Axis ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 4, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Axis ELSS-Tax Saver Fund Direct Growth Plan currently has a NAV of ₹111.1566 as of 08 Sep 2026 and a scheme AUM of ₹32,591 Cr. Its 1-year, 3-year and 5-year returns are 2.01%, 11.28% and 6.25% respectively, and the scheme sits in the High Risk category. Our view is that it fits investors who can stay with an equity tax-saving fund through uneven stretches and who are comfortable with a portfolio that can move meaningfully with market cycles.
The recent return profile has been weaker than the medium-term figure, while the 5-year outcome is modest. That said, the fund has still held up better than its benchmark over 3 years and 5 years, which suggests the strategy has added value over longer holding periods even if the near-term path has been choppy.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹111.1566 as of 08 Sep 2026 |
| AUM | ₹32,591 Cr |
| Expense Ratio | 0.81% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹500 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load after holding period |
| Fund Managers | Shreyash Devalkar, Ashish Naik |
The fund is managed by Shreyash Devalkar and Ashish Naik.
Source data date: as of 08 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.69% | -3.86% |
| 3M | 7.37% | 1.69% |
| 1Y | 2.01% | -5.72% |
| 3Y | 11.28% | 6.3% |
| 5Y | 6.25% | 6.05% |
The short-term picture is mixed, but it is not weak across the board. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved ahead by a clear margin. That tells us the recent stretch has been more resilient than the index even though the trend has not been smooth.
The 1-year return is still only 2.01%, so the near-term gain is limited. That sits well above the benchmark’s -5.72% for the same period, which means the fund has protected capital better than the index over that horizon, but it has not converted that advantage into a strong absolute gain.
The 3-year return of 11.28% is noticeably stronger than the benchmark’s 6.3%, and the 5-year return of 6.25% is slightly ahead of the benchmark’s 6.05%. Our read is that the fund has been more effective over longer holding periods than in the most recent year, which is typical of an equity strategy that can go through uneven phases before compounding improves.
The time pattern also matters. The fund showed a sharp recovery after earlier weakness, but the path has had several reversals rather than a straight climb. For an ELSS fund, that kind of movement is important: the long-term numbers matter more than the shorter bursts, and this fund has been able to stay just ahead of the benchmark over the longer windows while remaining volatile in the short run.
Source data date: as of 08 Sep 2026
Should you BUY or HOLD Axis ELSS-Tax Saver?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Axis ELSS-Tax Saver? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis ELSS-Tax Saver Fund Direct Growth Plan | 2.01% | 11.28% | 6.25% |
| Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan | 16.61% | 22.64% | 17.76% |
| Quant ELSS Tax Saver Fund Direct Growth Plan | 15.44% | 14.57% | 15.7% |
| Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan | 10.54% | 11.89% | 16.25% |
| JM ELSS-Tax Saver Fund Direct Growth Plan | 10.28% | 16.29% | 14.85% |
| ITI ELSS Tax Saver Fund Direct Growth Plan | 8.23% | 17.25% | 13.5% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On recent numbers, the fund trails the stronger peer returns quite clearly, especially on the 1-year measure where several peers are in the mid-teens. The longer picture is more balanced: its 3-year return is lower than the better peer outcomes here, but the 5-year figure is still ahead of some names in the group and remains close to the benchmark. So the short-term and long-term peer reads are not the same; the recent gap is wider than the longer-term gap.
Our view is that this fund looks more suitable for an investor who values steadier benchmark-relative behaviour over chasing the highest short-term peer figure. The peers with stronger 1-year and 3-year numbers also show that the category has delivered more powerful upside elsewhere, but this scheme has preserved a more moderate return path.
Source data date: as of 08 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 7.39% |
| HDFC Bank Limited | Bank | 5.87% |
| Bharti Airtel Limited | Telecom | 4.64% |
| Bajaj Finance Limited | Finance | 4.11% |
| Eternal Limited | Retailing | 3.16% |
| Larsen & Toubro Limited | Infrastructure | 2.83% |
| Mahindra & Mahindra Limited | Automobile & Ancillaries | 2.79% |
| Pidilite Industries Limited | Chemicals | 2.61% |
| Cholamandalam Investment and Finance Company Ltd | Finance | 2.43% |
| State Bank of India | Bank | 2.4% |
The largest holding, ICICI Bank Limited, is 7.39%, which is large enough to matter but not so large that it dominates the portfolio on its own. The drop from the first holding to the tenth is fairly gradual, moving from 7.39% to 2.4%, so the top names are spread across a range rather than concentrated in a single position.
The top 10 holdings together account for approximately 38.23% of the portfolio, while the fund discloses 62 holdings in total. That combination suggests a portfolio that is anchored by a meaningful set of large positions but still has a broad tail of other holdings that may influence results over time. Because the top weights are not extremely skewed, the single biggest position is likely to have greater influence than any one smaller holding, yet the overall portfolio still appears diversified across many names.
To see all holdings, visit the Axis ELSS-Tax Saver Fund Direct Growth Plan page
Source data date: as of 08 Sep 2026
Who should invest
This fund is better suited to investors who can tolerate High Risk and stay invested through periods when short-term performance is uneven. The 1-year return has been modest, but the 3-year and 5-year figures show that the fund can recover better over longer holding periods, and that matters more for an ELSS structure with a 3-year lock-in.
The main trade-off is that the fund has not delivered the strongest short-term peer numbers, even though it has stayed ahead of the benchmark on the longer windows. Investors who want a smoother ride or who may need money sooner may find the volatility uncomfortable. Investors with a longer tax-saving horizon and acceptance of equity-style swings may find the profile more workable.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: No exit load after holding period.
Source data date: as of 08 Sep 2026
Frequently asked questions
What is the current NAV of Axis ELSS-Tax Saver Fund Direct Growth Plan?
The current NAV is ₹111.1566 as of 08 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 2.01%, 11.28% and 6.25%.
How does the fund compare with the Nifty 50 benchmark?
It is ahead of the Nifty 50 over 1 year, 3 years and 5 years. The gap is widest over 1 year, where the benchmark is negative while the fund is slightly positive.
How does it compare with peer ELSS funds on recent returns?
Its recent returns are below the stronger peer figures in this group, especially on the 1-year measure. The longer-term gap is narrower, but several peers still show stronger 3-year and 5-year outcomes.
What is the minimum SIP amount?
The minimum SIP amount is ₹500.
Who manages the fund, and what is the exit load?
The fund is managed by Shreyash Devalkar and Ashish Naik. There is no exit load after the holding period.
Bottom line
Axis ELSS-Tax Saver Fund Direct Growth Plan has a weaker recent return profile than its longer-term record, but its 3-year and 5-year figures still hold up better than the benchmark. Against peers, the fund looks less forceful on recent gains, yet its longer-run picture is more competitive than the short-term numbers suggest. The portfolio is led by a few meaningful positions, but the overall holding list is broad enough to avoid dependence on just one or two stocks. It suits investors who can accept High Risk and are comfortable relying on longer holding periods for tax-saving equity compounding.
Published on 9 September 2026 at 1:27 PM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.