LIC MF Focused Fund vs LIC MF Manufacturing Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Focused Fund is a Focused fund and LIC MF Manufacturing Fund is a Thematic fund. In the year to 30-10-2026, LIC MF Focused Fund (Direct) returned −5.1% and LIC MF Manufacturing Fund (Direct) returned 5.8%. LIC MF Focused Fund charges 2.35% a year and LIC MF Manufacturing Fund 1.46% (Direct plans). Their portfolios overlap 43.0%: they hold 17 of the same securities.
LIC MF Manufacturing Fund
Thematic
- 1 year return
- 5.8%
- Expense ratio
- 1.46%
- NAV
- ₹11.05
Which is better, LIC MF Focused or LIC MF Manufacturing? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- LIC MF Manufacturing returned more over 1 year: 5.8% against −5.1%.
- LIC MF Manufacturing costs less: 1.46% a year against 2.35% (Direct plans).
- LIC MF Focused fell less in its worst fall since 16-10-2024: −18.1% against −22.2%.
- LIC MF Focused holds more in large companies: 40.6% of the fund in large caps against 29.9%.
- LIC MF Manufacturing is the larger fund: ₹770 Cr against ₹171 Cr.
- Their portfolios overlap 43.0%: 17 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 | LIC MF Focused Fund | LIC MF Manufacturing Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | LIC Mutual Fund |
| Category | Focused | Thematic |
| AUM | ₹171 Cr (30-09-2026) | ₹770 Cr (30-09-2026) |
| NAV | ₹22.89 (Direct) | ₹11.05 (Direct) |
| Expense ratio (Direct) | 2.35% | 1.46% |
| Expense ratio (Regular) | 3.49% | 2.83% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty India Manufacturing TRI |
| Launch date | 17-11-2017 | 11-10-2024 |
| Minimum investment | ₹5,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Mahesh Bendre | Mahesh Bendre |
| Exit load | Nil, If units of the Scheme are redeemed or switched out up to 12% of the units (the limit) within 12 months from the date of allotment. 1% of the applicable NAV, If units of the scheme are redeemed or switched out in excess of the limit within 12 months from the date of allotment. Nil, If units of scheme are redeemed or switched out after 12 months from the date of allotment. | Exit Load for units in excess of 12% of the investment,1% will be charged for redemption within 90 days. |
LIC MF Focused vs LIC MF Manufacturing: 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 |
|---|---|---|---|---|---|---|---|
| LIC MF Focused Fund (Direct) | −4.78% | −4.77% | +4.19% | −5.12% | +8.47% | -- | -- |
| LIC MF Manufacturing Fund (Direct) | −5.75% | −4.79% | +1.19% | +5.85% | -- | -- | -- |
| Focused average | −1.00% | −4.12% | +1.39% | −3.09% | +12.30% | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 28 Focused funds and the 235 Thematic funds, same plan type.
LIC MF Focused vs LIC MF Manufacturing: Year-wise Returns
| Year | FocusedLIC MF Focused | ManufacturingLIC MF Manufacturing |
|---|---|---|
| 2026to date | −3.87% | +8.70% |
| 2025 | +5.46% | +4.54% |
| 2024 | +13.44% | -- |
LIC MF Focused vs LIC MF Manufacturing: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of LIC MF Focused Fund
Rolling returns
Every 1-year holding period, 254 of them, one for each trading day from 16-10-2025 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
LIC MF Focused Fund (Direct)
LIC MF Manufacturing Fund (Direct)
Nifty 500 TRI
to
Nov 2025Jan 2025
to
Jan 2026Mar 2025
to
Mar 2026May 2025
to
May 2026Jul 2025
to
Jul 2026Sept 2025
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| LIC MF Focused | 38.6 | 37.8 | 20.9 | 2.8 | 0.0 | 0.0 | 0.0 | 1.8% | 1.9% | −8.7% | 11.6% | 26% |
| LIC MF Manufacturing | 1.2 | 16.9 | 15.0 | 23.2 | 20.5 | 16.9 | 6.3 | 13.7% | 13.9% | −1.1% | 30.6% | 76% |
| Nifty 500 TRI | 23.2 | 32.7 | 32.7 | 9.1 | 2.4 | 0.0 | 0.0 | 3.9% | 3.5% | −9.0% | 15.9% | -- |
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 500 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 16-10-2024. Past returns do not promise future returns.
LIC MF Focused vs LIC MF Manufacturing: 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 01-10-2024 to 30-10-2026: 25 instalments, ₹2,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| LIC MF FocusedLIC MF Focused Fund (Direct) | ₹2,50,000 | ₹2,48,641 | −₹1,359 | −0.5% |
| LIC MF ManufacturingLIC MF Manufacturing Fund (Direct) | ₹2,50,000 | ₹2,74,568 | ₹24,568 | 9.0% |
LIC MF FocusedLIC MF Focused Fund (Direct)
LIC MF ManufacturingLIC MF Manufacturing 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.
LIC MF Focused vs LIC MF Manufacturing: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF Focused Fund (Direct) | LIC MF Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.12% | +5.85% |
| Standard deviation | 15.40% | 17.19% |
| Sharpe ratio | -0.67 | 0.04 |
| Sortino ratio | -0.90 | 0.05 |
| Maximum drawdown | −15.9% (31-03-2026) | −10.8% (31-03-2026) |
| Beta | 0.98 | 0.97 |
| Alpha | +1.91% | +7.35% |
From daily NAVs, 30-10-2025 to 30-10-2026. 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 | LIC MF Focused Fund (Direct) | LIC MF Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +7.24% | +4.69% |
| Standard deviation | 15.05% | 17.28% |
| Sharpe ratio | 0.08 | -0.06 |
| Sortino ratio | 0.10 | -0.08 |
| Maximum drawdown | −21.1% (03-03-2025) | −22.2% (03-03-2025) |
| Beta | 0.96 | 0.96 |
| Alpha | −1.68% | +4.82% |
From daily NAVs, 31-07-2023 to 30-10-2026. 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.
LIC MF Focused Fund (Direct)
LIC MF Manufacturing Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| LIC MF Focused Fund (Direct) | −18.1% | 16-10-2024 | 03-03-2025 | 16-07-2025 | 4 months | −8.9% |
| LIC MF Manufacturing Fund (Direct) | −22.2% | 11-12-2024 | 03-03-2025 | 01-07-2025 | 4 months | −8.3% |
| Nifty 500 TRI | −15.8% | 16-10-2024 | 28-02-2025 | 27-06-2025 | 4 months | −8.4% |
From daily values since 16-10-2024, 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.
LIC MF Focused Fund (Direct)
LIC MF Manufacturing Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| LIC MF Focused Fund (Direct) | 98% | 96% | 7.10% |
| LIC MF Manufacturing Fund (Direct) | 147% | 109% | 11.72% |
From month-end values since 16-10-2024. 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.
LIC MF Focused vs LIC MF Manufacturing: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Focused Fund, September 2026; LIC MF Manufacturing Fund, September 2026
Holdings in common
- Overlap
- 43.0%
- Held by both
- 17
- Only in LIC MF Focused
- 11
- Only in LIC MF Manufacturing
- 33
| Security | % of LIC MF Focused | % of LIC MF Manufacturing |
|---|---|---|
| INDO-MIM Ltd. | 7.55% | 6.36% |
| Tata Motors Passenger Vehicles Ltd. | 6.81% | 5.56% |
| Tata Motors Ltd. | 3.90% | 3.19% |
| Garware Hi-Tech Films Ltd. | 4.11% | 3.14% |
| Gabriel India Ltd. | 2.65% | 3.45% |
| Tenneco Clean Air India Ltd. | 2.52% | 2.55% |
| Sun Pharmaceutical Industries Ltd. | 2.60% | 2.22% |
| Schaeffler India Ltd. | 3.25% | 2.15% |
| Hyundai Motor India Ltd. | 2.15% | 2.99% |
| Schneider Electric Infrastructure Ltd. | 2.94% | 1.99% |
| Bharat Forge Ltd. | 3.66% | 1.93% |
| KSH International Ltd. | 3.38% | 1.90% |
| Foseco India Ltd. | 1.89% | 1.81% |
| Tata Power Company Ltd. | 3.23% | 1.58% |
| Arvind Ltd. | 1.58% | 1.69% |
| Mahindra Lifespace Developers Ltd. | 2.35% | 1.50% |
| Metro Brands Ltd. | 2.44% | 0.76% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 43.0% means 43.0% 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 LIC MF Focused Fund
| Security | % of fund |
|---|---|
| InterGlobe Aviation Ltd. | 3.71% |
| State Bank of India | 3.62% |
| HDFC Bank Ltd. | 3.60% |
| The Phoenix Mills Ltd. | 3.56% |
| ICICI Bank Ltd. | 3.55% |
Largest holdings only in LIC MF Manufacturing Fund
| Security | % of fund |
|---|---|
| SML Mahindra Ltd. | 3.36% |
| Mahindra & Mahindra Ltd. | 2.70% |
| Piramal Pharma Ltd. | 2.40% |
| Kirloskar Brothers Ltd. | 2.22% |
| Sansera Engineering Ltd. | 2.18% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Focused | LIC MF Manufacturing |
|---|---|---|
| Equity | 91.4% | 92.7% |
| Debt | 0.0% | 0.0% |
| Cash and others | 8.6% | 7.3% |
Market cap of stocks
| Market cap | LIC MF Focused | LIC MF Manufacturing |
|---|---|---|
| Large Cap | 40.6% | 29.9% |
| Mid Cap | 16.5% | 11.7% |
| Small Cap | 26.7% | 44.7% |
| Not on AMFI's list | 7.5% | 6.4% |
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 | LIC MF Focused | LIC MF Manufacturing |
|---|---|---|
| Auto Components | 14.9% | 12.3% |
| Banks | 13.3% | 0.0% |
| Industrial Products | 7.5% | 13.3% |
| Automobiles | 9.0% | 12.2% |
| Electrical Equipment | 2.9% | 8.4% |
| Pharmaceuticals & Biotechnology | 2.6% | 8.2% |
| Industrial Manufacturing | 7.5% | 7.4% |
| Power | 6.6% | 1.6% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF Focused vs LIC MF Manufacturing: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Focused Fund | LIC MF Manufacturing Fund |
|---|---|---|
| Total expense ratio (Direct) | 2.35% | 1.46% |
| Base expense ratio (Direct) | 1.12% | 0.79% |
| Total expense ratio (Regular) | 3.49% | 2.83% |
| Base expense ratio (Regular) | 2.10% | 2.04% |
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 LIC MF Focused with
LIC MF Focused Fund vs LIC MF Manufacturing Fund: Frequently Asked Questions
What is the difference between LIC MF Focused Fund and LIC MF Manufacturing Fund?
LIC MF Focused Fund is a Focused fund, LIC MF Manufacturing Fund is a Thematic fund, run by LIC Mutual Fund. Their portfolios overlap 43.0%. LIC MF Focused Fund charges 2.35% a year and LIC MF Manufacturing Fund 1.46%.
Which has given higher returns, LIC MF Focused Fund or LIC MF Manufacturing Fund?
Over 1 year: LIC MF Focused Fund −5.12%, LIC MF Manufacturing Fund +5.85%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC MF Focused Fund or LIC MF Manufacturing Fund?
LIC MF Manufacturing Fund charges less: 1.46% a year against 2.35%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Focused Fund and LIC MF Manufacturing Fund overlap?
43.0%. They hold 17 of the same securities, the largest shared ones being INDOMIM, TMPV, TMCV. From each fund's latest monthly portfolio.
Which is riskier, LIC MF Focused Fund or LIC MF Manufacturing Fund?
On SEBI's riskometer, LIC MF Focused Fund is rated Very High and LIC MF Manufacturing Fund Very High. Over 1 years, the standard deviation of daily returns was 15.40% and 17.19% a year.
Can I invest in both LIC MF Focused Fund and LIC MF Manufacturing Fund?
Yes. 43.0% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages LIC MF Focused Fund and LIC MF Manufacturing Fund?
LIC MF Focused Fund: Mahesh Bendre. LIC MF Manufacturing Fund: Mahesh Bendre.
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.