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Mahindra Manulife Flexi Cap Fund

Q: What is the NAV of Mahindra Manulife Flexi Cap Fund?

As of 01 Oct 2026, the NAV of Mahindra Manulife Flexi Cap Fund is ₹15.18 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Flexi Cap Fund delivered?

Mahindra Manulife Flexi Cap Fund has returned -5.60% over 1 year, +7.12% per year over 3 years, +8.30% per year over 5 years and +8.50% 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 Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund charges an expense ratio of 2.49% 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 Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund's largest holdings are ICICI Bank Limited (8.5%), HDFC Bank Limited (3.7%), Bajaj Finance Ltd (3.3%), Bharti Airtel Limited (3.1%) and Larsen & Toubro Limited (2.3%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.6% and its worst peak-to-trough fall in our sample was -18.0%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: 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 Flexi Cap Fund's 0.04 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is managed by Neelesh Dhamnaskar and Kirti Dalvi at Mahindra Manulife.

Q: How is Mahindra Manulife Flexi Cap Fund taxed?

Mahindra Manulife Flexi Cap 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.

Mahindra Manulife Mutual Fund · Best Flexi Cap Mutual Funds

NAV

₹15.18

-1.20% 1D

as of 01 Oct 2026

This is the Regular plan of Mahindra Manulife Flexi Cap 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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Performance

-4.99%CAGR

52-week rangePrev NAV ₹15.36

Latest ₹15.18

Low ₹14.2835th percentile of its 52-week rangeHigh ₹16.83

Scorecard

★★★☆☆3/5 vs 36 of 45 Flexi Cap 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 Flexi Cap Fund (same plan and option). 36 of the 45 Flexi Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceBelow avg

3Y CAGR +7.12% · ranks 31 of 36 Flexi Cap Funds

RiskModerate

Volatility 13.6% vs 14.1% category avg

CostAverage

2.5% expense vs 2.3% 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

Trails the Flexi Cap Fund average on 1M/3M/6M/1Y — 1Y by 4.94pp
3-year return (+7.12%) trails the Flexi Cap Fund average (+10.59%)
5-year return (+8.30%) trails the Flexi Cap Fund average (+9.25%)
Ranks #35 of 41 on 1-year return in its Flexi Cap Fund cohort
Weaker risk-adjusted returns — Sharpe 0.04 below the Flexi Cap Fund average of 0.28

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.49%

Category 2.29%▲0.20%

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

25.33

Category —

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

0.04

Category 0.28▼0.24

Scheme Info

Definitions

Plan

Regular · Growth

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

None

1%**An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment.

Up to 1.00%

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.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

Nifty 500 TRI

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.

25 Aug 2021

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

Definitions

Absolute return over the last 1 month (not annualized)

-5.64%

Absolute return over the last 3 months (not annualized)

-3.61%

Absolute return over the last 6 months (not annualized)

+4.62%

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

-8.63%

Annualized returns (≥1Y — CAGR)

Definitions

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

-5.60%

3-year annualized return (CAGR)

+7.12%

5-year annualized return (CAGR)

+8.30%

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.

+8.50%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

13.65%

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

0.04

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

0.06

Largest peak-to-trough decline over full history

-17.96%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

-1.82%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

0.92

How much of the fund's movement Nifty 500 TRI explains

97.7%

Excess return per unit of beta (market risk)

1.15

Active return over the benchmark per unit of tracking error

-0.84

Annualized std dev of fund-minus-benchmark returns

2.56%

Fund's share of benchmark gains in up months (100 = matches index)

91.5%

Fund's share of benchmark losses in down months (lower is better)

99.0%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Flexi Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.64%	-5.04%	-0.60%
3M abs	-3.61%	-2.53%	-1.08%
6M abs	+4.62%	+9.63%	-5.01%
1Y CAGR	-5.60%	-0.66%	-4.94%
3Y CAGR	+7.12%	+10.59%	-3.47%
5Y CAGR	+8.30%	+9.25%	-0.95%

Category average across peers in Flexi Cap 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 Flexi Cap Fund

1Y return

-5.60%

Beats 15% · rank #35

3Y return

+7.12%

Beats 14.3% · rank #31

5Y return

+8.30%

Beats 34.6% · rank #18

Sharpe

0.04

Beats 11.4% · rank #31

Sortino

0.06

Beats 14.3% · rank #31

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

+17.83%

XIRR

+6.71%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Mahindra Manulife Flexi Cap 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	-8.63%	-7.18%	-1.45%
2025	+6.84%	+7.94%	-1.10%
2024	+14.64%	+16.43%	-1.79%
2023	+30.91%	+27.43%	+3.48%
2022	+1.37%	+4.34%	-2.97%
2021part	+2.10%	—	—

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.

History points

1,258

Expense ratio

2.49%

AUM

₹1,531Cr

Portfolio turnover

92%

Exit load

1%**An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

25.3

P/B ratio

4.6

Avg market cap

₹3,32,123Cr

P/E & P/B are portfolio-weighted harmonic means across 67 of 73 equity holdings (92% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This 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.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

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.

Peer comparison · Flexi Cap Fund

Compare all


Mahindra Manulife Flexi Cap FundThis fund Mahindra Manulife · Regular · Growth	★★★☆☆	-5.60%	+7.12%	+8.30%	—	2.49%	₹1,531Cr
Bank of India Flexi Cap Fund Bank of India · Regular · Growth	★★★★☆	+7.78%	+16.36%	+14.52%	—	2.28%	₹2,414Cr
Motilal Oswal Flexi Cap Fund Motilal Oswal · Regular · Growth	★★★☆☆	+1.00%	+16.22%	+11.34%	—	2.00%	₹12,836Cr
ITI Flexi Cap Fund ITI · Regular · Growth	★★★★☆	+9.52%	+15.75%	—	—	2.31%	₹1,304Cr
360 ONE Flexicap Fund 360 One · Regular · Growth	★★★★☆	+6.57%	+15.08%	—	—	2.37%	₹2,018Cr
Invesco India Flexi Cap Fund Invesco · Regular · Growth	★★★★★	-2.32%	+14.52%	—	—	2.10%	₹4,904Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap57.9%
Mid cap25.6%
Small cap16.5%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity96.48%
Cash & Equivalents3.52%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Mahindra Manulife ELSS Tax Saver Fund Mahindra Manulife · ELSS	62.3%!	★★☆☆☆	1.04%	+6.65%
Mahindra Manulife Aggressive Hybrid Fund Mahindra Manulife · Aggressive Hybrid Fund	55.0% of 74% equity	★★★★★	0.84%	+10.61%
Canara Robeco Large Cap Fund Canara Robeco · Large Cap Fund	47.3%	★★★★☆	0.63%	+8.81%
Canara Robeco Flexi Cap Fund Canara Robeco · Flexi Cap Fund	46.3%	★★★☆☆	0.69%	+10.26%
Groww ELSS Tax Saver Fund Groww · ELSS	45.3%!	★☆☆☆☆	1.52%	+7.74%
Mahindra Manulife Large Cap Fund Mahindra Manulife · Large Cap Fund	44.7%	★★★★☆	1.09%	+7.12%
UTI - Large Cap Fund UTI · Large Cap Fund	44.7%	★★☆☆☆	1.19%	+6.08%
Groww Multi Asset Allocation Fund Groww · Multi Asset Allocation	44.5% of 68% equity	★☆☆☆☆	1.00%	—

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

1 holding — 0.71% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Mtar Technologies LimitedLong-term · Stage IV0.71%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-18.0%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 01 Dec 2022 — 5 months under water after the low.
-17.5%24 Sep 2024 → 28 Feb 2025
Still below that high — 5 months down, and no recovery yet.
-8.2%18 Oct 2021 → 20 Dec 2021
Fell over 2 months, back to the old high on 12 Jan 2022 — 23 days under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹1,531Cr

April - June 2026

since January - March 2026

+₹72.86Cr

est. net flow, last quarter

At or near its largest, ₹1,538Cr 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

NDNeelesh DhamnaskarManaging since 21 Jul 2026

KDKirti DalviManaging since 21 Jul 2026

Role

Fund Manager - Equity

Total experience

19 years

Education

CFA – Level II, Master’s in Management Studies and B.com

Funds managed (2)

All schemes Kirti Dalvi runs →

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

Fund managers

Kirti Dalvi

Top holdings

ICICI Bank Limited HDFC Bank Limited Bajaj Finance Ltd Bharti Airtel Limited Larsen & Toubro Limited Eternal Limited Kotak Mahindra Bank Ltd Axis Bank Limited IndusInd Bank Limited TVS Motor Company Limited UNO Minda Limited Reliance Industries Limited

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 Flexi Cap funds

Flexi cap funds invest across large, mid and small-cap stocks with no fixed allocation, letting the manager shift with the market cycle. That flexibility can help manage risk and chase growth wherever it is.

Frequently asked questions

What is the NAV of Mahindra Manulife Flexi Cap Fund?

As of 01 Oct 2026, the NAV of Mahindra Manulife Flexi Cap Fund is ₹15.18 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Flexi Cap Fund delivered?

Mahindra Manulife Flexi Cap Fund has returned -5.60% over 1 year, +7.12% per year over 3 years, +8.30% per year over 5 years and +8.50% 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 Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund charges an expense ratio of 2.49% 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 Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund's largest holdings are ICICI Bank Limited (8.5%), HDFC Bank Limited (3.7%), Bajaj Finance Ltd (3.3%), Bharti Airtel Limited (3.1%) and Larsen & Toubro Limited (2.3%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 13.6% and its worst peak-to-trough fall in our sample was -18.0%. 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 Flexi Cap Fund's 0.04 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is benchmarked against the Nifty 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages Mahindra Manulife Flexi Cap Fund?

Mahindra Manulife Flexi Cap Fund is managed by Neelesh Dhamnaskar and Kirti Dalvi at Mahindra Manulife.

How is Mahindra Manulife Flexi Cap Fund taxed?

Mahindra Manulife Flexi Cap 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.