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

Mahindra Manulife Large Cap Fund Direct Growth Plan currently has a NAV of ₹24.3494 as of 15 Sep 2026 and an AUM of ₹695 Cr. Its 1-year, 3-year and 5-year returns are -6.24%, 7.33% and 8.24%, and the scheme carries a High Risk profile. Our view is that this is a fund for investors who can tolerate meaningful swings and are comfortable waiting through weaker stretches for the long-term pattern to play out.

The backdrop is mixed rather than smooth. The fund has held up better than its benchmark over 3 years and 5 years, but the 1-year return is negative, so near-term momentum is softer than the longer view.

Quick facts

Particular	Details
NAV	₹24.3494 as of 15 Sep 2026
AUM	₹695 Cr
Expense Ratio	0.64%
Launch Date	15 Mar 2019
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Kirti Dalvi

The fund is managed by Kirti Dalvi.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-5.1%	-4.81%
3M	-2.22%	-3.63%
1Y	-6.24%	-8.27%
3Y	7.33%	5.59%
5Y	8.24%	5.58%

Recent performance has been uneven. The 1-month and 3-month numbers are negative, which tells us the fund has been under pressure in the short run, even though the 3-month decline is smaller than the benchmark’s drop. The 1-year return is also negative, but it is still better than the benchmark’s deeper fall, so the fund has protected capital somewhat better over that horizon.

The more useful story sits in the 3-year and 5-year numbers. Both periods show positive returns, and both are ahead of the benchmark by a clear margin. That gap suggests the fund has been able to compound more effectively than the index over a fuller market cycle, even if the ride has not been smooth.

The time pattern also points to periodic drawdowns followed by recovery, rather than a straight upward line. For investors, that means the fund has not behaved like a low-volatility core product. It has rewarded patience over longer stretches, but the recent weakness is a reminder that large-cap equity exposure can still go through difficult phases.

Overall, our view is that the fund’s longer-term behaviour is stronger than its recent one-year stretch. The difference between the short-term and multi-year trend is material, so it is better assessed with a longer holding lens than with a narrow recent-performance lens.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mahindra Manulife Large 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 Cap Fund Direct Growth Plan	-6.24%	7.33%	8.24%
Quant Large Cap Fund Direct Growth Plan	6.3%	12.35%	Data not available
Bank of India Large Cap Fund Direct Growth Plan	5.58%	12.38%	9.76%
Taurus Large Cap Fund Direct Growth Plan	4.56%	11.39%	9.71%
Invesco India Largecap Fund Direct Growth Plan	1.1%	12.71%	11.14%
Tata Large Cap Fund Direct Growth Plan	0.17%	9.82%	9.73%

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

On a 1-year view, this fund has lagged the stronger peer returns and sits below all the peer funds listed here with available figures. That short-term gap is important because it shows recent weakness is not isolated. At the same time, the 3-year return is still solid and the 5-year return remains competitive against the peer set with available long-term numbers, so the longer-term picture is more balanced than the recent one-year figure alone would suggest.

What stands out is the split between short-term pressure and multi-year steadiness. Some peers have stronger recent returns, but the fund’s 3-year and 5-year outcomes keep it in the conversation for investors who care more about cycle-level compounding than about the latest 12 months. The comparison therefore tells two different stories: recent softness versus reasonable longer-horizon resilience.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	9.52%
HDFC Bank Limited	Bank	7.51%
Reliance Industries Limited	Crude Oil	4.98%
Triparty Repo	Cash & Cash Equivalents and Net Assets	4.48%
Bharti Airtel Limited	Telecom	4.27%
Larsen & Toubro Limited	Infrastructure	3.47%
Axis Bank Limited	Bank	3.05%
Eternal Limited	Retailing	3.02%
Bajaj Finserv Limited	Finance	2.82%
Infosys Limited	IT	2.75%

The top 10 holdings account for approximately 45.87% of the portfolio.

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

ICICI Bank Limited is the largest holding at 9.52%, so it is likely to have greater influence on the fund than any single position below it. HDFC Bank Limited at 7.51% and Reliance Industries Limited at 4.98% keep the top end fairly heavy, but the weights do begin to step down after the first few names.

The fall from 9.52% to 2.75% across the top 10 suggests a moderate concentration in leading positions, rather than an evenly spread book. That said, the presence of 48 disclosed holdings means the portfolio is not limited to a small cluster of names. The top holdings together accounting for 45.87% implies the rest of the portfolio may still contribute meaningfully to overall behaviour.

In our view, the structure looks concentrated enough that the biggest banks and a few large diversified names may matter more than the tail, but broad enough to avoid depending on only a handful of stocks. That balance can support stability over time, while still allowing the large positions to shape returns.

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 uneven phases. The negative 1-year return shows that short-term losses are possible, while the 3-year and 5-year returns show that patience has been better rewarded over longer periods.

It is better aligned with a multi-year horizon than with money needed soon. Compared with the benchmark, the fund has been stronger over 3 years and 5 years, but the recent weak stretch means investors need to accept that the path may not be smooth.

The main trade-off is simple: you may get a fund that has historically done better than the benchmark over longer holding periods, but you also have to accept noticeable short-term volatility and periods when results fall behind expectations.

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 Cap Fund Direct Growth Plan?
The current NAV is ₹24.3494 as of 15 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -6.24%, the 3-year return is 7.33% and the 5-year return is 8.24%.

How has the fund done versus Nifty 50?
It has been ahead of Nifty 50 over 3 years and 5 years, but the 1-year return has been negative, though still better than the benchmark’s deeper decline.

How does it compare with peer funds on recent performance?
Its 1-year return is weaker than the peer funds listed here with available figures. The longer-term picture is steadier, with 3-year and 5-year returns that remain competitive.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
Kirti Dalvi manages the fund. The exit load is 1% if units are sold within 3 months and nil after 3 months.

Bottom line

Mahindra Manulife Large Cap Fund Direct Growth Plan has a mixed recent record but a stronger longer-term pattern. The latest 1-year return is negative, yet the 3-year and 5-year returns are ahead of the benchmark, and that makes the fund more suitable for investors who can wait through uneven phases. The portfolio is anchored by large bank and diversified holdings, with the top 10 positions accounting for 45.87% of assets across 48 disclosed holdings, so individual names can still matter meaningfully.

Published on 16 September 2026 at 12:12 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.