EquityLarge & Mid Cap FundDirectGrowthVery High

Mahindra Manulife Large & Mid Cap Fund

Q: What is the NAV of Mahindra Manulife Large & Mid Cap Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Large & Mid Cap Fund is ₹29.89 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Mahindra Manulife Large & Mid Cap Fund delivered?

Mahindra Manulife Large & Mid Cap Fund has returned +1.83% over 1 year, +11.01% per year over 3 years, +11.08% per year over 5 years and +17.56% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund charges an expense ratio of 0.83% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund's largest holdings are ICICI Bank Limited (4.5%), The Federal Bank Limited (2.9%), Axis Bank Limited (2.8%), IndusInd Bank Limited (2.7%) and Eternal Limited (2.6%). Holdings are disclosed monthly and change over time.

Q: How risky is Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.3% and its worst peak-to-trough fall in our sample was -32.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.28 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife Large & Mid Cap Fund's 0.28 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is benchmarked against the NIFTY Large Midcap 250 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is managed by Kirti Dalvi at Mahindra Manulife.

Q: How is Mahindra Manulife Large & Mid Cap Fund taxed?

Mahindra Manulife Large & Mid Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Mahindra Manulife Mutual Fund · Best Large & Mid Cap Mutual Funds

NAV

₹29.89

+0.46% 1D

as of 05 Oct 2026

This is the Direct plan of Mahindra Manulife Large & Mid Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+1.16%absolute

52-week rangePrev NAV ₹29.76

Latest ₹29.89

Low ₹26.6959th percentile of its 52-week rangeHigh ₹32.12

Scorecard

★★★☆☆3/5 vs 26 of 35 Large & Mid Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Large & Mid Cap Fund (same plan and option). 26 of the 35 Large & Mid Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceBelow avg

3Y CAGR +11.01% · ranks 21 of 26 Large & Mid Cap Funds

RiskHigh

Volatility 16.3% vs 14.6% category avg

CostLow

0.8% expense vs 1.2% category avg

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

1-year return (+1.83%) beats the Large & Mid Cap Fund average (+0.35%)
Low expense ratio (0.83%) vs the Large & Mid Cap Fund average of 1.19%
Consistent — positive in 100% of rolling 3-year windows

Concerns

3-year return (+11.01%) trails the Large & Mid Cap Fund average (+13.09%)
5-year return (+11.08%) trails the Large & Mid Cap Fund average (+11.66%)
Weaker risk-adjusted returns — Sharpe 0.28 below the Large & Mid Cap Fund average of 0.43
More volatile than its Large & Mid Cap Fund peers (16.3% vs 14.6%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.83%

Category 1.19%▼0.36%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

28.73

Category 27.97▲0.76

Excess return per unit of total volatility (rf = 6.5%)

0.28

Category 0.43▼0.15

Scheme Info

Definitions

Plan

Direct · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment.

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹500

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

NIFTY Large Midcap 250 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

01 Jan 2020

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-5.64%

Absolute return over the last 3 months (not annualized)

-1.81%

Absolute return over the last 6 months (not annualized)

+10.05%

Absolute return since 1 Jan of this year (not annualized)

-1.23%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+1.83%

3-year annualized return (CAGR)

+11.01%

5-year annualized return (CAGR)

+11.08%

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+17.56%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

16.32%

Excess return per unit of total volatility (rf = 6.5%)

0.28

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.36

Largest peak-to-trough decline over full history

-32.90%

Benchmark ratios (vs Nifty Midcap 150 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Midcap 150 TRI

-1.57%

Sensitivity to Nifty Midcap 150 TRI moves; 1 = moves with the index

0.82

How much of the fund's movement Nifty Midcap 150 TRI explains

92.6%

Excess return per unit of beta (market risk)

5.47

Active return over the benchmark per unit of tracking error

-0.54

Annualized std dev of fund-minus-benchmark returns

5.44%

Fund's share of benchmark gains in up months (100 = matches index)

81.6%

Fund's share of benchmark losses in down months (lower is better)

83.6%

Computed vs the Nifty Midcap 150 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Large & Mid Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.64%	-5.18%	-0.46%
3M abs	-1.81%	-3.68%	+1.87%
6M abs	+10.05%	+9.60%	+0.45%
1Y CAGR	+1.83%	+0.35%	+1.48%
3Y CAGR	+11.01%	+13.09%	-2.08%
5Y CAGR	+11.08%	+11.66%	-0.58%

Category average across peers in Large & Mid Cap Fund (up to 35 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 35 peers in Large & Mid Cap Fund

1Y return

+1.83%

Beats 62.5% · rank #13

3Y return

+11.01%

Beats 20% · rank #21

5Y return

+11.08%

Beats 40% · rank #16

Sharpe

0.28

Beats 16% · rank #22

Sortino

0.36

Beats 16% · rank #22

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.72L

Absolute

+28.63%

XIRR

+10.33%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Mahindra Manulife Large & Mid Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty Midcap 150 TRI	Diff
2026part	-1.23%	-1.81%	+0.58%
2025	+3.77%	+6.24%	-2.47%
2024	+18.48%	+24.74%	-6.26%
2023	+34.45%	+45.27%	-10.82%
2022	+3.94%	+4.09%	-0.15%
2021	+48.04%	+48.31%	-0.27%
2020part	+18.81%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

1,667

Expense ratio

0.83%

AUM

₹2,695Cr

Portfolio turnover

77%

Exit load

An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment; Nil if Units are redeemed / switched-out after 3 months from the date of allotment.

P/E ratio

28.7

P/B ratio

4.5

Avg market cap

₹2,52,707Cr

P/E & P/B are portfolio-weighted harmonic means across 66 of 70 equity holdings (92% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Large & Mid Cap Fund

Compare all


Mahindra Manulife Large & Mid Cap FundThis fund Mahindra Manulife · Direct · Growth	★★★☆☆	+1.83%	+11.01%	+11.08%	28.73	0.83%	—
Invesco India Large & Mid Cap Fund Invesco · Direct · Growth	★★★★★	+6.12%	+21.40%	+15.88%	42.81	0.79%	—
Motilal Oswal Large and Midcap Fund Motilal Oswal · Direct · Growth	★★★★☆	+5.62%	+21.20%	+18.26%	38.81	0.89%	₹17,050Cr
HSBC Large & Mid Cap Fund HSBC · Direct · Growth	★★★☆☆	+7.65%	+16.77%	+13.52%	31.22	1.34%	—
Bandhan Large & Mid Cap Fund Bandhan · Direct · Growth	★★★★★	+1.38%	+16.67%	+15.58%	19.23	1.15%	—
Quant Large & Mid Cap Fund quant · Direct · Growth	★★★☆☆	+7.99%	+14.58%	+14.54%	32.31	1.21%	—

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap50.8%
Mid cap37.6%
Small cap11.6%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity96.79%
Cash & Equivalents3.17%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Mahindra Manulife Balanced Advantage Fund Mahindra Manulife · Dynamic Asset Allocation or Balanced Advantage	68.6% of 70% equity	★★★★☆	0.83%	+10.49%
Axis Large & Mid Cap Fund Axis · Large & Mid Cap Fund	48.0%	★★★★★	0.83%	+13.98%
Union Large & Midcap Fund Union · Large & Mid Cap Fund	47.7%	★★★☆☆	1.31%	+12.40%
Axis Multicap Fund Axis · Multi Cap Fund	44.6%	★★★★★	1.00%	+18.51%
Edelweiss Large & Mid Cap Fund Edelweiss · Large & Mid Cap Fund	43.7%	★★★★☆	0.68%	+13.05%
JM Large Cap Fund JM Financial · Large Cap Fund	43.3%	★★☆☆☆	1.19%	+9.54%
Mahindra Manulife Flexi Cap Fund Mahindra Manulife · Flexi Cap Fund	42.5%	★★★☆☆	0.99%	+9.06%
WhiteOak Capital Large & Mid Cap Fund WhiteOak Capital · Large & Mid Cap Fund	42.3%	★★★★☆	0.89%	—

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

1 holding — 1.25% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

PB Fintech LimitedShort-term · Stage I1.25%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-32.9%20 Feb 2020 → 23 Mar 2020
Fell over 32 days, back to the old high on 28 Aug 2020 — 5 months under water after the low.
-20.0%27 Sep 2024 → 03 Mar 2025
Fell over 5 months, back to the old high on 03 Aug 2026 — 17 months under water after the low.
-18.2%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 13 Sep 2022 — 3 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

AMC Profile

Mahindra Manulife Mutual Fund is a joint venture between Mahindra & Mahindra Financial Services and Manulife of Canada, which took a 49% stake in 2020 in what until then was Mahindra Mutual Fund. It runs a compact equity, hybrid and debt line-up.

Launched

03 Feb 2016

Total AUM

₹34,786Cr+5.0% QoQ

Avg AUM · April - June 2026

Website

mahindramanulife.com

Fund Managers

KDKirti DalviManaging since 02 Dec 2025

Role

Fund Manager - Equity

Total experience

19 years

Education

CFA – Level II, Master’s in Management Studies and B.com

Funds managed (2)

All schemes Kirti Dalvi runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Kirti Dalvi

Top holdings

ICICI Bank Limited The Federal Bank Limited Axis Bank Limited IndusInd Bank Limited Eternal Limited HDFC Bank Limited Glenmark Pharmaceuticals Limited Laurus Labs Limited Senores Pharmaceuticals Limited Larsen & Toubro Limited Reliance Industries Limited Neuland Laboratories Limited

Mahindra Manulife in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

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Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Large & Mid Cap funds

Large & mid cap funds keep at least 35% each in large-cap and mid-cap stocks. They aim to blend the stability of big companies with the higher growth — and higher swings — of mid caps.

Frequently asked questions

What is the NAV of Mahindra Manulife Large & Mid Cap Fund?

As of 05 Oct 2026, the NAV of Mahindra Manulife Large & Mid Cap Fund is ₹29.89 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Mahindra Manulife Large & Mid Cap Fund delivered?

Mahindra Manulife Large & Mid Cap Fund has returned +1.83% over 1 year, +11.01% per year over 3 years, +11.08% per year over 5 years and +17.56% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund charges an expense ratio of 0.83% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund's largest holdings are ICICI Bank Limited (4.5%), The Federal Bank Limited (2.9%), Axis Bank Limited (2.8%), IndusInd Bank Limited (2.7%) and Eternal Limited (2.6%). Holdings are disclosed monthly and change over time.

How risky is Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 16.3% and its worst peak-to-trough fall in our sample was -32.9%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.28 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Mahindra Manulife Large & Mid Cap Fund's 0.28 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is benchmarked against the NIFTY Large Midcap 250 TRI. Its alpha and beta on this page are measured against that index.

Who manages Mahindra Manulife Large & Mid Cap Fund?

Mahindra Manulife Large & Mid Cap Fund is managed by Kirti Dalvi at Mahindra Manulife.

How is Mahindra Manulife Large & Mid Cap Fund taxed?

Mahindra Manulife Large & Mid Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.