May 14, 2026
RA Jainee
Mahindra Manulife Manufacturing Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 10.41 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 10.41 |
| Min. Investment (Rs.) | 1,000 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 6 |
| Benchmark | BSE India Manufacturing TRI |
| AUM Rs. | 613 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.86% |
| 1 Year Return (%) | 15.26 |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 2.14% |
⚖️ Sahifund Review – Mahindra Manulife Manufacturing Fund ✔
PLUS:
✓ Fund has delivered healthy 1-year returns of 15.26%, outperforming the manufacturing benchmark comfortably.
✓ Reasonable expense ratio of 0.86% makes it comparatively cost-efficient within the thematic manufacturing category.
✓ Portfolio diversification across 48 stocks helps reduce excessive dependence on a handful of companies.
✓ Balanced mix of large-cap and small-cap manufacturing companies provides both stability and growth potential.
✓ Lower turnover ratio of 22% reflects relatively disciplined portfolio management versus aggressive thematic peers.
✓ India’s long-term manufacturing push, PLI schemes and capex cycle may support the theme over coming years.
✓ Mahindra Manulife AMC has been steadily gaining investor attention through focused thematic and mid-market offerings.
✓ Suitable for aggressive SIP investors looking to participate in India’s industrial growth and Make-in-India story.
MINUS:
⚖️ Manufacturing remains a cyclical sector and returns can fluctuate sharply during economic slowdowns.
⚖️ Fund still has a limited track record of less than 2 years, restricting long-term performance evaluation.
⚖️ Portfolio concentration remains moderately high with top 3 sectors accounting for over 78% exposure.
⚖️ Significant allocation towards small-cap manufacturing companies may increase volatility during market corrections.
⚖️ Recent performance, while good, still trails stronger category leaders like LIC MF Manufacturing and ICICI Pru Manufacturing Fund.
⚖️ Portfolio valuation at P/E of 29.36 appears slightly expensive compared with broader manufacturing benchmarks.
⚖️ Thematic investing can underperform diversified equity funds during phases when manufacturing stocks lose momentum.
Sahifund View (Decisive Line):
Mahindra Manulife Manufacturing Fund offers a balanced way to participate in India’s manufacturing boom, but investors should enter gradually through SIPs and remain prepared for cyclical volatility.
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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 seek to generate long term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in manufacturing theme.
Fund Manager:
1) Navin Matta
Education: PGDBA
Experience: Prior to Joining the Mahindra Manulife Investment Management Pvt Ltd. He has worked with BOB Capita, SAFE Enterprises,Bajaj Allianz Life Insurance, HDFC Securities and Daiwa Capital.
2) Renjith Sivaram Radhakrishnan
Education: Mr. Sivaram is an MBA in Finance and holds a Bachelor’s degree in Mechanical engineering
Experience: Prior to joining Mahindra Manulife Mutual Fund, he was associated with ICCI Securities, Antique Stock Broking, B&K Securities and Indian Seamless Steels and Alloys Ltd
Investment Details
| Min. Investment (Rs) | 1,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 500 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 6 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 0.5% for redemption within 3 months |
Basic Details of Mahindra Manulife Manufacturing Fund
| Fund House | Mahindra Manulife Mutual Fund |
| Launch Date | 24-Jun-24 |
| Return Since Launch | 2.14% |
| Benchmark | BSE India Manufacturing TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 613 Cr |
| (As on 31-Mar-2026) | |
| Expense | 0.86% |
| (As on 31-Mar-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 22.00% |
Mahindra Manulife Manufacturing Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Mahindra Manulife Manufacturing Dir | 1.61 | -0.64 | 12.23 | 5.63 | 1.45 | 15.26 | — | — | — | — |
| BSE India Manufacturing TRI | -0.20 | -0.78 | 9.27 | 2.26 | 1.60 | 12.71 | — | — | — | — |
| Equity: Thematic-Manufacturing | 2.73 | -0.73 | 12.82 | 6.35 | 2.04 | 15.89 | — | — | — | — |
| Rank within category | 10 | 6 | 8 | 9 | 12 | 11 | — | — | — | — |
| Number of funds in category | 17 | 17 | 17 | 17 | 17 | 16 | 5 | 2 | 2 | 1 |
Peer Comparison of Mahindra Manulife Manufacturing 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 Manufacturing Dir | Unrated | 15.26 | — | — | 0.86 | 613 | 2.14 | 0.50 (90) | 1Y 10M | 22.00 |
| HDFC Manufacturing Dir | Unrated | 14.47 | — | — | 0.76 | 9,255 | 6.99 | 1.00 (30) | 1Y 11M | 27.09 |
| ICICI Pru Manufacturing Dir | Unrated | 18.32 | 25.86 | 22.63 | 0.73 | 5,867 | 20.26 | 1.00 (365) | 7Y 6M | 27.00 |
| Axis India Manufacturing Dir | Unrated | 15.54 | — | — | 0.58 | 4,681 | 19.06 | 1.00 (90) | 2Y 4M | 55.00 |
| Kotak Manufacture in India Dir | Unrated | 18.67 | 23.28 | — | 0.98 | 2,401 | 20.06 | 0.50 (90) | 4Y 2M | 36.17 |
Mahindra Manulife Manufacturing Fund Portfolio
| No. of Stocks | 48 |
| Top 10 Stocks | 41.23% |
| Top 5 Stocks | 24.93% |
| Top 3 Sectors | 78.39% |
| Portfolio P/B Ratio | 3.54 |
| Portfolio P/E Ratio | 29.36 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 61,755 | 1,06,533 |
| Giant (%) | — | — |
| Large (%) | 49.12 | 56.46 |
| Mid (%) | 11.03 | 23.46 |
| Small (%) | 39.84 | 20.07 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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