Mahindra Manulife Flexi Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mahindra Manulife Flexi Cap Fund Direct Growth Plan is valued at ₹16.9364 as of 16 Sep 2026 and manages ₹1,589 Cr. Its 1-year, 3-year and 5-year returns are -4.46%, 8.89% and 10.72%, and the scheme is tagged as High Risk. Our view is that this is a fund for investors who can stay patient through uneven stretches and are comfortable with a portfolio that can move across market segments.
The fund’s longer-term numbers are steadier than its 1-year result, and that matters more than any single point in time. The portfolio is led by financials, with several bank positions among the largest holdings, so the fund can reflect both stock selection and broader market moves in that space.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹16.9364 as of 16 Sep 2026 |
| AUM | ₹1,589 Cr |
| Expense Ratio | 0.43% |
| Launch Date | 23 Aug 2021 |
| 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 | Neelesh Dhamnaskar, Kirti Dalvi |
The fund is managed by Neelesh Dhamnaskar and Kirti Dalvi.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.06% | -4.41% |
| 3M | -1.19% | -3.6% |
| 1Y | -4.46% | -7.76% |
| 3Y | 8.89% | 5.74% |
| 5Y | 10.72% | 5.67% |
The recent pattern has been mixed, but not weak in relative terms. Over 1 month and 3 months, the fund declined, yet it still held up better than the benchmark over both periods. That tells us the fund absorbed the recent softness in the market with somewhat less damage than the index.
The 1-year picture is similar. A negative 1-year return is not ideal, but the benchmark fell further, which means the fund still protected capital better than the index over that stretch. For investors, that usually matters when the market is choppy and return expectations need to be tempered.
The longer-term picture is stronger. Both 3-year and 5-year returns are above the benchmark, and that gap suggests the fund has compounded better than the index across a fuller market cycle. The 3-year and 5-year paths also look more orderly than the 1-year line, so the recent drawdown does not fully define the fund’s record.
Our view is that the fund has shown better medium- and long-term resilience than the benchmark, even though the latest year has been negative. That mix is important: it points to a scheme that can participate over time, but may still experience short periods of pressure.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Mahindra Manulife Flexi Cap?
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 Flexi Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mahindra Manulife Flexi Cap Fund Direct Growth Plan | -4.46% | 8.89% | 10.72% |
| Bank of India Flexi Cap Fund Direct Growth Plan | 10.1% | 18.09% | 16.01% |
| ITI Flexi Cap Fund Direct Growth Plan | 9.54% | 17.61% | Data not available |
| Navi Flexi Cap Fund Direct Growth Plan | 7.9% | 10.18% | 10.89% |
| LIC MF Multi Cap Fund Direct Growth Plan | 7.11% | 17.04% | Data not available |
| Aditya Birla SL Flexi Cap Fund Direct Growth Plan | 5.94% | 13.33% | 10.98% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is below the listed peer figures, while its 3-year and 5-year returns are more in line with the stronger medium-term records in this set. That creates a split story: the latest year has been difficult, but the longer record is not out of step with the better peer outcomes.
Among the peers with available 5-year figures, the fund’s 10.72% sits close to the lower end of the range but still above the benchmark and one peer outcome. The main takeaway is that the fund has not been a short-term standout, yet its longer-horizon pattern remains constructive relative to the benchmark and several peers.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 8.46% |
| HDFC Bank Limited | Bank | 3.73% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 3.33% |
| Bajaj Finance Ltd | Finance | 3.25% |
| Bharti Airtel Limited | Telecom | 3.08% |
| Larsen & Toubro Limited | Infrastructure | 2.31% |
| Eternal Limited | Retailing | 2.13% |
| Axis Bank Limited | Bank | 2.08% |
| Kotak Mahindra Bank Ltd | Bank | 2.08% |
| Indusind Bank Limited | Bank | 1.93% |
The largest holding, ICICI Bank Limited, carries an 8.46% weight, which gives it a meaningful role in portfolio outcomes. The tenth holding still sits at 1.93%, so the fall-off from the top position to the edge of the displayed list is noticeable but not extreme.
The top 10 holdings together account for approximately 32.38% of the portfolio, which means the fund still has a fairly long tail beyond the biggest positions. With 72 disclosed holdings in total, the structure looks spread out enough to reduce reliance on any single stock, while still leaving the largest financial names likely to have greater influence on short-term behaviour.
That mix may help the fund balance stock-specific conviction with diversification. The heavy presence of banks in the largest positions suggests financials could remain an important driver, but the broader holding list shows that the scheme is not built around just a handful of names.
To see all holdings, visit the Mahindra Manulife Flexi Cap Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who can tolerate High Risk exposure and are comfortable with uneven near-term returns. The 1-year result is negative, but the 3-year and 5-year numbers are stronger and sit above the benchmark, so the fund is better viewed through a multi-year lens than as a short-term holding.
The portfolio also suggests a style that may lean on a set of large financial holdings while still retaining diversification across many names. That makes a longer investment horizon more relevant, because the trade-off is between accepting periods of volatility and allowing the fund’s longer-run compounding to matter.
For investors who want steadier short-term outcomes, the recent weakness may be difficult to ignore. For those who can stay invested through swings and want a flexi-cap approach with a diversified stock book, the fund is more plausible as a core equity allocation than a tactical one.
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 16 Sep 2026
Frequently asked questions
What is the current NAV of Mahindra Manulife Flexi Cap Fund Direct Growth Plan?
The current NAV is ₹16.9364 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are -4.46% for 1 year, 8.89% for 3 years and 10.72% for 5 years.
How has it performed versus the benchmark?
It has done better than Nifty 50 over 3 years and 5 years, and it also held up better than the benchmark over 1 month, 3 months and 1 year.
How does it compare with the listed peer funds?
Its 1-year return is lower than the peer figures shown, while its 3-year and 5-year returns are closer to the stronger medium-term outcomes in the list.
Who manages the fund?
Neelesh Dhamnaskar and Kirti Dalvi manage the fund.
What is the exit load and minimum SIP?
The exit load is 1% if units are sold within 3 months and nil after 3 months. The minimum SIP is ₹500.
Bottom line
Mahindra Manulife Flexi Cap Fund Direct Growth Plan has a mixed short-term record but a more encouraging longer-term profile. Its 1-year return is negative, yet its 3-year and 5-year returns are better than the benchmark, and the peer set shows that the fund has not lagged badly on a multi-year basis. The risk label is High Risk, and the portfolio’s banking tilt means a few large financial names can matter more than in a very broad market basket.
Our view is that this is more suitable for investors who can handle volatility and judge the fund over a full market cycle rather than a quarter or two.
Published on 17 September 2026 at 11:17 AM 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.