Mahindra Manulife Mid Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Mid Cap Fund has delivered strong SIP XIRR across horizons, with 3Y at 27.58% and 5Y at 26.26%, outpacing the category averages of 19.93% and 19.38% respectively. On a lump-sum basis, the fund has beaten the NIFTY Midcap 150 across all periods, with a 5Y CAGR of 19.99% versus the benchmark's 17.46% and positive alpha at every measured horizon. Recent calendar-year returns have been uneven, however, ranging from 48.47% in 2023 to just 0.75% in 2022 and 2.07% in 2025.
The fund exhibits a defensive risk profile relative to its benchmark, with beta below 1 at all horizons (0.90-0.97) and downside capture consistently under 100%, reaching 86.24% over 10Y and longer. It has experienced 4 drawdown events exceeding 10%, and while the maximum drawdown duration was 45 days, full recovery took 239 days. Calmar ratios between 0.66 and 0.78 across horizons indicate reasonable risk-adjusted returns, supported by positive alpha even as upside capture has declined from 100.5% (1Y) to 90.93% (10Y).
The portfolio holds 56 stocks with a well-diversified top 10, where no single position exceeds 3.32% of NAV. Financials dominate, with Banks at 15.6% and Finance at 6.6%, complemented by meaningful exposure to Industrial Products (9.8%), Auto Components (9.2%), and Pharmaceuticals (4.9%). Top holdings include Federal Bank, IndusInd Bank, Nippon Life India Asset Management, and L&T Finance, giving the fund a notable financial-sector tilt.
The fund outperforms the category average SIP XIRR at every horizon, with the widest gaps at 3Y (27.58% vs 19.93%) and 5Y (26.26% vs 19.38%). Its consistent positive alpha versus the NIFTY Midcap 150 across 1Y through 15Y horizons suggests sustained stock-selection skill rather than a single-period anomaly. The combination of below-benchmark beta with above-benchmark returns across long horizons reinforces its positioning as a consistent category performer.
This fund suits investors seeking mid-cap exposure with a long-term horizon of at least 5-7 years, as evidenced by its strongest risk-adjusted results over 3Y and 5Y windows. It is appropriate for investors with moderate-to-high risk tolerance who can withstand mid-cap volatility, including multi-year stretches of flat returns such as 2022 and 2025. The low expense ratio of 0.46% and below-benchmark downside capture make it a reasonable core mid-cap holding for SIP investors.
- SIP XIRR of 27.58% (3Y) and 26.26% (5Y) significantly exceeds category averages of 19.93% and 19.38%
- Consistent positive alpha versus NIFTY Midcap 150 across all horizons from 1Y to 15Y, with 6.45% alpha over 1Y
- Defensive downside capture of 86-94% across horizons with beta below 1, limiting losses relative to the benchmark
- Heavy financial-sector tilt, with Banks (15.6%) and Finance (6.6%) together exceeding 22% of the portfolio
- Highly variable calendar-year returns, including near-flat years of 0.75% in 2022 and 2.07% in 2025, requiring patience from investors
Generated on 06-09-2026, 7:50 PM. 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 | ₹12.79 L | 24.2% | -45.0% | 102.4% |
| 3 Years | ₹36.00 L | ₹51.73 L | 27.6% | 7.7% | 46.9% |
| 5 Years | ₹60.00 L | ₹1.10 Cr | 26.3% | 15.5% | 38.5% |
| 7 Years | ₹84.00 L | ₹1.96 Cr | 24.3% | 20.3% | 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 | 24.2% | 22.0% | 21.6% | +2.2% |
| 3 Years | 27.6% | 17.3% | 19.9% | +10.3% |
| 5 Years | 26.3% | 16.5% | 19.4% | +9.8% |
| 7 Years | 24.3% | 16.8% | 19.3% | +7.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 23.1% | 12.7% | -22.4% | 93.1% | 0.63 | 3.11 | 83% | — | — |
| 3 Years | 26.0% | 25.8% | 11.6% | 36.8% | 3.98 | — | 100% | — | — |
| 5 Years | 25.4% | 26.0% | 13.8% | 36.0% | 3.34 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.45 | 0.97 | 100.5% | 93.8% | 16.2% | 9.9% |
| 3 Years | +4.78 | 0.96 | 97.8% | 93.4% | 22.4% | 18.1% |
| 5 Years | +3.07 | 0.95 | 96.5% | 93.4% | 20.0% | 17.5% |
| 7 Years | +3.93 | 0.92 | 93.3% | 89.5% | 24.8% | 22.1% |
| 10 Years | +3.63 | 0.90 | 90.9% | 86.2% | 16.3% | 13.4% |
| 12 Years | +2.86 | 0.90 | 90.9% | 86.2% | 13.4% | 11.0% |
| 15 Years | +2.10 | 0.90 | 90.9% | 86.2% | 10.6% | 8.7% |