Mahindra Manulife Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Mahindra Manulife Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹30.6371 as of 15 Sep 2026 and a scheme AUM of ₹2,929 Cr. Its 1-year, 3-year and 5-year returns are 3.03%, 11.25% and 12.44% respectively, and the fund sits in the High Risk category.

Our view is that this is a fund for investors who can tolerate sharp swings in the short run and still stay invested for several years. The recent return pattern is softer than the longer-term track, while the portfolio is led by banks and healthcare names with a meaningful cash-like holding, which can affect how the fund behaves in different market phases.

Quick facts

Particular	Details
NAV	₹30.6371 as of 15 Sep 2026
AUM	₹2,929 Cr
Expense Ratio	0.46%
Launch Date	30 Dec 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Neelesh Dhamnaskar, Kirti Dalvi

The fund is managed by Neelesh Dhamnaskar and Kirti Dalvi.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.59%	-4.81%
3M	2.57%	-3.63%
1Y	3.03%	-8.27%
3Y	11.25%	5.59%
5Y	12.44%	5.58%

The recent picture is mixed but not weak across every horizon. Over 1 month, the fund declined, though the drop was smaller than the benchmark’s fall, and over 3 months it posted a positive return while the benchmark stayed negative. That suggests the fund has been able to hold up better than the benchmark in a choppier stretch, even if the short window remains uneven.

The broader trend is more constructive. The 1-year return is modest, but it still sits ahead of the benchmark’s negative reading. More importantly, the 3-year and 5-year returns are both comfortably above the benchmark, which points to better longer-run compounding than the reference index. For a large-and-mid-cap strategy, that longer horizon matters more than a single weak month.

The time pattern also shows that the fund has not moved in a straight line. There have been clear drawdowns and recoveries, which is consistent with a high-risk equity fund rather than a smooth compounding product. Our reading is that the fund’s recent softness does not erase the stronger 3-year and 5-year record, but it does remind investors that returns can vary meaningfully over shorter periods.

Relative to the benchmark, the fund appears more resilient in recent periods and stronger over the medium and long term. That combination is useful for investors who can stay patient through short-term volatility and focus on the compounding profile rather than monthly noise.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mahindra Manulife Large & Mid Cap?

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

Fund	1Y return	3Y return	5Y return
Mahindra Manulife Large & Mid Cap Fund Direct Growth Plan	3.03%	11.25%	12.44%
Quant Large & Mid Cap Fund Direct Growth Plan	11.58%	14.18%	16.14%
Sundaram Large and Mid Cap Fund Direct Growth Plan	10.68%	14.42%	12.65%
HSBC Large & Mid Cap Fund Direct Growth Plan	8.11%	16.84%	14.03%
Bank of India Large & Mid Cap Fund Direct Growth Plan	8.09%	13.14%	12.1%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	7.23%	21.15%	18.16%

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

On recent numbers, this fund trails several peer returns, especially the stronger 1-year readings shown by Quant Large & Mid Cap Fund Direct Growth Plan and Sundaram Large and Mid Cap Fund Direct Growth Plan. Its 3-year and 5-year figures are also below the best longer-term peer outcomes available here, so the peer set looks stronger on medium-term compounding.

That said, the comparison is not one-sided. The fund’s 1-year return is still positive while the benchmark is negative, and its longer-term returns are above the benchmark. So the shorter-term peer picture is softer, but the benchmark-relative story over 3 and 5 years is still constructive.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.53%
The Federal Bank Limited	Bank	2.91%
Axis Bank Limited	Bank	2.8%
Triparty Repo	Cash & Cash Equivalents and Net Assets	2.73%
Indusind Bank Limited	Bank	2.7%
Eternal Limited	Retailing	2.62%
HDFC Bank Limited	Bank	2.55%
Glenmark Pharmaceuticals Limited	Healthcare	2.36%
Laurus Labs Limited	Healthcare	2.12%
Senores Pharmaceuticals Limited	Domestic Equities	2.1%

The top 10 holdings account for approximately 27.42% of the portfolio.

To see all holdings, visit the Mahindra Manulife Large & Mid Cap Fund Direct Growth Plan page

The largest holding, ICICI Bank Limited, is 4.53%, which is meaningful but not dominant on its own. The drop from the first holding to the tenth is fairly gentle, moving from 4.53% to 2.1%, so the named positions are not extremely top-heavy.

At the same time, the portfolio still looks fairly concentrated in a handful of sectors, especially banks and healthcare. Because the top 10 holdings together make up 27.42% of the portfolio and there are 68 disclosed holdings overall, the fund may still rely on a long tail of smaller positions to shape overall outcomes.

Our reading is that this mix gives the fund a moderate concentration profile within a broad equity book. The largest positions are likely to have greater influence than the smaller names, but the overall spread suggests the portfolio is not dependent on one or two stocks alone.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested through short-term volatility. The 1-year return is modest, but the 3-year and 5-year figures are stronger and sit above the benchmark, which makes the fund more suitable for a patient horizon than for a short holding period.

The main trade-off is clear: you may accept uneven short-term performance in exchange for a portfolio that has shown better medium- to long-term compounding than the benchmark. The bank-heavy and healthcare-led portfolio can support that equity growth profile, but it can also mean sharper moves when market leadership changes. Investors who need stability over the next few months may find that hard to tolerate.

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

1% if units are sold within 3 months; nil after 3 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Mahindra Manulife Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹30.6371 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 3.03%, 11.25% and 12.44% respectively.

How has the fund performed versus its benchmark?
It has stayed ahead of the benchmark across all the displayed horizons. The gap is especially clear over 3 years and 5 years, where the benchmark returns are lower.

How does it compare with the peer funds listed here?
Its recent and medium-term returns are below several peer funds shown here, although it still remains positive over 1 year and ahead of the benchmark over 3 and 5 years.

Is there a minimum SIP amount?
The minimum SIP amount is ₹500.

What should investors know about risk, portfolio and exit load?
The fund is in the High Risk category and is led by Neelesh Dhamnaskar and Kirti Dalvi. Its portfolio is led by banks, and the exit load is 1% if units are sold within 3 months, with no exit load after that.

Bottom line

Mahindra Manulife Large & Mid Cap Fund Direct Growth Plan looks better over medium and longer horizons than it does in the most recent stretch. Its benchmark comparison is supportive across all displayed periods, but several peers have delivered stronger 1-year and longer-term returns. The fund’s High Risk label and bank-heavy portfolio mean it is built for investors who can tolerate volatility and stay patient. Its appeal lies more in its longer-run compounding record than in short-term consistency.

Published on 16 September 2026 at 2:10 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.