Mahindra Manulife Multi Cap Fund
Multi CapVery HighOPEN-ENDED
- NAV as on 25 Sep 2026
- ₹39.09+0.10%1 day
- Return since launch
- 15.7%
- 52-week range
- ₹32.13 — ₹40.54
- AUM
- ₹7,662 Cr
Mahindra Manulife Multi Cap Fund is a Multi Cap equity fund from Mahindra Manulife Mutual Fund with ₹7,662 Cr under management, launched in 2017. Over three years it has returned 11.1% a year, against 13.6% for its category. The expense ratio is 2.19% and the SEBI riskometer reading is Very High.
Performance
Mahindra Manulife Multi Cap Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +13.6% against +1.7% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 15.3% | +8.8 pts | 6.4% | 3.4% |
| 2Y | 11.1% | +4.8 pts | 6.3% | 2.6% |
| 3Y | 11.1% | −2.5 pts | 13.6% | 4.9% |
| 5Y | 15.4% | +3.5 pts | 11.9% | 11.0% |
| 7Y | 18.7% | +2.6 pts | 16.0% | 14.3% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | -3.2% | −0.4 pts | -2.9% | -3.0% |
| 3M | 4.2% | +2.4 pts | 1.8% | 1.1% |
| 6M | 18.8% | +3.3 pts | 15.5% | 13.9% |
| 1Y | 13.6% | +7.2 pts | 6.4% | 1.6% |
| 2Y | 2.8% | +2.8 pts | 0.1% | -2.8% |
| 3Y | 15.8% | +2.3 pts | 13.6% | 11.2% |
| 5Y | 14.0% | +2.0 pts | 11.9% | 10.9% |
| 7Y | 19.8% | +2.8 pts | 17.0% | 15.1% |
Since launch (20 Apr 2017): 15.7%
Calendar-year returns
Category average16.6%
50.8%
1.6%
34.2%
23.2%
3.4%
Show as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 3.4% | −0.2 pts | 3.6% |
| 2024 | 23.2% | −1.8 pts | 25.0% |
| 2023 | 34.2% | −0.3 pts | 34.5% |
| 2022 | 1.6% | −3.9 pts | 5.5% |
| 2021 | 50.8% | +6.6 pts | 44.2% |
| 2020 | 16.6% | +0.2 pts | 16.4% |
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
2.16%
Expense ratio as on 25 Sep 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.53%
- Brokerage
- 0.13%
- Transaction charges
- 0.01%
- Statutory levies
- 0.49%
- Exit load
- Exit load of 1% if redeemed within 3 months.
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- Nifty 500 Multicap 50:25:25 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- 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 | 5.79 | 6.86 | Return earned above what the benchmark alone would have given. Higher is better. |
| Beta | 0.95 | 0.97 | How hard the fund moves when the market moves. Under 1 is steadier than the market. |
| Sharpe | 0.71 | 0.76 | Return earned for each unit of total risk taken. Higher is better. |
| Sortino | 0.96 | 1.00 | Return earned for each unit of downside risk. Higher is better. |
| Std. deviation | 16.47 | 16.82 | How widely monthly returns have varied around their own average. Lower is steadier. |
| Average of 5 category peers | |||
Portfolio
Mahindra Manulife Multi Cap Fund portfolio
Portfolio as of 31 Aug 2026
Asset allocation
- Equity90.1%
- Other9.9%
Market cap split
- Large40.7%
- Mid32.4%
- Small27.0%
- P/E
- 26.31
- P/B
- 3.89
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Others | Others | 9.93% | ₹761 Cr | +0.12% | +3.69% | +2.49% |
| Multi Commodity Exchange Of India Ltd. | Services | 4.86% | ₹373 Cr | +0.35% | +2.24% | +0.58% |
| Neuland Laboratories Ltd. | Healthcare | 4.00% | ₹307 Cr | +2.41% | +1.52% | +0.62% |
| Divi's Laboratories Ltd. | Healthcare | 3.93% | ₹301 Cr | +2.86% | +2.96% | +3.33% |
| ICICI Bank Ltd. | Financial | 3.49% | ₹267 Cr | +1.61% | +3.80% | +3.49% |
| Adani Enterprises Ltd. | Services | 3.23% | ₹248 Cr | +3.16% | — | — |
| Oil India Ltd. | Energy | 2.59% | ₹198 Cr | — | — | — |
| APL Apollo Tubes Ltd. | Metals & Mining | 2.51% | ₹192 Cr | +1.79% | — | — |
| Torrent Pharmaceuticals Ltd. | Healthcare | 2.41% | ₹185 Cr | — | — | — |
| PTC Industries Ltd. | Metals & Mining | 2.08% | ₹160 Cr | +1.76% | +1.81% | +1.79% |
| Avenue Supermarts Ltd. | Services | 2.02% | ₹154 Cr | +0.46% | — | — |
| company:1536 | Metals & Mining | 1.98% | ₹152 Cr | — | — | — |
| Oracle Financial Services Software Ltd. | Technology | 1.96% | ₹150 Cr | +1.20% | +0.90% | +1.18% |
| Voltamp Transformers Ltd. | Capital Goods | 1.93% | ₹148 Cr | +1.45% | +1.40% | +0.46% |
| State Bank of India | Financial | 1.92% | ₹147 Cr | +1.67% | +1.46% | +1.86% |
| Ultratech Cement Ltd. | Materials | 1.87% | ₹143 Cr | +2.16% | +2.57% | +2.81% |
| Jindal Saw Ltd. | Metals & Mining | 1.67% | ₹128 Cr | +1.40% | +0.96% | — |
| Adani Energy Solutions Ltd. | Energy | 1.64% | ₹126 Cr | — | — | — |
| Bajaj Auto Ltd. | Automobile | 1.55% | ₹119 Cr | +1.78% | +1.83% | +1.09% |
| PB Fintech Ltd. | Services | 1.50% | ₹115 Cr | +1.57% | +1.07% | — |
| Aarti Industries Ltd. | Chemicals | 1.48% | ₹113 Cr | +1.55% | +1.03% | +0.72% |
| Vodafone Idea Ltd. | Communication | 1.43% | ₹110 Cr | +1.67% | +1.05% | — |
| Mphasis Ltd. | Technology | 1.34% | ₹103 Cr | +1.81% | +1.30% | +1.96% |
| Supreme Industries Ltd. | Materials | 1.30% | ₹99.60 Cr | +0.84% | — | — |
| Maruti Suzuki India Ltd. | Automobile | 1.29% | ₹99.16 Cr | +1.45% | +1.76% | +1.99% |
| Bandhan Bank Ltd. | Financial | 1.26% | ₹96.83 Cr | +1.86% | +1.22% | — |
| Radico Khaitan Ltd. | Consumer Staples | 1.25% | ₹95.68 Cr | — | — | — |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 1.20% | ₹92.26 Cr | +1.27% | +3.42% | +3.20% |
| Max Healthcare Institute Ltd. | Healthcare | 1.18% | ₹90.54 Cr | +1.26% | +1.54% | +1.11% |
| Godfrey Phillips India Ltd. | Consumer Staples | 1.16% | ₹89.21 Cr | +1.03% | — | — |
| Indusind Bank Ltd. | Financial | 1.12% | ₹85.67 Cr | +0.89% | +1.01% | +1.64% |
| Mahindra & Mahindra Ltd. | Automobile | 1.07% | ₹82.05 Cr | +1.15% | +1.38% | — |
| Larsen & Toubro Ltd. | Construction | 1.06% | ₹81.00 Cr | +3.23% | +3.01% | — |
| Ujjivan Small Finance Bank Ltd. | Financial | 1.04% | ₹79.86 Cr | +1.08% | +1.24% | — |
| Manappuram Finance Ltd. | Financial | 1.03% | ₹78.65 Cr | +1.50% | +1.41% | — |
| company:17109 | Services | 1.02% | ₹78.44 Cr | — | — | — |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 1.02% | ₹78.33 Cr | +0.33% | — | — |
| Astral Ltd. | Materials | 1.02% | ₹77.96 Cr | +0.86% | +0.95% | — |
| Nippon Life India Asset Management Ltd. | Financial | 0.98% | ₹74.79 Cr | +2.14% | — | +0.68% |
| Kajaria Ceramics Ltd. | Materials | 0.95% | ₹72.93 Cr | +0.99% | +1.03% | +1.43% |
| Laurus Labs Ltd. | Healthcare | 0.92% | ₹70.86 Cr | +2.26% | +1.92% | +3.05% |
| The Ramco Cements Ltd. | Materials | 0.92% | ₹70.43 Cr | +1.05% | +1.47% | — |
| Anthem Biosciences Ltd. | Healthcare | 0.89% | ₹68.53 Cr | — | — | — |
| Tech Mahindra Ltd. | Technology | 0.85% | ₹65.12 Cr | +0.89% | +0.44% | — |
| JSW Steel Ltd. | Metals & Mining | 0.83% | ₹63.95 Cr | +0.94% | +0.40% | — |
| Reliance Industries Ltd. | Energy | 0.83% | ₹63.85 Cr | +0.99% | +1.86% | +2.47% |
| Max Financial Services Ltd. | Financial | 0.82% | ₹62.92 Cr | +1.01% | — | — |
| Sai Life Sciences Ltd. | Healthcare | 0.82% | ₹62.69 Cr | +0.75% | +1.34% | +1.57% |
| Tilaknagar Industries Ltd. | Consumer Staples | 0.79% | ₹60.75 Cr | +0.40% | +0.17% | — |
| Sagility Ltd. | Services | 0.77% | ₹59.31 Cr | +0.78% | +0.81% | — |
| NTPC Ltd. | Energy | 0.77% | ₹58.93 Cr | +1.05% | — | — |
| P N Gadgil Jewellers Ltd. | Consumer Discretionary | 0.76% | ₹58.49 Cr | +0.82% | — | — |
| DCB Bank Ltd. | Financial | 0.73% | ₹55.91 Cr | +0.98% | +1.02% | — |
| JK Cement Ltd. | Materials | 0.69% | ₹53.17 Cr | +0.81% | +0.95% | +1.43% |
| Gokaldas Exports Ltd. | Textiles | 0.66% | ₹50.48 Cr | +0.67% | +0.67% | +0.46% |
| company:3757 | Healthcare | 0.65% | ₹49.56 Cr | — | — | — |
| Blue Star Ltd. | Consumer Discretionary | 0.64% | ₹49.33 Cr | +0.81% | +1.06% | +0.96% |
| Nitin Spinners Ltd. | Textiles | 0.64% | ₹49.06 Cr | +0.58% | +0.48% | +0.48% |
| Coal India Ltd. | Materials | 0.63% | ₹48.21 Cr | +0.83% | — | — |
| LTM Limited | Technology | 0.61% | ₹46.58 Cr | +1.06% | +1.39% | +1.22% |
| Sun TV Network Ltd. | Services | 0.60% | ₹46.10 Cr | +0.75% | — | — |
| Union Bank of India | Financial | 0.59% | ₹45.27 Cr | +0.61% | +0.79% | — |
| Eternal Ltd. | Services | 0.58% | ₹44.55 Cr | +0.96% | +0.96% | — |
| Navin Fluorine International Ltd. | Chemicals | 0.50% | ₹38.17 Cr | +0.47% | +0.45% | +0.37% |
| Arvind Fashions Ltd. | Textiles | 0.43% | ₹32.95 Cr | +0.51% | +0.58% | +0.75% |
| Tega Industries Ltd. | Metals & Mining | 0.38% | ₹29.02 Cr | +0.53% | +0.59% | — |
| Oil And Natural Gas Corporation Ltd. | Energy | 0.36% | ₹27.82 Cr | — | +1.04% | — |
| Cholamandalam Financial Holdings Ltd. | Financial | 0.29% | ₹21.99 Cr | +0.79% | +0.87% | +0.92% |
| Oswal Pumps Ltd. | Capital Goods | 0.28% | ₹21.54 Cr | +0.40% | +0.38% | +1.04% |
| company:1457 | Consumer Staples | 0.19% | ₹14.57 Cr | — | — | — |
| company:896 | Financial | 0.17% | ₹13.20 Cr | — | +2.15% | — |
| Vedanta Oil and Gas Ltd | Energy | 0.09% | ₹6.97 Cr | +0.33% | — | — |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| company:1536 | 0.00% | 1.98% | +1.98% |
| Larsen & Toubro Ltd. | 2.34% | 1.06% | -1.28% |
| Multi Commodity Exchange Of India Ltd. | 3.83% | 4.86% | +1.03% |
| company:17109 | 0.00% | 1.02% | +1.02% |
| SRF Ltd. | 0.93% | 0.00% | -0.93% |
| Infosys Ltd. | 0.91% | 0.00% | -0.91% |
| company:3757 | 0.00% | 0.65% | +0.65% |
| Oil India Ltd. | 1.94% | 2.59% | +0.65% |
| ITC Ltd. | 0.63% | 0.00% | -0.63% |
| Manappuram Finance Ltd. | 1.59% | 1.03% | -0.56% |
| Nippon Life India Asset Management Ltd. | 1.52% | 0.98% | -0.54% |
| Neuland Laboratories Ltd. | 3.53% | 4.00% | +0.47% |
| LTM Limited | 1.05% | 0.61% | -0.44% |
| Adani Enterprises Ltd. | 3.63% | 3.23% | -0.40% |
| Mphasis Ltd. | 1.73% | 1.34% | -0.39% |
| Adani Energy Solutions Ltd. | 2.03% | 1.64% | -0.39% |
| Voltamp Transformers Ltd. | 1.54% | 1.93% | +0.39% |
| Divi's Laboratories Ltd. | 3.57% | 3.93% | +0.36% |
| Torrent Pharmaceuticals Ltd. | 2.06% | 2.41% | +0.35% |
| Jindal Saw Ltd. | 1.35% | 1.67% | +0.32% |
| PTC Industries Ltd. | 1.78% | 2.08% | +0.30% |
| State Bank of India | 1.64% | 1.92% | +0.28% |
| Tilaknagar Industries Ltd. | 0.52% | 0.79% | +0.27% |
| DOMS Industries Ltd. | 0.25% | 0.00% | -0.25% |
| Stylam Industries Ltd. | 0.25% | 0.00% | -0.25% |
| Avenue Supermarts Ltd. | 1.80% | 2.02% | +0.22% |
| Ultratech Cement Ltd. | 2.07% | 1.87% | -0.20% |
| company:1457 | 0.00% | 0.19% | +0.19% |
| ICICI Bank Ltd. | 3.67% | 3.49% | -0.18% |
| APL Apollo Tubes Ltd. | 2.33% | 2.51% | +0.18% |
| Bandhan Bank Ltd. | 1.44% | 1.26% | -0.18% |
| company:896 | 0.00% | 0.17% | +0.17% |
| DCB Bank Ltd. | 0.90% | 0.73% | -0.17% |
| P N Gadgil Jewellers Ltd. | 0.93% | 0.76% | -0.17% |
| Maruti Suzuki India Ltd. | 1.45% | 1.29% | -0.16% |
| Max Healthcare Institute Ltd. | 1.33% | 1.18% | -0.15% |
| Blue Star Ltd. | 0.79% | 0.64% | -0.15% |
| PB Fintech Ltd. | 1.36% | 1.50% | +0.14% |
| Cholamandalam Financial Holdings Ltd. | 0.42% | 0.29% | -0.13% |
| Vedanta Aluminium Metal Ltd. | 1.14% | 1.02% | -0.12% |
| Mahindra & Mahindra Ltd. | 1.18% | 1.07% | -0.11% |
| Ujjivan Small Finance Bank Ltd. | 1.15% | 1.04% | -0.11% |
| NTPC Ltd. | 0.87% | 0.77% | -0.10% |
| The Ramco Cements Ltd. | 1.02% | 0.92% | -0.10% |
| Vodafone Idea Ltd. | 1.33% | 1.43% | +0.10% |
| Sun TV Network Ltd. | 0.70% | 0.60% | -0.10% |
| Oracle Financial Services Software Ltd. | 1.87% | 1.96% | +0.09% |
| JK Cement Ltd. | 0.78% | 0.69% | -0.09% |
| Reliance Industries Ltd. | 0.91% | 0.83% | -0.08% |
| Indusind Bank Ltd. | 1.19% | 1.12% | -0.07% |
| Gokaldas Exports Ltd. | 0.73% | 0.66% | -0.07% |
| Tech Mahindra Ltd. | 0.92% | 0.85% | -0.07% |
| Coal India Ltd. | 0.69% | 0.63% | -0.06% |
| Oswal Pumps Ltd. | 0.34% | 0.28% | -0.06% |
| Nitin Spinners Ltd. | 0.59% | 0.64% | +0.05% |
| Supreme Industries Ltd. | 1.35% | 1.30% | -0.05% |
| Oil And Natural Gas Corporation Ltd. | 0.41% | 0.36% | -0.05% |
| Godfrey Phillips India Ltd. | 1.12% | 1.16% | +0.04% |
| Glenmark Pharmaceuticals Ltd. | 1.16% | 1.20% | +0.04% |
| Radico Khaitan Ltd. | 1.29% | 1.25% | -0.04% |
| Navin Fluorine International Ltd. | 0.46% | 0.50% | +0.04% |
| Anthem Biosciences Ltd. | 0.86% | 0.89% | +0.03% |
| Arvind Fashions Ltd. | 0.46% | 0.43% | -0.03% |
| Kajaria Ceramics Ltd. | 0.98% | 0.95% | -0.03% |
| Sai Life Sciences Ltd. | 0.79% | 0.82% | +0.03% |
| JSW Steel Ltd. | 0.86% | 0.83% | -0.03% |
| Union Bank of India | 0.57% | 0.59% | +0.02% |
| Bajaj Auto Ltd. | 1.57% | 1.55% | -0.02% |
| Laurus Labs Ltd. | 0.94% | 0.92% | -0.02% |
| Sagility Ltd. | 0.76% | 0.77% | +0.01% |
| Astral Ltd. | 1.03% | 1.02% | -0.01% |
| Eternal Ltd. | 0.57% | 0.58% | +0.01% |
| Aarti Industries Ltd. | 1.47% | 1.48% | +0.01% |
| Max Financial Services Ltd. | 0.83% | 0.82% | -0.01% |
| Others | 0.04% | 0.05% | +0.01% |
| Tega Industries Ltd. | 0.38% | 0.38% | 0.00% |
| Vedanta Oil and Gas Ltd | 0.09% | 0.09% | 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 | ₹5,292 Cr | 2.18% | 11.8% | 10.7% | — |
 Axis Multicap Fund | ₹11,985 Cr | 2.00% | 16.2% | 12.3% | — |
 HSBC Multi Cap Fund | ₹6,503 Cr | 2.05% | 11.9% | 9.9% | — |
 WhiteOak Capital Multi Cap Fund | ₹4,385 Cr | 2.22% | 7.6% | 10.3% | — |
 LIC MF Multi Cap Fund | ₹2,254 Cr | 2.14% | 11.0% | 10.2% | — |
 Bank of India Multi Cap Fund | ₹1,335 Cr | 2.50% | 12.4% | 11.0% | — |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The scheme seeks to provide medium to long term capital appreciation through appropriate diversification and taking low risk on business quality.
Fund managers
- 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.
- Vishal JajooMr. Jajoo is a Chartered Accountant, PGDM (Finance) and MBA (Investments)Prior to joining Mahindra Manulife AMC, he has worked with ITI Mutual Fund and Tata Investment Corporation Ltd
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 months18.78% absolute | ₹60,000 | ₹71,268 | 18.78% | |
| 1 year13.60% annualised | ₹1,20,000 | ₹1,29,218 | 7.68% | |
| 3 years15.81% annualised | ₹3,60,000 | ₹4,62,884 | 28.58% | |
| 5 years13.98% annualised | ₹6,00,000 | ₹8,71,520 | 45.25% |
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 Multi Cap Fund?
The NAV of Mahindra Manulife Multi Cap Fund is ₹39.09 as on 25 Sep 2026.
What is the expense ratio of Mahindra Manulife Multi Cap Fund?
The expense ratio of Mahindra Manulife Multi Cap Fund is 2.19% per year.
What is the minimum SIP amount for Mahindra Manulife Multi Cap Fund?
You can start a SIP in Mahindra Manulife Multi Cap Fund with ₹3,000 a month.
What returns has Mahindra Manulife Multi Cap Fund given?
Mahindra Manulife Multi Cap Fund has returned 15.3% over 1 year, 11.1% over 3 years and 15.4% over 5 years (annualised).
Is there a lock-in or exit load on Mahindra Manulife Multi Cap Fund?
Lock-in: None. Exit load: Exit load of 1% if redeemed within 3 months..
How risky is Mahindra Manulife Multi Cap Fund?
Mahindra Manulife Multi Cap Fund is rated Very High on the SEBI riskometer and belongs to the Multi Cap category.
Which fund house manages Mahindra Manulife Multi Cap Fund?
Mahindra Manulife Multi Cap Fund is managed by Mahindra Manulife Mutual Fund, which runs 27 schemes with ₹34,805 Cr under management.