^@Refer SID for details

• Overarching Fund Positioning
  
  • Accrual/Credit calls at the short end of the yield curve
  • Rates call with a mix of short and long highly rated securities.
  
  
• Enhance risk adjusted return through asset allocation within credits and sovereign securities basis underlying demand supply scenario and evolving macro views.
  
  
• Endeavour would be to complement fund performance through tactical positioning across term structure at appropriate times.
  

• The Annualised Portfolio YTM of the portfolio is around 7.80%
  
  
• The Modified duration of the portfolio is around 2.46 years and would target being in quartile one till the time anecdotal data suggests a weak growth outlook.
  
  
• Our portfolio continues to have a large allocation towards gilts, accounting for around 50% of the duration as we are wary of the spreads increasing in AAA credits
  

Under normal circumstances the asset allocation pattern will be:

Instruments	Indicative Allocation (%of net assets)		Risk Profile
	Minimum	Maximum	Low/ Moderate/ High
Debt* and Money Market Instruments	0%	100%	Low to Moderate
Units issued by REITs & InvITs	0%	10%	Moderately High

* Includes securitized debt (excluding foreign securitized debt) and debt instruments having structured obligations/ credit enhancements (such as corporate / promoter guarantee, conditional and contingent liabilities, covenants, pledge and / or Non Disposal Undertaking of shares etc) upto 35% of the net assets of the Scheme.
Note: For detailed asset allocation pattern, please refer SID/KIM of the Scheme available on our website www.mahindramanulife.com or visit the nearest ISC.

Benchmark: CRISIL Short Duration Debt B-II Index
Entry Load: N.A.
Exit Load: Nil

FUND MANAGER : MR. RAHUL PAL
Total Experience : 22 years
Experience in managing this fund: 2 Years and 11 months (Managing since February 23, 2021)

FUND MANAGER : ^Mr. Pranav Patel^##
^(Dedicated Fund Manager for overseas Investment)
Total Experience : 9 years
Experience in managing this fund: 1 month (Managing since January 05, 2024)



Note: ^##Pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Mr. Rahul Pal and Mr. Pranav Patel (Dedicated Fund Manager for Overseas Investment) effective January 5, 2024.

Note: The data/statistics given above are to explain general market trends in the securities market, it should not be construed as any research report/research recommendation.

CURRENT MONTH January 31, 2024
AUM (Rs. In Crore)	49.25
Monthly AAUM (Rs. In Crore)	47.37
Annualised Portfolio YTM*	7.80%
Macaulay Duration (Years)	2.57
Modified Duration	2.46
Residual Maturity (Years)	3.99

PREVIOUS MONTH December 31, 2023
AUM (Rs. In Crore)	44.27
Monthly AAUM (Rs. In Crore)	44.02
Annualised Portfolio YTM*	7.71%
Macaulay Duration (Years)	2.74
Modified Duration	2.63
Residual Maturity (Years)	4.30

*In case of semi annual YTM, it will be annualised

**Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS. Data as on January 31, 2024

**Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS. Data as on January 31, 2024

CURRENT MONTH January 31, 2024
Security	% to N.A.
7.37% GOI (MD 23/10/2028) (SOV)	30.87%
4.7% GOI FRB (MD 22/09/2033) (SOV)	10.27%
7.17% GOI (MD 17/04/2030) (SOV)	10.18%
Mindspace Business Parks REIT (CRISIL AAA rated CB)	6.10%
Cholamandalam Investment and Finance Company Ltd (ICRA AA+ rated CB)	6.08%
Power Finance Corporation Limited (CRISIL AAA rated CB)	6.01%
Shriram Finance Limited (CRISIL AA+ rated CB)	5.09%
Embassy Office Parks REIT (CRISIL AAA rated CB)	5.06%
Bharti Telecom Limited (CRISIL AA+ rated CB)	4.07%
Axis Bank Limited (CRISIL A1+ rated CD)	3.81%
Total	87.53%

PREVIOUS MONTH December 31, 2023
Security	% to N.A.
7.37% GOI (MD 23/10/2028) (SOV)	34.30%
4.7% GOI FRB (MD 22/09/2033) (SOV)	11.46%
7.17% GOI (MD 17/04/2030) (SOV)	11.31%
Mindspace Business Parks REIT (CRISIL AAA rated CB)	6.78%
Cholamandalam Investment and Finance Company Ltd (ICRA AA+ rated CB)	6.77%
Power Finance Corporation Limited (CRISIL AAA rated CB)	6.68%
Shriram Finance Limited (CRISIL AA+ rated CB)	5.67%
Embassy Office Parks REIT (CRISIL AAA rated CB)	5.62%
Bharti Telecom Limited (CRISIL AA+ rated CB)	4.54%
Corporate Debt Market Development Fund Class A2 (CDMDF)	0.25%
Total	93.37%

CP - Commercial Paper, CD - Certificate of Deposit, CB - Corporate Bond, SOV- Sovereign

FRESH ADDITIONS	COMPLETE EXITS
Security	Security
360 One Prime Limited (CB)	-
Axis Bank Limited (CD)	-
HDFC Bank Limited (CD)	-
TATA Realty & Infrastructure Limited (CB)	-

CP - Commercial Paper, CD - Certificate of Deposit, CB - Corporate Bond, SOV- Sovereign

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).

SYSTEMATIC INVESTMENT PLAN

WITH THIS YOU CAN • Build corpus in the long term • Take advantage of rupee cost averaging • Experience the power of compounding even on small investments

CHOICE OF FREQUENCIES • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date of your choice

MINIMUM AMOUNTS / INSTALMENTS • 6 instalments of ₹ 500 each under weekly frequency • 6 instalments of ₹ 500 each under monthly frequency • 4 instalments of ₹ 1500 each under quarterly frequency

SYSTEMATIC TRANSFER PLAN

WITH THIS YOU CAN • Take measured exposure into a new asset class • Rebalance your portfolio

CHOICE OF FREQUENCIES • Daily • Weekly • Monthly • Quarterly

CHOICE OF DATES Any date^ of your choice

MINIMUM AMOUNTS / INSTALMENTS • 6 instalments of ₹500 each under daily, weekly and monthly frequency • 4 instalments of ₹1500 each under quarterly frequency

SYSTEMATIC WITHDRAWAL PLAN

WITH THIS YOU CAN • Meet regular expenses

CHOICE OF FREQUENCIES • Monthly • Quarterly

CHOICE OF DATES Any date of your choice

MINIMUM AMOUNTS / INSTALMENTS • 2 instalments of ₹ 500 each under monthly / quarterly frequency

^STP can be registered for any date under the monthly and quarterly frequencies and for any business day under the weekly frequency.

Mahindra Manulife Short Duration Fund

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 23-Feb-21. ^$Dedicated Fund Manager for Overseas Investments
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. 1,000 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. Pranav Patel is managing the scheme since January 05, 2024.
Note: ^###Pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Mr. Rahul Pal and Mr. Pranav Patel (Dedicated Fund Manager for Overseas (Investment) effective January 5, 2024.

^Benchmark CAGR – Compounded Annual Growth Rate. ^$Dedicated Fund Manager for Overseas Investments Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. The performance details provided above are of Growth Option under Regular Plan Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. Mr. Rahul Pal manages 10 schemes of Mahindra Manulife Mutual Fund and Mr. Pranav Patel$### manages 4 schemes of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.
Note: : ^##Pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Mr. Manish Lodha, Mr. Renjith Sivaram, Mr. Rahul Pal and Mr. Pranav Patel (Dedicated Fund Manager for Overseas Investment) effective January 5, 2024.
Note: ^##@Pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Mr. Pranav Patel (Dedicated Fund Manager for Overseas Investment) and Amit Garg effective January 5, 2024

Pursuant to Clause 17.5 of the SEBI Master Circular SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023 Potential Risk Class (‘PRC’) Matrix for debt schemes based on Interest Rate Risk and Credit Risk is as follows: