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

Mahindra Manulife Mid Cap Fund Direct Growth Plan has a NAV of ₹40.8093 as of 17 September 2026 and a scheme AUM of ₹5,406 Cr. Its 1-year, 3-year and 5-year returns are 6.84%, 16.78% and 17.10% respectively, and the fund carries a High Risk tag. Our view is that this is a mid-cap option for investors who can tolerate sharp swings in the short run in exchange for a stronger longer-term growth profile.

The fund has lagged its benchmark over 1 year, but its 3-year and 5-year numbers are ahead of the index. That mix suggests a fund that has not been smooth in the near term, yet still has enough long-run compounding to remain relevant for investors with patience and a willingness to stay invested through volatility.

Quick facts

Particular	Details
NAV	₹40.8093 as of 17 Sep 2026
AUM	₹5,406 Cr
Expense Ratio	0.46%
Launch Date	30 Jan 2018
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Kirti Dalvi, Neelesh Dhamnaskar, Krishna Sanghavi

The fund is managed by Kirti Dalvi, Neelesh Dhamnaskar, and Krishna Sanghavi.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-4.66%	-3.41%
3M	-2.47%	-1.42%
1Y	6.84%	4.86%
3Y	16.78%	14.23%
5Y	17.10%	14.71%

The recent picture is softer than the longer-term one. The fund was negative over both 1 month and 3 months, and it fell a little more than the benchmark in those windows. That tells us the portfolio has still been exposed to the usual mid-cap volatility rather than offering much downside shelter in the latest stretch.

Over 1 year, the fund turned positive and stayed ahead of the benchmark. More importantly, the 3-year and 5-year returns also remain ahead of the index, which points to better compounding than the benchmark over a full market cycle. Our read is that the fund has recovered from weaker short-term phases, but the path has not been steady.

The time pattern matters here. The return trend shows periods of pressure followed by recovery, which is typical of a portfolio with meaningful mid-cap exposure. That kind of profile can work for investors who can accept uneven interim results if the longer holding period is likely to capture the stronger compounding.

Relative to the benchmark, the fund is ahead on 1-year, 3-year and 5-year returns, even though it has been a touch weaker in the latest 1-month and 3-month stretches. In our view, that split between short-term softness and medium-term resilience is the main performance takeaway.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Mahindra Manulife Mid Cap?

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 Mid Cap Fund Direct Growth Plan	6.84%	16.78%	17.10%
HSBC Midcap Fund Direct Growth Plan	15.97%	22.92%	18.06%
WOC Mid Cap Fund Direct Growth Plan	11.1%	21%	Data not available
Helios Mid Cap Fund Direct Growth Plan	10.06%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	8.51%	19.17%	15.91%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	8.4%	16.15%	14.79%

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

Against the peer set, the fund’s 1-year return is weaker than every peer listed here. The gap is especially clear versus the stronger 1-year numbers in the group, which suggests the recent stretch has been more difficult for this portfolio than for several comparable mid-cap funds.

The longer record is more balanced. On 3-year returns, the fund stands above the two peer funds with lower available 3-year figures, but below the higher 3-year numbers shown by HSBC Midcap Fund Direct Growth Plan, WOC Mid Cap Fund Direct Growth Plan and ITI Mid Cap Fund Direct Growth Plan. On 5-year returns, it sits above Baroda BNP Paribas Mid Cap Fund Direct Growth Plan and ITI Mid Cap Fund Direct Growth Plan, while remaining below HSBC Midcap Fund Direct Growth Plan. The short-term and longer-term comparisons therefore tell different stories.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
THE FEDERAL BANK LIMITED	Bank	3.6%
INDUSIND BANK LIMITED	Bank	3.37%
ADITYA BIRLA CAPITAL LIMITED	Finance	2.81%
COFORGE LIMITED	IT	2.81%
L&T FINANCE LIMITED	Finance	2.79%
GLENMARK PHARMACEUTICALS LIMITED	Healthcare	2.59%
KEI INDUSTRIES LIMITED	Electricals	2.56%
NIPPON LIFE INDIA ASSET MANAGEMENT LIMITED	Finance	2.53%
PB FINTECH LIMITED	IT	2.52%
IDFC FIRST BANK LIMITED	Bank	2.13%

The largest holding is The Federal Bank Limited at 3.6%, which is sizeable for a single stock but not dominant on its own. The tenth holding is IDFC First Bank Limited at 2.13%, so the drop from first to tenth is not steep; the portfolio is spread across several positions rather than being built around one or two outsized bets.

The top 10 holdings together account for approximately 27.71% of the portfolio, which means most of the disclosed exposure sits beyond the largest names and across a long tail of other positions. With 59 disclosed holdings overall, the fund appears diversified at the stock level even though individual positions can still matter in a mid-cap portfolio.

That structure may help reduce reliance on any single holding, while still leaving enough room for individual companies to influence returns. We see a meaningful mix across banking, finance, IT, healthcare and electricals, but we would not treat the portfolio as sector-neutral because the larger names are still concentrated in a few business groups.

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

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and who can stay invested for a longer horizon. The recent 1-month and 3-month declines show that the path can be choppy, while the 3-year and 5-year numbers show that patient capital has still had room to compound.

The main trade-off is clear: you get a portfolio that has outpaced the benchmark over 1, 3 and 5 years, but you must accept that shorter stretches can lag and swing meaningfully. That makes it more appropriate for investors who can tolerate volatility in exchange for mid-cap growth potential rather than for those who need smoother near-term outcomes.

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 17 Sep 2026

Frequently asked questions

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

The current NAV is ₹40.8093 as of 17 September 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 6.84%, 16.78% and 17.10%.

How has the fund done versus its benchmark?

It has stayed ahead of the Nifty Mid Cap benchmark over 1 year, 3 years and 5 years, though it was weaker than the benchmark over both 1 month and 3 months.

How does it compare with peer mid-cap funds on returns?

Its recent 1-year return is lower than the peer returns listed here, while its 3-year and 5-year numbers sit in the middle of the group. The comparison therefore looks weaker in the short run and more mixed over longer periods.

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 Kirti Dalvi, Neelesh Dhamnaskar and Krishna Sanghavi. The exit load is 1% if units are sold within 3 months and nil after 3 months.

Bottom line

Mahindra Manulife Mid Cap Fund Direct Growth Plan has a mixed near-term record but a sturdier longer-term profile. It has outpaced the benchmark over 1, 3 and 5 years, yet its latest 1-month and 3-month numbers are softer and its 1-year peer comparison is weaker than several comparable funds. The High Risk tag fits that pattern. The portfolio is also broad enough to avoid heavy dependence on one name, while still leaving meaningful stock-specific influence. This is a fit for investors who can handle mid-cap volatility and who want to stay invested long enough for the longer compounding pattern to matter.

Published on 18 September 2026 at 4:06 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.