Mahindra Manulife Large & Mid Cap Fund vs Union Large & Midcap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Mahindra Manulife Large & Mid Cap Fund and Union Large & Midcap Fund are both Large & Mid Cap funds. In the 3 years to 30-10-2026, Mahindra Manulife Large & Mid Cap Fund (Direct) returned 11.9% a year and Union Large & Midcap Fund (Direct) returned 12.4% a year. Mahindra Manulife Large & Mid Cap Fund charges 0.84% a year and Union Large & Midcap Fund 1.32% (Direct plans). Their portfolios overlap 45.5%: they hold 35 of the same securities.
Mahindra Manulife Large & Mid Cap Fund
Large & Mid Cap
- 3 year return
- 11.9%
- Expense ratio
- 0.84%
- NAV
- ₹29.86
Union Large & Midcap Fund
Large & Mid Cap
- 3 year return
- 12.4%
- Expense ratio
- 1.32%
- NAV
- ₹28.14
Which is better, Mahindra Manulife Large & Mid Cap or Union Large & Midcap? 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 5 years: 10.9% a year against 10.3%.
- Union Large & Midcap returned more over 3 years: 12.4% a year against 11.9%.
- Mahindra Manulife Large & Mid Cap costs less: 0.84% a year against 1.32% (Direct plans).
- Union Large & Midcap swung less over 3 years: a standard deviation of 15.3% a year against 16.1%.
- Mahindra Manulife Large & Mid Cap fell less in its worst fall since 01-01-2020: −32.9% against −35.6%.
- Mahindra Manulife Large & Mid Cap is the larger fund: ₹2,753 Cr against ₹969 Cr.
- Their portfolios overlap 45.5%: 35 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 Large & Mid Cap Fund | Union Large & Midcap Fund |
|---|---|---|
| Fund house | Mahindra Manulife Mutual Fund | Union Mutual Fund |
| Category | Large & Mid Cap | Large & Mid Cap |
| AUM | ₹2,753 Cr (30-09-2026) | ₹969 Cr (30-09-2026) |
| NAV | ₹29.86 (Direct) | ₹28.14 (Direct) |
| Expense ratio (Direct) | 0.84% | 1.32% |
| Expense ratio (Regular) | 2.20% | 2.53% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty LargeMidcap 250 TRI | Nifty LargeMidcap 250 TRI |
| Launch date | 30-12-2019 | 06-12-2019 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | $ Mr. Neelesh Dhamnaskar, Kirti Dalvi | Vinod Malviya, Pratik Dharmshi |
| Exit load | 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. | Exit load of 1%, if redeemed within 15 days. |
Mahindra Manulife Large & Mid Cap vs Union Large & Midcap: 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 Large & Mid Cap Fund (Direct) | −0.88% | −3.09% | +2.43% | −2.22% | +11.86% | +10.94% | -- |
| Union Large & Midcap Fund (Direct) | −1.54% | −2.90% | +2.96% | −0.74% | +12.37% | +10.31% | -- |
| Large & Mid Cap average | −1.78% | −5.20% | −0.43% | −3.99% | +13.28% | +11.36% | -- |
Category average: the average of the 36 Large & Mid Cap funds, same plan type.
Mahindra Manulife Large & Mid Cap vs Union Large & Midcap: Year-wise Returns
| Year | Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap | Union Large & MidcapUnion Large & Midcap | NIFTY LargeMidcap 250 TRI |
|---|---|---|---|
| 2026to date | −1.33% | −0.07% | −7.09% |
| 2025 | +3.77% | +3.57% | +8.19% |
| 2024 | +18.48% | +22.26% | +18.68% |
| 2023 | +34.45% | +28.33% | +32.66% |
| 2022 | +3.94% | −1.87% | +4.48% |
| 2021 | +48.04% | +40.05% | +37.04% |
Mahindra Manulife Large & Mid Cap vs Union Large & Midcap: Rolling Returns
Every holding period of both funds, against NIFTY LargeMidcap 250 TRI, the benchmark of both
Rolling returns
Every 3-year holding period, 942 of them, one for each trading day from 02-01-2023 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 Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
to
Apr 2023Dec 2020
to
Dec 2023Aug 2021
to
Aug 2024Apr 2022
to
Apr 2025Nov 2022
to
Nov 2025Jul 2023
to
Jul 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 Large & Mid Cap | 0.0 | 0.0 | 0.0 | 12.7 | 36.6 | 20.2 | 30.5 | 21.4% | 20.3% | 10.3% | 35.7% | 49% |
| Union Large & Midcap | 0.0 | 0.0 | 0.0 | 17.1 | 45.4 | 26.5 | 11.1 | 18.9% | 18.2% | 11.0% | 33.3% | 6% |
| NIFTY LargeMidcap 250 TRI | 0.0 | 0.0 | 0.0 | 8.3 | 42.0 | 33.1 | 16.6 | 20.7% | 19.9% | 10.1% | 36.1% | -- |
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 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 01-01-2020. Past returns do not promise future returns.
Mahindra Manulife Large & Mid Cap vs Union Large & Midcap: 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 01-01-2020 to 30-10-2026: 82 instalments, ₹8,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap Fund (Direct) | ₹8,20,000 | ₹13,64,882 | ₹5,44,882 | 14.7% |
| Union Large & MidcapUnion Large & Midcap Fund (Direct) | ₹8,20,000 | ₹13,29,915 | ₹5,09,915 | 13.9% |
Mahindra Manulife Large & Mid CapMahindra Manulife Large & Mid Cap Fund (Direct)
Union Large & MidcapUnion Large & Midcap 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 Large & Mid Cap vs Union Large & Midcap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Mahindra Manulife Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | −2.22% | −0.74% |
| Standard deviation | 14.68% | 15.51% |
| Sharpe ratio | -0.51 | -0.39 |
| Sortino ratio | -0.67 | -0.52 |
| Maximum drawdown | −13.8% (31-03-2026) | −12.6% (30-03-2026) |
| Beta | 0.96 | 1.01 |
| Alpha | +3.82% | +5.90% |
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 Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.86% | +12.37% |
| Standard deviation | 16.11% | 15.31% |
| Sharpe ratio | 0.36 | 0.41 |
| Sortino ratio | 0.47 | 0.55 |
| Maximum drawdown | −20.0% (03-03-2025) | −18.7% (28-02-2025) |
| Beta | 1.04 | 1.01 |
| Alpha | +0.10% | +0.82% |
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 Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.94% | +10.31% |
| Standard deviation | 15.89% | 14.63% |
| Sharpe ratio | 0.32 | 0.31 |
| Sortino ratio | 0.42 | 0.41 |
| Maximum drawdown | −20.0% (03-03-2025) | −19.6% (20-06-2022) |
| Beta | 1.03 | 0.96 |
| Alpha | +0.17% | −0.10% |
From daily NAVs, 29-10-2021 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 Large & Mid Cap Fund (Direct) | Union Large & Midcap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.35% | +16.18% |
| Standard deviation | 17.53% | 17.07% |
| Sharpe ratio | 0.70 | 0.65 |
| Sortino ratio | 0.92 | 0.85 |
| Maximum drawdown | −32.9% (23-03-2020) | −35.6% (23-03-2020) |
| Beta | 0.97 | 0.96 |
| Alpha | +1.80% | +0.71% |
From daily NAVs, 01-01-2020 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 Large & Mid Cap Fund (Direct)
Union Large & Midcap 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 Large & Mid Cap Fund (Direct) | −32.9% | 20-02-2020 | 23-03-2020 | 28-08-2020 | 5 months | −7.0% |
| Union Large & Midcap Fund (Direct) | −35.6% | 20-02-2020 | 23-03-2020 | 15-09-2020 | 6 months | −6.6% |
| NIFTY LargeMidcap 250 TRI | −37.8% | 24-01-2020 | 23-03-2020 | 05-11-2020 | 7 months | −8.6% |
From daily values since 01-01-2020, 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 Large & Mid Cap Fund (Direct)
Union Large & Midcap 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 Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Mahindra Manulife Large & Mid Cap Fund (Direct)
Union Large & Midcap Fund (Direct)
NIFTY LargeMidcap 250 TRI
Against NIFTY LargeMidcap 250 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Mahindra Manulife Large & Mid Cap Fund (Direct) | 99% | 91% | 4.65% |
| Union Large & Midcap Fund (Direct) | 96% | 92% | 5.21% |
From month-end values since 01-01-2020. 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 Large & Mid Cap vs Union Large & Midcap: Portfolio Overlap
From each fund's latest monthly portfolio: Mahindra Manulife Large & Mid Cap Fund, September 2026; Union Large & Midcap Fund, September 2026
Holdings in common
- Overlap
- 45.5%
- Held by both
- 35
- Only in Mahindra Manulife Large & Mid Cap
- 34
- Only in Union Large & Midcap
- 46
| Security | % of Mahindra Manulife Large & Mid Cap | % of Union Large & Midcap |
|---|---|---|
| ICICI Bank Limited | 4.38% | 4.84% |
| HDFC Bank Limited | 2.71% | 2.86% |
| Eternal Limited | 2.84% | 2.28% |
| Axis Bank Limited | 2.81% | 2.20% |
| Jindal Steel Limited | 1.93% | 2.01% |
| Multi Commodity Exchange of India Limited | 1.77% | 1.98% |
| The Phoenix Mills Limited | 1.60% | 1.74% |
| Divi's Laboratories Limited | 1.79% | 1.58% |
| Bharat Heavy Electricals Limited | 1.71% | 1.52% |
| The Federal Bank Limited | 2.76% | 1.51% |
| Shriram Finance Limited | 1.51% | 2.00% |
| Reliance Industries Limited | 1.94% | 1.50% |
| Solar Industries India Limited | 1.44% | 1.84% |
| Larsen & Toubro Limited | 1.98% | 1.40% |
| JSW Energy Limited | 1.39% | 1.65% |
| One 97 Communications Limited | 1.29% | 2.49% |
| Torrent Pharmaceuticals Limited | 1.27% | 1.37% |
| GE Vernova T&D India Limited | 1.25% | 1.21% |
| UNO Minda Limited | 1.20% | 1.79% |
| State Bank of India | 1.57% | 1.19% |
| InterGlobe Aviation Limited | 1.16% | 1.16% |
| Aditya Birla Capital Limited | 1.77% | 1.02% |
| Marico Limited | 0.96% | 1.32% |
| Aarti Industries Limited | 0.92% | 0.94% |
| APL Apollo Tubes Limited | 0.82% | 1.37% |
| Tech Mahindra Limited | 1.16% | 0.79% |
| Bajaj Finance Ltd | 1.08% | 0.78% |
| Acutaas Chemicals Limited | 0.78% | 0.79% |
| Sai Life Sciences Limited | 0.69% | 1.51% |
| Max Financial Services Limited | 0.64% | 1.70% |
| Persistent Systems Ltd | 0.99% | 0.63% |
| Coforge Limited | 1.37% | 0.51% |
| JK Cement Limited | 1.08% | 0.49% |
| Prestige Estates Projects Limited | 0.69% | 0.23% |
| Bharat Electronics Limited | 1.16% | 0.16% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 45.5% means 45.5% 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 Large & Mid Cap Fund
| Security | % of fund |
|---|---|
| Glenmark Pharmaceuticals Limited | 2.36% |
| Senores Pharmaceuticals Limited | 2.16% |
| IndusInd Bank Limited | 2.04% |
| Laurus Labs Limited | 2.03% |
| Neuland Laboratories Limited | 1.92% |
Largest holdings only in Union Large & Midcap Fund
| Security | % of fund |
|---|---|
| INDO-MIM Ltd. | 2.64% |
| Bharti Airtel Ltd. | 2.32% |
| JSW Infrastructure Ltd. | 2.07% |
| CG Power and Industrial Solutions Ltd. | 1.86% |
| Ajanta Pharma Ltd. | 1.81% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Mahindra Manulife Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Equity | 96.2% | 98.2% |
| Debt | 0.0% | 0.1% |
| Cash and others | 3.8% | 1.7% |
Market cap of stocks
| Market cap | Mahindra Manulife Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Large Cap | 44.9% | 44.0% |
| Mid Cap | 37.5% | 38.6% |
| Small Cap | 13.8% | 12.5% |
| Not on AMFI's list | 0.0% | 3.1% |
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 Large & Mid Cap | Union Large & Midcap |
|---|---|---|
| Banks | 18.5% | 14.6% |
| Pharmaceuticals & Biotechnology | 13.0% | 7.9% |
| Electrical Equipment | 3.0% | 6.7% |
| Auto Components | 3.8% | 6.2% |
| Finance | 5.9% | 4.6% |
| Chemicals & Petrochemicals | 2.4% | 5.4% |
| Retailing | 3.7% | 5.2% |
| Capital Markets | 3.8% | 4.5% |
The six largest sectors of each fund's stocks, % of the fund.
Mahindra Manulife Large & Mid Cap vs Union Large & Midcap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Mahindra Manulife Large & Mid Cap Fund | Union Large & Midcap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.84% | 1.32% |
| Base expense ratio (Direct) | 0.52% | 0.88% |
| Total expense ratio (Regular) | 2.20% | 2.53% |
| Base expense ratio (Regular) | 1.70% | 1.94% |
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
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Mahindra Manulife Large & Mid Cap Fund vs Union Large & Midcap Fund: Frequently Asked Questions
What is the difference between Mahindra Manulife Large & Mid Cap Fund and Union Large & Midcap Fund?
Both are Large & Mid Cap funds, run by Mahindra Manulife Mutual Fund and Union Mutual Fund. Their portfolios overlap 45.5%. Mahindra Manulife Large & Mid Cap Fund charges 0.84% a year and Union Large & Midcap Fund 1.32%.
Which has given higher returns, Mahindra Manulife Large & Mid Cap Fund or Union Large & Midcap Fund?
Over 1 year: Mahindra Manulife Large & Mid Cap Fund −2.22%, Union Large & Midcap Fund −0.74%. Over 3 years: Mahindra Manulife Large & Mid Cap Fund +11.86% a year, Union Large & Midcap Fund +12.37% a year. Over 5 years: Mahindra Manulife Large & Mid Cap Fund +10.94% a year, Union Large & Midcap Fund +10.31% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Mahindra Manulife Large & Mid Cap Fund or Union Large & Midcap Fund?
Mahindra Manulife Large & Mid Cap Fund charges less: 0.84% a year against 1.32%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Mahindra Manulife Large & Mid Cap Fund and Union Large & Midcap Fund overlap?
45.5%. They hold 35 of the same securities, the largest shared ones being ICICIBANK, HDFCBANK, ETERNAL. From each fund's latest monthly portfolio.
Which is riskier, Mahindra Manulife Large & Mid Cap Fund or Union Large & Midcap Fund?
On SEBI's riskometer, Mahindra Manulife Large & Mid Cap Fund is rated Very High and Union Large & Midcap Fund Very High. Over 3 years, the standard deviation of daily returns was 16.11% and 15.31% a year.
Which is better for SIP, Mahindra Manulife Large & Mid Cap Fund or Union Large & Midcap Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,89,663 in Mahindra Manulife Large & Mid Cap Fund (XIRR 10.1% a year) and ₹7,97,153 in Union Large & Midcap Fund (XIRR 10.5% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both Mahindra Manulife Large & Mid Cap Fund and Union Large & Midcap Fund?
Yes. 45.5% 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 Large & Mid Cap Fund and Union Large & Midcap Fund?
Mahindra Manulife Large & Mid Cap Fund: $ Mr. Neelesh Dhamnaskar, Kirti Dalvi. Union Large & Midcap Fund: Vinod Malviya, Pratik Dharmshi.
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.