Mahindra Manulife
Small Cap Fund
(Small Cap Fund - An open ended equity scheme predominantly investing in small cap stocks)
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One Pager as on December 31, 2025
 | Potential growth tailwinds in Indian Economy. |
 | Opportunity to capitalize on Indian Entrepreneurship. |
 | Opportunity to capture market / economic cycles. |
 | Potential to create wealth and generate alpha over long-term. |
 | Small caps are generally under-researched and under-owned and hence provides an opportunity for stock-picking at reasonable valuations. |
 | Small Caps could be beneficiaries of structural reforms announced from time to time. |
 | Small caps also provide exposure to companies which are potential market leaders in the industries they operate in (a few examples include textile, paper, sugar, luggage) and have potential to become midcaps of tomorrow as they achieve scale. |
- Portfolio construction on bottom up stock selection basis.
- Key Overweight sectors/Industries include Capital Goods, FMCG and Automobile And Auto Components vs the Schemes’ Benchmark.
- Key Underweight sectors /Industries include Financial Services, Healthcare and Chemicals vs the Schemes’ Benchmark.
| Security | % to Net Assets |
| APL Apollo Tubes Limited | 3.87% |
| Multi Commodity Exchange of India Limited | 3.56% |
| IIFL Finance Limited | 2.73% |
| The Ramco Cements Limited | 2.49% |
| Usha Martin Limited | 2.44% |
| Radico Khaitan Limited | 2.33% |
| Neuland Laboratories Limited | 2.32% |
| Glenmark Pharmaceuticals Limited | 2.28% |
| Divi's Laboratories Limited | 2.04% |
| ZF Commercial Vehicle Control Systems India Limited | 2.00% |
| Total | 26.06% |
| Sector | MMSCF* | BSE 250 Small Cap TRI |
| Financial Services | 19.16% | 24.10% |
| Capital Goods | 17.74% | 12.07% |
| Healthcare | 12.60% | 14.51% |
| Fast Moving Consumer Goods | 9.48% | 4.86% |
| Automobile And Auto Components | 7.17% | 6.24% |
*Mahindra Manulife Small Cap Fund
Data as on December 31, 2025
| Turnover Ratio (Last 1 year) | 1.08 |
| Fresh Additions | Complete Exits |
| Security | Security |
| Ajanta Pharma Ltd | Sobha Ltd |
| Anthem Biosciences Ltd | AWL Agri Business Ltd |
| Equitas Small Finance Bank Ltd | Taj GVK Hotels & Resorts Ltd |
| Wakefit Innovations Ltd | - |
| ICICI Prudential Asset Management Company Ltd | - |
| - | - |
| - | - |
Note: The companies/stock(s) referred above are only for the purpose of disclosure of significant
portfolio changes during the month and should not be construed as recommendation to buy/sell/
hold. The fund manager may or may not choose to hold these companies/stocks, from time to
time. Investors are requested to consult their financial, tax and other advisors before taking any
investment decision(s). Data as on December 31, 2025
The investment objective of the Scheme is to generate long term capital appreciation by investing in a diversified portfolio of equity & equity related securities of small cap companies. However, there can be no assurance that the investment objective of the Scheme will be achieved.
Fund Manager:
Mr. Vishal Jajoo
Total Experience : 17 years
Experience in managing this fund: 1 Year (Managing since December 23, 2024)
Mr. Krishna Sanghavi
Total Experience : 27 years
Experience in managing this fund: 1 Year and 2 months (Managing since October 24, 2024)
Date of allotment: December 12, 2022
Benchmark: BSE 250 Small Cap TRI
Option: IDCW (IDCW Option will have IDCW Reinvestment (D) & IDCW Payout facility) and Growth (D) D-Default
Minimum Application Amount: Rs. 1,000 and in multiples of Re. 1/- thereafter
Minimum Additional Purchase Amount: Rs. 1,000 and in multiples of Re. 1/- thereafter
Minimum Weekly & Monthly SIP Amount: Rs 500 and in multiples of Rs 1/- thereafter
Minimum Weekly & Monthly SIP Installments: 6
Minimum Quarterly SIP Amount: Rs 1,500 and in multiples of Rs 1/- thereafter
Minimum Quarterly SIP installments: 4
Monthly AAUM as on December 31, 2025 (Rs. in Cr.): 4,182.33
Quarterly AAUM as on December 31, 2025 (Rs. in Cr.): 4,214.05
Monthly AUM as on December 31, 2025 (Rs. In Cr.): 4,223.69
Entry Load: Not applicable
Exit Load: • An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment;
• Nil if Units are redeemed / switched-out after 3 months from the date of allotment.
IDCW: Income Distribution cum Capital Withdrawal
^Benchmark ^^Additional Benchmark. Inception/Allotment date: 12-Dec-22.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 10 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period. Mr. Krishna Sanghavi is managing this fund since October 24, 2024. Mr. Vishal Jajoo is managing this fund since December 23, 2024.
^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 12-Dec-22.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Returns greater than 1 year period are compounded annualized. For SIP returns, monthly investment of equal amounts invested on the 1st business day of every month has been considered. CAGR Returns (%) are computed after accounting for the cash flow by using the XIRR method (investment internal rate of return).
^Benchmark CAGR – Compounded Annual Growth Rate.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments.
The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Krishna Sanghavi manages 6 schemes, Mr. Manish Lodha manages 10 schemes and Mr. Vishal Jajoo manages 5 schemes each of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.
$Note: Pursuant to notice cum addendum no. 52/2025, Fund Manager of the scheme has been changed with effect from January 01, 2026.
#Note: Pursuant to notice cum addendum no. 50/2025, the Benchmark of Mahindra Manulife Manufacturing Fund has been revised from ‘BSE India Manufacturing TRI’ to ‘Nifty India Manufacturing TRI’ with effect from December 22, 2025.
Note: The performance data of Mahindra Manulife Value Fund has not been provided as the scheme has not completed 1 year since inception. The said Scheme is managed by Mr. Krishna Sanghavi & Mr. Vishal Jajoo. The performance data of Mahindra Manulife Banking & Financial Services Fund has not been provided as the scheme has not completed 1 year since inception. The said Scheme is managed by Mr. Vishal Jajoo & Mr. Chetan Sanjay Gindodia.
Mahindra Manulife Small Cap Fund
This product is suitable for investors who are seeking*:
• Long term capital appreciation;
• Investment predominantly in equity and equity related securities of small cap companies.
As per AMFI Tier I Benchmark i.e. BSE 250 Small Cap TRI
Benchmark Riskometer
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
Get in Touch: Unit No. 204, 2nd Floor, Amiti Building, Piramal Agastya Corporate Park, LBS Road, Kamani Junction, Kurla (W), Mumbai – 400 070.
Phone: +91-22-66327900, Fax: +91-22-66327932
Toll Free No.: 1800 419 6244
Website: www.mahindramanulife.com