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

Mahindra Manulife Multi Cap Fund Direct Growth Plan currently has a NAV of ₹46.8972 as of 11 September 2026 and a scheme AUM of ₹7,662 Cr. Its 1-year, 3-year and 5-year returns are 14.57%, 16.86% and 16.64%, and the fund sits in the High Risk category.

Our view is that this is a multi-cap equity option for investors who can tolerate sharp swings and still stay invested long enough for compounding to matter. The return pattern is stronger over 3 years and 5 years than over 1 year, which tells us the fund has rewarded patience better than short holding periods.

Quick facts

Particular	Details
NAV	₹46.8972 as of 11 Sep 2026
AUM	₹7,662 Cr
Expense Ratio	0.4%
Launch Date	11 May 2017
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Vishal Jajoo, Neelesh Dhamnaskar

The fund is managed by Vishal Jajoo and Neelesh Dhamnaskar.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.52%	-3.66%
3M	6.92%	-1.91%
1Y	14.57%	-7.62%
3Y	16.86%	6.22%
5Y	16.64%	5.84%

The recent picture is healthy. Over 1 month, 3 months and 1 year, the fund stayed positive while the benchmark was negative in each period. That matters because it shows relative resilience even when the broad market measure was weaker.

The longer view is even more useful. The 3-year and 5-year returns are close to each other, which suggests the fund has delivered a fairly steady compounding path rather than a one-off surge followed by a sharp fade. The 3-year figure is slightly higher than the 5-year figure, so recent multi-year gains have been somewhat stronger than the full 5-year average.

Against the benchmark, the fund is clearly ahead in every listed period. The gap is especially wide in 1 year, where the benchmark is negative while the fund remains comfortably positive. That said, the 1-month and 3-month numbers also show that this is still an equity fund with day-to-day movement, not a smooth line upward.

Our interpretation is that the fund’s short-term behaviour differs from the benchmark’s weaker stretch, while the 3-year and 5-year numbers indicate a more durable compounding profile. For investors, that combination usually matters more than one isolated month.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Mahindra Manulife Multi 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
TRUSTMF Multi Cap Fund Direct Growth Plan	19.74%	Data not available	Data not available
Groww Multicap Fund Direct Growth Plan	19.32%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	14.57%	16.86%	16.64%
ITI Multi Cap Fund Direct Growth Plan	13.37%	16.8%	14.5%
Bank of India Multi Cap Fund Direct Growth Plan	13.11%	17.03%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On 1-year performance, the fund trails the stronger recent peer numbers shown here, but it is still ahead of the peer group’s lower 1-year figures. The 3-year and 5-year figures tell a different story: the fund holds up well on 3-year performance and remains competitive on 5-year performance, even though one peer shows a slightly higher 3-year return. Taken together, the short-term comparison looks less forceful than the longer-term picture.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Triparty Repo	Cash & Cash Equivalents and Net Assets	8.69%
Multi Commodity Exchange of India Limited	Finance	4.86%
Neuland Laboratories Limited	Healthcare	4%
Divi’S Laboratories Limited	Healthcare	3.93%
ICICI Bank Limited	Bank	3.49%
Adani Enterprises Limited	Trading	3.23%
Oil India Limited	Crude Oil	2.59%
Apl Apollo Tubes Limited	Iron & Steel	2.51%
Torrent Pharmaceuticals Limited	Healthcare	2.41%
PTC Industries Ltd	Automobile & Ancillaries	2.08%

The largest disclosed holding is Triparty Repo at 8.69%, which is meaningful but not extreme for a diversified multi-cap fund. The drop from the first holding to the tenth is fairly sharp, because the tenth position is only 2.08%, so the visible book is clearly not evenly weighted.

The top 10 holdings together account for approximately 37.79% of the portfolio, and the fund has 64 disclosed holdings in total. That combination suggests the portfolio is spread across a broad set of names, while the largest positions still have enough weight to shape near-term movement. In our view, that mix may give the fund a balance of diversification and conviction, but the healthcare and finance exposures in the top holdings could still influence results more than the smaller positions.

Because the disclosed holdings continue beyond the top 10, the tail beyond these names may matter as well. Even so, the visible concentration is moderate rather than highly diffuse, which is consistent with an active multi-cap approach.

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

Source data date: as of 11 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can stay invested through short-term swings. The 1-year return is solid, but the stronger 3-year and 5-year numbers show that patience has mattered more than tactical entry and exit.

It suits an investment horizon of at least three to five years, because that is where the return pattern looks more convincing and more consistent with an equity growth allocation. The benchmark comparison also supports a long-term lens: the fund has outpaced Nifty 50 across the listed periods.

The main trade-off is volatility. The fund has a broad portfolio and active stock selection, but investors must accept that returns can move unevenly in the short run even when the longer-term picture is stronger.

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 at 1% if units are sold within 3 months, and it is nil after 3 months.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Multi Cap Fund Direct Growth Plan?
The current NAV is ₹46.8972 as of 11 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 14.57% over 1 year, 16.86% over 3 years and 16.64% over 5 years.

How does this fund compare with Nifty 50?
It has beaten Nifty 50 in each listed period. The benchmark is negative over 1 month, 3 months and 1 year, while the fund remains positive across those periods.

How does it compare with the peer funds listed here?
Its 1-year return is below the strongest recent peer figures shown, but its 3-year and 5-year results remain competitive and compare well with the longer-term numbers available for peers.

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 Vishal Jajoo and Neelesh Dhamnaskar. Exit load is 1% if units are sold within 3 months and nil after 3 months.

Bottom line

Mahindra Manulife Multi Cap Fund Direct Growth Plan looks stronger on a longer holding period than on a short one. Its return profile is better than the benchmark across the listed periods, and the peer comparison shows that its 3-year and 5-year numbers remain broadly competitive even if some peers have a stronger 1-year run. With a High Risk tag and a portfolio that blends cash-like exposure with active stock bets, it suits investors who can accept volatility in exchange for equity-style compounding.

Published on 15 September 2026 at 3:18 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.