Mahindra Manulife ELSS Tax Saver Fund
ELSS- Tax Saver Fund · Mahindra Manulife Investment Management Pvt Ltd
Among the 16 similar elss- tax saver funds we track, this one has grown money a bit faster than average. ₹1 lakh invested 5 years ago would be about ₹1.5 lakh today. Investing ₹10,000 every month for the last 10 years would have put in ₹12 lakh and grown it to about ₹22.7 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹64,110. Funds like this reward patience and punish panic-selling.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.Mahindra Manulife ELSS Tax Saver Fund is a elss- tax saver fund from Mahindra Manulife Investment Management Pvt Ltd. It has a track record of about 9.9 years. As of the latest data it carries an RS rating of 38/99 (its recent momentum versus category peers) and a King Score of 71/100 (a long-term quality composite). The current NAV is ₹31.61 (as of 2026-09-16).
Growth of ₹100 - last 5 years
Mahindra Manulife ELSS Tax Saver Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -5.53% | -4.02% |
| 3 months | -1.0% | 0.85% |
| 6 months | 1.05% | 5.49% |
| 1 year | -6.62% | -4.7% |
| 3 years (CAGR) | 6.92% | 8.91% |
| 5 years (CAGR) | 8.86% | 8.86% |
The last 5 years return is 8.86% a year (₹1 lakh → ₹1.5 lakh), and the last 3 years return is 6.92% - behind its category's 8.91% average by 2.0 points. Its trailing one-year return is -6.62%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | Mahindra Manulife ELSS | Benchmark |
|---|---|---|
| 2018 | -7.8% | -3.4% |
| 2019 | +6.3% | +7.7% |
| 2020 | +16.0% | +16.7% |
| 2021 | +41.8% | +30.2% |
| 2022 | +3.8% | +3.0% |
| 2023 | +27.8% | +25.8% |
| 2024 | +14.1% | +15.2% |
| 2025 | +9.2% | +6.7% |
| 2026 | -8.4% | -5.8% |
Mahindra Manulife ELSS Tax Saver Fund beat its benchmark in 4 of the last 9 calendar years. A below-par hit-rate versus its own index is worth weighing against its other strengths. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in Mahindra Manulife ELSS Tax Saver Fund would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹378,184 | 1.43% |
| 5 years | ₹610,000 | ₹736,933 | 7.49% |
| 10 years | ₹1,200,000 | ₹2,270,572 | 12.35% |
Over 10 years, ₹1,200,000 invested in monthly instalments would have grown to about ₹2,270,572 - an XIRR of 12.35%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -35.89% | -32.29% |
| Worst drawdown (3Y) | -16.36% | -20.12% |
| Volatility (1Y) | 17.09% | 16.97% |
| Sharpe (3Y) | 0.04 | 0.16 |
| Sortino (3Y) | 0.14 | 0.32 |
| Beta (3Y) | 0.92 | 0.96 |
| Alpha (3Y) | -1.22% | 0.58% |
| Up capture | 89.4% | 95.78% |
| Down capture | 90.6% | 93.12% |
| Bull-market return | 26.5% | 27.1% |
| Bear-market return | -33.0% | -31.42% |
Timing matters more than people admit: the best possible 1-year stretch in Mahindra Manulife ELSS Tax Saver Fund (starting 2020-03-23) gained 95.0%, while the worst (starting 2019-03-22) lost 29.9%. The worst peak-to-bottom fall Mahindra Manulife ELSS Tax Saver Fund has ever put investors through is -35.89% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -33.0% annualised, versus 26.5% in rising markets. It has captured roughly 89.4% of its benchmark's up-moves and 90.6% of its down-moves.
How Mahindra Manulife ELSS Tax Saver Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), Mahindra Manulife ELSS Tax Saver Fund has historically returned about -33.0% annualised, versus roughly 26.5% when the market is rising. Its deepest fall on record is -35.89%. Right now it sits about 9.62% below its all-time high (last hit 2026-01-02). The real question isn't the average year - it's whether you could hold on through the worst one.
How Mahindra Manulife ELSS Tax Saver Fund ranks in its category
Percentile versus its ~16 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
| Measure | Value |
|---|---|
| Median 3Y rolling CAGR | 16.81% |
| 3Y windows positive | 93.2% |
| Worst 3Y window | -7.15% |
| 3Y windows beating Nifty 500 | 72.2% |
| Median 5Y rolling CAGR | 16.37% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, Mahindra Manulife ELSS Tax Saver Fund returned a median of 16.81% a year, and 93.2% of those windows were positive.
What Mahindra Manulife ELSS Tax Saver Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 40.0% of the portfolio, across 60 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
Mahindra Manulife ELSS Tax Saver Fund shares Groww ELSS Tax Saver Fund (formerly known as Indiabulls Tax Savings Fund) (37%), Invesco India ELSS Tax Saver Fund (28%), NJ ELSS Tax Saver Scheme (2%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages Mahindra Manulife ELSS Tax Saver Fund - and how good are they?
Mahindra Manulife ELSS Tax Saver Fund is managed by Fatema Pacha and Neelesh Dhamnaskar. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Fatema Pacha's full record
Fatema Pacha currently runs 7 funds, across Balanced Advantage Fund/ Dynamic Asset Allocation, ELSS- Tax Saver Fund, Flexi Cap Fund, Focused Fund and more, with about ₹13,275 Cr under management. The book's average King Score is 71.4/100. Their strongest fund by King Score is Mahindra Manulife Balanced Advantage Fund (100/100); Mahindra Manulife ELSS Tax Saver Fund ranks #4 of 7 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mahindra Manulife Balanced Advantage Fund | 99 | 100 | 1.7% | 6.9% | 3.2% | 10.5% | n/a | n/a | 0.38 | 14.3% | -9.8% |
| 2 | Mahindra Manulife Focused Fund | 28 | 87 | -3.4% | 1.1% | -1.3% | 12.0% | 13.0% | n/a | 0.39 | 22.0% | -16.5% |
| 3 | Mahindra Manulife Multi Cap Fund | 91 | 78 | 4.8% | 17.2% | 12.0% | 16.6% | 15.6% | n/a | 0.58 | 22.7% | -34.4% |
| 4 | Mahindra Manulife ELSS Tax Saver Fund (this page) | 38 | 71 | -1.0% | 1.1% | -6.6% | 6.9% | 8.9% | n/a | 0.04 | 16.8% | -35.9% |
| 5 | Mahindra Manulife Flexi Cap Fund | 34 | 58 | -0.0% | 4.2% | -3.8% | 8.9% | 10.7% | n/a | 0.18 | 18.1% | -17.2% |
| 6 | Mahindra Manulife Large Cap Fund | 31 | 53 | -1.4% | -0.5% | -6.1% | 7.4% | 8.2% | n/a | 0.08 | 16.8% | -35.3% |
| 7 | Mahindra Manulife Consumption Fund | 23 | 53 | 1.5% | 7.3% | -7.2% | 9.5% | 10.8% | n/a | 0.21 | 18.0% | -34.0% |
Neelesh Dhamnaskar's full record
Neelesh Dhamnaskar currently runs 6 funds, across Balanced Advantage Fund/ Dynamic Asset Allocation, ELSS- Tax Saver Fund, Flexi Cap Fund, Large & Mid Cap Fund and more, with about ₹15,451 Cr under management. The book's average King Score is 72.0/100. Their strongest fund by King Score is Mahindra Manulife Balanced Advantage Fund (100/100); Mahindra Manulife ELSS Tax Saver Fund ranks #4 of 6 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mahindra Manulife Balanced Advantage Fund | 99 | 100 | 1.7% | 6.9% | 3.2% | 10.5% | n/a | n/a | 0.38 | 14.3% | -9.8% |
| 2 | Mahindra Manulife Small Cap Fund | 86 | 73 | 8.8% | 26.3% | 16.0% | 19.6% | n/a | n/a | 0.68 | 24.8% | -26.0% |
| 3 | Mahindra Manulife Mid Cap Fund | 46 | 73 | -2.0% | 10.7% | 7.7% | 16.8% | 17.1% | n/a | 0.58 | 25.8% | -33.1% |
| 4 | Mahindra Manulife ELSS Tax Saver Fund (this page) | 38 | 71 | -1.0% | 1.1% | -6.6% | 6.9% | 8.9% | n/a | 0.04 | 16.8% | -35.9% |
| 5 | Mahindra Manulife Flexi Cap Fund | 34 | 58 | -0.0% | 4.2% | -3.8% | 8.9% | 10.7% | n/a | 0.18 | 18.1% | -17.2% |
| 6 | Mahindra Manulife Large & Mid Cap Fund | 87 | 57 | 3.0% | 10.2% | 3.4% | 11.4% | 12.4% | n/a | 0.28 | 21.5% | -32.9% |
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 0.65% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Lock-in | 3 days |
| Minimum investment | ₹500 |
| Fund size (AUM) | ₹866 Cr |
| Age | 9.9 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY500 |
How Mahindra Manulife ELSS Tax Saver Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| Invesco India ELSS Tax Saver Fund | 93 | 86 | 11.6% |
| Groww ELSS Tax Saver Fund (formerly known as Indiabulls Tax Savings Fund) | 50 | 77 | 8.4% |
| NJ ELSS Tax Saver Scheme | 71 | 71 | 8.8% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
Mahindra Manulife ELSS Tax Saver Fund review: the bottom line
Related
Frequently asked questions
Is Mahindra Manulife ELSS Tax Saver Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, Mahindra Manulife ELSS Tax Saver Fund scores 71/100 on our King Score and RS 38/99 within its category, has compounded 6.92% a year over three years, and its worst drawdown was -35.89%. Compare those against your needs and the peer table above.
What is the NAV of Mahindra Manulife ELSS Tax Saver Fund today?
The latest NAV is ₹31.61 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the expense ratio of Mahindra Manulife ELSS Tax Saver Fund?
The Direct-plan expense ratio is 0.65% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of Mahindra Manulife ELSS Tax Saver Fund?
Mahindra Manulife ELSS Tax Saver Fund is managed by Fatema Pacha; Neelesh Dhamnaskar.
Is Mahindra Manulife ELSS Tax Saver Fund safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -35.89% - ₹1 lakh briefly becoming about ₹64,110. As a equity fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is Mahindra Manulife ELSS Tax Saver Fund good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 10 years grew ₹12 lakh into about ₹22.7 lakh (XIRR 12.35%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of Mahindra Manulife ELSS Tax Saver Fund?
A ₹10,000/month SIP over 10 years would have grown to about ₹2,270,572 (an XIRR of 12.35%) on ₹1,200,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does Mahindra Manulife ELSS Tax Saver Fund rank among similar funds?
On 3-year returns it sits around the 62th percentile of its category, and its consistency ranks 100th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is Mahindra Manulife ELSS Tax Saver Fund tax-efficient / what about capital gains?
As a equity fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See Mahindra Manulife ELSS Tax Saver Fund live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.