Mahindra Manulife Business Cycle Fund
Direct · GrowthAI Summary
The fund's SIP XIRR of 10.53% over 1Y and 8.16% over 3Y trails the category average SIP XIRR of 11.61% and 16.36% respectively, indicating underperformance versus thematic peers. Lump-sum performance appears stronger, with 3Y rolling returns averaging 16.74% annually, though calendar year results are uneven, ranging from 26.47% in 2024 to -6.8% in 2026. This divergence suggests lump-sum entry timing has mattered more than SIP discipline for this fund.
The maximum drawdown of -0.21% with a 157-day duration and 476-day recovery indicates the fund has experienced prolonged recovery periods even from shallow declines, with 2 drawdown events exceeding 10% historically. The Calmar ratio of 0.61 over 1Y improving to 0.76 over 3Y shows better risk-adjusted returns over longer horizons. However, the 2026 calendar year return of -6.8% confirms meaningful downside risk in adverse market phases.
No holdings or sector data was provided for this fund, so specific portfolio composition cannot be assessed. As a business cycle thematic fund, it typically rotates across sectors based on economic cycle positioning, which can lead to concentrated sector bets at any given time. Investors should review the current portfolio factsheet to evaluate sector concentration and diversification before investing.
The fund lags its thematic category on SIP XIRR across both measured horizons, with the 3Y gap of 8.20 percentage points (8.16% vs 16.36%) being particularly notable. The category averages of 16.68% to 17.5% over 7Y to 10Y horizons suggest peers have delivered strong long-term SIP outcomes that this fund has not matched in recent periods. Consistency is a concern given the wide swing between 2024's 26.47% gain and 2026's -6.8% loss.
This fund suits investors with a high risk tolerance and a horizon of at least 5-7 years who understand the cyclical, sector-rotation nature of business cycle strategies. It should be treated as a satellite allocation within a diversified portfolio rather than a core holding, given its underperformance versus category peers. Investors should be comfortable with calendar year volatility, including potential negative years like 2026's -6.8%.
- Low expense ratio of 0.55% for a thematic fund, keeping costs competitive
- 3Y rolling returns averaging 16.74% annually, showing strong lump-sum compounding over medium horizons
- Improving risk-adjusted returns over longer horizons, with the Calmar ratio rising from 0.61 (1Y) to 0.76 (3Y)
- Significant SIP XIRR underperformance versus category: 8.16% vs 16.36% over 3Y, a gap of 8.20 percentage points
- Extended recovery time from drawdowns (476 days) and a negative 2026 return of -6.8%, indicating weak recent momentum and recovery risk
Generated on 30-10-2026, 2:15 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.49 L | 11.7% | -24.5% | 75.7% |
| 3 Years | ₹36.00 L | ₹41.28 L | 8.6% | 1.4% | 12.9% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 11.7% | 11.6% |
| 3 Years | 8.6% | 16.3% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 12.9% | 8.3% | -9.2% | 64.3% | 0.39 | 1.43 | 86% | — | — |
| 3 Years | 16.3% | 16.2% | 14.9% | 18.1% | 10.74 | — | 100% | — | — |