Mahindra Manulife ELSS Tax Saver Fund
ELSSVery HighOPEN-ENDED
- NAV as on 6 Nov 2026
- ₹27.82+1.08%1 day
- Return since launch
- 10.7%
- 52-week range
- ₹25.16 — ₹29.61
- AUM
- ₹829 Cr
Mahindra Manulife ELSS Tax Saver Fund is a ELSS equity fund from Mahindra Manulife Mutual Fund with ₹829 Cr under management, launched in 2016. Over three years it has returned 2.4% a year, against 11.4% for its category. The expense ratio is 2.48% and the SEBI riskometer reading is Very High.
Performance
Mahindra Manulife ELSS Tax Saver Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned -3.5% against +0.1% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 2.0% | +1.7 pts | 0.3% | 5.5% |
| 2Y | 1.3% | −2.8 pts | 4.1% | 3.6% |
| 3Y | 2.4% | −9.0 pts | 11.4% | 4.4% |
| 5Y | 7.2% | −2.5 pts | 9.7% | 9.2% |
| 7Y | 11.1% | −2.1 pts | 13.2% | 11.9% |
| 10Y | 11.1% | −1.8 pts | 12.9% | 11.7% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 7.1% | +2.0 pts | 5.0% | 6.7% |
| 3M | -0.9% | 0.0 pts | -0.9% | -1.1% |
| 6M | 1.6% | −0.6 pts | 2.2% | 4.2% |
| 1Y | -3.5% | −3.8 pts | 0.3% | -0.2% |
| 2Y | 0.2% | −1.0 pts | 1.2% | 1.1% |
| 3Y | 8.4% | −3.0 pts | 11.4% | 10.6% |
| 5Y | 7.5% | −2.1 pts | 9.7% | 8.7% |
| 7Y | 12.8% | −1.6 pts | 14.4% | 12.6% |
| 10Y | 10.7% | −2.2 pts | 12.9% | 11.6% |
Since launch (22 Aug 2016): 10.7%
Calendar-year returns
Category average14.1%
39.4%
2.0%
25.8%
12.2%
7.5%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 7.5% | +3.1 pts | 4.5% |
| 2024 | 12.2% | −8.1 pts | 20.3% |
| 2023 | 25.8% | −6.0 pts | 31.8% |
| 2022 | 2.0% | −1.4 pts | 3.5% |
| 2021 | 39.4% | −0.4 pts | 39.9% |
| 2020 | 14.1% | −4.6 pts | 18.7% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.49%
Expense ratio as on 6 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.97%
- Brokerage
- 0.08%
- Transaction charges
- 0.00%
- Statutory levies
- 0.44%
- Exit load
- 0%
- Lock-in
- 3 years
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- NIFTY 500 TRI
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Very High
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
| Ratio | Fund | Category avg | Read as |
|---|---|---|---|
| Alpha | -2.81 | 4.34 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.91 | 1.03 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.13 | 0.55 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.17 | 0.76 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 14.33 | 17.53 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
Mahindra Manulife ELSS Tax Saver Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity94.7%
- Other5.3%
Market cap split
- Large71.8%
- Mid17.4%
- Small10.8%
- P/E
- 22.04
- P/B
- 3.42
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 9.24% | ₹76.57 Cr | +9.48% | +7.78% | +7.28% |
| HDFC Bank Ltd. | Financial | 7.24% | ₹60.03 Cr | +7.64% | +6.95% | +8.33% |
| Others | Others | 5.34% | ₹44.31 Cr | +0.06% | +11.70% | +1.26% |
| Bharti Airtel Ltd. | Communication | 4.28% | ₹35.49 Cr | +4.23% | +2.37% | +2.63% |
| Bajaj Finance Ltd. | Financial | 3.56% | ₹29.55 Cr | +3.50% | +2.50% | +3.55% |
| Reliance Industries Ltd. | Energy | 3.11% | ₹25.82 Cr | +3.18% | +4.67% | +5.08% |
| Larsen & Toubro Ltd. | Construction | 2.96% | ₹24.50 Cr | +3.05% | +3.05% | +3.99% |
| Kotak Mahindra Bank Ltd. | Financial | 2.57% | ₹21.27 Cr | +2.26% | +1.28% | — |
| TVS Motor Company Ltd. | Automobile | 2.56% | ₹21.25 Cr | +2.03% | +1.90% | +1.64% |
| Infosys Ltd. | Technology | 2.44% | ₹20.24 Cr | +2.87% | +3.83% | +4.84% |
| Hindustan Unilever Ltd. | Consumer Staples | 2.31% | ₹19.17 Cr | +2.23% | +2.31% | +2.99% |
| Axis Bank Ltd. | Financial | 2.31% | ₹19.13 Cr | +2.37% | +3.03% | +3.74% |
| Eternal Ltd. | Services | 2.22% | ₹18.40 Cr | +1.72% | +1.11% | — |
| Maruti Suzuki India Ltd. | Automobile | 2.15% | ₹17.83 Cr | +2.38% | +1.61% | +0.65% |
| Avenue Supermarts Ltd. | Services | 2.06% | ₹17.11 Cr | +2.03% | +2.15% | +1.22% |
| UNO Minda Ltd. | Automobile | 2.06% | ₹17.08 Cr | +1.80% | +1.52% | +1.02% |
| Mankind Pharma Ltd. | Healthcare | 1.72% | ₹14.24 Cr | +1.64% | +1.14% | +0.91% |
| Tech Mahindra Ltd. | Technology | 1.71% | ₹14.17 Cr | +1.48% | +1.55% | — |
| Titan Company Ltd. | Consumer Discretionary | 1.62% | ₹13.39 Cr | +1.45% | +1.63% | +1.46% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 1.60% | ₹13.26 Cr | +1.54% | +1.15% | — |
| Info Edge (India) Ltd. | Services | 1.54% | ₹12.76 Cr | +1.16% | +1.22% | +1.22% |
| Tata Power Company Ltd. | Energy | 1.52% | ₹12.64 Cr | +1.53% | +1.75% | +1.83% |
| Indusind Bank Ltd. | Financial | 1.43% | ₹11.89 Cr | +1.69% | +1.58% | +1.44% |
| Neuland Laboratories Ltd. | Healthcare | 1.43% | ₹11.82 Cr | +1.26% | +0.97% | +0.88% |
| Interglobe Aviation Ltd. | Services | 1.38% | ₹11.46 Cr | +1.40% | — | +0.36% |
| Eicher Motors Ltd. | Automobile | 1.29% | ₹10.73 Cr | +1.20% | — | +1.12% |
| Dr. Reddy's Laboratories Ltd. | Healthcare | 1.28% | ₹10.60 Cr | +1.55% | +1.39% | +0.68% |
| Dr. Lal Pathlabs Ltd. | Healthcare | 1.27% | ₹10.56 Cr | +0.99% | +0.75% | — |
| Trent Ltd. | Services | 1.26% | ₹10.49 Cr | +1.49% | +0.80% | — |
| Shriram Finance Ltd | Financial | 1.26% | ₹10.43 Cr | +1.25% | +0.75% | — |
| LG Electronics India Ltd. | Consumer Discretionary | 1.20% | ₹9.93 Cr | +1.01% | +0.90% | — |
| Godrej Properties Ltd. | Construction | 1.14% | ₹9.48 Cr | +1.23% | +0.95% | +0.73% |
| Hindustan Aeronautics Ltd. | Capital Goods | 1.13% | ₹9.34 Cr | +0.99% | — | — |
| JK Cement Ltd. | Materials | 1.12% | ₹9.26 Cr | +1.12% | — | — |
| LTM Limited | Technology | 1.11% | ₹9.20 Cr | +0.91% | +1.01% | +1.02% |
| Tata Motors Passenger Vehicles Ltd. | Automobile | 1.05% | ₹8.73 Cr | +1.23% | — | +0.86% |
| Grindwell Norton Ltd. | Metals & Mining | 1.04% | ₹8.63 Cr | +1.06% | — | — |
| Aarti Industries Ltd. | Chemicals | 1.03% | ₹8.56 Cr | +0.93% | +0.36% | — |
| Nestle India Ltd. | Consumer Staples | 1.01% | ₹8.40 Cr | +1.02% | — | — |
| Glaxosmithkline Pharmaceuticals Ltd. | Healthcare | 1.01% | ₹8.33 Cr | +0.83% | +0.96% | +0.91% |
| DOMS Industries Ltd. | Consumer Staples | 0.98% | ₹8.10 Cr | +1.00% | +0.98% | +0.94% |
| Indus Towers Ltd. | Communication | 0.97% | ₹8.02 Cr | +0.95% | +1.51% | — |
| Jubilant Ingrevia Ltd. | Chemicals | 0.97% | ₹8.01 Cr | +0.84% | — | — |
| Marico Ltd. | Consumer Staples | 0.95% | ₹7.86 Cr | +0.95% | — | — |
| Fortis Healthcare Ltd. | Healthcare | 0.94% | ₹7.81 Cr | +1.10% | — | — |
| Elgi Equipments Ltd. | Capital Goods | 0.93% | ₹7.73 Cr | +0.86% | +0.10% | — |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Discretionary | 0.91% | ₹7.53 Cr | +1.12% | +0.98% | +1.12% |
| Bandhan Bank Ltd. | Financial | 0.91% | ₹7.51 Cr | +0.97% | +0.72% | — |
| Voltas Ltd. | Consumer Discretionary | 0.89% | ₹7.38 Cr | +1.00% | +1.06% | +1.08% |
| HDFC Life Insurance Co Ltd. | Insurance | 0.88% | ₹7.30 Cr | +0.91% | — | — |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 0.77% | ₹6.41 Cr | +0.81% | +0.99% | +0.98% |
| Arvind Fashions Ltd. | Textiles | 0.77% | ₹6.39 Cr | +0.88% | +0.68% | +0.78% |
| Suzlon Energy Ltd. | Capital Goods | 0.71% | ₹5.92 Cr | +1.00% | — | — |
| L&T Finance Ltd. | Financial | 0.45% | ₹3.71 Cr | +0.98% | — | — |
| Tata Capital Ltd. | Financial | 0.40% | ₹3.31 Cr | +1.33% | +1.33% | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Tata Capital Ltd. | 1.32% | 0.40% | -0.92% |
| ICICI Bank Ltd. | 9.90% | 9.24% | -0.67% |
| L&T Finance Ltd. | 1.00% | 0.45% | -0.56% |
| HDFC Bank Ltd. | 6.71% | 7.24% | +0.53% |
| Indusind Bank Ltd. | 1.84% | 1.43% | -0.41% |
| Bharti Airtel Ltd. | 4.09% | 4.28% | +0.19% |
| Mankind Pharma Ltd. | 1.54% | 1.72% | +0.18% |
| Kotak Mahindra Bank Ltd. | 2.39% | 2.57% | +0.17% |
| Dr. Reddy's Laboratories Ltd. | 1.11% | 1.28% | +0.17% |
| Godrej Properties Ltd. | 1.31% | 1.14% | -0.17% |
| Tata Power Company Ltd. | 1.37% | 1.52% | +0.16% |
| Infosys Ltd. | 2.58% | 2.44% | -0.14% |
| Bandhan Bank Ltd. | 0.77% | 0.91% | +0.14% |
| Dr. Lal Pathlabs Ltd. | 1.15% | 1.27% | +0.12% |
| Neuland Laboratories Ltd. | 1.54% | 1.43% | -0.12% |
| Eternal Ltd. | 2.11% | 2.22% | +0.11% |
| Maruti Suzuki India Ltd. | 2.26% | 2.15% | -0.11% |
| LG Electronics India Ltd. | 1.09% | 1.20% | +0.10% |
| Avenue Supermarts Ltd. | 1.96% | 2.06% | +0.10% |
| Fortis Healthcare Ltd. | 1.03% | 0.94% | -0.09% |
| Suzlon Energy Ltd. | 0.80% | 0.71% | -0.08% |
| Bajaj Finance Ltd. | 3.64% | 3.56% | -0.07% |
| JK Cement Ltd. | 1.05% | 1.12% | +0.07% |
| Hindustan Unilever Ltd. | 2.24% | 2.31% | +0.07% |
| Arvind Fashions Ltd. | 0.83% | 0.77% | -0.06% |
| Grindwell Norton Ltd. | 0.98% | 1.04% | +0.06% |
| Nestle India Ltd. | 1.07% | 1.01% | -0.06% |
| Shriram Finance Ltd | 1.32% | 1.26% | -0.06% |
| Hindustan Aeronautics Ltd. | 1.07% | 1.13% | +0.05% |
| TVS Motor Company Ltd. | 2.51% | 2.56% | +0.05% |
| Titan Company Ltd. | 1.67% | 1.62% | -0.05% |
| LTM Limited | 1.15% | 1.11% | -0.04% |
| Crompton Greaves Consumer Electricals Ltd. | 0.95% | 0.91% | -0.04% |
| Elgi Equipments Ltd. | 0.89% | 0.93% | +0.04% |
| Jubilant Ingrevia Ltd. | 0.92% | 0.97% | +0.04% |
| Axis Bank Ltd. | 2.27% | 2.31% | +0.04% |
| Eicher Motors Ltd. | 1.33% | 1.29% | -0.04% |
| Interglobe Aviation Ltd. | 1.35% | 1.38% | +0.04% |
| Indus Towers Ltd. | 0.93% | 0.97% | +0.03% |
| Marico Ltd. | 0.92% | 0.95% | +0.03% |
| Voltas Ltd. | 0.92% | 0.89% | -0.03% |
| HDFC Life Insurance Co Ltd. | 0.85% | 0.88% | +0.03% |
| company:20133 | 0.02% | 0.00% | -0.02% |
| Trent Ltd. | 1.29% | 1.26% | -0.02% |
| Aarti Industries Ltd. | 1.05% | 1.03% | -0.02% |
| UNO Minda Ltd. | 2.08% | 2.06% | -0.02% |
| Glaxosmithkline Pharmaceuticals Ltd. | 1.03% | 1.01% | -0.02% |
| Sun Pharmaceutical Industries Ltd. | 1.62% | 1.60% | -0.02% |
| DOMS Industries Ltd. | 0.96% | 0.98% | +0.02% |
| Tech Mahindra Ltd. | 1.69% | 1.71% | +0.02% |
| Tata Motors Passenger Vehicles Ltd. | 1.06% | 1.05% | -0.01% |
| Reliance Industries Ltd. | 3.10% | 3.11% | +0.01% |
| Larsen & Toubro Ltd. | 2.95% | 2.96% | +0.01% |
| Others | 0.02% | 0.03% | +0.01% |
| CG Power and Industrial Solutions Ltd. | 0.77% | 0.77% | 0.00% |
| Info Edge (India) Ltd. | 1.53% | 1.54% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹2,088 Cr | 2.35% | 8.7% | 8.0% | 13.4% |
 Motilal Oswal ELSS Tax Saver Fund | ₹4,890 Cr | 2.07% | 8.4% | 9.0% | 16.0% |
 HSBC ELSS Tax saver Fund | ₹3,974 Cr | 1.98% | 7.9% | 7.9% | 12.8% |
 Baroda BNP Paribas ELSS Tax Saver Fund | ₹857 Cr | 2.46% | 5.8% | 6.9% | 11.7% |
 WhiteOak Capital ELSS Tax Saver Fund | ₹481 Cr | 2.60% | 10.3% | 8.4% | — |
 JM ELSS - Tax Saver Fund | ₹240 Cr | 2.66% | 10.8% | 7.8% | 13.0% |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The Scheme seeks to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities.
Fund managers
- Hemang KapasiMr. Kapasi is B.Com (H), PGDBA (Finance) & CFA.Prior to joining Mahindra Manulife AMC, he has worked with Canara Robecco AMC and ICICI Bank.
- Neelesh DhamnaskarMr. Dhamnaskar is a B.Com (H)and MMS (Finance).Prior to joining Mahindra Manulife Mutual Fund, he has worked with Invesco MF, ENAM Securities Direct Pvt. Ltd. and KR Choksey Shares and Securities Pvt. Ltd. He has also worked with Anand Rathi Ltd., as Commodity Research Analyst.
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
₹
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months1.58% absolute | ₹60,000 | ₹60,948 | 1.58% | |
| 1 year−3.52% annualised | ₹1,20,000 | ₹1,17,736 | −1.89% | |
| 3 years8.45% annualised | ₹3,60,000 | ₹4,10,992 | 14.16% | |
| 5 years7.54% annualised | ₹6,00,000 | ₹7,30,587 | 21.76% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.
What is the NAV of Mahindra Manulife ELSS Tax Saver Fund?
The NAV of Mahindra Manulife ELSS Tax Saver Fund is ₹27.82 as on 6 Nov 2026.
What is the expense ratio of Mahindra Manulife ELSS Tax Saver Fund?
The expense ratio of Mahindra Manulife ELSS Tax Saver Fund is 2.48% per year.
What is the minimum SIP amount for Mahindra Manulife ELSS Tax Saver Fund?
You can start a SIP in Mahindra Manulife ELSS Tax Saver Fund with ₹3,000 a month.
What returns has Mahindra Manulife ELSS Tax Saver Fund given?
Mahindra Manulife ELSS Tax Saver Fund has returned 2.0% over 1 year, 2.4% over 3 years and 7.2% over 5 years (annualised).
Is there a lock-in or exit load on Mahindra Manulife ELSS Tax Saver Fund?
Lock-in: 3 years. Exit load: 0%.
How risky is Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is rated Very High on the SEBI riskometer and belongs to the ELSS category.
Which fund house manages Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is managed by Mahindra Manulife Mutual Fund, which runs 27 schemes with ₹38,154 Cr under management.