Mahindra Manulife Equity Savings Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 11, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mahindra Manulife Equity Savings Fund Direct Growth Plan is at a NAV of ₹25.7499 as of 10 September 2026, with scheme AUM of ₹530 Cr. Its 1-year, 3-year and 5-year returns are 7.05%, 9.37% and 8.93%, and the fund sits in the Medium Risk bucket. Our view is that this is a steadier hybrid option for investors who want a measured equity exposure without leaning entirely on market swings, although the recent run has been softer than the longer-term profile.
The fund’s returns have held up better over 3 and 5 years than its benchmark, but the 1-year stretch has been closer to a mid-pack outcome versus the better-performing peers in this set. The portfolio mix also shows a meaningful cash-and-short-term income cushion, which may help limit day-to-day swings, but it can also cap upside when equity markets are strong.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹25.7499 as of 10 Sep 2026 |
| AUM | ₹530 Cr |
| Expense Ratio | 0.71% |
| Launch Date | 01 Feb 2017 |
| Min SIP | ₹500 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Hybrid |
| Exit Load | Nil upto 10% of units and 1% for remaining units on or before 15D, Nil after 15D |
| Fund Managers | Renjith Sivaram, Navin Matta, Rahul Pal, Kush Sonigara |
The fund is managed by Renjith Sivaram, Navin Matta, Rahul Pal and Kush Sonigara.
Source data date: as of 10 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.10% | -4.06% |
| 3M | 3.86% | 1.37% |
| 1Y | 7.05% | -7.31% |
| 3Y | 9.37% | 6.07% |
| 5Y | 8.93% | 5.91% |
Short-term behaviour has been mixed, but the fund has still been more resilient than the benchmark in the latest 1-month window. The 3-month figure is a useful reminder that the path has not been smooth: the fund did better than the benchmark, yet the gap was not especially wide.
The larger picture is stronger. Over 1 year, the fund delivered a positive return while the benchmark was negative, which tells us the strategy was better insulated from the weak market phase captured in that period. The 3-year and 5-year numbers also stay ahead of the benchmark, which supports a pattern of better compounding than the index, even if not in a straight line.
We also see that the recent stretch has been less decisive than the medium-term record. The 1-year return is lower than the 3-year return, so the fund has not been accelerating lately; instead, it has been preserving a steady but moderate compounding profile. That is consistent with a hybrid portfolio that is built to balance participation and defence rather than to chase sharp upside.
Against the benchmark, the fund has been ahead across every period shown here. Our interpretation is that the portfolio construction has added value over full cycles, but the latest month and quarter suggest that the edge can narrow when markets are choppy or when the benchmark catches up on short bursts of strength.
Source data date: as of 10 Sep 2026
Should you BUY or HOLD Mahindra Manulife Equity Savings?
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 Equity Savings? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mahindra Manulife Equity Savings Fund Direct Growth Plan | 7.05% | 9.37% | 8.93% |
| Edelweiss Equity Savings Fund Direct Growth Plan | 8.49% | 11.44% | 9.76% |
| HSBC Equity Savings Fund Direct Growth Plan | 8.33% | 12.82% | 11.09% |
| WOC Equity Savings Fund Direct Growth Plan | 7.61% | Data not available | Data not available |
| Capitalmind Flexi Cap Fund Direct Growth Plan | 6.10% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On a recent-return basis, the fund trails Edelweiss Equity Savings Fund Direct Growth Plan and HSBC Equity Savings Fund Direct Growth Plan, both of which have stronger 1-year figures. It does, however, stay ahead of Capitalmind Flexi Cap Fund Direct Growth Plan on the 1-year measure and remains close to WOC Equity Savings Fund Direct Growth Plan.
The longer horizon picture is more nuanced. The fund’s 3-year and 5-year returns are lower than the two peers with full data, so the medium-term edge belongs elsewhere in this peer set. At the same time, the absence of 3-year and 5-year figures for some peers limits how much we can compare across the full group, so the short-term and longer-term signals do not tell exactly the same story.
What stands out is consistency rather than leadership on every visible line. The fund has maintained a respectable multi-year record, but peers with full three- and five-year histories have compounded faster over those horizons. That makes the fund look more like a steady hybrid contender than the strongest compounding story in this comparison.
Source data date: as of 10 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Net Receivables / (Payables) | Cash & Cash Equivalents and Net Assets | 31.48% |
| ICICI Bank Limited | Bank | 6.59% |
| Bajaj Finance Ltd | Finance | 5.17% |
| HDFC Bank Limited | Bank | 4.24% |
| Ambuja Cements Limited | Construction Materials | 3.92% |
| Reliance Industries Limited | Crude Oil | 3.85% |
| 7.4% Bharti Telecom Limited 2029 ** | Corporate Debt | 3.70% |
| Sun Pharmaceutical Industries Limited | Healthcare | 3.65% |
| 364 Days Tbill 2027 | Treasury Bills | 2.72% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 2.67% |
The top 10 holdings account for approximately 67.99% of the portfolio.
To see all holdings, visit the Mahindra Manulife Equity Savings Fund Direct Growth Plan page
The largest disclosed position is Net Receivables / (Payables) at 31.48%, which is unusually large for a single line item and gives this portfolio a substantial cash-and-net-asset cushion in the visible book. After that, the weights drop sharply into the mid-single digits, with the next holding at 6.59% and the tenth at 2.67%.
That gap tells us the visible allocation is not evenly spread. A small set of holdings is likely to have greater influence on near-term returns, while the rest of the book forms a longer tail of smaller positions. The mix of banks, financials, debt instruments, treasury bills and cash-like exposures may also help dampen volatility compared with a pure equity portfolio.
At the same time, the disclosed top 10 already make up about 67.99% of the portfolio, and there are 55 disclosed holding rows in total. That suggests the fund is not concentrated in just one or two securities, but it is still meaningfully shaped by a relatively compact leading cluster of holdings.
Source data date: as of 10 Sep 2026
Who should invest
This fund fits investors who are comfortable with a Medium Risk hybrid profile and want a balance between growth participation and some downside buffering. The return pattern suggests it can compound steadily over multi-year periods, but the most recent 1-year result is less convincing than the 3-year and 5-year figures, so the right horizon is more likely medium to long term rather than a quick exit.
The main trade-off is simple: you may accept lower upside than a pure equity fund in exchange for a more measured profile and better resilience than the benchmark in weak phases. The portfolio’s heavy cash-and-net-asset exposure, along with debt and treasury lines, supports that steadier character, but it can also limit how aggressively the fund participates when equity markets rise strongly.
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
Nil upto 10% of units and 1% for remaining units on or before 15 days. No exit load after the holding period.
Source data date: as of 10 Sep 2026
Frequently asked questions
What is the current NAV of Mahindra Manulife Equity Savings Fund Direct Growth Plan?
The current NAV is ₹25.7499 as of 10 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 7.05%, the 3-year return is 9.37% and the 5-year return is 8.93%.
How has it performed against the benchmark?
It has outperformed the Nifty 50 across the 1-month, 3-month, 1-year, 3-year and 5-year periods shown here. The gap is especially clear over 1 year, 3 years and 5 years.
How does it compare with peer funds on visible return data?
Its 1-year return is below Edelweiss Equity Savings Fund Direct Growth Plan and HSBC Equity Savings Fund Direct Growth Plan, but above Capitalmind Flexi Cap Fund Direct Growth Plan. On 3-year and 5-year figures, the peers with full histories have stronger returns.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
What is the risk category and who manages the fund?
The fund is in the Medium Risk category. It is managed by Renjith Sivaram, Navin Matta, Rahul Pal and Kush Sonigara.
Bottom line
Mahindra Manulife Equity Savings Fund Direct Growth Plan has a steadier multi-year record than its recent 1-year number alone suggests, and it has stayed ahead of the benchmark across the visible periods. In the peer set, the fund is more measured than the strongest longer-term compounding examples, especially on 3-year and 5-year returns. The portfolio is shaped by a large cash-and-net-asset line and a meaningful mix of debt and equity holdings, so it suits investors who want a balanced hybrid profile and can tolerate moderate risk over a longer horizon.
Published on 11 September 2026 at 6:43 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.