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 Jul 2026 Comparing Jun 2026 → Jul 2026

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Stocks Held

Jul 2026

Equity Holdings

₹1,319.32 Cr

Equity only, excl. debt & cash

AAUM

₹1,295.38 Cr

Apr-Jun 2026 · Direct + Regular

Top 5 Weight

16.2%

Diversified

Top 10 Weight

28.5%

Diversified

Changes

1 new · 5 exits

Top Sector

Banks

17.3% of portfolio

Launch Date

21 Aug 2023

3 years old

AAUM (Average Assets Under Management) of ₹1,295.38 Cr for Apr-Jun 2026 is the combined figure across Direct and Regular plans — sourced from AMFI India's quarterly disclosure. Equity Holdings above shows only the stock portion from the latest portfolio filing.

📋 What Happened This Month Mahindra Manulife Business Cycle Fund made 1 new addition and exited 5 stocks this month. The biggest new buy was Deepak Fertilizers and Petrochemicals Corporation Limited (Chemicals & Petrochemicals) at 1.27% weight. UltraTech Cement Limited was the biggest exit (Cement & Cement Products), which was held at 1.01%. Among existing holdings, Adani Energy Solutions Limited saw the biggest increase — now at 2.13% of the portfolio. Aurobindo Pharma Limited was trimmed the most, now at 0.93%. Reliance Industries Limited remains the top holding with Banks the dominant sector at 17.3%. ↓ 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

+2.82%

+2.98%

+3.14%

+11.18%

Latest NAV

₹16.72

24 Aug 2026

52W High

₹16.84

-1% from High

52W Low

₹12.89

+30% 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

13.4%

+ve in 86% 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 ₹16.72 24 Aug 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: ₹16.72

Sector Shift Industry allocation month-over-month

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%

Jun 2026 → Jul 2026

Sector	Prev	Curr ▼	Delta
Banks	17.7%	17.3%	▼ -0.4%
Pharmaceuticals & Biotechnology	10.3%	10.1%	▼ -0.2%
Power	8.2%	8.5%	▲ +0.2%
Cement & Cement Products	7.7%	7.4%	▼ -0.3%
Finance	6.1%	6.8%	▲ +0.8%
IT - Software	6.0%	6.2%	▲ +0.2%
Automobiles	4.4%	4.4%	● +0.0%
Telecom - Services	4.4%	4.2%	▼ -0.3%
Petroleum Products	4.1%	4.0%	● 0.0%
Industrial Manufacturing	4.0%	3.7%	▼ -0.2%

🟢

Biggest New Buy

Deepak Fertilizers and Petrochemicals Corporation Limited

1.27% weight · Chemicals & Petrochemicals

🔴

Biggest Exit

UltraTech Cement Limited

1.01% was held · Cement & Cement Products

↑

Biggest Add

Adani Energy Solutions Limited

+1.23% · now 2.13%

↓

Biggest Trim

Aurobindo Pharma Limited

-0.73% · now 0.93%

🤝 Other funds also bought this month

Deepak Fertilizers and Petrochemicals Corporation Limited 2 funds

👋 Other funds also exited

Talwandi Sabo Power Limited 44 funds

UltraTech Cement Limited 39 funds

Malco Energy Limited 38 funds

Vedanta Iron And Steel Limited 33 funds

Sun TV Network Limited 11 funds

What Changed in the Portfolio This Month?

Comparing Jun 2026 → Jul 2026

Jun 2026 → Jul 2026

🟢 1 New Entry 🔴 5 Exits ↑ 24 Increased ↓ 35 Decreased

#	Stock	Sector	Weight (Jul 2026)
1	Deepak Fertilizers and Petrochemicals Corporation Limited ₹17.28 Cr	Chemicals & Petrochemicals	1.27%

#	Stock	Sector	Last Weight (Jun 2026)
1	UltraTech Cement Limited ₹13.50 Cr	Cement & Cement Products	1.01%
2	Sun TV Network Limited ₹10.31 Cr	Entertainment	0.77%
3	Talwandi Sabo Power Limited ₹92.64 L	Power	0.07%
4	Vedanta Iron And Steel Limited ₹81.10 L	Metals & Minerals Trading	0.06%
5	Malco Energy Limited ₹74.15 L	Power	0.06%

#	Stock	Sector	Jun 2026	Jul 2026	Change
1	Adani Energy Solutions Limited ₹28.96 Cr	Power	0.90%	2.13%	+1.23%
2	Ambuja Cements Limited ₹21.61 Cr	Cement & Cement Products	0.79%	1.59%	+0.80%
3	Bajaj Finance Limited ₹29.29 Cr	Finance	1.55%	2.16%	+0.61%
4	IDFC First Bank Limited ₹27.10 Cr	Banks	1.61%	2.00%	+0.39%
5	Ajanta Pharma Limited ₹27.91 Cr	Pharmaceuticals & Biotechnology	1.68%	2.06%	+0.38%
6	Tech Mahindra Limited ₹30.83 Cr	IT - Software	1.96%	2.27%	+0.31%
7	IndusInd Bank Limited ₹36.39 Cr	Banks	2.49%	2.68%	+0.19%
8	Ujjivan Small Finance Bank Limited ₹14.35 Cr	Banks	0.88%	1.06%	+0.18%
9	Manappuram Finance Limited ₹16.73 Cr	Finance	1.09%	1.23%	+0.14%
10	HCL Technologies Limited ₹10.10 Cr	IT - Software	0.60%	0.74%	+0.14%
11	The Federal Bank Limited ₹27.99 Cr	Banks	1.93%	2.06%	+0.13%
12	ICICI Bank Limited ₹43.06 Cr	Banks	3.09%	3.17%	+0.08%
13	Divi's Laboratories Limited ₹24.17 Cr	Pharmaceuticals & Biotechnology	1.70%	1.78%	+0.08%
14	Sagility Limited ₹13.11 Cr	IT - Services	0.89%	0.97%	+0.08%
15	Mphasis Limited ₹13.35 Cr	IT - Software	0.92%	0.98%	+0.06%
16	Anthem Biosciences Limited ₹21.04 Cr	Pharmaceuticals & Biotechnology	1.50%	1.55%	+0.05%
17	GAIL (India) Limited ₹17.33 Cr	Gas	1.24%	1.28%	+0.04%
18	Punjab National Bank ₹13.53 Cr	Banks	0.96%	1.00%	+0.04%
19	Dalmia Bharat Limited ₹12.60 Cr	Cement & Cement Products	0.89%	0.93%	+0.04%
20	Bajaj Auto Limited ₹36.56 Cr	Automobiles	2.66%	2.69%	+0.03%
21	Asahi India Glass Limited ₹16.65 Cr	Auto Components	1.21%	1.23%	+0.02%
22	Sarda Energy & Minerals Limited ₹11.37 Cr	Ferrous Metals	0.82%	0.84%	+0.02%
23	REC Limited ₹23.12 Cr	Finance	1.69%	1.70%	+0.01%
24	LAKSHMI MACHINE WORKS LTD ₹14.84 Cr	Industrial Manufacturing	1.08%	1.09%	+0.01%

#	Stock	Sector	Jun 2026	Jul 2026	Change
1	Aurobindo Pharma Limited ₹12.67 Cr	Pharmaceuticals & Biotechnology	1.66%	0.93%	-0.73%
2	Bank of Baroda ₹9.70 Cr	Banks	1.43%	0.72%	-0.71%
3	CESC Limited ₹20.19 Cr	Power	2.08%	1.49%	-0.59%
4	Tata Steel Limited ₹8.38 Cr	Ferrous Metals	1.04%	0.62%	-0.42%
5	Bandhan Bank Limited ₹27.27 Cr	Banks	2.39%	2.01%	-0.38%
6	Infosys Limited ₹29.69 Cr	IT - Software	2.49%	2.19%	-0.30%
7	Axis Bank Limited ₹35.04 Cr	Banks	2.87%	2.58%	-0.29%
8	Vodafone Idea Limited ₹24.98 Cr	Telecom - Services	2.08%	1.84%	-0.24%
9	JSW Energy Limited ₹44.04 Cr	Power	3.46%	3.25%	-0.21%
10	Elecon Engineering Company Limited ₹9.22 Cr	Electrical Equipment	0.88%	0.68%	-0.20%
11	S P Apparels Ltd ₹11.43 Cr	Textiles & Apparels	0.98%	0.84%	-0.14%
12	Kirloskar Brothers Limited ₹14.97 Cr	Industrial Products	1.23%	1.10%	-0.13%
13	Carborundum Universal Limited ₹13.36 Cr	Industrial Products	1.11%	0.98%	-0.13%
14	Kajaria Ceramics Limited ₹20.09 Cr	Consumer Durables	1.59%	1.48%	-0.11%
15	Coal India Limited ₹18.60 Cr	Consumable Fuels	1.48%	1.37%	-0.11%
16	K.P.R. Mill Limited ₹10.50 Cr	Textiles & Apparels	0.88%	0.77%	-0.11%
17	Tega Industries Limited ₹8.19 Cr	Industrial Manufacturing	0.70%	0.60%	-0.10%
18	Cochin Shipyard Limited ₹15.85 Cr	Industrial Manufacturing	1.26%	1.17%	-0.09%
19	Gokaldas Exports Limited ₹13.38 Cr	Textiles & Apparels	1.07%	0.99%	-0.08%
20	NOCIL Limited ₹9.65 Cr	Chemicals & Petrochemicals	0.79%	0.71%	-0.08%
21	Adani Enterprises Limited ₹33.10 Cr	Metals & Minerals Trading	2.50%	2.44%	-0.06%
22	ITC Limited ₹22.48 Cr	Diversified FMCG	1.72%	1.66%	-0.06%
23	NTPC Limited ₹21.65 Cr	Power	1.66%	1.60%	-0.06%
24	The Ramco Cements Limited ₹24.79 Cr	Cement & Cement Products	1.88%	1.83%	-0.05%
25	Mazagon Dock Shipbuilders Limited ₹11.91 Cr	Industrial Manufacturing	0.93%	0.88%	-0.05%
26	Grasim Industries Limited ₹41.86 Cr	Cement & Cement Products	3.13%	3.09%	-0.04%
27	CEAT Limited ₹17.92 Cr	Auto Components	1.36%	1.32%	-0.04%
28	Indus Towers Limited ₹31.29 Cr	Telecom - Services	2.34%	2.31%	-0.03%
29	Garden Reach Shipbuilders & Engineers Limited ₹7.80 Cr	Aerospace & Defense	0.61%	0.58%	-0.03%
30	NMDC Limited ₹15.31 Cr	Minerals & Mining	1.15%	1.13%	-0.02%
31	Supreme Petrochem Ltd. ₹13.22 Cr	Chemicals & Petrochemicals	0.99%	0.97%	-0.02%
32	Reliance Industries Limited ₹54.78 Cr	Petroleum Products	4.05%	4.04%	-0.01%
33	Shriram Finance Limited ₹23.55 Cr	Finance	1.75%	1.74%	-0.01%
34	Maruti Suzuki India Limited ₹22.77 Cr	Automobiles	1.69%	1.68%	-0.01%
35	Glenmark Pharmaceuticals Limited ₹12.67 Cr	Pharmaceuticals & Biotechnology	0.94%	0.93%	-0.01%

What Stocks Does This Fund Hold?

64 stocks — Jul 2026

#	Stock	Sector	Weight & Value
1	Reliance Industries Limited ₹54.78 Cr	Petroleum Products	4.04%
2	JSW Energy Limited ₹44.04 Cr	Power	3.25%
3	ICICI Bank Limited ₹43.06 Cr	Banks	3.17%
4	Grasim Industries Limited ₹41.86 Cr	Cement & Cement Products	3.09%
5	Bajaj Auto Limited ₹36.56 Cr	Automobiles	2.69%
6	IndusInd Bank Limited ₹36.39 Cr	Banks	2.68%
7	Axis Bank Limited ₹35.04 Cr	Banks	2.58%
8	Adani Enterprises Limited ₹33.10 Cr	Metals & Minerals Trading	2.44%
9	Indus Towers Limited ₹31.29 Cr	Telecom - Services	2.31%
10	Tech Mahindra Limited ₹30.83 Cr	IT - Software	2.27%
11	Infosys Limited ₹29.69 Cr	IT - Software	2.19%
12	Bajaj Finance Limited ₹29.29 Cr	Finance	2.16%
13	Adani Energy Solutions Limited ₹28.96 Cr	Power	2.13%
14	The Federal Bank Limited ₹27.99 Cr	Banks	2.06%
15	Ajanta Pharma Limited ₹27.91 Cr	Pharmaceuticals & Biotechnology	2.06%
16	Bandhan Bank Limited ₹27.27 Cr	Banks	2.01%
17	IDFC First Bank Limited ₹27.10 Cr	Banks	2.00%
18	Vodafone Idea Limited ₹24.98 Cr	Telecom - Services	1.84%
19	The Ramco Cements Limited ₹24.79 Cr	Cement & Cement Products	1.83%
20	Divi's Laboratories Limited ₹24.17 Cr	Pharmaceuticals & Biotechnology	1.78%
21	Shriram Finance Limited ₹23.55 Cr	Finance	1.74%
22	REC Limited ₹23.12 Cr	Finance	1.70%
23	Maruti Suzuki India Limited ₹22.77 Cr	Automobiles	1.68%
24	ITC Limited ₹22.48 Cr	Diversified FMCG	1.66%
25	NTPC Limited ₹21.65 Cr	Power	1.60%
26	Ambuja Cements Limited ₹21.61 Cr	Cement & Cement Products	1.59%
27	Anthem Biosciences Limited ₹21.04 Cr	Pharmaceuticals & Biotechnology	1.55%
28	CESC Limited ₹20.19 Cr	Power	1.49%
29	Kajaria Ceramics Limited ₹20.09 Cr	Consumer Durables	1.48%
30	Biocon Limited ₹19.69 Cr	Pharmaceuticals & Biotechnology	1.45%
31	Coal India Limited ₹18.60 Cr	Consumable Fuels	1.37%
32	Zydus Lifesciences Limited ₹18.45 Cr	Pharmaceuticals & Biotechnology	1.36%
33	CEAT Limited ₹17.92 Cr	Auto Components	1.32%
34	GAIL (India) Limited ₹17.33 Cr	Gas	1.28%
35	Deepak Fertilizers and Petrochemicals Corporation Limited ₹17.28 Cr	Chemicals & Petrochemicals	1.27%
36	Manappuram Finance Limited ₹16.73 Cr	Finance	1.23%
37	Asahi India Glass Limited ₹16.65 Cr	Auto Components	1.23%
38	Cochin Shipyard Limited ₹15.85 Cr	Industrial Manufacturing	1.17%
39	NMDC Limited ₹15.31 Cr	Minerals & Mining	1.13%
40	Kirloskar Brothers Limited ₹14.97 Cr	Industrial Products	1.10%
41	LAKSHMI MACHINE WORKS LTD ₹14.84 Cr	Industrial Manufacturing	1.09%
42	Ujjivan Small Finance Bank Limited ₹14.35 Cr	Banks	1.06%
43	Punjab National Bank ₹13.53 Cr	Banks	1.00%
44	Gokaldas Exports Limited ₹13.38 Cr	Textiles & Apparels	0.99%
45	Carborundum Universal Limited ₹13.36 Cr	Industrial Products	0.98%
46	Mphasis Limited ₹13.35 Cr	IT - Software	0.98%
47	Supreme Petrochem Ltd. ₹13.22 Cr	Chemicals & Petrochemicals	0.97%
48	Sagility Limited ₹13.11 Cr	IT - Services	0.97%
49	Dalmia Bharat Limited ₹12.60 Cr	Cement & Cement Products	0.93%
50	Aurobindo Pharma Limited ₹12.67 Cr	Pharmaceuticals & Biotechnology	0.93%
51	Glenmark Pharmaceuticals Limited ₹12.67 Cr	Pharmaceuticals & Biotechnology	0.93%
52	Mazagon Dock Shipbuilders Limited ₹11.91 Cr	Industrial Manufacturing	0.88%
53	S P Apparels Ltd ₹11.43 Cr	Textiles & Apparels	0.84%
54	Sarda Energy & Minerals Limited ₹11.37 Cr	Ferrous Metals	0.84%
55	K.P.R. Mill Limited ₹10.50 Cr	Textiles & Apparels	0.77%
56	Vedanta Aluminium Metal Limited ₹10.45 Cr	Metals & Minerals Trading	0.77%
57	HCL Technologies Limited ₹10.10 Cr	IT - Software	0.74%
58	Bank of Baroda ₹9.70 Cr	Banks	0.72%
59	NOCIL Limited ₹9.65 Cr	Chemicals & Petrochemicals	0.71%
60	Elecon Engineering Company Limited ₹9.22 Cr	Electrical Equipment	0.68%
61	Technocraft Industries (India) Limited ₹9.16 Cr	Industrial Products	0.68%
62	Tata Steel Limited ₹8.38 Cr	Ferrous Metals	0.62%
63	Tega Industries Limited ₹8.19 Cr	Industrial Manufacturing	0.60%
64	Garden Reach Shipbuilders & Engineers Limited ₹7.80 Cr	Aerospace & Defense	0.58%