Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan is an ultra-short to short-term debt fund with a current NAV of ₹1,895.1144 as of 11 Sep 2026 and scheme AUM of ₹534 Cr. Its 1-year, 3-year and 5-year returns are 6.54%, 7.5% and 6.66%, and the fund sits in the Medium Risk category.

Our view is that the fund fits conservative investors who want debt exposure with a relatively steady compounding pattern rather than sharp return swings. The portfolio leans on corporate debt, REIT debt, CDs and cash-like balances, which supports liquidity and moderate stability, although the benchmark comparison shows that recent performance has been uneven.

Quick facts

Particular	Details
NAV	₹1,895.1144 as of 11 Sep 2026
AUM	₹534 Cr
Expense Ratio	0.3%
Launch Date	15 Feb 2017
Min SIP	₹500
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
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 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.37%	-3.66%
3M	1.69%	-1.91%
1Y	6.54%	-7.62%
3Y	7.5%	6.22%
5Y	6.66%	5.84%

The recent pattern is better than the benchmark in every displayed period. Over 1 month and 3 months, the fund stayed positive while the benchmark was negative, which tells us that the fund has been able to protect value better in the near term.

The 1-year figure is especially notable because the benchmark was sharply negative while the fund still delivered a positive return. That kind of spread usually matters more for debt investors than a narrow excess return, because it indicates that the portfolio has been less exposed to the drawdowns seen in the reference index.

Longer term, the picture is still constructive. The 3-year return of 7.5% is ahead of the benchmark’s 6.22%, and the 5-year return of 6.66% is also above the benchmark’s 5.84%. That suggests the fund has maintained a healthier compounding path over full market cycles, even if the shorter windows have been less consistent than the longer ones.

The daily movement pattern also points to a relatively restrained style. We see periods of mild drift, a few shallow pullbacks and then recovery rather than large spikes, which is typical of a fund designed for shorter duration debt exposure. For investors, that means the fund appears more about steadier accrual than dramatic upside.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Mahindra Manulife Ultra Short to Short Term?

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.

Already holding Mahindra Manulife Ultra Short to Short Term? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan	6.54%	7.5%	6.66%
Franklin India Ultra Short to Short Term Fund Direct Growth Plan	6.68%	Data not available	Data not available
Nippon India Ultra Short to Short Term Fund Direct Growth Plan	6.57%	7.49%	6.74%
Nippon India Ultra Short to Short Term Fund(B)-Direct Plan	6.57%	7.49%	6.74%
Tata Ultra Short to Short Term Fund Direct Growth Plan	6.56%	7.34%	6.5%
Kotak Ultra Short to Short Term Fund Direct Growth Plan	6.55%	7.54%	6.73%

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

On a 1-year view, the fund sits close to the peer group and trails Franklin India Ultra Short to Short Term Fund Direct Growth Plan by a small margin, while remaining within a tight band around the other visible peers. That tells us the recent outcome is competitive rather than distinctly different.

The longer horizon comparison is more mixed. Its 3-year return is below Kotak Ultra Short to Short Term Fund Direct Growth Plan and slightly behind the stronger Nippon figures, but it is ahead of Tata. On 5 years, the fund is also a touch below Nippon and Kotak, yet still ahead of Tata. So the long-run picture is solid, though not the strongest among the available names.

What stands out is that the short-term comparison and the longer-term comparison do not tell the same story. The fund has kept pace reasonably well in the recent window, but over multi-year periods a few peers have produced slightly better compounding.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.48% National Bank for Agriculture and Rural Development 2028	Corporate Debt	6.53%
7.95% Mindspace Business Parks Reit 2027 **	Corporate Debt	4.7%
7.96% Embassy Office Parks Reit 2027 **	Corporate Debt	4.69%
7.56% REC Limited 2027 **	Corporate Debt	4.68%
7.75% LIC Housing Finance Limited 2027 **	Corporate Debt	4.68%
7.45% Power Finance Corporation Limited 2028	Corporate Debt	4.66%
9.61% 360 One Prime Limited 2027 **	Corporate Debt	4.5%
Indian Bank 2027 ** #	Certificate of Deposit	4.43%
8.40% Godrej Industries Limited 2027 **	Corporate Debt	4.41%
Reverse Repo	Cash & Cash Equivalents and Net Assets	4.35%

The largest holding is 7.48% National Bank for Agriculture and Rural Development 2028 at 6.53%, which is meaningful but not dominant on its own. The tenth holding, Reverse Repo, still carries 4.35%, so the top slice of the portfolio does not show a very sharp drop-off from first to tenth.

That shape suggests a fairly even spread across the visible positions. Several holdings sit in the 4% to 5% range, which means no single security appears likely to dominate day-to-day behaviour by itself. In our view, that can reduce reliance on one issuer or one security theme, though it does not eliminate portfolio-level credit or duration sensitivity.

The top 10 holdings account for approximately 47.63% of the portfolio, and there are 39 disclosed holdings in total. That combination points to a portfolio with a meaningful core but still a long tail beyond the largest names. Because the disclosed holdings extend well beyond the top 10, the rest of the portfolio may also matter for return and risk outcomes.

To see all holdings, visit the Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan page

Source data date: as of 11 Sep 2026

Who should invest

This fund suits investors with a conservative temperament who still want debt-market participation beyond pure cash-like parking. The Medium Risk tag, steady longer-term compounding and relatively controlled portfolio make it more suitable for short-to-medium horizons rather than very aggressive return chasing.

The main trade-off is that the fund has been broadly steady, but not spectacular, and the most recent periods have not always matched the stronger multi-year pattern. Investors who can accept moderate fluctuations in exchange for a smoother return profile may find the fit better than someone seeking equity-like upside. The benchmark comparison also suggests the fund has held up well versus the reference index, which supports its role as a stability-oriented debt allocation.

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

No exit load applies.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan?

The current NAV is ₹1,895.1144 as of 11 Sep 2026.

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

The 1-year return is 6.54%, the 3-year return is 7.5% and the 5-year return is 6.66%.

How has the fund done versus its benchmark?

It has beaten the benchmark across the displayed periods. The fund is positive across 1 month, 3 months, 1 year, 3 years and 5 years, while the benchmark is negative in the shorter windows and below the fund over longer periods too.

How does it compare with other visible peer funds?

Its 1-year return is close to the peer set, while its 3-year and 5-year figures are competitive but a little behind the stronger long-term figures shown by some peers. The short-term and longer-term comparisons therefore give slightly different pictures.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹500.

What risk profile and portfolio style does the fund have?

The fund is tagged Medium Risk and its portfolio is led by corporate debt, REIT-linked debt, a certificate of deposit and cash-like exposure. It also has no exit load and is managed by Rahul Pal and Amit Garg.

Bottom line

Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan looks steadier over longer horizons than in the very latest windows, yet it still stays ahead of the benchmark across the periods shown. Its peer comparison is solid rather than exceptional, with the recent return close to other visible funds and the multi-year numbers holding up, though a few peers edge it out. The Medium Risk profile, absence of exit load and a portfolio built around debt instruments and cash equivalents make it suited to conservative investors who value moderate stability over high upside.

Published on 15 September 2026 at 3:14 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.