Mahindra Manulife Focused Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mahindra Manulife Focused Fund Direct Growth Plan had a NAV of ₹28.5157 as of 15 Sep 2026, with scheme AUM of ₹2,108 Cr. Its 1-year, 3-year and 5-year returns are -1.41%, 11.98% and 13.02%, and the fund sits in the High Risk category.
Our view is that the fund has delivered a decent long-term record, but the recent return pattern is softer and needs a patient, risk-aware horizon. The portfolio is concentrated in a set of large financials, industrials and consumer-linked names, so it may suit investors who are comfortable with sharper swings than a broad market fund.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹28.5157 as of 15 Sep 2026 |
| AUM | ₹2,108 Cr |
| Expense Ratio | 0.4% |
| Launch Date | 17 Nov 2020 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 1% on or before 3M, Nil after 3M |
| Fund Managers | Krishna Sanghavi, Kirti Dalvi |
The fund is managed by Krishna Sanghavi and Kirti Dalvi.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.19% | -4.81% |
| 3M | -3.93% | -3.63% |
| 1Y | -1.41% | -8.27% |
| 3Y | 11.98% | 5.59% |
| 5Y | 13.02% | 5.58% |
The short-term picture has been weak, with both the fund and the benchmark under pressure over 1 month and 3 months. The fund still held up a little better than the benchmark over 1 month and 1 year, but it lagged the benchmark slightly over 3 months. That tells us the recent stretch has been volatile rather than steadily improving.
The longer view is stronger. Over 3 years and 5 years, the fund has stayed ahead of the benchmark by a meaningful margin, which suggests that the strategy has added value across a fuller market cycle. Even so, the gap between the short-term numbers and the longer-term numbers shows that the fund is not smooth; investors have had to tolerate periodic drawdowns before the recovery came through.
The 3-year and 5-year figures also point to a pattern that is more resilient than the benchmark, not merely a one-off rebound. Our reading is that this fund has worked better when held through cycles, while shorter holding periods may expose investors to more uneven outcomes.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mahindra Manulife Focused?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Mahindra Manulife Focused? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mahindra Manulife Focused Fund Direct Growth Plan | -1.41% | 11.98% | 13.02% |
| Motilal Oswal Focused Fund Direct Growth Plan | 22.84% | 13.21% | 10.13% |
| Old Bridge Focused Fund Direct Growth Plan | 14.09% | Data not available | Data not available |
| SBI Focused Fund Direct Growth Plan | 10.15% | 14.35% | 11.38% |
| Quant Focused Fund Direct Growth Plan | 8.34% | 12.17% | 13% |
| ITI Focused Fund Direct Growth Plan | 7.42% | 16.93% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year performance, the fund trails the stronger peer numbers in this group, especially Motilal Oswal Focused Fund Direct Growth Plan, but it is not far behind the mid-pack returns from SBI Focused Fund Direct Growth Plan or Quant Focused Fund Direct Growth Plan. The more interesting comparison is over longer periods: this fund’s 3-year and 5-year returns are steadier than several peers with available data, and they hold up well against the benchmark as well.
That mix tells a split story. The fund has not been the most forceful in the latest 12 months, yet its 3-year and 5-year figures indicate that its longer holding-period profile has been stronger than its recent stretch suggests. For investors comparing focused strategies, the fund looks more appealing on multi-year compounding than on near-term momentum.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 9.03% |
| Reliance Industries Limited | Crude Oil | 6.31% |
| State Bank of India | Bank | 5.22% |
| Larsen & Toubro Limited | Infrastructure | 5.11% |
| Grasim Industries Limited | Diversified | 4.88% |
| Axis Bank Limited | Bank | 4.69% |
| Bajaj Auto Limited | Automobile & Ancillaries | 4.6% |
| Bajaj Finance Ltd | Finance | 4.35% |
| Tech Mahindra Limited | IT | 3.59% |
| HDFC Bank Limited | Bank | 3.48% |
The largest holding, ICICI Bank Limited, is 9.03%, which is large enough to matter but not so large that one stock dominates the fund on its own. The tenth holding is still 3.48%, so the weight drop from first to tenth is moderate rather than abrupt. That pattern suggests a focused book, but not an extreme one-position story.
The top 10 holdings together account for approximately 51.26% of the portfolio, and the fund has 31 disclosed holdings in total. That combination points to a meaningful core of major positions with a longer tail beneath them. In practice, the listed holdings may have greater influence on returns than in a more widely diversified fund, while the rest of the portfolio could still help spread exposure across additional businesses.
The mix is led by banks, with additional exposure to infrastructure, energy, industrials, autos, finance and IT. Our reading is that this balance may support a focused equity style that can participate strongly when its leading sectors move well, but it could also move sharply when those areas fall out of favour.
To see all holdings, visit the Mahindra Manulife Focused Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund is better aligned with investors who can tolerate High Risk and are comfortable with uneven short-term outcomes. The 1-year return is negative, while the 3-year and 5-year numbers are positive and better than the benchmark, so the fund fits a patient horizon more than a short trading mindset.
It may suit investors who want focused equity exposure and can accept that the portfolio is led by a relatively small set of large holdings. The main trade-off is clear: you may get stronger multi-year compounding than the benchmark, but you also have to accept sharper swings and weaker stretches along the way.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load
1% if units are sold within 3 months; nil after 3 months.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Mahindra Manulife Focused Fund Direct Growth Plan?
Its NAV is ₹28.5157 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are -1.41% over 1 year, 11.98% over 3 years and 13.02% over 5 years.
How does it compare with the benchmark?
It has outperformed the Nifty 50 over 3 years and 5 years, while the 1-year figure is less negative than the benchmark’s. Over 3 months, it is slightly behind the benchmark.
How does it compare with peer focused funds?
Its 1-year return is lower than several peer funds in the comparison set, but its 3-year and 5-year figures remain competitive against peers with available long-term data.
What is the minimum SIP amount?
The fund allows SIPs, but this page does not show a minimum SIP amount.
Who manages the fund and what is the exit load?
The fund is managed by Krishna Sanghavi and Kirti Dalvi. The exit load is 1% if units are sold within 3 months, and nil after 3 months.
Bottom line
Mahindra Manulife Focused Fund Direct Growth Plan has a mixed recent record, but its 3-year and 5-year outcomes are stronger than its 1-year result and better than the benchmark. Peer comparison also shows a similar split: the latest year is softer, while the longer horizon remains respectable. The portfolio is focused, with ICICI Bank Limited as the largest holding and a sizeable share in the top positions, so the fund may reward investors who can stay invested through uneven periods and accept a High Risk profile for a multi-year equity approach.
Published on 16 September 2026 at 4:47 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.