Mahindra Manulife Banking & Financial Services Fund
Mahindra Manulife Mutual Fund·Sectoral / Thematic·vs Nifty 500 TRI
The fund is heavily concentrated in large-cap banks and non-bank financials, betting on sustained credit growth and improving financial inclusion in India. The manager's recent trimming of HDFC Bank and Kotak while boosting SBI signals a preference for public sector banking stability and valuation discipline. The addition of L&T Finance and 5.1% cash positioning suggest cautious optimism—the manager remains committed to the sector but is selectively rotating toward relative value opportunities.
Portfolio analysis · April 2026
NAV & Returns
| Plan | NAV | 1M | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|---|---|---|---|
| Regular Growth | ₹10.0705 | -2.34% | -7.53% | -3.99% | — | — | — |
Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.
Portfolio Metrics(latest month)
Holdings
30
Top 5 Weight
42.54%
Top 10 Weight
60.42%
Active Share
—
Large Cap
57.45%
Gini
0.432
What Changed2026-03-31 → 2026-04-30
Holdings: 35 → 32+1 added−4 removed24 weight shifts ≥ 0.1%
| Stock | Weight |
|---|---|
| L&T Finance Limited | 3.47% |
Full Holdings
| # | Holding | % to NAV |
|---|---|---|
| 1 | ICICI Bank Limited INE090A01021 | 12.33% |
| 2 | State Bank of India INE062A01020 | 8.86% |
| 3 | Axis Bank Limited INE238A01034 | 8.68% |
| 4 | HDFC Bank Limited INE040A01034 | 7.78% |
| 5 | Shriram Finance Limited INE721A01047 | 4.89% |
| 6 | Triparty Repo nan | 4.37% |
| 7 | Aditya Birla Capital Limited INE674K01013 | 4.07% |
| 8 | Bajaj Finance Ltd INE296A01032 | 3.86% |
| 9 | L&T Finance Limited INE498L01015 | 3.47% |
| 10 | Ujjivan Small Finance Bank Limited INE551W01018 | 3.29% |
| 11 | SBI Life Insurance Company Limited INE123W01016 | 3.19% |
| 12 | Karur Vysya Bank Limited INE036D01028 | 3.15% |
| 13 | Max Financial Services Limited INE180A01020 | 3.11% |
| 14 | Cholamandalam Investment and Finance Company Limited INE121A01024 | 3.04% |
| 15 | ICICI Prudential Asset Management Company Limited INE346A01027 | 2.78% |
| 16 | Equitas Small Finance Bank Limited INE063P01018 | 2.74% |
| 17 | PB Fintech Limited INE417T01026 | 2.69% |
| 18 | Tata Capital Limited INE976I01016 | 2.04% |
| 19 | Bandhan Bank Limited INE545U01014 | 1.98% |
| 20 | Nippon Life India Asset Management Limited INE298J01013 | 1.63% |
Sector Allocation
Banks54.7%
Finance23.2%
Capital Markets8.1%
Insurance6.3%
nan5.1%
Financial Technology (Fintech)2.7%
Top 10 sectors by % to NAV. Excludes derivatives.