Axis Large & Mid Cap Fund vs Mahindra Manulife Balanced Advantage Fund
Direct Plan, Growth option · Data as on 29-10-2026
Axis Large & Mid Cap Fund is a Large & Mid Cap fund and Mahindra Manulife Balanced Advantage Fund is a Balanced Advantage fund. In the 3 years to 30-10-2026, Axis Large & Mid Cap Fund (Direct) returned 14.9% a year and Mahindra Manulife Balanced Advantage Fund (Direct) returned 10.9% a year. Axis Large & Mid Cap Fund charges 0.83% a year and Mahindra Manulife Balanced Advantage Fund 0.85% (Direct plans). Their portfolios overlap 37.3%: they hold 31 of the same securities.
Axis Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 14.9%
- Expense ratio
- 0.83%
- NAV
- ₹37.20
Mahindra Manulife Balanced Advantage Fund
Balanced Advantage
- 3 year return
- 10.9%
- Expense ratio
- 0.85%
- NAV
- ₹15.69
Which is better, Axis Large & Mid Cap or Mahindra Manulife Balanced Advantage? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis Large & Mid Cap returned more over 3 years: 14.9% a year against 10.9%.
- Axis Large & Mid Cap returned more over 1 year: −0.3% against −0.7%.
- Axis Large & Mid Cap costs less: 0.83% a year against 0.85% (Direct plans).
- Mahindra Manulife Balanced Advantage swung less over 3 years: a standard deviation of 10.1% a year against 13.4%.
- Mahindra Manulife Balanced Advantage fell less in its worst fall since 03-01-2022: −9.8% against −20.9%.
- Axis Large & Mid Cap holds 6.7% of the fund in foreign stocks; Mahindra Manulife Balanced Advantage 0.0%.
- Axis Large & Mid Cap is the larger fund: ₹16,438 Cr against ₹879 Cr.
- Their portfolios overlap 37.3%: 31 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis Large & Mid Cap Fund | Mahindra Manulife Balanced Advantage Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Large & Mid Cap | Balanced Advantage |
| AUM | ₹16,438 Cr (30-09-2026) | ₹879 Cr (30-09-2026) |
| NAV | ₹37.20 (Direct) | ₹15.69 (Direct) |
| Expense ratio (Direct) | 0.83% | 0.85% |
| Expense ratio (Regular) | 1.87% | 2.41% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | NIFTY 50 Hybrid Composite Debt 50:50 Index |
| Launch date | 22-10-2018 | 30-12-2021 |
| Minimum investment | ₹100 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Shreyash Devalkar, Hitesh Das, Mayank Hyanki, Krishnaa N | $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar, $ Mr. Rahul Pal, $ Mr. Amit Garg |
| Exit load | Nil | Exit load for units in excess of 10% of the investment 1% will be charged for redemption within 3 months. |
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis Large & Mid Cap Fund (Direct) | −0.96% | −2.80% | +1.64% | −0.29% | +14.92% | +10.98% | -- |
| Mahindra Manulife Balanced Advantage Fund (Direct) | −0.02% | −2.66% | +1.63% | −0.70% | +10.92% | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
| Balanced Advantage average | −0.55% | −2.88% | +0.08% | −2.08% | +9.14% | -- | -- |
Category average: the average of the 36 Large & Mid Cap funds and the 38 Balanced Advantage funds, same plan type.
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Year-wise Returns
| Year | Axis Large & Mid CapAxis Large & Mid Cap | Mahindra Manulife Balanced AdvantageMahindra Manulife Balanced Advantage |
|---|---|---|
| 2026to date | +0.79% | −0.31% |
| 2025 | +5.25% | +5.87% |
| 2024 | +26.97% | +16.11% |
| 2023 | +32.47% | +22.01% |
| 2022 | −7.58% | -- |
| 2021 | +46.68% | -- |
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of Axis Large & Mid Cap Fund
Rolling returns
Every 3-year holding period, 456 of them, one for each trading day from 03-01-2025 to 29-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Axis Large & Mid Cap Fund (Direct)
Mahindra Manulife Balanced Advantage Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Feb 2025Jun 2022
to
Jun 2025Oct 2022
to
Oct 2025Jan 2023
to
Jan 2026May 2023
to
May 2026Sept 2023
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis Large & Mid Cap | 0.0 | 0.0 | 0.0 | 14.7 | 51.8 | 33.6 | 0.0 | 18.3% | 18.1% | 11.7% | 24.7% | 63% |
| Mahindra Manulife Balanced Advantage | 0.0 | 0.0 | 0.4 | 76.4 | 23.1 | 0.0 | 0.0 | 13.9% | 13.9% | 10.0% | 17.8% | 0% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 0.0 | 17.1 | 65.6 | 16.9 | 0.4 | 17.7% | 17.9% | 10.1% | 25.5% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is NIFTY LargeMidcap 250 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 03-01-2022. Past returns do not promise future returns.
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 03-01-2022 to 29-10-2026: 58 instalments, ₹5,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis Large & Mid CapAxis Large & Mid Cap Fund (Direct) | ₹5,80,000 | ₹7,74,624 | ₹1,94,624 | 12.0% |
| Mahindra Manulife Balanced AdvantageMahindra Manulife Balanced Advantage Fund (Direct) | ₹5,80,000 | ₹7,18,032 | ₹1,38,032 | 8.8% |
Axis Large & Mid CapAxis Large & Mid Cap Fund (Direct)
Mahindra Manulife Balanced AdvantageMahindra Manulife Balanced Advantage Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis Large & Mid Cap Fund (Direct) | Mahindra Manulife Balanced Advantage Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.29% | −0.70% |
| Standard deviation | 14.09% | 10.28% |
| Sharpe ratio | -0.39 | -0.58 |
| Sortino ratio | -0.53 | -0.76 |
| Maximum drawdown | −12.3% (30-03-2026) | −9.7% (30-03-2026) |
| Beta | 0.93 | -- |
| Alpha | +5.44% | -- |
From daily NAVs, 29-10-2025 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Large & Mid Cap Fund (Direct) | Mahindra Manulife Balanced Advantage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.92% | +10.92% |
| Standard deviation | 13.42% | 10.11% |
| Sharpe ratio | 0.66 | 0.48 |
| Sortino ratio | 0.91 | 0.64 |
| Maximum drawdown | −17.2% (07-04-2025) | −9.8% (03-03-2025) |
| Beta | 0.87 | -- |
| Alpha | +3.91% | -- |
From daily NAVs, 27-10-2023 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis Large & Mid Cap Fund (Direct) | Mahindra Manulife Balanced Advantage Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.80% | +9.77% |
| Standard deviation | 14.46% | 9.44% |
| Sharpe ratio | 0.87 | 0.41 |
| Sortino ratio | 1.18 | 0.55 |
| Maximum drawdown | −31.9% (23-03-2020) | −9.8% (03-03-2025) |
| Beta | 0.78 | -- |
| Alpha | +4.44% | -- |
From daily NAVs, 26-10-2018 to 29-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis Large & Mid Cap Fund (Direct)
Mahindra Manulife Balanced Advantage Fund (Direct)
NIFTY LargeMidcap 250 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis Large & Mid Cap Fund (Direct) | −20.9% | 17-01-2022 | 20-06-2022 | 31-05-2023 | 11 months | −6.3% |
| Mahindra Manulife Balanced Advantage Fund (Direct) | −9.8% | 26-09-2024 | 03-03-2025 | 06-06-2025 | 3 months | −4.4% |
| NIFTY LargeMidcap 250 TRI | −18.8% | 26-09-2024 | 28-02-2025 | 17-11-2025 | 9 months | −8.6% |
From daily values since 03-01-2022, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Large & Mid Cap Fund (Direct)
Mahindra Manulife Balanced Advantage Fund (Direct)
NIFTY LargeMidcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis Large & Mid Cap Fund (Direct)
Mahindra Manulife Balanced Advantage Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis Large & Mid Cap Fund (Direct) | 97% | 92% | 5.37% |
| Mahindra Manulife Balanced Advantage Fund (Direct) | 67% | 55% | 6.96% |
From month-end values since 03-01-2022. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Portfolio Overlap
From each fund's latest monthly portfolio: Axis Large & Mid Cap Fund, September 2026; Mahindra Manulife Balanced Advantage Fund, September 2026
Holdings in common
- Overlap
- 37.3%
- Held by both
- 31
- Only in Axis Large & Mid Cap
- 57
- Only in Mahindra Manulife Balanced Advantage
- 48
| Security | % of Axis Large & Mid Cap | % of Mahindra Manulife Balanced Advantage |
|---|---|---|
| ICICI Bank Limited | 4.43% | 3.87% |
| HDFC Bank Limited | 3.38% | 2.35% |
| Bharti Airtel Limited | 2.28% | 2.36% |
| Eternal Limited | 2.68% | 2.20% |
| Reliance Industries Limited | 2.19% | 2.23% |
| Axis Bank Limited | 2.03% | 2.09% |
| IndusInd Bank Limited | 1.37% | 2.11% |
| Larsen & Toubro Limited | 1.68% | 1.34% |
| Bharat Heavy Electricals Limited | 1.67% | 1.31% |
| Bajaj Finance Limited | 1.28% | 1.41% |
| Multi Commodity Exchange of India Limited | 2.01% | 1.25% |
| Mahindra & Mahindra Limited | 1.25% | 1.33% |
| The Federal Bank Limited | 1.24% | 1.52% |
| Divi's Laboratories Limited | 2.76% | 1.19% |
| Fortis Healthcare Limited | 1.42% | 1.14% |
| State Bank of India | 1.12% | 1.44% |
| Coforge Limited | 1.45% | 0.93% |
| Titan Company Limited | 0.89% | 1.38% |
| Radico Khaitan Limited | 1.27% | 0.84% |
| UltraTech Cement Limited | 0.83% | 0.95% |
| Torrent Pharmaceuticals Limited | 0.83% | 0.99% |
| The Phoenix Mills Limited | 1.16% | 0.77% |
| Indus Towers Limited | 1.21% | 0.70% |
| Bharat Electronics Limited | 0.59% | 1.27% |
| Tech Mahindra Limited | 0.56% | 1.46% |
| Cummins India Limited | 0.73% | 0.54% |
| Vishal Mega Mart Limited | 0.54% | 0.73% |
| Maruti Suzuki India Limited | 0.53% | 0.93% |
| Apollo Hospitals Enterprise Limited | 0.46% | 1.72% |
| Glenmark Pharmaceuticals Limited | 0.46% | 1.28% |
| Marico Limited | 0.43% | 0.67% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 37.3% means 37.3% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Sona BLW Precision Forgings Limited | 2.44% |
| GE Vernova T&D India Limited | 1.92% |
| Apar Industries Limited | 1.79% |
| Samvardhana Motherson International Limited | 1.60% |
| Shriram Finance Limited | 1.54% |
Largest holdings only in Mahindra Manulife Balanced Advantage Fund
| Security | % of fund |
|---|---|
| 7.71% Government of India 2066 | 3.41% |
| 8.52% Muthoot Finance Limited 2028 | 2.83% |
| 7.44% National Bank For Agriculture and Rural Development 2029 | 2.82% |
| Brookfield India Real Estate Trust | 2.17% |
| Jindal Steel Limited | 1.81% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis Large & Mid Cap | Mahindra Manulife Balanced Advantage |
|---|---|---|
| Equity | 96.8% | 67.8% |
| Debt | 0.2% | 24.5% |
| Cash and others | 3.0% | 7.7% |
Market cap of stocks
| Market cap | Axis Large & Mid Cap | Mahindra Manulife Balanced Advantage |
|---|---|---|
| Large Cap | 46.0% | 42.4% |
| Mid Cap | 35.3% | 18.7% |
| Small Cap | 7.4% | 6.7% |
| Foreign stocks | 6.7% | 0.0% |
| Not on AMFI's list | 1.5% | 0.0% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Axis Large & Mid Cap | Mahindra Manulife Balanced Advantage |
|---|---|---|
| Banks | 15.8% | 16.4% |
| Electrical Equipment | 8.1% | 1.3% |
| Auto Components | 7.2% | 1.0% |
| Pharmaceuticals & Biotechnology | 6.9% | 7.2% |
| Retailing | 5.7% | 4.5% |
| Finance | 5.5% | 3.1% |
| Automobiles | 3.8% | 3.1% |
| IT - Software | 3.3% | 3.3% |
The six largest sectors of each fund's stocks, % of the fund.
Axis Large & Mid Cap vs Mahindra Manulife Balanced Advantage: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis Large & Mid Cap Fund | Mahindra Manulife Balanced Advantage Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.83% | 0.85% |
| Base expense ratio (Direct) | 0.55% | 0.62% |
| Total expense ratio (Regular) | 1.87% | 2.41% |
| Base expense ratio (Regular) | 1.44% | 1.98% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Axis Large & Mid Cap with
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- Mahindra Manulife Balanced Advantage vs Axis Balanced Advantage
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Axis Large & Mid Cap Fund vs Mahindra Manulife Balanced Advantage Fund: Frequently Asked Questions
What is the difference between Axis Large & Mid Cap Fund and Mahindra Manulife Balanced Advantage Fund?
Axis Large & Mid Cap Fund is a Large & Mid Cap fund, Mahindra Manulife Balanced Advantage Fund is a Balanced Advantage fund, run by Axis Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 37.3%. Axis Large & Mid Cap Fund charges 0.83% a year and Mahindra Manulife Balanced Advantage Fund 0.85%.
Which has given higher returns, Axis Large & Mid Cap Fund or Mahindra Manulife Balanced Advantage Fund?
Over 1 year: Axis Large & Mid Cap Fund −0.29%, Mahindra Manulife Balanced Advantage Fund −0.70%. Over 3 years: Axis Large & Mid Cap Fund +14.92% a year, Mahindra Manulife Balanced Advantage Fund +10.92% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis Large & Mid Cap Fund or Mahindra Manulife Balanced Advantage Fund?
Axis Large & Mid Cap Fund charges less: 0.83% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis Large & Mid Cap Fund and Mahindra Manulife Balanced Advantage Fund overlap?
37.3%. They hold 31 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, BHARTIARTL. From each fund's latest monthly portfolio.
Which is riskier, Axis Large & Mid Cap Fund or Mahindra Manulife Balanced Advantage Fund?
On SEBI's riskometer, Axis Large & Mid Cap Fund is rated Very High and Mahindra Manulife Balanced Advantage Fund Very High. Over 3 years, the standard deviation of daily returns was 13.42% and 10.11% a year.
Which is better for SIP, Axis Large & Mid Cap Fund or Mahindra Manulife Balanced Advantage Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 29-10-2026 grew to ₹4,12,023 in Axis Large & Mid Cap Fund (XIRR 7.0% a year) and ₹3,98,488 in Mahindra Manulife Balanced Advantage Fund (XIRR 4.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Axis Large & Mid Cap Fund and Mahindra Manulife Balanced Advantage Fund?
Yes. 37.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis Large & Mid Cap Fund and Mahindra Manulife Balanced Advantage Fund?
Axis Large & Mid Cap Fund: Shreyash Devalkar, Hitesh Das, Mayank Hyanki, Krishnaa N. Mahindra Manulife Balanced Advantage Fund: $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar, $ Mr. Rahul Pal, $ Mr. Amit Garg.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.