LIC MF Value Fund vs Mahindra Manulife Value Fund
Direct Plan, Growth option · Data as on 30-10-2026
LIC MF Value Fund and Mahindra Manulife Value Fund are both Value and Contra funds. In the year to 30-10-2026, LIC MF Value Fund (Direct) returned 10.9% and Mahindra Manulife Value Fund (Direct) returned −0.6%. LIC MF Value Fund charges 1.78% a year and Mahindra Manulife Value Fund 1.06% (Direct plans). Their portfolios overlap 12.3%: they hold 10 of the same securities.
Mahindra Manulife Value Fund
Value and Contra
- 1 year return
- −0.6%
- Expense ratio
- 1.06%
- NAV
- ₹11.85
Which is better, LIC MF Value or Mahindra Manulife Value? 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 Value returned more over 1 year: 10.9% against −0.6%.
- Mahindra Manulife Value costs less: 1.06% a year against 1.78% (Direct plans).
- LIC MF Value fell less in its worst fall since 05-03-2025: −10.9% against −11.5%.
- Mahindra Manulife Value holds more in large companies: 48.4% of the fund in large caps against 32.8%.
- Mahindra Manulife Value is the larger fund: ₹1,015 Cr against ₹336 Cr.
- Their portfolios overlap 12.3%: 10 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 Value Fund | Mahindra Manulife Value Fund |
|---|---|---|
| Fund house | LIC Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Value and Contra | Value and Contra |
| AUM | ₹336 Cr (30-09-2026) | ₹1,015 Cr (30-09-2026) |
| NAV | ₹29.46 (Direct) | ₹11.85 (Direct) |
| Expense ratio (Direct) | 1.78% | 1.06% |
| Expense ratio (Regular) | 3.22% | 2.58% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty 500 TRI |
| Launch date | 20-08-2018 | 03-03-2025 |
| Minimum investment | ₹5,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Mahesh Bendre | Krishna Sanghavi, Vishal Jajoo |
| 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: 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). |
LIC MF Value vs Mahindra Manulife Value: 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 Value Fund (Direct) | −5.40% | −3.78% | +5.94% | +10.90% | +16.07% | -- | -- |
| Mahindra Manulife Value Fund (Direct) | −4.44% | −7.82% | −4.27% | −0.61% | -- | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | -- | -- | -- |
Category average: the average of the 30 Value and Contra funds, same plan type.
LIC MF Value vs Mahindra Manulife Value: Year-wise Returns
| Year | LIC MFLIC MF Value | Mahindra ManulifeMahindra Manulife Value | Nifty 500 TRI |
|---|---|---|---|
| 2026to date | +11.43% | −2.71% | −7.51% |
| 2025 | −5.73% | -- | +7.76% |
| 2024 | +30.38% | -- | +16.24% |
LIC MF Value vs Mahindra Manulife Value: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 161 of them, one for each trading day from 05-03-2026 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 Value Fund (Direct)
Mahindra Manulife Value Fund (Direct)
Nifty 500 TRI
to
Mar 2026May 2025
to
May 2026Jun 2025
to
Jun 2026Jul 2025
to
Jul 2026Sept 2025
to
Sept 2026Oct 2025
to
Oct 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 Value | 0.0 | 2.5 | 8.1 | 26.1 | 37.3 | 19.3 | 6.8 | 16.8% | 16.5% | 2.9% | 27.5% | 100% |
| Mahindra Manulife Value | 3.1 | 3.1 | 26.5 | 39.5 | 27.8 | 0.0 | 0.0 | 11.6% | 11.1% | −1.3% | 19.0% | 100% |
| Nifty 500 TRI | 36.6 | 41.0 | 19.9 | 2.5 | 0.0 | 0.0 | 0.0 | 1.4% | 1.1% | −9.0% | 13.1% | -- |
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 05-03-2025. Past returns do not promise future returns.
LIC MF Value vs Mahindra Manulife Value: 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 03-03-2025 to 30-10-2026: 20 instalments, ₹2,00,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| LIC MF ValueLIC MF Value Fund (Direct) | ₹2,00,000 | ₹2,22,547 | ₹22,547 | 12.9% |
| Mahindra Manulife ValueMahindra Manulife Value Fund (Direct) | ₹2,00,000 | ₹2,02,173 | ₹2,173 | 1.2% |
LIC MF ValueLIC MF Value Fund (Direct)
Mahindra Manulife ValueMahindra Manulife Value 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 Value vs Mahindra Manulife Value: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | LIC MF Value Fund (Direct) | Mahindra Manulife Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.90% | −0.61% |
| Standard deviation | 16.55% | 15.42% |
| Sharpe ratio | 0.34 | -0.38 |
| Sortino ratio | 0.49 | -0.50 |
| Maximum drawdown | −10.9% (31-03-2026) | −11.5% (31-03-2026) |
| Beta | 1.04 | 1.03 |
| Alpha | +18.74% | +7.06% |
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 Value Fund (Direct) | Mahindra Manulife Value Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.94% | +10.22% |
| Standard deviation | 16.73% | 14.56% |
| Sharpe ratio | 0.53 | 0.33 |
| Sortino ratio | 0.71 | 0.45 |
| Maximum drawdown | −25.2% (03-03-2025) | −11.5% (31-03-2026) |
| Beta | 1.08 | 1.00 |
| Alpha | +5.67% | +4.35% |
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 Value Fund (Direct)
Mahindra Manulife Value 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 Value Fund (Direct) | −10.9% | 26-02-2026 | 31-03-2026 | 16-04-2026 | 16 days | −7.6% |
| Mahindra Manulife Value Fund (Direct) | −11.5% | 11-02-2026 | 31-03-2026 | 22-04-2026 | 22 days | −10.1% |
| Nifty 500 TRI | −14.7% | 02-01-2026 | 30-03-2026 | Not yet | -- | −8.4% |
From daily values since 05-03-2025, 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 Value Fund (Direct)
Mahindra Manulife Value Fund (Direct)
Nifty 500 TRI
Against Nifty 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| LIC MF Value Fund (Direct) | 145% | 84% | 9.40% |
| Mahindra Manulife Value Fund (Direct) | 117% | 91% | 4.60% |
From month-end values since 05-03-2025. 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 Value vs Mahindra Manulife Value: Portfolio Overlap
From each fund's latest monthly portfolio: LIC MF Value Fund, September 2026; Mahindra Manulife Value Fund, September 2026
Holdings in common
- Overlap
- 12.3%
- Held by both
- 10
- Only in LIC MF Value
- 40
- Only in Mahindra Manulife Value
- 58
| Security | % of LIC MF Value | % of Mahindra Manulife Value |
|---|---|---|
| HDFC Bank Ltd. | 3.51% | 3.62% |
| ICICI Bank Ltd. | 1.67% | 3.58% |
| Tech Mahindra Ltd. | 1.33% | 1.43% |
| Axis Bank Ltd. | 1.25% | 3.62% |
| Shriram Finance Ltd. | 1.18% | 1.42% |
| Cipla Ltd. | 1.50% | 0.89% |
| Sun Pharmaceutical Industries Ltd. | 0.84% | 1.49% |
| K.P.R. Mill Ltd. | 0.68% | 0.98% |
| Kirloskar Brothers Ltd. | 3.60% | 0.52% |
| Gokaldas Exports Ltd. | 0.45% | 0.44% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 12.3% means 12.3% 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 LIC MF Value Fund
| Security | % of fund |
|---|---|
| INDO-MIM Ltd. | 7.68% |
| Tata Motors Passenger Vehicles Ltd. | 5.03% |
| NSE India Ltd. | 3.36% |
| Schaeffler India Ltd. | 3.32% |
| Nephrocare Health Services Ltd. | 3.14% |
Largest holdings only in Mahindra Manulife Value Fund
| Security | % of fund |
|---|---|
| Reliance Industries Limited | 4.09% |
| Life Insurance Corporation Of India | 2.73% |
| Adani Enterprises Limited | 2.40% |
| Jindal Saw Ltd | 2.37% |
| Oil India Limited | 2.25% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | LIC MF Value | Mahindra Manulife Value |
|---|---|---|
| Equity | 97.0% | 98.4% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.0% | 1.6% |
Market cap of stocks
| Market cap | LIC MF Value | Mahindra Manulife Value |
|---|---|---|
| Large Cap | 32.8% | 48.4% |
| Mid Cap | 10.6% | 21.6% |
| Small Cap | 42.0% | 27.5% |
| Not on AMFI's list | 11.6% | 0.9% |
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 Value | Mahindra Manulife Value |
|---|---|---|
| Banks | 10.3% | 19.8% |
| Auto Components | 13.4% | 4.6% |
| Industrial Products | 9.1% | 7.1% |
| Pharmaceuticals & Biotechnology | 5.2% | 8.4% |
| Automobiles | 8.2% | 3.1% |
| Industrial Manufacturing | 8.1% | 1.6% |
| Agricultural, Commercial & Construction Vehicles | 5.3% | 0.0% |
| Power | 3.5% | 5.0% |
| Cement & Cement Products | 0.0% | 4.7% |
The six largest sectors of each fund's stocks, % of the fund.
LIC MF Value vs Mahindra Manulife Value: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | LIC MF Value Fund | Mahindra Manulife Value Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.78% | 1.06% |
| Base expense ratio (Direct) | 0.86% | 0.59% |
| Total expense ratio (Regular) | 3.22% | 2.58% |
| Base expense ratio (Regular) | 2.10% | 1.93% |
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 Value with
LIC MF Value Fund vs Mahindra Manulife Value Fund: Frequently Asked Questions
What is the difference between LIC MF Value Fund and Mahindra Manulife Value Fund?
Both are Value and Contra funds, run by LIC Mutual Fund and Mahindra Manulife Mutual Fund. Their portfolios overlap 12.3%. LIC MF Value Fund charges 1.78% a year and Mahindra Manulife Value Fund 1.06%.
Which has given higher returns, LIC MF Value Fund or Mahindra Manulife Value Fund?
Over 1 year: LIC MF Value Fund +10.90%, Mahindra Manulife Value Fund −0.61%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, LIC MF Value Fund or Mahindra Manulife Value Fund?
Mahindra Manulife Value Fund charges less: 1.06% a year against 1.78%. These are the Direct plans' total expense ratios reported to AMFI.
How much do LIC MF Value Fund and Mahindra Manulife Value Fund overlap?
12.3%. They hold 10 of the same securities, the largest shared ones being HDFCBANK, ICICIBANK, TECHM. From each fund's latest monthly portfolio.
Which is riskier, LIC MF Value Fund or Mahindra Manulife Value Fund?
On SEBI's riskometer, LIC MF Value Fund is rated Very High and Mahindra Manulife Value Fund Very High. Over 1 years, the standard deviation of daily returns was 16.55% and 15.42% a year.
Can I invest in both LIC MF Value Fund and Mahindra Manulife Value Fund?
Yes. 12.3% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages LIC MF Value Fund and Mahindra Manulife Value Fund?
LIC MF Value Fund: Mahesh Bendre. Mahindra Manulife Value Fund: Krishna Sanghavi, Vishal Jajoo.
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.