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

Mahindra Manulife Innovation Opportunities Fund Direct Growth Plan has an NAV of ₹11.117 as of 18 Sep 2026 and scheme AUM of ₹262 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the fund is tagged High Risk.

Our view is that this is a new and still early-stage equity strategy, with a portfolio that leans into financials, healthcare, retailing and selected technology names. The current numbers point more to a fund in build-out mode than to one with a meaningful longer track record, so investors are mainly judging the strategy, the risk level and the portfolio mix rather than a proven compounding history.

Quick facts

Particular	Details
NAV	₹11.117 as of 18 Sep 2026
AUM	₹262 Cr
Expense Ratio	0.0%
Launch Date	30 Jan 2026
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	0.50% on or before 3M, Nil after 3M
Fund Managers	Kirti Dalvi, Renjith Sivaram

The fund is managed by Kirti Dalvi and Renjith Sivaram.

Source data date: as of 18 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.59%	-3.73%
3M	0.87%	-3.14%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Short-term performance has been mixed but not weak relative to the benchmark. Over 1 month, the fund declined less than the Nifty 50, which indicates some relative cushion in a falling market. Over 3 months, it moved into positive territory while the benchmark stayed negative, so recent behaviour has been better than the index even though the move is still modest.

The daily pattern over the last 1 month and 3 months looks choppy rather than smooth. There are short phases of improvement followed by pullbacks, which is common in a young equity portfolio that is still forming its market character. That kind of path can suit investors who are comfortable with uneven near-term marks in exchange for the possibility of a clearer process later.

Longer-horizon figures are not yet available, so our reading of this fund rests mainly on the recent trend and the portfolio mix rather than established long-run compounding. At this stage, the key question is less about a proven track record and more about whether the strategy can keep outperforming a broad market benchmark once the portfolio matures.

Against the benchmark, the fund has started with a slightly better short-term pattern. The important caveat is that the gap comes from a very short history, so it should not be treated as evidence of durable outperformance. For now, the fund is showing a more resilient near-term shape than the index, but the longer record needed for a firmer judgement is not there yet.

Source data date: as of 18 Sep 2026

Should you BUY or HOLD Mahindra Manulife Innovation Opportunities?

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 Innovation Opportunities Fund Direct Growth Plan	Data not available	Data not available	Data not available
WOC Consumption Opportunities Fund Direct Growth Plan	Data not available	Data not available	Data not available

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

There is not yet a long peer history to compare against on 1-year, 3-year or 5-year figures, so the peer table mostly shows how early this category view still is for the fund. That means the current fund’s recent behaviour can be checked against another innovation-oriented strategy, but there is no meaningful longer-term separation visible from the available figures.

In that setting, the short-term fund-versus-peer comparison is more useful than any longer-horizon conclusion. The current fund has shown a better recent shape than the benchmark, while the peer row also lacks a usable return history, so the main takeaway is that both strategies remain too early in their lifecycle for a deep relative read on sustained compounding.

Source data date: as of 18 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Triparty Repo	Cash & Cash Equivalents and Net Assets	5%
Eternal Limited	Retailing	3.79%
Bajaj Finance Ltd	Finance	2.94%
ICICI Bank Limited	Bank	2.81%
Aditya Birla Capital Limited	Finance	2.74%
Torrent Pharmaceuticals Limited	Healthcare	2.65%
One 97 Communications Limited	IT	2.64%
Acutaas Chemicals Limited	Healthcare	2.44%
Karur Vysya Bank Limited	Bank	2.43%
Aster DM Quality Care Limited	Healthcare	2.42%

The top 10 holdings account for approximately 29.86% of the portfolio.

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

The largest position, Triparty Repo at 5%, is not large in absolute terms, which suggests the fund is still holding a meaningful cash-and-equivalent buffer alongside equities. The next few positions sit in the 2.4% to 3.8% range, so the weight drop from first to tenth is fairly gradual rather than sharply concentrated in one or two names.

That profile may give the portfolio a more balanced feel across the disclosed leaders, with no single stock dominating the visible book. At the same time, the combination of only 29.86% in the top 10 and 52 disclosed holdings indicates a broad tail of smaller positions, so the overall portfolio could still be driven by a longer list of ideas rather than just the headline names.

Because the portfolio is spread across retailing, finance, bank, healthcare and IT, it may behave like a multi-theme innovation basket rather than a single-sector bet. The mix suggests multiple stock-specific drivers, but the limited history means the exact contribution of each sleeve will take time to become clear.

Source data date: as of 18 Sep 2026

Who should invest

This fund fits investors who can accept High Risk volatility and who are comfortable with an early-stage equity strategy that has not yet built a long return record. The short-term numbers are better than the benchmark, but the absence of 1-year, 3-year and 5-year history means the evidence base is still thin.

It is better suited to a longer horizon, because a new portfolio needs time for its process and stock selection to show up in performance. The main trade-off is straightforward: you get exposure to a diversified set of idea-driven holdings, but you also accept limited track record visibility and the possibility that early behaviour may change as the portfolio evolves.

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: 0.50% if units are sold within 3 months; nil after 3 months.

Source data date: as of 18 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Innovation Opportunities Fund Direct Growth Plan?

The current NAV is ₹11.117 as of 18 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year, 3-year and 5-year returns are all Data not available in the available history, so there is no usable longer-term performance record yet.

How does the fund compare with the Nifty 50 benchmark?

It has been slightly better in the very short term. Over 1 month, it fell less than the Nifty 50, and over 3 months it was positive while the benchmark was negative.

How does it compare with peer funds on available return data?

There is no usable 1-year, 3-year or 5-year peer history in the available comparison set. That makes the present check more about early behaviour than about a settled peer gap.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

What risk level and portfolio style does the fund have?

The fund is tagged High Risk. Its portfolio currently spans cash equivalents, retailing, finance, banking, healthcare and IT, with the top 10 holdings accounting for approximately 29.86% of the portfolio.

Bottom line

This is an early-stage equity fund whose short-term pattern is better than the benchmark, but whose longer-term return record is still not available. Relative to the peer set shown here, there is also no meaningful long-horizon separation yet, so the current read depends more on the portfolio than on a completed performance history. The risk label is High Risk, and the disclosed holdings are spread across several sectors, with the top 10 making up 29.86% of the portfolio.

Published on 21 September 2026 at 10:07 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.