Mahindra Manulife Small Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 18, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Mahindra Manulife Small Cap Fund Direct Growth Plan had a NAV of ₹23.667 as of 17 Sep 2026 and scheme AUM of ₹5,467 Cr. Its 1-year, 3-year and 5-year returns are 14.41%, 19.54% and 0%, and the scheme is tagged High Risk.
Our view is that the fund has shown reasonable medium-term compounding, but the recent one-year outcome has been less decisive than its three-year record. The portfolio is built around a focused set of small-cap ideas, so it may suit investors who can accept sharp swings in exchange for a growth-oriented mandate.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹23.667 as of 17 Sep 2026 |
| AUM | ₹5,467 Cr |
| Expense Ratio | 0.43% |
| Launch Date | 12 Dec 2022 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty Small Cap |
| Fund Category | Equity |
| Exit Load | 1% on or before 3M, Nil after 3M |
| Fund Managers | Vishal Jajoo, Neelesh Dhamnaskar, Krishna Sanghavi |
The fund is managed by Vishal Jajoo, Neelesh Dhamnaskar and Krishna Sanghavi.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.40% | -1.84% |
| 3M | 7.15% | 2.25% |
| 1Y | 14.41% | 4.94% |
| 3Y | 19.54% | 13.77% |
| 5Y | Data not available | Data not available |
The recent path has been mixed but constructive. Over one month, the fund stayed in positive territory while the benchmark slipped, which points to better short-term resilience. Over three months and one year, the fund stayed ahead of the benchmark, so the recent return profile is still stronger than the index even though the gains have not been linear.
The three-year number matters more here because the scheme has not yet built a full five-year history. At 19.54% over three years, the fund has compounded faster than the benchmark’s 13.77%, which supports the case for a still-active small-cap process rather than a passive market hug. That said, the recent 1-year return of 14.41% is below the stronger short-term figures seen in the peer set, so the fund has been competitive rather than standout in the latest stretch.
The daily path over the past year also suggests some volatility, with a notable dip and recovery pattern before the recent improvement. For investors, that means the fund can reward patience, but the ride is unlikely to be smooth. The benchmark comparison is useful here: the fund has generally stayed ahead, yet the margin has varied, which is typical of a concentrated small-cap strategy.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Mahindra Manulife Small 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 Small Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Mahindra Manulife Small Cap Fund Direct Growth Plan | 14.41% | 19.54% | Data not available |
| TRUSTMF Small Cap Fund Direct Growth Plan | 27.33% | Data not available | Data not available |
| Bank of India Small Cap Fund Direct Growth Plan | 24.01% | 20.78% | 19.46% |
| Motilal Oswal Small Cap Fund Direct Growth Plan | 19.70% | Data not available | Data not available |
| Union Small Cap Fund Direct Growth Plan | 18.13% | 16.46% | 16.71% |
| ITI Small Cap Fund Direct Growth Plan | 17.75% | 23.78% | 18.52% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On recent returns, the fund trails the strongest one-year figures in the peer set, especially the 27.33% and 24.01% numbers shown by two peers. Its 1-year return is still ahead of some peers and above the benchmark, but the comparison suggests the latest stretch has been more moderate than the best-performing funds.
The longer-term picture is steadier. The fund’s 3-year return of 19.54% is above the benchmark and sits near the middle of the available peer set, where some peers show higher three-year numbers and others are lower or unavailable. The short-term and medium-term stories are therefore not identical: recent momentum is decent, while the three-year profile looks more established.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Multi Commodity Exchange of India Limited | Finance | 5.75% |
| Neuland Laboratories Limited | Healthcare | 4.35% |
| Divi’S Laboratories Limited | Healthcare | 3.71% |
| Jindal Saw Ltd | Iron & Steel | 3.48% |
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 3.48% |
| Garware Hi-Tech Films Limited | Plastic Products | 2.91% |
| Oil India Limited | Crude Oil | 2.57% |
| Voltamp Transformers Limited | Capital Goods | 2.51% |
| Arvind Limited | Textile | 2.39% |
| Usha Martin Limited | Iron & Steel | 2.05% |
The largest holding, Multi Commodity Exchange of India Limited, carries a 5.75% weight, which is meaningful but not dominant on its own. The drop from the first holding to the tenth is fairly gradual, moving from 5.75% to 2.05%, so the named positions are spread across several ideas rather than being packed into one or two outsized bets.
The top 10 holdings together account for approximately 33.2% of the portfolio, which leaves a substantial tail across the rest of the disclosed holdings. With 67 holdings in total, the fund may have influence concentrated in its leading names, but the broader spread suggests it is not a narrowly built portfolio.
That balance matters for a small-cap strategy. The portfolio can still be sensitive to stock-specific moves, yet the weight structure implies some diversification across sectors such as finance, healthcare, iron & steel, capital goods and textiles. In our view, that may soften single-name dependence without removing the inherent volatility of the segment.
To see all holdings, visit the Mahindra Manulife Small Cap Fund Direct Growth Plan page
Source data date: as of 17 Sep 2026
Who should invest
This fund is better suited to investors who are comfortable with High Risk exposure and can stay invested for a longer horizon. The three-year return is stronger than the benchmark, but the one-year pattern shows that the path can still be uneven, which is typical for small-cap investing.
Our view is that the fund can fit investors who want a growth-oriented small-cap allocation and can tolerate periods when returns lag stronger peers in the short run. The main trade-off is between the possibility of stronger compounding over time and the likelihood of sharp interim swings.
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 applies at 1% if units are sold on or before 3 months. There is no exit load after the holding period.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Mahindra Manulife Small Cap Fund Direct Growth Plan?
The current NAV is ₹23.667 as of 17 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 14.41% and its 3-year return is 19.54%. The 5-year return is not available because the scheme does not yet have a full five-year track record.
How has the fund performed against the benchmark?
It has stayed ahead of Nifty Small Cap across the available 1-month, 3-month, 1-year and 3-year periods. The margin has varied, but the fund has generally outpaced the benchmark.
How does it compare with peer small-cap funds on recent returns?
Its 1-year return is lower than some peers such as TRUSTMF Small Cap Fund Direct Growth Plan and Bank of India Small Cap Fund Direct Growth Plan. Even so, the fund remains ahead of the benchmark and has a reasonable three-year showing.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund and what is the exit load?
The fund is managed by Vishal Jajoo, Neelesh Dhamnaskar and Krishna Sanghavi. The exit load is 1% if units are sold on or before 3 months, and nil after that.
Bottom line
The fund’s shorter-term performance has been steady but not exceptional, while the three-year record is more convincing relative to the benchmark. In the peer set, the latest one-year return sits below some stronger recent performers, yet the longer-term picture remains competitive. The portfolio also looks moderately concentrated, with the top holdings carrying meaningful weights but not overwhelming the full book. In our view, this is a High Risk small-cap fund that may suit patient investors seeking a diversified growth-oriented allocation.
Published on 18 September 2026 at 8:41 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.