Mahindra Manulife ELSS Tax Saver Fund
Mahindra Manulife Mutual Fund · Best ELSS (Tax Saving) Mutual Funds
This is the Direct plan of Mahindra Manulife ELSS Tax Saver Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
Performance
Scorecard
★★★☆☆3/5 vs 49 ELSS 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 ELSS (same plan and option).
3Y CAGR +7.00% · ranks 45 of 49 ELSS funds
Volatility 13.3% vs 14.8% category avg
1.0% expense vs 1.1% category avg
94% 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
- Less volatile than its ELSS peers (13.3% vs 14.8%)
- Consistent — positive in 94% of rolling 3-year windows
Concerns
- Trails the ELSS average on 1M/3M/6M/1Y — 1Y by 6.25pp
- 3-year return (+7.00%) trails the ELSS average (+10.96%)
- 5-year return (+8.10%) trails the ELSS average (+10.77%)
- Ranks #44 of 50 on 1-year return in its ELSS cohort
- Weaker risk-adjusted returns — Sharpe 0.04 below the ELSS average of 0.29
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (ELSS)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -5.50% | -4.62% | -0.88% |
| 3M abs | -5.49% | -3.75% | -1.74% |
| 6M abs | +1.86% | +9.09% | -7.23% |
| 1Y CAGR | -7.40% | -1.15% | -6.25% |
| 3Y CAGR | +7.00% | +10.96% | -3.96% |
| 5Y CAGR | +8.10% | +10.77% | -2.67% |
Category average across peers in ELSS (up to 49 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 49 peers in ELSS
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
60 monthly installments of ₹10,000 into Mahindra Manulife ELSS Tax Saver 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 | Nifty 500 TRI | Diff | |
|---|---|---|---|---|
| 2026part | -10.53% | -7.18% | -3.35% | |
| 2025 | +9.22% | +7.94% | +1.28% | |
| 2024 | +14.09% | +16.43% | -2.34% | |
| 2023 | +27.84% | +27.43% | +0.41% | |
| 2022 | +3.80% | +4.34% | -0.54% | |
| 2021 | +41.75% | +31.59% | +10.16% | |
| 2020 | +16.04% | +18.33% | -2.29% | |
| 2019 | +6.33% | +8.95% | -2.62% | |
| 2018 | -7.79% | -2.33% | -5.46% | |
| 2017 | +27.84% | +37.35% | -9.51% |
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; those years show no benchmark comparison.
Recent changes
Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.
- Fund manager change — now managed by Hemang Kapasi04 Oct 2026
Taxation
Taxed as equityThis is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.
Flat, on the whole gain
On gains above ₹1.25 L per financial year
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity95.88%
- Cash & Equivalents4.11%
Fund size over time
Quarterly average AUM · AMFIDown +5% from its peak of ₹925.65Cr 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.
Fund Managers
HKHemang KapasiManaging since 25 Sep 2026
NDNeelesh DhamnaskarManaging since 21 Jul 2026
Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and 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
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 ELSS (tax-saving) funds
ELSS funds are equity funds that qualify for a Section 80C deduction (up to ₹1.5 lakh a year) under the old tax regime. They carry a 3-year lock-in — the shortest of any 80C option.
From the blog
Frequently asked questions
What is the NAV of Mahindra Manulife ELSS Tax Saver Fund?
As of 05 Oct 2026, the NAV of Mahindra Manulife ELSS Tax Saver Fund is ₹30.89 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has Mahindra Manulife ELSS Tax Saver Fund delivered?
Mahindra Manulife ELSS Tax Saver Fund has returned -7.40% over 1 year, +7.00% per year over 3 years, +8.10% per year over 5 years and +11.96% 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 ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund charges an expense ratio of 1.04% 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 ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund's largest holdings are ICICI Bank Limited (9.9%), HDFC Bank Limited (6.7%), Bharti Airtel Limited (4.1%), Bajaj Finance Ltd (3.6%) and Reliance Industries Limited (3.1%). Holdings are disclosed monthly and change over time.
How risky is Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.3% and its worst peak-to-trough fall in our sample was -35.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.
What does the Sharpe ratio of 0.04 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife ELSS Tax Saver Fund's 0.04 means it has rewarded its volatility with excess return. Higher is better.
What is the benchmark of Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is benchmarked against the Nifty 500 TRI Index. Its alpha and beta on this page are measured against that index.
Who manages Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is managed by Hemang Kapasi and Neelesh Dhamnaskar at Mahindra Manulife.
How is Mahindra Manulife ELSS Tax Saver Fund taxed?
Mahindra Manulife ELSS Tax Saver Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.