Axis Gilt Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 4, 2026
- Posted by: Harsh Piplani
- Category: Mutual Funds
Axis Gilt Fund Direct Growth Plan has a NAV of ₹28.4601 as of 03 September 2026 and a scheme AUM of ₹405 Cr. Its 1-year, 3-year and 5-year returns are 5.48%, 7.23% and 6.08%, and the fund sits in the Medium Risk category.
Our view is that this is a steady gilt option rather than a return-chasing debt fund. The portfolio is dominated by government securities, which supports a more interest-rate-sensitive profile, and the recent return pattern has been reasonably stable over longer periods, even if the fund has not matched the benchmark in every window.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹28.4601 as of 03 Sep 2026 |
| AUM | ₹405 Cr |
| Expense Ratio | 0.42% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load after holding period |
| Fund Managers | Devang Shah, Sachin Jain |
The fund is managed by Devang Shah and Sachin Jain.
Source data date: as of 03 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.23% | -3.01% |
| 3M | 2.37% | 1.95% |
| 1Y | 5.48% | -4.4% |
| 3Y | 7.23% | 5.74% |
| 5Y | 6.08% | 6.27% |
The recent picture is mixed but not weak. Over 1 month, the fund fell less than the benchmark, and over 3 months it was ahead, which suggests the portfolio has handled short stretches of rate movement better than the broad market index used here.
The 1-year number stands out because the fund stayed positive while the benchmark was negative. That gap matters for investors who want debt exposure with a steadier return pattern, even though the same advantage does not automatically extend to every horizon.
Over 3 years, the fund has stayed ahead of the benchmark, which supports the case for it as a disciplined gilt strategy. Over 5 years, the benchmark edges it out slightly, so the longer record is not uniformly superior. Our reading is that the fund has delivered a fairly consistent path, but not a straight line of outperformance.
The multiyear pattern also suggests that returns have been shaped by changes in interest-rate conditions rather than by equity-like momentum. That is typical for a gilt fund, and it means the experience can change meaningfully across shorter and longer periods. For investors, the main takeaway is that the fund has been resilient in some recent windows, but its longer-term lead over the benchmark is modest rather than decisive.
Source data date: as of 03 Sep 2026
Should you BUY or HOLD Axis Gilt?
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 Gilt? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis Gilt Fund Direct Growth Plan | 5.48% | 7.23% | 6.08% |
| Bandhan Gilt Fund Direct Growth Plan | 8.62% | 7.96% | 6.37% |
| Franklin India Gilt Fund Direct Growth Plan | 6.95% | 6.58% | 5.43% |
| UTI Gilt Fund Direct Growth Plan | 6.01% | 6.68% | 5.73% |
| Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan | 5.88% | 7.78% | 5.88% |
| ICICI Pru Gilt Fund Direct Growth Plan | 5.57% | 7.26% | 6.68% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On 1-year returns, the fund trails several peers, especially Bandhan Gilt Fund Direct Growth Plan and Franklin India Gilt Fund Direct Growth Plan. That shows the recent stretch has been decent, but not the strongest among the available peer set.
The longer view is more balanced. Its 3-year return is competitive and sits above Franklin India and UTI, while its 5-year return is middle of the pack and close to UTI and Bandhan 10 year Constant Maturity Gilt Fund Direct Growth Plan. So the fund looks better on its mid-term record than on its latest 1-year number.
That split matters for investors because the short-term story and the longer-term story are not identical. Recent performance is softer than some peers, but the 3-year and 5-year figures still show a fund that has kept pace reasonably well with this gilt category.
Source data date: as of 03 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.94% Government of India (11/05/2036) | Government Securities | 41.81% |
| 7.24% Government of India (18/08/2055) | Government Securities | 16.96% |
| 7.09% Government of India (05/08/2054) | Government Securities | 6.93% |
| 7.86% Bihar State Development Loans (11/02/2039) | Government Securities | 5.94% |
| 7.71% Government of India (18/05/2066) | Government Securities | 5.93% |
| Clearing Corporation of India Ltd | Cash & Cash Equivalents and Net Assets | 5.69% |
| 7.49% Haryana State Development Loans (27/03/2035) | Government Securities | 4.32% |
| 364 Days Tbill (MD 02/10/2026) | Treasury Bills | 2.92% |
| 7.34% Government of India (22/04/2064) | Government Securities | 2.81% |
| 7.46% Government of India (06/11/2073) | Government Securities | 1.43% |
The top 10 holdings account for approximately 94.74% of the portfolio.
To see all holdings, visit the Axis Gilt Fund Direct Growth Plan page
The largest holding is 6.94% Government of India (11/05/2036) at 41.81%, which is large enough to have a clear influence on the fund’s interest-rate sensitivity. From there, the weights drop sharply, with the second holding at 16.96% and the tenth at 1.43%. That kind of gap tells us the portfolio is not evenly spread across its disclosed positions.
Even so, the top 10 holdings together account for 94.74% of the portfolio, and the disclosed list contains 18 holdings in total. That suggests the fund is already very heavily committed to a narrow set of government-linked securities, with only a smaller residual tail beyond the largest positions.
Our view is that this level of concentration may make the fund more responsive to moves in a few key bonds, especially the long-dated government securities near the top of the list. For investors, that means the portfolio is straightforward to read, but it also means the outcome is likely to be shaped by a limited number of positions rather than by broad diversification across many holdings.
Source data date: as of 03 Sep 2026
Who should invest
This fund suits investors who are comfortable with medium risk in a debt portfolio and who can stay invested long enough for rate cycles to play out. The 1-year result is solid, the 3-year record is better than the benchmark, and the 5-year trend is still respectable, so the fund fits best as a medium-horizon gilt allocation rather than a very short-term parking option.
The main trade-off is that the portfolio is concentrated in government securities, so returns can move with bond-market conditions even when credit risk remains limited. Investors who want a steadier debt sleeve and can accept some year-to-year variation may find the profile more suitable than those who want very smooth outcomes every month.
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 03 Sep 2026
Frequently asked questions
What is the current NAV of Axis Gilt Fund Direct Growth Plan?
The current NAV is ₹28.4601 as of 03 September 2026.
What are the 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.48%, its 3-year return is 7.23%, and its 5-year return is 6.08%.
How does the fund compare with its benchmark?
The fund has outperformed the benchmark over 1 year and 3 years, but the benchmark is slightly ahead over 5 years. That makes the longer record balanced rather than one-sided.
How does it compare with other gilt funds on recent returns?
Its 1-year return is below several peers in the comparison set, while its 3-year and 5-year figures are more competitive. The short-term and longer-term pictures do not match perfectly.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Devang Shah and Sachin Jain. The exit load is nil after the holding period.
Bottom line
Axis Gilt Fund Direct Growth Plan has a steadier long-term profile than its latest 1-year peer comparison suggests, and its 3-year record is the cleaner part of the story. The fund sits in Medium Risk, so it is not meant to behave like a cash substitute, but its government-securities-heavy portfolio keeps the credit profile simple and transparent. For investors who want a gilt allocation with a meaningful longer-term track record, the fund is a reasonable candidate to study.
Published on 4 September 2026 at 5:26 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.
