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ICICI Prudential Healthcare Fund - Direct Plan - Cumulative Option vs Mahindra Manulife Business Cycle Fund - Direct Plan - Growth
ICICI Prudential Healthcare Fund and Mahindra Manulife Business Cycle Fund are both in the Thematic Fund category, from ICICI Prudential Asset Management Company Limited and Mahindra Manulife Investment Management Pvt Ltd respectively. ICICI Prudential Healthcare 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 0.39 percentage points.
| ICICI Prudential Healthcare Fund - Direct Plan - Cumulative Option | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| Category | Thematic Fund | Thematic Fund |
| AMC | ICICI Prudential Asset Management Company Limited | Mahindra Manulife Investment Management Pvt Ltd |
| Benchmark | BSE Healthcare TRI | Nifty 500 TRI |
| NAV | ₹45.75 (2026-10-28) | ₹15.062 (2026-10-28) |
| AUM | ₹6,758.61 Cr | ₹1,231.8 Cr |
| Expense Ratio (Direct) | 1.32% | 0.93% |
| Inception | 2018-06-25 | 2023-08-21 |
Returns
ICICI Prudential Healthcare Fund leads on 3-year rolling CAGR (25.1% vs Mahindra Manulife Business Cycle Fund's 16.4%) - see the FAQ below for percentile context within each fund's own category.
Risk Metrics
Mahindra Manulife Business Cycle Fund has been the more volatile of the two by standard deviation.
| ICICI Prudential Healthcare Fund - Direct Plan - Cumulative Option | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| 3Y Sharpe Ratio | 0.84 | 0.42 |
| 3Y Alpha | 0.6878% | 5.306% |
| 3Y Std Deviation | 14.1662% | 15.5624% |
| 3Y Calmar Ratio | 1.17 | 0.63 |
Portfolio Analytics
ICICI Prudential Healthcare 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.
| ICICI Prudential Healthcare Fund - Direct Plan - Cumulative Option | Mahindra Manulife Business Cycle Fund - Direct Plan - Growth | |
|---|---|---|
| P/E Ratio | 39.9579 | 20.3584 |
| P/B Ratio | 25.1407 | 4.5144 |
| Dividend Yield | 0.5936% | 1.0169% |
| Active Share | 56.31% | 77.78% |
| Portfolio Turnover | - | 96% |
| YTM | - | - |
| Duration (Macaulay) | - | - |
Punji Fund Health Score
ICICI Prudential Healthcare Fund and Mahindra Manulife Business Cycle Fund carry the same Punji Quality grade.
Frequently asked questions
Which has a higher 3-year return, ICICI Prudential Healthcare Fund or Mahindra Manulife Business Cycle Fund?
ICICI Prudential Healthcare Fund's 3-year rolling CAGR of 25.1% is higher than Mahindra Manulife Business Cycle Fund's 16.4%. ICICI Prudential Healthcare Fund sits in the 94th 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, ICICI Prudential Healthcare Fund or Mahindra Manulife Business Cycle Fund?
Mahindra Manulife Business Cycle Fund's direct-plan expense ratio is 0.39 percentage points lower than ICICI Prudential Healthcare 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, ICICI Prudential Healthcare Fund or Mahindra Manulife Business Cycle Fund?
By standard deviation (a measure of how much a fund's returns swing around its own average), Mahindra Manulife Business Cycle Fund has been more volatile than ICICI Prudential Healthcare 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 (0.84 for ICICI Prudential Healthcare 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, ICICI Prudential Healthcare Fund or Mahindra Manulife Business Cycle Fund?
ICICI Prudential Healthcare Fund has ₹6,759 Cr in assets under management, versus ₹1,232 Cr for Mahindra Manulife Business Cycle 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, ICICI Prudential Healthcare Fund or Mahindra Manulife Business Cycle Fund?
ICICI Prudential Healthcare Fund launched on 2018-06-25, 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.