Mahindra Manulife Balanced Advantage Fund vs Mahindra Manulife Large & Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Balanced Advantage Fund is a Balanced Advantage fund and Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund. In the 3 years to 30-10-2026, Mahindra Manulife Balanced Advantage Fund (Direct) returned 10.9% a year and Mahindra Manulife Large & Mid Cap Fund (Direct) returned 11.9% a year. Mahindra Manulife Balanced Advantage Fund charges 0.85% a year and Mahindra Manulife Large & Mid Cap Fund 0.84% (Direct plans). Their portfolios overlap 53.5%: they hold 44 of the same securities.
Mahindra Manulife Balanced Advantage Fund
Balanced Advantage
- 3 year return
- 10.9%
- Expense ratio
- 0.85%
- NAV
- ₹15.69
Mahindra Manulife Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 11.9%
- Expense ratio
- 0.84%
- NAV
- ₹29.86
Which is better, Mahindra Manulife Balanced Advantage or Mahindra Manulife Large & Mid Cap? 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 Large & Mid Cap returned more over 3 years: 11.9% a year against 10.9%.
- Mahindra Manulife Balanced Advantage returned more over 1 year: −0.7% against −2.2%.
- Mahindra Manulife Large & Mid Cap costs less: 0.84% 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 16.1%.
- Mahindra Manulife Balanced Advantage fell less in its worst fall since 03-01-2022: −9.8% against −20.0%.
- Mahindra Manulife Large & Mid Cap is the larger fund: ₹2,753 Cr against ₹879 Cr.
- Their portfolios overlap 53.5%: 44 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 | Mahindra Manulife Balanced Advantage Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Balanced Advantage | Large & Mid Cap |
| AUM | ₹879 Cr (30-09-2026) | ₹2,753 Cr (30-09-2026) |
| NAV | ₹15.69 (Direct) | ₹29.86 (Direct) |
| Expense ratio (Direct) | 0.85% | 0.84% |
| Expense ratio (Regular) | 2.41% | 2.20% |
| Riskometer | Very High | Very High |
| Benchmark | NIFTY 50 Hybrid Composite Debt 50:50 Index | Nifty LargeMidcap 250 TRI |
| Launch date | 30-12-2021 | 30-12-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar, $ Mr. Rahul Pal, $ Mr. Amit Garg | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi |
| Exit load | Exit load for units in excess of 10% of the investment 1% will be charged for redemption within 3 months. | Exit Load: An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment Nil if Units are redeemed / switched-out after months from the date of allotment. |
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: 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 |
|---|---|---|---|---|---|---|---|
| Mahindra Manulife Balanced Advantage Fund (Direct) | −0.02% | −2.66% | +1.63% | −0.70% | +10.92% | -- | -- |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −0.88% | −3.09% | +2.43% | −2.22% | +11.86% | +10.94% | -- |
| Balanced Advantage average | −0.55% | −2.88% | +0.08% | −2.08% | +9.14% | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 38 Balanced Advantage funds and the 36 Large & Mid Cap funds, same plan type.
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: Year-wise Returns
| Year | Balanced AdvantageMahindra Manulife Balanced Advantage | Large & Mid CapMahindra Manulife Large & Mid Cap |
|---|---|---|
| 2026to date | −0.31% | −1.33% |
| 2025 | +5.87% | +3.77% |
| 2024 | +16.11% | +18.48% |
| 2023 | +22.01% | +34.45% |
| 2022 | -- | +3.94% |
| 2021 | -- | +48.04% |
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of Mahindra Manulife Large & Mid Cap Fund
Rolling returns
Every 3-year holding period, 450 of them, one for each trading day from 03-01-2025 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.
Mahindra Manulife Balanced Advantage Fund (Direct)
Mahindra Manulife Large & Mid Cap 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Mahindra Manulife Large & Mid Cap | 0.0 | 0.0 | 0.0 | 26.7 | 62.2 | 11.1 | 0.0 | 16.9% | 17.1% | 10.3% | 24.5% | 11% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 0.0 | 17.3 | 65.6 | 16.7 | 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.
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: 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 30-10-2026: 58 instalments, ₹5,80,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Balanced AdvantageMahindra Manulife Balanced Advantage Fund (Direct) | ₹5,80,000 | ₹7,18,032 | ₹1,38,032 | 8.8% |
| Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap Fund (Direct) | ₹5,80,000 | ₹7,38,658 | ₹1,58,658 | 10.0% |
Mahindra Manulife Balanced AdvantageMahindra Manulife Balanced Advantage Fund (Direct)
Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap 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.
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Balanced Advantage Fund (Direct) | Mahindra Manulife Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −0.70% | −2.22% |
| Standard deviation | 10.28% | 14.68% |
| Sharpe ratio | -0.58 | -0.51 |
| Sortino ratio | -0.76 | -0.67 |
| Maximum drawdown | −9.7% (30-03-2026) | −13.8% (31-03-2026) |
| Beta | -- | 0.96 |
| Alpha | -- | +3.82% |
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 | Mahindra Manulife Balanced Advantage Fund (Direct) | Mahindra Manulife Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.92% | +11.86% |
| Standard deviation | 10.11% | 16.11% |
| Sharpe ratio | 0.48 | 0.36 |
| Sortino ratio | 0.64 | 0.47 |
| Maximum drawdown | −9.8% (03-03-2025) | −20.0% (03-03-2025) |
| Beta | -- | 1.04 |
| Alpha | -- | +0.10% |
From daily NAVs, 30-10-2023 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.
| Measure | Mahindra Manulife Balanced Advantage Fund (Direct) | Mahindra Manulife Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.77% | +17.35% |
| Standard deviation | 9.44% | 17.53% |
| Sharpe ratio | 0.41 | 0.70 |
| Sortino ratio | 0.55 | 0.92 |
| Maximum drawdown | −9.8% (03-03-2025) | −32.9% (23-03-2020) |
| Beta | -- | 0.97 |
| Alpha | -- | +1.80% |
From daily NAVs, 03-01-2022 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.
Mahindra Manulife Balanced Advantage Fund (Direct)
Mahindra Manulife Large & Mid Cap 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 |
|---|---|---|---|---|---|---|
| Mahindra Manulife Balanced Advantage Fund (Direct) | −9.8% | 26-09-2024 | 03-03-2025 | 06-06-2025 | 3 months | −4.4% |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | 03-08-2026 | 17 months | −7.0% |
| 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.
Mahindra Manulife Balanced Advantage Fund (Direct)
Mahindra Manulife Large & Mid Cap 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.
Mahindra Manulife Balanced Advantage Fund (Direct)
Mahindra Manulife Large & Mid Cap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Balanced Advantage Fund (Direct) | 67% | 55% | 6.96% |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | 100% | 99% | 4.03% |
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.
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Balanced Advantage Fund, September 2026; Mahindra Manulife Large & Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 53.5%
- Held by both
- 44
- Only in Mahindra Manulife Balanced Advantage
- 35
- Only in Mahindra Manulife Large & Mid Cap
- 25
| Security | % of Mahindra Manulife Balanced Advantage | % of Mahindra Manulife Large & Mid Cap |
|---|---|---|
| ICICI Bank Limited | 3.87% | 4.38% |
| HDFC Bank Limited | 2.35% | 2.71% |
| Eternal Limited | 2.20% | 2.84% |
| Axis Bank Limited | 2.09% | 2.81% |
| IndusInd Bank Limited | 2.11% | 2.04% |
| Reliance Industries Limited | 2.23% | 1.94% |
| Jindal Steel Limited | 1.81% | 1.93% |
| Laurus Labs Limited | 1.71% | 2.03% |
| The Federal Bank Limited | 1.52% | 2.76% |
| State Bank of India | 1.44% | 1.57% |
| Senores Pharmaceuticals Limited | 1.42% | 2.16% |
| Larsen & Toubro Limited | 1.34% | 1.98% |
| Bharat Heavy Electricals Limited | 1.31% | 1.71% |
| Titan Company Limited | 1.38% | 1.28% |
| Glenmark Pharmaceuticals Limited | 1.28% | 2.36% |
| Mahindra & Mahindra Limited | 1.33% | 1.26% |
| Multi Commodity Exchange of India Limited | 1.25% | 1.77% |
| Divi's Laboratories Limited | 1.19% | 1.79% |
| Oil & Natural Gas Corporation Limited | 1.18% | 1.62% |
| Apollo Hospitals Enterprise Limited | 1.72% | 1.16% |
| Tech Mahindra Limited | 1.46% | 1.16% |
| Bharat Electronics Limited | 1.27% | 1.16% |
| Bajaj Finance Ltd | 1.41% | 1.08% |
| Aditya Birla Capital Limited | 1.00% | 1.77% |
| Torrent Pharmaceuticals Limited | 0.99% | 1.27% |
| Bosch Limited | 0.96% | 1.71% |
| Coforge Limited | 0.93% | 1.37% |
| Delhivery Limited | 0.89% | 1.07% |
| IDFC First Bank Limited | 0.86% | 1.51% |
| Bajaj Auto Limited | 0.86% | 1.75% |
| Radico Khaitan Limited | 0.84% | 1.25% |
| Black Buck Ltd | 0.80% | 0.97% |
| Polycab India Limited | 0.79% | 1.60% |
| Aditya Birla Sun Life AMC Limited | 0.91% | 0.78% |
| UltraTech Cement Limited | 0.95% | 0.77% |
| The Phoenix Mills Limited | 0.77% | 1.60% |
| Hindustan Aeronautics Limited | 0.77% | 0.80% |
| Indian Bank | 0.96% | 0.73% |
| Vishal Mega Mart Limited | 0.73% | 0.90% |
| L&T Finance Limited | 0.73% | 0.96% |
| Marico Limited | 0.67% | 0.96% |
| Acutaas Chemicals Limited | 0.61% | 0.78% |
| JSW Energy Limited | 0.55% | 1.39% |
| Max Financial Services Limited | 0.41% | 0.64% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 53.5% means 53.5% 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 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% |
| Bharti Airtel Limited | 2.36% |
| Brookfield India Real Estate Trust | 2.17% |
Largest holdings only in Mahindra Manulife Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Neuland Laboratories Limited | 1.92% |
| Bharti Hexacom Limited | 1.78% |
| Shriram Finance Limited | 1.51% |
| Solar Industries India Limited | 1.44% |
| Clean Max Enviro Energy Solutions Limited | 1.30% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Balanced Advantage | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Equity | 67.8% | 96.2% |
| Debt | 24.5% | 0.0% |
| Cash and others | 7.7% | 3.8% |
Market cap of stocks
| Market cap | Mahindra Manulife Balanced Advantage | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Large Cap | 42.4% | 44.9% |
| Mid Cap | 18.7% | 37.5% |
| Small Cap | 6.7% | 13.8% |
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 | Mahindra Manulife Balanced Advantage | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Banks | 16.4% | 18.5% |
| Pharmaceuticals & Biotechnology | 7.2% | 13.0% |
| Finance | 3.1% | 5.9% |
| Retailing | 4.5% | 3.7% |
| Auto Components | 1.0% | 3.8% |
| Capital Markets | 2.7% | 3.8% |
| IT - Software | 3.3% | 3.5% |
| Automobiles | 3.1% | 3.0% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Balanced Advantage vs Mahindra Manulife Large & Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Balanced Advantage Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.85% | 0.84% |
| Base expense ratio (Direct) | 0.62% | 0.52% |
| Total expense ratio (Regular) | 2.41% | 2.20% |
| Base expense ratio (Regular) | 1.98% | 1.70% |
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.
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Mahindra Manulife Balanced Advantage Fund vs Mahindra Manulife Large & Mid Cap Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Balanced Advantage Fund and Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Balanced Advantage Fund is a Balanced Advantage fund, Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 53.5%. Mahindra Manulife Balanced Advantage Fund charges 0.85% a year and Mahindra Manulife Large & Mid Cap Fund 0.84%.
Which has given higher returns, Mahindra Manulife Balanced Advantage Fund or Mahindra Manulife Large & Mid Cap Fund?
Over 1 year: Mahindra Manulife Balanced Advantage Fund −0.70%, Mahindra Manulife Large & Mid Cap Fund −2.22%. Over 3 years: Mahindra Manulife Balanced Advantage Fund +10.92% a year, Mahindra Manulife Large & Mid Cap Fund +11.86% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Balanced Advantage Fund or Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Large & Mid Cap Fund charges less: 0.84% a year against 0.85%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Balanced Advantage Fund and Mahindra Manulife Large & Mid Cap Fund overlap?
53.5%. They hold 44 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Balanced Advantage Fund or Mahindra Manulife Large & Mid Cap Fund?
On SEBI's riskometer, Mahindra Manulife Balanced Advantage Fund is rated Very High and Mahindra Manulife Large & Mid Cap Fund Very High. Over 3 years, the standard deviation of daily returns was 10.11% and 16.11% a year.
Which is better for SIP, Mahindra Manulife Balanced Advantage Fund or Mahindra Manulife Large & Mid Cap Fund?
Over the last 3 years, a monthly SIP of ₹10,000 from 03-10-2023 to 30-10-2026 grew to ₹3,98,488 in Mahindra Manulife Balanced Advantage Fund (XIRR 4.8% a year) and ₹3,92,736 in Mahindra Manulife Large & Mid Cap Fund (XIRR 3.8% a year). Both received 37 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Balanced Advantage Fund and Mahindra Manulife Large & Mid Cap Fund?
Yes. 53.5% of each fund's money sits in the same holdings, so a large part of the two investments would move together.
Who manages Mahindra Manulife Balanced Advantage Fund and Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Balanced Advantage Fund: $ Mr. Hemang Kapasi, $ Mr. Neelesh Dhamnaskar, $ Mr. Rahul Pal, $ Mr. Amit Garg. Mahindra Manulife Large & Mid Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi.
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.