Mahindra Manulife Arbitrage Fund
This is the Direct plan of Mahindra Manulife Arbitrage 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.
NAV history
Scorecard
★☆☆☆☆1/5 vs 26 of 39 Arbitrage 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 Arbitrage Fund (same plan and option). 26 of the 39 Arbitrage Funds in this cohort carry the full record the stars need, so they are the ones ranked against.
3Y CAGR +6.40% · ranks 26 of 26 Arbitrage Funds
Volatility 1.1% vs 1.3% category avg
1.2% expense vs 1.5% category avg
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 Arbitrage Fund peers (1.1% vs 1.3%)
- Low expense ratio (1.16%) vs the Arbitrage Fund average of 1.51%
- Consistent — positive in 100% of rolling 3-year windows
Concerns
- 3-year return (+6.40%) trails the Arbitrage Fund average (+7.22%)
- 5-year return (+5.83%) trails the Arbitrage Fund average (+6.67%)
- Ranks #30 of 34 on 1-year return in its Arbitrage Fund cohort
- Weaker risk-adjusted returns — Sharpe -0.09 below the Arbitrage Fund average of 0.66
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk
Fund vs category average (Arbitrage Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | +0.21% | +0.25% | -0.04% |
| 3M abs | +1.40% | +1.50% | -0.10% |
| 6M abs | +3.00% | +3.16% | -0.16% |
| 1Y CAGR | +6.25% | +6.59% | -0.34% |
| 3Y CAGR | +6.40% | +7.22% | -0.82% |
| 5Y CAGR | +5.83% | +6.67% | -0.84% |
Category average across peers in Arbitrage Fund (up to 39 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 39 peers in Arbitrage Fund
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 Arbitrage 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 | +4.51% | |
| 2025 | +6.20% | |
| 2024 | +6.97% | |
| 2023 | +6.65% | |
| 2022 | +4.04% | |
| 2021 | +3.67% | |
| 2020part | +1.19% |
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.
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- Equity70.16%
- Other23.56%
- Cash & Equivalents6.30%
Cash & cash-like: 10.71% — the 6.30% above plus treasury bills, certificates of deposit, commercial paper and TREPS, which the allocation files under Debt but the market counts as cash-equivalent.
Fund size over time
Quarterly average AUM · AMFIAt or near its largest, ₹116.74Cr in April - June 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
NMNavin MattaManaging since 24 Oct 2024
Manager & Research Analyst - Equity
20 years
PGDBA
Manager in the last 10 schemes under his years management • Fund Manager & • Co - Fund Manager of Research Analyst – Mahindra Manulife Equity, Mahindra Arbitrage Fund. Manulife Investment Management Private Limited (October 2024 – Until Date) • Investment advisor and Research Analyst – Equity, Mahindra Manulife Investment Management Private Limited (October 2021 – October 2024) • Research Analyst – Equity, Mahindra Manulife Investment Management Private Limited (July 2020 – October 2021) • Research Analyst - BOB Capital (August 2019 - May 2020) Manager in the last 10 schemes under his years management • Research Analyst - SAFE Enterprises (March 2019 - June 2019) • Research Analyst - Bajaj Allianz Life Insurance (June 2016 – March 2019) • Research Analyst - HDFC Securities (August 2014 – June 2016) • Research Analyst - Daiwa Capital (November 2010 – February 2014)
MLManish LodhaManaging since 21 Dec 2020
Fund Manager - Equity
24 years
B.Com (H), CS, CA
• Fund Manager (Equity) – MMIMPL (December 2, 2020 until date); • Asst. Fund Manager (Equity) – Canara HSBC OBC Life Insurance Co Ltd (October 2016 – December 2020); • Research Analyst (Equity) – Kotak Mahindra Mutual Fund (June 2005 – September 2016)
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- Mahindra Manulife Multi Cap Fund
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RPRahul PalManaging since 24 Aug 2020
Chief Investment Officer – Fixed Income
23 years
B.Com (H), ACA
• 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
- Mahindra Manulife Aggressive Hybrid Fund
- Mahindra Manulife Balanced Advantage Fund
- Mahindra Manulife Dynamic Bond Fund
- Mahindra Manulife Dynamic Bond Fund
- Mahindra Manulife Equity Savings Fund
- Mahindra Manulife Income Plus Arbitrage Active FOF
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- Mahindra Manulife Low Duration Fund
- Mahindra Manulife Multi Asset Allocation Fund
- Mahindra Manulife Overnight Fund
- Mahindra Manulife Short Duration Fund
- Mahindra Manulife Ultra Short Duration Fund
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 Arbitrage funds
Arbitrage funds profit from small price gaps between the cash and futures markets rather than from market direction. Returns are usually modest and cash-like, but they are taxed as equity.
From the blog
Arbitrage funds vs liquid funds: the 2026 scorecard
01 Oct 2026
The median arbitrage fund returned 6.68% in the year to 30 September 2026, against 6.46% for liquid funds. Where each came out ahead, and what it cost.
Arbitrage funds returned 6.90% in a year to March 2026
30 Mar 2026
The median arbitrage fund returned 6.90% in the year to 27 March 2026, against 6.27% for liquid funds. March's volatility did not speed the funds up.
Frequently asked questions
What is the NAV of Mahindra Manulife Arbitrage Fund?
As of 01 Oct 2026, the NAV of Mahindra Manulife Arbitrage Fund is ₹13.82 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has Mahindra Manulife Arbitrage Fund delivered?
Mahindra Manulife Arbitrage Fund has returned +6.25% over 1 year, +6.40% per year over 3 years, +5.83% per year over 5 years and +5.45% 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 Arbitrage Fund?
Mahindra Manulife Arbitrage Fund charges an expense ratio of 1.16% 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 Arbitrage Fund?
Mahindra Manulife Arbitrage Fund's largest holdings are Mahindra Manulife Low Duration Fund - Direct Plan -Growth (12.8%), Mahindra Manulife Liquid Fund -Direct Plan -Growth (10.7%), ICICI Bank Limited (6.8%), HDFC Bank Limited (5.7%) and Bajaj Finance Ltd (5.4%). Holdings are disclosed monthly and change over time.
How risky is Mahindra Manulife Arbitrage Fund?
Mahindra Manulife Arbitrage Fund is rated moderately high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 1.1% 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 does the Sharpe ratio of -0.09 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife Arbitrage Fund's -0.09 means it has not compensated investors for its volatility over the window. Higher is better.
What is the benchmark of Mahindra Manulife Arbitrage Fund?
Mahindra Manulife Arbitrage Fund is benchmarked against the Nifty 50 Arbitrage Index. Its alpha and beta on this page are measured against that index.
Who manages Mahindra Manulife Arbitrage Fund?
Mahindra Manulife Arbitrage Fund is managed by Navin Matta, Manish Lodha and Rahul Pal at Mahindra Manulife.
How is Mahindra Manulife Arbitrage Fund taxed?
Mahindra Manulife Arbitrage 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.