May 13, 2023
mayank
Mahindra Manulife Overnight Fund
NAV Growth: Rs 1,169.7474
NAV IDCW Daily: Rs 1,172.7346
Suitable For Which Investors?
“Overnight funds invest in bonds having a maturity of just one day. They are suitable to earn a little extra on idle money lying in the bank. You may invest in these funds the money that you have set aside to meet any emergency needs or any surplus money that you don’t need for a few days up to a year.
The risk of incurring a loss in these funds is negligible but they do not guarantee returns or safety of capital.
Remember, these funds are geared to deliver only marginally higher returns than your bank account. They deliver steady, but low returns and are not suitable to build wealth in the long run.”
Fund’s Investment Strategy:
The scheme seeks to generate returns commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of 1 business day including TREPS (Tri-Party Repo) and Reverse Repo.
Fund Manager:
1) Rahul Pal
Education: Mr. Pal is a B.Com (H) and Chartered Accountant.
Experience: Prior to joining Mahindra Manulife Mutual Fund, he has worked with Taurus AMC, Sundaram Mutual Fund and IDBI Mutual Fund.
2) Amit Garg
Education: Mr Garg is a B.Com, MMS Finance, CFA
Experience: Prior to joining Mahindra Manulife Investment Management Pvt. Ltd., he has worked with Darashaw & Co. and Daiwa Asset Management (India) Pvt. 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 |
Basic Details
| Fund House | Mahindra Manulife Mutual Fund |
| Launch Date | 23-Jul-19 |
| Return Since Launch | 4.20% |
| Benchmark | CRISIL Liquid Overnight Index |
| Riskometer | Low |
| Type | Open-ended |
| Assets | Rs 80 Cr |
| (As on 30-Apr-2023) | |
| Expense | 0.12% |
| (As on 31-Mar-2023) | |
| Risk Grade | — |
| Return Grade | Above Average |
Mahindra Manulife Overnight Fund Trailing Returns (%)
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Mahindra Manulife Overnight Dir | 2.34 | 0.02 | 0.54 | 1.59 | 3.16 | 5.82 | 4.10 | — | — | — |
| CCIL T Bill Liquidity Weight | 1.46 | 0.03 | 0.37 | 1.10 | 2.08 | 3.55 | 2.55 | — | — | — |
| Debt: Overnight | 2.32 | 0.02 | 0.54 | 1.58 | 3.14 | 5.79 | 4.06 | — | — | — |
| Rank within category | 10 | 5 | 24 | 15 | 11 | 8 | 4 | — | — | — |
| Number of funds in category | 32 | 32 | 32 | 32 | 31 | 28 | 27 | 3 | 2 | 2 |
Mahindra Manulife Overnight Fund Peer Comparison
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | |
| Mahindra Manulife Overnight Dir | 4 star | 5.82 | 4.10 | — | 0.12 | 80 | 4.20 | — | 3yrs 9mo |
| Axis Overnight Dir | 4 star | 5.85 | 4.09 | — | 0.05 | 9,823 | 4.37 | — | 4yrs 2mo |
| Nippon Ind Overnight Dir | 4 star | 5.83 | 4.08 | — | 0.08 | 7,773 | 4.48 | — | 4yrs 4mo |
| HSBC Overnight Dir | 5 star | 5.83 | 4.11 | — | 0.10 | 2,854 | 4.29 | — | 3yrs 11mo |
| DSP Overnight Dir | 4 star | 5.83 | 4.08 | — | 0.07 | 2,393 | 4.49 | — | 4yrs 4mo |
Portfolio Breakup
| Fund | Category | |
| Number of Securities | 1 | 2 |
| Modified Duration (yrs) | 0.01 | 0.01 |
| Average Maturity (yrs) | 0.01 | 0.01 |
| Yield to Maturity (%) | 6.76 | 6.77 |
| Avg Credit Rating | — |
Chanakya’s Mutual Fund Guidance For Mahindra Manulife Overnight Fund
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