Axis CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- August 31, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Axis CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index Fund Direct Growth Plan has a NAV of ₹12.9745 as of 17 September 2026 and an AUM of ₹337 Cr. Its 1-year, 3-year and 5-year returns are 5.75%, 7.4% and 0% respectively, and the fund sits in the Balanced Risk bucket.
Our view is that this is a dated-maturity gilt-plus-SDL index strategy for investors who can accept moderate interest-rate sensitivity and want a defined portfolio structure rather than open-ended credit or equity risk. The return pattern has been steadier over longer horizons than in the shorter run, but the portfolio is still concentrated in a small set of government securities that could move together when yields change.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹12.9745 as of 17 Sep 2026 |
| AUM | ₹337 Cr |
| Expense Ratio | 0.2% |
| Launch Date | 24 Jan 2023 |
| Min SIP | ₹1,000 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | No exit load |
| Fund Managers | Hardik Shah |
The fund is managed by Hardik Shah.
Source data date: as of 17 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.18% | -3.66% |
| 3M | 1.28% | -3.71% |
| 1Y | 5.75% | -7.13% |
| 3Y | 7.4% | 5.82% |
| 5Y | Data not available | Data not available |
The fund has stayed ahead of the benchmark across every available period. The gap is most visible in the recent windows, where the benchmark has remained negative while the fund has still managed positive returns. That tells us the index-linked structure has been more resilient than the benchmark path in the short run.
Over 1 year, the fund’s gain is modest but clearly positive, while the benchmark is still negative. The 3-year figure is also constructive, and the longer run suggests the strategy has compounded with less strain than the benchmark reference. That said, the recent pattern is not a straight line; the one-month and three-month paths show small swings, which is normal for a bond-linked index fund tied to changing yield expectations.
Our view is that the 3-year record matters more here than the short bursts, because this portfolio is built around securities maturing in June 2028. The return pattern indicates that the strategy has benefited from the underlying government-securities mix, but it remains sensitive to rate moves rather than insulated from them. For an investor, that means the fund can be useful as a defined-duration exposure, not as a smooth cash substitute.
Source data date: as of 17 Sep 2026
Should you BUY or HOLD Axis CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index?
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 CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index Fund Direct Growth Plan | 5.75% | 7.4% | Data not available |
| ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan | 29.31% | 30.01% | Data not available |
| Tata Nifty Capital Markets Index Fund Direct Growth Plan | 21.45% | Data not available | Data not available |
| Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan | 21.13% | Data not available | Data not available |
| Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan | 20.68% | Data not available | Data not available |
| ICICI Pru Nifty Pharma Index Fund Direct Growth Plan | 17.57% | 18.84% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The current fund’s 1-year return is far below the strongest equity-oriented peer figures in this list, but that comparison is not apples to apples because those peers are clearly different strategies. Against the two peers with 3-year figures available, it trails the higher-return equity index fund on raw performance, while the bond-linked profile here is the more relevant context. The short-term comparison looks weaker on absolute returns, yet the longer-term pattern still looks steadier than a number of the faster-moving peer strategies.
For an investor comparing only the return tables, the important point is that this fund’s numbers are subdued but less volatile in direction than the equity-linked peers. The 1-year and 3-year figures tell a different story from the high-growth peer funds, and that is consistent with a government-securities strategy rather than a market-beta play. We read that as a feature, not a flaw, for investors who want duration exposure rather than equity-style upside.
Source data date: as of 17 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 7.06% Government of India (10/04/2028) | Government Securities | 35.81% |
| 8.05% Tamilnadu State Development Loans (18/04/2028) | Government Securities | 31.78% |
| 8.09% West Bengal State Development Loans (27/03/2028) | Government Securities | 13.89% |
| 7.18% Gujarat State Development Loans (07/06/2028) | Government Securities | 8.96% |
| Net Receivables / (Payables) | Cash & Cash Equivalents and Net Assets | 2.85% |
| 8.44% Rajasthan State Development Loans (07/03/2028) | Government Securities | 1.52% |
| 8.16% Rajasthan State Development Loans (09/05/2028) | Government Securities | 1.51% |
| 8% Kerala State Development Loans (11/04/2028) | Government Securities | 1.51% |
| 8.15% Tamil Nadu State Development Loans (09/05/2028) | Government Securities | 1.09% |
| 6.73% Kerala State Development Loans (10/06/2028) | Government Securities | 0.59% |
The largest holding, 7.06% Government of India (10/04/2028), accounts for 35.81% of the portfolio, so it is likely to have greater influence on day-to-day movement than any other single line. That weight then drops fairly quickly: the second holding is still large at 31.78%, but by the tenth holding the weight is down to 0.59%. This is a sign of a concentrated structure at the top, even though the names remain within the government-securities universe.
The top 10 holdings together account for approximately 99.51% of the portfolio, and the disclosed list contains 10 holdings in total. That means the visible portfolio is heavily built around a small number of dated securities rather than a long tail of minor positions. In our view, this can make the fund relatively easy to understand, but it also means a few positions may contribute most of the portfolio’s interest-rate sensitivity.
Because the holdings are almost entirely government securities and state development loans, the fund does not look diversified across sectors in the usual equity sense. Instead, the portfolio is concentrated by instrument type and maturity profile, which may be appropriate for investors who want a targeted gilt-plus-SDL exposure. The trade-off is that a narrow set of securities could shape returns more strongly when yield conditions shift.
Source data date: as of 17 Sep 2026
Who should invest
This fund suits investors with a moderate tolerance for rate-driven movement and a medium-term horizon that can run through the June 2028 maturity window. The Balanced Risk label fits a portfolio that is government-securities heavy rather than equity heavy, but that still can move when yields change.
The main trade-off is between relative stability of the underlying instruments and the possibility of uneven short-term returns. The fund’s 1-year and 3-year numbers show positive compounding, yet the benchmark comparison and the concentrated holdings mix suggest that performance will depend more on interest-rate conditions than on broad market growth. That makes it more suitable for investors who want defined-duration debt exposure than for those seeking high upside.
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 |
No exit load applies if units are sold at any time.
Source data date: as of 17 Sep 2026
Frequently asked questions
What is the current NAV of Axis CRISIL IBX 50:50 Gilt Plus SDL June 2028 Index Fund Direct Growth Plan?
Its NAV is ₹12.9745 as of 17 September 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 5.75%, its 3-year return is 7.4%, and its 5-year return is not available in the current record.
How has it compared with the benchmark?
It has been ahead of the benchmark in the available 1-month, 3-month, 1-year and 3-year periods. The benchmark has been negative in the shorter windows and lower over 1 year, while the fund stayed positive.
How does it compare with the peer funds listed here?
Its return profile is lower than the equity-oriented peers shown in the comparison table, but those funds follow very different strategies. Within this set, the fund’s profile is more defensive and tied to government securities.
What is the minimum SIP?
The minimum SIP is ₹1,000.
Who manages the fund and what does the portfolio look like?
Hardik Shah manages the fund. The portfolio is dominated by government securities and state development loans, with the largest holding at 35.81% and the top 10 holdings together accounting for 99.51% of the portfolio.
Bottom line
This fund’s short-term performance has been steady enough to stay ahead of the benchmark, while its 3-year record suggests a more durable compounding path than the recent benchmark trend. Against the peer set shown here, the raw return numbers are lower, but that is consistent with a government-securities strategy rather than an equity-style fund. The portfolio is highly concentrated in a handful of dated sovereign and state securities, so investors should view it as a targeted rate-sensitive allocation with a moderate risk profile rather than a broad diversified debt basket.
Published on 18 September 2026 at 10:06 AM 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.