Mahindra Manulife Small Cap Fund vs Mahindra Manulife Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Small Cap Fund is a Small Cap fund and Mahindra Manulife Value Fund is a Value and Contra fund. In the year to 30-10-2026, Mahindra Manulife Small Cap Fund (Direct) returned 6.3% and Mahindra Manulife Value Fund (Direct) returned −0.6%. Mahindra Manulife Small Cap Fund charges 0.93% a year and Mahindra Manulife Value Fund 1.06% (Direct plans). Their portfolios overlap 22.5%: they hold 21 of the same securities.
Mahindra Manulife Small Cap Fund
Small Cap
- 1 year return
- 6.3%
- Expense ratio
- 0.93%
- NAV
- ₹22.39
Mahindra Manulife Value Fund
Value and Contra
- 1 year return
- −0.6%
- Expense ratio
- 1.06%
- NAV
- ₹11.85
Which is better, Mahindra Manulife Small Cap or Mahindra Manulife Value? 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 1 year: 6.3% against −0.6%.
- Mahindra Manulife Small Cap costs less: 0.93% a year against 1.06% (Direct plans).
- Mahindra Manulife Value fell less in its worst fall since 05-03-2025: −11.5% against −15.2%.
- Mahindra Manulife Value holds more in large companies: 48.4% of the fund in large caps against 12.6%.
- Mahindra Manulife Small Cap is the larger fund: ₹5,373 Cr against ₹1,015 Cr.
- Their portfolios overlap 22.5%: 21 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 Small Cap Fund | Mahindra Manulife Value Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Small Cap | Value and Contra |
| AUM | ₹5,373 Cr (30-09-2026) | ₹1,015 Cr (30-09-2026) |
| NAV | ₹22.39 (Direct) | ₹11.85 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.06% |
| Expense ratio (Regular) | 2.21% | 2.58% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 250 Smallcap TRI | Nifty 500 TRI |
| Launch date | 12-12-2020 | 03-03-2025 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi | Krishna Sanghavi, Vishal Jajoo |
| Exit load | Exit load of 1% if redeemed within 3 months | Exit load: 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). |
Mahindra Manulife Small Cap vs Mahindra Manulife Value: 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 Small Cap Fund (Direct) | −4.59% | −1.41% | +7.45% | +6.31% | +18.00% | -- | -- |
| Mahindra Manulife Value Fund (Direct) | −4.44% | −7.82% | −4.27% | −0.61% | -- | -- | -- |
| Small Cap average | −5.86% | −3.28% | +5.03% | +3.00% | +14.03% | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | -- | -- | -- |
Category average: the average of the 36 Small Cap funds and the 30 Value and Contra funds, same plan type.
Mahindra Manulife Small Cap vs Mahindra Manulife Value: Year-wise Returns
| Year | Small CapMahindra Manulife Small Cap | ValueMahindra Manulife Value |
|---|---|---|
| 2026to date | +9.80% | −2.71% |
| 2025 | −1.29% | -- |
| 2024 | +29.97% | -- |
| 2023 | +60.03% | -- |
Mahindra Manulife Small Cap vs Mahindra Manulife Value: Rolling Returns
Every holding period of both funds, against BSE 250 SmallCap Index TRI, the benchmark of Mahindra Manulife Small Cap Fund
Rolling returns
Every 1-year holding period, 162 of them, one for each trading day from 05-03-2026 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 Small Cap Fund (Direct)
Mahindra Manulife Value Fund (Direct)
BSE 250 SmallCap Index TRI
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
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 Small Cap | 0.6 | 6.2 | 19.8 | 40.1 | 25.9 | 7.4 | 0.0 | 12.8% | 12.7% | −0.5% | 24.0% | 100% |
| Mahindra Manulife Value | 3.1 | 3.1 | 26.5 | 39.5 | 27.8 | 0.0 | 0.0 | 11.6% | 11.1% | −1.3% | 19.0% | 100% |
| BSE 250 SmallCap Index TRI | 18.5 | 42.0 | 35.2 | 4.3 | 0.0 | 0.0 | 0.0 | 3.4% | 3.5% | −7.1% | 14.9% | -- |
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 BSE 250 SmallCap Index 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 05-03-2025. Past returns do not promise future returns.
Mahindra Manulife Small Cap vs Mahindra Manulife Value: 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 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct) | ₹2,00,000 | ₹2,23,047 | ₹23,047 | 13.1% |
| Mahindra Manulife ValueMahindra Manulife Value Fund (Direct) | ₹2,00,000 | ₹2,02,173 | ₹2,173 | 1.2% |
Mahindra Manulife Small CapMahindra Manulife Small Cap Fund (Direct)
Mahindra Manulife ValueMahindra Manulife Value 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 Small Cap vs Mahindra Manulife Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Small Cap Fund (Direct) | Mahindra Manulife Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +6.31% | −0.61% |
| Standard deviation | 17.52% | 15.42% |
| Sharpe ratio | 0.06 | -0.38 |
| Sortino ratio | 0.08 | -0.50 |
| Maximum drawdown | −15.2% (23-03-2026) | −11.5% (31-03-2026) |
| Beta | 0.94 | 1.03 |
| Alpha | +10.89% | +7.06% |
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 Small Cap Fund (Direct) | Mahindra Manulife Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +23.03% | +10.22% |
| Standard deviation | 16.94% | 14.56% |
| Sharpe ratio | 0.99 | 0.33 |
| Sortino ratio | 1.33 | 0.45 |
| Maximum drawdown | −26.0% (03-03-2025) | −11.5% (31-03-2026) |
| Beta | 0.93 | 1.00 |
| Alpha | +9.56% | +4.35% |
From daily NAVs, 14-12-2022 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 Small Cap Fund (Direct)
Mahindra Manulife Value Fund (Direct)
BSE 250 SmallCap Index TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Small Cap Fund (Direct) | −15.2% | 03-11-2025 | 23-03-2026 | 04-05-2026 | 42 days | −8.7% |
| Mahindra Manulife Value Fund (Direct) | −11.5% | 11-02-2026 | 31-03-2026 | 22-04-2026 | 22 days | −10.1% |
| BSE 250 SmallCap Index TRI | −21.4% | 17-07-2025 | 23-03-2026 | 13-07-2026 | 4 months | −10.1% |
From daily values since 05-03-2025, 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 Small Cap Fund (Direct)
Mahindra Manulife Value Fund (Direct)
BSE 250 SmallCap Index TRI
Against BSE 250 SmallCap Index TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Small Cap Fund (Direct) | 109% | 76% | 5.59% |
| Mahindra Manulife Value Fund (Direct) | 76% | 64% | 9.75% |
From month-end values since 05-03-2025. 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 Small Cap vs Mahindra Manulife Value: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Small Cap Fund, September 2026; Mahindra Manulife Value Fund, September 2026
Holdings in common
- Overlap
- 22.5%
- Held by both
- 21
- Only in Mahindra Manulife Small Cap
- 64
- Only in Mahindra Manulife Value
- 47
| Security | % of Mahindra Manulife Small Cap | % of Mahindra Manulife Value |
|---|---|---|
| Jindal Saw Ltd | 3.17% | 2.37% |
| Oil India Limited | 2.43% | 2.25% |
| Adani Enterprises Limited | 1.89% | 2.40% |
| Vodafone Idea Limited | 1.78% | 2.21% |
| HBL Engineering Limited | 1.62% | 1.40% |
| Bandhan Bank Limited | 1.28% | 2.12% |
| Voltamp Transformers Limited | 2.46% | 1.26% |
| Glenmark Pharmaceuticals Limited | 1.26% | 1.65% |
| Adani Energy Solutions Limited | 1.15% | 1.51% |
| The Ramco Cements Limited | 1.10% | 1.12% |
| SPR Auto Technologies Ltd | 1.63% | 1.05% |
| Mahindra Logistics Limited | 0.99% | 1.36% |
| Asahi India Glass Limited | 1.43% | 0.86% |
| Ujjivan Small Finance Bank Limited | 1.80% | 0.83% |
| Kajaria Ceramics Limited | 0.83% | 0.93% |
| Bajaj Auto Limited | 0.70% | 1.93% |
| Kirloskar Brothers Limited | 0.98% | 0.52% |
| Anthem Biosciences Limited | 1.59% | 0.43% |
| JSW Energy Limited | 0.35% | 2.07% |
| Gokaldas Exports Limited | 0.13% | 0.44% |
| LMW Limited | 0.09% | 0.76% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 22.5% means 22.5% 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 Small Cap Fund
| Security | % of fund |
|---|---|
| Multi Commodity Exchange of India Limited | 4.62% |
| Divi's Laboratories Limited | 4.54% |
| Garware Hi-Tech Films Limited | 2.91% |
| Supreme Petrochem Limited | 2.50% |
| Neuland Laboratories Limited | 2.43% |
Largest holdings only in Mahindra Manulife Value Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 4.09% |
| HDFC Bank Limited | 3.62% |
| Axis Bank Limited | 3.62% |
| ICICI Bank Limited | 3.58% |
| Life Insurance Corporation Of India | 2.73% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Small Cap | Mahindra Manulife Value |
|---|---|---|
| Equity | 99.2% | 98.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 0.8% | 1.6% |
Market cap of stocks
| Market cap | Mahindra Manulife Small Cap | Mahindra Manulife Value |
|---|---|---|
| Large Cap | 12.6% | 48.4% |
| Mid Cap | 19.7% | 21.6% |
| Small Cap | 66.3% | 27.5% |
| Not on AMFI's list | 0.6% | 0.9% |
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 Small Cap | Mahindra Manulife Value |
|---|---|---|
| Banks | 6.1% | 19.8% |
| Industrial Products | 15.3% | 7.1% |
| Pharmaceuticals & Biotechnology | 15.2% | 8.4% |
| Auto Components | 8.7% | 4.6% |
| Chemicals & Petrochemicals | 8.2% | 0.5% |
| Power | 2.4% | 5.0% |
| Textiles & Apparels | 4.9% | 1.4% |
| Cement & Cement Products | 1.1% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Small Cap vs Mahindra Manulife Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Small Cap Fund | Mahindra Manulife Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.06% |
| Base expense ratio (Direct) | 0.48% | 0.59% |
| Total expense ratio (Regular) | 2.21% | 2.58% |
| Base expense ratio (Regular) | 1.60% | 1.93% |
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 Small Cap with
Mahindra Manulife Small Cap Fund vs Mahindra Manulife Value Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Small Cap Fund and Mahindra Manulife Value Fund?
Mahindra Manulife Small Cap Fund is a Small Cap fund, Mahindra Manulife Value Fund is a Value and Contra fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 22.5%. Mahindra Manulife Small Cap Fund charges 0.93% a year and Mahindra Manulife Value Fund 1.06%.
Which has given higher returns, Mahindra Manulife Small Cap Fund or Mahindra Manulife Value Fund?
Over 1 year: Mahindra Manulife Small Cap Fund +6.31%, Mahindra Manulife Value Fund −0.61%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Small Cap Fund or Mahindra Manulife Value Fund?
Mahindra Manulife Small Cap Fund charges less: 0.93% a year against 1.06%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Small Cap Fund and Mahindra Manulife Value Fund overlap?
22.5%. They hold 21 of the same securities, the largest shared ones being JINDALSAW, OIL, ADANIENT. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Small Cap Fund or Mahindra Manulife Value Fund?
On SEBI's riskometer, Mahindra Manulife Small Cap Fund is rated Very High and Mahindra Manulife Value Fund Very High. Over 1 years, the standard deviation of daily returns was 17.52% and 15.42% a year.
Can I invest in both Mahindra Manulife Small Cap Fund and Mahindra Manulife Value Fund?
Yes. 22.5% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Mahindra Manulife Small Cap Fund and Mahindra Manulife Value Fund?
Mahindra Manulife Small Cap Fund: Vishal Jajoo, $ Mr. Neelesh Dhamnaskar, Krishna Sanghavi. Mahindra Manulife Value Fund: Krishna Sanghavi, Vishal Jajoo.
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.