Axis Multi Factor Passive FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Axis Multi Factor Passive FoF Direct Growth Plan is at ₹15.183 as of 16 Sep 2026, with scheme AUM of ₹36 Cr. Its 1-year, 3-year and 5-year returns are -1.67%, 7.42% and 0%, and the scheme is tagged High Risk. Our view is that this is a more cyclical, factor-driven fund of funds than a steady compounding option, so it fits investors who can tolerate uneven short-term moves and want exposure built around a multi-factor structure.
The recent return pattern has been mixed, but the 3-year outcome is positive and better than the benchmark over the same period. That said, the latest one-year result is negative, so the fund has not held up consistently across cycles. Investors may find it more suitable as a satellite allocation than as a core low-volatility holding.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹15.183 as of 16 Sep 2026 |
| AUM | ₹36 Cr |
| Expense Ratio | 0.14% |
| Launch Date | 24 Feb 2022 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Fund of Fund |
| Exit Load | 1% on or before 15D, Nil after 15D |
| Fund Managers | Nandik Mallik, Rohit Gautam |
The fund is managed by Nandik Mallik and Rohit Gautam.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -4.55% | -4.41% |
| 3M | -3.56% | -3.60% |
| 1Y | -1.67% | -7.76% |
| 3Y | 7.42% | 5.74% |
| 5Y | Data not available | Data not available |
Over the last month, the fund has been weak, though only slightly worse than the benchmark. The three-month trend is also negative, but it has stayed close to the benchmark, which suggests the recent drawdown has been market-wide rather than fund-specific.
The one-year number is the clearest positive in the table. The fund is still negative, but it has held up far better than the benchmark over the same stretch. That tells us the strategy has preserved value better than the index in a difficult one-year window, even if it has not produced an outright gain.
The three-year picture is more constructive. The fund’s 7.42% return is ahead of the benchmark’s 5.74%, and the pattern through the longer run shows a gradual recovery after weaker phases rather than a straight line higher. That kind of profile usually reflects a strategy that can lag during some market phases and then claw back ground when its factor mix works in its favour.
There is no 5-year return because the scheme is too young for that horizon. So the best read on this fund is the contrast between the recent softness and the better 3-year outcome: the short-term behaviour is choppier than the medium-term trend, but the fund has still stayed ahead of the benchmark on the longer of the available periods.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Axis Multi Factor Passive FoF?
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 Multi Factor Passive FoF? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis Multi Factor Passive FoF Direct Growth Plan | -1.67% | 7.42% | Data not available |
| SBI Silver ETF FOF Direct Growth Plan | 76.71% | Data not available | Data not available |
| Kotak Silver ETF FoF Direct Growth Plan | 75.91% | 45.12% | Data not available |
| Axis Silver FoF Direct Growth Plan | 74.42% | 45.18% | Data not available |
| Zerodha Silver ETF FoF Direct Growth Plan | 73.46% | Data not available | Data not available |
| Nippon India Silver ETF FOF Direct Growth Plan | 72.65% | 43.94% | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On one-year numbers, this fund trails the silver-focused peer set by a very wide margin, because those peers have posted much stronger recent gains. The comparison is more balanced over three years: the fund’s 7.42% is lower than the peers that have 3-year figures available, but it is still positive while the benchmark read is weaker.
The short-term and longer-term pictures do not tell the same story. Recent return data looks soft, yet the 3-year result suggests the strategy has been able to recover better than its benchmark. For investors, that means the peer table points to a fund that is not built for headline-chasing recent momentum, but one whose medium-term behaviour has been more resilient than its latest stretch suggests.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Axis Nifty500 Value 50 ETF | Domestic Mutual Funds Units | 24.03% |
| ICICI Prudential Nifty 200 Momentum 30 ETF | Domestic Mutual Funds Units | 24% |
| ICICI Prudential Nifty 100 Low Volatility 30 ETF | Domestic Mutual Funds Units | 23.9% |
| SBI Nifty 200 Quality 30 ETF | Domestic Mutual Funds Units | 23.72% |
| Clearing Corporation of India Ltd | Cash & Cash Equivalents and Net Assets | 4.42% |
The largest holding is Axis Nifty500 Value 50 ETF at 24.03%, so one sleeve alone is meaningful rather than marginal. The next three positions are tightly bunched at 24%, 23.9% and 23.72%, which tells us the portfolio is built around four nearly equal factor exposures instead of a single dominant bet.
The drop from the largest holding to the smallest disclosed holding is sharp only at the margin, because the cash and net assets line sits far below the four ETF positions at 4.42%. That said, the four primary holdings together account for 95.65%, so the fund is highly concentrated within a small set of positions even though those positions are themselves closely balanced.
Because all five disclosed holdings are shown here, there is no longer tail to hide behind. The structure may lead to clearer factor exposure, but it also means the fund’s outcome could be influenced more heavily by how these four ETF sleeves behave relative to one another and to the cash component.
Source data date: as of 16 Sep 2026
Who should invest
This fund suits investors who are comfortable with High Risk and can hold through uneven one-year outcomes. The 3-year return is positive and better than the benchmark, but the latest one-year result is negative, so the fund has shown a clear difference between short-term stress and medium-term recovery.
Our view is that it fits a medium- to longer-term horizon rather than a quick-entry, quick-exit mindset. The main trade-off is that the factor mix can deliver periods of relative resilience and recovery, but it can also lag in the near term and move more sharply than a plain-vanilla core allocation.
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: 1% on or before 15D, Nil after 15D.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Axis Multi Factor Passive FoF Direct Growth Plan?
The current NAV is ₹15.183 as of 16 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is -1.67%, the 3-year return is 7.42%, and the 5-year return is 0. The 5-year figure is not available as a meaningful performance history for this fund.
How has it performed versus the benchmark?
It has done better than the benchmark over 1 year and 3 years. The 1-year return is -1.67% versus -7.76% for the benchmark, and the 3-year return is 7.42% versus 5.74%.
How does it compare with the peer funds listed here?
Its latest one-year return is far below the peer group listed here, many of which show very strong silver-linked gains. Over three years, it is positive, but where peers have 3-year figures, those are higher than this fund’s 7.42%.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is its risk profile?
The fund is managed by Nandik Mallik and Rohit Gautam. It carries a High Risk tag and uses a concentrated four-ETF structure plus cash and net assets.
Bottom line
Axis Multi Factor Passive FoF Direct Growth Plan has a mixed profile: recent returns are weak, but the 3-year result is positive and better than the benchmark. The peer comparison also shows that it is not matching the very strong recent gains seen in the listed silver-focused peers. Its four core ETF sleeves are closely balanced, which gives the fund a concentrated but diversified factor structure. That makes it more suitable for investors who can accept short-term swings in exchange for a strategy that has shown some medium-term recovery.
Published on 17 September 2026 at 2:09 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.