Mahindra Manulife Aggressive Hybrid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mahindra Manulife Aggressive Hybrid Fund Direct Growth Plan currently has an NAV of ₹29.4677 as of 15 Sep 2026 and a scheme AUM of ₹2,790 Cr. Its 1-year, 3-year and 5-year returns are -3.93%, 10.5% and 11.12% respectively, and the scheme is tagged as High Risk. Our view is that this is a hybrid fund that has rewarded patient holding over longer periods, but the recent year has been uneven, so it fits better with investors who can accept volatility in exchange for a multi-year growth-led allocation.

The fund also carries a relatively modest expense ratio of 0.46% and is benchmarked against Nifty 50. The combination of negative 1-year performance, positive 3-year and 5-year returns, and a portfolio led by banks and large-cap names suggests a strategy that can participate in equity upside but may still swing sharply when markets are unsettled.

Quick facts

Particular	Details
NAV	₹29.4677 as of 15 Sep 2026
AUM	₹2,790 Cr
Expense Ratio	0.46%
Launch Date	19 Jul 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	Nil upto 10% of units and 1% for remaining units on or before 3M, Nil after 3M
Fund Managers	Kirti Dalvi, Vishal Jajoo, Rahul Pal, Amit Garg

The fund is managed by Kirti Dalvi, Vishal Jajoo, Rahul Pal and Amit Garg.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.41%	-4.81%
3M	-1.48%	-3.63%
1Y	-3.93%	-8.27%
3Y	10.5%	5.59%
5Y	11.12%	5.58%

The recent pattern is softer than the multi-year story. Over 1 month and 3 months, the fund has stayed negative, but it has still held up better than the benchmark over both windows, which tells us the weakness is broad-market related rather than a fund-specific collapse.

The bigger picture is more constructive. The 3-year and 5-year returns are comfortably ahead of the benchmark, which means the strategy has created meaningful excess return over a longer holding period. That matters in a hybrid fund because investors usually use it to smooth equity exposure rather than chase short bursts of upside.

The time pattern also suggests a fund that can recover after difficult stretches. The 1-year outcome is still negative, so the recent cycle has not been smooth, but the longer record shows that the fund has been able to compound through earlier ups and downs. Our read is that investors should place more weight on the 3-year and 5-year trend than on the last few months alone, while still respecting that the path has not been linear.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mahindra Manulife Aggressive Hybrid?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Aggressive Hybrid Fund Direct Growth Plan	-3.93%	10.5%	11.12%
Bank of India Aggressive Hybrid Fund Direct Growth Plan	15.81%	16.83%	14.98%
HSBC Multi Asset Active FOF Direct Growth Plan	14.68%	15.12%	12.3%
Quant Aggressive Hybrid Fund Direct Growth Plan	10.09%	12.36%	12.93%
HSBC Aggressive Hybrid Active FOF Direct Growth Plan	8.26%	12.26%	10.96%
Navi Aggressive Hybrid Fund Direct Growth Plan	7.88%	11.25%	10.98%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the latest 1-year figure, the fund trails the strongest peer returns by a wide margin and is also below the peer set that has stayed comfortably positive over the same period. That makes the near-term picture weak relative to the listed comparators.

The longer-term view is mixed. The fund’s 3-year and 5-year returns are solid, but several peers have posted higher numbers across the same windows, so the relative story is less convincing than the absolute one. In practical terms, the short-term comparison points to a difficult year, while the longer-term comparison shows that the fund has still compounded, even if not as strongly as the better-performing peers shown here.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	5.29%
HDFC Bank Limited	Bank	3.98%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.38%
Reliance Industries Limited	Crude Oil	2.5%
Bharti Airtel Limited	Telecom	2.2%
Bajaj Finserv Limited	Finance	2.09%
Kotak Mahindra Bank Ltd	Bank	1.87%
Axis Bank Limited	Bank	1.81%
ICICI Securities Limited 2026 **	Commercial Paper	1.79%
Kei Industries Limited	Electricals	1.77%

The top 10 holdings account for approximately 26.68% of the portfolio.

To see all holdings, visit the Mahindra Manulife Aggressive Hybrid Fund Direct Growth Plan page

The largest position is ICICI Bank Limited at 5.29%, which is a meaningful but not outsized single-stock weight for a hybrid strategy. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 5.29% to 1.77%, so the visible book looks spread across several large names instead of being dominated by one position.

That spread matters because the disclosed top holdings cover only 26.68% of the portfolio, while the rest sits across a much longer list of 78 holdings. In our view, that points to a portfolio where the visible leaders may influence returns, but the broader set of positions could also shape outcomes. The presence of banks, telecom, finance, cash equivalents and industrial names suggests diversification across sectors, although we should still treat the strategy as equity-sensitive given the High Risk label.

Source data date: as of 15 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate High Risk and who plan to stay invested for multiple years. The 1-year decline shows that the path can be uncomfortable, but the 3-year and 5-year figures show that longer holding periods have been more rewarding than short windows.

The main trade-off is that you accept near-term volatility in exchange for the possibility of steadier multi-year compounding than the benchmark has delivered. The portfolio’s mix of large banks, a cash holding and diversified blue-chip positions may help temper concentration, but it does not remove equity-market swings. Our view is that the fund fits investors who want hybrid-style participation and can remain patient through uneven patches.

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 up to 10% of units and 1% for remaining units if sold within 3 months. No exit load after the holding period.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Aggressive Hybrid Fund Direct Growth Plan?

The current NAV is ₹29.4677 as of 15 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?

Its 1-year return is -3.93%, its 3-year return is 10.5% and its 5-year return is 11.12%. The recent year has been weak, but the longer periods are positive.

How does the fund compare with Nifty 50?

The fund has done better than Nifty 50 over 3 years and 5 years, with returns of 10.5% versus 5.59% and 11.12% versus 5.58%. Over 1 year, the fund’s -3.93% is still better than the benchmark’s -8.27%.

How does it compare with the peer funds listed here?

Its latest 1-year return is weaker than the peer funds shown here, while its 3-year and 5-year returns are positive but below several of the listed peer results. The short-term and longer-term comparisons do not tell the same story.

What is the minimum SIP amount?

There is no minimum SIP row to note here from the visible fund facts, so we do not list a SIP amount.

Who manages the fund and what is the exit load?

The fund is managed by Kirti Dalvi, Vishal Jajoo, Rahul Pal and Amit Garg. The exit load is nil up to 10% of units and 1% for remaining units if sold within 3 months, and there is no exit load after the holding period.

Bottom line

Mahindra Manulife Aggressive Hybrid Fund Direct Growth Plan shows a clear split between a weak recent year and a more constructive multi-year record. It has held up better than the benchmark over the longer windows, but several peers in the comparison set have delivered stronger returns across the same periods. The portfolio is led by large banks and other sizable names, which may help diversify stock-specific risk, but the fund still sits in the High Risk bucket and can move unevenly. It suits investors who can wait through volatility for a longer compounding cycle.

Published on 16 September 2026 at 1:15 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.