Mahindra Manulife Business Cycle Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mahindra Manulife Business Cycle Fund Direct Growth Plan has a NAV of ₹16.2706 as of 18 Sep 2026 and an AUM of ₹1,364 Cr. Its 1-year, 3-year and 5-year returns are 5.77%, 17.39% and 0% respectively, and the scheme carries a High Risk tag.

Our view is that this is a fund for investors who can accept meaningful ups and downs in exchange for a business-cycle style equity approach. The recent return pattern is weaker than the 3-year outcome, while the benchmark has been more subdued over the same horizon, so the fund looks better suited to a patient, higher-risk allocation than to short-horizon capital preservation.

Quick facts

Particular	Details
NAV	₹16.2706 as of 18 Sep 2026
AUM	₹1,364 Cr
Expense Ratio	0.49%
Launch Date	11 Sep 2023
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Krishna Sanghavi, Vishal Jajoo, Renjith Sivaram

The fund is managed by Krishna Sanghavi, Vishal Jajoo and Renjith Sivaram.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.85%	-3.73%
3M	-1.33%	-3.14%
1Y	5.77%	-5.31%
3Y	17.39%	6.30%
5Y	Data not available	Data not available

The short-term picture is uneven, but it is not weak in absolute terms. Over 1 month and 3 months, the fund stayed negative, yet it still held up better than the benchmark over both periods. That tells us the fund has been able to cushion part of the recent weakness rather than fully escaping it.

The more important contrast appears in the 1-year and 3-year numbers. The fund turned positive over 1 year and has compounded at 17.39% over 3 years, while the benchmark has remained well below that pace over the same 3-year window. This gap suggests the strategy has added value through a full cycle phase, even if the latest month-to-month stretch has been softer.

The pattern from the return series also points to meaningful volatility. The fund improved through the middle of the 1-year and 3-year periods, but the more recent part of the path has softened again. For investors, that means the fund has not moved in a straight line; the better longer-term outcome has come with intermittent drawdowns and recovery phases.

On balance, the fund looks stronger over medium-term compounding than in the most recent stretch. That matters for cycle-oriented equity funds, because the best read is not the last few weeks but whether the strategy can add return across a fuller market phase. Here, the 3-year record is clearly more constructive than the 1-month and 3-month runs.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Mahindra Manulife Business Cycle?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

Already holding Mahindra Manulife Business Cycle? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Business Cycle Fund Direct Growth Plan	5.77%	17.39%	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	65.43%	35.11%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.29%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	27.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.8%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	24.4%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund’s 1-year return is modest next to the stronger peer figures shown here, while its 3-year return is also below the best available peer 3-year figure. Even so, the comparison is mixed rather than one-sided: the fund still stands ahead of the benchmark on both the 1-year and 3-year measures. The short-term peer gap suggests the fund has recently lagged the sharper momentum seen in some thematic peers, but the longer-term result still shows a meaningful improvement versus the benchmark path.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Reliance Industries Limited	Crude Oil	3.92%
Grasim Industries Limited	Diversified	3.34%
ICICI Bank Limited	Bank	3.2%
JSW Energy Limited	Power	3.03%
Axis Bank Limited	Bank	2.72%
Indusind Bank Limited	Bank	2.68%
Bajaj Auto Limited	Automobile & Ancillaries	2.38%
Adani Enterprises Limited	Trading	2.31%
Indus Towers Limited	Telecom	2.28%
Tech Mahindra Limited	IT	2.23%

The top holding, Reliance Industries Limited, is 3.92%, so the fund does not appear to rely on any single position for an outsized share of the portfolio. The drop from the first holding to the tenth is fairly gradual, with weights still clustering in a narrow band around the low-2% to low-3% range. That pattern suggests the listed positions are not extremely top-heavy.

At the same time, the top 10 holdings together account for approximately 28.09% of the portfolio, which implies a long tail beyond the largest positions. With 66 disclosed holdings in total, the fund may spread influence across a broader set of stocks rather than depending only on a few names. That can make the portfolio less concentrated than the top-line numbers alone might suggest.

From an investor lens, this mix could mean that stock-specific moves in a handful of holdings matter, but the overall portfolio is still built across many positions. The broad count of holdings also means the disclosed top 10 are only part of the picture, so the fund may carry both stock-level selection risk and diversification benefits at the same time.

To see all holdings, visit the Mahindra Manulife Business Cycle Fund Direct Growth Plan page

Source data date: as of 18 Sep 2026

Who should invest

This fund suits investors who can handle High Risk exposure and who are comfortable with a business-cycle style equity strategy that may move around in the short term. The 1-year and 3-year numbers suggest it can reward patience more than quick entry-and-exit decisions, while the latest short-term performance shows that drawdowns can still appear along the way.

Our view is that the fund fits a longer investment horizon rather than a near-term need for stability. The main trade-off is accepting uneven short-term performance in exchange for the possibility of stronger medium-term compounding, especially when compared with a benchmark that has lagged over the same 3-year period.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load

1% on or before 3 months; nil after 3 months.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Business Cycle Fund Direct Growth Plan?
The NAV is ₹16.2706 as of 18 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is 5.77% and its 3-year return is 17.39%. The 5-year return is not available because the scheme has not completed that full period.

How does the fund compare with the benchmark?
It has outperformed the benchmark over 1 year and 3 years. The benchmark’s 1-year return is -5.31% and its 3-year return is 6.30%.

How does it compare with the peer funds shown here?
Its recent returns are lower than the strongest peer figures shown in the comparison table, but it still compares favourably with the benchmark over both the 1-year and 3-year windows.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What are the risk label, portfolio style and exit load?
The fund is marked High Risk. Its top holding is Reliance Industries Limited at 3.92%, and the exit load is 1% on or before 3 months, then nil after 3 months.

Bottom line

Mahindra Manulife Business Cycle Fund Direct Growth Plan has a mixed recent picture: the latest short-term returns are softer, but the 3-year record remains meaningfully stronger than the benchmark. Compared with the peer set shown here, its return profile is more restrained, yet the benchmark-relative trend is still constructive. The fund carries High Risk and uses a portfolio that is spread across many holdings rather than concentrated in one name, which may suit investors with a long horizon and comfort with uneven equity cycles.

Published on 21 September 2026 at 9:58 AM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.