Mahindra Manulife Mid Cap Fund
Mid Cap Fund · Mahindra Manulife Investment Management Pvt Ltd
Among the 131 similar mid cap funds we track, this one has grown money faster than most. ₹1 lakh invested 5 years ago would be about ₹2.2 lakh today. Investing ₹10,000 every month for the last 5 years would have put in ₹6.1 lakh and grown it to about ₹9.4 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹66,900. Expect meaningful ups and downs on the way.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.Mahindra Manulife Mid Cap Fund is a mid cap fund from Mahindra Manulife Investment Management Pvt Ltd. It has a track record of about 8.6 years. As of the latest data it carries an RS rating of 46/99 (its recent momentum versus category peers) and a King Score of 73/100 (a long-term quality composite). The current NAV is ₹40.36 (as of 2026-09-16).
Growth of ₹100 - last 5 years
Mahindra Manulife Mid Cap Fund returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -5.73% | -3.51% |
| 3 months | -2.01% | 1.68% |
| 6 months | 10.71% | 12.2% |
| 1 year | 7.73% | 5.8% |
| 3 years (CAGR) | 16.81% | 16.0% |
| 5 years (CAGR) | 17.11% | 14.98% |
The last 5 years return is 17.11% a year (₹1 lakh → ₹2.2 lakh), and the last 3 years return is 16.81% - ahead of its category's 16.0% average by 0.8 points. Its trailing one-year return is 7.73%. 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 Mid | Benchmark |
|---|---|---|
| 2019 | +7.0% | n/a |
| 2020 | +20.7% | +24.4% |
| 2021 | +52.3% | +46.8% |
| 2022 | +2.0% | +3.0% |
| 2023 | +49.3% | +43.7% |
| 2024 | +31.2% | +23.8% |
| 2025 | +2.7% | +5.4% |
| 2026 | +4.8% | +0.4% |
Mahindra Manulife Mid Cap Fund beat its benchmark in 4 of the last 7 calendar years. 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 Mid Cap 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 | ₹430,971 | 10.16% |
| 5 years | ₹610,000 | ₹940,664 | 17.32% |
Over 5 years, ₹610,000 invested in monthly instalments would have grown to about ₹940,664 - an XIRR of 17.32%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -33.1% | -30.01% |
| Worst drawdown (3Y) | -20.92% | -21.13% |
| Volatility (1Y) | 19.51% | 18.79% |
| Sharpe (3Y) | 0.58 | 0.56 |
| Sortino (3Y) | 0.97 | 0.93 |
| Beta (3Y) | 0.95 | 0.93 |
| Alpha (3Y) | 3.54% | 2.98% |
| Up capture | 99.1% | 94.45% |
| Down capture | 91.7% | 87.14% |
| Bull-market return | 37.5% | 35.3% |
| Bear-market return | -29.4% | -27.03% |
Timing matters more than people admit: the best possible 1-year stretch in Mahindra Manulife Mid Cap Fund (starting 2020-10-15) gained 93.8%, while the worst (starting 2019-03-22) lost 22.4%. The worst peak-to-bottom fall Mahindra Manulife Mid Cap Fund has ever put investors through is -33.1% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -29.4% annualised, versus 37.5% in rising markets. It has captured roughly 99.1% of its benchmark's up-moves and 91.7% of its down-moves.
How Mahindra Manulife Mid Cap Fund behaves when markets fall
When the market is falling (the Nifty below its 200-day average), Mahindra Manulife Mid Cap Fund has historically returned about -29.4% annualised, versus roughly 37.5% when the market is rising. Its deepest fall on record is -33.1%. Right now it sits about 6.05% below its all-time high (last hit 2026-08-13). The real question isn't the average year - it's whether you could hold on through the worst one.
How Mahindra Manulife Mid Cap Fund ranks in its category
Percentile versus its ~131 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 | 25.82% |
| 3Y windows positive | 100.0% |
| Worst 3Y window | 11.05% |
| 3Y windows beating Nifty 500 | 100.0% |
| Median 5Y rolling CAGR | 26.11% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, Mahindra Manulife Mid Cap Fund returned a median of 25.82% a year, and 100.0% of those windows were positive.
What Mahindra Manulife Mid Cap Fund holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 25.9% of the portfolio, across 58 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
Mahindra Manulife Mid Cap Fund shares WhiteOak Capital Mid Cap Fund (20%), Invesco India Midcap Fund (17%), Edelweiss Mid Cap Fund (3%) 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 Mid Cap Fund - and how good are they?
Mahindra Manulife Mid Cap Fund is managed by Krishna Sanghavi, Neelesh Dhamnaskar and Kirti Dalvi. 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.
Krishna Sanghavi's full record
Krishna Sanghavi currently runs 6 funds, across FoF Overseas, Focused Fund, Mid Cap Fund, Sectoral/ Thematic and more, with about ₹13,811 Cr under management. The book's average King Score is 65.2/100. Their strongest fund by King Score is Mahindra Manulife Focused Fund (87/100); Mahindra Manulife Mid Cap 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 Focused Fund | 28 | 87 | -3.4% | 1.1% | -1.3% | 12.0% | 13.0% | n/a | 0.39 | 22.0% | -16.5% |
| 2 | Mahindra Manulife Business Cycle Fund | 49 | 76 | -1.0% | 6.0% | 5.8% | 16.8% | n/a | n/a | 0.62 | n/a | -21.4% |
| 3 | 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% |
| 4 | Mahindra Manulife Mid Cap Fund (this page) | 46 | 73 | -2.0% | 10.7% | 7.7% | 16.8% | 17.1% | n/a | 0.58 | 25.8% | -33.1% |
| 5 | Mahindra Manulife Asia Pacific REITs FOF | 7 | 17 | -2.6% | -0.0% | 3.1% | 9.0% | n/a | n/a | 0.18 | 4.5% | -26.2% |
| 6 | Mahindra Manulife Value Fund | 82 | n/a | -0.5% | 8.9% | 9.7% | n/a | n/a | n/a | 0.54 | n/a | -11.2% |
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 Mid Cap Fund ranks #3 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 (this page) | 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 | 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% |
Kirti Dalvi's full record
Kirti Dalvi currently runs 3 funds, across Large & Mid Cap Fund, Large Cap Fund, Mid Cap Fund, with about ₹8,269 Cr under management. The book's average King Score is 61.0/100. This fund is the highest-scored fund they run (King 73/100).
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 Mid Cap Fund (this page) | 46 | 73 | -2.0% | 10.7% | 7.7% | 16.8% | 17.1% | n/a | 0.58 | 25.8% | -33.1% |
| 2 | 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% |
| 3 | 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% |
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) | 0.42% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹1000 |
| Fund size (AUM) | ₹4,865 Cr |
| Age | 8.6 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY_MIDCAP150 |
How Mahindra Manulife Mid Cap Fund compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| WhiteOak Capital Mid Cap Fund | 96 | 96 | 21.0% |
| Invesco India Midcap Fund | 86 | 89 | 22.4% |
| Edelweiss Mid Cap Fund | 53 | 84 | 20.0% |
| HSBC Midcap Fund | 99 | 84 | 23.0% |
| ICICI Prudential MidCap Fund | 59 | 80 | 20.1% |
| Canara Robeco Mid Cap Fund | 70 | 80 | 16.2% |
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 Mid Cap Fund review: the bottom line
Related
Frequently asked questions
Is Mahindra Manulife Mid Cap Fund a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, Mahindra Manulife Mid Cap Fund scores 73/100 on our King Score and RS 46/99 within its category, has compounded 16.81% a year over three years, and its worst drawdown was -33.1%. Compare those against your needs and the peer table above.
What is the NAV of Mahindra Manulife Mid Cap Fund today?
The latest NAV is ₹40.36 (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 Mid Cap Fund?
The Direct-plan expense ratio is 0.42% 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 Mid Cap Fund?
Mahindra Manulife Mid Cap Fund is managed by Krishna Sanghavi; Neelesh Dhamnaskar; Kirti Dalvi.
Is Mahindra Manulife Mid Cap 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 -33.1% - ₹1 lakh briefly becoming about ₹66,900. 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 Mid Cap 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 5 years grew ₹6.1 lakh into about ₹9.4 lakh (XIRR 17.32%). 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 Mid Cap Fund?
A ₹10,000/month SIP over 5 years would have grown to about ₹940,664 (an XIRR of 17.32%) on ₹610,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does Mahindra Manulife Mid Cap Fund rank among similar funds?
On 3-year returns it sits around the 80th percentile of its category, and its consistency ranks 77th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is Mahindra Manulife Mid Cap 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 Mid Cap 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.