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

Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan has a NAV of ₹14.3207 as of 17 Sep 2026 and a scheme AUM of ₹1,234 Cr. Its 1-year, 3-year and 5-year returns are 11.86%, Data not available and Data not available, and the fund sits in the High Risk category.

Our view is that this is a multi-asset fund with a fairly active mix of gold, silver, equities, debt and REIT exposure, so it may suit investors who are comfortable with wider swings and want diversification across different return drivers rather than a pure equity story.

Quick facts

Particular	Details
NAV	₹14.3207 as of 17 Sep 2026
AUM	₹1,234 Cr
Expense Ratio	0.36%
Launch Date	13 Mar 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Hybrid
Exit Load	0.50% on or before 3M, Nil after 3M
Fund Managers	Renjith Sivaram, Rahul Pal, Kush Sonigara

The fund is managed by Renjith Sivaram, Rahul Pal and Kush Sonigara.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.62%	-3.66%
3M	1.41%	-3.71%
1Y	11.86%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is steadier than the benchmark, which matters because the fund’s 1-month return was only mildly negative while the benchmark fell more sharply. Over 3 months, the fund turned positive even as the benchmark remained in negative territory, which points to better short-term resilience.

The 1-year return of 11.86% is also well ahead of the benchmark’s -7.13%, so the fund has clearly done better over the latest full year. That said, the fund is still young, having launched in March 2024, so it does not yet offer a genuine 3-year or 5-year track record for judging how it behaves across a full market cycle.

The daily path in the return series suggests intermittent pullbacks rather than a straight upward climb, which is consistent with a multi-asset strategy that can shift between gold, silver, equity and debt exposures. For investors, that means the fund may reduce reliance on one market engine, but it can still move unevenly from month to month.

Because the longer record is not available, our view is that the current numbers are most useful for judging near-term execution and early stability, not for drawing strong conclusions about long-run compounding.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Mahindra Manulife Multi Asset Allocation?

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 Multi Asset Allocation Fund Direct Growth Plan	11.86%	Data not available	Data not available
360 ONE Multi Asset Allocation Fund Direct Growth Plan	18.54%	Data not available	Data not available
Quant Multi Asset Allocation Fund Direct Growth Plan	14.8%	21.38%	19.38%
Kotak Multi Asset Allocation Fund Direct Growth Plan	14.1%	Data not available	Data not available
Bandhan Multi Asset Allocation Fund Direct Growth Plan	12.25%	Data not available	Data not available
DSP Multi Asset Allocation Fund Direct Growth Plan	12.2%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year returns, the fund trails 360 ONE, Quant and Kotak, while remaining close to Bandhan and DSP. That tells us the near-term outcome is respectable but not as strong as the better peers in the set.

The more meaningful gap is that one peer, Quant, also has a visible 3-year and 5-year record, and those figures are materially stronger than this fund’s currently available history. So the peer picture says the fund has had a decent recent run, but it still has to build a longer track record before it can be assessed on the same footing as schemes with multi-year performance history.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Prudential Gold ETF	Domestic Mutual Funds Units – Gold	12.65%
ICICI Bank Limited	Bank	3.67%
HDFC Bank Limited	Bank	3.44%
Brookfield India Real Estate Trust	Finance	3.36%
8.42% Muthoot Finance Limited 2029 (FRN) **	Floating Rate Instruments	3.02%
Nippon India Silver ETF	Domestic Mutual Funds Units – Silver	3.01%
ICICI Securities Limited 2026 **	Commercial Paper	2.83%
Bharti Airtel Limited	Telecom	2.11%
Reliance Industries Limited	Crude Oil	2.11%
8.85% TVS Credit Services Limited 2027 **	Corporate Debt	2.03%

The largest holding, ICICI Prudential Gold ETF, sits at 12.65%, which is large enough to matter but not so dominant that the portfolio appears to lean on a single position. The drop from 12.65% to 3.67% at the second holding is steep, and the tenth holding at 2.03% shows that the visible book is spread across several smaller positions rather than clustered around just a few names.

The top 10 holdings together account for approximately 38.23% of the portfolio, so the rest of the assets are spread across a longer tail of 61 additional disclosed holdings. That combination suggests diversification across many instruments, while still leaving the largest few positions with greater influence than the smaller ones.

What stands out is the mix of listed equity, exchange-traded funds, debt-linked instruments and REIT exposure in the visible holdings. For investors, that means the fund may respond to more than one market cycle at a time, and the portfolio structure could soften reliance on a single asset class even though the visible weight in gold is meaningful.

To see all holdings, visit the Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund is better suited to investors who can handle High Risk and are comfortable with returns that may not move in a straight line. The short-term numbers are better than the benchmark, but the scheme has not yet built a 3-year or 5-year record, so the investment case relies more on early behaviour and portfolio design than on a long history.

It may appeal to people looking for a multi-asset approach over a longer horizon, especially where the goal is diversification across gold, silver, equity and debt rather than pure equity exposure. The main trade-off is that this mix can improve resilience versus a single-asset fund, but it can also produce uneven returns from one period to the next.

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 17 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan?
Its NAV is ₹14.3207 as of 17 Sep 2026.

How has the fund performed in 1 year?
The fund has returned 11.86% in 1 year as of 17 Sep 2026. That is ahead of the benchmark’s -7.13% over the same period.

Are 3-year and 5-year returns available?
No, the 3-year and 5-year returns are not available because the fund has not yet built those full track records.

How does the fund compare with its peers on 1-year returns?
Its 1-year return of 11.86% trails 360 ONE, Quant and Kotak in the peer set shown here, while staying close to Bandhan and DSP.

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

What risk label and portfolio style does the fund carry?
It is tagged High Risk, and its visible holdings include gold, silver, bank stocks, a REIT, debt instruments and select equity positions. The exit load is 0.50% for units sold within 3 months and nil after that.

Bottom line

Mahindra Manulife Multi Asset Allocation Fund Direct Growth Plan has started with a decent one-year showing, but it does not yet have the longer history needed to judge steadier compounding across a full cycle. Compared with peers, the short-term return is acceptable rather than standout, while the portfolio mix gives it a diversified, multi-asset character. The High Risk label and the meaningful weight in gold make it more suited to investors who want breadth across asset classes and can live with uneven month-to-month movement.

Published on 18 September 2026 at 1:00 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.