Mahindra Manulife Equity Savings Fund
Mahindra Manulife Mutual Fund·Equity Savings·vs Nifty Equity Savings TRI
The fund is heavily anchored in high-quality financials and government securities, positioning it defensively within the equity savings bracket. The manager reduced cash equivalents and pared net receivables, signaling a modest shift toward productive equity exposure while maintaining substantial debt allocations. Notable shifts—exiting oil and industrial cyclicals while adding agricultural and power sector debt—suggest conviction in defensive, infrastructure-linked growth over commodity-dependent plays.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Direct Growth | ₹24.7679 | — | — | — | — | — | — |
| Regular Growth | ₹20.9422 | -0.16% | -1.45% | -0.85% | +3.95% | +9.45% | +8.53% |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
89
Top 5 Weight
23.43%
Top 10 Weight
37.11%
Active Share
—
Large Cap
49.14%
Gini
0.443
What Changed2026-03-31 → 2026-04-30
Holdings: 105 → 106+4 added−4 removed26 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| K.P.R. Mill Limited | 0.36% |
| 7.48% National Bank For Agriculture and Rural Development 2028 | 1.87% |
| 7.45% Power Finance Corporation Limited 2028 | 0.94% |
| 364 Days Tbill 2026 | 0.92% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | Net Receivables / (Payables) nan | 30.01% |
| 2 | ICICI Bank Limited INE090A01021 | 5.49% |
| 3 | HDFC Bank Limited INE040A01034 | 4.61% |
| 4 | Bajaj Finance Ltd INE296A01032 | 4.57% |
| 5 | Reliance Industries Limited INE002A01018 | 4.43% |
| 6 | Ambuja Cements Limited INE079A01024 | 4.33% |
| 7 | 7.4% Bharti Telecom Limited 2029 INE403D08298 | 3.71% |
| 8 | Sun Pharmaceutical Industries Limited INE044A01036 | 3.32% |
| 9 | Mahindra & Mahindra Limited INE101A01026 | 2.53% |
| 10 | Larsen & Toubro Limited INE018A01030 | 2.20% |
| 11 | Canara Bank INE476A01022 | 1.92% |
| 12 | 8.37% REC Limited 2028 ** INE020B08BH6 | 1.92% |
| 13 | 7.95% REC Limited 2027 ** INE020B08AH8 | 1.89% |
| 14 | 7.44% National Bank For Agriculture and Rural Development 2028 INE261F08EK5 | 1.88% |
| 15 | 7.48% National Bank For Agriculture and Rural Development 2028 INE261F08EO7 | 1.87% |
| 16 | 182 Days Tbill 2026 IN002025Y404 | 1.86% |
| 17 | 6.33% Government of India 2035 IN0020250026 | 1.81% |
| 18 | Jindal Steel Limited INE749A01030 | 1.71% |
| 19 | Bharti Airtel Limited INE397D01024 | 1.56% |
| 20 | Triparty Repo nan | 1.46% |
Sector Allocation
nan32.5%
CRISIL AAA16.0%
Banks7.6%
SOVEREIGN6.5%
Realty3.3%
Pharmaceuticals & Biotechnology3.1%
Industrial Products2.4%
IT - Software2.0%
Petroleum Products1.7%
Power1.7%
Top 10 sectors by % to NAV. Excludes derivatives.