Mahindra Manulife ELSS Tax Saver Fund
ELSSVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹26.50+0.21%1 day
- Return since launch
- 10.3%
- 52-week range
- ₹25.16 — ₹29.61
- AUM
- ₹895 Cr
Mahindra Manulife ELSS Tax Saver Fund is a ELSS equity fund from Mahindra Manulife Mutual Fund with ₹895 Cr under management, launched in 2016. Over three years it has returned -0.4% a year, against 10.4% for its category. The expense ratio is 2.55% 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 -5.6% against -0.7% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | -8.7% | −8.8 pts | 0.1% | -2.1% |
| 2Y | -4.0% | −4.7 pts | 0.7% | -0.3% |
| 3Y | -0.4% | −10.8 pts | 10.4% | 2.7% |
| 5Y | 5.8% | −3.9 pts | 9.7% | 8.4% |
| 7Y | 10.3% | −2.7 pts | 13.0% | 11.6% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -4.8% | −1.3 pts | -3.5% | -3.6% |
| 3M | -2.1% | −1.5 pts | -0.6% | -1.0% |
| 6M | 3.2% | −6.0 pts | 9.2% | 8.2% |
| 1Y | -5.6% | −5.8 pts | 0.1% | -0.8% |
| 2Y | -5.4% | −2.1 pts | -3.3% | -3.9% |
| 3Y | 6.2% | −4.3 pts | 10.4% | 9.2% |
| 5Y | 7.0% | −2.8 pts | 9.7% | 8.7% |
| 7Y | 12.5% | −1.9 pts | 14.4% | 12.5% |
Since launch (22 Aug 2016): 10.3%
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
2.51%
Expense ratio as on 25 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.98%
- Brokerage
- 0.08%
- Transaction charges
- 0.00%
- Statutory levies
- 0.45%
- 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 | -3.03 | 4.67 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.91 | 1.08 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.23 | 0.67 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.31 | 0.90 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 14.01 | 17.94 | 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 31 Aug 2026
Asset allocation
- Equity95.9%
- Other4.1%
Market cap split
- Large71.5%
- Mid18.0%
- Small10.5%
- P/E
- 23.68
- P/B
- 3.62
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| ICICI Bank Ltd. | Financial | 9.90% | ₹88.60 Cr | +8.83% | +7.87% | +7.35% |
| HDFC Bank Ltd. | Financial | 6.71% | ₹60.05 Cr | +7.28% | +7.46% | +8.14% |
| Others | Others | 4.10% | ₹36.72 Cr | +0.06% | +0.33% | +1.41% |
| Bharti Airtel Ltd. | Communication | 4.09% | ₹36.60 Cr | +4.01% | +1.81% | +2.65% |
| Bajaj Finance Ltd. | Financial | 3.64% | ₹32.56 Cr | +3.23% | +3.59% | +2.70% |
| Reliance Industries Ltd. | Energy | 3.10% | ₹27.77 Cr | +3.32% | +5.17% | +5.06% |
| Larsen & Toubro Ltd. | Construction | 2.95% | ₹26.36 Cr | +3.06% | +3.02% | +3.93% |
| Infosys Ltd. | Technology | 2.58% | ₹23.08 Cr | +3.40% | +3.91% | +4.93% |
| TVS Motor Company Ltd. | Automobile | 2.51% | ₹22.47 Cr | +1.81% | +1.48% | +1.69% |
| Kotak Mahindra Bank Ltd. | Financial | 2.39% | ₹21.39 Cr | +1.33% | — | — |
| Axis Bank Ltd. | Financial | 2.27% | ₹20.28 Cr | +2.24% | +3.55% | +2.89% |
| Maruti Suzuki India Ltd. | Automobile | 2.26% | ₹20.19 Cr | +1.64% | +1.40% | +0.60% |
| Hindustan Unilever Ltd. | Consumer Staples | 2.24% | ₹20.07 Cr | +2.31% | +2.75% | +3.28% |
| Eternal Ltd. | Services | 2.11% | ₹18.87 Cr | +1.66% | — | — |
| UNO Minda Ltd. | Automobile | 2.08% | ₹18.63 Cr | +1.86% | +1.28% | +1.05% |
| Avenue Supermarts Ltd. | Services | 1.96% | ₹17.55 Cr | +2.10% | +1.52% | +1.30% |
| Indusind Bank Ltd. | Financial | 1.84% | ₹16.46 Cr | +1.83% | +1.78% | +1.21% |
| Tech Mahindra Ltd. | Technology | 1.69% | ₹15.14 Cr | +1.59% | +1.35% | — |
| Titan Company Ltd. | Consumer Discretionary | 1.67% | ₹14.90 Cr | +1.14% | +1.76% | +1.57% |
| Sun Pharmaceutical Industries Ltd. | Healthcare | 1.62% | ₹14.49 Cr | +1.62% | — | — |
| Neuland Laboratories Ltd. | Healthcare | 1.54% | ₹13.81 Cr | +1.18% | +0.78% | +0.81% |
| Mankind Pharma Ltd. | Healthcare | 1.54% | ₹13.75 Cr | +1.56% | +1.12% | +0.77% |
| Info Edge (India) Ltd. | Services | 1.53% | ₹13.73 Cr | +1.20% | +1.15% | +1.26% |
| Tata Power Company Ltd. | Energy | 1.37% | ₹12.21 Cr | +1.71% | +1.30% | +1.99% |
| Interglobe Aviation Ltd. | Services | 1.35% | ₹12.04 Cr | +0.76% | — | +0.76% |
| Eicher Motors Ltd. | Automobile | 1.33% | ₹11.93 Cr | +0.99% | — | +1.04% |
| Tata Capital Ltd. | Financial | 1.32% | ₹11.81 Cr | +1.27% | +1.29% | — |
| Shriram Finance Ltd | Financial | 1.32% | ₹11.78 Cr | +0.78% | — | — |
| Godrej Properties Ltd. | Construction | 1.31% | ₹11.73 Cr | +1.08% | +0.89% | — |
| Trent Ltd. | Services | 1.29% | ₹11.52 Cr | +1.41% | — | — |
| LTM Limited | Technology | 1.15% | ₹10.33 Cr | +0.97% | +0.99% | +1.02% |
| Dr. Lal Pathlabs Ltd. | Healthcare | 1.15% | ₹10.28 Cr | +0.87% | — | — |
| Dr. Reddy's Laboratories Ltd. | Healthcare | 1.11% | ₹9.93 Cr | +1.68% | +1.06% | +0.70% |
| LG Electronics India Ltd. | Consumer Discretionary | 1.09% | ₹9.78 Cr | +1.01% | +0.88% | — |
| Hindustan Aeronautics Ltd. | Capital Goods | 1.07% | ₹9.60 Cr | — | — | — |
| Nestle India Ltd. | Consumer Staples | 1.07% | ₹9.60 Cr | +1.05% | — | — |
| Tata Motors Passenger Vehicles Ltd. | Automobile | 1.06% | ₹9.51 Cr | +0.91% | — | — |
| Aarti Industries Ltd. | Chemicals | 1.05% | ₹9.44 Cr | +0.99% | +0.12% | — |
| JK Cement Ltd. | Materials | 1.05% | ₹9.36 Cr | — | — | +0.72% |
| Fortis Healthcare Ltd. | Healthcare | 1.03% | ₹9.20 Cr | — | — | — |
| Glaxosmithkline Pharmaceuticals Ltd. | Healthcare | 1.03% | ₹9.18 Cr | +0.87% | +0.95% | +0.86% |
| L&T Finance Ltd. | Financial | 1.00% | ₹8.99 Cr | — | — | — |
| Grindwell Norton Ltd. | Metals & Mining | 0.98% | ₹8.76 Cr | +0.92% | — | — |
| DOMS Industries Ltd. | Consumer Staples | 0.96% | ₹8.58 Cr | +0.97% | +0.88% | +0.92% |
| Crompton Greaves Consumer Electricals Ltd. | Consumer Discretionary | 0.95% | ₹8.52 Cr | +1.17% | +0.99% | +1.27% |
| Indus Towers Ltd. | Communication | 0.93% | ₹8.36 Cr | +1.53% | +1.31% | — |
| Jubilant Ingrevia Ltd. | Chemicals | 0.92% | ₹8.28 Cr | +0.91% | — | — |
| Voltas Ltd. | Consumer Discretionary | 0.92% | ₹8.24 Cr | +0.99% | +1.15% | +1.09% |
| Marico Ltd. | Consumer Staples | 0.92% | ₹8.20 Cr | — | — | — |
| Elgi Equipments Ltd. | Capital Goods | 0.89% | ₹7.97 Cr | +0.11% | +0.10% | — |
| HDFC Life Insurance Co Ltd. | Insurance | 0.85% | ₹7.61 Cr | +0.69% | — | — |
| Arvind Fashions Ltd. | Textiles | 0.83% | ₹7.47 Cr | +0.75% | +0.66% | +1.08% |
| Suzlon Energy Ltd. | Capital Goods | 0.80% | ₹7.13 Cr | — | — | — |
| Bandhan Bank Ltd. | Financial | 0.77% | ₹6.89 Cr | +1.01% | +1.01% | — |
| CG Power and Industrial Solutions Ltd. | Capital Goods | 0.77% | ₹6.87 Cr | +0.88% | +0.97% | +0.92% |
| TVS Motor Company Ltd - Pref. Shares | Automobile | 0.02% | ₹0.21 Cr | +0.02% | +0.02% | +0.02% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Tata Consultancy Services Ltd. | 2.35% | 0.00% | -2.35% |
| Bharti Airtel Ltd. | 4.40% | 4.09% | -0.31% |
| HDFC Bank Ltd. | 7.01% | 6.71% | -0.30% |
| Neuland Laboratories Ltd. | 1.26% | 1.54% | +0.28% |
| Bajaj Finance Ltd. | 3.89% | 3.64% | -0.25% |
| ICICI Bank Ltd. | 9.67% | 9.90% | +0.23% |
| Kotak Mahindra Bank Ltd. | 2.20% | 2.39% | +0.19% |
| Eternal Ltd. | 1.92% | 2.11% | +0.19% |
| UNO Minda Ltd. | 1.91% | 2.08% | +0.17% |
| Axis Bank Ltd. | 2.12% | 2.27% | +0.15% |
| Glaxosmithkline Pharmaceuticals Ltd. | 0.88% | 1.03% | +0.15% |
| LG Electronics India Ltd. | 0.95% | 1.09% | +0.14% |
| Hindustan Unilever Ltd. | 2.37% | 2.24% | -0.13% |
| Info Edge (India) Ltd. | 1.42% | 1.53% | +0.11% |
| Tata Power Company Ltd. | 1.48% | 1.37% | -0.11% |
| Larsen & Toubro Ltd. | 2.84% | 2.95% | +0.11% |
| Tata Motors Passenger Vehicles Ltd. | 1.16% | 1.06% | -0.10% |
| Titan Company Ltd. | 1.57% | 1.67% | +0.10% |
| Elgi Equipments Ltd. | 0.80% | 0.89% | +0.09% |
| Voltas Ltd. | 1.01% | 0.92% | -0.09% |
| Crompton Greaves Consumer Electricals Ltd. | 1.04% | 0.95% | -0.09% |
| Shriram Finance Ltd | 1.23% | 1.32% | +0.09% |
| Aarti Industries Ltd. | 0.97% | 1.05% | +0.08% |
| Maruti Suzuki India Ltd. | 2.34% | 2.26% | -0.08% |
| Jubilant Ingrevia Ltd. | 1.00% | 0.92% | -0.08% |
| LTM Limited | 1.10% | 1.15% | +0.05% |
| JK Cement Ltd. | 1.10% | 1.05% | -0.05% |
| Godrej Properties Ltd. | 1.36% | 1.31% | -0.05% |
| CG Power and Industrial Solutions Ltd. | 0.72% | 0.77% | +0.05% |
| L&T Finance Ltd. | 0.96% | 1.00% | +0.04% |
| Marico Ltd. | 0.96% | 0.92% | -0.04% |
| Hindustan Aeronautics Ltd. | 1.03% | 1.07% | +0.04% |
| Trent Ltd. | 1.33% | 1.29% | -0.04% |
| TVS Motor Company Ltd. | 2.47% | 2.51% | +0.04% |
| Bandhan Bank Ltd. | 0.81% | 0.77% | -0.04% |
| Infosys Ltd. | 2.54% | 2.58% | +0.04% |
| Reliance Industries Ltd. | 3.14% | 3.10% | -0.04% |
| Interglobe Aviation Ltd. | 1.31% | 1.35% | +0.04% |
| Eicher Motors Ltd. | 1.30% | 1.33% | +0.03% |
| Fortis Healthcare Ltd. | 1.06% | 1.03% | -0.03% |
| Grindwell Norton Ltd. | 1.01% | 0.98% | -0.03% |
| Indusind Bank Ltd. | 1.81% | 1.84% | +0.03% |
| Dr. Lal Pathlabs Ltd. | 1.12% | 1.15% | +0.03% |
| Dr. Reddy's Laboratories Ltd. | 1.09% | 1.11% | +0.02% |
| Tata Capital Ltd. | 1.30% | 1.32% | +0.02% |
| Arvind Fashions Ltd. | 0.82% | 0.83% | +0.01% |
| Mankind Pharma Ltd. | 1.55% | 1.54% | -0.01% |
| Avenue Supermarts Ltd. | 1.95% | 1.96% | +0.01% |
| Sun Pharmaceutical Industries Ltd. | 1.61% | 1.62% | +0.01% |
| Tech Mahindra Ltd. | 1.70% | 1.69% | -0.01% |
| Indus Towers Ltd. | 0.93% | 0.93% | 0.00% |
| Suzlon Energy Ltd. | 0.80% | 0.80% | 0.00% |
| TVS Motor Company Ltd - Pref. Shares | 0.02% | 0.02% | 0.00% |
| Nestle India Ltd. | 1.07% | 1.07% | 0.00% |
| DOMS Industries Ltd. | 0.96% | 0.96% | 0.00% |
| Others | 0.02% | 0.02% | 0.00% |
| HDFC Life Insurance Co Ltd. | 0.85% | 0.85% | 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 | ₹2,116 Cr | 2.39% | 10.2% | 9.0% | 14.7% |
 Motilal Oswal ELSS Tax Saver Fund | ₹5,134 Cr | 2.09% | 16.6% | 12.5% | 18.1% |
 HSBC ELSS Tax saver Fund | ₹4,229 Cr | 2.00% | 7.2% | 8.5% | 13.3% |
 WhiteOak Capital ELSS Tax Saver Fund | ₹507 Cr | 2.59% | 4.3% | 7.3% | — |
 ITI ELSS Tax Saver Fund | ₹463 Cr | 2.57% | 8.9% | 7.3% | 13.1% |
 JM ELSS - Tax Saver Fund | ₹248 Cr | 2.69% | 13.8% | 9.4% | 14.1% |
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 months3.22% absolute | ₹60,000 | ₹61,932 | 3.22% | |
| 1 year−5.63% annualised | ₹1,20,000 | ₹1,16,403 | −3.00% | |
| 3 years6.15% annualised | ₹3,60,000 | ₹3,96,265 | 10.07% | |
| 5 years6.96% annualised | ₹6,00,000 | ₹7,19,336 | 19.89% |
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 ₹26.50 as on 25 Sep 2026.
What is the expense ratio of Mahindra Manulife ELSS Tax Saver Fund?
The expense ratio of Mahindra Manulife ELSS Tax Saver Fund is 2.55% 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 -8.7% over 1 year, -0.4% over 3 years and 5.8% 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 ₹34,805 Cr under management.