Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Plan is currently at ₹10.4796 as of 18 September 2026, with scheme assets of ₹12 Cr. Its 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available, respectively, and it sits in the Medium Risk bucket. Our view is that this is still a young hybrid fund, so the key question is less about long-term pedigree and more about whether its current portfolio construction and short-term stability suit a cautious investor.

The fund has a low-expense direct structure and a portfolio dominated by two underlying Mahindra Manulife debt-oriented and arbitrage-style exposures, which supports the stated lower-volatility profile. At this stage, the record is too short for a meaningful long-horizon return read, so the fund looks more suitable for investors who want a conservative, hybrid-style allocation than for those who need a proven multi-year track record.

Quick facts

Particular	Details
NAV	₹10.4796 as of 18 Sep 2026
AUM	₹12 Cr
Expense Ratio	0.0%
Launch Date	05 Dec 2025
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	No exit load
Fund Managers	Amit Garg, Rahul Pal, Mitul Doshi

The fund is managed by Amit Garg, Rahul Pal and Mitul Doshi.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.27%	-3.73%
3M	1.35%	-3.14%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term picture is steadier than the benchmark. Over 1 month and 3 months, the fund stayed positive while the Nifty 50 was negative, which points to a defensive return pattern rather than a market-linked one.

That said, the fund is very new, so there is no meaningful 1-year or longer trailing track record to judge how durable this behaviour is. For now, the important observation is that the portfolio has not been swinging around the benchmark; it has looked relatively stable in the very short run.

We also see that the recent 3-month path improved after a softer start, which is consistent with a low-volatility hybrid structure. The pattern fits a conservative product more than an equity-style return driver, but the short history means it should not be treated as a substitute for a proven long-term allocation.

In our view, the current performance read is useful mainly as a stability check. The fund has behaved better than the benchmark in the latest windows, but the absence of longer-period returns limits how far we can extend that conclusion.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Mahindra Manulife Income Plus Arbitrage Active FOF?

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 Income Plus Arbitrage Active FOF Direct Growth Plan	Data not available	Data not available	Data not available
Quant Arbitrage Fund Direct Growth Plan	7.6%	Data not available	Data not available
WOC Arbitrage Fund Direct Growth Plan	7.3%	Data not available	Data not available
Franklin India Arbitrage Fund Direct Growth Plan	7.27%	Data not available	Data not available
Motilal Oswal Arbitrage Fund Direct Growth Plan	7.25%	Data not available	Data not available
ITI Arbitrage Fund Direct Growth Plan	7.02%	7.45%	6.27%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the return numbers that are currently available, the fund has no year-long track record to compare against the peers in the table, while several peers already show visible 1-year outcomes. That makes the current fund look more like a fresh product with an untested longer record than a mature comparator.

The longer-period comparison also tilts the other way for the peers that do have history. ITI Arbitrage Fund shows 3-year and 5-year figures, while the current fund does not yet have comparable long-term numbers. So the short-term stability here is clear, but the longer-term comparison remains incomplete and does not yet support a strong conclusion beyond that.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Mahindra Manulife Short Term Fund – Direct Plan -Growth	Domestic Mutual Funds Units	49.01%
Mahindra Manulife Arbitrage Fund – Direct Plan -Growth	Domestic Mutual Funds Units	36.47%
Mahindra Manulife Dynamic Term Fund – Direct Plan -Growth	Domestic Mutual Funds Units	12.83%
Triparty Repo	Cash & Cash Equivalents and Net Assets	1.93%

The largest holding is Mahindra Manulife Short Term Fund – Direct Plan -Growth at 49.01%, so nearly half of the portfolio may be influenced by that single underlying fund. The next position, Mahindra Manulife Arbitrage Fund – Direct Plan -Growth, is also large at 36.47%, which means the portfolio starts with a very heavy two-holding core.

After the top two positions, the weights fall to 12.83% and then 1.93%, so the drop-off is steep. That shape suggests the fund is not spread across many medium-sized bets; instead, it is concentrated in a small set of underlying building blocks that may work together to keep day-to-day movement relatively contained.

All four disclosed holdings add up to 100%, and the number of disclosed line items is only four. That means the portfolio is fully visible and highly compact, with little evidence of a long tail in the disclosed exposure. For a cautious investor, that structure may feel easier to understand, but it also means the fund’s outcome is likely to be driven mainly by a few internal allocations rather than by broad diversification across many positions.

Source data date: as of 18 Sep 2026

Who should invest

This fund suits investors with a conservative to moderate risk tolerance who are comfortable with a hybrid structure and a Medium Risk label. The short-term return pattern has been steadier than the benchmark, but the fund is too new for a meaningful long-term performance story, so an investor should have a horizon that allows the strategy time to settle.

The main trade-off is that the portfolio may offer smoother behaviour than a pure equity-like exposure, but the current record does not yet show a long history of compounding. It is therefore better framed as a stability-oriented option for investors who value lower day-to-day swings over aggressive return potential.

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: No exit load.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Plan?
The current NAV is ₹10.4796 as of 18 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year, 3-year and 5-year returns are Data not available, Data not available and Data not available. The fund is too new for a longer trailing return history.

How has the fund performed versus the benchmark recently?
It has held up better than the Nifty 50 in the latest 1-month and 3-month windows, with positive fund returns while the benchmark was negative. That points to a steadier short-term profile.

How does it compare with peer funds on available return data?
Several peer funds show visible 1-year returns, while this fund does not yet have a year-long record. Among the peers listed, ITI Arbitrage Fund also has 3-year and 5-year figures, which this fund does not yet have.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

What is the fund’s portfolio and exit-load profile?
The portfolio is concentrated in four disclosed holdings, led by Mahindra Manulife Short Term Fund – Direct Plan -Growth at 49.01% and Mahindra Manulife Arbitrage Fund – Direct Plan -Growth at 36.47%. There is no exit load.

Bottom line

Mahindra Manulife Income Plus Arbitrage Active FOF Direct Growth Plan looks like a fresh, low-volatility hybrid fund whose recent behaviour has been steadier than the benchmark, but whose longer-term track record is not yet established. On the peer side, the current fund lacks the longer return history that several comparable funds already show. The portfolio is tightly concentrated in a few underlying holdings, which supports clarity and may help keep volatility contained, but it also means the strategy depends heavily on a small core of positions.

Published on 21 September 2026 at 10:03 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.