• High quality instruments
  
  
• Tactical allocation to mark to market
  
  
• Focusing on liquidity of the portfolio
  

• We continue to maintain a healthy mix of certificate of deposits and commercial papers
  
  
• We will attempt to ensure adequate liquidity, safety and accrual
  

Under normal circumstances the asset allocation pattern will be:

Asset Class	Proportion	Risk Profile
		Low/Moderate/High
Money Market instruments (including cash, repo, CPs, CDs, Treasury Bills and Government securities) with maturity / residual maturity up to 91 days	50-100%	Low
Debt instruments (including floating rate debt instruments and securitized debt)* with maturity/ residual maturity up to 91 days	0-50%	Low to Moderate

*securitized debt cumulative allocation not to exceed 30% of the net assets of the Scheme For complete details on asset allocation please refer SID available on www.mahindramanulife.com or visit your nearest Investor Service Centre

Benchmark: CRISIL Liquid Fund BI Index
Entry Load: N.A.
Exit Load:

Investor Exit upon subscription	Exit Load as % of redemption proceed
Day 1	0.0070%
Day 2	0.0065%
Day 3	0.0060%
Day 4	0.0055%
Day 5	0.0050%
Day 6	0.0045%
Day 7 onwards	0.0000%

Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO).
The above mentioned exit load shall not apply to the Unclaimed Plan offered under this scheme.

FUND MANAGER : MR. RAHUL PAL
Total Experience : 21 years
Experience in managing this fund: 6 years and 5 months (managing since July 4, 2016)

FUND MANAGER : MR. AMIT GARG
Total Experience : 17 years
Experience in managing this fund: 2 Years and 6 months (Managing since June 8, 2020)

It was a good month for the domestic debt markets as rates across the yield curve softened. The benchmark 10-year gilt softened by around 17 basis points (bps) to close at 7.28%. There were several tail winds aiding the softening bias. Crude prices cooled off significantly by around 8-10 percent. The US ten year too softened by around 45 bps to close 3.60%.

India retail inflation printed at 6.77% along the expected lines. The core inflation continues to remain sticky around 6.30%. With commodities cooling off, we believe inflation can ease and edge closer to the RBI target band.

The Monetary Policy Committee (MPC) of the RBI meets between December 5-7. We expect the MPC to hike rates between 25-35 basis points. What may be of interest is whether the MPC takes cognizance of the softening in the commodities prices and crude prices and make policy moves data dependent. We think the domestic rate cycle is close to its peak. While RBI may have a bit more rate hike cycle up its sleeve, the markets have largely priced in such rate hikes. With RBI projecting an inflation of 5% in the second quarter of fiscal 2024, the time is now apt for looking into fixed income products across all duration segments. With commodity prices, barring crude, softening through the past 3 months; we think a sustained commodity slowdown may provide a respite to the retail inflation.

Data as on 30 November 2022 | Data source: Bloomberg

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 NOVEMBER 30, 2022
AUM (Rs. In Crore)	521.53
Monthly AAUM (Rs. In Crore)	508.43
Avg. Maturity (Days)	37.12
Macaulay Duration (Days)	37.12
Modified Duration	0.10
YTM (%)	6.51%

PREVIOUS MONTH OCTOBER 31, 2022
AUM (Rs. In Crore)	587.45
Monthly AAUM (Rs. In Crore)	512.84
Avg. Maturity (Days)	25.59
Macaulay Duration (Days)	25.55
Modified Duration	0.07
YTM (%)	6.58

YTM : Yield to maturity should not be construed as minimum return offered by the Scheme.

CURRENT MONTH November 30, 2022
Security	% to N.A.
91 Days Tbill (MD 15/12/2022) (SOV)	9.16%
Axis Bank Limited (CRISIL A1+ rated CD)	9.13%
Canara Bank (CRISIL A1+ rated CD)	4.58%
Small Industries Dev Bank of India (CRISIL A1+ rated CP)	4.57%
Kotak Mahindra Bank Limited (CRISIL A1+ rated CD)	4.57%
Berger Paints (I) Limited (CRISIL A1+ rated CP)	4.57%
Export Import Bank of India (CRISIL A1+ rated CP)	4.56%
TV18 Broadcast Limited (CARE A1+ rated CP)	4.54%
National Bank For Agriculture and Rural Development (CRISIL A1+ rated CP)	4.54%
Bank of Baroda (FITCH A1+ rated CD)	4.53%
TOTAL	55%

PREVIOUS MONTH OCTOBER 31, 2022
Security	% to N.A.
91 Days Tbill (MD 15/12/2022) (SOV)	8.39%
Small Industries Dev Bank of India (CRISIL A1+ / CARE A1+ rated CP)	8.38%
IIFL Wealth Prime Limited ICRA A1+ rated CP)	5.06%
National Bank For Agriculture and Rural Development CRISIL AAA rated CB)	4.22%
Axis Bank Limited (CRISIL A1+ rated CD)	4.22%
HDFC Securities Limited CRISIL A1+ rated CP)	4.22%
Motilal Oswal Financial Services Limited (ICRA A1+ rated CP)	4.21%
Piramal Enterprises Limited CARE A1+ rated CP)	4.21%
Indian Oil Corporation Limited ICRA A1+ rated CP)	4.21%
Reliance Retail Ventures Limited (CRISIL A1+ rated CP)	4.21%
TOTAL	51%

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

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 Liquid Fund

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 04-Jul-16.
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 Amit Garg is managing the scheme since June 8, 2020.

^Benchmark CAGR - Compounded Annual Growth Rate.
#pursuant to change in Fund Management Responsibilities, the scheme shall be managed by Ms. Alpha Negi and Mr. Amit Garg effective November 1, 2022.
^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. Amit Garg is managing 4 schemes of Mahindra Manulife Mutual Fund. The performance data for the schemes which have not completed one year has not been provided.

Pursuant to SEBI circular no. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2021/573 dated June 07, 2021 Potential Risk Class ('PRC')
Matrix for debt schemes based on Interest Rate Risk and Credit Risk is as follows: