ReviewDirect · GrowthPrefer peers first
Mahindra Manulife ELSS Tax Saver Fund
Mahindra Manulife Mutual FundEquity Schemes - ELSS- Tax Saver Fund10 years
The Scheme seeks to generate long-term capital appreciation through a diversified portfolio of equity and equity related securities.
- NAV
- 30.941
- 29 Oct 2026
- 1Y
- -10.4%
- Trailing CAGR
- Upside capture
- +92%
- Vs NIFTY 500 TRI
- Downside capture
- +90%
- Lower is better
Buying brief
Should you add this fund?
Evidence on this desk, framed as a purchase checklist - not SEBI-registered advice.
As of 29 Oct 2026
Stance
Prefer peers first
The live read flags issues. Inspect same-category alternatives before buying.
In three lines
Watch if · Long-term category-relative performance remains stronger than the most recent rolling 1-year windows, which have deteriorated across multiple periods.
Watch if · Three-year return sits below the 25th percentile of comparable share classes.
Prefer peers if · Prefer WhiteOak Capital ELSS Tax Saver Fund if you want a same-category peer with stronger evidence.
Buy checklist
History depth
Pass
10.0 years of path to read.
Engine status
Fail
The live read flags issues. Inspect same-category alternatives before buying.
Expense ratio
Pass
1.04% TER (Direct). Lower cost compounds on long SIPs.
Drawdown vs peers
Watch
Peak-to-trough -35.9%. Ask whether you can hold through a similar fall.
Vs category
Fail
38% of rolling 3Y windows beat the category median, same plan and option.
Manager tenure
Watch
Hemang Kapasi · 0.1 years on the scheme.
Exit load
n/a
No exit-load summary on file.
Tax / lock-in
Watch
ELSS locks each installment for 3 years. Useful only if 80C is open on the old regime - otherwise locked equity.
Portfolio concentration
Pass
Top 10 holdings ≈ 43.3% of the portfolio.
Browse category
Same-category peers are preloaded into compare when available.
Before you buy or SIP
Behaviour and wrappers - the usual India MF failure modes - not a buy instruction.
Drawdown rehearsal
This scheme’s worst fall on file is about 36%. Before you SIP, ask whether you would keep contributing through a similar drop - pausing on fear is the usual India MF failure mode.
SIP discipline
Review does not mean stop the SIP tomorrow - compare peers first. Stopping on a red label often locks in the worst path.
ELSS lock-in
Every installment locks for 3 years. Only useful if 80C is still open on the old regime - otherwise it is locked equity, not a tax cut.
NAV
Path not in current snapshots
n/a
Returns
Trailing CAGR and simulated monthly SIP XIRR from daily NAV. Category comparison uses the median of comparable share classes in the peer set.
Trailing CAGR
Point-to-point, calendar-day annualized
- 1Y-10.4%
- 3Y+8.1%
- 5Y+8.2%
- 10Y+11.9%
- SI+11.9%
SIP XIRR
Equal monthly instalments to latest NAV
- 1Y-9.5%
- 3Y-0.6%
- 5Y+6.4%
- 10Y+11.7%
- Since inception
- +11.9%
- Calendar-day CAGR
- Excess 1Y
- -5.2%
- Category median, same plan and option
- 3Y win rate
- +38%
- Windows beating the median
- 3Y percentile
- 5
- Vs comparable share classes
- SIP 3Y XIRR
- -0.6%
- Simulated monthly SIP
- Worst rolling 3Y
- -8.4%
- 1734 daily-ending windows
- Median rolling 3Y
- +16.6%
- Calendar-day CAGR
- Positive rolling 5Y
- +100%
- 1240 daily-ending windows
Official benchmark
Date-aligned against NIFTY 500 TRI. Capture ratios use common month-end observations through 30 Oct 2026.
- 1Y excess
- -2.8%
- Fund minus TRI
- 3Y excess
- -2.3%
- Fund minus TRI
- Upside capture
- +92%
- Benchmark-up months
- Downside capture
- +90%
- Lower is better
Drawdown
Peak to trough from a running NAV high, with the path and recovery episodes.
- Max drawdown
- -35.9%
- Worst peak-to-trough
- Current
- -11.5%
- Below last peak
- Current spell
- 300 days
- Days below latest peak
- Time below peak
- +87%
- NAV observations
Drawdown
Path not in current snapshots
n/a
- Average recovery
- 11 days
- 120 recovered episodes
- Longest recovery
- 234 days
- Trough to prior peak
9 Jan 2018 – 11 Nov 2020
Trough 23 Mar 2020 · recovered in 233 days
-35.9%
17 Jan 2022 – 13 Sept 2022
Trough 17 Jun 2022 · recovered in 88 days
-17.6%
26 Sept 2024 – 20 Oct 2025
Trough 28 Feb 2025 · recovered in 234 days
-16.4%
2 Jan 2026 – open
Trough 31 Mar 2026 · not recovered
-14.7%
Dimensions
0–100 reads of named metrics. The mean is unweighted and only uses dimensions with data.
Returns
5
Vs category
17
Consistency
39
Risk-adjusted
47
Drawdown
10
Mean
24
Decision
Quantitative engine reasons behind the buying stance. An explanation can only restate what is already here.
Review
Buying stance
Prefer peers first
The live read flags issues. Inspect same-category alternatives before buying.
Why this status
- Long-term category-relative performance remains stronger than the most recent rolling 1-year windows, which have deteriorated across multiple periods.
- Three-year return sits below the 25th percentile of comparable share classes.
- Maximum drawdown exceeded 35%.
Supporting reads
No supporting reads in the current evidence set.
Portfolio
30 Sept 2026 · 56 holdings · top 10 are 43.3%.
- Top 5
- 29.7%
- Top 10
- 43.3%
- Largest holding
- 9.2%
- Effective holdings
- 31.6
ICICI Bank Ltd
Financial
9.2%
HDFC Bank Ltd
Financial
7.2%
Repo
Unspecified
5.4%
Bharti Airtel Ltd
Technology
4.3%
Bajaj Finance Ltd
Financial
3.6%
What changed
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
29 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
28 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
27 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
26 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
23 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
22 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
21 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
19 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
16 Oct 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
24 Sept 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
23 Sept 2026
PERFORMANCE
Recent rolling excess versus the category median has deteriorated.
22 Sept 2026
Worth investigating
Same-category peers with enough history to inspect beside this fund - including tradeoffs.
WhiteOak Capital ELSS Tax Saver Fund
WhiteOak Capital Mutual Fund
- 1Y
- -2.1%
- 3Y
- +15.8%
- Vol
- 13.2%
- Max DD
- -16.4%
- Sharpe
- 0.79
- 3Y win
- +100%
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Canara Robeco ELSS - Tax Saver Fund
Canara Robeco Mutual Fund
- 1Y
- -5.1%
- 3Y
- +11.6%
- Vol
- 15.4%
- Max DD
- -34.3%
- Sharpe
- 0.59
- 3Y win
- +38%
- Shallower drawdown
- Higher win rate vs category
- Lower TER
- Higher trailing returns
Caveat: Higher volatility
Axis ELSS- Tax Saver Fund
Axis Mutual Fund
- 1Y
- -5.1%
- 3Y
- +10.7%
- Vol
- 15.2%
- Max DD
- -33.5%
- Sharpe
- 0.64
- 3Y win
- +49%
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher volatility · Higher TER
Bajaj Finserv ELSS - Tax Saver Fund
Bajaj Finserv Mutual Fund
- 1Y
- -3.7%
- 3Y
- n/a
- Vol
- 13.1%
- Max DD
- -13.5%
- Sharpe
- 0.13
- 3Y win
- n/a
- Lower volatility
- Shallower drawdown
- Higher win rate vs category
Caveat: Higher TER · Lower trailing returns
BANK OF INDIA ELSS TAX SAVER FUND
Bank of India Mutual Fund
- 1Y
- -2.8%
- 3Y
- +12.4%
- Vol
- 16.4%
- Max DD
- -31.7%
- Sharpe
- 0.66
- 3Y win
- +73%
- Shallower drawdown
- Higher win rate vs category
- Higher trailing returns
Caveat: Higher volatility · Higher TER