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

Mahindra Manulife Liquid Fund Direct Growth Plan has a NAV of ₹1,850.6845 as of 10 Sep 2026 and an AUM of ₹1,392 Cr. Its 1-year, 3-year and 5-year returns are 6.56%, 7% and 6.39%, and it sits in the Medium Risk bucket.

Our view is that this is a short-duration cash-management style liquid fund with steady long-term compounding rather than sharp moves. The portfolio is built around short-term debt instruments and cash-like positions, which supports stability, while the return pattern has stayed close to its benchmark over the longer run.

Quick facts

Particular	Details
NAV	₹1,850.6845 as of 10 Sep 2026
AUM	₹1,392 Cr
Expense Ratio	0.15%
Launch Date	04 Jul 2016
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D
Fund Managers	Rahul Pal, Amit Garg

The fund is managed by Rahul Pal and Amit Garg.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.55%	-4.06%
3M	1.7%	1.37%
1Y	6.56%	-7.31%
3Y	7%	6.07%
5Y	6.39%	5.91%

The near-term pattern has been calmer than the benchmark. Over 1 month, the fund stayed marginally positive while the benchmark slipped, and over 3 months it also held a small edge. That kind of behaviour is consistent with a liquid fund whose role is to preserve value and deliver modest accrual rather than chase equity-like swings.

Over 1 year, the gap looks more meaningful: the fund’s 6.56% return came against a negative benchmark return of -7.31%. We read that as a reminder that the fund has behaved with far less volatility than a broad equity index, which is exactly what most short-horizon cash parking investors would want.

The longer trend is steadier still. The 3-year return of 7% and the 5-year return of 6.39% both sit close to the benchmark’s 3-year and 5-year figures of 6.07% and 5.91%. That suggests the fund has not been an outlier over time, but it has delivered a consistent accrual-style outcome. The time pattern also points to limited drawdown and a fairly even compounding path rather than large jumps.

Overall, our view is that this fund’s recent numbers reinforce the same message as the longer record: it is designed for stability first, with returns that can track a liquid-fund objective more than a market-timing opportunity.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Mahindra Manulife Liquid?

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 Liquid? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Liquid Fund Direct Growth Plan	6.56%	7%	6.39%
Axis Liquid Fund Direct Growth Plan	6.61%	7.02%	6.39%
Aditya Birla SL Liquid Fund Direct Growth Plan	6.61%	7.03%	6.41%
Sundaram Liquid Fund Direct Growth Plan	6.61%	7.02%	6.38%
JioBlackRock Liquid Fund Direct Growth Plan	6.6%	Data not available	Data not available
Edelweiss Liquid Fund Direct Growth Plan	6.58%	7.03%	6.38%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund is very close to the peer group on 1-year, 3-year and 5-year returns, with only small differences across the table. The main short-term impression is that the fund has tracked the better peer outcomes closely, but the longer-term comparison still shows a tight cluster rather than a wide gap.

On the available 3-year and 5-year figures, the fund is broadly in line with the peer set, with the 3-year number sitting just below the best available peer figure and the 5-year figure matching or trailing peers by only a few basis points. That tells us the return story is more about consistency than separation. The short-term and longer-term views therefore point in the same direction: this is a competitive liquid-fund outcome, but not one that stands far apart from its peers.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited 2026 ** #	Certificate of Deposit	10.01%
91 Days Tbill 2026	Treasury Bills	6.87%
NTPC Limited 2026 **	Commercial Paper	5.37%
REC Limited 2026 **	Commercial Paper	5.35%
Small Industries Dev Bank of India 2026 ** #	Certificate of Deposit	5.33%
Tata Realty & Infrastructure Limited 2026 **	Commercial Paper	5.32%
Reverse Repo	Cash & Cash Equivalents and Net Assets	3.71%
Export Import Bank of India 2026 **	Commercial Paper	3.58%
Godrej Properties Limited 2026 **	Commercial Paper	3.58%
Small Industries Dev Bank of India 2026 **	Commercial Paper	3.58%

The largest disclosed holding is HDFC Bank Limited 2026 ** # at 10.01%, which is meaningful for a liquid fund because a single position can still influence day-to-day stability if rates or liquidity conditions shift. The next few holdings remain in a similar short-term credit and treasury universe, which supports the fund’s conservative cash-management profile.

The drop from the first holding to the tenth is moderate rather than steep. The top 10 disclosed holdings together account for 52.7% of the portfolio, so the visible book is not dominated by one or two names alone, but it is also not spread evenly across many small positions. With 28 total holdings disclosed, the fund appears to rely on a longer tail of smaller exposures to complete the portfolio.

Our view is that this structure may reduce dependence on any single issuer while still leaving the largest positions likely to have greater influence on short-term return movement. The mix of certificates of deposit, treasury bills, commercial paper and reverse repo also suggests a portfolio built more for liquidity and accrual than for aggressive return seeking.

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

Source data date: as of 10 Sep 2026

Who should invest

This fund may suit conservative investors who want a liquid allocation with modest return expectations and limited day-to-day volatility. The 1-year, 3-year and 5-year pattern shows stable compounding rather than large swings, and the portfolio is built around short-dated debt and cash-like instruments.

It is more relevant for investors with a short to medium holding horizon who value capital stability and quick access over chasing higher upside. The main trade-off is straightforward: a steadier path and tighter movement profile usually means returns that stay close to the liquid-fund market rather than standing out dramatically from it.

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 on a sliding scale for the first six days: 0.007% on Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5 and 0.0045% on Day 6. There is no exit load on or after Day 7.

Source data date: as of 10 Sep 2026

Frequently asked questions

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

The current NAV is ₹1,850.6845 as of 10 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 6.56%, 7% and 6.39%.

How does the fund compare with its benchmark?

It has outpaced the benchmark over 1 year, 3 years and 5 years. The benchmark return is -7.31% over 1 year, 6.07% over 3 years and 5.91% over 5 years.

How does it compare with peer liquid funds on returns?

Its 1-year return of 6.56% is close to peer outcomes, while the 3-year and 5-year figures are also very near the peer group’s available numbers. The comparison points to a tight cluster of similar liquid-fund returns rather than a wide spread.

What is the minimum SIP amount?

The minimum SIP amount is not listed here, so we are not stating one.

Who manages the fund and what is the exit load?

The fund is managed by Rahul Pal and Amit Garg. Exit load applies from Day 1 to Day 6 on a sliding scale, and there is no exit load on or after Day 7.

Bottom line

Mahindra Manulife Liquid Fund Direct Growth Plan shows a steadier long-term pattern than its benchmark and a recent run that is still close to peer liquid-fund outcomes. The risk profile is Medium Risk, which fits a conservative cash-management use case rather than an aggressive return target. Its portfolio is anchored in short-term debt instruments, treasury bills and cash-like exposure, so the fund is built for stability and liquidity first. For investors who want that combination, the fund’s return profile is broadly consistent with the role it is trying to play.

Published on 11 September 2026 at 6:20 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.