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.

	Blend of top-down Business Cycle/Sector identification and bottom-up stock selection approach.
	Portfolio Allocation: Quality companies preferred during the favourable business cycle.
	Concentrated sectoral position based on the stages of Business Cycle.
	Investments across market capitalization.

Security	% to Net Assets
Infosys Limited	4.48%
Reliance Industries Limited	3.68%
Indus Towers Limited	3.33%
State Bank of India	2.95%
Hindustan Unilever Limited	2.87%
HDFC Bank Limited	2.73%
ITC Limited	2.72%
Oil & Natural Gas Corporation Limited	2.50%
Divi's Laboratories Limited	2.36%
Grasim Industries Limited	2.28%
Total	29.90%

Data as on July 31, 2024

Sector	MMBCF*	Nifty 500 TRI
Oil Gas & Consumable Fuels	15.00%	8.77%
Financial Services	12.93%	27.58%
Information Technology	11.58%	9.57%
Healthcare	9.37%	5.67%
Fast Moving Consumer Goods	8.93%	7.16%

*MMBCF= Mahindra Manulife Business Cycle Fund

Data as on July 31, 2024

Fresh Additions	Complete Exits
Security	Security
Balrampur Chini Mills Limited	Bank of India
Bharat Petroleum Corporation Limited	Cipla Limited
D.B.Corp Limited	ICICI Bank Limited
Emcure Pharmaceuticals Limited	Oil India Limited
Hindustan Petroleum Corporation Limited	Union Bank of India
NOCIL Limited	Vinati Organics Limited
Oil & Natural Gas Corporation Limited
Technocraft Industries (India) 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 July 31, 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: 10 months (Managing since September 11, 2023)

Mr. Renjith Sivaram
Total Experience : 13 years
Experience in managing this fund: 10 months (Managing since September 11, 2023)

Mr. Pranav Patel^$
Total Experience : 9 years
Experience in managing this fund: 7 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 July 31, 2024 (Rs. in Cr.): 1,038.94

Monthly AUM as on July 31, 2024 (Rs. in Cr.): 1,094.53

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).

*Also referred as NSE 500 TRI, as per the list of benchmark indices (1st tier benchmarks) published by AMFI.
^$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 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 3 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 July 31, 2024