Mahindra Manulife Innovation Opportunities Fund vs Mahindra Manulife Large & Mid Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Innovation Opportunities Fund is a Thematic fund and Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund. Mahindra Manulife Innovation Opportunities Fund charges 0.98% a year and Mahindra Manulife Large & Mid Cap Fund 0.84% (Direct plans). Their portfolios overlap 41.5%: they hold 31 of the same securities.
Mahindra Manulife Innovation Opportunities Fund
Thematic
- Expense ratio
- 0.98%
- NAV
- ₹10.45
Mahindra Manulife Large & Mid Cap Fund
Large & Mid Cap
- Expense ratio
- 0.84%
- NAV
- ₹29.86
Which is better, Mahindra Manulife Innovation Opportunities 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 costs less: 0.84% a year against 0.98% (Direct plans).
- Mahindra Manulife Innovation Opportunities fell less in its worst fall since 02-02-2026: −11.4% against −12.5%.
- Mahindra Manulife Large & Mid Cap is the larger fund: ₹2,753 Cr against ₹257 Cr.
- Their portfolios overlap 41.5%: 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 | Mahindra Manulife Innovation Opportunities Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Mahindra Manulife Mutual Fund |
| Category | Thematic | Large & Mid Cap |
| AUM | ₹257 Cr (30-09-2026) | ₹2,753 Cr (30-09-2026) |
| NAV | ₹10.45 (Direct) | ₹29.86 (Direct) |
| Expense ratio (Direct) | 0.98% | 0.84% |
| Expense ratio (Regular) | 2.57% | 2.20% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty 500 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 30-01-2026 | 30-12-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Kirti Dalvi, Renjith Sivaram Radhakrishnan | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi |
| Exit load | 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. | 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 Innovation Opportunities 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 Innovation Opportunities Fund (Direct) | −1.59% | −5.20% | +2.61% | -- | -- | -- | -- |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −0.88% | −3.09% | +2.43% | −2.22% | +11.86% | +10.94% | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | -- | -- | -- | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 235 Thematic funds and the 36 Large & Mid Cap funds, same plan type.
Mahindra Manulife Innovation Opportunities vs Mahindra Manulife Large & Mid Cap: Year-wise Returns
| Year | Innovation OpportunitiesMahindra Manulife Innovation Opportunities | Large & Mid CapMahindra Manulife Large & Mid Cap |
|---|---|---|
| 2026to date | -- | −1.33% |
| 2025 | -- | +3.77% |
| 2024 | -- | +18.48% |
| 2023 | -- | +34.45% |
| 2022 | -- | +3.94% |
| 2021 | -- | +48.04% |
Mahindra Manulife Innovation Opportunities vs Mahindra Manulife Large & Mid Cap: Rolling Returns
Every holding period of both funds, against Nifty 500 TRI, the benchmark of Mahindra Manulife Innovation Opportunities Fund
Mahindra Manulife Innovation Opportunities 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 Innovation Opportunities Fund (Direct) | Mahindra Manulife Large & Mid Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +5.88% | +17.35% |
| Standard deviation | 16.12% | 17.53% |
| Sharpe ratio | 0.04 | 0.70 |
| Sortino ratio | 0.06 | 0.92 |
| Maximum drawdown | −11.4% (23-10-2026) | −32.9% (23-03-2020) |
| Beta | 0.96 | 0.97 |
| Alpha | +10.05% | +1.80% |
From daily NAVs, 02-02-2026 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 Innovation Opportunities Fund (Direct)
Mahindra Manulife Large & Mid Cap Fund (Direct)
Nifty 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Mahindra Manulife Innovation Opportunities Fund (Direct) | −11.4% | 27-08-2026 | 23-10-2026 | Not yet | -- | −8.0% |
| Mahindra Manulife Large & Mid Cap Fund (Direct) | −12.5% | 11-02-2026 | 31-03-2026 | 06-07-2026 | 3 months | −7.0% |
| Nifty 500 TRI | −13.6% | 11-02-2026 | 30-03-2026 | 03-08-2026 | 4 months | −7.9% |
From daily values since 02-02-2026, the first day every fund has.
Mahindra Manulife Innovation Opportunities vs Mahindra Manulife Large & Mid Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Innovation Opportunities Fund, September 2026; Mahindra Manulife Large & Mid Cap Fund, September 2026
Holdings in common
- Overlap
- 41.5%
- Held by both
- 31
- Only in Mahindra Manulife Innovation Opportunities
- 23
- Only in Mahindra Manulife Large & Mid Cap
- 38
| Security | % of Mahindra Manulife Innovation Opportunities | % of Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Eternal Limited | 3.79% | 2.84% |
| ICICI Bank Limited | 2.61% | 4.38% |
| Axis Bank Limited | 2.20% | 2.81% |
| Larsen & Toubro Limited | 1.95% | 1.98% |
| Reliance Industries Limited | 2.53% | 1.94% |
| Senores Pharmaceuticals Limited | 1.94% | 2.16% |
| Divi's Laboratories Limited | 2.26% | 1.79% |
| Aditya Birla Capital Limited | 2.60% | 1.77% |
| Coforge Limited | 1.97% | 1.37% |
| One 97 Communications Limited | 2.64% | 1.29% |
| Torrent Pharmaceuticals Limited | 2.57% | 1.27% |
| Mahindra & Mahindra Limited | 1.62% | 1.26% |
| Radico Khaitan Limited | 2.06% | 1.25% |
| GE Vernova T&D India Limited | 1.63% | 1.25% |
| 360 One WAM Limited | 1.76% | 1.23% |
| IDFC First Bank Limited | 1.20% | 1.51% |
| InterGlobe Aviation Limited | 2.11% | 1.16% |
| Tech Mahindra Limited | 1.54% | 1.16% |
| Bajaj Finance Ltd | 2.73% | 1.08% |
| JSW Energy Limited | 1.08% | 1.39% |
| Delhivery Limited | 2.13% | 1.07% |
| Adani Enterprises Limited | 1.85% | 1.02% |
| Bharat Electronics Limited | 1.01% | 1.16% |
| Clean Max Enviro Energy Solutions Limited | 0.98% | 1.30% |
| Black Buck Ltd | 1.67% | 0.97% |
| Belrise Industries Ltd. | 2.44% | 0.91% |
| JK Cement Limited | 0.91% | 1.08% |
| Hindustan Aeronautics Limited | 1.74% | 0.80% |
| Acutaas Chemicals Limited | 2.59% | 0.78% |
| PB Fintech Limited | 1.16% | 0.76% |
| Max Financial Services Limited | 1.30% | 0.64% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 41.5% means 41.5% 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 Innovation Opportunities Fund
| Security | % of fund |
|---|---|
| Karur Vysya Bank Limited | 2.32% |
| Aster DM Quality Care Limited | 2.29% |
| Dr. Lal Path Labs Limited | 2.23% |
| Smartworks Coworking Spaces Ltd | 2.03% |
| Bharti Airtel Limited | 1.95% |
Largest holdings only in Mahindra Manulife Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| The Federal Bank Limited | 2.76% |
| HDFC Bank Limited | 2.71% |
| Glenmark Pharmaceuticals Limited | 2.36% |
| IndusInd Bank Limited | 2.04% |
| Laurus Labs Limited | 2.03% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Innovation Opportunities | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Equity | 97.5% | 96.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 2.5% | 3.8% |
Market cap of stocks
| Market cap | Mahindra Manulife Innovation Opportunities | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Large Cap | 39.1% | 44.9% |
| Mid Cap | 34.1% | 37.5% |
| Small Cap | 24.3% | 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 Innovation Opportunities | Mahindra Manulife Large & Mid Cap |
|---|---|---|
| Banks | 8.3% | 18.5% |
| Pharmaceuticals & Biotechnology | 13.1% | 13.0% |
| Finance | 6.7% | 5.9% |
| Transport Services | 5.9% | 3.2% |
| Retailing | 5.0% | 3.7% |
| Auto Components | 4.9% | 3.8% |
| Capital Markets | 1.8% | 3.8% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Innovation Opportunities vs Mahindra Manulife Large & Mid Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Innovation Opportunities Fund | Mahindra Manulife Large & Mid Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.98% | 0.84% |
| Base expense ratio (Direct) | 0.70% | 0.52% |
| Total expense ratio (Regular) | 2.57% | 2.20% |
| Base expense ratio (Regular) | 2.10% | 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 Innovation Opportunities Fund vs Mahindra Manulife Large & Mid Cap Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Innovation Opportunities Fund and Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Innovation Opportunities Fund is a Thematic fund, Mahindra Manulife Large & Mid Cap Fund is a Large & Mid Cap fund, run by Mahindra Manulife Mutual Fund. Their portfolios overlap 41.5%. Mahindra Manulife Innovation Opportunities Fund charges 0.98% a year and Mahindra Manulife Large & Mid Cap Fund 0.84%.
Which has the lower expense ratio, Mahindra Manulife Innovation Opportunities Fund or Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Large & Mid Cap Fund charges less: 0.84% a year against 0.98%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Innovation Opportunities Fund and Mahindra Manulife Large & Mid Cap Fund overlap?
41.5%. They hold 31 of the same securities, the largest shared ones being ETERNAL, ICICIBANK, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Innovation Opportunities Fund or Mahindra Manulife Large & Mid Cap Fund?
On SEBI's riskometer, Mahindra Manulife Innovation Opportunities Fund is rated Very High and Mahindra Manulife Large & Mid Cap Fund Very High. Over their common history, the standard deviation of daily returns was 16.12% and 17.53% a year.
Can I invest in both Mahindra Manulife Innovation Opportunities Fund and Mahindra Manulife Large & Mid Cap Fund?
Yes. 41.5% 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 Innovation Opportunities Fund and Mahindra Manulife Large & Mid Cap Fund?
Mahindra Manulife Innovation Opportunities Fund: Kirti Dalvi, Renjith Sivaram Radhakrishnan. 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.