Mahindra Manulife Flexi Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Flexi Cap Fund has delivered consistent alpha over the NIFTY 50 across all measured periods, with 3Y and 5Y alphas of 3.21% and 4.49% respectively, and fund CAGRs of 9.44% and 9.89% versus benchmark 6.22% and 5.35%. On the primary SIP metric, its 3Y XIRR of 15.04% slightly beats the category average of 14.73%, though its 5Y XIRR of 10.38% trails the category's 16.08% meaningfully. The 1Y XIRR of 7.74% also lags the category average of 9.49%, indicating recent underperformance relative to peers.
The fund shows defensive characteristics with beta consistently below 1 (around 0.95) and downside capture of roughly 91-93% across periods, meaning it falls less than the benchmark in corrections. Maximum drawdown was a modest -17.24% with a 154-day duration and an 84-day recovery, and there were 3 drawdown events exceeding 10%. Calmar ratios of 0.98 (3Y) and 0.85 (1Y) indicate reasonable risk-adjusted returns, though the 5Y Calmar of 0.62 is weaker.
Detailed holdings and sector allocation data were not provided for this analysis. As a flexi cap fund, it has the mandate to invest across large, mid, and small caps, allowing the manager to shift weightage based on market conditions. Investors should review the latest factsheet for current top holdings and sector concentration before investing.
The fund's 3Y SIP XIRR of 15.04% marginally outpaces the category average of 14.73%, but its 5Y XIRR of 10.38% is well below the category's 16.08%, suggesting weaker medium-term SIP compounding relative to peers. Calendar year returns show volatility, ranging from 32.64% in 2023 to -8.85% in 2026, with muted 2021-2022 results of 2.88% and 2.33%. Its long-term alpha over the benchmark remains positive across 1Y to 15Y windows, demonstrating benchmark-beating consistency.
This fund suits investors seeking diversified equity exposure with a defensive tilt, given its sub-1 beta and below-benchmark downside capture. A horizon of at least 5-7 years is appropriate, as 5Y lump-sum CAGR of 9.89% and SIP XIRR of 10.38% show returns improve meaningfully over longer periods. Investors should have moderate risk tolerance and accept that recent 1Y performance has lagged both benchmark recovery and category peers.
- Consistent positive alpha over NIFTY 50 across all periods from 1Y to 15Y, peaking at 4.49% over 5Y
- Defensive profile with downside capture of 90.94-93.15%, cushioning losses in market corrections
- Low expense ratio of 0.56% for a direct plan, keeping cost drag minimal
- 5Y SIP XIRR of 10.38% significantly trails the category average of 16.08%, indicating underperformance versus flexi cap peers over the medium term
- Recent 1Y return of -8.85% in calendar 2026 and 1Y XIRR of 7.74% below the category's 9.49% show weak near-term momentum
Generated on 31-10-2026, 2:17 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 | ₹12.63 L | 14.7% | -21.6% | 49.9% |
| 3 Years | ₹36.00 L | ₹45.09 L | 15.3% | -1.7% | 31.7% |
| 5 Years | ₹60.00 L | ₹78.54 L | 10.4% | 7.0% | 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 | 14.7% | 14.3% | 9.5% | +0.4% |
| 3 Years | 15.3% | 11.0% | 14.7% | +4.3% |
| 5 Years | 10.4% | 10.4% | 16.1% | +0.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.6% | 9.2% | -10.9% | 44.7% | 0.56 | 2.04 | 86% | — | — |
| 3 Years | 16.9% | 17.6% | 8.1% | 24.6% | 2.97 | — | 100% | — | — |
| 5 Years | 10.6% | 10.6% | 9.0% | 12.1% | 4.27 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +1.42 | 0.95 | 93.3% | 90.9% | -8.6% | -10.9% |
| 3 Years | +2.89 | 0.96 | 97.1% | 93.2% | 9.3% | 6.4% |
| 5 Years | +4.28 | 0.96 | 97.1% | 91.6% | 9.5% | 5.2% |
| 7 Years | +2.42 | 0.95 | 95.8% | 91.2% | 7.3% | 4.8% |
| 10 Years | +1.56 | 0.95 | 95.8% | 91.2% | 5.0% | 3.3% |
| 12 Years | +1.23 | 0.95 | 95.8% | 91.2% | 4.2% | 2.8% |
| 15 Years | +0.91 | 0.95 | 95.8% | 91.2% | 3.3% | 2.2% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 6.44% |
| 2 | HDFC Bank Limited | 3.93% |
| 3 | Axis Bank Limited | 2.55% |
| 4 | Eternal Limited | 2.50% |
| 5 | Bharti Airtel Limited | 2.49% |
| 6 | Bajaj Finance Ltd | 2.38% |
| 7 | Larsen & Toubro Limited | 2.02% |
| 8 | Kotak Mahindra Bank Ltd | 1.92% |
| 9 | The Federal Bank Limited | 1.91% |
| 10 | Reliance Industries Limited | 1.81% |