Mahindra Manulife Multi Cap Fund vs Mahindra Manulife Small Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Multi Cap Fund is a Multi Cap fund and Mahindra Manulife Small Cap Fund is a Small Cap fund. In the 3 years to 30-10-2026, Mahindra Manulife Multi Cap Fund (Direct) returned 15.9% a year and Mahindra Manulife Small Cap Fund (Direct) returned 18.0% a year. Mahindra Manulife Multi Cap Fund charges 0.94% a year and Mahindra Manulife Small Cap Fund 0.93% (Direct plans). Their portfolios overlap 38.6%: they hold 31 of the same securities.
Mahindra Manulife Multi Cap Fund
Multi Cap
- 3 year return
- 15.9%
- Expense ratio
- 0.94%
- NAV
- ₹43.51
Mahindra Manulife Small Cap Fund
Small Cap
- 3 year return
- 18.0%
- Expense ratio
- 0.93%
- NAV
- ₹22.39
Which is better, Mahindra Manulife Multi Cap or Mahindra Manulife Small Cap? 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 Small Cap returned more over 3 years: 18.0% a year against 15.9%.
- Mahindra Manulife Small Cap returned more over 1 year: 6.3% against 2.8%.
- Mahindra Manulife Small Cap costs less: 0.93% a year against 0.94% (Direct plans).
- Mahindra Manulife Multi Cap swung less over 3 years: a standard deviation of 16.6% a year against 18.2%.
- Mahindra Manulife Multi Cap fell less in its worst fall since 14-12-2022: −20.2% against −26.0%.
- Mahindra Manulife Multi Cap holds more in large companies: 38.5% of the fund in large caps against 12.6%.
- Mahindra Manulife Multi Cap is the larger fund: ₹7,457 Cr against ₹5,373 Cr.
- Their portfolios overlap 38.6%: 31 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 Multi Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Multi Cap | Small Cap |
| AUM | ₹7,457 Cr (30-09-2026) | ₹5,373 Cr (30-09-2026) |
| NAV | ₹43.51 (Direct) | ₹22.39 (Direct) |
| Expense ratio (Direct) | 0.94% | 0.93% |
| Expense ratio (Regular) | 2.18% | 2.21% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 500 Multicap 50:25:25 Total Return Index | BSE 250 Smallcap TRI |
| Launch date | 11-05-2017 | 12-12-2020 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vishal Jajoo, Neelesh Dhamnaskar | Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi |
| Exit load | Exit Load: An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 month from the date of allotment;- Nil if Units are redeemed / switched-out after 3 months from the date of allotment | Exit load of 1% if redeemed within 3 months |
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: 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 Multi Cap Fund (Direct) | −3.36% | −3.58% | +2.92% | +2.84% | +15.95% | +13.75% | -- |
| Mahindra Manulife Small Cap Fund (Direct) | −4.59% | −1.41% | +7.45% | +6.31% | +18.00% | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | -- | -- |
Category average: the average of the 33 Multi Cap funds and the 36 Small Cap funds, same plan type.
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: Year-wise Returns
| Year | MultiMahindra Manulife Multi Cap | SmallMahindra Manulife Small Cap |
|---|---|---|
| 2026to date | +3.46% | +9.80% |
| 2025 | +4.81% | −1.29% |
| 2024 | +25.28% | +29.97% |
| 2023 | +36.40% | +60.03% |
| 2022 | +3.51% | -- |
| 2021 | +53.51% | -- |
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: Rolling Returns
Every holding period of both funds, against Nifty500 Multicap 50:25:25 TRI, the benchmark of Mahindra Manulife Multi Cap Fund
Rolling returns
Every 3-year holding period, 216 of them, one for each trading day from 15-12-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Mahindra Manulife Multi Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
to
Jan 2026Mar 2023
to
Mar 2026Apr 2023
to
Apr 2026Jun 2023
to
Jun 2026Aug 2023
to
Aug 2026Oct 2023
to
Oct 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Mahindra Manulife Multi Cap | 0.0 | 0.0 | 0.0 | 0.5 | 44.4 | 55.1 | 0.0 | 20.2% | 20.3% | 14.9% | 23.5% | 100% |
| Mahindra Manulife Small Cap | 0.0 | 0.0 | 0.0 | 0.0 | 11.1 | 56.5 | 32.4 | 23.6% | 23.7% | 16.8% | 28.4% | 100% |
| Nifty500 Multicap 50:25:25 TRI | 0.0 | 0.0 | 0.0 | 34.3 | 63.4 | 2.3 | 0.0 | 16.0% | 16.3% | 10.1% | 20.3% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty500 Multicap 50:25:25 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 14-12-2022. Past returns do not promise future returns.
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 01-12-2022 to 30-10-2026: 47 instalments, ₹4,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Multi CapMahindra Manulife Multi Cap Fund (Direct) | ₹4,70,000 | ₹5,97,526 | ₹1,27,526 | 12.3% |
| Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct) | ₹4,70,000 | ₹6,41,931 | ₹1,71,931 | 16.1% |
Mahindra Manulife Multi CapMahindra Manulife Multi Cap Fund (Direct)
Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Multi Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +2.84% | +6.31% |
| Standard deviation | 15.62% | 17.52% |
| Sharpe ratio | -0.15 | 0.06 |
| Sortino ratio | -0.21 | 0.08 |
| Maximum drawdown | −12.2% (23-03-2026) | −15.2% (23-03-2026) |
| Beta | 1.02 | 0.94 |
| Alpha | +9.08% | +10.89% |
From daily NAVs, 30-10-2025 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.
| Measure | Mahindra Manulife Multi Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +15.95% | +18.00% |
| Standard deviation | 16.56% | 18.22% |
| Sharpe ratio | 0.60 | 0.66 |
| Sortino ratio | 0.79 | 0.88 |
| Maximum drawdown | −20.2% (03-03-2025) | −26.0% (03-03-2025) |
| Beta | 1.06 | 0.96 |
| Alpha | +4.38% | +7.33% |
From daily NAVs, 30-10-2023 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.
| Measure | Mahindra Manulife Multi Cap Fund (Direct) | Mahindra Manulife Small Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +16.82% | +23.03% |
| Standard deviation | 16.85% | 16.94% |
| Sharpe ratio | 0.68 | 0.99 |
| Sortino ratio | 0.91 | 1.33 |
| Maximum drawdown | −34.4% (23-03-2020) | −26.0% (03-03-2025) |
| Beta | -- | 0.93 |
| Alpha | -- | +9.56% |
From daily NAVs, 18-05-2017 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 Multi Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Multi Cap Fund (Direct) | −20.2% | 27-09-2024 | 03-03-2025 | 06-01-2026 | 10 months | −8.9% |
| Mahindra Manulife Small Cap Fund (Direct) | −26.0% | 01-10-2024 | 03-03-2025 | 19-06-2026 | 16 months | −8.7% |
| Nifty500 Multicap 50:25:25 TRI | −19.8% | 26-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −8.0% |
From daily values since 14-12-2022, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Mahindra Manulife Multi Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Mahindra Manulife Multi Cap Fund (Direct)
Mahindra Manulife Small Cap Fund (Direct)
Nifty500 Multicap 50:25:25 TRI
Against Nifty500 Multicap 50:25:25 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Multi Cap Fund (Direct) | 111% | 93% | 4.66% |
| Mahindra Manulife Small Cap Fund (Direct) | 131% | 94% | 7.66% |
From month-end values since 14-12-2022. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Multi Cap Fund, September 2026; Mahindra Manulife Small Cap Fund, September 2026
Holdings in common
- Overlap
- 38.6%
- Held by both
- 31
- Only in Mahindra Manulife Multi Cap
- 43
- Only in Mahindra Manulife Small Cap
- 54
| Security | % of Mahindra Manulife Multi Cap | % of Mahindra Manulife Small Cap |
|---|---|---|
| Divi's Laboratories Limited | 5.01% | 4.54% |
| Multi Commodity Exchange of India Limited | 4.21% | 4.62% |
| Neuland Laboratories Limited | 2.73% | 2.43% |
| Oil India Limited | 2.47% | 2.43% |
| Voltamp Transformers Limited | 1.90% | 2.46% |
| Adani Enterprises Limited | 2.79% | 1.89% |
| Jindal Saw Ltd | 1.87% | 3.17% |
| Sun TV Network Limited | 1.52% | 1.61% |
| Vodafone Idea Limited | 1.33% | 1.78% |
| Bandhan Bank Limited | 1.42% | 1.28% |
| Manappuram Finance Limited | 1.28% | 1.33% |
| Glenmark Pharmaceuticals Limited | 1.16% | 1.26% |
| Adani Energy Solutions Limited | 1.57% | 1.15% |
| Ujjivan Small Finance Bank Limited | 1.05% | 1.80% |
| Laurus Labs Limited | 0.98% | 0.93% |
| The Ramco Cements Limited | 0.91% | 1.10% |
| Anthem Biosciences Limited | 0.88% | 1.59% |
| Kajaria Ceramics Limited | 1.05% | 0.83% |
| Tilaknagar Industries Limited | 0.78% | 1.01% |
| P N Gadgil Jewellers Limited | 1.58% | 0.75% |
| Sagility Limited | 0.72% | 1.03% |
| Bajaj Auto Limited | 1.43% | 0.70% |
| DCB Bank Limited | 0.70% | 1.25% |
| Aarti Industries Limited | 1.38% | 0.69% |
| Blue Star Limited | 0.69% | 0.80% |
| Nitin Spinners Limited | 0.63% | 1.39% |
| Arvind Fashions Limited | 0.38% | 0.57% |
| Navin Fluorine International Limited | 0.49% | 0.33% |
| Cholamandalam Financial Holdings Limited | 0.28% | 0.42% |
| Oswal Pumps Limited | 0.20% | 0.21% |
| Gokaldas Exports Limited | 0.12% | 0.13% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 38.6% means 38.6% 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 Multi Cap Fund
| Security | % of fund |
|---|---|
| ICICI Bank Limited | 3.26% |
| HDFC Bank Limited | 2.85% |
| Torrent Pharmaceuticals Limited | 2.35% |
| APL Apollo Tubes Limited | 2.16% |
| PTC Industries Ltd | 2.15% |
Largest holdings only in Mahindra Manulife Small Cap Fund
| Security | % of fund |
|---|---|
| Garware Hi-Tech Films Limited | 2.91% |
| Supreme Petrochem Limited | 2.50% |
| Arvind Limited | 2.37% |
| Usha Martin Limited | 2.09% |
| Solar Industries India Limited | 1.68% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Multi Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Equity | 92.8% | 99.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 7.2% | 0.8% |
Market cap of stocks
| Market cap | Mahindra Manulife Multi Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Large Cap | 38.5% | 12.6% |
| Mid Cap | 30.1% | 19.7% |
| Small Cap | 24.2% | 66.3% |
| Not on AMFI's list | 0.0% | 0.6% |
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 Multi Cap | Mahindra Manulife Small Cap |
|---|---|---|
| Pharmaceuticals & Biotechnology | 16.1% | 15.2% |
| Industrial Products | 8.6% | 15.3% |
| Banks | 12.6% | 6.1% |
| Auto Components | 0.0% | 8.7% |
| Chemicals & Petrochemicals | 1.9% | 8.2% |
| Capital Markets | 6.1% | 4.6% |
| Textiles & Apparels | 0.8% | 4.9% |
| Retailing | 4.4% | 0.6% |
| IT - Software | 3.8% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Multi Cap vs Mahindra Manulife Small Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Multi Cap Fund | Mahindra Manulife Small Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.94% | 0.93% |
| Base expense ratio (Direct) | 0.46% | 0.48% |
| Total expense ratio (Regular) | 2.18% | 2.21% |
| Base expense ratio (Regular) | 1.54% | 1.60% |
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 Multi Cap with
Mahindra Manulife Multi Cap Fund vs Mahindra Manulife Small Cap Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Multi Cap Fund and Mahindra Manulife Small Cap Fund?
Mahindra Manulife Multi Cap Fund is a Multi Cap fund, Mahindra Manulife Small Cap Fund is a Small Cap fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 38.6%. Mahindra Manulife Multi Cap Fund charges 0.94% a year and Mahindra Manulife Small Cap Fund 0.93%.
Which has given higher returns, Mahindra Manulife Multi Cap Fund or Mahindra Manulife Small Cap Fund?
Over 1 year: Mahindra Manulife Multi Cap Fund +2.84%, Mahindra Manulife Small Cap Fund +6.31%. Over 3 years: Mahindra Manulife Multi Cap Fund +15.95% a year, Mahindra Manulife Small Cap Fund +18.00% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Multi Cap Fund or Mahindra Manulife Small Cap Fund?
Mahindra Manulife Small Cap Fund charges less: 0.93% a year against 0.94%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Multi Cap Fund and Mahindra Manulife Small Cap Fund overlap?
38.6%. They hold 31 of the same securities, the largest shared ones being DIVISLAB, MCX, NEULANDLAB. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Multi Cap Fund or Mahindra Manulife Small Cap Fund?
On SEBI's riskometer, Mahindra Manulife Multi Cap Fund is rated Very High and Mahindra Manulife Small Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.56% and 18.22% a year.
Which is better for SIP, Mahindra Manulife Multi Cap Fund or Mahindra Manulife Small Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹4,18,538 in Mahindra Manulife Multi Cap Fund (XIRR 8.0% a year) and ₹4,34,798 in Mahindra Manulife Small Cap Fund (XIRR 10.5% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Multi Cap Fund and Mahindra Manulife Small Cap Fund?
Yes. 38.6% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Multi Cap Fund and Mahindra Manulife Small Cap Fund?
Mahindra Manulife Multi Cap Fund: Vishal Jajoo, Neelesh Dhamnaskar. Mahindra Manulife Small Cap Fund: Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi.
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.