Axis ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis ELSS-Tax Saver Fund Direct Growth Plan has a NAV of ₹111.8637 as of 03 Sep 2026 and an AUM of ₹32,591 Cr. Its 1-year, 3-year and 5-year returns are 2.85%, 12.36% and 6.4%, respectively. The fund sits in the High Risk category, so our view is that it fits investors who can tolerate sharp swings and want an ELSS exposure where the longer horizon matters more than recent momentum.

The fund’s recent numbers are softer than its 3-year stretch, while its 5-year return is broadly in line with a patient, market-linked equity profile rather than a smooth tax-saving product. With a diversified book of 62 holdings and a meaningful bank and financial-services tilt, it looks better suited to investors who are comfortable staying invested through uneven phases.

Quick facts

Particular	Details
NAV	₹111.8637 as of 03 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 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.93%	-3.01%
3M	7.93%	1.95%
1Y	2.85%	-4.4%
3Y	12.36%	5.74%
5Y	6.4%	6.27%

The fund has recovered better than the benchmark over the short windows, especially over 3 months and 1 year. That said, the 1-year return is still modest in absolute terms, which tells us the recent phase has been choppy rather than strongly trending.

Over 3 years, the fund has outpaced the benchmark by a clear margin, which suggests the medium-term compounding pattern has been stronger than the index. The 5-year picture is different: the fund and benchmark are very close, with the fund only slightly ahead.

That mix matters for interpretation. The fund’s recent return profile is better than the benchmark’s, but the longer view does not show a large structural gap. In other words, this is not a case of steady outperformance across every window; the fund has had stronger stretches, but the overall 5-year lead is narrow.

The movement pattern also looks uneven rather than linear. There were visible drawdowns and recoveries along the way, which is consistent with an equity ELSS that can participate in upside but also spend time below its prior peaks.

Source data date: as of 03 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Axis ELSS-Tax Saver Fund Direct Growth Plan	2.85%	12.36%	6.4%
Quant ELSS Tax Saver Fund Direct Growth Plan	15.65%	15.72%	15.89%
Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan	13.9%	22.94%	17.44%
JM ELSS-Tax Saver Fund Direct Growth Plan	9.7%	17%	14.76%
ITI ELSS Tax Saver Fund Direct Growth Plan	9.49%	18.19%	13.9%
Edelweiss ELSS Tax saver Fund Direct Growth Plan	9.32%	14.94%	12.74%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the available return figures, the fund trails the strongest peer results over 1 year, 3 years and 5 years. The short-term gap is especially visible versus the higher-performing peers, while the 3-year and 5-year numbers also sit below most of the comparison set.

That said, the comparison is not only about recent momentum. The fund’s 3-year return still beats its own benchmark by a comfortable margin, so the longer-term story is better than the recent one suggests. The key question for an investor is whether the fund’s steadier benchmark-relative behaviour is worth accepting lower return outcomes than several peers have delivered.

Source data date: as of 03 Sep 2026

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 top 10 holdings account for approximately 38.23% of the portfolio.

To see all holdings, visit the Axis ELSS-Tax Saver Fund Direct Growth Plan page

ICICI Bank Limited is the largest holding at 7.39%, which is meaningful but not dominant on its own. The gap between the first and tenth holdings is fairly wide, yet the list still steps down in a controlled way rather than dropping abruptly after the first few names.

That pattern suggests the portfolio may be influenced by a handful of larger positions while still keeping room for a longer tail. With 62 disclosed holdings and the top 10 together at 38.23%, the fund is not concentrated in just a very small cluster of stocks, but the biggest names could still have greater influence on near-term movement.

Sectorally, the visible holdings lean toward banks and financials, with additional exposure to telecom, infrastructure, consumer-facing businesses and chemicals. That mix may help balance the portfolio, but it also means the fund’s path can reflect how financials and other cyclical areas move over time.

Source data date: as of 03 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested for at least the ELSS lock-in period and, more practically, beyond it. The 3-year return has been stronger than the 1-year number, which points to a fund that can reward patience more than short holding periods.

Its benchmark-relative behaviour is helpful, but the peer comparison shows that several other ELSS funds have delivered stronger outcomes over the same horizons. The trade-off is clear: you get a diversified tax-saving equity fund with a large AUM base and a meaningful portfolio of established names, but you accept that returns have not matched the stronger peer outcomes in the recent cycle.

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 ELSS-Tax Saver Fund Direct Growth Plan?

The current NAV is ₹111.8637 as of 03 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s 1-year return is 2.85%, its 3-year return is 12.36% and its 5-year return is 6.4%.

How does the fund compare with its benchmark?

It has beaten the benchmark over 1 year, 3 years and 1 month, and it is slightly ahead over 5 years. The 3-month return is also stronger than the benchmark’s 3-month return.

How does the fund compare with peer ELSS funds on returns?

Its return figures are below the stronger peer numbers in the table, especially over 1 year and 5 years. The comparison set includes funds with materially higher returns across multiple periods.

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

This fund’s recent performance is weaker than its 3-year stretch and only modest over 1 year, even though it remains ahead of the benchmark on the available windows. Against peers, the return profile is softer across the listed periods, so the case for the fund rests more on its diversified portfolio and ELSS structure than on standout recent performance. The risk profile is High Risk, and the holding mix is anchored by large banks and financial names, which can matter when those areas move.

Published on 4 September 2026 at 5:40 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.