LIC MF Large & Mid Cap Fund vs Mahindra Manulife Innovation Opportunities Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Large & Mid Cap Fund is a Large & Mid Cap fund and Mahindra Manulife Innovation Opportunities Fund is a Thematic fund. LIC MF Large & Mid Cap Fund charges 1.46% a year and Mahindra Manulife Innovation Opportunities Fund 0.98% (Direct plans). Their portfolios overlap 31.1%: they hold 16 of the same securities.
LIC MF Large & Mid Cap Fund
Large & Mid Cap
- Expense ratio
- 1.46%
- NAV
- ₹41.93
Mahindra Manulife Innovation Opportunities Fund
Thematic
- Expense ratio
- 0.98%
- NAV
- ₹10.45
Which is better, LIC MF Large & Mid Cap or Mahindra Manulife Innovation Opportunities? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Mahindra Manulife Innovation Opportunities costs less: 0.98% a year against 1.46% (Direct plans).
- Mahindra Manulife Innovation Opportunities fell less in its worst fall since 02-02-2026: −11.4% against −13.2%.
- LIC MF Large & Mid Cap is the larger fund: ₹2,949 Cr against ₹257 Cr.
- Their portfolios overlap 31.1%: 16 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 Large & Mid Cap Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Large & Mid Cap | Thematic |
| AUM | ₹2,949 Cr (30-09-2026) | ₹257 Cr (30-09-2026) |
| NAV | ₹41.93 (Direct) | ₹10.45 (Direct) |
| Expense ratio (Direct) | 1.46% | 0.98% |
| Expense ratio (Regular) | 2.68% | 2.57% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | Nifty 500 TRI |
| Launch date | 25-02-2015 | 30-01-2026 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Sudhanshu Asthana | Kirti Dalvi, Renjith Sivaram Radhakrishnan |
| Exit load | Exit Load for units in excess of 12% of the investment,1% will be charged for redemption within 3 months. | Exit Load (as % of NAV) #: -An Exit Load of 0.5% is payable if Units are redeemed / switched-out up to 3 months from the date of allotment; -Nil if Units are redeemed / switched-out after 3 months from the date of allotment. Redemption /Switch-Out of Units would be done on First in First out Basis (FIFO). # Applicable for normal subscriptions / redemptions including transactions under special products such as SIP, SWP, switches, etc. offered by the AMC. For detailed load structure disclosure, please refer SID. |
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: 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 Large & Mid Cap Fund (Direct) | −3.00% | −7.26% | −2.30% | −7.88% | +11.97% | +9.55% | +13.36% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −1.59% | −5.20% | +2.61% | -- | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | +13.62% |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
Category average: the average of the 36 Large & Mid Cap funds and the 235 Thematic funds, same plan type.
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: Year-wise Returns
| Year | LIC MF Large & Mid CapLIC MF Large & Mid Cap | Mahindra Manulife Innovation OpportunitiesMahindra Manulife Innovation Opportunities |
|---|---|---|
| 2026to date | −7.16% | -- |
| 2025 | +1.55% | -- |
| 2024 | +29.62% | -- |
| 2023 | +28.25% | -- |
| 2022 | −0.84% | -- |
| 2021 | +35.49% | -- |
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of LIC MF Large & Mid Cap Fund
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF Large & Mid Cap Fund (Direct) | Mahindra Manulife Innovation Opportunities Fund (Direct) |
|---|---|---|
| Return (CAGR) | +13.05% | +5.88% |
| Standard deviation | 15.57% | 16.12% |
| Sharpe ratio | 0.48 | 0.04 |
| Sortino ratio | 0.63 | 0.06 |
| Maximum drawdown | −33.9% (23-03-2020) | −11.4% (23-10-2026) |
| Beta | -- | 0.96 |
| Alpha | -- | +10.05% |
From daily NAVs, 26-02-2015 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 Large & Mid Cap Fund (Direct)
Mahindra Manulife Innovation Opportunities 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 |
|---|---|---|---|---|---|---|
| LIC MF Large & Mid Cap Fund (Direct) | −13.2% | 10-02-2026 | 31-03-2026 | 02-07-2026 | 3 months | −10.4% |
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −11.4% | 27-08-2026 | 23-10-2026 | Not yet | -- | −8.0% |
| NIFTY LargeMidcap 250 TRI | −13.5% | 11-02-2026 | 30-03-2026 | 31-07-2026 | 4 months | −8.6% |
From daily values since 02-02-2026, the first day every fund has.
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Large & Mid Cap Fund, September 2026; Mahindra Manulife Innovation Opportunities Fund, September 2026
Holdings in common
- Overlap
- 31.1%
- Held by both
- 16
- Only in LIC MF Large & Mid Cap
- 22
- Only in Mahindra Manulife Innovation Opportunities
- 38
| Security | % of LIC MF Large & Mid Cap | % of Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Bajaj Finance Ltd. | 3.17% | 2.73% |
| Aditya Birla Capital Ltd. | 3.05% | 2.60% |
| Karur Vysya Bank Ltd. | 2.64% | 2.32% |
| Divi's Laboratories Ltd. | 3.02% | 2.26% |
| Delhivery Ltd. | 2.19% | 2.13% |
| InterGlobe Aviation Ltd. | 3.42% | 2.11% |
| Aster DM Quality Care Ltd. | 2.06% | 2.29% |
| One 97 Communications Ltd. | 1.98% | 2.64% |
| Larsen & Toubro Ltd. | 2.89% | 1.95% |
| Navin Fluorine International Ltd. | 2.31% | 1.86% |
| CG Power and Industrial Solutions Ltd. | 3.63% | 1.82% |
| Hindustan Aeronautics Ltd. | 2.56% | 1.74% |
| GE Vernova T&D India Limited | 1.83% | 1.63% |
| Zydus Lifesciences Ltd. | 1.71% | 1.54% |
| Schaeffler India Ltd. | 1.88% | 1.24% |
| PB Fintech Ltd. | 1.86% | 1.16% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 31.1% means 31.1% 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 Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| AU Small Finance Bank Ltd. | 4.16% |
| Persistent Systems Ltd. | 3.99% |
| Eicher Motors Ltd. | 3.83% |
| Cartrade Tech Ltd. | 3.29% |
| FSN E-Commerce Ventures Ltd. | 3.16% |
Largest holdings only in Mahindra Manulife Innovation Opportunities Fund
| Security | % of fund |
|---|---|
| Eternal Limited | 3.79% |
| ICICI Bank Limited | 2.61% |
| Acutaas Chemicals Limited | 2.59% |
| Torrent Pharmaceuticals Limited | 2.57% |
| Reliance Industries Limited | 2.53% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Large & Mid Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Equity | 97.7% | 97.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.3% | 2.5% |
Market cap of stocks
| Market cap | LIC MF Large & Mid Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Large Cap | 36.5% | 39.1% |
| Mid Cap | 42.4% | 34.1% |
| Small Cap | 18.7% | 24.3% |
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 Large & Mid Cap | Mahindra Manulife Innovation Opportunities |
|---|---|---|
| Pharmaceuticals & Biotechnology | 6.8% | 13.1% |
| Finance | 11.1% | 6.7% |
| Electrical Equipment | 9.8% | 3.5% |
| Banks | 9.3% | 8.3% |
| Retailing | 8.7% | 5.0% |
| Transport Services | 5.6% | 5.9% |
| Auto Components | 4.3% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF Large & Mid Cap vs Mahindra Manulife Innovation Opportunities: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Large & Mid Cap Fund | Mahindra Manulife Innovation Opportunities Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.46% | 0.98% |
| Base expense ratio (Direct) | 0.57% | 0.70% |
| Total expense ratio (Regular) | 2.68% | 2.57% |
| Base expense ratio (Regular) | 1.69% | 2.10% |
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 Large & Mid Cap with
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LIC MF Large & Mid Cap Fund vs Mahindra Manulife Innovation Opportunities Fund: Frequently Asked Questions
What is the difference between LIC MF Large & Mid Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
LIC MF Large & Mid Cap Fund is a Large & Mid Cap fund, Mahindra Manulife Innovation Opportunities Fund is a Thematic fund, run by LIC Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 31.1%. LIC MF Large & Mid Cap Fund charges 1.46% a year and Mahindra Manulife Innovation Opportunities Fund 0.98%.
Which has the lower expense ratio, LIC MF Large & Mid Cap Fund or Mahindra Manulife Innovation Opportunities Fund?
Mahindra Manulife Innovation Opportunities Fund charges less: 0.98% a year against 1.46%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Large & Mid Cap Fund and Mahindra Manulife Innovation Opportunities Fund overlap?
31.1%. They hold 16 of the same securities, the largest shared ones being BAJFINANCE, ABCAPITAL, KARURVYSYA. From each fund's latest monthly portfolio.
Which is riskier, LIC MF Large & Mid Cap Fund or Mahindra Manulife Innovation Opportunities Fund?
On SEBI's riskometer, LIC MF Large & Mid Cap Fund is rated Very High and Mahindra Manulife Innovation Opportunities Fund Very High. Over their common history, the standard deviation of daily returns was 15.57% and 16.12% a year.
Can I invest in both LIC MF Large & Mid Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
Yes. 31.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages LIC MF Large & Mid Cap Fund and Mahindra Manulife Innovation Opportunities Fund?
LIC MF Large & Mid Cap Fund: Sudhanshu Asthana. Mahindra Manulife Innovation Opportunities Fund: Kirti Dalvi, Renjith Sivaram Radhakrishnan.
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.