mPOWER SIF — by Mahindra Manulife Mutual Fund

mPOWER SPECIALIZED
INVESTMENT FUND

KNOW MORE

What is a Specialized Investment Fund (SIF)?

Specialized Investment Funds (SIFs) are an investment product that aim to bridge the gap between Mutual Funds (MFs) and Portfolio Management Services (PMS).

a) SIFs offer more flexibility in investment strategies
b) They often have advanced strategies with hedgefund like long short models, complex derivative strategies etc.

Constitution of mPOWER SIF

mPOWER Specialized Investment Fund (‘SIF’) is offered by Mahindra Manulife Mutual Fund in terms of Regulation 48 of SEBI (Mutual Funds) Regulations, 2026 (“SEBI Regulations”) with Mahindra Manulife Trustee Private Limited as the Trustee and Mahindra Manulife Investment Management Private Limited as the Asset Management Company (AMC). Mahindra Manulife Mutual Fund was granted approval to establish the SIF by SEBI on February 09, 2026.

For more details, visit About Mahindra Manulife Mutual Fund.

There was a gap in current offerings for retail investors, especially experienced retail investors

a) Mutual Funds offered long only strategies which are often limited in nature and may not navigate market downturns effectively

b) PMS and AIFs exist with advanced strategies for all market conditions but have a high minimum investment (₹ 50 Lac for PMS and ₹ 1 crore for AIF)

c) Investors having a ticket size between ₹ 10 lacs to ₹ 50 lacs did not have a suitable option resulting in a gap that SIFs aim to fill

There was a gap in current offerings for retail investors, especially experienced retail investors

a) Mutual Funds offered long only strategies which are often limited in nature and may not navigate market downturns effectively

b) PMS and AIFs exist with advanced strategies for all market conditions but have a high minimum investment (₹ 50 Lac for PMS and ₹ 1 crore for AIF)

c) Investors having a ticket size between ₹ 10 lacs to ₹ 50 lacs did not have a suitable option resulting in a gap that SIFs aim to fill

THE SIF SOLUTION

a) Bridges the above gap by offering advanced strategies similar to PMS and AIF in accordance with SEBI regulations
b) Reduce the entry barrier with minimum ticket size of ₹ 10 lacs only

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Asset Allocation Differentiation with Mutual Funds (MF)

DESCRIPTION	MF	SIF
Derivatives Exposure	Limited to hedging and portfolio rebalancing	Naked shorts up to 25% of NAV
Single company equity exposure	up to 10% of NAV	up to 10% of NAV
Single issuer debt exposure	Overall Limit: 10% of NAV	Overall Limit: 20% of NAV
Single sector debt exposure	up to 20% of NAV	up to 25% of NAV
Single issuer debt exposure (based on credit rating of the instruments for actively managed mutual fund schemes other than credit risk funds)	AAA - 10% of NAV AA - 8% of NAV A and below - 6% of NAV	AAA - 20% of NAV AA - 16% of NAV A and below - 12% of NAV
InVIT exposure (aggregate)	up to 10% of NAV	up to 20% of NAV
InVIT exposure (single issuer)	up to 5% of NAV	up to 10% of NAV

SIF Comparison with other offerings

DESCRIPTION	SIF	MF	PMS	AIF
Minimum Investment	₹10 Lac	₹100	₹50 Lac	₹1 Crore
Taxation at investor level*	only on redemption	only on redemption	At every transaction	NA
Taxation at fund level*	NA	NA	NA	CAT III - LCTG @ 12.5% + Business Income @ 30% + Surcharge + Cess
Strategies	Long Short	Long only	Long only	Diverse (Long Short, PE) etc.
Leverage	No leverage	No leverage	No leverage	Leverage with gross exposure at 200%
Derivatives	Unhedged short position up to 25% + derivatives for hedging & rebalancing	Derivatives only for hedging & rebalancing	Derivatives only for hedging & rebalancing	Permitted

*As per current Income Tax Laws. Please consult your investment / tax adviser before making any investment decision.

*Note: CAT refers to Category

Fund Managers

Fund Manager – Equity

Mr. Aalap Shah

Aalap Shah, CFA (ICFAI), MBA, has 20 yrs of experience as specialist in Quantitative and Fundamental (“Quanta-mental”) strategies. Worked as a Quantitative analyst with firms like Standard Chartered and Phillip Capital, and on the Buy side as a Fund Manager and Trader with houses like Dolat AIF, HDFC Life and Birla Sunlife.

Fund Manager – Equity

Mr. Abhishek Jaiswal

Abhishek Jaiswal is a Chartered Accountant with over 18 years of experience in investment management, spanning Long-Only, Long/Short, and sector-focused funds. He has successfully led and managed fund mandates across Hedge Fund, Mutual Fund, AIF, and PMS platforms. Prior to his current role, he held key positions at Nippon Life Asset Management, Dolat AIF, and Marshal Funds. His core strengths include alpha generation, portfolio construction, and macro-driven sector allocation. Abhishek combines deep market insight with a disciplined investment approach, enabling him to navigate complex market cycles and consistently deliver strong risk-adjusted performance.

Who should Invest ?

Investor profile – Experienced investors seeking advanced yet tax-efficient strategies

Minimum Eligibility Criteria

a.Minimum investment of ₹ 10 lac per investor aggregated across all SIF Strategies under a single AMC
b.Accredited investors may be exempt from this minimum threshold

Financial Characteristics of Investors

a.Experienced investors who are beyond traditional retail investing but cannot access advanced strategies due to higher ticket size
b.Risk Appetite for deploying ₹10 lac or more across strategies for a diversified, multi strategy approach
c.Investors who might tolerate certain liquidity constraints as some funds may not offer daily redemption features

Risk Tolerance

Investors with high risk appetite seeking diversification beyond traditional assets and MFs may consider investing in SIFs, which aims to offer differentiated strategies, including exposure to derivatives for enhanced return potential and risk management.

Investment Objective

Typical investors choosing SIF are looking for the following:

a.Returns through advanced strategies – These investors are looking beyond traditional long only mutual funds and want to access advanced strategies currently being used by hedge funds
b.Tax efficient investment strategies* – PMS investors incur tax on every transaction made into their accounts. SIFs offer similar strategies as PMS but with taxation like Mutual Fund (i.e. at redemption only)
c.A basket of advanced strategies for additional diversification – Long short, hybrid, sector rotation etc.

*As per current Income Tax Laws. Please consult your investment / tax adviser before making any investment decision

mPOWER SPECIALIZED INVESTMENT FUND