March 26, 2026
RA Jainee
Kotak Manufacture in India Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 19.67 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 19.67 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 1 |
| Benchmark | Nifty India Manufacturing TRI |
| AUM Rs. | 2,648 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.59% |
| 1 Year Return (%) | 8.52 |
| 3 Year Return (%) | 22.02 |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 18.02% |
⚖️ Sahifund Review – Kotak Manufacture in India Fund ✔
PLUS: Stability, track record, cost efficiency
✓ Strong recent performance with 8.52% 1-year return and 22.02% 3-year CAGR, showing the fund has captured India’s manufacturing theme well.
✓ Has outperformed its benchmark over both 1-year and 3-year periods, which is a key positive.
✓ Expense ratio of just 0.59% is attractive for an actively managed thematic fund.
✓ Portfolio is reasonably diversified with 52 stocks, reducing single-stock concentration risk.
✓ Balanced allocation across large, mid and small caps makes it relevant for long-term SIP investors.
✓ Backed by Kotak Mahindra Mutual Fund and experienced fund management, which adds confidence.
✓ Suitable for investors who want to participate in India’s manufacturing and capex growth story through SIP mode.
MINUS: Large AUM, large-cap bias, momentum lag
⚖️ Fund has only a 4-year track record, so long-cycle consistency is still unproven.
⚖️ Has slightly lagged top peer ICICI Pru Manufacturing Fund on 3-year return.
⚖️ Being a thematic fund, returns can be highly cyclical and volatile if manufacturing sentiment cools.
⚖️ Top 3 sectors account for 63% of portfolio, which keeps diversification lower than flexi-cap funds.
⚖️ Portfolio valuation (P/E 25.39) is not cheap, so upside may depend on sustained earnings growth.
Sahifund View (Decisive Line):
A strong thematic SIP bet for investors bullish on India’s manufacturing story — but best used as a satellite allocation, not a core portfolio fund.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
Nobody should invest in Manufacturing funds in our opinion, because:
• They have a narrow focus on only companies following the manufacturing theme
• Instead, diversified equity funds which invest across sectors/themes are better
If you still choose to invest:
1. Invest only through SIP
2. Have a 7+ year investment horizon
3. Be prepared to withstand interim sharp declines in investment value
Fund’s Investment Strategy:
The scheme seeks to generate capital appreciation by investing in a diversified portfolio of companies that follow the manufacturing theme.
Fund Manager:
1) Harsha Upadhyaya
Education: Mr. Upadhyaya is a B.E (Mechanical) from NIT Suratkal, PGDM from IIM Lucknow and CFA from the CFA Institute, USA.
Experience: Prior to joining Kotak Mutual fund he has worked with DSP Mutual Fund and UTI AMC.
2) Abhishek Bisen
Education: Mr. Bisen is a BA and MBA in Finance.
Experience: Prior to joining Kotak AMC, he was working with Securities Trading Corporation Of India Ltd where he was looking at Sales & Trading of Fixed Income Products apart from doing Portfolio Advisory. His earlier assignments also include 2 years of merchant banking experience with a leading merchant banking firm.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 1 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 0.5% for redemption within 90 days |
Basic Details of Kotak Manufacture in India Fund
| Fund House | Kotak Mahindra Mutual Fund |
| Launch Date | 22-Feb-22 |
| Return Since Launch | 18.02% |
| Benchmark | Nifty India Manufacturing TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 2,648 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.59% |
| (As on 28-Feb-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 36.13% |
Trailing Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Kotak Manufacture in India Dir | -6.36 | 1.92 | -8.15 | -5.38 | -3.75 | 8.52 | 22.02 | — | — | — |
| BSE India Manufacturing TRI | -7.95 | 1.45 | -8.19 | -7.03 | -2.86 | 5.48 | 17.57 | — | — | — |
| Equity: Thematic-Manufacturing | -7.04 | 1.91 | -7.81 | -6.43 | -6.82 | 5.13 | 22.58 | — | — | — |
| Rank within category | 6 | 5 | 10 | 5 | 3 | 3 | 4 | — | — | — |
| Number of funds in category | 17 | 17 | 17 | 17 | 17 | 16 | 5 | 2 | 2 | 1 |
Peer Comparison of Kotak Manufacture in India Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| Kotak Manufacture in India Dir | Unrated | 8.52 | 22.02 | — | 0.59 | 2,648 | 18.02 | 0.50 (90) | 4Y 1M | 36.13 |
| HDFC Manufacturing Dir | Unrated | 3.31 | — | — | 0.82 | 10,578 | 1.68 | 1.00 (30) | 1Y 10M | 26.58 |
| ICICI Pru Manufacturing Dir | Unrated | 8.30 | 24.55 | 20.86 | 0.78 | 6,601 | 18.92 | 1.00 (365) | 7Y 5M | 29.00 |
| Axis India Manufacturing Dir | Unrated | 6.25 | — | — | 0.53 | 5,176 | 15.19 | 1.00 (90) | 2Y 3M | 54.00 |
| Canara Robeco Manufacturing Dir | Unrated | 5.06 | — | — | 0.84 | 1,580 | 8.65 | 1.00 (365) | 2Y | 3.00 |
Portfolio Analysis of Kotak Manufacture in India Fund
| No. of Stocks | 52 |
| Top 10 Stocks | 38.62% |
| Top 5 Stocks | 21.65% |
| Top 3 Sectors | 63.07% |
| Portfolio P/B Ratio | 3.77 |
| Portfolio P/E Ratio | 25.39 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 1,07,758 | 1,17,015 |
| Giant (%) | — | — |
| Large (%) | 59.72 | 57.67 |
| Mid (%) | 22.58 | 22.36 |
| Small (%) | 17.70 | 19.97 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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