EquitySectoral/ ThematicRegularGrowthVery High

Mahindra Manulife Innovation Opportunities Fund

Q: What is the NAV of Mahindra Manulife Innovation Opportunities Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Innovation Opportunities Fund is ₹10.43 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Innovation Opportunities Fund delivered?

Mahindra Manulife Innovation Opportunities Fund has returned +4.09% 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund charges an expense ratio of 2.56% 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund's largest holdings are Eternal Limited (3.8%), Bajaj Finance Ltd (2.9%), ICICI Bank Limited (2.8%), Aditya Birla Capital Limited (2.7%) and Torrent Pharmaceuticals Limited (2.6%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.9% and its worst peak-to-trough fall in our sample was -10.5%. 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is benchmarked against the The Scheme performance would be benchmarked against the Nifty. Its alpha and beta on this page are measured against that index.

Q: Who manages Mahindra Manulife Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is managed by Renjith Sivaram Radhakrishnan and Kirti Dalvi at Mahindra Manulife.

Q: How is Mahindra Manulife Innovation Opportunities Fund taxed?

Mahindra Manulife Innovation Opportunities 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 Sectoral & Thematic Mutual Funds

NAV

₹10.43

+0.33% 1D

as of 05 Oct 2026

This is the Regular plan of Mahindra Manulife Innovation Opportunities 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.

Compare SIP calculator

Performance

+4.09%absolute

52-week rangePrev NAV ₹10.39

Latest ₹10.43

Low ₹9.1860th percentile of its 52-week rangeHigh ₹11.25

Scorecard

Not rated

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. Not rated — this fund has no full year of NAV history yet. A rating needs at least a 1-year return to rank its performance against peers.

Performance—

Not enough Sectoral/ Thematic peers to rank yet

RiskModerate

Volatility 15.9% vs 15.6% category avg

CostAverage

2.6% expense vs 2.5% category avg

Consistency—

Not enough history for a rolling 3Y view

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.56%

Category 2.46%▲0.10%

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

33.96

Category —

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

—

Category 0.36

Scheme Info

Definitions

Plan

Regular · Growth

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

None

• An Exit Load of 0.5% 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. Redemption /Switch-Out of Units would be done on First in First Out Basis (FIFO). For more details on Load Structure, refer to the paragraph ‘Load Structure’ in Part III of Section I.

Up to 0.50%

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

The Scheme performance would be benchmarked against the Nifty

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.

02 Feb 2026

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

Definitions

Absolute return over the last 1 month (not annualized)

-5.88%

Absolute return over the last 3 months (not annualized)

-4.19%

Absolute return over the last 6 months (not annualized)

+11.80%

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

+4.09%

Annualized returns (≥1Y — CAGR)

Definitions

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

—

3-year annualized return (CAGR)

—

5-year annualized return (CAGR)

—

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.

+4.09%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.94%

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

-10.55%

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

—

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

—

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

—

Excess return per unit of beta (market risk)

—

Active return over the benchmark per unit of tracking error

—

Annualized std dev of fund-minus-benchmark returns

—

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

—

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

—

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 (Sectoral/ Thematic)

Period	Fund	Category avg.	Diff
1M abs	-5.88%	-4.56%	-1.32%
3M abs	-4.19%	-2.61%	-1.58%
6M abs	+11.80%	+11.39%	+0.41%
1Y CAGR	—	+2.14%	—
3Y CAGR	—	+12.50%	—
5Y CAGR	—	+10.82%	—

Category average across peers in Sectoral/ Thematic (up to 255 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.

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

₹80.00K

Current value

₹80.20K

Absolute

+0.25%

XIRR

+0.86%

Value vs. invested

ValueInvested

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

History points

167

Expense ratio

2.56%

AUM

₹187.60Cr

Exit load

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

P/E ratio

34.0

P/B ratio

7.7

Avg market cap

₹2,25,503Cr

P/E & P/B are portfolio-weighted harmonic means across 46 of 51 equity holdings (86% 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 · Sectoral/ Thematic

Compare all


Mahindra Manulife Innovation Opportunities FundThis fund Mahindra Manulife · Regular · Growth	—	—	—	—	—	2.56%	₹187.60Cr
Nippon India Taiwan Equity Fund Nippon India · Regular · Growth	★★★★☆	+125.07%	+61.55%	—	—	2.34%	₹1,110Cr
HDFC Defence Fund HDFC · Regular · Growth	★★★★☆	+19.02%	+34.59%	—	—	1.79%	₹9,371Cr
HDFC Pharma and Healthcare Fund HDFC · Regular · Growth	★★★★★	+24.17%	+28.28%	—	—	2.11%	₹2,282Cr
Franklin Asian Equity Fund Franklin Templeton · Regular · Growth	★★★☆☆	+31.28%	+23.90%	+8.86%	—	2.47%	₹720.84Cr
Nippon India Japan Equity Fund Nippon India · Regular · Growth	★★★☆☆	+28.99%	+22.97%	+10.76%	—	2.50%	₹330.20Cr

Market-cap allocation · AMFI bands, Jul 2026

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

Large cap47.7%
Mid cap36.2%
Small cap16.1%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity94.69%
Cash & Equivalents5.33%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
JM Large & Mid Cap Fund JM Financial · Large & Mid Cap Fund	43.5%	★★★★☆	1.04%	—
Mahindra Manulife Large & Mid Cap Fund Mahindra Manulife · Large & Mid Cap Fund	40.1%	★★★☆☆	0.83%	+11.01%
JM Large Cap Fund JM Financial · Large Cap Fund	39.6%	★★☆☆☆	1.19%	+9.54%
Canara Robeco Flexi Cap Fund Canara Robeco · Flexi Cap Fund	39.5%	★★★☆☆	0.69%	+10.64%
Canara Robeco Multi Asset Allocation Fund Canara Robeco · Multi Asset Allocation	38.7% of 68% equity	★★★☆☆	0.93%	—
Helios Large & Mid Cap Fund Helios · Large & Mid Cap Fund	38.4%	★★★★☆	1.00%	—
Canara Robeco ELSS - Tax Saver Fund Canara Robeco · ELSS	37.8%	★★★☆☆	0.70%	+10.61%
JM Aggressive Hybrid Fund JM Financial · Aggressive Hybrid Fund	37.7% of 78% equity	★★★☆☆	1.16%	+11.93%

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 — 2.00% 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.

PB Fintech LimitedShort-term · Stage I2.00%

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.

-10.6%11 Feb 2026 → 23 Mar 2026
Fell over 40 days, back to the old high on 06 May 2026 — 44 days under water after the low.
-7.6%27 Aug 2026 → 01 Oct 2026
Still below that high — 35 days down, and no recovery yet.

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

₹187.60Cr

April - June 2026

+75%

since January - March 2026

At or near its largest, ₹187.60Cr 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.

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

RRRenjith Sivaram RadhakrishnanStart date not disclosed

Role

Fund Manager & Research Analyst – Equity

Total experience

15 years

Education

MBA(Finance) &, B-Tech (Mechanical Engineering)

Experience

• Fund Manager & Research Analyst. – Mahindra Manulife Investment Management Pvt. Ltd. Mahindra Manulife Investment Management Pvt. Ltd. (‘MMIMPL’) (June 1, 2023 until date) • Analyst – Mahindra Manulife Investment Management Pvt. Ltd. (‘MMIMPL’)(December 6, 2021 to May 31, 2023) • Analyst – ICCI Securities (June 2017 to November 2021) • Analyst – Antique Stock broking (January 2015 to 23rd June 2017) • Analyst – B&K Securities (January 2009 – January 2015)

Funds managed (4)

All schemes Renjith Sivaram Radhakrishnan runs →

KDKirti DalviStart date not disclosed

Role

Fund Manager - Equity

Total experience

19 years

Education

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

Funds managed (1)

Mahindra Manulife Mid Cap Fund

All schemes Kirti Dalvi 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

Renjith Sivaram Radhakrishnan Kirti Dalvi

Top holdings

Eternal Limited Bajaj Finance Ltd ICICI Bank Limited Aditya Birla Capital Limited Torrent Pharmaceuticals Limited One 97 Communications Limited Acutaas Chemicals Limited Karur Vysya Bank Limited Aster DM Quality Care Limited Delhivery Limited Belrise Industries Ltd.Axis Bank 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 Sectoral & Thematic funds

Sectoral and thematic funds must keep at least 80% in the equity of one sector (banking, pharma, technology) or one theme (consumption, manufacturing, ESG). That concentration is the point and the risk: with no mandate to diversify away from the sector, the fund rises and falls with it.

Frequently asked questions

What is the NAV of Mahindra Manulife Innovation Opportunities Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Innovation Opportunities Fund is ₹10.43 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Innovation Opportunities Fund delivered?

Mahindra Manulife Innovation Opportunities Fund has returned +4.09% 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund charges an expense ratio of 2.56% 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund's largest holdings are Eternal Limited (3.8%), Bajaj Finance Ltd (2.9%), ICICI Bank Limited (2.8%), Aditya Birla Capital Limited (2.7%) and Torrent Pharmaceuticals Limited (2.6%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.9% and its worst peak-to-trough fall in our sample was -10.5%. 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 Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is benchmarked against the The Scheme performance would be benchmarked against the Nifty. Its alpha and beta on this page are measured against that index.

Who manages Mahindra Manulife Innovation Opportunities Fund?

Mahindra Manulife Innovation Opportunities Fund is managed by Renjith Sivaram Radhakrishnan and Kirti Dalvi at Mahindra Manulife.

How is Mahindra Manulife Innovation Opportunities Fund taxed?

Mahindra Manulife Innovation Opportunities 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.