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

Mahindra Manulife Consumption Fund Direct Growth Plan is an equity fund with a current NAV of ₹24.2923 as of 15 September 2026 and an AUM of ₹489 Cr. Its 1-year, 3-year and 5-year returns are -7.81%, 9.27% and 10.81%, and it carries a High Risk label. Our view is that the fund suits investors who can accept sharp shorter-term swings in exchange for exposure to domestic consumption themes, but the recent 1-year weakness means patience matters.

The scheme has a 0.63% expense ratio and was launched on 13 Nov 2018. The current portfolio leans toward autos, retail and consumer-facing businesses, so the outcome is likely to depend more on discretionary demand than on broad market steadiness.

Quick facts

Particular	Details
NAV	₹24.2923 as of 15 Sep 2026
AUM	₹489 Cr
Expense Ratio	0.63%
Launch Date	13 Nov 2018
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	Navin Matta

The fund is managed by Navin Matta.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.45%	-4.81%
3M	0.22%	-3.63%
1Y	-7.81%	-8.27%
3Y	9.27%	5.59%
5Y	10.81%	5.58%

Recent behaviour has been mixed. Over 1 month, the fund fell a little more than the benchmark, but the 3-month period recovered better and stayed in positive territory while the benchmark remained negative. That pattern points to a fund that can move around quickly, which is consistent with its High Risk profile.

The 1-year figure is still negative, but it is slightly better than the benchmark’s decline. That matters because it shows the fund has not merely participated in the weaker market tape; it has held up a bit better than the index over the same horizon.

The longer view is stronger. Both the 3-year and 5-year returns are ahead of the benchmark, and the gap is wide enough to matter for investors judging whether the strategy has added value over a full cycle. The 3-year path also suggests periods of strong recovery after earlier softness, rather than a smooth climb.

Our view is that the fund’s performance record is more convincing over multi-year holding periods than over the last 12 months. Investors who focus only on the most recent year may see weakness, while those who can look through short-term volatility may place more weight on the stronger 3-year and 5-year compounding profile.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mahindra Manulife Consumption?

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

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Consumption Fund Direct Growth Plan	-7.81%	9.27%	10.81%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.16%	37.12%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	27.47%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.05%	Data not available	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

On the latest 1-year reading, this fund trails the stronger peer return figures by a clear margin, even though it is slightly better than the benchmark. That tells us the recent period has not been especially strong versus specialist sector funds in the peer set, which posted much higher 1-year gains.

The longer-term comparison is more balanced. The fund’s 3-year return is positive and its 5-year return is also positive, while several peers in this set do not show longer-term data. Where 3-year and 5-year figures are available, this fund’s multi-year track record is steadier than its recent 1-year showing, so the comparison points to a strategy that has worked better across longer windows than in the most recent year.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mahindra & Mahindra Limited	Automobile & Ancillaries	7.07%
Eternal Limited	Retailing	6.85%
Bharti Airtel Limited	Telecom	6.41%
Titan Company Limited	Diamond & Jewellery	5.49%
Bajaj Auto Limited	Automobile & Ancillaries	4.24%
Trent Limited	Retailing	3.22%
Maruti Suzuki India Limited	Automobile & Ancillaries	3%
ITC Limited	FMCG	2.76%
TVS Motor Company Limited	Automobile & Ancillaries	2.52%
Hindustan Unilever Limited	FMCG	2.43%

The largest holding, Mahindra & Mahindra Limited, is 7.07%, which gives it a meaningful but not overwhelming starting weight. The gap from the first holding to the tenth holding is 4.64 percentage points, so the position sizes do step down gradually rather than collapsing after the top few names.

The top 10 holdings together account for approximately 43.99% of the portfolio, and the fund discloses 47 holdings in total. That combination suggests a portfolio that is fairly spread out beyond the largest positions, even though the top names still have enough weight to influence outcomes.

Because the holding list is led by autos, retail and consumer names, the fund may be more sensitive to shifts in discretionary spending than a broad diversified equity fund. The visible top positions also imply that moves in a handful of large names could matter, but the longer tail may soften the impact of any single stock over time.

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

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who can handle High Risk exposure and who are comfortable with a consumption-led equity style that may swing more than the market in the short run. The 1-year return is weak, but the 3-year and 5-year figures are clearly stronger and sit ahead of the benchmark, so a longer holding period matters more than a quick entry-and-exit view.

The main trade-off is straightforward: you are accepting volatility and periods of underperformance in exchange for the chance to benefit from a portfolio built around domestic spending themes. That makes the fund more appropriate for investors with a multi-year horizon who can stay patient through uneven stretches.

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 15 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Consumption Fund Direct Growth Plan?
The current NAV is ₹24.2923 as of 15 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is -7.81%, the 3-year return is 9.27% and the 5-year return is 10.81%.

How does the fund compare with its benchmark?
It is slightly better than the benchmark over 1 year, and it is ahead of the benchmark over 3 years and 5 years. That makes the longer-term record more supportive than the most recent year.

How does it compare with the peer funds listed here?
Its 1-year return is well below the strongest peer figures shown, but its 3-year and 5-year returns are positive and stronger than the benchmark. The peer set also includes several funds where longer-term data is not available.

What is the minimum SIP amount?
The fund allows SIP investing, and the minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
The fund is managed by Navin Matta. The exit load is 1% if units are sold within 3 months, and nil after 3 months.

Bottom line

Mahindra Manulife Consumption Fund Direct Growth Plan has a mixed near-term record but a better longer-term shape, with 3-year and 5-year returns that stand ahead of the benchmark. The High Risk label fits a portfolio that leans into autos, retail and other consumer-facing names, so short-term swings are part of the package. For investors who can stay invested through uneven periods and want consumption exposure within equity, the fund’s longer-cycle performance is the more relevant takeaway.

Published on 16 September 2026 at 8:55 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.