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 Information Technology, Oil Gas & Consumable Fuels and Automobile And Auto Components vs the Scheme’s Benchmark
  
  
• Key Underweight sectors /Industries include Financial Services, Capital Goods and Capital Goods vs the Scheme’s Benchmark
  
  

Turnover Ratio (Last 1 year)

0.74

Security	% to Net Assets
Reliance Industries Limited	5.05%
State Bank of India	4.33%
Infosys Limited	4.14%
Bajaj Auto Limited	3.28%
Indus Towers Limited	3.11%
ITC Limited	2.49%
Bajaj Finance Limited	2.45%
Divi's Laboratories Limited	2.22%
Hindustan Unilever Limited	2.20%
Tech Mahindra Limited	2.18%
Total	31.45%

Data as on November 30,2025

Sector	MMBCF*	Nifty 500 TRI
Financial Services	23.43%	31.72%
Information Technology	10.93%	8.08%
Automobile And Auto Components	10.12%	7.16%
Oil Gas & Consumable Fuels	8.74%	7.90%
Healthcare	7.80%	6.33%

*Mahindra Manulife Business Cycle Fund

Data as on November 30,2025

Fresh Additions	Complete Exits
Security	Security
Aurobindo Pharma Ltd	Hindustan Petroleum Corporation Ltd
ABB India Ltd	VIP Industries Ltd
Indian Oil Corporation Ltd	Afcons Infrastructure Ltd
Sagility Ltd	-
Biocon Ltd	-
-	-
-	-

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 November 30,2025

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: 2 years and 2 months (Managing since September 11, 2023)

Mr. Vishal Jajoo
Total Experience : 17 years
Experience in managing this fund: 7 months (Managing since May 02, 2025)

Mr. Renjith Sivaram
Total Experience : 14 years
Experience in managing this fund: 2 years and 2 months (Managing since September 11, 2023)

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 November 30,2025 (Rs. in Cr.): 1,290.32

Monthly AUM as on November 30,2025 (Rs. in Cr.): 1,298.95

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).
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.

^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.
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 6 schemes, Mr. Renjith Sivaram manages 4 schemes of Mahindra Manulife Mutual Fund and Mr. Vishal Jajoo manages 5 schemes of Mahindra Manulife Mutual Fund . The performance data for the schemes which have not completed one year has not been provided.
Note: As November 29 & 30, 2025 was a non-business days, the schemes returns disclosed are as on November 28, 2025, except for Mahindra Manulife Liquid Fund and Mahindra Manulife Overnight Fund which is as of November 30, 2025.
^¢Note: Pursuant to notice cum addendum no. 45/2025, Fund Manager of the scheme has been changed with effect from December 02, 2025.
^$Note: Pursuant to notice cum addendum no. 46/2025, Mr. Manish Lodha, Fund Manager – Equity and a Key Personnel of MMIMPL has resigned from the services of MMIMPL effective from December 02, 2025
Note: The performance data of Mahindra Manulife Value Fund has not been provided as the scheme has not completed 1 year since inception. The said Scheme is managed by Mr. Krishna Sanghavi & Mr. Vishal Jajoo. The performance data of Mahindra Manulife Banking & Financial Services Fund has not been provided as the scheme has not completed 1 year since inception. The said Scheme is managed by Mr. Vishal Jajoo & Mr. Chetan Sanjay Gindodia.