Mahindra Manulife ELSS Tax Saver Fund
Direct · GrowthAI Summary
The fund's SIP XIRR of 17.96% over 5 years and 17.51% over 7 years beats the category averages of 16.77% and 15.84% respectively, showing strong medium-term performance. However, the 1Y XIRR of 6.83% and 10Y XIRR of 12.01% trail the category averages of 9.56% and 15.78%, indicating recent underperformance. The 3Y XIRR of 15.36% is modestly ahead of the category's 14.54%, suggesting a gradual loss of edge over longer horizons.
The maximum drawdown data shows four drawdown events exceeding 10%, with a prolonged 804-day recovery window from the maximum drawdown, which highlights meaningful downside risk typical of diversified equity funds. The Calendar Year returns reveal sharp swings, ranging from +41.07% in 2021 to -10.51% in 2026, confirming notable volatility year to year. Calmar ratios between 0.33 and 0.46 across windows indicate moderate risk-adjusted returns that have weakened over the 10-year window.
Portfolio composition details, top holdings, and sector allocation data were not provided in this analysis, so specific concentration or diversification observations cannot be made. As an ELSS fund, it is mandated to hold predominantly in equity instruments. Investors should review the fund's latest portfolio disclosure for sector and stock-level concentration before investing.
The fund has outperformed its ELSS category on SIP XIRR over 3Y, 5Y, and 7Y horizons, but lags over 1Y and 10Y periods, suggesting a mixed consistency record. Calendar year returns show it delivers well in strong markets, such as 27.35% in 2023 and 41.07% in 2021, but has had weak years like 2.55% in 2022 and -10.51% in 2026. Overall, it sits around the middle-upper band of peers over medium terms but without sustained top-quartile consistency.
This fund is suitable for investors seeking Section 80C tax benefits through the ELSS route with a long-term equity outlook. Given ELSS's mandatory three-year lock-in and the fund's multi-year performance patterns, a horizon of at least 5-7 years via SIP is recommended. It suits investors with moderate-to-high risk tolerance who can tolerate drawdowns and weak calendar years like 2026's -10.51%.
- 5Y SIP XIRR of 17.96% beats the category average of 16.77%, with 7Y XIRR of 17.51% also ahead of the category's 15.84%
- Low expense ratio of 0.79% for a Direct plan keeps cost drag on returns contained
- Strong calendar-year performance in favorable markets, including 41.07% in 2021 and 27.35% in 2023
- Recent underperformance: 1Y XIRR of 6.83% trails the category average of 9.56%, and 10Y XIRR of 12.01% lags the category's 15.78%
- Four drawdown events exceeding 10% with an 804-day maximum drawdown recovery period indicate extended recovery times from significant losses
Generated on 01-11-2026, 3:05 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.58 L | 14.7% | -55.2% | 93.0% |
| 3 Years | ₹36.00 L | ₹46.31 L | 15.8% | -22.4% | 37.9% |
| 5 Years | ₹60.00 L | ₹93.64 L | 18.0% | 5.6% | 27.0% |
| 7 Years | ₹84.00 L | ₹1.58 Cr | 17.5% | 10.8% | 22.3% |
| 10 Years | ₹1.20 Cr | ₹2.22 Cr | 12.2% | 11.5% | 13.2% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 14.7% | 9.6% |
| 3 Years | 15.8% | 14.5% |
| 5 Years | 18.0% | 16.8% |
| 7 Years | 17.5% | 15.8% |
| 10 Years | 12.2% | 15.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.4% | 8.5% | -29.9% | 95.0% | 0.39 | 1.16 | 80% | — | — |
| 3 Years | 15.4% | 16.6% | -8.4% | 35.4% | 1.08 | 3.35 | 93% | — | — |
| 5 Years | 16.6% | 15.9% | 7.6% | 29.3% | 2.10 | — | 100% | — | — |
| 10 Years | 11.9% | 11.9% | 11.7% | 12.1% | 55.06 | — | 100% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 9.24% |
| 2 | HDFC Bank Limited | 7.24% |
| 3 | Bharti Airtel Limited | 4.28% |
| 4 | Bajaj Finance Ltd | 3.56% |
| 5 | Reliance Industries Limited | 3.11% |
| 6 | Larsen & Toubro Limited | 2.96% |
| 7 | Kotak Mahindra Bank Ltd | 2.57% |
| 8 | TVS Motor Company Limited | 2.56% |
| 9 | Infosys Limited | 2.44% |
| 10 | Axis Bank Limited | 2.31% |