Axis Nifty Midcap 50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Axis Nifty Midcap 50 Index Fund Direct Growth Plan had a NAV of ₹21.3703 as of 16 Sep 2026 and an AUM of ₹771 Cr. Its 1-year, 3-year and 5-year returns are 5.97%, 14.83% and 0% respectively, and the scheme is tagged as High Risk. Our view is that this is a fund for investors who can stay patient through swings and who want a midcap index strategy with a low expense ratio rather than a smooth short-term ride.
The combination of a 0.25% expense ratio, a 50-stock midcap portfolio and uneven short-term performance means the fund looks more suitable for a longer horizon than for near-term capital needs. It has recovered well over 3 years, but the recent 1-year pattern has been softer than that longer run.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹21.3703 as of 16 Sep 2026 |
| AUM | ₹771 Cr |
| Expense Ratio | 0.25% |
| Launch Date | 28 Mar 2022 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Index Funds |
| Exit Load | 0.25% on or before 7D, Nil after 7D |
| 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 | -3.93% | -4.41% |
| 3M | -0.4% | -3.6% |
| 1Y | 5.97% | -7.76% |
| 3Y | 14.83% | 5.74% |
| 5Y | Data not available | Data not available |
The recent numbers show a mixed but relatively resilient pattern. Over 1 month and 3 months, the fund was still negative, but the declines were milder than the benchmark’s moves. That tells us the strategy has held up better than the benchmark in the latest phase, even though it has not been immune to short-term weakness.
The 1-year return is a more meaningful contrast: the fund is positive at 5.97% while the benchmark is down 7.76%. That gap is large enough to show that the midcap strategy has recently behaved very differently from the benchmark line. For investors who measure progress over months rather than weeks, this matters more than the small near-term fluctuations.
On a 3-year view, the fund’s 14.83% return is clearly stronger than the benchmark’s 5.74%. The longer-run pattern is also steadier than the one-year stretch suggests, which points to a recovery phase after weaker periods in between. Because there is no 5-year figure for the fund, we would avoid stretching the current record beyond the period that is actually available.
Overall, the performance profile looks stronger over 1 year and 3 years than in the last 1 to 3 months. That split matters for interpretation: the fund has shown the ability to recover, but the recent drift reminds investors that midcap exposure can remain uneven even when the longer arc is constructive.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD Axis Nifty Midcap 50 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 Nifty Midcap 50 Index? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Axis Nifty Midcap 50 Index Fund Direct Growth Plan | 5.97% | 14.83% | 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 fund’s 1-year return is far below the stronger peer figures available in this set, even though its own benchmark comparison is better than the benchmark’s negative 1-year outcome. The 3-year return is more competitive, but it still trails the 3-year figures available for the NASDAQ 100 and Nifty Pharma peers. The short-term and longer-term views therefore tell different stories: recent returns are modest in this group, while the 3-year record is more respectable.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| BSE Limited | Finance | 5.67% |
| The Federal Bank Limited | Bank | 3.72% |
| Multi Commodity Exchange of India Limited | Finance | 3.67% |
| Laurus Labs Limited | Healthcare | 3.15% |
| One 97 Communications Limited | IT | 3.06% |
| Hero Motocorp Limited | Automobile & Ancillaries | 2.99% |
| Coforge Limited | IT | 2.92% |
| Indusind Bank Limited | Bank | 2.83% |
| PB Fintech Limited | IT | 2.74% |
| Bharat Heavy Electricals Limited | Capital Goods | 2.73% |
The largest holding, BSE Limited, carries a 5.67% weight, so no single stock dominates the portfolio. The fall from the first holding to the tenth is not extreme, which suggests the top positions are fairly close together in size rather than being built around one very large bet.
The displayed top 10 holdings together account for approximately 33.48% of the portfolio, and the fund discloses 50 holdings in total. That combination points to a structure where the top slice is meaningful but still leaves a long tail of other positions. In our view, this may reduce dependence on any one name while still keeping the fund meaningfully sensitive to midcap stock moves.
Sector labels in the top holdings also show spread across finance, bank, healthcare, IT, automobile & ancillaries and capital goods. That breadth may help balance individual-stock impact, although the fund can still move sharply because it is a midcap index strategy rather than a defensive one.
To see all holdings, visit the Axis Nifty Midcap 50 Index Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk exposure and who can stay invested through uneven short-term swings. The 1-year and 3-year numbers suggest that patience matters here: recent results have been choppy, but the longer stretch is better than the benchmark and shows recovery potential.
It is more suitable for a multi-year horizon than for money that may be needed soon. The trade-off is straightforward: investors get low-cost index exposure to midcap names, but they also accept sharper volatility than a large-cap style fund would usually bring. That makes it more relevant for investors who can tolerate drawdowns while waiting for the longer trend to work through.
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: 0.25% on or before 7D, Nil after 7D.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of Axis Nifty Midcap 50 Index Fund Direct Growth Plan?
The current NAV is ₹21.3703 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 5.97%, the 3-year return is 14.83%, and the 5-year return is Data not available.
How has the fund performed compared with its benchmark?
It has done better than the benchmark across the available 1-month, 3-month, 1-year and 3-year periods. The gap is especially visible over 1 year and 3 years.
How does it compare with the peer funds listed here?
Its 1-year return is lower than the stronger peer figures shown here, while its 3-year return is more competitive but still below the better long-run peer numbers that are available. The short-term and longer-term comparisons do not tell the same story.
Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.
What are the fund’s risk and exit-load features?
The fund is tagged as High Risk. The exit load is 0.25% on or before 7D, and nil after 7D. The fund is managed by Nandik Mallik and Rohit Gautam.
Bottom line
Axis Nifty Midcap 50 Index Fund Direct Growth Plan has a mixed near-term record but a stronger 3-year run, and its returns have generally held up better than the benchmark in the periods shown. Against the peer set listed here, the 1-year figure is softer, while the 3-year result is more credible. With High Risk exposure and a 50-stock midcap structure, it looks best suited to investors who can tolerate volatility and give the strategy enough time for the longer pattern to matter.
Published on 17 September 2026 at 2:35 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.