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

Mahindra Manulife Manufacturing Fund Direct Growth Plan is priced at ₹11.2365 as of 10 Sep 2026, with scheme AUM of ₹684 Cr. Its 1-year, 3-year and 5-year returns are 12.23%, Data not available and Data not available, and the fund is in the High Risk category.

Our view is that this is a focused thematic equity fund that has shown a positive 1-year result, but the longer return record is still too short to judge across full market cycles. The portfolio is concentrated in a handful of large positions, so returns can move differently from the benchmark and from broader diversified equity funds.

Quick facts

Particular	Details
NAV	₹11.2365 as of 10 Sep 2026
AUM	₹684 Cr
Expense Ratio	0.72%
Launch Date	24 Jun 2024
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	Renjith Sivaram, Navin Matta

The fund is managed by Renjith Sivaram and Navin Matta.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.53%	-4.06%
3M	10.1%	1.37%
1Y	12.23%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is better than the benchmark over the shorter windows. The fund was positive over 1 month, 3 months and 1 year, while the benchmark was negative over 1 month and 1 year and only mildly positive over 3 months. That tells us the strategy has held up well in the most recent stretch.

The 1-year return of 12.23% is the clearest usable longer-period figure here, and it suggests the fund has added value versus the benchmark’s -7.31% over the same horizon. That gap is meaningful because it shows the fund did not simply ride a broad market move; it outpaced a weak benchmark backdrop.

The shorter series also looks choppy rather than smooth. The fund’s 3-month path recovered after some early softness and then improved steadily, while the benchmark stayed more uneven and ended lower over the same recent stretch. For investors, that means the fund may respond differently from the broader market, but the available record is still too brief to treat this as a long-cycle pattern.

There is no usable 3-year or 5-year return figure yet, so our view is that the fund should be judged mainly on its newer performance and on whether an investor is comfortable with a thematic manufacturing focus rather than on long-term compounding history.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Mahindra Manulife Manufacturing?

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 Manufacturing Fund Direct Growth Plan	12.23%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	73.94%	37.12%	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	29.94%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	29.26%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	28.3%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.13%	Data not available	Data not available

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

On the 1-year number, this fund trails the strongest peer figures in the table by a wide margin, even though it has still delivered a positive return. That makes the recent showing respectable, but not as strong as the more sector-focused peers listed here.

The longer comparison is less complete because only one peer has a usable 3-year figure, and that fund is ahead on the available data. Since this fund does not yet have usable 3-year or 5-year returns, the peer picture is more about age and style than a full return contest. Short-term comparison therefore looks weaker than the leading peer numbers, while the longer-term comparison remains incomplete.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Divi'S Laboratories Limited	Healthcare	5.23%
Mahindra & Mahindra Limited	Automobile & Ancillaries	4.65%
SPR Auto Technologies Ltd	Automobile & Ancillaries	4.36%
Sun Pharmaceutical Industries Limited	Healthcare	4.06%
Triparty Repo	Cash & Cash Equivalents and Net Assets	3.83%
Reliance Industries Limited	Crude Oil	3.75%
Hindalco Industries Limited	Non – Ferrous Metals	3.52%
Tata Steel Limited	Iron & Steel	3.41%
Bajaj Auto Limited	Automobile & Ancillaries	3.07%
Bharat Electronics Limited	Capital Goods	2.8%

The top 10 holdings account for approximately 38.68% of the portfolio.

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

The largest holding, Divi'S Laboratories Limited, stands at 5.23%, which is large enough to matter but not so dominant that a single position controls the entire fund. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 5.23% to 2.8%, so the top book is fairly balanced within its concentrated structure.

At the same time, the displayed holdings already account for 38.68% of the portfolio, and the fund has 53 disclosed holdings in total. That combination suggests a meaningful core in the top positions, but also a longer tail beyond the listed names. In our view, this structure may make the fund more responsive to a limited set of manufacturing-linked themes while still leaving room for diversification across many smaller positions.

Because the holdings list includes sectors such as healthcare, automobiles, metals, crude oil and capital goods, the fund does not look tied to just one business line. Even so, the top names could still have greater influence on short-term movement than a more evenly spread equity fund.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk exposure and can stay invested for a longer period. The 1-year result is positive, but the lack of usable 3-year and 5-year return history means the track record is still developing, so patience matters.

It is most relevant for someone who wants a manufacturing-oriented equity allocation and is willing to accept the possibility of stronger swings than a broad market fund. The main trade-off is between thematic upside and consistency: the fund has recently done better than the benchmark, yet that advantage is not backed by a long performance history. Investors who need steadier, benchmark-like behaviour may find that trade-off less appealing.

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 10 Sep 2026

Frequently asked questions

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

The current NAV is ₹11.2365 as of 10 Sep 2026.

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

The fund’s 1-year return is 12.23%, while the 3-year and 5-year returns are Data not available.

How has the fund performed against Nifty 50?

It has done better than Nifty 50 over the available recent periods. The fund is positive over 1 month, 3 months and 1 year, while the benchmark is negative over 1 month and 1 year.

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

Its 1-year return is lower than the stronger peer figures listed here, and only one peer has a usable 3-year return in the comparison set. The longer comparison is still incomplete because this fund does not yet have usable 3-year or 5-year return history.

What is the minimum SIP amount?

The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?

The fund is managed by Renjith Sivaram and Navin Matta. The exit load is 0.50% if units are sold within 3 months and nil after 3 months.

Bottom line

Mahindra Manulife Manufacturing Fund Direct Growth Plan has a positive recent record and has stayed ahead of its benchmark in the available short windows, but the longer return history is still too short to judge the full cycle. Compared with the peer set shown here, its 1-year return is modest, while the longer comparison is incomplete. The fund carries High Risk and holds a concentrated set of manufacturing-linked positions, so it is better suited to investors who can tolerate volatility and want thematic exposure rather than broad-market steadiness.

Published on 11 September 2026 at 2:06 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.