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.

← Mahindra Manulife Mutual Fund

Mahindra Manulife Business Cycle Fund - Direct Plan - Growth

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

Share: WhatsApp X

Stocks Held

May 2026

Equity Holdings

₹1,281.83 Cr

Equity only, excl. debt & cash

Top 5 Weight

17.0%

Diversified

Top 10 Weight

29.8%

Diversified

Changes

2 new · 4 exits

Top Sector

Banks

14.6% of portfolio

📋 What Happened This Month Mahindra Manulife Business Cycle Fund made 2 new additions and exited 4 stocks this month. The biggest new buy was Zydus Lifesciences Limited (Pharmaceuticals & Biotechnology) at 1.36% weight. Tata Consultancy Services Limited was the biggest exit (IT - Software), which was held at 0.91%. Among existing holdings, Adani Enterprises Limited saw the biggest increase — now at 2.48% of the portfolio. Bajaj Auto Limited was trimmed the most, now at 2.93%. Reliance Industries Limited remains the top holding with Banks the dominant sector at 14.6%. ↓ 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

+1.56%

+10.72%

+3.04%

+8.53%

Latest NAV

₹16.41

24 Jun 2026

52W High

₹16.49

-0% from High

52W Low

₹12.89

+27% 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

13.9%

+ve in 84% windows

63.3% / -7.6%

Crisis Period Behaviour

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

2024–25 Tariff

-21.4%

Rec: not yet

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 ₹16.41 24 Jun 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: ₹16.41

Sector Shift Industry allocation month-over-month

Mar 2026 → Apr 2026

Sector	Prev	Curr ▼	Delta
Banks	13.5%	13.7%	▲ +0.3%
Pharmaceuticals & Biotechnology	11.1%	9.6%	▼ -1.5%
Cement & Cement Products	8.3%	8.0%	▼ -0.3%
Power	6.9%	7.5%	▲ +0.6%
IT - Software	9.1%	6.7%	▼ -2.4%
Finance	6.9%	5.8%	▼ -1.1%
Automobiles	5.6%	5.2%	▼ -0.4%
Telecom - Services	5.6%	4.9%	▼ -0.8%
Petroleum Products	4.5%	4.6%	● +0.1%
Industrial Manufacturing	1.7%	3.8%	▲ +2.1%

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%

🟢

Biggest New Buy

Zydus Lifesciences Limited

1.36% weight · Pharmaceuticals & Biotechnology

🔴

Biggest Exit

Tata Consultancy Services Limited

0.91% was held · IT - Software

↑

Biggest Add

Adani Enterprises Limited

+1.37% · now 2.48%

↓

Biggest Trim

Bajaj Auto Limited

-0.67% · now 2.93%

🤝 Other funds also bought this month

Zydus Lifesciences Limited 23 funds

Mphasis Limited 22 funds

👋 Other funds also exited

Vedanta Limited 24 funds

Tata Consultancy Services Limited 21 funds

ABB India Limited 7 funds

Bosch Limited 3 funds

What Changed in the Portfolio This Month?

Comparing Apr 2026 → May 2026

Apr 2026 → May 2026

🟢 2 New Entries 🔴 4 Exits ↑ 23 Increased ↓ 36 Decreased

#	Stock	Sector	Weight (May 2026)
1	Zydus Lifesciences Limited ₹17.78 Cr	Pharmaceuticals & Biotechnology	1.36%
2	Mphasis Limited ₹12.95 Cr	IT - Software	0.99%

#	Stock	Sector	Last Weight (Apr 2026)
1	Tata Consultancy Services Limited ₹11.87 Cr	IT - Software	0.91%
2	Bosch Limited ₹7.20 Cr	Auto Components	0.55%
3	Vedanta Limited ₹6.25 Cr	Diversified Metals	0.48%
4	ABB India Limited ₹5.24 Cr	Electrical Equipment	0.40%

#	Stock	Sector	Apr 2026	May 2026	Change
1	Adani Enterprises Limited ₹32.31 Cr	Metals & Minerals Trading	1.11%	2.48%	+1.37%
2	Bandhan Bank Limited ₹32.62 Cr	Banks	1.63%	2.50%	+0.87%
3	Vodafone Idea Limited ₹33.58 Cr	Telecom - Services	1.71%	2.57%	+0.86%
4	JSW Energy Limited ₹47.25 Cr	Power	2.77%	3.62%	+0.85%
5	Grasim Industries Limited ₹42.15 Cr	Cement & Cement Products	2.89%	3.23%	+0.34%
6	Carborundum Universal Limited ₹12.92 Cr	Industrial Products	0.67%	0.99%	+0.32%
7	Mazagon Dock Shipbuilders Limited ₹12.28 Cr	Industrial Manufacturing	0.63%	0.94%	+0.31%
8	Biocon Limited ₹19.83 Cr	Pharmaceuticals & Biotechnology	1.27%	1.52%	+0.25%
9	Ajanta Pharma Limited ₹19.18 Cr	Pharmaceuticals & Biotechnology	1.36%	1.47%	+0.11%
10	Manappuram Finance Limited ₹14.64 Cr	Finance	1.01%	1.12%	+0.11%
11	Elecon Engineering Company Limited ₹10.90 Cr	Electrical Equipment	0.73%	0.84%	+0.11%
12	Asahi India Glass Limited ₹17.14 Cr	Auto Components	1.22%	1.31%	+0.09%
13	LAKSHMI MACHINE WORKS LTD ₹14.43 Cr	Industrial Manufacturing	1.02%	1.11%	+0.09%
14	Tega Industries Limited ₹9.74 Cr	Industrial Manufacturing	0.70%	0.75%	+0.05%
15	Divi's Laboratories Limited ₹23.00 Cr	Pharmaceuticals & Biotechnology	1.72%	1.76%	+0.04%
16	IDFC First Bank Limited ₹19.26 Cr	Banks	1.44%	1.48%	+0.04%
17	Bank of Baroda ₹18.80 Cr	Banks	1.41%	1.44%	+0.03%
18	The Federal Bank Limited ₹22.54 Cr	Banks	1.71%	1.73%	+0.02%
19	Shriram Finance Limited ₹21.31 Cr	Finance	1.61%	1.63%	+0.02%
20	K.P.R. Mill Limited ₹9.67 Cr	Textiles & Apparels	0.72%	0.74%	+0.02%
21	Tech Mahindra Limited ₹27.71 Cr	IT - Software	2.11%	2.12%	+0.01%
22	GAIL (India) Limited ₹15.71 Cr	Gas	1.19%	1.20%	+0.01%
23	Ambuja Cements Limited ₹11.20 Cr	Cement & Cement Products	0.85%	0.86%	+0.01%

#	Stock	Sector	Apr 2026	May 2026	Change
1	Bajaj Auto Limited ₹38.28 Cr	Automobiles	3.60%	2.93%	-0.67%
2	Glenmark Pharmaceuticals Limited ₹12.91 Cr	Pharmaceuticals & Biotechnology	1.57%	0.99%	-0.58%
3	Tata Steel Limited ₹20.63 Cr	Ferrous Metals	2.09%	1.58%	-0.51%
4	Indus Towers Limited ₹35.36 Cr	Telecom - Services	3.14%	2.71%	-0.43%
5	Reliance Industries Limited ₹55.34 Cr	Petroleum Products	4.59%	4.24%	-0.35%
6	Cochin Shipyard Limited ₹16.34 Cr	Industrial Manufacturing	1.48%	1.25%	-0.23%
7	Whirlpool of India Limited ₹12.34 Cr	Consumer Durables	1.13%	0.95%	-0.18%
8	ITC Limited ₹22.95 Cr	Diversified FMCG	1.93%	1.76%	-0.17%
9	NMDC Limited ₹15.84 Cr	Minerals & Mining	1.38%	1.21%	-0.17%
10	Sun TV Network Limited ₹10.04 Cr	Entertainment	0.93%	0.77%	-0.16%
11	Kajaria Ceramics Limited ₹19.15 Cr	Consumer Durables	1.62%	1.47%	-0.15%
12	Sarda Energy & Minerals Limited ₹11.26 Cr	Ferrous Metals	1.00%	0.86%	-0.14%
13	The Ramco Cements Limited ₹23.52 Cr	Cement & Cement Products	1.93%	1.80%	-0.13%
14	Supreme Petrochem Ltd. ₹12.34 Cr	Chemicals & Petrochemicals	1.07%	0.95%	-0.12%
15	HDFC Bank Limited ₹27.92 Cr	Banks	2.22%	2.14%	-0.08%
16	REC Limited ₹20.93 Cr	Finance	1.68%	1.60%	-0.08%
17	Coal India Limited ₹20.57 Cr	Consumable Fuels	1.66%	1.58%	-0.08%
18	CEAT Limited ₹16.93 Cr	Auto Components	1.38%	1.30%	-0.08%
19	Dalmia Bharat Limited ₹12.24 Cr	Cement & Cement Products	1.02%	0.94%	-0.08%
20	CESC Limited ₹30.04 Cr	Power	2.37%	2.30%	-0.07%
21	Kirloskar Brothers Limited ₹13.07 Cr	Industrial Products	1.06%	1.00%	-0.06%
22	Garden Reach Shipbuilders & Engineers Limited ₹7.96 Cr	Aerospace & Defense	0.67%	0.61%	-0.06%
23	Infosys Limited ₹38.62 Cr	IT - Software	3.01%	2.96%	-0.05%
24	NTPC Limited ₹24.12 Cr	Power	1.90%	1.85%	-0.05%
25	GlaxoSmithKline Pharmaceuticals Limited ₹13.03 Cr	Pharmaceuticals & Biotechnology	1.05%	1.00%	-0.05%
26	NOCIL Limited ₹9.88 Cr	Chemicals & Petrochemicals	0.81%	0.76%	-0.05%
27	Bajaj Finance Limited ₹18.77 Cr	Finance	1.48%	1.44%	-0.04%
28	Ujjivan Small Finance Bank Limited ₹10.88 Cr	Banks	0.87%	0.83%	-0.04%
29	Maruti Suzuki India Limited ₹21.00 Cr	Automobiles	1.63%	1.61%	-0.02%
30	Sagility Limited ₹12.40 Cr	IT - Services	0.97%	0.95%	-0.02%
31	S P Apparels Ltd ₹9.01 Cr	Textiles & Apparels	0.71%	0.69%	-0.02%
32	Aurobindo Pharma Limited ₹19.99 Cr	Pharmaceuticals & Biotechnology	1.54%	1.53%	-0.01%
33	UltraTech Cement Limited ₹17.22 Cr	Cement & Cement Products	1.33%	1.32%	-0.01%
34	Gokaldas Exports Limited ₹11.36 Cr	Textiles & Apparels	0.88%	0.87%	-0.01%
35	HCL Technologies Limited ₹8.88 Cr	IT - Software	0.69%	0.68%	-0.01%
36	Technocraft Industries (India) Limited ₹8.75 Cr	Industrial Products	0.68%	0.67%	-0.01%

What Stocks Does This Fund Hold?

68 stocks — May 2026

#	Stock	Sector	Weight & Value
1	Reliance Industries Limited ₹55.34 Cr	Petroleum Products	4.24%
2	JSW Energy Limited ₹47.25 Cr	Power	3.62%
3	Grasim Industries Limited ₹42.15 Cr	Cement & Cement Products	3.23%
4	Infosys Limited ₹38.62 Cr	IT - Software	2.96%
5	Bajaj Auto Limited ₹38.28 Cr	Automobiles	2.93%
6	Indus Towers Limited ₹35.36 Cr	Telecom - Services	2.71%
7	Vodafone Idea Limited ₹33.58 Cr	Telecom - Services	2.57%
8	IndusInd Bank Limited ₹32.87 Cr	Banks	2.52%
9	Bandhan Bank Limited ₹32.62 Cr	Banks	2.50%
10	Adani Enterprises Limited ₹32.31 Cr	Metals & Minerals Trading	2.48%
11	CESC Limited ₹30.04 Cr	Power	2.30%
12	HDFC Bank Limited ₹27.92 Cr	Banks	2.14%
13	Tech Mahindra Limited ₹27.71 Cr	IT - Software	2.12%
14	ICICI Bank Limited ₹25.13 Cr	Banks	1.93%
15	NTPC Limited ₹24.12 Cr	Power	1.85%
16	The Ramco Cements Limited ₹23.52 Cr	Cement & Cement Products	1.80%
17	Divi's Laboratories Limited ₹23.00 Cr	Pharmaceuticals & Biotechnology	1.76%
18	ITC Limited ₹22.95 Cr	Diversified FMCG	1.76%
19	The Federal Bank Limited ₹22.54 Cr	Banks	1.73%
20	Shriram Finance Limited ₹21.31 Cr	Finance	1.63%
21	Maruti Suzuki India Limited ₹21.00 Cr	Automobiles	1.61%
22	REC Limited ₹20.93 Cr	Finance	1.60%
23	Tata Steel Limited ₹20.63 Cr	Ferrous Metals	1.58%
24	Coal India Limited ₹20.57 Cr	Consumable Fuels	1.58%
25	Aurobindo Pharma Limited ₹19.99 Cr	Pharmaceuticals & Biotechnology	1.53%
26	Biocon Limited ₹19.83 Cr	Pharmaceuticals & Biotechnology	1.52%
27	IDFC First Bank Limited ₹19.26 Cr	Banks	1.48%
28	Ajanta Pharma Limited ₹19.18 Cr	Pharmaceuticals & Biotechnology	1.47%
29	Kajaria Ceramics Limited ₹19.15 Cr	Consumer Durables	1.47%
30	Bank of Baroda ₹18.80 Cr	Banks	1.44%
31	Bajaj Finance Limited ₹18.77 Cr	Finance	1.44%
32	Zydus Lifesciences Limited ₹17.78 Cr	Pharmaceuticals & Biotechnology	1.36%
33	UltraTech Cement Limited ₹17.22 Cr	Cement & Cement Products	1.32%
34	Asahi India Glass Limited ₹17.14 Cr	Auto Components	1.31%
35	CEAT Limited ₹16.93 Cr	Auto Components	1.30%
36	Cochin Shipyard Limited ₹16.34 Cr	Industrial Manufacturing	1.25%
37	NMDC Limited ₹15.84 Cr	Minerals & Mining	1.21%
38	GAIL (India) Limited ₹15.71 Cr	Gas	1.20%
39	Manappuram Finance Limited ₹14.64 Cr	Finance	1.12%
40	LAKSHMI MACHINE WORKS LTD ₹14.43 Cr	Industrial Manufacturing	1.11%
41	Anthem Biosciences Limited ₹13.93 Cr	Pharmaceuticals & Biotechnology	1.07%
42	Kirloskar Brothers Limited ₹13.07 Cr	Industrial Products	1.00%
43	GlaxoSmithKline Pharmaceuticals Limited ₹13.03 Cr	Pharmaceuticals & Biotechnology	1.00%
44	Mphasis Limited ₹12.95 Cr	IT - Software	0.99%
45	Carborundum Universal Limited ₹12.92 Cr	Industrial Products	0.99%
46	Glenmark Pharmaceuticals Limited ₹12.91 Cr	Pharmaceuticals & Biotechnology	0.99%
47	Sagility Limited ₹12.40 Cr	IT - Services	0.95%
48	Supreme Petrochem Ltd. ₹12.34 Cr	Chemicals & Petrochemicals	0.95%
49	Whirlpool of India Limited ₹12.34 Cr	Consumer Durables	0.95%
50	Mazagon Dock Shipbuilders Limited ₹12.28 Cr	Industrial Manufacturing	0.94%
51	Dalmia Bharat Limited ₹12.24 Cr	Cement & Cement Products	0.94%
52	Gokaldas Exports Limited ₹11.36 Cr	Textiles & Apparels	0.87%
53	Sarda Energy & Minerals Limited ₹11.26 Cr	Ferrous Metals	0.86%
54	Ambuja Cements Limited ₹11.20 Cr	Cement & Cement Products	0.86%
55	Elecon Engineering Company Limited ₹10.90 Cr	Electrical Equipment	0.84%
56	Ujjivan Small Finance Bank Limited ₹10.88 Cr	Banks	0.83%
57	Sun TV Network Limited ₹10.04 Cr	Entertainment	0.77%
58	NOCIL Limited ₹9.88 Cr	Chemicals & Petrochemicals	0.76%
59	Tega Industries Limited ₹9.74 Cr	Industrial Manufacturing	0.75%
60	K.P.R. Mill Limited ₹9.67 Cr	Textiles & Apparels	0.74%
61	S P Apparels Ltd ₹9.01 Cr	Textiles & Apparels	0.69%
62	HCL Technologies Limited ₹8.88 Cr	IT - Software	0.68%
63	Technocraft Industries (India) Limited ₹8.75 Cr	Industrial Products	0.67%
64	Garden Reach Shipbuilders & Engineers Limited ₹7.96 Cr	Aerospace & Defense	0.61%
65	Vedanta Aluminium Metal Limited ₹2.78 Cr	Metals & Minerals Trading	0.21%
66	Talwandi Sabo Power Limited ₹2.78 Cr	Power	0.21%
67	Malco Energy Limited ₹2.78 Cr	Power	0.21%
68	Vedanta Iron And Steel Limited ₹2.78 Cr	Metals & Minerals Trading	0.21%