Mahindra Manulife Business Cycle Fund
Mahindra Manulife Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund is positioned for economic resilience across cyclical and infrastructure sectors, with a deliberate tilt toward banks, power, and cement that reflects confidence in capex-led growth. The manager has actively pruned underperforming IT and finance names while adding infrastructure plays like Adani Enterprises and shipbuilders, signaling conviction in India's capex recovery rather than consumption or technology. This rebalancing suggests positioning for a sustained industrial-led cycle over near-term volatility.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹15.8265 | — | — | — | — | — | — |
| Regular Growth | ₹15.1215 | +1.45% | -1.97% | -0.99% | +5.89% | — | — |
| Direct IDCW | ₹13.5930 | — | — | — | — | — | — |
| Regular IDCW | ₹12.9139 | — | — | — | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
70
Top 5 Weight
17.23%
Top 10 Weight
29.22%
Active Share
—
Large Cap
43.92%
Gini
0.309
What Changed2026-03-31 → 2026-04-30
Holdings: 65 → 72+12 added−6 removed20 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| REC Limited | 1.68% |
| Cochin Shipyard Limited | 1.48% |
| Adani Enterprises Limited | 1.11% |
| Elecon Engineering Company Limited | 0.73% |
| Garden Reach Shipbuilders & Engineers Limited | 0.67% |
| Mazagon Dock Shipbuilders Limited | 0.63% |
| Bosch Limited | 0.55% |
| Vedanta Limited | 0.48% |
| Vedanta Aluminium Metal Limited | 0.21% |
| Malco Energy Limited | 0.21% |
| Talwandi Sabo Power Limited | 0.21% |
| Vedanta Iron And Steel Limited | 0.21% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Reliance Industries Limited INE002A01018 | 4.59% |
| 2 | Bajaj Auto Limited INE917I01010 | 3.60% |
| 3 | Indus Towers Limited INE121J01017 | 3.14% |
| 4 | Infosys Limited INE009A01021 | 3.01% |
| 5 | Grasim Industries Limited INE047A01021 | 2.89% |
| 6 | JSW Energy Limited INE121E01018 | 2.77% |
| 7 | IndusInd Bank Limited INE095A01012 | 2.52% |
| 8 | CESC Limited INE486A01021 | 2.37% |
| 9 | HDFC Bank Limited INE040A01034 | 2.22% |
| 10 | Tech Mahindra Limited INE669C01036 | 2.11% |
| 11 | Tata Steel Limited INE081A01020 | 2.09% |
| 12 | ICICI Bank Limited INE090A01021 | 1.93% |
| 13 | The Ramco Cements Limited INE331A01037 | 1.93% |
| 14 | ITC Limited INE154A01025 | 1.93% |
| 15 | NTPC Limited INE733E01010 | 1.90% |
| 16 | Triparty Repo nan | 1.86% |
| 17 | Divi's Laboratories Limited INE361B01024 | 1.72% |
| 18 | Vodafone Idea Limited INE669E01016 | 1.71% |
| 19 | The Federal Bank Limited INE171A01029 | 1.71% |
| 20 | REC Limited INE020B01018 | 1.68% |
Sector Allocation
Banks13.7%
Pharmaceuticals & Biotechnology9.6%
Cement & Cement Products8.0%
Power7.3%
IT - Software6.7%
Finance5.8%
Automobiles5.2%
Telecom - Services4.8%
Petroleum Products4.6%
Industrial Manufacturing3.8%
Top 10 sectors by % to NAV. Excludes derivatives.