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HSBC Business Cycles Fund - Direct Growth vs Mahindra Manulife Business Cycle Fund - Direct Plan - Growth
HSBC Business Cycles Fund and Mahindra Manulife Business Cycle Fund are both in the Thematic Fund category, from HSBC Asset Management (India) Private Ltd. and Mahindra Manulife Investment Management Pvt Ltd respectively. HSBC Business Cycles Fund has posted a higher 3-year rolling CAGR. Mahindra Manulife Business Cycle Fund has the lower expense ratio. See the full table and FAQ below for the complete real-data comparison.
Basics
Mahindra Manulife Business Cycle Fund has the lower direct-plan expense ratio, by 0.19 percentage points.
| HSBC Business Cycles Fund - Direct Growth | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| Category | Thematic Fund | Thematic Fund |
| AMC | HSBC Asset Management (India) Private Ltd. | Mahindra Manulife Investment Management Pvt Ltd |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| NAV | ₹45.6502 (2026-10-28) | ₹15.062 (2026-10-28) |
| AUM | ₹1,230.468 Cr | ₹1,231.8 Cr |
| Expense Ratio (Direct) | 1.12% | 0.93% |
| Inception | 2014-07-30 | 2023-08-21 |
Returns
HSBC Business Cycles Fund leads on 3-year rolling CAGR (18.7% vs Mahindra Manulife Business Cycle Fund's 16.4%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
HSBC Business Cycles Fund has been the more volatile of the two by standard deviation.
| HSBC Business Cycles Fund - Direct Growth | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| 3Y Sharpe Ratio | 0.30 | 0.42 |
| 3Y Alpha | 4.1508% | 5.306% |
| 3Y Std Deviation | 18.5866% | 15.5624% |
| 3Y Calmar Ratio | 0.54 | 0.63 |
Portfolio Analytics
HSBC Business Cycles Fund carries the higher portfolio P/E ratio (a rougher proxy for how richly the underlying holdings are valued) - see the table below for the full comparison.
| HSBC Business Cycles Fund - Direct Growth | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| P/E Ratio | 31.8975 | 20.3584 |
| P/B Ratio | 15.3738 | 4.5144 |
| Dividend Yield | 0.5368% | 1.0169% |
| Active Share | 72.24% | 77.78% |
| Portfolio Turnover | 31% | 96% |
| YTM | - | - |
| Duration (Macaulay) | - | - |
Punji Fund Health Score
HSBC Business Cycles Fund and Mahindra Manulife Business Cycle Fund carry the same Punji Quality grade.
Frequently asked questions
Which has a higher 3-year return, HSBC Business Cycles Fund or Mahindra Manulife Business Cycle Fund?
HSBC Business Cycles Fund's 3-year rolling CAGR of 18.7% is higher than Mahindra Manulife Business Cycle Fund's 16.4%. HSBC Business Cycles Fund sits in the 68th percentile of its category on this metric, versus the 42nd percentile for Mahindra Manulife Business Cycle Fund - though note both funds may belong to different categories with different medians, so a raw CAGR comparison doesn't account for how each fund performed relative to its own peers. A higher historical return also doesn't necessarily mean lower risk; check the risk metrics below before concluding either fund is the "better" choice.
Which has a lower expense ratio, HSBC Business Cycles Fund or Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund's direct-plan expense ratio is 0.19 percentage points lower than HSBC Business Cycles Fund's. Over long holding periods, a persistent expense-ratio gap compounds into a materially different final corpus even if the two funds' gross returns are similar - it's one of the few fund attributes you can compare with total certainty upfront, unlike future returns, since the fee is contractually fixed rather than a historical estimate.
Which fund carries more risk, HSBC Business Cycles Fund or Mahindra Manulife Business Cycle Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), HSBC Business Cycles Fund has been more volatile than Mahindra Manulife Business Cycle Fund over the trailing window. Standard deviation captures total volatility in both directions - up and down - so a higher figure means bigger swings generally, not necessarily bigger losses specifically. Sharpe ratio (0.30 for HSBC Business Cycles Fund vs 0.42 for Mahindra Manulife Business Cycle Fund) is a better single measure of risk-adjusted return, since it weighs the return earned per unit of volatility taken rather than volatility alone.
Which has higher AUM, HSBC Business Cycles Fund or Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund has ₹1,232 Cr in assets under management, versus ₹1,230 Cr for HSBC Business Cycles Fund. A larger AUM generally means deeper liquidity and lower per-unit fixed costs for the AMC to spread across investors, but an AUM that's very large relative to a fund's category and strategy (especially in small/mid cap categories, where the investable universe is smaller) can also make it harder for a manager to enter and exit positions without moving the price - bigger isn't automatically better, especially for less liquid categories.
Which fund has a longer track record, HSBC Business Cycles Fund or Mahindra Manulife Business Cycle Fund?
HSBC Business Cycles Fund launched on 2014-07-30, making it older than Mahindra Manulife Business Cycle Fund (launched 2023-08-21). A longer track record means more real market cycles (bull runs, corrections, rate cycles) the fund has actually navigated, which is useful context for judging consistency - but it isn't a guarantee of future performance, and a newer fund isn't automatically worse, especially if it's run by an experienced manager or team with a track record at a prior fund.
Data as of 2026-10-29. Source: AMFI disclosures via Punji. Not investment advice.