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

Mahindra Manulife Overnight Fund Direct Growth Plan has a NAV of ₹1,426.7364 as of 15 Sep 2026 and a scheme AUM of ₹76 Cr. Its 1-year, 3-year and 5-year returns are 5.26%, 6.07% and 5.71%, and it sits in the Low Risk category.

Our view is that this is a conservative overnight fund built for capital preservation first, with return behaviour that has stayed close to the benchmark over longer periods while the portfolio remains overwhelmingly in cash-like instruments. The trade-off is straightforward: the return profile is steady rather than exciting, but the structure is aligned with investors who want very limited market exposure.

Quick facts

Particular	Details
NAV	₹1,426.7364 as of 15 Sep 2026
AUM	₹76 Cr
Expense Ratio	0.09%
Launch Date	23 Jul 2019
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
Fund Managers	Rahul Pal, Amit Garg

The fund is managed by Rahul Pal and Amit Garg.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.4%	-4.81%
3M	1.26%	-3.63%
1Y	5.26%	-8.27%
3Y	6.07%	5.59%
5Y	5.71%	5.58%

The recent numbers are better read as stability rather than strong outperformance. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which shows a much calmer path through a weak market stretch. That is exactly what we would expect from an overnight fund and it matters for investors who care more about parking money than chasing upside.

The 1-year return of 5.26% is also materially better than the benchmark’s -8.27%, but the comparison is not a direct like-for-like test of risk because the benchmark is equity-linked and the fund is not. Even so, the gap reinforces that this scheme has behaved as a defensive cash-management vehicle, not as a market tracker.

Looking at 3 years and 5 years, the fund’s 6.07% and 5.71% returns are close to the benchmark’s 5.59% and 5.58%. That narrow spread tells us the longer-term compounding has been steady, with no dramatic swings in either direction. The daily pattern over those horizons also suggests a very smooth trajectory, with only small changes in value from period to period.

For investors, the useful point is that recent resilience and longer-term steadiness point in the same direction. This is not a return-led product; it is a low-volatility parking option whose main appeal is consistency.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mahindra Manulife Overnight?

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 Overnight Fund Direct Growth Plan	5.26%	6.07%	5.71%
Bank of India Overnight Fund Direct Growth Plan	5.51%	6.21%	5.83%
360 ONE Overnight Fund Direct Growth Plan	5.32%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.3%	6.08%	5.72%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
DSP Overnight Fund Direct Growth Plan	5.28%	6.08%	5.72%

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

Across the peer set, the fund’s 1-year return is slightly below several close comparables, including Bank of India Overnight Fund Direct Growth Plan at 5.51% and 360 ONE Overnight Fund Direct Growth Plan at 5.32%. The gap is not wide, but it does show that the fund has not led the short-term pack on the available figures.

The longer horizon picture is similarly measured. Its 3-year and 5-year returns of 6.07% and 5.71% are close to the other overnight funds with available history, and they sit just below Bank of India Overnight Fund Direct Growth Plan and a touch under Baroda BNP Paribas Overnight Fund Direct Growth Plan and Nippon India Overnight Fund Direct Growth Plan. That keeps the fund in the same broad return band as its peers.

The most important takeaway is that the short-term and longer-term stories are aligned: this is a stable, low-volatility fund rather than one that relies on occasional bursts of outperformance. For conservative cash parking, that consistency may matter more than small differences in annualized return.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Triparty Repo	Cash & Cash Equivalents and Net Assets	94.47%
91 Days Tbill 2026	Treasury Bills	4.87%
Margin Placed With Ccil & Arcl	Cash & Cash Equivalents and Net Assets	0.68%

Triparty Repo alone accounts for 94.47% of the disclosed portfolio, so the fund is heavily anchored in overnight-style cash management. The second position, 91 Days Tbill 2026, is much smaller at 4.87%, and the remaining disclosed holding is only 0.68%. That pattern leaves very little room for stock-style or credit-style volatility in the visible portfolio.

The steep drop from the largest position to the next two holdings tells us the scheme is highly concentrated in cash-equivalent exposure rather than spread across many active bets. With just three disclosed holdings in total, the structure looks intentionally simple and short-term in nature.

The three visible holdings together make up 100% of the disclosed portfolio, which means there is no long tail within the reported positions. In our view, that concentration is not a weakness here; it is consistent with an overnight fund whose role is to keep portfolio movement limited and predictable.

Source data date: as of 15 Sep 2026

Who should invest

This fund is suited to conservative investors who can accept very low upside in exchange for a Low Risk profile and a smoother day-to-day value path. The 1-year, 3-year and 5-year figures point to steadiness rather than aggressive growth, and the benchmark comparison reinforces that the fund is designed for capital parking rather than market participation.

A longer horizon is not necessary in the way it is for equity funds, but the scheme still makes sense for investors who want a short holding period with limited volatility. The main trade-off is that the cash-like portfolio and overnight structure help keep movements subdued, yet that also caps the return potential relative to higher-risk alternatives.

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: No exit load.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The current NAV is ₹1,426.7364 as of 15 Sep 2026.

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

The 1-year return is 5.26%, the 3-year return is 6.07%, and the 5-year return is 5.71%.

How does the fund compare with its benchmark?

Its 1-year return of 5.26% is well ahead of the benchmark’s -8.27%, while the 3-year and 5-year returns of 6.07% and 5.71% are close to the benchmark’s 5.59% and 5.58%.

How does it compare with other overnight funds?

Its recent and longer-term returns sit in the same general band as the peer funds listed here, although Bank of India Overnight Fund Direct Growth Plan has slightly higher available 1-year, 3-year and 5-year figures.

Is there a minimum SIP amount?

No minimum SIP amount is stated here.

Who manages the fund and what is the exit load?

The fund is managed by Rahul Pal and Amit Garg. There is no exit load.

Bottom line

Mahindra Manulife Overnight Fund Direct Growth Plan is a low-volatility cash-management fund whose recent returns and longer-term compounding both look steady rather than standout. It stays close to the peer cluster on the available numbers, with the main distinction coming from its conservative structure and very high dependence on Triparty Repo. That makes it a practical fit for investors who prioritise stability, liquidity and minimal portfolio movement over return maximisation.

Published on 16 September 2026 at 1:26 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.