What stocks does Mahindra Manulife Business Cycle Fund hold?

Mahindra Manulife Business Cycle Fund holds a portfolio of Indian equity stocks disclosed monthly by Mahindra Manulife Mutual Fund to AMFI. The complete current holdings with weights and month-over-month changes are available on this page. Data is sourced from official AMFI portfolio disclosures.

Which AMC manages Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is managed by Mahindra Manulife Mutual Fund, a SEBI-registered Asset Management Company in India.

What category is Mahindra Manulife Business Cycle Fund?

Mahindra Manulife Business Cycle Fund is classified as a Equity mutual fund under SEBI's mutual fund categorisation framework.

How often is Mahindra Manulife Business Cycle Fund portfolio data updated?

Portfolio holdings for Mahindra Manulife Business Cycle Fund are updated monthly. SEBI mandates all AMCs to disclose their complete portfolio within 10 days of each month end. RightAdvise sources this data directly from official AMFI portfolio disclosures.

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Mahindra Manulife Business Cycle Fund - Direct Plan - Growth

Equity Data as of Jun 2026 Comparing May 2026 → Jun 2026

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Stocks Held

Jun 2026

Equity Holdings

₹1,316.94 Cr

Equity only, excl. debt & cash

Top 5 Weight

16.6%

Diversified

Top 10 Weight

29.1%

Diversified

Changes

3 new · 3 exits

Top Sector

Banks

17.7% of portfolio

📋 What Happened This Month Mahindra Manulife Business Cycle Fund made 3 new additions and exited 3 stocks this month. The biggest new buy was Axis Bank Limited (Banks) at 2.87% weight. HDFC Bank Limited was the biggest exit (Banks), which was held at 2.14%. Among existing holdings, ICICI Bank Limited saw the biggest increase — now at 3.09% of the portfolio. Tata Steel Limited was trimmed the most, now at 1.04%. Reliance Industries Limited remains the top holding with Banks the dominant sector at 17.7%. ↓ Scroll down for full holdings, sector allocation and month-on-month changes in detail.

How Has the NAV Performed?

1 year history · Mahindra Manulife Business Cycle Fund - Direct Plan - Growth

+1.54%

+3.71%

+2.75%

+6.84%

Latest NAV

₹16.44

14 Jul 2026

52W High

₹16.56

-1% from High

52W Low

₹12.89

+28% from Low

Calendar Year Returns

Jan 1 to Dec 31 each year. Simple point-to-point — not CAGR.

2025

+8.4%

2024

+28.1%

Rolling Returns

Performance across every possible investment start date.

1Y Rolling Avg

13.7%

+ve in 85% windows

63.3% / -7.6%

Crisis Period Behaviour

"Pre-inception" = fund didn't exist during that period.

2024–25 Tariff

-21.4%

Rec: Jun 2026 (1yr 11mo)

COVID-19 Crash

Pre-inception

Rec: N/A

2022 Rate Hike

Pre-inception

Rec: N/A

2018 IL&FS

Pre-inception

Rec: N/A

NAV Chart ₹16.44 14 Jul 2026

Simple Moving Avg: Click to draw · click again to remove

Mahindra Manulife Business Cycle Fund - Direct Plan - Growth

Chart shows indexed performance (base = 100). Actual NAV: ₹16.44

Sector Shift Industry allocation month-over-month

Apr 2026 → May 2026

Sector	Prev	Curr ▼	Delta
Banks	13.7%	14.6%	▲ +0.8%
Pharmaceuticals & Biotechnology	9.6%	10.7%	▲ +1.1%
Power	7.5%	8.2%	▲ +0.7%
Cement & Cement Products	8.0%	8.2%	▲ +0.1%
IT - Software	6.7%	6.8%	● +0.0%
Finance	5.8%	5.8%	● +0.0%
Telecom - Services	4.9%	5.3%	▲ +0.4%
Automobiles	5.2%	4.5%	▼ -0.7%
Petroleum Products	4.6%	4.2%	▼ -0.4%
Industrial Manufacturing	3.8%	4.1%	▲ +0.2%

May 2026 → Jun 2026

Sector	Prev	Curr ▼	Delta
Banks	14.6%	17.7%	▲ +3.1%
Pharmaceuticals & Biotechnology	10.7%	10.3%	▼ -0.4%
Power	8.2%	8.2%	● +0.0%
Cement & Cement Products	8.2%	7.7%	▼ -0.5%
Finance	5.8%	6.1%	▲ +0.3%
IT - Software	6.8%	6.0%	▼ -0.8%
Telecom - Services	5.3%	4.4%	▼ -0.9%
Automobiles	4.5%	4.4%	▼ -0.2%
Petroleum Products	4.2%	4.1%	▼ -0.2%
Industrial Manufacturing	4.1%	4.0%	● -0.1%

🟢

Biggest New Buy

Axis Bank Limited

2.87% weight · Banks

🔴

Biggest Exit

HDFC Bank Limited

2.14% was held · Banks

↑

Biggest Add

ICICI Bank Limited

+1.16% · now 3.09%

↓

Biggest Trim

Tata Steel Limited

-0.54% · now 1.04%

🤝 Other funds also bought this month

Adani Energy Solutions Limited 44 funds

Axis Bank Limited 25 funds

Punjab National Bank 8 funds

👋 Other funds also exited

HDFC Bank Limited 27 funds

Whirlpool of India Limited 7 funds

GlaxoSmithKline Pharmaceuticals Limited 5 funds

What Changed in the Portfolio This Month?

Comparing May 2026 → Jun 2026

May 2026 → Jun 2026

🟢 3 New Entries 🔴 3 Exits ↑ 27 Increased ↓ 35 Decreased

#	Stock	Sector	Weight (Jun 2026)
1	Axis Bank Limited ₹38.35 Cr	Banks	2.87%
2	Punjab National Bank ₹12.80 Cr	Banks	0.96%
3	Adani Energy Solutions Limited ₹12.08 Cr	Power	0.90%

#	Stock	Sector	Last Weight (May 2026)
1	HDFC Bank Limited ₹27.92 Cr	Banks	2.14%
2	GlaxoSmithKline Pharmaceuticals Limited ₹13.03 Cr	Pharmaceuticals & Biotechnology	1.00%
3	Whirlpool of India Limited ₹12.34 Cr	Consumer Durables	0.95%

#	Stock	Sector	May 2026	Jun 2026	Change
1	ICICI Bank Limited ₹41.26 Cr	Banks	1.93%	3.09%	+1.16%
2	Vedanta Aluminium Metal Limited ₹10.31 Cr	Metals & Minerals Trading	0.21%	0.77%	+0.56%
3	Anthem Biosciences Limited ₹20.03 Cr	Pharmaceuticals & Biotechnology	1.07%	1.50%	+0.43%
4	S P Apparels Ltd ₹13.11 Cr	Textiles & Apparels	0.69%	0.98%	+0.29%
5	Kirloskar Brothers Limited ₹16.44 Cr	Industrial Products	1.00%	1.23%	+0.23%
6	Ajanta Pharma Limited ₹22.41 Cr	Pharmaceuticals & Biotechnology	1.47%	1.68%	+0.21%
7	The Federal Bank Limited ₹25.74 Cr	Banks	1.73%	1.93%	+0.20%
8	Gokaldas Exports Limited ₹14.34 Cr	Textiles & Apparels	0.87%	1.07%	+0.20%
9	K.P.R. Mill Limited ₹11.77 Cr	Textiles & Apparels	0.74%	0.88%	+0.14%
10	Aurobindo Pharma Limited ₹22.13 Cr	Pharmaceuticals & Biotechnology	1.53%	1.66%	+0.13%
11	IDFC First Bank Limited ₹21.46 Cr	Banks	1.48%	1.61%	+0.13%
12	Shriram Finance Limited ₹23.45 Cr	Finance	1.63%	1.75%	+0.12%
13	Kajaria Ceramics Limited ₹21.30 Cr	Consumer Durables	1.47%	1.59%	+0.12%
14	Carborundum Universal Limited ₹14.80 Cr	Industrial Products	0.99%	1.11%	+0.12%
15	Bajaj Finance Limited ₹20.77 Cr	Finance	1.44%	1.55%	+0.11%
16	REC Limited ₹22.56 Cr	Finance	1.60%	1.69%	+0.09%
17	The Ramco Cements Limited ₹25.11 Cr	Cement & Cement Products	1.80%	1.88%	+0.08%
18	Maruti Suzuki India Limited ₹22.58 Cr	Automobiles	1.61%	1.69%	+0.08%
19	CEAT Limited ₹18.19 Cr	Auto Components	1.30%	1.36%	+0.06%
20	Ujjivan Small Finance Bank Limited ₹11.81 Cr	Banks	0.83%	0.88%	+0.05%
21	GAIL (India) Limited ₹16.57 Cr	Gas	1.20%	1.24%	+0.04%
22	Supreme Petrochem Ltd. ₹13.24 Cr	Chemicals & Petrochemicals	0.95%	0.99%	+0.04%
23	Elecon Engineering Company Limited ₹11.75 Cr	Electrical Equipment	0.84%	0.88%	+0.04%
24	NOCIL Limited ₹10.56 Cr	Chemicals & Petrochemicals	0.76%	0.79%	+0.03%
25	Adani Enterprises Limited ₹33.40 Cr	Metals & Minerals Trading	2.48%	2.50%	+0.02%
26	Cochin Shipyard Limited ₹16.79 Cr	Industrial Manufacturing	1.25%	1.26%	+0.01%
27	Technocraft Industries (India) Limited ₹9.11 Cr	Industrial Products	0.67%	0.68%	+0.01%

#	Stock	Sector	May 2026	Jun 2026	Change
1	Tata Steel Limited ₹13.95 Cr	Ferrous Metals	1.58%	1.04%	-0.54%
2	Vodafone Idea Limited ₹27.77 Cr	Telecom - Services	2.57%	2.08%	-0.49%
3	Infosys Limited ₹33.28 Cr	IT - Software	2.96%	2.49%	-0.47%
4	Indus Towers Limited ₹31.34 Cr	Telecom - Services	2.71%	2.34%	-0.37%
5	UltraTech Cement Limited ₹13.50 Cr	Cement & Cement Products	1.32%	1.01%	-0.31%
6	Bajaj Auto Limited ₹35.56 Cr	Automobiles	2.93%	2.66%	-0.27%
7	CESC Limited ₹27.85 Cr	Power	2.30%	2.08%	-0.22%
8	Reliance Industries Limited ₹54.20 Cr	Petroleum Products	4.24%	4.05%	-0.19%
9	NTPC Limited ₹22.23 Cr	Power	1.85%	1.66%	-0.19%
10	JSW Energy Limited ₹46.30 Cr	Power	3.62%	3.46%	-0.16%
11	Tech Mahindra Limited ₹26.23 Cr	IT - Software	2.12%	1.96%	-0.16%
12	Vedanta Iron And Steel Limited ₹81.10 L	Metals & Minerals Trading	0.21%	0.06%	-0.15%
13	Malco Energy Limited ₹74.15 L	Power	0.21%	0.06%	-0.15%
14	Talwandi Sabo Power Limited ₹92.64 L	Power	0.21%	0.07%	-0.14%
15	Bandhan Bank Limited ₹31.97 Cr	Banks	2.50%	2.39%	-0.11%
16	Grasim Industries Limited ₹41.85 Cr	Cement & Cement Products	3.23%	3.13%	-0.10%
17	Coal India Limited ₹19.72 Cr	Consumable Fuels	1.58%	1.48%	-0.10%
18	Asahi India Glass Limited ₹16.15 Cr	Auto Components	1.31%	1.21%	-0.10%
19	HCL Technologies Limited ₹8.04 Cr	IT - Software	0.68%	0.60%	-0.08%
20	Biocon Limited ₹19.35 Cr	Pharmaceuticals & Biotechnology	1.52%	1.45%	-0.07%
21	Mphasis Limited ₹12.32 Cr	IT - Software	0.99%	0.92%	-0.07%
22	Ambuja Cements Limited ₹10.55 Cr	Cement & Cement Products	0.86%	0.79%	-0.07%
23	Divi's Laboratories Limited ₹22.70 Cr	Pharmaceuticals & Biotechnology	1.76%	1.70%	-0.06%
24	NMDC Limited ₹15.33 Cr	Minerals & Mining	1.21%	1.15%	-0.06%
25	Sagility Limited ₹11.90 Cr	IT - Services	0.95%	0.89%	-0.06%
26	Glenmark Pharmaceuticals Limited ₹12.51 Cr	Pharmaceuticals & Biotechnology	0.99%	0.94%	-0.05%
27	Dalmia Bharat Limited ₹11.90 Cr	Cement & Cement Products	0.94%	0.89%	-0.05%
28	Tega Industries Limited ₹9.36 Cr	Industrial Manufacturing	0.75%	0.70%	-0.05%
29	ITC Limited ₹22.96 Cr	Diversified FMCG	1.76%	1.72%	-0.04%
30	Sarda Energy & Minerals Limited ₹10.92 Cr	Ferrous Metals	0.86%	0.82%	-0.04%
31	IndusInd Bank Limited ₹33.22 Cr	Banks	2.52%	2.49%	-0.03%
32	Manappuram Finance Limited ₹14.59 Cr	Finance	1.12%	1.09%	-0.03%
33	LAKSHMI MACHINE WORKS LTD ₹14.44 Cr	Industrial Manufacturing	1.11%	1.08%	-0.03%
34	Bank of Baroda ₹19.07 Cr	Banks	1.44%	1.43%	-0.01%
35	Mazagon Dock Shipbuilders Limited ₹12.48 Cr	Industrial Manufacturing	0.94%	0.93%	-0.01%

What Stocks Does This Fund Hold?

68 stocks — Jun 2026

#	Stock	Sector	Weight & Value
1	Reliance Industries Limited ₹54.20 Cr	Petroleum Products	4.05%
2	JSW Energy Limited ₹46.30 Cr	Power	3.46%
3	Grasim Industries Limited ₹41.85 Cr	Cement & Cement Products	3.13%
4	ICICI Bank Limited ₹41.26 Cr	Banks	3.09%
5	Axis Bank Limited ₹38.35 Cr	Banks	2.87%
6	Bajaj Auto Limited ₹35.56 Cr	Automobiles	2.66%
7	Adani Enterprises Limited ₹33.40 Cr	Metals & Minerals Trading	2.50%
8	Infosys Limited ₹33.28 Cr	IT - Software	2.49%
9	IndusInd Bank Limited ₹33.22 Cr	Banks	2.49%
10	Bandhan Bank Limited ₹31.97 Cr	Banks	2.39%
11	Indus Towers Limited ₹31.34 Cr	Telecom - Services	2.34%
12	CESC Limited ₹27.85 Cr	Power	2.08%
13	Vodafone Idea Limited ₹27.77 Cr	Telecom - Services	2.08%
14	Tech Mahindra Limited ₹26.23 Cr	IT - Software	1.96%
15	The Federal Bank Limited ₹25.74 Cr	Banks	1.93%
16	The Ramco Cements Limited ₹25.11 Cr	Cement & Cement Products	1.88%
17	Shriram Finance Limited ₹23.45 Cr	Finance	1.75%
18	ITC Limited ₹22.96 Cr	Diversified FMCG	1.72%
19	Divi's Laboratories Limited ₹22.70 Cr	Pharmaceuticals & Biotechnology	1.70%
20	Maruti Suzuki India Limited ₹22.58 Cr	Automobiles	1.69%
21	REC Limited ₹22.56 Cr	Finance	1.69%
22	Ajanta Pharma Limited ₹22.41 Cr	Pharmaceuticals & Biotechnology	1.68%
23	NTPC Limited ₹22.23 Cr	Power	1.66%
24	Aurobindo Pharma Limited ₹22.13 Cr	Pharmaceuticals & Biotechnology	1.66%
25	IDFC First Bank Limited ₹21.46 Cr	Banks	1.61%
26	Kajaria Ceramics Limited ₹21.30 Cr	Consumer Durables	1.59%
27	Bajaj Finance Limited ₹20.77 Cr	Finance	1.55%
28	Anthem Biosciences Limited ₹20.03 Cr	Pharmaceuticals & Biotechnology	1.50%
29	Coal India Limited ₹19.72 Cr	Consumable Fuels	1.48%
30	Biocon Limited ₹19.35 Cr	Pharmaceuticals & Biotechnology	1.45%
31	Bank of Baroda ₹19.07 Cr	Banks	1.43%
32	Zydus Lifesciences Limited ₹18.22 Cr	Pharmaceuticals & Biotechnology	1.36%
33	CEAT Limited ₹18.19 Cr	Auto Components	1.36%
34	Cochin Shipyard Limited ₹16.79 Cr	Industrial Manufacturing	1.26%
35	GAIL (India) Limited ₹16.57 Cr	Gas	1.24%
36	Kirloskar Brothers Limited ₹16.44 Cr	Industrial Products	1.23%
37	Asahi India Glass Limited ₹16.15 Cr	Auto Components	1.21%
38	NMDC Limited ₹15.33 Cr	Minerals & Mining	1.15%
39	Carborundum Universal Limited ₹14.80 Cr	Industrial Products	1.11%
40	Manappuram Finance Limited ₹14.59 Cr	Finance	1.09%
41	LAKSHMI MACHINE WORKS LTD ₹14.44 Cr	Industrial Manufacturing	1.08%
42	Gokaldas Exports Limited ₹14.34 Cr	Textiles & Apparels	1.07%
43	Tata Steel Limited ₹13.95 Cr	Ferrous Metals	1.04%
44	UltraTech Cement Limited ₹13.50 Cr	Cement & Cement Products	1.01%
45	Supreme Petrochem Ltd. ₹13.24 Cr	Chemicals & Petrochemicals	0.99%
46	S P Apparels Ltd ₹13.11 Cr	Textiles & Apparels	0.98%
47	Punjab National Bank ₹12.80 Cr	Banks	0.96%
48	Glenmark Pharmaceuticals Limited ₹12.51 Cr	Pharmaceuticals & Biotechnology	0.94%
49	Mazagon Dock Shipbuilders Limited ₹12.48 Cr	Industrial Manufacturing	0.93%
50	Mphasis Limited ₹12.32 Cr	IT - Software	0.92%
51	Adani Energy Solutions Limited ₹12.08 Cr	Power	0.90%
52	Dalmia Bharat Limited ₹11.90 Cr	Cement & Cement Products	0.89%
53	Sagility Limited ₹11.90 Cr	IT - Services	0.89%
54	Ujjivan Small Finance Bank Limited ₹11.81 Cr	Banks	0.88%
55	K.P.R. Mill Limited ₹11.77 Cr	Textiles & Apparels	0.88%
56	Elecon Engineering Company Limited ₹11.75 Cr	Electrical Equipment	0.88%
57	Sarda Energy & Minerals Limited ₹10.92 Cr	Ferrous Metals	0.82%
58	NOCIL Limited ₹10.56 Cr	Chemicals & Petrochemicals	0.79%
59	Ambuja Cements Limited ₹10.55 Cr	Cement & Cement Products	0.79%
60	Vedanta Aluminium Metal Limited ₹10.31 Cr	Metals & Minerals Trading	0.77%
61	Sun TV Network Limited ₹10.31 Cr	Entertainment	0.77%
62	Tega Industries Limited ₹9.36 Cr	Industrial Manufacturing	0.70%
63	Technocraft Industries (India) Limited ₹9.11 Cr	Industrial Products	0.68%
64	Garden Reach Shipbuilders & Engineers Limited ₹8.18 Cr	Aerospace & Defense	0.61%
65	HCL Technologies Limited ₹8.04 Cr	IT - Software	0.60%
66	Talwandi Sabo Power Limited ₹92.64 L	Power	0.07%
67	Vedanta Iron And Steel Limited ₹81.10 L	Metals & Minerals Trading	0.06%
68	Malco Energy Limited ₹74.15 L	Power	0.06%