• 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 YTM of the portfolio is around 7.27%
• The Modified duration of the portfolio is around 1.82 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 AAA credits

Under normal circumstances the asset allocation pattern will be:

Asset Class	Proportion	Risk Profile
		Low/Moderate/High
Debt* & 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 Fund BII Index
Entry Load: N.A.
Exit Load: Nil

KEY MARKET INDICATORS

Parameters	31-Oct-2022	30-Sep-2022	31-Oct-21
RBI Repo Rate %	5.90	5.90	4.00
5Y AAA PSU %	7.40	7.34	5.99
1 year CD %	7.50	7.05	4.31
10Y Gsec %	7.45	7.40	6.39
CPI (%)	7.41	7.00	4.48
IIP (YoY) %	0.83	2.36	4.17
US 10Y %	4.05	3.83	1.55
Dollar Rupee	82.79	81.35	74.88

Source: Bloomberg; as on date October 31st, 2022

FUND MANAGER : MR. RAHUL PAL
Total Experience : 21 years
Experience in managing this fund: 1 Year and 8 months (Managing since February 23, 2021)

FUND MANAGER : MR. KUSH SONIGARA
(Dedicated Fund Manager for overseas Investment)
Total Experience : 11 years
Experience in managing this fund: 1 Year and 8 months (Managing since February 23, 2021)

The domestic debt market continued to witness a schism in the yield curve. The money market yields moved up by close to 40-50 basis points (bps) while the benchmark 10 years Gilt rates remained largely stable and moved up by around 5 bps. A tight systemic liquidity coupled with supply from the banking segment in issuing Certificate of Deposits (CDs) to fund the strong credit growth led to a sharp rise in the short-term rates. The credit yields curve for AAA rated issuers has largely become flat now with the 1, 3 and 10 years, rates largely the same now.

As minutes of the MPC meeting held on September 30th were put out for in the public domain, we saw two external members opining for a wait and watch policy to see the lag effects on the economy of the monetary policy measures.

The US rates continued its upward trend and the yield curve from the 3 months treasury to the 10 years treasury flattened marking potential recessionary economic growth in the near future. The home prices in the US have started stagnating /marginally falling and this trend would be actively monitored. The US Fed meets in the first week of November and would be an interesting watch.

Data as on 31 October, 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 OCTOBER 31, 2022
AUM (Rs. In Crore)	53.67
Monthly AAUM (Rs. In Crore)	54.80
Avg. Maturity (Years)	2.21
Modified Duration	1.82
Macaulay Duration (days)	1.90
YTM (%)	7.27

PREVIOUS MONTH AUGUST 31, 2022
AUM (Rs. In Crore)	55.83
Monthly AAUM (Rs. In Crore)	56.11
Avg. Maturity (Years)	2.14
Modified Duration	1.76
Macaulay Duration (days)	1.84
YTM (%)	6.98

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

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

*Cash & Cash Equivalents includes Fixed Deposits, Cash & Current Assets and TREPS

CURRENT MONTH October 31, 2022
Security	% to N.A.
Tata Power Company Limited (CARE AA rated CB)	9.31%
Cholamandalam Investment and Finance Company Ltd (ICRA AA+ rated CB)	9.30%
7.24% GUJARAT SDL (MD 28/12/2026) SOV)	9.23%
Bajaj Housing Finance Limited (CRISIL AAA rated CB)	8.94%
Tata Capital Housing Finance Limited CRISIL AAA rated CB)	8.89%
364 Days Tbill (MD 27/07/2023)SOVSOV	8.86%
5.74% GOI (MD 15/11/2026) (SOV)	8.80%
Export Import Bank of India (CRISIL A1+ rated CD)	8.79%
Punjab National Bank (ICRA A1+ rated CD)	8.75%
7.38% GOI (MD 20/06/2027) (SOV)	4.65%
TOTAL	86%

PREVIOUS MONTH SEPTEMBER 30, 2022
Security	% to N.A.
Tata Power Company Limited (CARE AA rated CB)	8.97%
Cholamandalam Investment and Finance Company Ltd (ICRA AA+ rated CB)	8.95%
182 Days Tbill (MD 27/10/2022) (SOV)	8.92%
7.24% GUJARAT SDL (MD 28/12/2026) SOV)	8.89%
Axis Bank Limited (CRISIL A1+ rated CD)	8.85%
Bajaj Housing Finance Limited (CRISIL AAA rated CB)	8.60%
Tata Capital Housing Finance Limited CRISIL AAA rated CB)	8.57%
364 Days Tbill (MD 27/07/2023) (SOV)	8.49%
5.74% GOI (MD 15/11/2026) (SOV)	8.47%
Punjab National Bank (ICRA A1+ rated CD)	8.39%
TOTAL	87%

FRESH ADDITIONS	COMPLETE EXITS
Security	Security
Export Import Bank of India (CD)	182 Days Tbill (MD 27/10/2022) (SOV)
	Axis Bank Limited (CD)

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 Term Fund

^Benchmark ^^Additional Benchmark. CAGR – Compounded Annual Growth Rate. Inception/Allotment date: 23-Feb-21.
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.

^Benchmark CAGR - Compounded Annual Growth Rate. 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. Kush Sonigara manages 1 scheme 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: