Business Cycle fund aims to identify and invest in select sectors based on the market and economic dynamics.
	Skilled fund managers can strategically rotate the portfolio`s sectoral allocation to capture outperformance during specific phases of the business cycle.
	The Funds are designed to be flexible and adaptive to changing economic & market conditions.
	Investing in a business cycle fund allows investors to participate in the growth potential of different sectors and industries as the economy progresses through different phases of the cycle.

• Key Overweight sectors/Industries include Oil & Gas, Metals & Mining and FMCG vs the Scheme’s Benchmark
  
  
• Key Underweight sectors /Industries include Automobile and Auto Components, Consumer Services and Banks vs the Scheme’s Benchmark.
  
  

Security	% to Net Assets
HDFC Bank Limited	6.71%
Reliance Industries Limited	4.36%
Infosys Limited	3.78%
IndusInd Bank Limited	3.20%
Hindustan Unilever Limited	2.86%
State Bank of India	2.76%
Indus Towers Limited	2.64%
ITC Limited	2.59%
NTPC Limited	2.30%
Jio Financial Services Limited	2.19%
Total	33.39%

Data as on September 30, 2024

Sector	MMBCF*	Nifty 500 TRI
Financial Services	21.82%	27.94%
Oil Gas & Consumable Fuels	14.88%	8.27%
Information Technology	9.39%	9.49%
Fast Moving Consumer Goods	9.23%	7.30%
Metals & Mining	7.50%	3.48%

*MMBCF= Mahindra Manulife Business Cycle Fund

Data as on September 30, 2024

Fresh Additions	Complete Exits
Security	Security
Bandhan Bank Limited	Firstsource Solutions Limited
Punjab National Bank	Granules India Limited
Restaurant Brands Asia Limited	Hero MotoCorp Limited
	L&T Finance Limited

Note: The companies/stock(s) referred above are only for the purpose of disclosure of significant portfolio changes during the month and should not be construed as recommendation to buy/sell/ hold. The fund manager may or may not choose to hold these companies/stocks, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s). Data as on September 30, 2024

Investment Objective:
The Scheme shall seek to generate long term capital appreciation by investing predominantly in equity and equity related securities with a focus on identifying and investing in business cycles through dynamic allocation between various sectors and stocks at different stages of business cycles in the economy. However, there is no assurance that the objective of the Scheme will be realized.

Fund Manager:

Mr. Krishna Sanghavi
Total Experience : 27 years
Experience in managing this fund: 1 Year (Managing since September 11, 2023)

Mr. Renjith Sivaram
Total Experience : 13 years
Experience in managing this fund: 1 Year (Managing since September 11, 2023)

Mr. Pranav Patel^$
Total Experience : 9 years
Experience in managing this fund: 9 months (Managing since January 05, 2024)

Date of allotment: September 11, 2023

Benchmark: NIFTY 500 TRI

Option: IDCW (IDCW Option will have IDCW Reinvestment (D) & IDCW Payout facility) and Growth (D)
D-Default

Minimum Application Amount: Rs. 1000 and in multiples of Rs. 1 thereafter

Minimum Additional Purchase Amount: Rs. 1,000/- and in multiples of Re. 1/- thereafter

Minimum Repurchase Amount: Rs. 1,000/- or 100 units or account balance, whichever is lower

Minimum Weekly & Monthly SIP Amount: Rs 500 and in multiples of Rs 1/- thereafter

Minimum Weekly & Monthly SIP installments: 6

Minimum Quarterly SIP Amount: Rs 1,500 and in multiples of Rs 1/- thereafter

Minimum Quarterly SIP installments: 4

Monthly AAUM as on September 30, 2024 (Rs. in Cr.): 1,169.16

Quarterly AAUM as on September 30, 2024 (Rs. In Cr.): 1,101.14

Monthly AUM as on September 30, 2024 (Rs. in Cr.): 1,199.71

Entry Load: Not applicable

Exit Load: • An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment;
• Nil if Units are redeemed / switched-out after 3 months from the date of allotment.
Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO).

^$Dedicated Fund Manager for Overseas Investments.
IDCW: Income Distribution cum Capital Withdrawal

^Benchmark ^^Additional Benchmark. Inception/Allotment date: 11-Sep-23.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 10 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period. Mr. Pranav Patel is managing this fund since January 05, 2024. Simple annualized returns have been provided as per the extant guidelines since the scheme has completed 6 months but not 1 year.

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 11-Sep-23. Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Returns greater than 1 year period are compounded annualized. For SIP returns, monthly investment of equal amounts invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return).

^Benchmark CAGR – Compounded Annual Growth Rate. ^$Dedicated Fund Manager for Overseas Investments.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Krishna Sanghavi manages 2 schemes, Mr. Renjith Sivaram manages 4 schemes and Mr. Pranav Patel manages 5 schemes of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.
Performance as on September 30, 2024