Mahindra Manulife Investment Management Pvt Ltd · Equity Savings

Mahindra Manulife Equity Savings Fund

Hybrid Schemes - Equity Savings Fund Direct plan, growth benchmark: Nifty Equity Savings TRI launched 10 Jan 2017 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹25.67

−0.00% since 18 Sep 2026, the previous NAV

1 year

5.5%

return

3 years

9.5%

a year

5 years

8.7%

a year

Since launch

10.3%

a year, over 9.6 years

Assets (AUM)

₹533 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.74% / 2.08%

a year, as of Aug 2026

Holdings

105

top ten are 68% of the fund · Aug 2026

Disclosed history

9.6 yrs

Feb 2017 – Aug 2026 · 5 of 11 checks could run

Fund managers

Rahul Pal · since Feb 2017 · debt portionRenjith Sivaram · since Jul 2023 · equity portionNavin Matta · since Dec 2025 · equity portionKush Sonigara · since Jan 2026 · debt portion

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.96% a year more than Direct

₹43,502 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Rahul Pal for 9.6 yrs

with Renjith Sivaram, Navin Matta, Kush Sonigara. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Rahul Pal's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 69% of three-year stretches, and averaged +1.1 points a year across all of them

62 rolling windows since 2018 · ahead by 1.8 points a year when it won, behind by 0.4 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Feb 2017

116 month-ends · ₹10.08 → ₹25.67, 2.5× since Feb 2017

Deepest fall (max drawdown)

−4.6%

11 Feb 2026 → 30 Mar 2026

Worst month

−3.8%

Mar 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 105 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	31.51%	Oct 2018	7.9 yrs	+1.35%
2	ICICI Bank Limited equity	Banks	6.59%	Nov 2018	7.8 yrs	+1.07%
3	Bajaj Finance Ltd equity	Finance	5.17%	Jun 2025	1.3 yrs	+0.69%
4	HDFC Bank Limited equity	Banks	4.24%	Sep 2019	7.0 yrs	-0.25%
5	Ambuja Cements Limited equity	Cement & Cement Products	3.92%	Jan 2021	5.7 yrs	-0.49%
6	Reliance Industries Limited equity	Petroleum Products	3.85%	Dec 2017	8.8 yrs	-0.28%
7	7.4% Bharti Telecom Limited 2029 ** corporate bond	—	3.70%	Jan 2026	8 mo	-0.02%
8	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	3.65%	Sep 2022	4.0 yrs	+0.31%
9	364 Days Tbill 2027 money market	—	2.72%	Jul 2026	2 mo	+2.72%
10	Triparty Repo money market	—	2.67%	Apr 2026	5 mo	-0.34%
11	Mahindra & Mahindra Limited equity	Automobiles	2.50%	Jun 2022	4.3 yrs	-0.01%
12	Larsen & Toubro Limited equity	Construction	2.03%	Sep 2018	8.0 yrs	-0.23%
13	8.37% REC Limited 2028 ** corporate bond	—	1.92%	Jan 2026	8 mo	-0.02%
14	6.94% Government of India 2036 government security	—	1.88%	May 2026	4 mo	-0.02%
15	8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) ** corporate bond	—	1.88%	May 2026	4 mo	+1.31%
16	7.44% National Bank For Agriculture and Rural Development 2028 corporate bond	—	1.88%	Jan 2026	8 mo	-0.01%
17	Canara Bank equity	Banks	1.81%	May 2024	2.3 yrs	-0.07%
18	Jindal Steel Limited equity	Ferrous Metals	1.67%	Mar 2022	4.5 yrs	-0.04%
19	Brookfield India Real Estate Trust reit	—	1.62%	Dec 2023	2.8 yrs	+0.10%
20	Kotak Mahindra Bank Ltd equity	Banks	1.53%	Jan 2026	8 mo	+0.24%
21	Bharti Airtel Limited equity	Telecom - Services	1.44%	Nov 2024	1.8 yrs	-0.09%
22	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.35%	Feb 2022	4.6 yrs	+0.27%
23	8.42% Muthoot Finance Limited 2029 (FRN) ** corporate bond	—	1.31%	May 2026	4 mo	+0.91%
24	Embassy Office Parks REIT reit	—	1.13%	Feb 2025	1.6 yrs	+0.02%
25	State Bank of India equity	Banks	1.09%	Oct 2023	2.9 yrs	+0.09%
26	Mahindra Manulife Liquid Fund -Direct Plan -Growth mutual fund unit	—	1.01%	Jul 2025	1.2 yrs	+0.01%
27	SPR Auto Technologies Ltd equity	Auto Components	0.97%	Aug 2025	1.1 yrs	+0.25%
28	9.30% TVS Credit Services Limited 2029 ** corporate bond	—	0.96%	Apr 2025	1.4 yrs	-0.01%
29	8.20% National Bank For Agriculture and Rural Development 2028 ** corporate bond	—	0.95%	Apr 2018	8.4 yrs	-0.01%
30	8.75% Bharti Telecom Limited 2028 ** corporate bond	—	0.95%	Dec 2024	1.8 yrs	-0.01%
31	7.75% Small Industries Dev Bank of India 2027 ** corporate bond	—	0.94%	Jan 2026	8 mo	-0.01%
32	7.45% Power Finance Corporation Limited 2028 corporate bond	—	0.94%	Apr 2026	5 mo	-0.01%
33	364 Days Tbill 2026 money market	—	0.94%	Apr 2026	5 mo	+0.01%
34	7.34% Small Industries Dev Bank of India 2029 ** corporate bond	—	0.93%	May 2026	4 mo	-0.01%
35	Aditya Vision Ltd equity	Retailing	0.89%	Aug 2024	2.1 yrs	+0.06%
36	Axis Bank Limited equity	Banks	0.87%	Feb 2025	1.6 yrs	-0.16%
37	Titan Company Limited equity	Consumer Durables	0.83%	Sep 2025	1.0 yrs	+0.17%
38	Nexus Select Trust - REIT reit	—	0.82%	Mar 2025	1.5 yrs	+0.01%
39	LG Balakrishnan & Bros Limited equity	Auto Components	0.76%	Jun 2023	3.3 yrs	-0.04%
40	Persistent Systems Ltd equity	IT - Software	0.74%	Mar 2024	2.5 yrs	+0.20%
41	PTC Industries Ltd equity	Industrial Products	0.74%	Sep 2024	2.0 yrs	+0.20%
42	Inox India Limited equity	Industrial Products	0.71%	Dec 2023	2.8 yrs	+0.18%
43	Tech Mahindra Limited equity	IT - Software	0.70%	Dec 2021	4.8 yrs	+0.03%
44	Raajmarg Infra Investment Trust invit	—	0.67%	Mar 2026	6 mo	+0.05%
45	8.42% Godrej Industries Limited 2027 ** corporate bond	—	0.66%	Jul 2024	2.2 yrs	-0.01%
46	NTPC Limited equity	Power	0.65%	Feb 2021	5.6 yrs	-0.20%
47	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.64%	Apr 2024	2.4 yrs	-0.05%
48	Eternal Limited equity	Retailing	0.60%	Feb 2026	7 mo	+0.14%
49	Infosys Limited equity	IT - Software	0.57%	May 2018	8.3 yrs	-0.02%
50	Shriram Finance Limited equity	Finance	0.57%	Oct 2025	11 mo	+0.08%
51	9.12% Piramal Finance Limited 2027 ** corporate bond	—	0.57%	Dec 2025	9 mo	0.00%
52	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.56%	Nov 2024	1.8 yrs	+0.08%
53	Technocraft Industries (India) Limited equity	Industrial Products	0.54%	Jul 2024	2.2 yrs	+0.09%
54	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.53%	Jan 2026	8 mo	+0.08%
55	Grasim Industries Limited equity	Cement & Cement Products	0.52%	Aug 2021	5.1 yrs	+0.03%
56	Tata Steel Limited equity	Ferrous Metals	0.51%	Jul 2023	3.2 yrs	-0.07%
57	Nippon Life India Asset Management Limited equity	Capital Markets	0.49%	Mar 2026	6 mo	+0.03%
58	7.71% Government of India 2066 government security	—	0.48%	Aug 2026	1 mo	+0.48%
59	7.63% State Government Securities 2036 government security	—	0.47%	Oct 2025	11 mo	0.00%
60	K.P.R. Mill Limited equity	Textiles & Apparels	0.46%	Apr 2026	5 mo	+0.08%
61	6.68% Government of India 2040 government security	—	0.46%	Jul 2025	1.2 yrs	+0.01%
62	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.45%	Feb 2026	7 mo	+0.04%
63	S. P. Apparels Limited equity	Textiles & Apparels	0.45%	Oct 2024	1.9 yrs	-0.07%
64	L&T Finance Limited equity	Finance	0.45%	Jun 2023	3.3 yrs	+0.05%
65	Hindalco Industries Limited equity	Non - Ferrous Metals	0.44%	Apr 2021	5.4 yrs	-0.19%
66	TVS Motor Company Limited equity	Automobiles	0.42%	Jun 2026	3 mo	+0.42%
67	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.40%	Jun 2026	3 mo	+0.40%
68	Union Bank of India equity	Banks	0.39%	Feb 2026	7 mo	+0.04%
69	Oil India Limited equity	Oil	0.38%	Jul 2026	2 mo	+0.38%
70	Kirloskar Brothers Limited equity	Industrial Products	0.38%	Oct 2024	1.9 yrs	-0.04%
71	Hyundai Motor India Ltd equity	Automobiles	0.37%	Aug 2026	1 mo	+0.37%
72	JK Cement Limited equity	Cement & Cement Products	0.37%	Apr 2024	2.4 yrs	0.00%
73	Bank of Baroda equity	Banks	0.37%	Nov 2024	1.8 yrs	-0.05%
74	Ingersoll Rand (India) Limited equity	Industrial Products	0.37%	Jun 2026	3 mo	+0.37%
75	Canara Bank 2026 ** # money market	—	0.37%	Dec 2025	9 mo	-0.92%
76	Power Grid Corporation of India Limited equity	Power	0.36%	Dec 2024	1.8 yrs	-0.04%
77	National Aluminium Company Limited equity	Non - Ferrous Metals	0.36%	Aug 2026	1 mo	+0.36%
78	Bharat Electronics Limited equity	Aerospace & Defense	0.36%	Jun 2026	3 mo	+0.36%
79	Kajaria Ceramics Limited equity	Consumer Durables	0.35%	Jul 2026	2 mo	+0.35%
80	Oil & Natural Gas Corporation Limited equity	Oil	0.34%	Aug 2024	2.1 yrs	-0.18%
81	SBI Life Insurance Company Limited equity	Insurance	0.34%	Sep 2023	3.0 yrs	-0.06%
82	ISGEC Heavy Engineering Limited equity	Construction	0.34%	Oct 2024	1.9 yrs	-0.10%
83	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.33%	Jul 2023	3.2 yrs	-0.09%
84	Hindustan Unilever Limited equity	Diversified FMCG	0.33%	Feb 2023	3.6 yrs	-0.03%
85	Tata Power Company Limited equity	Power	0.33%	Mar 2026	6 mo	-0.07%
86	Shree Cement Limited equity	Cement & Cement Products	0.33%	Jun 2023	3.3 yrs	-0.03%
87	Godfrey Phillips India Limited equity	Cigarettes & Tobacco Products	0.31%	Aug 2026	1 mo	+0.31%
88	Archean Chemical Industries Limited equity	Chemicals & Petrochemicals	0.30%	Jun 2023	3.3 yrs	-0.03%
89	GAIL (India) Limited equity	Gas	0.29%	Jul 2023	3.2 yrs	-0.14%
90	Hindustan Petroleum Corporation Limited equity	Petroleum Products	0.08%	Oct 2024	1.9 yrs	-0.01%
91	Hindalco Industries Limited September 2026 Future derivative	—	-0.05%	Aug 2026	1 mo	-0.05%
92	Hindustan Petroleum Corporation Limited September 2026 Future derivative	—	-0.08%	Aug 2026	1 mo	-0.08%
93	Bank of Baroda September 2026 Future derivative	—	-0.37%	Aug 2026	1 mo	-0.37%
94	Kotak Mahindra Bank Limited September 2026 Future derivative	—	-0.77%	Aug 2026	1 mo	-0.77%
95	Titan Company Limited September 2026 Future derivative	—	-0.83%	Aug 2026	1 mo	-0.83%
96	Larsen & Toubro Limited September 2026 Future derivative	—	-1.47%	Aug 2026	1 mo	-1.47%
97	Jindal Steel Limited September 2026 Future derivative	—	-1.64%	Aug 2026	1 mo	-1.64%
98	Canara Bank September 2026 Future derivative	—	-1.81%	Aug 2026	1 mo	-1.81%
99	HDFC Bank Limited September 2026 Future derivative	—	-1.94%	Aug 2026	1 mo	-1.94%
100	Mahindra & Mahindra Limited September 2026 Future derivative	—	-2.13%	Aug 2026	1 mo	-2.13%
101	Reliance Industries Limited September 2026 Future derivative	—	-2.45%	Aug 2026	1 mo	-2.45%
102	Sun Pharmaceutical Industries Limited September 2026 Future derivative	—	-2.80%	Aug 2026	1 mo	-2.80%
103	Ambuja Cements Limited September 2026 Future derivative	—	-3.96%	Aug 2026	1 mo	-3.96%
104	ICICI Bank Limited September 2026 Future derivative	—	-4.13%	Aug 2026	1 mo	-4.13%
105	Bajaj Finance Limited September 2026 Future derivative	—	-4.59%	Aug 2026	1 mo	-4.59%

Showing 1–105 of 105 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks16.9% · 15.1%

Finance6.2% · 5.4%

Pharmaceuticals & Biotechnology6.1% · 4.7%

Cement & Cement Products5.1% · 7.2%

Petroleum Products3.9% · 4.2%

Automobiles3.3% · 4.4%

Industrial Products2.7% · 2.5%

Construction2.4% · 2.6%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap50.4%

Mid cap7.4%

Small / micro cap6.3%

Cash & equivalents38.2%

Not classified0.5%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 50%
Mid cap 7%
Small / micro 6%
Cash & other 38%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 69% of three-year stretches, and averaged +1.1 points a year across all of them

62 rolling windows since 2018 · ahead by 1.8 points a year when it won, behind by 0.4 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 1.8 points a year in the 43 windows it won and behind by 0.4 in the 19 it lost, so the average across all 62 is +1.1 points. The worst window ended Apr 2025, 0.9 points behind.

No category distribution for this measure yet.

windows measured62windows won43average across every window+1.14 pts a year · median +1.34when ahead, by how much+1.84 pts a year over 43 windowswhen behind, by how much−0.45 pts a year over 19 windowsworst window−0.86 pts a year, ended Apr 2025best window+3.47 pts a year, ended Mar 2023non-overlapping windows in that span2 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

A modest five-year number over a record that beat its category 69% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 69% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 1.96% a year more than Direct

₹43,502 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

1.96 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 8 funds · category median 1.27 pp

on ₹1,00,000 over ten years₹43,502Direct vs Regular, annualised10.3% vs 8.3%measured over9.58 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 38% of the portfolio a year

+0.02 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

38% a year

costliest in categorycheapest in category

95th percentile · top decile of 8 funds · category median 51%

excess return per unit of turnover+0.02 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 61 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

61 months

lowest in categoryhighest in category

73th percentile · above median of 8 funds · category median 51 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 0.7 points ahead of them

1084 positions judged, one disclosure at a time · ahead by 13.3 points when it won, behind by 12.5 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 13.3 points in the 553 positions it won and behind by 12.5 in the 531 it lost, so the average across all 1084 is +0.7 points. The worst position was INE397D01024 at the May 2020 disclosure, 43.0 points behind.

51%

lowest in categoryhighest in category

74th percentile · above median of 8 funds

positions judged1084beat the median stock553average across every position+0.74 pts · median +0.34when ahead, by how much+13.32 pts over 553 positionswhen behind, by how much−12.51 pts over 531 positionsworst position−43.02 pts, INE397D01024 at the May 2020 disclosurebest position+63.09 pts, INE002A01018 at the Jan 2020 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹533 Cr, 50th percentile in category; 3% of growth came from outflows

smaller than 50% of the funds in its category (7 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 2.79%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

50th percentile by AUM

largestsmallest

50th percentile · above median of 7 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.79% / 1.24% · category median 2.75%AUM, Aug 2023 → Aug 2026₹403 Cr → ₹533 Cr (+10% a year)of that change, from flows rather than returns3% net outflows · NAV +33% over the window

Assets under management, ₹ crore, Mar 2017 – Aug 2026

71 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.85% in Jun 2018 → 2.79% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by Rahul Pal for 9.6 yrs

with Renjith Sivaram, Navin Matta, Kush Sonigara

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowRahul Pal (since Feb 2017), Renjith Sivaram (since Jul 2023), Navin Matta (since Dec 2025), Kush Sonigara (since Jan 2026)share of the fund's life under the longest-serving current manager99%changes of hands in the archive12 — last Jan 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Rahul Pal	debt portion	Feb 2017	now	10.7% vs 9.7% p.a. (+0.99 pp)	70% of 61
Renjith Sivaram	equity portion	Jul 2023	now	10.7% vs 10.5% p.a. (+0.18 pp)	50% of 2
Navin Matta	equity portion	Dec 2025	now	3.8% vs 2.8% (+1.01 pp)	—
Kush Sonigara	debt portion	Jan 2026	now	3.6% vs 2.7% (+0.91 pp)	—
Fatema Pacha	equity portion	Oct 2020	Jun 2023	14.8% vs 12.6% p.a. (+2.29 pp)	—
Manish Lodha	equity portion	Dec 2020	Oct 2025	12.6% vs 11.6% p.a. (+0.96 pp)	39% of 23
Fatema Pacha	equity portion	by Aug 2021†	May 2022	4.5% vs 2.6% (+1.89 pp)	—
Amit Hiremath	fund manager	Dec 2022*	Jan 2023	−2.3% vs −1.5% (−0.76 pp)	—
Alpha Negi	fund manager	Feb 2023	Jun 2023	6.2% vs 6.4% (−0.16 pp)	—
Kush Sonigara	fund manager	Jul 2023	Dec 2023	11.1% vs 9.8% (+1.22 pp)	—
Pranav Patel	fund manager	Jan 2024	Dec 2024	10.1% vs 13.1% p.a. (−2.98 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 35% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Mahindra Manulife Equity Savings Fund - Direct Plan -Growth	growth	₹25.67	21 Sep 2026
direct Mahindra Manulife Equity Savings Fund -Direct Plan -Quarterly IDCW	idcw	₹17.39	21 Sep 2026
regular Mahindra Manulife Equity Savings Fund - Regular Plan - Growth	growth	₹21.58	21 Sep 2026
regular Mahindra Manulife Equity Savings Fund -Regular Plan -Quarterly IDCW	idcw	₹13.83	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹25.67
Regular growth NAV: ₹21.58
NAV divergence to date: 18.9% — same portfolio, priced differently
Regular costs more by: 1.96% a year
On ₹1,00,000 over ten years: ₹43,502

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

Mirae Asset Equity Savings Fund HSBC Equity Savings Fund Axis Equity Savings Fund UTI - Equity Savings Fund pick any fund…