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Mahindra Manulife Liquid Fund

Q: What is the NAV of Mahindra Manulife Liquid Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Liquid Fund is ₹1,835.51 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Liquid Fund delivered?

Mahindra Manulife Liquid Fund has returned +6.41% over 1 year, +6.85% per year over 3 years, +6.31% per year over 5 years and +6.10% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund charges an expense ratio of 0.26% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund's largest holdings are NTPC Limited 2026 (5.4%), HDFC Bank Limited 2026 (4.7%), Small Industries Dev Bank of India 2026 (3.6%), Export Import Bank of India 2026 (3.6%) and Godrej Industries Limited 2026 (3.6%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.2% and its worst peak-to-trough fall in our sample was -0.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What is the benchmark of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Q: Who manages Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is managed by Rahul Pal and Amit Garg at Mahindra Manulife.

Q: How is Mahindra Manulife Liquid Fund taxed?

Mahindra Manulife Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.

Mahindra Manulife Mutual Fund · Best Liquid Mutual Funds

NAV

₹1,835.51

+0.02% 1D

as of 05 Oct 2026

This is the Regular plan of Mahindra Manulife Liquid Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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NAV history

+6.41%absolute

52-week rangePrev NAV ₹1,835.16

Latest ₹1,835.51

Low ₹1,724.97100th percentile of its 52-week rangeHigh ₹1,835.51

Scorecard

★★☆☆☆2/5 vs 42 of 45 Liquid Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Liquid Fund (same plan and option). 42 of the 45 Liquid Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +6.85% · ranks 12 of 39 Liquid Funds

RiskHigh

Volatility 0.2% vs 0.2% category avg

CostAverage

0.3% expense vs 0.3% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Consistent — positive in 100% of rolling 3-year windows

Concerns

More volatile than its Liquid Fund peers (0.2% vs 0.2%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.26%

Category 0.26%0.00%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

—

Category —

Excess return per unit of total volatility (rf = 6.5%)

—

Category —

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

Effective October 20, 2019, following graded exit load will be applicable if redeemed/switched-out within the number of days specified from the date of investments at their respective percentage: Day1 - 0.0070%; Day2 - 0.0065%; Day3 - 0.0060%; Day4 - 0.0055%; Day5 - 0.0050%; Day6 - 0.0045%; Day7 onwards - Nil.

Up to 0.01%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

—

Smallest recurring SIP instalment the scheme accepts

—

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

CRISIL Liquid Debt A-I Index

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

04 Jul 2016

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

+0.45%

Absolute return over the last 3 months (not annualized)

+1.54%

Absolute return over the last 6 months (not annualized)

+3.25%

Absolute return since 1 Jan of this year (not annualized)

+4.95%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+6.41%

3-year annualized return (CAGR)

+6.85%

5-year annualized return (CAGR)

+6.31%

10-year annualized return (CAGR)

+6.07%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+6.10%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

0.25%

Excess return per unit of total volatility (rf = 6.5%)

—

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

—

Largest peak-to-trough decline over full history

-0.22%

Benchmark ratios

Not shown for Liquid Fund — a debt, arbitrage or cash-like fund isn't measured against an equity index, so alpha/beta vs one would be noise rather than signal.

Fund vs category average (Liquid Fund)

Period	Fund	Category avg.	Diff
1M abs	+0.45%	+0.44%	+0.01%
3M abs	+1.54%	+1.49%	+0.05%
6M abs	+3.25%	+3.16%	+0.09%
1Y CAGR	+6.41%	+6.27%	+0.14%
3Y CAGR	+6.85%	+6.73%	+0.12%
5Y CAGR	+6.31%	+6.18%	+0.13%

Category average across peers in Liquid Fund (up to 45 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 45 peers in Liquid Fund

1Y return

+6.41%

Beats 75.6% · rank #11

3Y return

+6.85%

Beats 71.1% · rank #12

5Y return

+6.31%

Beats 91.7% · rank #4

Sharpe

—

Sortino

—

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.07L

Absolute

+17.79%

XIRR

+6.70%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Mahindra Manulife Liquid Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund
2026part	+4.95%
2025	+6.51%
2024	+7.35%
2023	+7.05%
2022	+4.87%
2021	+3.30%
2020	+4.28%
2019	+6.73%
2018	+7.39%
2017	+6.69%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in.

History points

2,947

Expense ratio

0.26%

AUM

₹1,126Cr

YTM (from holdings)

6.43%

Average maturity

40 days

Exit load

Taxation

Taxed as debt

This is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — every rupee of gain is added to your income and taxed at your income-tax slab rate, whatever the holding period.

Any holding period

30%

Short- and long-term alike

Your income-tax slab — no LTCG or indexation benefit

Your income-tax slab

Pick your slab to see the rate that applies to you.

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Liquid Fund

Compare all


Mahindra Manulife Liquid FundThis fund Mahindra Manulife · Regular · Growth	★★☆☆☆	+6.41%	+6.85%	+6.31%	—	0.26%	₹1,126Cr
Franklin India Liquid Fund - Regular Plan - Unclaimed Redemption Franklin Templeton · Regular · Growth	—	+6.52%	+6.97%	+6.39%	—	—	₹57.00K
Bank of India Liquid Fund Bank of India · Regular · Growth	★★★★☆	+6.47%	+6.92%	+6.37%	—	0.15%	₹1,767Cr
Franklin India Liquid Fund - Regular Plan - Super Franklin Templeton · Regular · Institutional · Growth	★★★★★	+6.47%	+6.91%	+6.33%	—	0.20%	₹4,069Cr
Axis Liquid Fund Axis · Regular · Growth	★★★★★	+6.47%	+6.90%	+6.35%	—	0.23%	₹55,968Cr
DSP Liquid Fund DSP · Regular · Growth	★★★★★	+6.44%	+6.87%	+6.30%	—	0.21%	—

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Debt89.05%
Cash & Equivalents10.94%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

NTPC Limited 2026

5.37%

HDFC Bank Limited 2026

4.65%

Small Industries Dev Bank of India 2026

3.58%

Export Import Bank of India 2026

3.58%

Godrej Industries Limited 2026

3.57%

Union Bank of India 2026

3.56%

HDFC Bank Limited 2026

3.56%

Union Bank of India 2026

3.56%

Small Industries Dev Bank of India 2026

3.56%

REC Limited 2026

3.56%

Fund size over time

Quarterly average AUM · AMFI

₹1,126Cr

April - June 2026

-3%

since January - March 2026

−₹57.70Cr

est. net flow, last quarter

At or near its largest, ₹1,165Cr in January - March 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Mahindra Manulife Mutual Fund is a joint venture between Mahindra & Mahindra Financial Services and Manulife of Canada, which took a 49% stake in 2020 in what until then was Mahindra Mutual Fund. It runs a compact equity, hybrid and debt line-up.

Launched

03 Feb 2016

Total AUM

₹34,786Cr+5.0% QoQ

Avg AUM · April - June 2026

Website

mahindramanulife.com

Fund Managers

RPRahul PalManaging since 04 Jul 2016

Role

Chief Investment Officer – Fixed Income

Total experience

23 years

Education

B.Com (H), ACA

Experience

• Chief Investment • Fund Manager of Officer – Fixed Mahindra Manulife Income, Low Duration Fund MMIMPL, and Mahindra (June 2022 Manulife Dynamic until date) Bond Fund • Head – Fixed • Co – Fund Manager Income, of Mahindra MMIMPL, Manulife Liquid (September 2015 Fund, Mahindra –May 2022); Manulife Overnight • Head Fixed Fund and Mahindra Income, Taurus Manulife Ultra Short Duration Asset Management Co. Fund Ltd. (May 2010 – • Fund Manager of September 2015); the Debt portion of • Fund Manager – Mahindra Manulife Equity Savings Fixed Income, Sundaram Asset Fund, Mahindra Management Co. Manulife Aggressive Hybrid Ltd. (May 2004 – May 2010). Fund, Mahindra Manulife Arbitrage Fund Mahindra Manulife Balanced Advantage Fund and

Funds managed (12)

All schemes Rahul Pal runs →

AGAmit GargManaging since 08 Jun 2020

Role

Fund Manager – Fixed Income

Total experience

20 years

Education

B.Com, MMS Finance, CFA

Experience

• Fund Manager – Fixed • Co-Fund Manager Income – MMIMPL - of Mahindra (April 2021 – until date); Manulife Overnight Fixed Income, MMIMPL, Manulife Liquid Fund (June 2020 – April 2021); • Co-Fund Manager • Dealer – Fixed Income, of Debt portion of MMIMPL (September 2015 to June 2020); Mahindra Manulife Aggressive Hybrid • Dealer – Fixed Income, Fund Mahindra & Mahindra • Fund Manager of Financial Services Limited the Debt portion of (April, 2013 to September 2015);’ Mahindra Manulife Asia Pacific REITs • Junior Fund Manager & FOF Dealer, Daiwa Asset Management (India) Pvt. Ltd. (August 2008 to April 2013)

Funds managed (5)

All schemes Amit Garg runs →

Fund manager, benchmark and dealing terms from this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Rahul Pal Amit Garg

Mahindra Manulife in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Liquid funds

Liquid funds invest in very short-term debt (maturing within 91 days). They're used to park money for days or weeks — low risk and easy to redeem, but low return too.

Frequently asked questions

What is the NAV of Mahindra Manulife Liquid Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Liquid Fund is ₹1,835.51 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Liquid Fund delivered?

Mahindra Manulife Liquid Fund has returned +6.41% over 1 year, +6.85% per year over 3 years, +6.31% per year over 5 years and +6.10% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund charges an expense ratio of 0.26% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund's largest holdings are NTPC Limited 2026 (5.4%), HDFC Bank Limited 2026 (4.7%), Small Industries Dev Bank of India 2026 (3.6%), Export Import Bank of India 2026 (3.6%) and Godrej Industries Limited 2026 (3.6%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.2% and its worst peak-to-trough fall in our sample was -0.2%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What is the benchmark of Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is benchmarked against the CRISIL Liquid Debt A-I Index. Its alpha and beta on this page are measured against that index.

Who manages Mahindra Manulife Liquid Fund?

Mahindra Manulife Liquid Fund is managed by Rahul Pal and Amit Garg at Mahindra Manulife.

How is Mahindra Manulife Liquid Fund taxed?

Mahindra Manulife Liquid Fund is a debt / non-equity fund. Since April 2023 there is no long-term or indexation benefit — capital gains are added to your income and taxed at your income-tax slab rate regardless of how long you held the units.