Mahindra Manulife Multi Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Multi Cap Fund has delivered strong SIP returns, with XIRR of 22.12% over 3Y and 23.04% over 5Y, beating category averages of 14.82% and 18.56% respectively. Against the NIFTY 50, the fund shows consistent positive alpha across all periods, including 9.55% over 3Y and 10.35% over 7Y. Lump-sum rolling returns also compare favourably, with the 5Y rolling mean of 22.11% well above the benchmark CAGR of 5.16%.
The fund's beta of roughly 0.93-1.05 with downside capture of 84.91%-94.66% indicates it falls less than the index in down markets while keeping pace on the upside, driving its strong alpha. Seven drawdown events above 10% show meaningful volatility, which is expected for a multi cap portfolio. Calmar ratios of 0.60-0.64 across 3Y, 5Y and 7Y reflect decent risk-adjusted returns relative to peak-to-trough losses.
Portfolio composition data was not provided for this fund, so top holdings, sector allocation and concentration levels cannot be assessed. As a multi cap mandate, the fund is required to hold a mix across large, mid and small cap stocks, providing inherent diversification. Investors should review the latest factsheet for current holdings detail.
This fund is a clear outperformer versus category peers, with 1Y, 3Y, 5Y and 7Y XIRR all ahead of category averages by roughly 4-7 percentage points. Calendar year returns show strong consistency, with double-digit gains in 2019, 2020, 2021, 2023 and 2024, though 2022 was flat at 2.35% and 2025 was a modest 4.15%. Long-run 10Y and 12Y benchmark data also shows sustained alpha of 6.65% and 5.35%.
This fund suits investors with a moderate-to-high risk tolerance seeking diversified exposure across market capitalizations with a demonstrated active-management edge. A minimum horizon of 5-7 years is appropriate, given the fund's strong 5Y and 7Y track record and the natural volatility of multi cap portfolios. SIP investors in particular benefit from the fund's consistently above-category XIRR figures.
- Consistently outperforms category SIP XIRR averages, e.g. 23.04% over 5Y versus 18.56% for the category
- Positive alpha across every measured period against NIFTY 50, from 4.12% over 15Y to 13.63% over 1Y
- Favourable asymmetry with upside capture above 100% and downside capture below 95% over 3Y and 5Y
- Recent performance has cooled sharply, with calendar year returns of just 3.1% in 2026 and 4.15% in 2025 versus 36.04% in 2023
- Seven drawdown events exceeding 10% indicate meaningful downside risk, and recovery from max drawdown took 227 days
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 | ₹12.75 L | 20.7% | -50.3% | 98.5% |
| 3 Years | ₹36.00 L | ₹49.63 L | 22.7% | -14.0% | 48.2% |
| 5 Years | ₹60.00 L | ₹1.03 Cr | 23.0% | 12.2% | 33.9% |
| 7 Years | ₹84.00 L | ₹1.86 Cr | 23.2% | 17.7% | 28.6% |
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 | 20.7% | 14.3% | 11.3% | +6.5% |
| 3 Years | 22.7% | 11.0% | 14.8% | +11.7% |
| 5 Years | 23.0% | 10.4% | 18.6% | +12.7% |
| 7 Years | 23.2% | 10.6% | 18.1% | +12.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 19.9% | 11.0% | -24.5% | 99.2% | 0.56 | 2.54 | 84% | — | — |
| 3 Years | 22.0% | 22.6% | -0.9% | 38.4% | 2.03 | 18.60 | 100% | — | — |
| 5 Years | 22.1% | 22.6% | 12.9% | 34.1% | 2.92 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.88 | 0.99 | 102.7% | 85.7% | 4.0% | -9.0% |
| 3 Years | +9.51 | 1.05 | 106.3% | 94.6% | 16.5% | 7.0% |
| 5 Years | +8.02 | 1.01 | 102.2% | 92.2% | 13.6% | 5.5% |
| 7 Years | +10.41 | 0.94 | 98.5% | 87.9% | 20.3% | 10.1% |
| 10 Years | +6.64 | 0.93 | 96.1% | 88.0% | 16.0% | 9.5% |
| 12 Years | +5.35 | 0.93 | 96.1% | 88.0% | 13.1% | 7.9% |
| 15 Years | +4.10 | 0.93 | 96.1% | 88.0% | 10.4% | 6.3% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Divi's Laboratories Limited | 5.01% |
| 2 | Multi Commodity Exchange of India Limited | 4.21% |
| 3 | ICICI Bank Limited | 3.26% |
| 4 | HDFC Bank Limited | 2.85% |
| 5 | Adani Enterprises Limited | 2.79% |
| 6 | Neuland Laboratories Limited | 2.73% |
| 7 | Oil India Limited | 2.47% |
| 8 | Torrent Pharmaceuticals Limited | 2.35% |
| 9 | APL Apollo Tubes Limited | 2.16% |
| 10 | PTC Industries Ltd | 2.15% |