Mahindra Manulife Flexi Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Flexi Cap Fund has delivered consistent outperformance versus the NIFTY 50, with positive alpha across all periods from 1Y (4.34%) to 15Y (1.13%). Its 3Y SIP XIRR of 16.47% beats the category average of 14.89%, though its 5Y XIRR of 11.38% trails the category's 15.64%. The fund's 3Y CAGR of 12.55% versus the benchmark's 7.75% underscores its lump-sum outperformance as well.
The fund exhibits a beta below 1 (0.95-0.97) with downside capture of roughly 91-94%, meaning it falls less than the benchmark in declining markets while capturing nearly all upside. Its Calmar Ratio of 1.02 over 3Y indicates healthy risk-adjusted returns, and only 3 drawdown events exceeding 10% have occurred. The maximum drawdown duration of 154 days with an 84-day recovery reflects moderate but manageable drawdown behavior.
The portfolio is diversified across 67 holdings, with financials dominating — Banks alone account for 22.9% of NAV, led by ICICI Bank (8.16%) and HDFC Bank (4.74%). Retailing (8.0%), Pharmaceuticals (6.8%), Finance (5.5%), and Telecom (5.1%) round out the top sectors, providing reasonable spread beyond financials. The top 10 holdings total roughly 30% of NAV, indicating a moderately concentrated but well-diversified large-cap-tilted book.
The fund outperforms the category on 3Y SIP XIRR (16.47% vs 14.89%) but lags on 5Y (11.38% vs 15.64%), suggesting recent-period strength rather than long-run dominance. Its consistent positive alpha versus NIFTY 50 across 1Y to 15Y windows points to genuine, repeatable stock-selection skill. Calendar year returns show volatility in outcomes, ranging from 32.64% in 2023 to -2.36% in 2026.
This fund suits investors seeking a flexi-cap core holding with a bias toward large-cap financials and a track record of benchmark outperformance. A time horizon of at least 5 years is appropriate given the variability in annual returns and the weaker 5Y SIP XIRR. Investors should be comfortable with moderate equity volatility, including occasional drawdowns exceeding 10%.
- Consistent positive alpha versus NIFTY 50 across all measured periods, from 4.34% (1Y) to 1.13% (15Y)
- Strong downside protection with downside capture of 91-94% and beta below 1 across periods
- 3Y SIP XIRR of 16.47% comfortably exceeds the category average of 14.89%
- 5Y SIP XIRR of 11.38% significantly trails the category average of 15.64%, indicating weaker longer-term SIP performance
- Heavy sector concentration in Banks at 22.9% of NAV exposes the fund to financial sector downturns
Generated on 11-09-2026, 3:16 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 | ₹12.68 L | 15.6% | -21.6% | 49.9% |
| 3 Years | ₹36.00 L | ₹45.42 L | 16.5% | 1.2% | 31.7% |
| 5 Years | ₹60.00 L | ₹79.20 L | 11.4% | 10.7% | 11.9% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 15.6% | 14.4% | 14.2% | +1.2% |
| 3 Years | 16.5% | 11.1% | 13.6% | +5.4% |
| 5 Years | 11.4% | 10.4% | 14.6% | +0.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 15.5% | 9.9% | -5.6% | 44.7% | 0.63 | 2.69 | 89% | — | — |
| 3 Years | 17.5% | 17.8% | 11.3% | 24.6% | 3.92 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.34 | 0.97 | 98.7% | 91.9% | 1.7% | -2.9% |
| 3 Years | +4.84 | 0.97 | 99.9% | 93.7% | 12.6% | 7.8% |
| 5 Years | +4.28 | 0.95 | 96.6% | 91.2% | 12.0% | 7.7% |
| 7 Years | +2.88 | 0.95 | 96.6% | 91.2% | 8.4% | 5.5% |
| 10 Years | +1.88 | 0.95 | 96.6% | 91.2% | 5.8% | 3.8% |
| 12 Years | +1.50 | 0.95 | 96.6% | 91.2% | 4.8% | 3.2% |
| 15 Years | +1.13 | 0.95 | 96.6% | 91.2% | 3.8% | 2.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 8.16% |
| 2 | HDFC Bank Limited | 4.74% |
| 3 | Bharti Airtel Limited | 3.21% |
| 4 | Bajaj Finance Ltd | 3.15% |
| 5 | Kotak Mahindra Bank Ltd | 2.69% |
| 6 | Larsen & Toubro Limited | 2.42% |
| 7 | Axis Bank Limited | 2.19% |
| 8 | Avenue Supermarts Limited | 2.12% |
| 9 | Reliance Industries Limited | 1.91% |
| 10 | Eternal Limited | 1.75% |