From a small base to 25th place
Mahindra Manulife Mutual Fund managed an average of ₹38,140 crore in July–September 2026, excluding domestic fund-of-funds: 0.44% of the industry's ₹87,21,848 crore and 25th of 55 houses. Its fund house page carries the same figure.
| Quarter | Average AUM (₹ crore) | Rank |
|---|---|---|
| Jul–Sep 2016 | 950 | 36 |
| Jul–Sep 2021 | 6,687 | 28 |
| Jul–Sep 2022 | 9,171 | 27 |
| Jul–Sep 2023 | 12,582 | 25 |
| Jul–Sep 2024 | 28,150 | 24 |
| Jul–Sep 2025 | 31,673 | 24 |
| Jul–Sep 2026 | 38,140 | 25 |
Assets grew 20.4% in a year, against 13.1% for the industry, and 9.6% in the last quarter, against 4.9%. They are 5.7 times their 2021 level and 40 times 2016's. The rank slipped from 24th to 25th over the year, while the number of houses in AMFI's table rose from 48 to 55. Our rank-change table has the wider picture.
A range built on multi, small and mid caps
The house has 27 schemes in Direct Growth: 14 equity, 6 debt, 5 hybrid and 2 fund-of-funds. The Multi Cap fund is the largest, at ₹7,383 crore of average assets in July–September 2026, followed by the Small Cap fund at ₹5,252 crore. The Large & Mid Cap (₹2,848 crore), Aggressive Hybrid (₹2,695 crore), Focused (₹2,113 crore) and Flexi Cap (₹1,570 crore) funds come next. Its Liquid fund is ₹1,392 crore, a small part of the total.
How the funds rank
Direct Growth returns to 16 October 2026; rank is among Direct Growth funds in the same category with that much history.
| Fund | 1 year | 3 years | 3-year rank | 5 years | Direct TER | Category median |
|---|---|---|---|---|---|---|
| Small Cap | 13.34% | 18.43% | 5 of 26 | — | 0.92% | 0.90% |
| Multi Cap | 7.57% | 15.94% | 7 of 23 | 13.55% | 0.94% | 0.96% |
| Mid Cap | 3.12% | 15.37% | 13 of 29 | 14.63% | 0.75% | 0.94% |
| Focused | −4.74% | 11.66% | 14 of 27 | 11.79% | 0.91% | 1.09% |
| Large & Mid Cap | 0.03% | 10.76% | 21 of 26 | 10.31% | 0.83% | 1.08% |
| Flexi Cap | −5.95% | 8.86% | 30 of 36 | 9.56% | 0.99% | 0.95% |
| Large Cap | −6.91% | 8.19% | 22 of 30 | 7.20% | 1.09% | 1.06% |
| ELSS Tax Saver | −7.80% | 7.35% | 44 of 48 | 7.98% | 1.04% | 1.07% |
The five-year ranks are better than the three-year ones for most of these: the Multi Cap fund is third of nine over five years, the Focused fund fourth of 22, the Mid Cap fund sixth of 22 and the Flexi Cap fund 13th of 27. The Value fund, launched more recently, is fourth of 22 over one year at 6.00%, and the Business Cycle fund, a thematic one, returned 15.68% a year over three, 49th of 142 thematic funds. At the weak end are the ELSS fund, 44th of 48 over three years and 44th of 49 over one, and the Large Cap and Flexi Cap funds, both in the bottom half. The small-cap comparison has other small-cap rivals.
Hybrids and fees
| Hybrid fund | 1 year | 3 years | 3-year rank | Direct TER | Median |
|---|---|---|---|---|---|
| Balanced Advantage | 0.84% | 10.46% | 7 of 30 | 0.83% | 1.02% |
| Equity Savings | 3.86% | 9.00% | 5 of 20 | 1.28% | 1.28% |
| Aggressive Hybrid | −5.46% | 10.57% | 12 of 28 | 0.84% | 1.08% |
| Arbitrage | 6.26% | 6.43% | 27 of 27 | 1.15% | 1.44% |
Across 14 equity and hybrid funds (the 12 in the two tables, plus Value at 1.05% against 1.24% and Business Cycle at 0.93% against 1.15%), ten charge less than the median, one matches it and three charge more. The three above are Small Cap by 0.02 points, Flexi Cap by 0.04 and Large Cap by 0.03. The widest gaps under the median are the Large & Mid Cap fund (0.25 points) and the Aggressive Hybrid fund (0.24). Fees are rarely the problem here; the weak spots are in returns. The Arbitrage fund is last of 27 over three years and 33rd of 34 over one year, despite a fee 0.29 points under the median.
What the numbers do not tell you
Three years is one stretch of the cycle. Small and mid caps rose strongly in it, and a fund's three-year rank reflects that stretch.
Several funds are young. The Value fund has no three-year record, so its rank is a one-year view only.
A low fee is not a return. The Mid Cap fund charges 0.75% and is 13th of 29 over three years.
None of this is a recommendation to buy or sell any fund.
Frequently asked questions
How big is Mahindra Manulife Mutual Fund?
It managed an average of ₹38,140 crore in July–September 2026, excluding domestic fund-of-funds: 0.44% of the industry and 25th among 55 fund houses on AMFI's figures. Assets grew 20.4% in a year, against 13.1% for the industry, and 9.6% in the last quarter alone.
Which Mahindra Manulife equity funds rank best?
On Direct Growth returns to 16 October 2026, the Small Cap fund was fifth of 26 over three years (18.43% a year), the Multi Cap fund seventh of 23 (15.94%) and third of nine over five years (13.55%), and the Mid Cap fund sixth of 22 over five years (14.63%).
Are its funds expensive?
Mostly not. Of 14 equity and hybrid funds compared, ten charge less than their category's median in the Direct plan, one matches it and three charge more: Small Cap (0.92% against 0.90%), Flexi Cap (0.99% against 0.95%) and Large Cap (1.09% against 1.06%).
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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