Mahindra Manulife Investment Management Pvt Ltd · Multi Asset Allocation

Mahindra Manulife Multi Asset Allocation Fund

Hybrid Schemes - Multi Asset Allocation Fund Direct plan, growth benchmark: 45% NIFTY 500 TRI + 40% CRISIL Composite Bond Index + 10% Domestic Price of Physical Gold + 5% Domestic Price of Silver launched 20 Feb 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹14.41

−0.18% since 18 Sep 2026, the previous NAV

1 year

12.3%

return

3 years

not enough history

5 years

not enough history

Since launch

15.5%

a year, over 2.5 years

Assets (AUM)

₹1,224 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.42% / 1.57%

a year, as of Aug 2026

Holdings

top ten are 38% of the fund · Aug 2026

Disclosed history

2.5 yrs

Mar 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Rahul Pal · since Mar 2024 · debt portionRenjith Sivaram · since Mar 2024 · 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 1.80 percentage points a year more than Direct

₹59,669 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 2.5 yrs

with Renjith Sivaram, 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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 Mar 2024

31 month-ends · ₹10.13 → ₹14.41, 1.4× since Mar 2024

Deepest fall (max drawdown)

−9.5%

29 Jan 2026 → 23 Mar 2026

Worst month

−6.5%

Mar 2026

Days to recover

133

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 · 85 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	ICICI Prudential Gold ETF etf unit	—	12.65%	Mar 2024	2.5 yrs	+2.81% points
2	ICICI Bank Limited equity	Banks	3.67%	Mar 2024	2.5 yrs	+0.87% points
3	HDFC Bank Limited equity	Banks	3.44%	Mar 2024	2.5 yrs	−0.22% points
4	Brookfield India Real Estate Trust reit	—	3.36%	Mar 2024	2.5 yrs	+1.16% points
5	8.42% Muthoot Finance Limited 2029 (FRN) ** corporate bond	—	3.02%	May 2026	4 mo	+2.01% points
6	Nippon India Silver ETF etf unit	—	3.01%	Mar 2024	2.5 yrs	+1.67% points
7	ICICI Securities Limited 2026 ** money market	—	2.83%	Jul 2026	2 mo	+2.83% points
8	Bharti Airtel Limited equity	Telecom - Services	2.11%	Nov 2024	1.8 yrs	−0.24% points
9	Reliance Industries Limited equity	Petroleum Products	2.11%	Mar 2024	2.5 yrs	−0.30% points
10	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.03%	Mar 2024	2.5 yrs	+0.45% points
11	8.85% TVS Credit Services Limited 2027 ** corporate bond	—	2.03%	Jul 2025	1.2 yrs	−0.21% points
12	8.7% Shriram Finance Limited 2028 ** corporate bond	—	1.84%	May 2026	4 mo	−0.19% points
13	State Bank of India equity	Banks	1.76%	Mar 2024	2.5 yrs	−0.01% points
14	Triparty Repo money market	—	1.66%	Apr 2026	5 mo	−1.55% points
15	7.4% Bharti Telecom Limited 2029 ** corporate bond	—	1.59%	Jan 2026	8 mo	−0.16% points
16	7.71% Government of India 2066 government security	—	1.51%	Aug 2026	1 mo	+1.51% points
17	8.02% Cholamandalam Investment and Finance Company Ltd 2029 (FRN) ** corporate bond	—	1.41%	May 2026	4 mo	+0.94% points
18	Kotak Mahindra Bank Ltd equity	Banks	1.38%	Jan 2026	8 mo	+0.51% points
19	SPR Auto Technologies Ltd equity	Auto Components	1.36%	Aug 2025	1.1 yrs	+0.26% points
20	Axis Bank Limited equity	Banks	1.29%	Feb 2025	1.6 yrs	−0.13% points
21	Aditya Vision Ltd equity	Retailing	1.26%	Aug 2024	2.1 yrs	+0.02% points
22	7.45% Power Finance Corporation Limited 2028 corporate bond	—	1.21%	Apr 2026	5 mo	−0.12% points
23	7.77% Bajaj Finance Limited 2029 ** corporate bond	—	1.21%	Apr 2026	5 mo	−0.12% points
24	7.21% Embassy Office Parks REIT 2028 ** reit	—	1.21%	Jul 2026	2 mo	+1.21% points
25	7.34% Small Industries Dev Bank of India 2029 ** corporate bond	—	1.20%	May 2026	4 mo	−0.13% points
26	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.13%	Jul 2024	2.2 yrs	0.00% points
27	Infosys Limited equity	IT - Software	1.11%	Mar 2024	2.5 yrs	−0.14% points
28	Persistent Systems Ltd equity	IT - Software	1.08%	Jun 2024	2.3 yrs	+0.25% points
29	Tech Mahindra Limited equity	IT - Software	1.06%	Mar 2024	2.5 yrs	−0.01% points
30	Larsen & Toubro Limited equity	Construction	1.03%	Mar 2024	2.5 yrs	−0.12% points
31	Eternal Limited equity	Retailing	0.98%	Feb 2026	7 mo	+0.15% points
32	Inox India Limited equity	Industrial Products	0.96%	Jun 2024	2.3 yrs	+0.22% points
33	6.98% State Government Securities 2037 government security	—	0.96%	Dec 2025	9 mo	−0.10% points
34	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.95%	Apr 2024	2.4 yrs	−0.01% points
35	NTPC Limited equity	Power	0.94%	Mar 2024	2.5 yrs	−0.28% points
36	Bajaj Finance Ltd equity	Finance	0.92%	Jun 2025	1.3 yrs	+0.05% points
37	Tata Steel Limited equity	Ferrous Metals	0.90%	Apr 2024	2.4 yrs	−0.23% points
38	PTC Industries Ltd equity	Industrial Products	0.90%	Sep 2024	2.0 yrs	+0.17% points
39	Tata Power Company Limited equity	Power	0.84%	Mar 2026	6 mo	−0.29% points
40	Embassy Office Parks REIT reit	—	0.84%	Feb 2025	1.6 yrs	−0.06% points
41	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.80%	Nov 2024	1.8 yrs	+0.11% points
42	L&T Finance Limited equity	Finance	0.80%	Apr 2024	2.4 yrs	+0.01% points
43	Shriram Finance Limited equity	Finance	0.79%	Oct 2025	11 mo	+0.04% points
44	Grasim Industries Limited equity	Cement & Cement Products	0.78%	Apr 2024	2.4 yrs	−0.02% points
45	S. P. Apparels Limited equity	Textiles & Apparels	0.78%	Mar 2024	2.5 yrs	+0.09% points
46	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.76%	Jan 2026	8 mo	+0.04% points
47	Mahindra & Mahindra Limited equity	Automobiles	0.70%	Jan 2025	1.7 yrs	−0.29% points
48	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.69%	Feb 2026	7 mo	+0.01% points
49	8.42% Godrej Industries Limited 2027 ** corporate bond	—	0.69%	Jul 2024	2.2 yrs	−0.07% points
50	Hyundai Motor India Ltd equity	Automobiles	0.68%	Aug 2026	1 mo	+0.68% points
51	Nexus Select Trust - REIT reit	—	0.67%	Mar 2025	1.5 yrs	−0.06% points
52	Technocraft Industries (India) Limited equity	Industrial Products	0.64%	Jul 2024	2.2 yrs	+0.05% points
53	TVS Motor Company Limited equity	Automobiles	0.63%	Jun 2026	3 mo	+0.63% points
54	K.P.R. Mill Limited equity	Textiles & Apparels	0.62%	Apr 2026	5 mo	+0.06% points
55	Nippon Life India Asset Management Limited equity	Capital Markets	0.62%	Mar 2026	6 mo	−0.02% points
56	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.62%	Mar 2024	2.5 yrs	−0.40% points
57	Godfrey Phillips India Limited equity	Cigarettes & Tobacco Products	0.61%	Aug 2026	1 mo	+0.61% points
58	Power Grid Corporation of India Limited equity	Power	0.60%	Dec 2024	1.8 yrs	−0.13% points
59	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.58%	Jun 2026	3 mo	+0.58% points
60	Shree Cement Limited equity	Cement & Cement Products	0.58%	Apr 2024	2.4 yrs	−0.12% points
61	Kirloskar Brothers Limited equity	Industrial Products	0.58%	Apr 2024	2.4 yrs	−0.02% points
62	Oil India Limited equity	Oil	0.57%	Jul 2026	2 mo	+0.57% points
63	Raajmarg Infra Investment Trust invit	—	0.56%	Mar 2026	6 mo	−0.01% points
64	Hindalco Industries Limited equity	Non - Ferrous Metals	0.56%	Mar 2024	2.5 yrs	−0.43% points
65	HDFC Bank Limited 2026 ** # money market	—	0.56%	Aug 2026	1 mo	−0.31% points
66	National Aluminium Company Limited equity	Non - Ferrous Metals	0.54%	Aug 2026	1 mo	+0.54% points
67	Ingersoll Rand (India) Limited equity	Industrial Products	0.53%	Jun 2026	3 mo	+0.53% points
68	LG Balakrishnan & Bros Limited equity	Auto Components	0.53%	Apr 2024	2.4 yrs	+0.01% points
69	Kajaria Ceramics Limited equity	Consumer Durables	0.52%	Jul 2026	2 mo	+0.52% points
70	Bharat Electronics Limited equity	Aerospace & Defense	0.52%	Jun 2026	3 mo	+0.52% points
71	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.51%	Mar 2024	2.5 yrs	−0.13% points
72	JK Cement Limited equity	Cement & Cement Products	0.49%	Apr 2024	2.4 yrs	−0.06% points
73	ISGEC Heavy Engineering Limited equity	Construction	0.48%	Mar 2024	2.5 yrs	−0.15% points
74	Union Bank of India equity	Banks	0.47%	Feb 2026	7 mo	0.00% points
75	SBI Life Insurance Company Limited equity	Insurance	0.47%	Apr 2024	2.4 yrs	−0.07% points
76	GAIL (India) Limited equity	Gas	0.44%	Jun 2024	2.3 yrs	−0.14% points
77	Oil & Natural Gas Corporation Limited equity	Oil	0.43%	Aug 2024	2.1 yrs	−0.27% points
78	8.3721% Kotak Mahindra Investments Limited 2027 ** corporate bond	—	0.41%	Mar 2024	2.5 yrs	−0.04% points
79	Hindustan Unilever Limited equity	Diversified FMCG	0.40%	Jun 2024	2.3 yrs	−0.09% points
80	7.63% State Government Securities 2036 government security	—	0.40%	Oct 2025	11 mo	−0.04% points
81	Archean Chemical Industries Limited equity	Chemicals & Petrochemicals	0.39%	Mar 2024	2.5 yrs	−0.08% points
82	7.25% State Government Securities 2037 government security	—	0.39%	Nov 2025	10 mo	−0.04% points
83	7.24% Government of India 2055 government security	—	0.39%	Sep 2025	1.0 yrs	−0.04% points
84	6.68% Government of India 2040 government security	—	0.27%	Jul 2025	1.2 yrs	−1.04% points
85	7.05% Sundaram Finance Limited 2028 ** corporate bond	—	0.20%	Oct 2025	11 mo	−0.02% points

Showing 1–85 of 85 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks12.0% · 11.4%

Pharmaceuticals & Biotechnology4.7% · 3.5%

Industrial Products3.6% · 3.3%

IT - Software3.3% · 4.7%

Finance2.5% · 2.7%

Power2.4% · 1.8%

Retailing2.2%

Telecom - Services2.1%

share of the book05%10%15%

By market cap, Aug 2026

Large cap36.1%

Mid cap8.3%

Small / micro cap8.3%

Cash & equivalents5.7%

Not classified0.6%

Other41.0%

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 36%
Mid cap 8%
Small / micro 8%
Cash & other 6%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.80 percentage points a year more than Direct

₹59,669 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.

Why this matters: What does a Regular plan actually cost? 6 min

1.80% points a year

costliest in categorycheapest in category

20th percentile · bottom quartile of 13 funds · category median 1.50% points

on ₹1,00,000 over ten years₹59,669Direct vs Regular, annualised15.1% vs 13.3%measured over2.5 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 41% of the portfolio a year

+0.05% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

41% a year

costliest in categorycheapest in category

75th percentile · above median of 12 funds · category median 52%

excess return per unit of turnover+0.05% points

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 28 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.

28 months

lowest in categoryhighest in category

65th percentile · above median of 13 funds · category median 21 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 0.1 percentage points behind them

237 positions judged, one disclosure at a time · ahead by 12.9 percentage points when it won, behind by 12.9 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 12.9 percentage points in the 118 positions it won and behind by 12.9 in the 119 it lost, so the average across all 237 is −0.1 percentage points. The worst position was INE679V01019 at the May 2024 disclosure, 91.8 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

50%

lowest in categoryhighest in category

64th percentile · above median of 11 funds

positions judged237beat the median stock118average across every position−0.08% points · median −0.07when ahead, by how much+12.90% points over 118 positionswhen behind, by how much−12.94% points over 119 positionsworst position−91.75% points, INE679V01019 at the May 2024 disclosurebest position+53.38% points, INE062A01020 at the Aug 2025 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

₹1,224 Cr, 27th percentile in category; 94% of growth came from inflows

smaller than 73% of the funds in its category (13 funds) · AUM Mar 2024 → Aug 2026 · Regular plan expense ratio 1.90%

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.

27th percentile by AUM

largestsmallest

73th percentile · above median of 13 funds

median holding weight, trendflatexpense ratio, Regular / Direct1.90% / 0.60% · category median 2.05%AUM, Mar 2024 → Aug 2026₹154 Cr → ₹1,224 Cr (+136% a year)of that change, from flows rather than returns94% net inflows · NAV +44% over the window

Assets under management, ₹ crore, Mar 2024 – Aug 2026

30 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.05% in Mar 2024 → 1.90% 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 headline and record disagree

Run by Rahul Pal for 2.5 yrs

with Renjith Sivaram, 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.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowRahul Pal (since Mar 2024), Renjith Sivaram (since Mar 2024), Kush Sonigara (since Jan 2026)share of the fund's life under the longest-serving current manager97%changes of hands in the archive2 — 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	Mar 2024	now	16.3% vs 13.8% p.a. (+2.52% points)	—
Renjith Sivaram	equity portion	Mar 2024	now	16.3% vs 13.8% p.a. (+2.52% points)	—
Kush Sonigara	debt portion	Jan 2026	now	6.0% vs 3.9% (+2.11% points)	—
Pranav Patel	fund manager	Mar 2024	Jun 2024	8.3% vs 7.6% (+0.70% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.5 years, against a 5-year figure on display. Kush Sonigara joined roughly 0.7 years ago. A record earned under different people is not evidence about these ones.

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. It does mean the displayed record is the house’s more than the person’s.

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 47% 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 Multi Asset Allocation Fund- Direct Plan - Growth	growth	₹14.41	21 Sep 2026
direct Mahindra Manulife Multi Asset Allocation Fund - Direct Plan - IDCW	idcw	₹13.55	21 Sep 2026
regular Mahindra Manulife Multi Asset Allocation Fund- Regular Plan - Growth	growth	₹13.84	21 Sep 2026
regular Mahindra Manulife Multi Asset allocation Fund - Regular Plan - IDCW	idcw	₹13.00	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹14.41
Regular growth NAV: ₹13.84
NAV divergence to date: 4.1% — same portfolio, priced differently
Regular costs more by: 1.80% points a year
On ₹1,00,000 over ten years: ₹59,669

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

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