Fund watch
Why Is Mahindra Manulife Mid Cap Fund Falling? October 2026 Data
By Azad Mohammed · · Data as of 8 October 2026
Short answer
Mahindra Manulife Mid Cap Fund lost 9.07% in the month to 8 October 2026. The average Mid Cap fund lost 6.71% over the same month, so the whole category fell and this fund fell a further 2.36 percentage points, ranking 33rd of 33. Over 3 months it is down 6.55%, against a category average of -2.39%.
- One-month return of -9.07%, the lowest of the 33 Mid Cap funds with a one-month record.
- The category average fell 6.71% in the same month, so most of the drop was shared by every Mid Cap fund.
- Over 5 years the fund returned 15.06% a year against a category average of 13.41%, ranking 6th of 24.
| Period | Fund | Category average | Rank in category |
|---|---|---|---|
| 1 week | -1.59% | -1.07% | 28 of 33 |
| 1 month | -9.07% | -6.71% | 33 of 33 |
| 3 months | -6.55% | -2.39% | 32 of 32 |
| 6 months | +2.11% | +6.33% | 27 of 32 |
| 1 year (annualised) | +2.63% | +2.40% | 14 of 30 |
| 3 years (annualised) | +14.99% | +14.86% | 15 of 28 |
| 5 years (annualised) | +15.06% | +13.41% | 6 of 24 |
As of 8 October 2026. Rank 1 is the highest return in the category.
How much has the fund fallen?
In the week to 8 October 2026, Mahindra Manulife Mid Cap Fund returned -1.59%. The average Mid Cap fund returned -1.07% over the same week, which put this fund 28th of 33.
The one-month figure is where the fall shows most clearly. The fund lost 9.07% in the month, while the category average lost 6.71%. No other Mid Cap fund with a one-month record did worse: the fund ranked 33rd of 33.
Over 3 months the fund is down 6.55%, against a category average of -2.39%, and it ranked 32nd of 32. Over 6 months it is still in positive territory at 2.11%, but the category average for that period is 6.33%, which puts the fund 27th of 32.
Is it the fund, or the whole Mid Cap category?
Both. The category average fell 6.71% in the month, so a large part of this fund's 9.07% fall was shared by Mid Cap funds in general. The part that belongs to this fund alone is the gap: 2.36 percentage points over 1 month.
That gap widens over 3 months. The fund trails the category average by 4.16 percentage points over that period, and by 4.22 percentage points over 6 months. In the shortest window, 1 week, the gap is 0.52 percentage points.
So the recent picture has two layers. Mid Cap funds as a group have fallen over the last month, and this fund has fallen further than the group over every period up to 6 months.
What the fund holds
The most recent portfolio disclosure we hold for this fund is dated 3 July 2026, which is older than the return figures above. The fund may have bought and sold since then, so treat the list below as a snapshot of July, not of today.
In that disclosure the largest holding was IndusInd Bank at 2.98% of the fund, followed by The Federal Bank at 2.84%, Nippon Life India Asset Management at 2.63% and KEI Industries at 2.61%. JSW Energy, PB Fintech, L&T Finance, AIA Engineering, Max Financial Services and Tube Investments of India complete the top 10.
Together those ten holdings made up 25.93% of the portfolio, so the remaining three-quarters was spread across other companies. We do not hold price data for each of these stocks, so this article does not say which holdings moved the fund.
| Company | Sector | Weight |
|---|---|---|
| IndusInd Bank | Financial Services | 2.98% |
| The Federal Bank | Financial Services | 2.84% |
| Nippon Life India Asset Management | Financial Services | 2.63% |
| KEI Industries | Capital Goods | 2.61% |
| JSW Energy | Power | 2.57% |
| PB Fintech | Financial Services | 2.54% |
| L&T Finance | Financial Services | 2.51% |
| AIA Engineering | Capital Goods | 2.51% |
| Max Financial Services | Financial Services | 2.43% |
| Tube Investments of India | Automobile and Auto Components | 2.31% |
From the portfolio disclosure dated 3 July 2026. Together these make up 25.93% of the fund. Sectors are NSE industry classifications.
| Sector | Weight |
|---|---|
| Financial Services | 30.53% |
| Capital Goods | 16.64% |
| Healthcare | 9.51% |
| Automobile and Auto Components | 9.11% |
| Fast Moving Consumer Goods | 5.07% |
| Information Technology | 4.00% |
NSE industry classifications, from the same disclosure. 99.97% of the fund's equity holdings have one; the rest are companies outside NSE's broad market indices.
The longer record
Over 1 year the fund returned 2.63%, a touch above the category average of 2.4%, and ranked 14th of 30. Over 3 years it returned 14.99% a year against a category average of 14.86%, ranking 15th of 28.
The 5-year record is where the fund stands out most. It returned 15.06% a year over 5 years, against a category average of 13.41%, and ranked 6th of 24 Mid Cap funds with a full 5-year record.
Put together, the fund sits close to the middle of its category over 1 and 3 years, near the top over 5 years, and at the bottom over the last 1 and 3 months.
What these numbers cannot tell you
Returns describe what happened to the fund's NAV. They do not explain why the market moved, or why the fund's manager held what they held.
Past returns, over any period, do not predict future returns. A fund's rank in one month says where it stood in that month, and ranks change from one month to the next.
The holdings shown here are from July. A fund's portfolio can change a great deal in three months, so the list above describes what the fund owned then, not what it owns now.
Frequently asked questions
How much has Mahindra Manulife Mid Cap Fund fallen in the last month?
It returned -9.07% in the month to 8 October 2026. The average Mid Cap fund returned -6.71% in the same month.
How does it compare with other Mid Cap funds?
Over 1 month it ranked 33rd of 33 and over 3 months 32nd of 32. Over 5 years it ranked 6th of 24, with a return of 15.06% a year against a category average of 13.41%.
What are its largest holdings?
In the disclosure dated 3 July 2026, the largest were IndusInd Bank at 2.98%, The Federal Bank at 2.84% and Nippon Life India Asset Management at 2.63%. The top 10 made up 25.93% of the fund.
What does the fund charge?
Its expense ratio is 0.42% a year. The fund manages ₹4,865.69 crore.
How these numbers were computed
Returns are computed by Arthkar from the official AMFI NAV history as of 8 October 2026. Periods under one year are absolute returns; one year and longer are annualised. Category averages and ranks cover every active Mid Cap fund with a full record for that period, each fund counted once across its Direct and Regular plans. One fund was left out of the category figures because its NAV history contains a break we have not verified: Nippon India Growth Mid Cap Fund. Holdings and sector weights come from the fund's portfolio disclosure dated 3 July 2026.
Arthkar is not a SEBI-registered investment adviser. This article describes past data and is not a recommendation to buy, sell or hold any fund. Past returns do not predict future returns.