Axis Income Plus Arbitrage Omni FOF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Income Plus Arbitrage Omni FOF Direct Growth Plan has a NAV of ₹15.7264 as of 11 Sep 2026 and an AUM of ₹2,234 Cr. Its 1-year, 3-year and 5-year returns are 6%, 7.86% and 6.63% respectively, and the fund sits in the Medium Risk bucket.

Our view is that the fund looks more suited to conservative investors who want steadier returns than an equity-led outcome, while still accepting some movement in the portfolio. The return pattern is moderate rather than fast-growing, and the underlying mix leans heavily toward debt and arbitrage-oriented exposure, which helps explain the smoother profile.

Quick facts

Particular	Details
NAV	₹15.7264 as of 11 Sep 2026
AUM	₹2,234 Cr
Expense Ratio	0.05%
Launch Date	28 Jan 2020
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	No exit load
Fund Managers	Devang Shah, Hardik Shah, Anagha Darade

The fund is managed by Devang Shah, Hardik Shah and Anagha Darade.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.12%	-4.81%
3M	1.34%	-3.63%
1Y	6%	-8.27%
3Y	7.86%	5.59%
5Y	6.63%	5.58%

The short-term pattern has been calmer than the benchmark. Over 1 month and 3 months, the fund stayed slightly positive while the benchmark was negative, which points to a steadier path in a weak market phase. That kind of behavior usually matters more for investors who care about drawdown control than about sharp upside bursts.

The 1-year return of 6% is comfortably ahead of the benchmark’s -8.27%, so the fund has held up better over the most recent full year. That said, the 3-year and 5-year figures show a more measured long-run result rather than an aggressive growth profile. The 3-year return of 7.86% is only moderately ahead of the benchmark’s 5.59%, while the 5-year return of 6.63% is also modestly above the benchmark’s 5.58%.

Our reading is that the fund’s recent resilience is consistent with its longer-term pattern: it has generally compounded at a slow-and-steady pace rather than showing large swings. The time pattern also suggests a few periods of softness mixed with recovery, which is typical of a portfolio that is not designed to chase equity-like momentum. For investors, that means the main trade-off is lower excitement in exchange for a more controlled return journey.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Axis Income Plus Arbitrage Omni 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Axis Income Plus Arbitrage Omni FOF Direct Growth Plan	6%	7.86%	6.63%
SBI Silver ETF FOF Direct Growth Plan	81.88%	Data not available	Data not available
Axis Silver FoF Direct Growth Plan	80.07%	45.18%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	79.84%	Data not available	Data not available
HDFC Silver ETF FoF Direct Growth Plan	79.28%	44.7%	Data not available
Kotak Silver ETF FoF Direct Growth Plan	74.67%	44.26%	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Against the peer set, the fund’s 1-year return is far lower than the silver-focused funds listed here, but those peers are driven by a very different return profile and are not a like-for-like fit for a conservative income-oriented allocation. On the multi-year view, the fund’s 3-year and 5-year returns are lower than the higher-growth peer numbers shown for the silver funds that have longer histories, but the fund’s own pattern is more stable and less dependent on sharp commodity moves.

So the short-term peer comparison and the longer-term peer comparison tell different stories. In the short term, the fund looks modest beside the strongest recent peer returns. Over 3 years and 5 years, however, the fund’s steadier compounding is more relevant to investors who prefer consistency over volatility.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Axis Corporate Bond Fund – Direct Plan Growth	Domestic Mutual Funds Units	39.79%
Axis Arbitrage Fund Direct Plan Growth	Domestic Mutual Funds Units	23.52%
Aditya Birla Sun Life Arbitrage Fund – Growth – Direct Plan	Domestic Mutual Funds Units	13.4%
Nippon India Corporate Bond Fund – Direct Plan-Growth Plan	Domestic Mutual Funds Units	13.3%
Aditya Birla SL Corp Bond Fund(G)-Direct Plan	Domestic Mutual Funds Units	2.48%
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	2.48%
Axis Crisil-Ibx Financial Services 3-6 Months Debt Index Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	1.7%
Axis Overnight Fund – Direct Plan – Growth Option	Domestic Mutual Funds Units	1.35%
Kotak Arbitrage Fund – Growth – Direct	Domestic Mutual Funds Units	1.14%
Aditya Birla Sun Life Government Securities Fund – Growth – Direct Plan	Domestic Mutual Funds Units	0.89%

The largest holding, Axis Corporate Bond Fund – Direct Plan Growth, has a weight of 39.79%, which is large enough to have a meaningful influence on portfolio behavior. The next few positions also carry heavy weight, with the second and third holdings still above 10%, so the portfolio starts with a clear concentration in a handful of income-oriented building blocks.

After the top four positions, weights drop sharply into the low single digits. That fall-away from 13.3% to 2.48% and then below 2% suggests that the tail of the portfolio is much smaller than the core positions, even though there are 10 disclosed holdings in total.

Because the disclosed holdings together account for 100% of the portfolio, we can see that the structure is not spread evenly across many small positions. Instead, it is concentrated in a few large holdings that may drive most of the fund’s return and risk characteristics, with the remaining holdings likely serving a supporting role.

Source data date: as of 11 Sep 2026

Who should invest

This fund may suit investors who are comfortable with Medium Risk and want a relatively steady return pattern rather than a fast-moving equity-style outcome. The 1-year, 3-year and 5-year results show a consistent but moderate compounding profile, and the benchmark comparison suggests it has generally held up better than the Nifty 50 in weaker stretches.

A medium- to longer-term horizon makes more sense here than a very short holding period, because the fund’s strength is in smoother participation rather than dramatic near-term gains. The main trade-off is that investors may accept lower upside potential in exchange for a more controlled path and a portfolio built around debt and arbitrage-oriented exposures.

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.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Axis Income Plus Arbitrage Omni FOF Direct Growth Plan?

The current NAV is ₹15.7264 as of 11 Sep 2026.

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

The fund’s returns are 6% over 1 year, 7.86% over 3 years and 6.63% over 5 years.

How does it compare with the benchmark?

It has outperformed the Nifty 50 across the periods shown, including 1 year, 3 years and 5 years. The 1-year gap is especially wide because the benchmark is negative while the fund remains positive.

How does it compare with the peer funds listed here?

The listed silver-focused peer funds show much stronger 1-year returns, while this fund has a more moderate multi-year profile. Its own longer-term numbers are steadier, which fits a different objective than the peers highlighted here.

Is there a minimum SIP amount?

Yes. The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Devang Shah, Hardik Shah and Anagha Darade. There is no exit load.

Bottom line

Axis Income Plus Arbitrage Omni FOF Direct Growth Plan has a steadier profile than the benchmark and a moderate long-term return track, with recent numbers that remain positive without being aggressive. In the peer table, the comparison is not close on short-term return, but the peer set is dominated by silver-oriented funds with a very different return pattern. The portfolio is concentrated in a few large income-oriented holdings, which helps explain the stable style. Overall, it looks more relevant for investors who value controlled movement and measured compounding than for those seeking high-growth bursts.

Published on 16 September 2026 at 2:29 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.