Mahindra Manulife Flexi Cap Fund vs Mahindra Manulife Innovation Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund and Mahindra Manulife Innovation Opportunities Fund is a Thematic fund. Mahindra Manulife Flexi Cap Fund charges 1.00% a year and Mahindra Manulife Innovation Opportunities Fund 0.98% (Direct plans). Their portfolios overlap 37.9%: they hold 29 of the same securities.
Mahindra Manulife Flexi Cap Fund
Flexi Cap
- Expense ratio
- 1.00%
- NAV
- ₹16.37
Mahindra Manulife Innovation Opportunities Fund
Thematic
- Expense ratio
- 0.98%
- NAV
- ₹10.45
Which is better, Mahindra Manulife Flexi Cap or Mahindra Manulife Innovation Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Innovation Opportunities costs less: 0.98% a year against 1.00% (Direct plans).
- Mahindra Manulife Innovation Opportunities fell less in its worst fall since 02-02-2026: −11.4% against −13.4%.
- Mahindra Manulife Flexi Cap holds more in large companies: 51.4% of the fund in large caps against 39.1%.
- Mahindra Manulife Flexi Cap is the larger fund: ₹1,510 Cr against ₹257 Cr.
- Their portfolios overlap 37.9%: 29 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Mahindra Manulife Flexi Cap Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Flexi Cap | Thematic |
| AUM | ₹1,510 Cr (30-09-2026) | ₹257 Cr (30-09-2026) |
| NAV | ₹16.37 (Direct) | ₹10.45 (Direct) |
| Expense ratio (Direct) | 1.00% | 0.98% |
| Expense ratio (Regular) | 2.49% | 2.57% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 23-08-2021 | 30-01-2026 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi | Kirti Dalvi, Renjith Sivaram Radhakrishnan |
| Exit load | Exit load 1% if redeemed within 3 months. | Exit Load (as % of NAV) #: -An Exit Load of 0.5% is payable if Units are redeemed / switched-out up to 3 months from the date of allotment; -Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO). # Applicable for normal subscriptions / redemptions including transactions under special products such as SIP, SWP, switches, etc. offered by the AMC. For detailed load structure disclosure, please refer SID. |
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Flexi Cap Fund (Direct) | −2.66% | −5.60% | −3.28% | −8.56% | +9.29% | +9.80% | -- |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −1.59% | −5.20% | +2.61% | -- | -- | -- | -- |
| Flexi Cap average | −1.62% | −4.17% | +1.00% | −3.58% | +12.37% | +10.04% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 46 Flexi Cap funds and the 235 Thematic funds, same plan type.
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Year-wise Returns
| Year | Flexi CapMahindra Manulife Flexi Cap | Innovation OpportunitiesMahindra Manulife Innovation Opportunities | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | −8.94% | -- | −7.51% |
| 2025 | +8.59% | -- | +7.76% |
| 2024 | +16.60% | -- | +16.24% |
| 2023 | +33.23% | -- | +26.91% |
| 2022 | +3.48% | -- | +4.25% |
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Flexi Cap Fund (Direct) | Mahindra Manulife Innovation Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.96% | +5.88% |
| Standard deviation | 13.66% | 16.12% |
| Sharpe ratio | 0.31 | 0.04 |
| Sortino ratio | 0.42 | 0.06 |
| Maximum drawdown | −17.2% (20-06-2022) | −11.4% (23-10-2026) |
| Beta | 0.94 | 0.96 |
| Alpha | +0.27% | +10.05% |
From daily NAVs, 25-08-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Mahindra Manulife Flexi Cap Fund (Direct)
Mahindra Manulife Innovation Opportunities Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Flexi Cap Fund (Direct) | −13.4% | 11-02-2026 | 31-03-2026 | Not yet | -- | −8.7% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −11.4% | 27-08-2026 | 23-10-2026 | Not yet | -- | −8.0% |
| Nifty 500 TRI | −13.6% | 11-02-2026 | 30-03-2026 | 03-08-2026 | 4 months | −7.9% |
From daily values since 02-02-2026, the first day every fund has.
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Flexi Cap Fund, September 2026; Mahindra Manulife Innovation Opportunities Fund, September 2026
Holdings in common
- Overlap
- 37.9%
- Held by both
- 29
- Only in Mahindra Manulife Flexi Cap
- 43
- Only in Mahindra Manulife Innovation Opportunities
- 25
| Security | % of Mahindra Manulife Flexi Cap | % of Mahindra Manulife Innovation Opportunities |
|---|---|---|
| ICICI Bank Limited | 6.44% | 2.61% |
| Eternal Limited | 2.50% | 3.79% |
| Bajaj Finance Ltd | 2.38% | 2.73% |
| Axis Bank Limited | 2.55% | 2.20% |
| Bharti Airtel Limited | 2.49% | 1.95% |
| Larsen & Toubro Limited | 2.02% | 1.95% |
| Reliance Industries Limited | 1.81% | 2.53% |
| Divi's Laboratories Limited | 1.72% | 2.26% |
| Torrent Pharmaceuticals Limited | 1.69% | 2.57% |
| Tech Mahindra Limited | 1.50% | 1.54% |
| Dr. Lal Path Labs Limited | 1.40% | 2.23% |
| Coforge Limited | 1.34% | 1.97% |
| Zydus Lifesciences Limited | 1.25% | 1.54% |
| Acutaas Chemicals Limited | 1.12% | 2.59% |
| Smartworks Coworking Spaces Ltd | 1.05% | 2.03% |
| Aster DM Quality Care Limited | 1.03% | 2.29% |
| Hindustan Aeronautics Limited | 0.99% | 1.74% |
| Clean Max Enviro Energy Solutions Limited | 1.22% | 0.98% |
| Varun Beverages Ltd | 0.97% | 1.52% |
| Anthem Biosciences Limited | 1.13% | 0.94% |
| InterGlobe Aviation Limited | 0.92% | 2.11% |
| Vodafone Idea Limited | 0.89% | 1.41% |
| Belrise Industries Ltd. | 0.85% | 2.44% |
| Adani Enterprises Limited | 0.82% | 1.85% |
| Radico Khaitan Limited | 0.78% | 2.06% |
| Piramal Finance Limited | 0.72% | 1.38% |
| Schaeffler India Limited | 0.52% | 1.24% |
| One 97 Communications Limited | 0.51% | 2.64% |
| K.P.R. Mill Limited | 0.50% | 1.70% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.9% means 37.9% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Mahindra Manulife Flexi Cap Fund
| Security | % of fund |
|---|---|
| HDFC Bank Limited | 3.93% |
| Kotak Mahindra Bank Ltd | 1.92% |
| The Federal Bank Limited | 1.91% |
| UNO Minda Limited | 1.74% |
| Adani Ports and Special Economic Zone Limited | 1.67% |
Largest holdings only in Mahindra Manulife Innovation Opportunities Fund
| Security | % of fund |
|---|---|
| Aditya Birla Capital Limited | 2.60% |
| Karur Vysya Bank Limited | 2.32% |
| Delhivery Limited | 2.13% |
| Adani Energy Solutions Limited | 1.94% |
| Senores Pharmaceuticals Limited | 1.94% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Flexi Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Equity | 96.8% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.2% | 2.5% |
Market cap of stocks
| Market cap | Mahindra Manulife Flexi Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Large Cap | 51.4% | 39.1% |
| Mid Cap | 21.8% | 34.1% |
| Small Cap | 23.0% | 24.3% |
| Not on AMFI's list | 0.7% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Mahindra Manulife Flexi Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Banks | 22.0% | 8.3% |
| Pharmaceuticals & Biotechnology | 9.7% | 13.1% |
| Finance | 4.8% | 6.7% |
| Retailing | 6.2% | 5.0% |
| Transport Services | 0.9% | 5.9% |
| Auto Components | 3.1% | 4.9% |
| Industrial Products | 4.8% | 4.5% |
| IT - Software | 4.1% | 3.5% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Flexi Cap vs Mahindra Manulife Innovation Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Flexi Cap Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.00% | 0.98% |
| Base expense ratio (Direct) | 0.52% | 0.70% |
| Total expense ratio (Regular) | 2.49% | 2.57% |
| Base expense ratio (Regular) | 1.83% | 2.10% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Mahindra Manulife Flexi Cap with
Compare Mahindra Manulife Innovation Opportunities with
- Mahindra Manulife Innovation Opportunities vs Nippon India Taiwan Equity
- Mahindra Manulife Innovation Opportunities vs HDFC Defence
- Mahindra Manulife Innovation Opportunities vs HDFC Pharma and Healthcare
- Mahindra Manulife Innovation Opportunities vs SBI Healthcare Opportunities
- Mahindra Manulife Innovation Opportunities vs Aditya Birla Sun Life International Equity
Mahindra Manulife Flexi Cap Fund vs Mahindra Manulife Innovation Opportunities Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Flexi Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
Mahindra Manulife Flexi Cap Fund is a Flexi Cap fund, Mahindra Manulife Innovation Opportunities Fund is a Thematic fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 37.9%. Mahindra Manulife Flexi Cap Fund charges 1.00% a year and Mahindra Manulife Innovation Opportunities Fund 0.98%.
Which has the lower expense ratio, Mahindra Manulife Flexi Cap Fund or Mahindra Manulife Innovation Opportunities Fund?
Mahindra Manulife Innovation Opportunities Fund charges less: 0.98% a year against 1.00%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Flexi Cap Fund and Mahindra Manulife Innovation Opportunities Fund overlap?
37.9%. They hold 29 of the same securities, the largest shared ones being ICICIBANK, ETERNAL, BAJFINANCE. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Flexi Cap Fund or Mahindra Manulife Innovation Opportunities Fund?
On SEBI's riskometer, Mahindra Manulife Flexi Cap Fund is rated Very High and Mahindra Manulife Innovation Opportunities Fund Very High. Over their common history, the standard deviation of daily returns was 13.66% and 16.12% a year.
Can I invest in both Mahindra Manulife Flexi Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
Yes. 37.9% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Flexi Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
Mahindra Manulife Flexi Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi. Mahindra Manulife Innovation Opportunities Fund: Kirti Dalvi, Renjith Sivaram Radhakrishnan.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.