Mahindra Manulife Flexi Cap Fund - Direct Plan - IDCW

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Flexi Cap Fund

Fund House : Mahindra Manulife Mutual Fund

Portfolio Turnover Ratio : 61.00%. Category average turnover ratio is 149.78%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 98.92% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.92%

No of Stocks : 68 (Category Avg - 63.19) | Large Cap Investments : 53.43%| Mid Cap Investments : 9.38% | Small Cap Investments : 5.36% | Other : 30.75%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	68	62.86
Top 5 Stock Weight	28.89%	25.13%
Top 10 Stock Weight	44.34%	40.11%
Top 3 Sector Weight	37.69%	30.54%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	153072.34	90047.83
Holdings in large cap stocks	53.43%	39.52%
Holdings in mid cap stocks	9.38%	12.99%
Holdings in small cap stocks	5.36%	11.31%

Category - Flexi Cap Fund

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	1251.7	7.95%	-0.44%	9.87% (Feb 2025)	7.95% (Oct 2025)	12.68 L	-0.77 L
ICICI Bank Ltd.	Private sector bank	1126.7	7.15%	-0.16%	8.74% (Jul 2025)	7.15% (Oct 2025)	8.38 L	11.00 k
Reliance Industries Ltd.	Refineries & marketing	835.4	5.30%	0.27%	5.57% (Jun 2025)	4.26% (Dec 2024)	5.62 L	0.00
Infosys Ltd.	Computers - software & consulting	750.7	4.77%	-0.02%	4.93% (Aug 2025)	3.39% (Mar 2025)	5.06 L	0.00
Axis Bank Ltd.	Private sector bank	585.6	3.72%	0.10%	3.9% (Apr 2025)	2.82% (Aug 2025)	4.75 L	-0.13 L
Bajaj Finance Ltd.	Non banking financial company (nbfc)	551.6	3.50%	0.03%	3.5% (Oct 2025)	0% (Nov 2024)	5.29 L	0.00
Larsen & Toubro Ltd.	Civil construction	518.2	3.29%	-0.28%	3.8% (Nov 2024)	3.29% (Oct 2025)	1.29 L	-0.20 L
State Bank Of India	Public sector bank	490.1	3.11%	-0.13%	3.58% (Jan 2025)	2.49% (Apr 2025)	5.23 L	-0.43 L
Tata Consultancy Services Ltd.	Computers - software & consulting	438.8	2.79%	0.07%	3.39% (Apr 2025)	2.7% (Feb 2025)	1.44 L	0.00
Hindustan Unilever Ltd.	Diversified fmcg	435.4	2.76%	-0.15%	3.21% (Aug 2025)	2.4% (Dec 2024)	1.77 L	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
HDFC Bank Ltd.	Private sector bank	20.33	1251.7	7.95%	-0.44%	9.87% (Feb 2025)	7.95% (Oct 2025)	12.68 L	-0.77 L	Other	30.75
ICICI Bank Ltd.	Private sector bank	20.33	1126.7	7.15%	-0.16%	8.74% (Jul 2025)	7.15% (Oct 2025)	8.38 L	11.00 k	Large Cap	53.43
Reliance Industries Ltd.	Refineries & marketing	5.3	835.4	5.30%	0.27%	5.57% (Jun 2025)	4.26% (Dec 2024)	5.62 L	0.00	Large Cap	53.43
Infosys Ltd.	Computers - software & consulting	9.54	750.7	4.77%	-0.02%	4.93% (Aug 2025)	3.39% (Mar 2025)	5.06 L	0.00	Large Cap	53.43
Axis Bank Ltd.	Private sector bank	20.33	585.6	3.72%	0.10%	3.9% (Apr 2025)	2.82% (Aug 2025)	4.75 L	-0.13 L	Large Cap	53.43
Bajaj Finance Ltd.	Non banking financial company (nbfc)	7.82	551.6	3.50%	0.03%	3.5% (Oct 2025)	0% (Nov 2024)	5.29 L	0.00	Other	30.75
Larsen & Toubro Ltd.	Civil construction	3.29	518.2	3.29%	-0.28%	3.8% (Nov 2024)	3.29% (Oct 2025)	1.29 L	-0.20 L	Large Cap	53.43
State Bank Of India	Public sector bank	3.11	490.1	3.11%	-0.13%	3.58% (Jan 2025)	2.49% (Apr 2025)	5.23 L	-0.43 L	Large Cap	53.43
Tata Consultancy Services Ltd.	Computers - software & consulting	9.54	438.8	2.79%	0.07%	3.39% (Apr 2025)	2.7% (Feb 2025)	1.44 L	0.00	Large Cap	53.43
Hindustan Unilever Ltd.	Diversified fmcg	2.76	435.4	2.76%	-0.15%	3.21% (Aug 2025)	2.4% (Dec 2024)	1.77 L	0.00	Large Cap	53.43
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	7.82	429.3	2.72%	-0.16%	2.88% (Sep 2025)	1.02% (Nov 2024)	2.53 L	-0.20 L	Other	30.75
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.67	420.1	2.67%	0.06%	3.27% (Jun 2025)	2.55% (Dec 2024)	2.05 L	-7.50 k	Large Cap	53.43
Titan Company Ltd.	Gems, jewellery and watches	1.9	299.7	1.90%	0.44%	1.9% (Oct 2025)	0% (Nov 2024)	80.00 k	14.00 k	Large Cap	53.43
Ultratech Cement Ltd.	Cement & cement products	1.72	271.2	1.72%	-0.30%	2.11% (Aug 2025)	0% (Nov 2024)	22.70 k	-2.50 k	Large Cap	53.43
Tata Steel Ltd.	Iron & steel products	1.69	266	1.69%	-0.10%	1.79% (Sep 2025)	0% (Nov 2024)	14.55 L	-1.65 L	Other	30.75
Tata Power Co. Ltd.	Integrated power utilities	1.53	241.3	1.53%	-0.23%	2.04% (Mar 2025)	1.53% (Dec 2024)	5.96 L	-0.94 L	Mid Cap	9.38
Indusind Bank Ltd.	Private sector bank	20.33	238.4	1.51%	0.11%	1.51% (Oct 2025)	0.93% (Mar 2025)	3.00 L	10.00 k	Large Cap	53.43
Britannia Industries Ltd.	Packaged foods	1.46	230.5	1.46%	-0.09%	1.95% (Aug 2025)	1.23% (Dec 2024)	39.50 k	0.00	Large Cap	53.43
Havells India Ltd.	Consumer electronics	2.7	221.1	1.40%	-0.06%	1.75% (Apr 2025)	1.4% (Oct 2025)	1.48 L	0.00	Large Cap	53.43
Asian Paints (india) Ltd.	Paints	1.33	209.8	1.33%	0.04%	1.39% (Aug 2025)	1.11% (Dec 2024)	83.56 k	0.00	Large Cap	53.43
ICICI Prudential Life Insurance Co Ltd.	Life insurance	1.25	196.3	1.25%	-0.05%	1.77% (May 2025)	0.96% (Nov 2024)	3.32 L	0.00	Large Cap	53.43
Info Edge (India) Ltd.	Internet & catalogue retail	1.21	191.3	1.21%	0.02%	1.32% (Jun 2025)	0.8% (Feb 2025)	1.39 L	0.00	Other	30.75
TVS Motor Company Ltd.	2/3 wheelers	2.02	185.3	1.18%	-0.44%	1.67% (Aug 2025)	0% (Nov 2024)	52.80 k	-0.19 L	Mid Cap	9.38
LTIMindtree Ltd.	Computers - software & consulting	9.54	184.1	1.17%	0.07%	1.17% (Oct 2025)	0.79% (Dec 2024)	32.39 k	0.00	Mid Cap	9.38
Voltas Limited	Household appliances	1.14	179.9	1.14%	-0.01%	2.77% (Dec 2024)	1.13% (Jul 2025)	1.30 L	0.00	Mid Cap	9.38
Page Industries Ltd.	Garments & apparels	1.82	168.9	1.07%	-0.02%	1.62% (Dec 2024)	1.07% (Oct 2025)	4.10 k	0.00	Mid Cap	9.38
Jyoti CNC Automation Ltd.	Industrial products	1.73	165.9	1.05%	-0.02%	1.28% (Jul 2025)	0.8% (Apr 2025)	1.92 L	0.00	Other	30.75
Cipla Ltd.	Pharmaceuticals	4.43	163.6	1.04%	-0.03%	1.6% (Feb 2025)	0.98% (Nov 2024)	1.09 L	0.00	Large Cap	53.43
Jubilant Foodworks Ltd.	Restaurants	1.85	160.2	1.02%	0.04%	1.02% (Oct 2025)	0% (Nov 2024)	2.68 L	25.00 k	Other	30.75
- Doms Industries Ltd.	Stationary	1	158.3	1.00%	0.00%	1.03% (Nov 2024)	0.76% (May 2025)	61.54 k	0.00	Other	30.75
Siemens Ltd.	Heavy electrical equipment	0.95	149.1	0.95%	-0.04%	0.99% (Sep 2025)	0% (Nov 2024)	48.16 k	0.00	Large Cap	53.43
GlaxoSmithKline Pharmaceuticals Ltd.	Pharmaceuticals	4.43	144.3	0.92%	-0.04%	1.21% (Mar 2025)	0.66% (Jan 2025)	55.09 k	0.00	Mid Cap	9.38
Navin Flourine International Ltd.	Commodity chemicals	1.59	142.2	0.90%	0.14%	1.19% (Nov 2024)	0.76% (Sep 2025)	25.00 k	0.00	Small Cap	5.36
Astral Ltd.	Plastic products - industrial	0.89	139.9	0.89%	0.03%	0.89% (Oct 2025)	0% (Nov 2024)	96.48 k	0.00	Mid Cap	9.38
Swiggy Ltd.	E-retail/ e-commerce	1.1	139.4	0.88%	0.05%	0.88% (Oct 2025)	0% (Nov 2024)	3.40 L	40.00 k	Other	30.75
SBI Cards and Payment Services Ltd.	Non banking financial company (nbfc)	7.82	138.4	0.88%	0.15%	0.88% (Oct 2025)	0% (Nov 2024)	1.57 L	31.00 k	Other	30.75
Avenue Supermarts Ltd.	Diversified retail	0.87	137.1	0.87%	-0.48%	1.45% (Aug 2025)	0% (Nov 2024)	33.00 k	-0.13 L	Large Cap	53.43
Neuland Laboratories Ltd.	Pharmaceuticals	4.43	135.1	0.86%	0.07%	0.86% (Oct 2025)	0% (Nov 2024)	8.20 k	0.00	Small Cap	5.36
Devyani International Ltd.	Restaurants	1.85	130.5	0.83%	-0.06%	0.93% (Aug 2025)	0% (Nov 2024)	8.06 L	0.00	Other	30.75
Vinati Organics Ltd.	Specialty chemicals	0.83	130.4	0.83%	-0.07%	1.14% (Nov 2024)	0.83% (Oct 2025)	78.95 k	0.00	Other	30.75
Eicher Motors Ltd.	2/3 wheelers	2.02	129.6	0.82%	-0.15%	1.58% (Mar 2025)	0.78% (May 2025)	18.50 k	-2.50 k	Other	30.75
# Tech Mahindra Ltd.	Computers - software & consulting	9.54	128.2	0.81%	0.81%	0.81% (Oct 2025)	0% (Nov 2024)	90.00 k	90.00 k	Large Cap	53.43
Mankind Pharma Ltd.	Pharmaceuticals	4.43	127.3	0.81%	-0.04%	0.85% (Sep 2025)	0% (Nov 2024)	53.38 k	0.00	Other	30.75
Godrej Properties Ltd.	Residential, commercial projects	0.8	126.6	0.80%	0.09%	0.8% (Oct 2025)	0% (Nov 2024)	55.33 k	326.00	Mid Cap	9.38
Dr. Reddys Laboratories Ltd.	Pharmaceuticals	4.43	125.8	0.80%	0.24%	0.8% (Oct 2025)	0% (Nov 2024)	1.05 L	35.00 k	Other	30.75
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	2.03	125.5	0.80%	-0.01%	1.92% (Jan 2025)	0.76% (Mar 2025)	36.00 k	0.00	Large Cap	53.43
Dixon Technologies (India) Ltd.	Consumer electronics	2.7	124	0.79%	-0.07%	1.07% (Jul 2025)	0% (Nov 2024)	8.00 k	0.00	Other	30.75
Gokaldas Exports Ltd.	Garments & apparels	1.82	118.4	0.75%	0.08%	1.04% (Dec 2024)	0.63% (Aug 2025)	1.41 L	0.00	Small Cap	5.36
V.I.P. Industries Ltd	Plastic products - consumer	0.75	118.2	0.75%	-0.04%	0.99% (Nov 2024)	0.56% (Mar 2025)	2.91 L	0.00	Small Cap	5.36
# Tata Capital Ltd.	Non banking financial company (nbfc)	7.82	113.9	0.72%	0.72%	0.72% (Oct 2025)	0% (Nov 2024)	3.48 L	3.48 L	Other	30.75
# UNO Minda Ltd.	Auto components & equipments	1.17	109.1	0.69%	0.69%	0.69% (Oct 2025)	0% (Nov 2024)	88.31 k	88.31 k	Small Cap	5.36
GHCL Ltd.	Commodity chemicals	1.59	108.8	0.69%	0.02%	1.11% (Dec 2024)	0.62% (Aug 2025)	1.70 L	0.00	Small Cap	5.36
Kaynes Technology India Private Ltd.	Industrial products	1.73	107.6	0.68%	-0.06%	1.27% (Nov 2024)	0.68% (Oct 2025)	16.04 k	0.00	Other	30.75
Bata India Ltd.	Footwear	0.68	107.1	0.68%	-0.08%	1.14% (Nov 2024)	0.68% (Oct 2025)	1.00 L	0.00	Mid Cap	9.38
Arvind Fashions Ltd.	Speciality retail	0.97	101.7	0.65%	-0.05%	1.3% (Jul 2025)	0.65% (Oct 2025)	2.02 L	0.00	Other	30.75
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.03	100.4	0.64%	-0.01%	0.65% (Sep 2025)	0% (Nov 2024)	6.20 k	0.00	Large Cap	53.43
ICICI Lombard General Insurance Co Ltd.	General insurance	0.64	100.1	0.64%	0.02%	0.64% (Oct 2025)	0% (Nov 2024)	50.19 k	0.00	Large Cap	53.43
# Indus Towers Ltd.	Telecom - infrastructure	0.6	94.5	0.60%	0.60%	0.6% (Oct 2025)	0% (Nov 2024)	2.60 L	2.60 L	Large Cap	53.43
Tata Motors Passenger Vehicles Ltd.	Passenger cars & utility vehicles	2.03	92.3	0.59%	-0.24%	0.83% (Sep 2025)	0% (Nov 2024)	2.25 L	40.00 k	Large Cap	53.43
# LG Electronics India Pvt. Ltd.	Consumer electronics	2.7	79.6	0.51%	0.51%	0.51% (Oct 2025)	0% (Nov 2024)	47.87 k	47.87 k	Other	30.75
# SKF India (Industrial) Ltd.	Auto components & equipments	1.17	75.8	0.48%	0.48%	0.48% (Oct 2025)	0% (Nov 2024)	28.00 k	28.00 k	Other	30.75
SKF India Ltd.	Abrasives & bearings	0.38	59.9	0.38%	-0.49%	0.96% (Nov 2024)	0.38% (Oct 2025)	28.00 k	0.00	Small Cap	5.36
# TML Commercial Vehicles Ltd.	Commercial vehicles	0.37	58.7	0.37%	0.37%	0.37% (Oct 2025)	0% (Nov 2024)	2.25 L	2.25 L	Other	30.75
InterGlobe Aviation Ltd.	Airline	0.36	56.3	0.36%	-0.01%	1.54% (Feb 2025)	0.36% (Oct 2025)	10.00 k	0.00	Large Cap	53.43
- Kajaria Ceramics Ltd.	Ceramics	0.34	53	0.34%	0.00%	0.35% (Aug 2025)	0% (Nov 2024)	43.86 k	-0.15 k	Small Cap	5.36
# Lenskart Solutions Ltd.	Speciality retail	0.97	50.2	0.32%	0.32%	0.32% (Oct 2025)	0% (Nov 2024)	1.25 L	1.25 L	Other	30.75
Urban Company Ltd.	E-retail/ e-commerce	1.1	33.9	0.22%	-0.25%	0.47% (Sep 2025)	0% (Nov 2024)	2.15 L	-2.15 L	Other	30.75
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	2.02	3.1	0.02%	0.00%	0% (Dec 2025)	0% (Dec 2025)	3.08 L	0.00	Other	30.75
Max Healthcare Institute Ltd.	Hospital		71.3	0.00%	-0.47%	-	-	-	-	Other	30.75

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# SKF India (Industrial) Ltd.	Auto components & equipments	75.8	0.48%	0.48%	0.48% (Oct 2025)	0% (Nov 2024)	28.00 k	28000
# Lenskart Solutions Ltd.	Speciality retail	50.2	0.32%	0.32%	0.32% (Oct 2025)	0% (Nov 2024)	1.25 L	124835
# UNO Minda Ltd.	Auto components & equipments	109.1	0.69%	0.69%	0.69% (Oct 2025)	0% (Nov 2024)	88.31 k	88313
# TML Commercial Vehicles Ltd.	Commercial vehicles	58.7	0.37%	0.37%	0.37% (Oct 2025)	0% (Nov 2024)	2.25 L	225000
# Tata Capital Ltd.	Non banking financial company (nbfc)	113.9	0.72%	0.72%	0.72% (Oct 2025)	0% (Nov 2024)	3.48 L	347988
# Indus Towers Ltd.	Telecom - infrastructure	94.5	0.60%	0.60%	0.6% (Oct 2025)	0% (Nov 2024)	2.60 L	260000
# LG Electronics India Pvt. Ltd.	Consumer electronics	79.6	0.51%	0.51%	0.51% (Oct 2025)	0% (Nov 2024)	47.87 k	47873
# Tech Mahindra Ltd.	Computers - software & consulting	128.2	0.81%	0.81%	0.81% (Oct 2025)	0% (Nov 2024)	90.00 k	90000

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Max Healthcare Institute Ltd.	Hospital	71.3	0.00%	-0.47%	0.71% (Feb 2025)	0% (Nov 2024)	0.00	-64000

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	7.95%	8.39%	8.28%	9.25%	8.99%	9.07%	9.23%	9.72%	9.87%	9.05%	9.19%	9.18%	9.40%
ICICI Bank Ltd.	7.15%	7.31%	7.44%	8.74%	8.26%	8.58%	8.71%	8.58%	8.50%	8.27%	8.23%	7.75%	7.82%
Reliance Industries Ltd.	5.30%	5.03%	4.95%	4.82%	5.57%	5.48%	5.57%	4.76%	4.62%	4.55%	4.26%	4.46%	4.67%
Infosys Ltd.	4.77%	4.79%	4.93%	4.61%	4.28%	3.85%	3.67%	3.39%	4.20%	4.37%	4.45%	4.33%	5.14%
Larsen & Toubro Ltd.	3.29%	3.57%	3.54%	3.53%	3.50%	3.63%	3.40%	3.70%	3.59%	3.79%	3.73%	3.80%	3.75%
Axis Bank Ltd.	3.72%	3.62%	2.82%	2.84%	3.13%	3.82%	3.90%	3.78%	3.73%	2.90%	3.04%	3.20%	3.00%
State Bank Of India	3.11%	3.24%	3.01%	2.95%	2.69%	2.49%	2.49%	3.04%	2.91%	3.58%	3.58%	3.15%	3.13%
Tata Consultancy Services Ltd.	2.79%	2.72%	2.93%	2.85%	3.19%	3.31%	3.39%	3.00%	2.70%	2.98%	2.89%	2.97%	2.81%
Hindustan Unilever Ltd.	2.76%	2.91%	3.21%	3.00%	2.68%	2.85%	2.92%	2.93%	2.78%	2.93%	2.40%	2.53%	2.25%
Bharti Airtel Ltd.	2.67%	2.61%	2.65%	2.55%	3.27%	3.14%	3.24%	3.14%	2.77%	2.68%	2.55%	2.58%	1.85%
Bajaj Finance Ltd.	3.50%	3.47%	2.64%	2.62%	2.25%	2.53%	2.45%	1.19%	1.11%	0.96%	-	-	-
Cholamandalam Investment & Finance Co. Ltd.	2.72%	2.88%	2.57%	2.08%	2.30%	2.35%	2.26%	2.29%	2.26%	1.94%	1.61%	1.02%	0.53%
Voltas Limited	1.14%	1.15%	1.18%	1.13%	1.39%	1.79%	1.80%	2.21%	2.34%	2.23%	2.77%	2.53%	2.56%
Shree Cement Ltd.	-	-	-	-	-	-	-	0.48%	1.58%	2.19%	2.37%	2.37%	2.05%
Tata Power Co. Ltd.	1.53%	1.76%	1.90%	1.99%	1.79%	1.99%	2.00%	2.04%	1.76%	1.62%	1.53%	1.59%	1.72%