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Mahindra Manulife Ultra Short Term Fund

Q: What is the NAV of Mahindra Manulife Ultra Short Term Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Ultra Short Term Fund is ₹1,528.89 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Ultra Short Term Fund delivered?

Mahindra Manulife Ultra Short Term Fund has returned +6.62% over 1 year, +7.29% per year over 3 years, +6.64% per year over 5 years and +6.28% 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 Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund charges an expense ratio of 0.31% 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 Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund's largest holdings are Small Industries Dev Bank of India 2027 (8.3%), Canara Bank 2026 (8.0%), 7.83% Indian Railway Finance Corporation Limited 2027 (7.2%), 7.8% National Bank For Agriculture and Rural Development 2027 (6.3%) and 7.64% REC Limited 2027 (6.3%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.4% and its worst peak-to-trough fall in our sample was -0.5%. 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 Ultra Short Term Fund?

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

Q: Who manages Mahindra Manulife Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund is managed by Rahul Pal and Amit Garg at Mahindra Manulife.

Q: How is Mahindra Manulife Ultra Short Term Fund taxed?

Mahindra Manulife Ultra Short Term 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 Ultra Short Duration Mutual Funds

NAV

₹1,528.89

+0.08% 1D

as of 05 Oct 2026

This is the Direct plan of Mahindra Manulife Ultra Short Term 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.

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NAV history

+6.59%absolute

52-week rangePrev NAV ₹1,527.68

Latest ₹1,528.89

Low ₹1,434.31100th percentile of its 52-week rangeHigh ₹1,528.89

Scorecard

★★★☆☆3/5 vs 24 of 26 Ultra Short Duration 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 Ultra Short Duration Fund (same plan and option). 24 of the 26 Ultra Short Duration Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +7.29% · ranks 10 of 24 Ultra Short Duration Funds

RiskLow

Volatility 0.4% vs 0.4% 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

Less volatile than its Ultra Short Duration Fund peers (0.4% vs 0.4%)
Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.31%

Category 0.30%▲0.01%

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

Direct · Growth

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

None

Exit Load

None

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

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

CRISIL Ultra Short Duration 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.

18 Oct 2019

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

Definitions

Absolute return over the last 1 month (not annualized)

+0.44%

Absolute return over the last 3 months (not annualized)

+1.61%

Absolute return over the last 6 months (not annualized)

+3.63%

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

+5.14%

Annualized returns (≥1Y — CAGR)

Definitions

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

+6.62%

3-year annualized return (CAGR)

+7.29%

5-year annualized return (CAGR)

+6.64%

10-year annualized return (CAGR)

—

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.

+6.28%

Advanced metrics — risk

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

0.36%

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

-0.50%

Benchmark ratios

Not shown for Ultra Short Duration 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 (Ultra Short Duration Fund)

Period	Fund	Category avg.	Diff
1M abs	+0.44%	+0.44%	0.00%
3M abs	+1.61%	+1.55%	+0.06%
6M abs	+3.63%	+3.58%	+0.05%
1Y CAGR	+6.62%	+6.50%	+0.12%
3Y CAGR	+7.29%	+7.22%	+0.07%
5Y CAGR	+6.64%	+6.57%	+0.07%

Category average across peers in Ultra Short Duration Fund (up to 26 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 26 peers in Ultra Short Duration Fund

1Y return

+6.62%

Beats 64% · rank #10

3Y return

+7.29%

Beats 60.9% · rank #10

5Y return

+6.64%

Beats 54.5% · rank #11

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

₹7.14L

Absolute

+18.97%

XIRR

+7.10%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Mahindra Manulife Ultra Short Term 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	+5.14%
2025	+7.24%
2024	+7.81%
2023	+7.30%
2022	+4.80%
2021	+3.72%
2020	+6.37%
2019part	+1.35%

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

1,685

Expense ratio

0.31%

YTM (from holdings)

7.03%

Average maturity

0.50 years

Exit load

Nil

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 · Ultra Short Duration Fund

Compare all


Mahindra Manulife Ultra Short Term FundThis fund Mahindra Manulife · Direct · Growth	★★★☆☆	+6.62%	+7.29%	+6.64%	—	0.31%	—
Nippon India Ultra Short Term Fund Nippon India · Direct · Growth	★★★★☆	+6.97%	+7.57%	+7.02%	—	0.34%	—
Tata Ultra Short Term Fund Tata · Direct · Growth	★★★☆☆	+7.00%	+7.51%	+6.81%	—	0.33%	₹5,343Cr
Aditya Birla Sun Life Ultra Short Term Fund Aditya Birla Sun Life · Direct · Growth	★★★★☆	+6.61%	+7.48%	+6.80%	—	0.32%	—
Axis Ultra Short Term Fund Axis · Direct · Growth	★★★☆☆	+6.77%	+7.44%	+6.81%	—	0.36%	—
Mirae Asset Ultra Short-Term Fund Mirae Asset · Direct · Growth	★★★★☆	+6.71%	+7.43%	+6.73%	—	0.22%	—

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Debt86.15%
Cash & Equivalents13.84%

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 17 Oct 2019

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 GargStart date not disclosed

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 Ultra Short Duration funds

Ultra short duration funds run a Macaulay duration of 3 to 6 months. That is a step out from a liquid fund — slightly more interest-rate sensitivity in exchange for slightly more yield, for money you need in months rather than days.

Frequently asked questions

What is the NAV of Mahindra Manulife Ultra Short Term Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Ultra Short Term Fund is ₹1,528.89 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Ultra Short Term Fund delivered?

Mahindra Manulife Ultra Short Term Fund has returned +6.62% over 1 year, +7.29% per year over 3 years, +6.64% per year over 5 years and +6.28% 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 Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund charges an expense ratio of 0.31% 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 Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund's largest holdings are Small Industries Dev Bank of India 2027 (8.3%), Canara Bank 2026 (8.0%), 7.83% Indian Railway Finance Corporation Limited 2027 (7.2%), 7.8% National Bank For Agriculture and Rural Development 2027 (6.3%) and 7.64% REC Limited 2027 (6.3%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund is rated low on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 0.4% and its worst peak-to-trough fall in our sample was -0.5%. 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 Ultra Short Term Fund?

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

Who manages Mahindra Manulife Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund is managed by Rahul Pal and Amit Garg at Mahindra Manulife.

How is Mahindra Manulife Ultra Short Term Fund taxed?

Mahindra Manulife Ultra Short Term 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.