Mahindra Manulife Large & Mid Cap Fund

March 25, 2026

RA Jainee

Mahindra Manulife Large & Mid Cap Fund

Fund at a Glance
NAV Growth (Rs.)	26.79
NAV Bonus (Rs.)
NAV IDCW (Rs.)	19.4
Min. Investment (Rs.)	1,000
Min. SIP Investment (Rs.)	500
Min. No of Cheques	6
Benchmark	NIFTY Large Midcap 250 TRI
AUM Rs.	2,730 Cr
	(As on 28-Feb-2026)
Expense	0.56%
1 Year Return (%)	0.38
3 Year Return (%)	16.03
5 Year Return (%)	14.84
10 Year Return (%)	—
Return Since Launch	17.13%

⚖️ Sahifund Review – Mahindra Manulife Large & Mid Cap Fund ✔

PLUS: Stability, track record, cost efficiency
✓ This fund has shown healthy long-term consistency, with 3-year return of 16.03% and 5-year return of 14.84%, which is respectable for the category.
✓ It has also outperformed its benchmark over 1-year, 3-year and 5-year periods, which is a meaningful positive.
✓ Expense ratio of 0.56% is one of the stronger advantages here and makes it attractive for long-term SIP investors.
✓ Portfolio diversification is good with 62 stocks, reducing excessive dependence on a handful of names.
✓ The fund maintains a balanced large-cap + mid-cap mix, which is exactly what investors expect from this category.
✓ Top holdings concentration is moderate, which improves portfolio balance and lowers stock-specific risk.
✓ Suitable for investors seeking a core SIP-friendly fund with both stability and growth potential.

MINUS: Large AUM, large-cap bias, momentum lag
⚖️ The biggest concern is that despite decent returns, the fund still lags top-performing peers like ICICI Pru, Motilal Oswal and SBI Large & Midcap.
⚖️ 1-year return of just 0.38% is positive, but not exciting enough in a competitive category.
⚖️ Turnover at 107% is very high, suggesting aggressive churn that may increase execution risk over time.
⚖️ The fund is still largely dependent on broader market direction and may struggle in volatile phases because midcaps can correct sharply.
⚖️ Portfolio valuation at P/E 28.40 is not cheap, so upside may depend heavily on earnings delivery.
⚖️ This is a solid fund, but not yet a clear category leader for investors seeking best-in-class alpha.

Sahifund View (Decisive Line):

A well-balanced and cost-efficient Large & Mid Cap fund for SIP investors — good enough for watchlist and gradual accumulation, though not the category’s sharpest outperformer yet.

👉 Apply Online | Ask Us MF Queries |

| NFO Guidance |

What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.

Suitable For Which Investors?
Large & MidCap funds are suitable for investors:
1. Seeking exposure in large and mid-cap stocks for high returns
2. Aiming for long-term wealth creation
3. With a 5+ year investment horizon
4. Who are at ease with the market’s ups and downs
Note:
• Invest only through SIP

Fund’s Investment Strategy:
The Scheme seeks long term capital growth through investments in equity and equity related securities of both large cap and mid cap stocks.

Fund Manager:

1) Kirti Dalvi
Education: MMS (Finance), CFA level 2
Experience: Prior to Joining the Mahindra Manulife AMC he has worked with ENAM AMC, Angel Broking Ltd.
2) Neelesh Dhamnaskar
Education: Mr. Dhamnaskar is a B.Com (H)and MMS (Finance).
Experience: Prior to joining Mahindra Manulife Mutual Fund, he has worked with Invesco MF, ENAM Securities Direct Pvt. Ltd. and KR Choksey Shares and Securities Pvt. Ltd. He has also worked with Anand Rathi Ltd., as Commodity Research Analyst.

Investment Details

Min. Investment (Rs)	1,000
Min. Addl Investment (Rs)	1,000
Min. SIP Investment (Rs)	500
Min. Withdrawal (Rs)	1,000
Min. No of Cheques	6
Min. Balance (Rs)	1
Lock-in Period	NA
Exit Load	1% for redemption within 3 months

Basic Details of Mahindra Manulife Large & Mid Cap Fund

Fund House	Mahindra Manulife Mutual Fund
Launch Date	30-Dec-19
Return Since Launch	17.13%
Benchmark	NIFTY Large Midcap 250 TRI
Riskometer	Very High
Type	Open-ended
Assets	2,730 Cr
	(As on 28-Feb-2026)
Expense	0.56%
	(As on 28-Feb-2026)
Risk Grade	Average
Return Grade	Average
Turnover	107.00%