Mahindra Manulife Small Cap Fund
Direct · GrowthAI Summary
Mahindra Manulife Small Cap Fund has consistently outperformed the NIFTY SmallCap 250 benchmark across all periods, with alpha of 9.53% over 1Y and 6.50% over 3Y. Its 1Y SIP XIRR of 20.46% beats the category average of 17.53%, though the 3Y XIRR of 13.53% trails the category average of 20.09%. Lump-sum performance is strong, with 3Y rolling returns averaging 23.61% versus a benchmark CAGR of 12.43%.
The fund exhibits defensive characteristics for a small cap fund, with downside capture of 86.2% (1Y) to 88.5% (3Y) against upside capture of roughly 94-95%, meaning it loses less than the benchmark in declines. Beta of around 0.91-0.94 confirms lower volatility relative to the index. Calmar ratios of 1.01 (1Y) and 0.91 (3Y) indicate solid risk-adjusted returns, though the 473-day recovery from max drawdown highlights the patience required during small cap corrections.
Detailed holdings and sector allocation data were not provided in this dataset, so portfolio composition cannot be assessed from the available metrics. The fund's consistently low downside capture across 5Y to 15Y windows suggests a quality-oriented, relatively defensive stock selection approach within the small cap universe. Investors should review the latest factsheet for specific top holdings and sector concentration before investing.
The fund's 1Y SIP XIRR of 20.46% outpaces the category average of 17.53%, but its 3Y XIRR of 13.53% lags the category average of 20.09%, indicating recent lump-sum strength has not fully translated into SIP-period outperformance versus peers. Long-term benchmark outperformance is consistent, with positive alpha across every window from 1Y to 15Y. Calendar year returns show high dispersion, from 58.69% in 2023 to negative years in 2022 and 2025, typical of the small cap category.
This fund suits investors with a high risk tolerance and a long time horizon of at least 5-7 years, given the extended drawdown recovery periods inherent to small caps. It is appropriate as a satellite allocation for investors seeking benchmark-beating small cap exposure with somewhat lower downside capture than the index. SIP investors should be prepared for interim underperformance versus category peers in certain windows, as seen in the 3Y XIRR comparison.
- Consistent positive alpha versus NIFTY SmallCap 250 across all periods from 1Y to 15Y, including 9.53% over 1Y and 6.50% over 3Y
- Favorable asymmetry with downside capture of 85-89% against upside capture of 94-95%, cushioning losses in market declines
- Low expense ratio of 0.53% for a small cap fund, and 1Y SIP XIRR of 20.46% beating the category average of 17.53%
- 3Y SIP XIRR of 13.53% significantly trails the category average of 20.09%, showing uneven SIP-period performance versus peers
- Long recovery time from max drawdown of 473 days with 3 drawdown events exceeding 10%, reflecting the volatility inherent to small cap investing
Generated on 31-10-2026, 2:11 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 | ₹12.97 L | 26.9% | -33.3% | 91.1% |
| 3 Years | ₹36.00 L | ₹43.85 L | 13.8% | 3.7% | 22.6% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY SMALLCAP 250 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 26.9% | 21.9% | 17.5% | +5.0% |
| 3 Years | 13.8% | 15.2% | 20.1% | -1.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 26.1% | 13.4% | -10.2% | 76.4% | 0.69 | 4.03 | 82% | — | — |
| 3 Years | 23.6% | 23.7% | 16.8% | 28.4% | 6.86 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +9.53 | 0.94 | 95.3% | 86.2% | 8.2% | -1.9% |
| 3 Years | +6.50 | 0.93 | 94.4% | 88.5% | 18.5% | 12.4% |
| 5 Years | +6.54 | 0.91 | 93.6% | 85.3% | 17.8% | 11.8% |
| 7 Years | +4.32 | 0.91 | 93.6% | 85.3% | 12.4% | 8.3% |
| 10 Years | +2.76 | 0.91 | 93.6% | 85.3% | 8.5% | 5.7% |
| 12 Years | +2.17 | 0.91 | 93.6% | 85.3% | 7.1% | 4.7% |
| 15 Years | +1.59 | 0.91 | 93.6% | 85.3% | 5.6% | 3.8% |