Mahindra Manulife Business Cycle Fund vs Motilal Oswal Business Cycle Fund
Mahindra Manulife Business Cycle Fund and Motilal Oswal Business Cycle Fund are both Business Cycle Funds. As of 6 Nov 2026 (Direct plan, Growth option): 3-year CAGR +17.52% vs —, 5-year CAGR — vs —, volatility 16.90% vs 21.15%, maximum drawdown −21.44% vs −25.29%. Their portfolios overlap by 7.2% (4 stocks held by both).
Showing the Direct plan, Growth option. Portfolio, sector and market-cap figures are the same for every plan and option of a fund.
Key facts
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Motilal Oswal Mutual Fund |
| Compared as | Business Cycle Funds | Business Cycle Funds |
| NAV | ₹16.0686 | ₹12.4501 |
| NAV date | 6 Nov 2026 | 6 Nov 2026 |
| Launched (first NAV) | 13 Sep 2023 | 2 Sep 2024 |
| Track record | 3.1 yrs | 2.2 yrs |
| Fund size (AUM) | ₹1,310 Cr | ₹1,449 Cr |
| Securities held | 68 | 34 |
| Portfolio as of | 30 Sep 2026 | 30 Sep 2026 |
| Fund page | Full record → | Full record → |
Returns
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| 1 month | +2.56% | +0.76% |
| 3 months | −4.23% | −1.10% |
| 6 months | −1.45% | +8.79% |
| 1 year | +3.04% | −4.10% |
| 3 years (CAGR) | +17.52% | — |
| 5 years (CAGR) | — | — |
| 7 years (CAGR) | — | — |
| 10 years (CAGR) | — | — |
| Since launch (CAGR) | +16.18% | +8.02% |
| SIP return (XIRR, 5 years) ⓘ | — | — |
Up to one year: absolute return. Beyond one year: CAGR. Computed from each fund's own NAV history (AMFI), measured to the latest NAV.
Calendar-year returns
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| 2026 (year to date) | +0.30% | −0.14% |
| 2025 | +8.38% | −3.70% |
| 2024 | +28.11% | — |
Risk
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Volatility (annualised) ⓘ | 16.90% | 21.15% |
| Downside volatility ⓘ | 10.82% | 14.95% |
| Sharpe ratio ⓘ | 0.65 | 0.07 |
| Sortino ratio ⓘ | 1.02 | 0.10 |
| Maximum drawdown ⓘ | −21.44% | −25.29% |
| Recovery from that fall | 16 months | — |
| Current fall from peak | −4.56% | −6.45% |
| Rolling 1-year return: worst | −9.15% | −13.82% |
| Rolling 1-year return: median | +8.23% | −1.07% |
| Rolling 1-year return: best | +64.33% | +22.12% |
| Share of 1-year periods with a loss | 14.69% | 55.33% |
Against each fund's benchmark
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Beta ⓘ | 1.04 | 0.90 |
| Alpha (Jensen's, annualised) ⓘ | +4.95% | +5.55% |
| R² ⓘ | 91.08 | 47.39 |
| Upside capture | 120.61% | 124.12% |
| Downside capture | 101.68% | 91.10% |
| Tracking error | 5.12% | 15.49% |
| Information ratio | 1.07 | 0.36 |
| Treynor ratio | 8.85 | -5.47 |
Portfolio
Asset mix
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Equity | 96.77% | 98.13% |
| Cash & equivalents | 3.18% | 1.87% |
Market-cap split (share of fund assets)
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Large Cap | 43.11% | 30.93% |
| Mid Cap | 22.37% | 32.84% |
| Small Cap | 31.29% | 31.55% |
| Unclassified | 0.00% | 2.81% |
Concentration
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Top 10 holdings | 27.93% | 38.72% |
| Effective number of stocks ⓘ | 57.5 | 31.7 |
| Securities held | 68 | 34 |
Portfolio overlap: 7.2%
4 companies are held by both funds; by weight, 7.2% of the two portfolios is the same. That is a low overlap: the two portfolios are largely different.
| Held by both | Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle |
|---|---|---|
| IndusInd Bank Limited | 2.51% | 3.29% |
| IDFC First Bank Limited | 2.02% | 2.21% |
| Shriram Finance Limited | 1.37% | 2.60% |
| Biocon Ltd. | 1.33% | 2.68% |
Top 10 holdings
Mahindra Manulife Business Cycle
- Reliance Industries Limited3.85%
- Grasim Industries Limited3.20%
- ICICI Bank Limited3.07%
- JSW Energy Limited3.04%
- Axis Bank Limited2.71%
- Bandhan Bank Limited2.52%
- IndusInd Bank Limited2.51%
- Adani Enterprises Limited2.47%
- Indus Towers Limited2.31%
- Bajaj Auto Limited2.25%
Motilal Oswal Business Cycle
- Eternal Limited5.65%
- Coforge Limited4.65%
- RBL Bank Limited4.37%
- Kalyan Jewellers India Limited4.09%
- One 97 Communications Limited3.46%
- Max Healthcare Institute Limited3.40%
- Urban Company Ltd.3.35%
- IndusInd Bank Limited3.29%
- Prestige Estates Projects Limited3.24%
- Apollo Hospitals Enterprise Limited3.22%
Sector exposure
| Mahindra Manulife Business Cycle | Motilal Oswal Business Cycle | |
|---|---|---|
| Banks | 15.64% | 9.87% |
| Auto Components | 2.70% | 9.99% |
| Pharmaceuticals & Biotechnology | 9.46% | 2.68% |
| Finance | 5.45% | 9.18% |
| Retailing | 0.00% | 9.10% |
| Industrial Products | 8.71% | 0.00% |
| Electrical Equipment | 0.79% | 8.44% |
| IT - Software | 3.15% | 7.82% |
| Power | 7.45% | 0.00% |
| Cement & Cement Products | 7.33% | 0.00% |
| Healthcare Services | 0.00% | 6.62% |
| Capital Markets | 0.00% | 5.99% |
| Commercial Services & Supplies | 0.23% | 5.10% |
| Consumer Durables | 1.60% | 4.90% |
Questions people ask
What is the difference between Mahindra Manulife Business Cycle and Motilal Oswal Business Cycle returns?
As of 6 Nov 2026, Direct plan Growth option: 1-year return +3.04% vs −4.10%; 3-year CAGR +17.52% vs —; 5-year CAGR — vs —; 10-year CAGR — vs —. Past returns do not indicate future returns.
How do Mahindra Manulife Business Cycle and Motilal Oswal Business Cycle compare on risk?
Volatility (36 monthly returns, annualised) 16.90% vs 21.15%; Sharpe ratio 0.65 vs 0.07; Sortino ratio 1.02 vs 0.10; maximum drawdown −21.44% vs −25.29%; beta 1.04 vs 0.90.
How much do Mahindra Manulife Business Cycle and Motilal Oswal Business Cycle overlap?
By weight, 7.2% of the two portfolios is invested in the same companies; 4 stocks are held by both, the largest shared positions being IndusInd Bank Limited, IDFC First Bank Limited, Shriram Finance Limited. Based on the portfolios disclosed for Sep 2026 and Sep 2026.
What is the large, mid and small cap split of Mahindra Manulife Business Cycle and Motilal Oswal Business Cycle?
Mahindra Manulife Business Cycle: large cap 43.1%, mid cap 22.4%, small cap 31.3%. Motilal Oswal Business Cycle: large cap 30.9%, mid cap 32.8%, small cap 31.6% (share of the fund's assets, from its latest disclosed portfolio).
Is this a recommendation to choose one of these funds?
No. This page places the published figures of both funds side by side. It does not rank, rate or recommend either fund; which one suits an investor depends on their goals, horizon and risk tolerance.
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Sources: NAV from AMFI; returns, risk and ratios computed by MF Analyser from each fund's NAV history (risk on 36 monthly returns, risk-free rate 6.5%); benchmark ratios against each fund's benchmark total-return index; portfolios from each fund house's monthly disclosure. Returns and ratios as of 6 Nov 2026. IDCW options show no return or risk figures because payouts reduce the NAV and AMFI's file carries no payout history to add back. This page compares published figures only — it does not rank, rate or recommend either fund. Past performance does not indicate future returns; mutual fund investments are subject to market risks.