Best Mahindra Manulife Mutual Funds in India for 2025
Mahindra Manulife Mutual Fund represents a strategic alliance between two financial powerhouses – Mahindra & Mahindra Financial Services Limited, a leading Indian NBFC with deep rural and semi-urban market penetration, and Manulife Investment Management (Singapore) Pte. Ltd., bringing global wealth management expertise. With an AUM of ₹31,279 cr as of December 2024, Mahindra Manulife ranks among India’s mid-sized fund houses, managing 25 schemes across equity, debt, and hybrid categories.
List of Top Mahindra Manulife Mutual Funds for 2025
Here are the top Mahindra Manulife mutual funds in India sorted according to their AUM:
| Fund Name | Sub Category | AUM | CAGR 3Y | Expense Ratio | NAV | Absolute Returns - 1Y | CAGR 5Y |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Multi Cap Fund | Multi Cap Fund | 6,055.38 | 20.36 | 0.40 | 42.21 | 6.53 | 24.80 |
| Mahindra Manulife Small Cap Fund | Small Cap Fund | 4,307.53 | 0.00 | 0.43 | 20.48 | -1.56 | 0.00 |
| Mahindra Manulife Mid Cap Fund | Mid Cap Fund | 4,192.44 | 24.90 | 0.46 | 38.51 | 2.56 | 27.12 |
| Mahindra Manulife Large & Mid Cap Fund | Large & Mid Cap Fund | 2,783.80 | 17.13 | 0.46 | 30.44 | 4.57 | 22.04 |
| Mahindra Manulife Focused Fund | Focused Fund | 2,207.79 | 19.40 | 0.40 | 30.04 | 6.19 | 24.24 |
| Mahindra Manulife Aggressive Hybrid Fund | Aggressive Hybrid Fund | 1,969.84 | 17.66 | 0.46 | 31.30 | 8.45 | 20.19 |
| Mahindra Manulife Flexi Cap Fund | Flexi Cap Fund | 1,575.38 | 17.72 | 0.43 | 18.06 | 7.46 | 0.00 |
| Mahindra Manulife Business Cycle Fund | Thematic Fund | 1,227.72 | 0.00 | 0.49 | 15.89 | 5.47 | 0.00 |
| Mahindra Manulife Liquid Fund | Liquid Fund | 1,044.57 | 7.11 | 0.15 | 1,759.82 | 6.71 | 5.87 |
| Mahindra Manulife ELSS Tax Saver Fund | Equity Linked Savings Scheme (ELSS) | 970.35 | 15.63 | 0.60 | 34.62 | 7.91 | 20.33 |
Disclaimer: Please note that the above list of mutual funds is for educational purposes only, and is not recommendatory. Please do your own research or consult your financial advisor before investing. The data is derived from Tickertape Mutual Fund Screener and is subject to real-time updates.
Note: The data on the list of the best Mahindra Manulife funds is from 2nd December 2025. This data is derived from the Tickertape Mutual Funds Screener.
- AMC: Axis Asset Management Company Ltd
- Plan: Growth
- AUM: Sorted from highest to lowest
Pro Tip: You can use Tickertape’s Mutual Fund Screener to research and evaluate funds with over 50+ pre-loaded filters and parameters.
Key Information About Mahindra Manulife Asset Management Limited
| Parameter | Details |
| Sponsors | Mahindra & Mahindra Financial Services Limited (51%) and Manulife Investment Management (Singapore) Pte. Ltd. (49%) |
| Trustee | Mahindra Manulife Trustee Private Limited |
| Investment Manager | Mahindra Manulife Investment Management Private Limited |
| Date of Registration | 4th February 2016 (rebranded 1st June 2020) |
| CEO | Anthony Heredia |
| CIO – Equity | Krishna Sanghavi |
| CIO – Debt | Rahul Pal |
| Total AUM | ₹31,279 cr (as of December 2024) |
| Number of Schemes | 25 |
| Registrar | Computer Age Management Services Limited (CAMS) |
| Custodian | HDFC Bank Limited |
| Registered Office | 4th Floor, A-wing, Mahindra Towers, Dr. G M Bhosale Marg, P K Kurne Chowk, Mumbai – 400018 |
Overview of the Top Mahindra Manulife Mutual Funds in India
Mahindra Manulife Multicap Fund
Mahindra Multicap Fund invests at least 25% each in large, mid, and small cap stocks. The fund provides diversified exposure across market capitalisations, balancing stability from large caps with growth potential from mid and small cap companies.
Mahindra Manulife Small Cap Fund
Mahindra Manulife Small Cap Fund focuses on companies ranked 251st onwards by market capitalisation. The fund targets emerging businesses with high growth potential in the small-cap segment, accepting higher volatility for potentially superior long-term capital appreciation opportunities.
Mahindra Manulife Mid Cap Fund
The Mahindra Manulife Mid Cap Fund Direct Growth or the Mahindra Manulife Mid Cap Fund regular growth invests in mid-sized companies with market capitalisation rankings between 101 and 250. The fund seeks to capitalise on growth opportunities within established yet expanding businesses, balancing risk and return within the mid-cap universe.
Mahindra Manulife Large & Mid Cap Fund
Mahindra Manulife Large & Mid Cap Fund allocates 35-65% each to large-cap and mid-cap stocks. The fund combines the stability of established large companies with the growth potential of mid-sized businesses, offering diversified exposure across both segments simultaneously.
Mahindra Manulife Focused Fund
Mahindra Manulife Focused Fund concentrates investments in a maximum of 30 stocks across market capitalisations. The fund follows a high-conviction investment approach, selecting quality businesses with strong fundamentals whilst maintaining concentrated exposure for potentially enhanced returns through focused portfolio management.
Mahindra Manulife Aggressive Hybrid Fund
Mahindra Manulife Aggressive Hybrid Fund allocates 65-80% to equities with the remainder in debt instruments. This equity-oriented hybrid strategy combines equity growth potential with fixed income stability, balancing capital appreciation objectives with risk management across asset classes.
Mahindra Manulife Flexi Cap Fund
Mahindra Manulife Flexi Cap Fund invests flexibly across large, mid, and small cap stocks based on market opportunities. The fund dynamically adjusts allocations between market capitalisations, providing portfolio managers with the flexibility to capitalise on valuation opportunities across the equity spectrum.
Mahindra Manulife Business Cycle Fund
Mahindra Manulife Business Cycle Fund adjusts sector and stock allocation based on different stages of economic cycles. The fund employs a tactical approach, identifying sectors and companies positioned to benefit from prevailing economic conditions and business cycle phases.
Mahindra Manulife Liquid Fund
Mahindra Manulife Liquid Fund invests in short-term debt and money market securities with maturity up to 91 days. The fund emphasises liquidity and capital preservation whilst generating returns through treasury bills, commercial papers, certificates of deposit, and similar instruments.
Mahindra Manulife ELSS Tax Saver Fund
Mahindra Manulife ELSS Tax Saver Fund offers tax deductions under Section 80C with a three-year lock-in period. This equity-linked savings scheme invests primarily in equity and equity-related instruments across market capitalisations, combining tax benefits with long-term wealth creation potential.
How to Invest in Mahindra Manulife Mutual Funds?
You can easily start to invest in Mahindra Manulife mutual funds by following these steps:
- To invest in the best Mahindra Manulife mutual funds, you can visit a mutual fund investment platform such as smallcase.
- The next step is to research and identify the Mahindra Manulife mutual funds that match your financial goals. Tools like the Tickertape Mutual Fund Screener can help you filter and compare Mahindra mutual funds based on parameters such as returns, expense ratio, and fund size.
- Once you shortlist the Mahindra mutual funds, visit smallcase, log in, and search for the fund by name. You can then choose the investment mode (SIP or lump sum) and start investing.
However, if you’re confused about which stocks to pick, you can explore smallcases:
- smallcases are readymade model portfolios of stocks/ETFs, that are based on a theme idea or strategy
- They’re created and managed by SEBI-registered investment experts (also known as smallcase managers)
- smallcase offers over 500+ stock portfolios, created by 200+ managers
Here are a few popular smallcases among new investors:
Disclosures for aforementioned smallcases
Top Mahindra Manulife Mutual Fund Managers
Krishna Sanghavi
Krishna Sanghavi leads equity investments at Mahindra Manulife with over 16 years of industry experience. Before joining the AMC, he was associated with Canara Robeco Asset Management. He manages the fund house’s flagship equity schemes, including Mid Cap Fund, Multi Cap Fund, and Focused Fund, collectively overseeing ₹11,860 cr in AUM. His investment approach emphasises quality businesses with sustainable competitive advantages.
Manish Lodha
A Chartered Accountant and Company Secretary with over 20 years of experience, Manish joined Mahindra Manulife in December 2020. He previously worked with Canara HSBC Life Insurance and Kotak Mahindra Mutual Fund, bringing 11+ years of mutual fund industry experience. He manages Large & Mid Cap Fund, Flexi Cap Fund, and Balanced Advantage Fund, focusing on companies with robust business models and growth visibility.
Fatema Pacha
Fatema joined Mahindra Manulife in December 2020 and manages the Multi Cap Fund and Aggressive Hybrid Fund. Her investment philosophy focuses on identifying quality businesses across market capitalisations with strong management teams and sustainable competitive advantages, combining growth and value investing principles.
Rahul Pal
A Chartered Accountant with over 16 years in fixed income portfolio management, Rahul leads the debt team at Mahindra Manulife. Prior to joining, he headed Fixed Income at Taurus Asset Management and worked at Sundaram AMC. He manages all debt and hybrid schemes’ fixed income portions, focusing on credit quality and interest rate risk management.
Amit Garg
With 17+ years in fixed income, Amit manages liquid, ultra-short, and low-duration funds at Mahindra Manulife. A CFA charterholder with MMS in Finance, he previously worked at Daiwa Asset Management and Darashaw & Company. His expertise lies in managing liquidity while optimising returns within conservative debt mandates.
Taxation on Mahindra Manulife Mutual Funds in India
Equity Mutual Funds
| Type of Gain | Holding Period | New Rate |
| Short-Term Capital Gains (STCG) | Less than 12 months | 20% |
| Long-Term Capital Gains (LTCG) | More than 12 months | 12.5% (Gains up to ₹1.25 lakh exempt) |
Debt Mutual Funds
| Type of Gain | Holding Period | Tax Rate | Indexation Benefit |
| Short-Term Capital Gains (STCG) | Less than 36 months | Taxed as per income tax slab | Not applicable |
| Long-Term Capital Gains (LTCG) | More than 36 months | 12.50% | Not available |
Hybrid Mutual Funds
| Type of Fund | STCG | LTCG | Indexation Benefit |
| Equity-Oriented Hybrid Funds | 20% for holdings < 1 year | 12.5% for holdings > 1 year; gains up to ₹1.25 lakh exempt | Not available |
| Debt-Oriented Hybrid Funds | Taxed as per slab for holdings < 3 years | 12.5% for holdings > 3 years | Not available |
Documents Required to Invest in Mahindra Manulife Mutual Funds
To invest in Mahindra Manulife Mutual Fund schemes, investors need to complete KYC (Know Your Customer) formalities with the following documents:
- PAN Card (mandatory for all investors)
- Address Proof: Aadhaar Card, Voter ID, Passport, Driving License, or Utility Bills
- Bank Account Details: Cancelled cheque or bank statement (not older than 3 months)
- Passport-size photograph
- Signature verification
Risks of Investing in Mahindra Manulife Mutual Funds
- Mid-Sized AMC Liquidity Considerations: Mahindra Manulife manages ₹31,279 cr in assets, making it a mid-sized player compared to industry giants with ₹3+ lakh cr. This size difference matters mainly for small and mid-cap fund investors. During market stress, the fund house might struggle to execute large trades without affecting prices, especially in less-liquid stocks. If you invest in their small and mid-cap schemes, be prepared for potential redemption issues when markets turn volatile.
- Semi-Urban Distribution Focus Impact: The fund house targets semi-urban and rural markets, following parent company Mahindra Finance’s approach. This creates a different investor base compared to metro-focused AMCs. While this differentiation helps them stand out, it also means redemption patterns might differ during market swings. Rural and semi-urban investors often have different investment timelines and risk understanding, which can affect fund flows when markets get choppy.
- Relatively Recent Rebranding and Partnership: The Manulife partnership started in April 2020, making the current structure just over 4 years old. Both sponsors have strong credentials, but their integrated investment approach and organisational culture are still taking shape. Keep an eye on how this partnership evolves and whether they actually deliver on the promised synergies between Mahindra’s domestic strength and Manulife’s global expertise.
- Concentrated Portfolio Approach in Select Schemes: The Focused Fund uses a high-conviction strategy with only 30 stocks maximum. Even their broader schemes hold relatively concentrated portfolios compared to peers. This concentration cuts both ways—it can boost returns but also increase risk. When a few stocks underperform, your overall returns take a bigger hit. If you’re comfortable with high concentration, make sure you have a strong risk appetite and can stay invested for the long term.
Factors to Consider Before Investing in Mahindra Manulife Mutual Funds
- Joint Venture Structure and Stability: Mahindra Finance and Manulife Singapore run this fund house as a 51:49 joint venture. This brings domestic market reach from one partner and global investment expertise from the other. But you should understand how they make decisions and run governance in this partnership. Check whether both sponsors have aligned long-term objectives and if this arrangement looks stable.
- Semi-Urban Market Strategy Alignment: The fund house focuses on tier-2 and tier-3 cities, unlike metro-centric AMCs. Check if this semi-urban distribution strategy works for your servicing needs. Their reach is impressive, but if you want frequent physical access to fund house offices, verify they have branches near you.
- Track Record Consideration Across Market Cycles: The current Mahindra Manulife structure has operated since 2020, mostly seeing bullish market conditions. They haven’t faced much bear market testing. Individual fund managers bring longer track records from their previous firms, but the integrated team hasn’t proven itself through complete market cycles yet. Set realistic expectations and watch how their performance evolves.
- Fund Size and Investment Universe Considerations: Their schemes vary widely in size—from ₹6,000+ cr (Multi Cap Fund) to smaller schemes under ₹1,000 cr. Larger funds might find it tough to invest efficiently in small-cap stocks, while very small funds often charge higher expense ratios. Look at each scheme’s AUM relative to its investment strategy and liquidity needs.
- Expense Ratio and Cost Efficiency: Direct plans charge 0.5-1% lower expense ratios than regular plans. For example, the Flexi Cap Fund’s direct plan costs approximately 0.56% versus 1.56% for the regular plan. This difference compounds significantly over long investment periods. If you’re comfortable executing transactions on your own, direct plans make much more sense to cut costs.
- Investment Philosophy and Style Match: Mahindra Manulife focuses on quality businesses with sustainable competitive advantages across market caps. This balanced approach between growth and value might lag during extreme momentum rallies or deep value market phases. Make sure their investment philosophy matches your beliefs and risk-return expectations.
To Wrap It Up
Mahindra Manulife Mutual Fund sits at an interesting point in India’s asset management landscape. The 2020 partnership between Mahindra Finance and Manulife Investment Management created something unique—deep domestic market penetration in underserved semi-urban areas combined with global investment management expertise from one of Asia’s leading wealth managers. You can use tools like the Tickertape Mutual Fund Screener to compare and analyse different Mahindra Manulife mutual funds, and use investment platforms like smallcase to invest through SIP or lump sum methods.
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Frequently Asked Questions on Mahindra Manulife Mutual Fund
Here are the top Mahindra Manulife mutual fund schemes sorted according to their AUM:
– Mahindra Manulife Multi Cap Fund
– Mahindra Manulife Small Cap Fund
– Mahindra Manulife Mid Cap Fund
– Mahindra Manulife Large & Mid Cap Fund
– Mahindra Manulife Focused Fund
Note: This data on this list was taken on 2nd December 2025. The Mahindra Manulife mutual funds are listed for educational purposes and are not meant to be recommendatory.
Most Mahindra Manulife equity and hybrid schemes accept SIPs starting from ₹500 per month. For lump sum investments, the minimum amount is typically ₹1,000 for equity schemes and varies by scheme type.
Note: Please check the specific scheme documents (SIDs) for exact information on the minimum SIP amounts.
You can sell/redeem your Axis mutual fund units through smallcase by logging in to your account, selecting the fund, and entering the number of units you want to redeem. smallcase facilitates this Axis MF online redemption by communicating with the respective AMC and registrar, processing your request, and sending the proceeds to your linked bank account.
Exit load varies by scheme. Most equity Mahindra mutual funds charge 1% if redeemed within 30-90 days (varies by scheme). The Flexi Cap Fund charges 1% within 30 days. Liquid Mahindra mutual funds typically have no exit load. Debt funds may charge 0.5-1% for early redemption. The ELSS scheme has a mandatory 3-year lock-in with no premature redemption option.
Note: Please check the specific scheme documents (SIDs) for exact information on the exit loads for any specific scheme.
You can download your statement from the Mahindra Manulife AMC website by logging into your account. Alternatively, you can request it via email, SMS, or through your investment portal.
Yes, you can switch from one Mahindra Manulife scheme to another without redeeming and reinvesting separately. You can simply submit a switch request through the website, app, or investment platform, like smallcase. Tax implications apply as switching is treated as redemption from the old scheme and a fresh purchase in the new scheme. The exit load of the source scheme will also apply, if applicable.
Mahindra Manulife follows a quality-focused investment approach emphasising businesses with sustainable competitive advantages, strong management teams, and healthy financials. The team combines bottom-up stock selection with top-down macroeconomic views. In equity, they seek companies with consistent earnings growth and reasonable valuations. In debt, they prioritise credit quality and interest rate management while optimising returns within risk parameters.
Note: Please check the exact scheme document or SID to understand the investment objective of that specific fund.
Yes, NRIs can invest in Mahindra Manulife schemes on both repatriable and non-repatriable basis, subject to FEMA guidelines. Investments can be made through NRI-specific platforms or directly through Mahindra Manulife after completing the required documentation. Tax treatment for NRIs differs from that of resident Indians; you can consult a tax advisor for specific implications.
