Mahindra Manulife Mid Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Mid Cap Fund has delivered strong SIP XIRR across horizons — 26.15% over 3Y and 25.86% over 5Y — beating category averages of 19.79% and 20.42% by a wide margin. Against the NIFTY MIDCAP 150, the fund has generated consistent positive alpha of roughly 2.2–3.1% across all periods from 1Y through 15Y, with point-to-point CAGRs leading the benchmark at every horizon (e.g., 15.25% vs 13.14% over 3Y). The 1Y XIRR of 17.25% also edges past the category average of 15.91% despite a weak recent mid-cap environment.
Risk-adjusted performance is a standout: the fund shows a beta of only 0.90–0.99 versus the benchmark and downside capture below 100% across all periods (87–98.7%), meaning it loses less than the index in falling markets. Drawdowns are well contained, with 5 drawdown events above 10% but the average drawdown at just -0.05%, and the maximum drawdown recovering in 239 days after a 45-day decline. Calmar ratios between 0.66 and 0.78 across 1Y–7Y horizons reflect solid returns per unit of drawdown risk.
Detailed holdings and sector data were not provided in this dataset, so specific portfolio composition cannot be assessed. As a mid cap fund, it must invest at least 65% in mid-cap equities per SEBI norms, which inherently carries concentration in the 101st–250th market-cap segment. Investors should review the latest portfolio disclosure and sector allocation on the AMC website before investing.
The fund sits in the upper tier of its mid cap category, outperforming category average SIP XIRR by 5.4–6.4 percentage points over 3Y and 5Y horizons. Its consistency is evident in the alpha generation across eight time windows (1Y to 15Y) and calendar-year returns including 48.47% in 2023 and 51.05% in 2021. Recent years show the drag of a soft mid-cap cycle, with -3.01% in 2026 and 2.07% in 2025, though this is in line with the broader mid-cap correction.
This fund suits investors seeking mid-cap growth exposure with a long time horizon of at least 5–7 years, given the volatility inherent to the segment. SIP investors comfortable with interim drawdowns—such as the negative 2025 and 2026 calendar returns—will benefit most from its above-average SIP XIRR. It is appropriate for those with moderate-to-high risk tolerance who value a fund that historically protects on the downside (downside capture of 87–95%).
- Consistent positive alpha of 1.8–3.1% versus NIFTY MIDCAP 150 across every measured period from 1Y to 15Y
- SIP XIRR of 26.15% (3Y) and 25.86% (5Y), beating category averages of 19.79% and 20.42% by over 5 points
- Low downside capture (87–95%) and beta below 1, indicating better-than-index protection in market declines
- Recent soft patch: calendar-year returns of 2.07% in 2025 and -3.01% in 2026 reflect sensitivity to the ongoing mid-cap correction
- Low expense ratio of 0.46% is attractive, but the direct-plan-only data provided limits visibility into overall AUM and liquidity profile
Generated on 01-11-2026, 3:04 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 | ₹12.78 L | 23.8% | -45.0% | 102.4% |
| 3 Years | ₹36.00 L | ₹51.61 L | 26.9% | 1.7% | 46.9% |
| 5 Years | ₹60.00 L | ₹1.09 Cr | 25.8% | 13.0% | 38.5% |
| 7 Years | ₹84.00 L | ₹1.93 Cr | 23.9% | 18.2% | 28.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 23.8% | 21.8% | 15.9% | +1.9% |
| 3 Years | 26.9% | 17.2% | 19.8% | +9.7% |
| 5 Years | 25.8% | 16.5% | 20.4% | +9.3% |
| 7 Years | 23.9% | 16.8% | 19.4% | +7.2% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 22.7% | 12.4% | -22.4% | 93.1% | 0.62 | 3.05 | 83% | — | — |
| 3 Years | 25.7% | 25.6% | 11.6% | 36.8% | 3.77 | — | 100% | — | — |
| 5 Years | 24.9% | 25.5% | 13.8% | 36.0% | 3.16 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.87 | 0.99 | 102.2% | 99.0% | -1.1% | -4.1% |
| 3 Years | +2.50 | 0.96 | 97.4% | 94.8% | 15.4% | 13.1% |
| 5 Years | +2.37 | 0.95 | 96.6% | 94.2% | 14.8% | 12.8% |
| 7 Years | +2.53 | 0.93 | 93.5% | 90.9% | 20.8% | 19.2% |
| 10 Years | +3.20 | 0.90 | 91.1% | 87.0% | 15.0% | 12.3% |
| 12 Years | +2.51 | 0.90 | 91.1% | 87.0% | 12.3% | 10.2% |
| 15 Years | +1.83 | 0.90 | 91.1% | 87.0% | 9.8% | 8.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | The Federal Bank Limited | 3.42% |
| 2 | IndusInd Bank Limited | 3.19% |
| 3 | Aditya Birla Capital Limited | 2.79% |
| 4 | Coforge Limited | 2.65% |
| 5 | Glenmark Pharmaceuticals Limited | 2.60% |
| 6 | IDFC First Bank Limited | 2.16% |
| 7 | KEI Industries Limited | 2.13% |
| 8 | Bank of Maharashtra | 2.07% |
| 9 | Nippon Life India Asset Management Limited | 2.04% |
| 10 | APL Apollo Tubes Limited | 2.03% |