Mahindra Manulife Banking & Financial Services Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mahindra Manulife Banking & Financial Services Fund Direct Growth Plan had a NAV of ₹10.6787 as of 15 Sep 2026 and an AUM of ₹477 Cr. Its 1-year, 3-year and 5-year returns are 7.5%, 0% and 0% respectively, and the scheme is tagged as High Risk. Our view is that this is a focused sector fund for investors who can handle sharp swings and who want exposure to banking and financial services rather than broad-market steadiness.
The recent return pattern is uneven, so the fund looks better suited to a patient investor who can accept short-term volatility and watch how a concentrated financials portfolio behaves through market cycles.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.6787 as of 15 Sep 2026 |
| AUM | ₹477 Cr |
| Expense Ratio | 0.55% |
| Launch Date | 18 Jul 2025 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | 0.50% on or before 3M, Nil after 3M |
| Fund Managers | Vishal Jajoo, Chetan Gindodia |
The fund is managed by Vishal Jajoo and Chetan Gindodia.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.31% | -4.81% |
| 3M | -0.79% | -3.63% |
| 1Y | 7.5% | -8.27% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The one-year picture is the strongest part of this fund’s record so far. It has delivered 7.5% over 1 year while the benchmark has been negative over the same stretch, which tells us the portfolio has held up much better than the broad index in the recent period.
The shorter windows are softer. The fund is still negative over 1 month and 3 months, but both declines are less severe than the benchmark’s drops. That suggests the fund has not escaped volatility, yet it has absorbed it somewhat better than the index in the latest stretch.
Longer-term interpretation remains limited because the fund was launched on 18 Jul 2025, so there is no 3-year or 5-year track record to judge. In our view, that matters because a young sector fund can look stable over one window and still behave very differently across a full cycle.
Overall, the pattern points to a fund that has done better than the benchmark in the recent comparison windows, but the absence of longer history means the 1-year number carries much more weight than a mature long-term record would.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Mahindra Manulife Banking & Financial Services?
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 Banking & Financial Services? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mahindra Manulife Banking & Financial Services Fund Direct Growth Plan | 7.5% | Data not available | Data not available |
| ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan | 69.8% | 36.32% | Data not available |
| Kotak Healthcare Fund Direct Growth Plan | 26.51% | Data not available | Data not available |
| Motilal Oswal Active Momentum Fund Direct Growth Plan | 25.46% | Data not available | Data not available |
| HDFC Pharma and Healthcare Fund Direct Growth Plan | 25.31% | Data not available | Data not available |
| PGIM India Healthcare Fund Direct Growth Plan | 23.52% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against the listed peers, the fund’s 1-year return is much lower than the strongest recent numbers in the group, and it also trails the other peer funds shown here on the same measure. That means the recent return profile looks modest beside the faster-moving sector and theme funds in the comparison set.
On longer horizons, the comparison is less complete because most peer rows do not carry 3-year or 5-year figures, and the current fund itself does not yet have those periods. The one peer with a 3-year figure is well ahead on that measure, but that comparison also reflects a very different strategy and history. So the short-term and longer-term peer read-through is not uniform: the recent numbers look subdued, while the available longer-horizon data is too sparse to make a broad conclusion.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 12.18% |
| HDFC Bank Limited | Bank | 7.61% |
| Axis Bank Limited | Bank | 7.41% |
| State Bank of India | Bank | 5.55% |
| Multi Commodity Exchange of India Limited | Finance | 5.29% |
| Shriram Finance Limited | Finance | 5.18% |
| Bajaj Finance Ltd | Finance | 4.66% |
| Aditya Birla Capital Limited | Finance | 3.8% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 3.65% |
| Ujjivan Small Finance Bank Limited | Bank | 3.58% |
The largest holding, ICICI Bank Limited, accounts for 12.18% of the portfolio, which is large enough to matter but not so large that it alone defines the fund. The next positions fall gradually, with HDFC Bank Limited and Axis Bank Limited both still meaningful, and the tenth holding is down to 3.58%, so the weight profile slopes lower rather than dropping off in one sharp step.
The top 10 holdings account for approximately 58.91% of the portfolio, and the disclosed holdings list contains 33 positions in total. That combination suggests a portfolio that is fairly concentrated in its leading names, while still leaving a longer tail of smaller positions to round out the exposure. For a sector fund, that structure may keep the fund sensitive to the banking and financial-services cycle even when the smaller holdings help diversify the overall mix.
To see all holdings, visit the Mahindra Manulife Banking & Financial Services Fund Direct Growth Plan page
Source data date: as of 15 Sep 2026
Who should invest
This fund suits investors who can tolerate High Risk and are comfortable with a sector-specific equity allocation. The return pattern suggests that the fund has recently done better than the benchmark, but it also has only a short history and limited longer-term evidence. Investors who want a steadier, broader market exposure may find the single-sector focus less suitable.
The better fit is a medium- to long-term horizon, where short-term swings can be absorbed and the financial-services theme has time to play out. The main trade-off is simple: you gain focused exposure to banks and financials, but you also accept higher sensitivity to that sector’s ups and downs.
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: 0.50% if units are sold on or before 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 Banking & Financial Services Fund Direct Growth Plan?
The current NAV is ₹10.6787 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 7.5%, while the 3-year and 5-year returns are not available because the fund does not yet have those histories.
How has the fund done versus the benchmark?
Over 1 year, the fund has returned 7.5% while the benchmark has returned -8.27%. Over 1 month and 3 months, the fund is also ahead of the benchmark, though both are negative.
How does it compare with the peer funds listed here?
Its recent 1-year return is lower than the peer figures shown here. The only peer with a 3-year figure is also ahead on that measure, but the comparison set is not uniform across all periods.
What is the minimum SIP?
The minimum SIP is ₹500.
What is the risk level, and who manages the fund?
The fund is tagged as High Risk. It is managed by Vishal Jajoo and Chetan Gindodia.
Bottom line
This fund’s recent return profile is better than the benchmark, but its record is still short, so the longer-term picture is not yet established. The peer comparison shows weaker recent returns than the other funds listed, while the portfolio itself is clearly anchored in banks and financial services. For investors who understand sector risk and want focused exposure rather than broad diversification, the fund can fit a patient, high-risk equity allocation.
Published on 16 September 2026 at 6:31 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.