LIC MF Manufacturing Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

LIC MF Manufacturing Fund Direct Growth Plan currently has a NAV of ₹11.8841 as of 10 Sep 2026 and a scheme AUM of ₹781 Cr. Its 1-year, 3-year and 5-year returns are 15.88%, 0% and 0%, respectively, and the fund sits in the High Risk category.

Our view is that this is best read as a manufacturing-focused equity strategy with a short history rather than a long performance record. The recent return profile is positive, but the longer track record is still too limited to judge consistency, so investors are mainly relying on the fund’s current portfolio construction and their own comfort with High Risk equity exposure.

Quick facts

Particular	Details
NAV	₹11.8841 as of 10 Sep 2026
AUM	₹781 Cr
Expense Ratio	0.64%
Launch Date	11 Oct 2024
Min SIP	₹200
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 12% of units and 1% for remaining units on or before 90D, Nil after 90D
Fund Managers	Mahesh Bendre

The fund is managed by Mahesh Bendre.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.95%	-4.06%
3M	8.70%	1.37%
1Y	15.88%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The fund has been stronger than the benchmark over the shorter windows that are available. Over one month it fell less than the index, and over three months it moved ahead by a clear margin, which suggests a relatively better recent run.

The one-year picture is even more favourable, with the fund posting a positive return while the benchmark was negative. That said, this has to be read alongside the fund’s short life, because the 3-year and 5-year figures are not yet available, so there is no long history to test whether this pattern is durable.

The monthly path also points to a choppier equity style rather than a smooth compounding line. The fund has had periods of softening and recovery within the year, which is normal for a concentrated thematic strategy, but it means investors should expect uneven moves rather than steady month-to-month gains.

In our view, the key takeaway is that the recent stretch has been better than the benchmark, but the absence of longer trailing history limits how much confidence we can place in that outperformance. The fund looks more useful as a specialist equity allocation than as a core, low-volatility holding.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD LIC MF Manufacturing?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Fund	1Y return	3Y return	5Y return
LIC MF Manufacturing Fund Direct Growth Plan	15.88%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	73.94%	37.12%	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	29.94%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	29.26%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	28.30%	Data not available	Data not available
SBI Automotive Opportunities Fund Direct Growth Plan	27.13%	Data not available	Data not available

The fund’s one-year return is below all five listed peers, though the comparison set includes very different sector and theme exposures, so the gap mainly tells us that the recent run has been more modest than those alternatives. The more important distinction is that this fund does not yet have 3-year or 5-year history to test against longer-established peers.

That creates two different stories: in the near term, the fund trails the stronger one-year figures in the comparison set; over longer windows, the peer group provides more evidence, but this fund still does not. For investors, the practical question is less about chasing the strongest recent number and more about whether they want a newer manufacturing-focused equity portfolio with limited history.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Tata Motors Passenger Vehicles Ltd.	Automobile & Ancillaries	5.97%
Indo-Mim Ltd.	Domestic Equities	4.62%
Gabriel India Ltd.	Automobile & Ancillaries	3.81%
Tata Motors Ltd.	Domestic Equities	3.80%
Garware Hi-Tech Films Ltd.	Plastic Products	3.22%
TREPS	Cash & Cash Equivalents and Net Assets	3.11%
Mahindra & Mahindra Ltd.	Automobile & Ancillaries	3.09%
Sun Pharmaceutical Industries Ltd.	Healthcare	3.00%
Piramal Pharma Ltd.	Healthcare	2.84%
SML Mahindra Ltd.	Automobile & Ancillaries	2.83%

The top 10 holdings account for approximately 36.29% of the portfolio.

To see all holdings, visit the LIC MF Manufacturing Fund Direct Growth Plan page

The largest position, Tata Motors Passenger Vehicles Ltd., stands at 5.97%, which is meaningful but not dominant on its own. The tenth holding is 2.83%, so the drop from the first to the tenth holding is moderate rather than abrupt, suggesting the fund does not rely excessively on a single stock.

Even so, the top 10 holdings together make up 36.29% of the portfolio, and the full disclosed list extends to 47 holdings. That combination points to a portfolio that is partly concentrated in its leading names while still leaving room for a longer tail of smaller positions, which may help spread company-specific risk.

Our interpretation is that the fund’s exposure is tilted toward manufacturing-linked ideas, especially automobiles and ancillaries, with some healthcare and cash support in the mix. That structure could make performance more sensitive to sector rotation, but the breadth beyond the top few holdings may reduce dependence on just one or two names.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through uneven short-term moves. The one-year return is positive, but the missing longer trailing history means the track record is still developing, so a longer horizon is more appropriate than a short holding period.

It may appeal to investors who want a manufacturing-focused satellite allocation rather than a core diversified equity fund. The main trade-off is accepting a newer, more theme-driven portfolio in exchange for the possibility of differentiated returns versus the benchmark.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

Exit load: Nil upto 12% of units and 1% for remaining units on or before 90D, Nil after 90D.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of LIC MF Manufacturing Fund Direct Growth Plan?
The current NAV is ₹11.8841 as of 10 Sep 2026.

How has LIC MF Manufacturing Fund Direct Growth Plan performed over 1 year?
Its 1-year return is 15.88%, while the benchmark return is -7.31%.

Are 3-year and 5-year returns available for this fund?
No, both the 3-year and 5-year returns are shown as Data not available.

How does the fund compare with its peers on 1-year return?
Its 1-year return of 15.88% is below the listed peer returns available in the comparison set.

What is the minimum SIP amount?
The minimum SIP amount is ₹200.

What are the risk and portfolio features of this fund?
The fund is in the High Risk category and its top 10 holdings account for 36.29% of the portfolio across 47 disclosed holdings.

Bottom line

This fund has a better recent run than its benchmark, but the absence of 3-year and 5-year history means the longer-term picture is still incomplete. Compared with the listed peers, its one-year return is lower, which reinforces that it is not yet showing the same recent strength as the more established thematic funds in the comparison set. The portfolio is moderately concentrated in its leading holdings and is tilted toward manufacturing-linked names, so it may suit investors who can handle High Risk equity exposure and want a focused satellite allocation rather than a core holding.

Published on 11 September 2026 at 6:39 PM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.