Axis Innovation Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Innovation Fund Direct Growth Plan has a NAV of ₹22.98 as of 15 Sep 2026 and an AUM of ₹1,362 Cr. Its 1-year, 3-year and 5-year returns are 12.98%, 17.39% and 11.57% respectively, and the fund sits in the High Risk category. Our view is that the scheme has rewarded longer holding periods better than short stretches, but it still carries the kind of volatility that suits investors who can stay invested through uneven phases.

The current profile looks more suitable for investors who want an equity fund with a thematic growth tilt and can accept swings around the benchmark. The portfolio is spread across 58 holdings, yet the largest positions still matter meaningfully, so the return path is likely to depend on a relatively active mix of stock-specific outcomes.

Quick facts

Particular	Details
NAV	₹22.98 as of 15 Sep 2026
AUM	₹1,362 Cr
Expense Ratio	1.3%
Launch Date	24 Dec 2020
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil for 10% of investment and 1% for remaining investment on or before 12M, Nil after 12M
Fund Managers	Ashish Naik, Krishnaa N

The fund is managed by Ashish Naik and Krishnaa N.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.22%	-4.81%
3M	12.54%	-3.63%
1Y	12.98%	-8.27%
3Y	17.39%	5.59%
5Y	11.57%	5.58%

The recent pattern is more resilient than the benchmark, especially over 1 month and 3 months. The fund stayed positive over both windows while the Nifty 50 was negative, which suggests it did not track the benchmark’s weaker short-term stretch and instead held up better through the drawdown.

That short-term strength is not an isolated feature. The 1-year return remains comfortably ahead of the benchmark, and the 3-year and 5-year figures also show a clear edge over the index. The gap is wide enough to say the fund has added value versus the benchmark across multiple holding periods, not just in one market phase.

At the same time, the path has not been smooth. The time pattern shows noticeable swings rather than a straight climb, which fits a high-risk equity strategy. For investors, that means the fund has shown the ability to recover and compound, but the route has involved drawdowns that require patience.

Overall, the current picture is one of better medium- and long-term compounding than the benchmark, with a particularly strong recent run relative to the Nifty 50. The main question is not whether returns have been better than the index; it is whether an investor is comfortable with the higher volatility that has accompanied them.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Axis Innovation?

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 Innovation Fund Direct Growth Plan	12.98%	17.39%	11.57%
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
Kotak Healthcare Fund Direct Growth Plan	26.51%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	25.46%	Data not available	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	23.52%	Data not available	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 well below the strongest recent figures, although it still stays positive. That makes the short-term picture more moderate than the peer leaders, but not weak in absolute terms.

The longer view is more balanced. The 3-year return is ahead of the only peer in the table with a comparable 3-year figure, while the 5-year return also looks constructive versus the benchmark-style comparison available elsewhere in the review. In other words, the fund’s medium-term profile is sturdier than its near-term relative standing suggests.

What stands out is the difference between the short and longer horizon stories. Recent peer numbers are led by sharper momentum strategies and sector-focused funds, while this fund shows a steadier compounding profile over multi-year periods. That makes the comparison less about chasing the highest short-term number and more about judging whether the investor prefers a more measured equity path.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Eternal Limited	Retailing	5.28%
One 97 Communications Limited	IT	4.13%
Ather Energy Limited	Domestic Equities	3.78%
Billionbrains Garage Ventures Ltd	Domestic Equities	3.42%
FSN E-Commerce Ventures Limited	Retailing	3.05%
Lenskart Solutions Limited	Domestic Equities	2.93%
Aether Industries Limited	Chemicals	2.67%
Info Edge (India) Limited	IT	2.6%
PB Fintech Limited	IT	2.47%
Divi'S Laboratories Limited	Healthcare	2.23%

The top 10 holdings account for approximately 32.56% of the portfolio.

To see all holdings, visit the Axis Innovation Fund Direct Growth Plan page

The largest holding, Eternal Limited, carries a 5.28% weight, which is meaningful but not dominant on its own. The next few positions are also in the 2% to 4% range, so the weight does taper down after the first holding rather than staying evenly spread.

By the tenth holding, the weight is 2.23%, which suggests the portfolio still gives several mid-sized positions a real role. The gap from the largest holding to the tenth is noticeable, but not so steep that the portfolio becomes a single-position story.

With the top 10 accounting for 32.56% of the portfolio and 58 holdings disclosed in total, the scheme appears to spread risk across a broad tail after its leading names. That structure may reduce dependence on any one stock, while the named positions may still have enough size to influence returns meaningfully.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can hold through sharp ups and downs. The return pattern suggests it has been able to outperform the benchmark over 1, 3 and 5 years, but not in a smooth straight line, so a medium-to-long horizon is more suitable than a short one.

The main trade-off is between stronger compounding potential and a bumpier ride. Investors who want a portfolio with a broader set of holdings and who can tolerate periods of underperformance relative to the market may find the profile understandable, while those looking for steadier benchmark-like behaviour may find the swings difficult to accept.

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: Nil for 10% of investment and 1% for the remaining investment if units are sold on or before 12 months; no exit load after 12 months.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Axis Innovation Fund Direct Growth Plan?

The current NAV is ₹22.98 as of 15 Sep 2026.

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

The fund’s returns are 12.98% for 1 year, 17.39% for 3 years and 11.57% for 5 years.

How does the fund compare with the Nifty 50 benchmark?

It has outperformed the Nifty 50 across the 1-month, 3-month, 1-year, 3-year and 5-year periods shown here. The strongest gap appears in the shorter windows, where the benchmark was negative and the fund stayed positive.

How does it compare with peer funds on recent returns?

Its 1-year return is below the strongest peer figures in this set, but it remains positive. The longer-horizon picture is more constructive, with the fund showing 3-year performance that is ahead of the peer with an available 3-year figure in this group.

What is the minimum SIP amount?

There is no minimum SIP row shown in the fund facts used for this review.

Who manages the fund and what is its exit load?

The fund is managed by Ashish Naik and Krishnaa N. The exit load is nil for 10% of investment and 1% for the remaining investment if units are sold on or before 12 months; there is no exit load after 12 months.

Bottom line

Axis Innovation Fund Direct Growth Plan has a mixed but generally constructive profile: the near-term return path is positive, while the 3-year and 5-year numbers show better compounding than the benchmark. The fund’s high-risk label matches its uneven behaviour, so it is better understood as a volatile equity option rather than a smooth core holding. Its portfolio is also fairly broad, with 58 holdings and a leading position that is meaningful but not overwhelming.

Published on 16 September 2026 at 5:54 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.