Mahindra Manulife Ultra Short Term Fund

Ultra ShortDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

Mahindra Manulife Ultra Short Term Fund is an Ultra Short fund run by Mahindra Manulife Mutual Fund. On 30-09-2026, it managed ₹205 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 7.2% a year and its Regular plan returned 6.8% a year.

NAV (Direct plan): ₹1,531.87; ▲ 0.02%30-10-2026
NAV (Regular plan): ₹1,487.25; ▲ 0.02%30-10-2026
Expense ratio: 0.31%Direct0.73%Regular; 0.31%; A year
Riskometer: Low to Moderate; Set by the fund house
3 year return: 7.2%Direct6.8%Regular; 7.2%; A year

Mahindra Manulife Ultra Short Term Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹1,531.87 (up 0.02% that day); Regular Plan Growth ₹1,487.25 (up 0.02% that day).

This fund (Direct plan)

₹1,531.8691

Mahindra Manulife Ultra Short Term Fund Returns vs Ultra Short Funds

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	+0.31%	+1.43%	+3.19%	+6.41%	+7.20%	+6.63%	--
This fund (Regular)	+0.27%	+1.32%	+2.98%	+5.97%	+6.75%	+6.19%	--
Ultra Short average	+0.30%	+1.34%	+3.06%	+6.00%	+6.82%	+6.27%	--
Best in Ultra Short	+0.39%	+1.59%	+3.46%	+6.84%	+7.44%	+6.82%	--
Worst in Ultra Short	−0.11%	0.00%	+0.02%	0.00%	0.00%	+0.41%	--
Rank in Ultra Short	14/26	14/25	15/25	8/25	9/23	10/22	--

Category rows compare the Direct plans of 26 Ultra Short funds. Rank 1 is the highest return. This fund's benchmark is CRISIL Ultra Short Duration Debt A-I Index. Returns of that index are not available to us, so the category average is the comparison.

Mahindra Manulife Ultra Short Term Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular
2026to date	+5.34%	+4.98%
2025	+7.24%	+6.79%
2024	+7.81%	+7.35%
2023	+7.30%	+6.86%
2022	+4.80%	+4.36%
2021	+3.72%	+3.29%

Mahindra Manulife Ultra Short Term Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 977 periods, one for each trading day from 18-10-2022 to 30-10-2026.

0%2%4%6%8%

Feb 2020
to
Feb 2023Oct 2020
to
Oct 2023Jun 2021
to
Jun 2024Mar 2022
to
Mar 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 2026

Mahindra Manulife Ultra Short Term Fund (Direct)Category average, 26 Ultra Short funds

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Category median	Beat category
1 year	1,460	6.7%	3.5%	8.1%	0%	6.2%	82%
2 years	1,220	6.7%	3.9%	7.8%	0%	6.3%	91%
3 years	977	6.4%	4.8%	7.5%	0%	6.1%	100%
5 years	493	6.1%	6.0%	6.6%	0%	5.9%	100%

Every SIP holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Category median	Beat category
1 year	73	6.8%	3.4%	8.1%	0%	6.4%	84%
2 years	61	6.9%	3.6%	7.9%	0%	6.5%	87%
3 years	49	7.0%	4.4%	7.8%	0%	6.6%	100%
5 years	25	6.9%	6.3%	7.1%	0%	6.6%	100%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat category" counts the periods in which the fund did better than the average of the 26 Ultra Short funds (Direct plans, each weighted the same) over the same days. Past returns do not promise future returns.

Mahindra Manulife Ultra Short Term Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	Mahindra Manulife Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+6.41%	+6.00%
Standard deviation	0.41%	0.44%
Sharpe ratio	2.81	1.73
Sortino ratio	4.80	2.73
Maximum drawdown	−0.08% (23-10-2026)	−0.09% (08-07-2026)

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.

Measure	Mahindra Manulife Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+7.20%	+6.81%
Standard deviation	0.36%	0.36%
Sharpe ratio	3.26	2.17
Sortino ratio	6.54	3.92
Maximum drawdown	−0.08% (23-10-2026)	−0.09% (08-07-2026)

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.

Measure	Mahindra Manulife Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+6.63%	+6.28%
Standard deviation	0.35%	0.34%
Sharpe ratio	2.39	1.40
Sortino ratio	4.39	2.37
Maximum drawdown	−0.22% (06-05-2022)	−0.22% (06-05-2022)

From daily NAVs, 29-10-2021 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.

Measure	Mahindra Manulife Ultra Short Term Fund (Direct)This fund	Category average
Return (CAGR)	+6.25%	+5.90%
Standard deviation	0.46%	0.47%
Sharpe ratio	2.45	1.65
Sortino ratio	5.37	3.18
Maximum drawdown	−0.50% (24-03-2020)	−0.77% (24-03-2020)

From daily NAVs, 18-10-2019 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.

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.

−0.8%−0.6%−0.4%−0.2%0%

2020202120222023202420252026

Mahindra Manulife Ultra Short Term Fund (Direct)Category average, 26 Ultra Short funds

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
Mahindra Manulife Ultra Short Term Fund (Direct)	−0.50%	11-03-2020	24-03-2020	27-03-2020	3 days	0.0%
Category average	−0.77%	11-03-2020	24-03-2020	27-03-2020	3 days	0.0%

From the Direct plan's daily NAV since 18-10-2019, adjusted for unit splits, and the average of the 26 Ultra Short funds (Direct plans, each weighted the same) over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

Mahindra Manulife Ultra Short Term Fund vs Other Ultra Short Funds

The five Ultra Short funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Tata Ultra Short Term Fund	1/23	5,404	0.33%	+6.84%	+7.44%	--	--	3.83	7.92	Compare
Aditya Birla Sun Life Ultra Short Term Fund	2/23	16,279	0.32%	+6.36%	+7.41%	--	--	3.30	6.20	Compare
Axis Ultra Short Term fund	3/23	4,996	0.36%	+6.56%	+7.37%	--	--	3.53	7.07	Compare
Mirae Asset Ultra Short-Term Fund	4/23	1,808	0.22%	+6.48%	+7.34%	--	--	3.33	6.25	Compare
ICICI Prudential Ultra Short Term Fund	5/23	15,236	0.40%	+6.37%	+7.31%	--	--	3.25	6.24	Compare
Mahindra Manulife Ultra Short Term Fund	9/23	205	0.31%	+6.41%	+7.20%	--	--	3.26	6.54

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

Mahindra Manulife Ultra Short Term Fund Expense Ratio and Costs

What each plan charges a year, in force from 01-09-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Ultra Short median	Cost rank (1 = cheapest)
Direct	0.26%	0.01%	0.00%	0.04%	0.31%	0.30%	14/26
Regular	0.62%	0.01%	0.00%	0.10%	0.73%	0.81%	10/26

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, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Ultra Short funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	5.97%	6.41%	0.44%	₹1,05,970	₹1,06,410
3 years	6.75%	7.20%	0.45% a year	₹1,21,648	₹1,23,193
5 years	6.19%	6.63%	0.44% a year	₹1,35,026	₹1,37,847

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

Mahindra Manulife Ultra Short Term Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 18-10-2019 to 30-10-2026: 85 instalments, ₹8,50,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planMahindra Manulife Ultra Short Term Fund (Direct)	₹8,50,000	₹10,77,031	₹2,27,031	6.6%
Regular planMahindra Manulife Ultra Short Term Fund (Regular)	₹8,50,000	₹10,59,929	₹2,09,929	6.1%
Category averageCategory average, 26 Ultra Short funds	₹8,50,000	₹10,63,991	₹2,13,991	6.3%

₹0₹5.0 L₹10.0 L₹15.0 L

2020202120222023202420252026

Direct planMahindra Manulife Ultra Short Term Fund (Direct)Regular planMahindra Manulife Ultra Short Term Fund (Regular)Category averageCategory average, 26 Ultra Short fundsAmount invested

From each plan's published NAV (Growth option) and the category average, 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 Ultra Short Term Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

94.4%Debt

Asset	Fund	Category
Debt	94.4%	96.7%
Cash and others	5.6%	3.8%

Credit rating

Bonds and money market papers by credit rating, % of the fund. Category: the average of 26 Ultra Short funds.

Rating	Fund	Category
Sovereign	2.4%	7.3%
AAA and A1+	73.2%	77.2%
AA	18.8%	12.2%

Mahindra Manulife Ultra Short Term Fund Portfolio Holdings

As on 30-09-2026 · 29 holdings · from the fund house's monthly portfolio

Holdings	Rating	Weight%
Small Industries Dev Bank of India 2027 · Certificate of deposit	CRISIL A1+	9.04%
Indian Bank 2027 · Certificate of deposit	CRISIL A1+	8.61%
7.83% Indian Railway Finance Corporation Limited 2027 · Bond	CRISIL AAA	7.83%
7.8% National Bank For Agriculture and Rural Development 2027 · Bond	ICRA AAA	6.83%
7.64% REC Limited 2027 · Bond	ICRA AAA	6.82%
8.30% Godrej Properties Limited 2027 · Bond	ICRA AA+	5.86%
7.95% Mindspace Business Parks REIT 2027 · Bond	CRISIL AAA	4.88%
7.55% Power Finance Corporation Limited 2027 · Bond	CRISIL AAA	3.66%
CEAT Limited 2026 · Commercial paper	FITCH A1+	3.60%
7.71% REC Limited 2027 · Bond	CRISIL AAA	2.68%
9.12% Piramal Finance Limited 2027 · Bond	CARE AA+	2.45%
7.96% Embassy Office Parks REIT 2027 · Bond	CRISIL AAA	2.44%
7.9% LIC Housing Finance Limited 2027 · Bond	CRISIL AAA	2.44%
9.3% Piramal Capital & Housing Finance Limited 2027 · Bond	ICRA AA+	2.44%
9.02% Muthoot Finance Limited 2027 · Bond	CRISIL AA+	2.44%
8.52% Muthoot Finance Limited 2028 · Bond	CRISIL AA+	2.42%
Infina Finance Private Limited 2026 · Commercial paper	CRISIL A1+	2.41%
91 Days Tbill 2026 · Treasury bill	SOVEREIGN	2.41%
Nuvama Wealth And Investment Ltd 2026 · Commercial paper	CRISIL A1+	2.41%
Bank of Baroda 2027 · Certificate of deposit	CARE A1+	2.37%
7.8350% LIC Housing Finance Limited 2027 · Bond	CRISIL AAA	1.95%
JM Financial Services Limited 2027 · Commercial paper	CRISIL A1+	1.90%
7.70% National Bank For Agriculture and Rural Development 2027 · Bond	ICRA AAA	1.22%
9.2% 360 One Prime Limited 2028 (FRN) · Bond	ICRA AA	1.22%
Axis Bank Limited 2027	CRISIL A1+	1.19%
8.75% Piramal Finance Limited 2027 · Bond	ICRA AA+	0.98%
8.95% 360 One Prime Limited 2027 · Bond	ICRA AA	0.97%
Nuvama Wealth And Investment Ltd 2026 · Commercial paper	CRISIL A1+	0.96%
Corporate Debt Market Development Fund Class A2		0.34%

Mahindra Manulife Ultra Short Term Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Nippon India Nifty AAA CPSE Bond Plus SDL - APR 2027 Maturity 60:40 Index FundIndex · Nippon India	19.3%	5	Compare
Mahindra Manulife Ultra Short To Short Term FundLow Duration · Mahindra Manulife	18.8%	11	Compare
Aditya Birla Sun Life Crisil IBX 60:40 SDL+AAA PSU-APR 2027 Index FundIndex · Aditya Birla Sun Life	18.0%	4	Compare
HDFC CRISIL-IBX Financial Services 3-6 Months Debt Index FundIndex · HDFC	14.1%	4	Compare
UTI Floating Interest Rates FundFloater · UTI	13.9%	6	Compare
Tata Ultra Short Term FundUltra Short · Tata	13.2%	9	Compare
Edelweiss NIFTY PSU Bond Plus SDL Apr 2027 50:50 Index FundIndex · Edelweiss	12.6%	2	Compare
Tata Ultra Short to Short Term FundLow Duration · Tata	11.2%	5	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

Mahindra Manulife Ultra Short Term Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 0.31%
Expense ratio (Regular): 0.73%
Category: Ultra Short
Risk: Low to Moderate
Launch date: 17-10-2019
Minimum investment: ₹1,000
Minimum additional investment: ₹1,000
AUM: ₹205.23 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 147731
ISIN (Direct): INF174V01887
Scheme code (Regular): 147734
ISIN (Regular): INF174V01853
NAV history: From 18-10-2019, 7.0 years

Benchmark: CRISIL Ultra Short Duration Debt A-I Index
Exit load: Nil

Tax on Mahindra Manulife Ultra Short Term Fund returns

Mahindra Manulife Ultra Short Term Fund is taxed as a debt fund: 65% or more of it is in bonds and money market papers.
For units bought on or after 01-04-2023, the gain is added to your income and taxed at your slab rate, however long you hold the units.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹1,531.8691	30-10-2026
direct	Daily IDCW	₹1,273.5604	30-10-2026
direct	Weekly IDCW	₹1,001.1655	30-10-2026
regular	Growth	₹1,487.2455	30-10-2026
regular	Daily IDCW	₹1,116.2535	30-10-2026
regular	Weekly IDCW	₹1,000.9496	30-10-2026

About Mahindra Manulife Ultra Short Term Fund

Mahindra Manulife Ultra Short Term Fund is a mutual fund from Mahindra Manulife Mutual Fund. Its category is Ultra Short. It was launched on 17-10-2019. Its benchmark is CRISIL Ultra Short Duration Debt A-I Index. At the end of September 2026 it held 29 securities.

Fund Manager

Rahul Pal
Fund manager of Mahindra Manulife Ultra Short Term Fund, since 17-10-2019

See all funds of Mahindra Manulife Mutual Fund

AUM change

September 2026: ₹205.23 Cr; −7.53% from August 2026
August 2026: ₹221.94 Cr; +8.34% from July 2026
July 2026: ₹204.86 Cr; +4.37% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare Mahindra Manulife Ultra Short Term Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

Compare with any other fund

Frequently Asked Questions for Mahindra Manulife Ultra Short Term Fund

What is the current NAV of Mahindra Manulife Ultra Short Term Fund?

The Direct plan NAV is ₹1,531.8691. The Regular plan NAV is ₹1,487.2455, as on 30-10-2026.

What are the returns of Mahindra Manulife Ultra Short Term Fund?

The Direct plan returned +6.41% in 1 year, +7.20% a year over 3 years, +6.63% a year over 5 years. The Regular plan returned +5.97% in 1 year, +6.75% a year over 3 years, +6.19% a year over 5 years. These figures are as on 30-10-2026.

What is the expense ratio of Mahindra Manulife Ultra Short Term Fund?

The Direct plan charges 0.31% a year. The Regular plan charges 0.73% a year. This is the figure the fund house reported to AMFI, in force from 01-09-2026.

What is the AUM of Mahindra Manulife Ultra Short Term Fund?

Mahindra Manulife Ultra Short Term Fund managed ₹205.23 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of Mahindra Manulife Ultra Short Term Fund?

At the end of September 2026 the largest holdings were Small Industries Dev Bank of India 2027 (9.04%), Indian Bank 2027 (8.61%), 7.83% Indian Railway Finance Corporation Limited 2027 (7.83%), 7.8% National Bank For Agriculture and Rural Development 2027 (6.83%), 7.64% REC Limited 2027 (6.82%). The fund held 29 securities in all.

How do I invest in Mahindra Manulife Ultra Short Term Fund?

Through Mahindra Manulife Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹1,000. You can invest once or through a monthly SIP.

Who is the fund manager of Mahindra Manulife Ultra Short Term Fund?

Rahul Pal (since 17-10-2019).

What is the exit load of Mahindra Manulife Ultra Short Term Fund?

Nil

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

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.