindra Manulife.

How is Mahindra Manulife Business Cycle Fund taxed?

Mahindra Manulife Business Cycle Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.