April 30, 2026
RA Jainee
Mahindra Manulife ELSS Tax Saver Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 32.01 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 20.15 |
| Min. Investment (Rs.) | 500 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 6 |
| Benchmark | NIFTY 500 TRI |
| AUM Rs. | 828 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.79% |
| 1 Year Return (%) | 0.17 |
| 3 Year Return (%) | 14.12 |
| 5 Year Return (%) | 14.75 |
| 10 Year Return (%) | — |
| Return Since Launch | 13.00% |
⚖️ Sahifund Review – Mahindra Manulife ELSS Tax Saver Fund ✔
PLUS:
• Consistent long-term returns (5Y ~14.75%) in line with benchmark performance
• Competitive expense ratio (0.79%) compared to many ELSS peers
• Well-diversified portfolio with 61 stocks, reducing concentration risk
• Strong large-cap allocation (~75%) provides relative stability
• Suitable for tax-saving + long-term SIP investing under Sec 80C
• Balanced sector exposure ensures moderate risk profile
• Backed by growing credibility of Mahindra Manulife AMC
• Lock-in structure encourages disciplined wealth creation
MINUS:
• Weak recent performance with 1-year return of just 0.17%, lagging benchmark and peers
• Consistent underperformance vs top ELSS funds like SBI, DSP, Nippon
• Lower category ranking across multiple timeframes
• High turnover ratio (~61%) indicates frequent portfolio churn
• Heavy large-cap bias may limit alpha generation
• Return grade only “Average” despite long track record
• Limited smallcap exposure reduces upside potential in bull markets
• Momentum lag visible in short- to medium-term performance
Sahifund View (Decisive Line):
A stable tax-saving fund with decent long-term consistency, but weak recent performance and peer underperformance make it suitable only for conservative SIP investors, not top-tier ELSS allocation.
👉 Apply Online | Ask Us MF Queries |
| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
ELSS funds are suitable for investors:
1. Seeking tax savings u/s 80C through a diversified equity portfolio
2. Aiming for long-term wealth creation
3. With a 5+ year investment horizon
4. Who are at ease with the market’s ups and downs
Note:
• Invest only through SIP
• The fund has a lock-in-period of 3 years
Fund’s Investment Strategy:
The Scheme seeks to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities.
Fund Manager:
1) Fatema Pacha
Education: Ms. Pacha has done PGDBM (Finance) and BE (Computers)
Experience: Prior to joining Mahindra Manulife Mutual Fund, she was associated with ICICI Prudential Life Insurance and UTI Mutual Fund.
2) Neelesh Dhamnaskar
Education: Mr. Dhamnaskar is a B.Com (H)and MMS (Finance).
Experience: Prior to joining Mahindra Manulife Mutual Fund, he has worked with Invesco MF, ENAM Securities Direct Pvt. Ltd. and KR Choksey Shares and Securities Pvt. Ltd. He has also worked with Anand Rathi Ltd., as Commodity Research Analyst.
Investment Details
| Min. Investment (Rs) | 500 |
| Min. Addl Investment (Rs) | 500 |
| Min. SIP Investment (Rs) | 500 |
| Min. Withdrawal (Rs) | 500 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | 1 |
| Lock-in Period | 3 Years |
| Exit Load | 0 |
Basic Details of Mahindra Manulife ELSS Tax Saver Fund
| Fund House | Mahindra Manulife Mutual Fund |
| Launch Date | 18-Oct-16 |
| Return Since Launch | 13.00% |
| Benchmark | NIFTY 500 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 828 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.79% |
| (As on 31-Mar-2026) | |
| Risk Grade | Below Average |
| Return Grade | Average |
| Turnover | 61.00% |
Mahindra Manulife ELSS Tax Saver Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Mahindra Manulife ELSS Tax Saver Dir | -7.27 | -1.18 | 4.89 | -3.03 | -6.76 | 0.17 | 14.12 | 14.75 | 14.67 | — |
| BSE 500 TRI | -5.46 | -1.05 | 7.12 | -0.60 | -4.62 | 2.46 | 15.49 | 14.24 | 14.03 | — |
| Equity: ELSS | -4.81 | -1.04 | 7.07 | 0.10 | -4.76 | 2.36 | 16.49 | 15.27 | 14.98 | — |
| Rank within category | 35 | 31 | 35 | 34 | 30 | 25 | 29 | 22 | 17 | — |
| Number of funds in category | 40 | 40 | 40 | 40 | 40 | 40 | 37 | 33 | 31 | 28 |
Peer Comparison of Mahindra Manulife ELSS Tax Saver 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 (%) | |
| Mahindra Manulife ELSS Tax Saver Dir | 3 star | 0.17 | 14.12 | 14.75 | 0.79 | 828 | 13.00 | — | 9Y 6M | 61.00 |
| SBI ELSS Tax Saver Dir | 5 star | 2.35 | 22.05 | 19.62 | 0.99 | 28,441 | 15.51 | — | 13Y 3M | 25.00 |
| DSP ELSS Tax Saver Dir | 4 star | 1.19 | 19.71 | 17.21 | 0.70 | 15,044 | 16.83 | — | 13Y 3M | 34.00 |
| HDFC ELSS Tax Saver Dir | 5 star | -1.15 | 18.90 | 19.27 | 1.10 | 14,615 | 14.25 | — | 13Y 3M | 20.63 |
| Nippon India ELSS Tax Saver Dir | 4 star | 5.05 | 18.72 | 16.78 | 1.04 | 13,422 | 13.98 | — | 13Y 3M | 15.00 |
Mahindra Manulife ELSS Tax Saver Fund Portfolio
| No. of Stocks | 61 |
| Top 10 Stocks | 39.05% |
| Top 5 Stocks | 26.28% |
| Top 3 Sectors | 56.37% |
| Portfolio P/B Ratio | 3.22 |
| Portfolio P/E Ratio | 24.98 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 2,41,505 | 1,82,184 |
| Giant (%) | — | — |
| Large (%) | 75.22 | 64.22 |
| Mid (%) | 17.11 | 19.05 |
| Small (%) | 7.67 | 18.52 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
Quicklinks
- Chanakyanipothi.com
- Staffavailable.com
- BigGaddi.com
- Latest IPO GMP
- Best Stocks to buy today
- Grey Market Premium
- Upcoming IPOs
- Subscription Status