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

Axis Large & Mid Cap Fund Direct Growth Plan currently has a NAV of ₹38.88 as of 11 Sep 2026, with an AUM of ₹17,319 Cr. Its 1-year, 3-year and 5-year returns are 7.05%, 14.95% and 12.6%, and the scheme carries a High Risk label. Our view is that the fund has shown a stronger medium-term track record than its recent one-year outcome suggests, so it may suit investors who can stay patient through sharper swings.

The portfolio is spread across 71 holdings, with banks, healthcare, telecom and financial services among the visible names. That mix, along with a top holding of 4.63%, suggests the fund is not dependent on a single position, but it still belongs to a riskier equity bucket where short-term moves can be uneven.

Quick facts

Particular	Details
NAV	₹38.88 as of 11 Sep 2026
AUM	₹17,319 Cr
Expense Ratio	0.6%
Launch Date	22 Oct 2018
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	Nil for 10% of investments and 1% for remaining investments on or before 12M, Nil after 12M
Fund Managers	Shreyash Devalkar, Hitesh Das, Mayank Hyanki, Krishnaa N

The fund is managed by Shreyash Devalkar, Hitesh Das, Mayank Hyanki and Krishnaa N.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.39%	-4.81%
3M	3.49%	-3.63%
1Y	7.05%	-8.27%
3Y	14.95%	5.59%
5Y	12.6%	5.58%

Over the most recent month, the fund was negative, but it fell less than the benchmark. That matters because the benchmark also stayed weak, and the fund preserved more value than the index reference during a choppy phase.

The three-month picture is more constructive. The fund turned positive while the benchmark remained negative, which points to better near-term momentum. This kind of split usually tells us the portfolio is participating in rebounds faster than the broader reference at that point in time.

The longer view is still stronger. The 1-year return is positive while the benchmark is negative, and the 3-year and 5-year returns are comfortably ahead of the benchmark as well. The pattern suggests that the fund has handled medium-term compounding better than the benchmark, even though the most recent month was soft.

We also note that the path is not smooth. The performance pattern over time shows stretches of recovery followed by pauses, which is consistent with an equity fund that may move sharply when market leadership changes. For investors, that means the recent dip should be viewed in the context of a better multi-year trend rather than as a standalone verdict.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD Axis Large & Mid Cap?

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 Large & Mid Cap Fund Direct Growth Plan	7.05%	14.95%	12.6%
Quant Large & Mid Cap Fund Direct Growth Plan	11.58%	14.18%	16.14%
Sundaram Large and Mid Cap Fund Direct Growth Plan	10.68%	14.42%	12.65%
HSBC Large & Mid Cap Fund Direct Growth Plan	8.11%	16.84%	14.03%
Bank of India Large & Mid Cap Fund Direct Growth Plan	8.09%	13.14%	12.1%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	7.23%	21.15%	18.16%

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

The fund’s 1-year return is below the better recent numbers among the peer set, where several schemes are in the 8% to 12% range. That said, its 3-year figure remains solid and sits above some peers while trailing others, so the medium-term comparison is mixed rather than one-sided.

The 5-year number also splits the peer set. It is above some funds in the table, but below the stronger long-term outcomes from the more growth-oriented schemes. Taken together, the short-term and long-term views do not tell the same story: recent momentum is softer, while the multi-year base remains respectable.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.63%
HDFC Bank Limited	Bank	3.21%
Divi'S Laboratories Limited	Healthcare	2.66%
Clearing Corporation of India Ltd	Cash & Cash Equivalents and Net Assets	2.64%
Eternal Limited	Retailing	2.61%
Sona BLW Precision Forgings Limited	Automobile & Ancillaries	2.5%
Bharti Airtel Limited	Telecom	2.23%
Shriram Finance Limited	Finance	2.05%
Multi Commodity Exchange of India Limited	Finance	1.97%
Axis Bank Limited	Bank	1.96%

The largest holding, ICICI Bank Limited, accounts for 4.63%, which is meaningful but not dominant on its own. The top 10 holdings together account for approximately 26.46% of the portfolio, so the visible book is not concentrated in just one or two names.

The gap from the first holding to the tenth is fairly moderate rather than extreme. That tells us the fund is using several positions that could each contribute to returns, instead of relying heavily on a single stock to carry performance.

With 71 holdings disclosed, the fund appears to have a long tail beyond the top 10. That wider spread may help reduce single-stock dependence, although the fund can still be influenced by its larger bank, healthcare and financial names because those positions are the most visible in the portfolio.

To see all holdings, visit the Axis Large & Mid Cap Fund Direct Growth Plan page

Source data date: as of 11 Sep 2026

Who should invest

This fund may suit investors who can tolerate High Risk equity volatility and are comfortable with periods of uneven performance. The 3-year and 5-year returns are better than the benchmark, which makes the fund more interesting for investors who can wait through weaker stretches rather than react to short-term swings.

It fits a longer investment horizon more than a short holding period. The recent 1-year result is positive but lower than several peer returns, so the main trade-off is accepting volatility and occasional lag in exchange for a portfolio that has still compounded reasonably well over multiple years.

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 investments and 1% for remaining investments on or before 12M, Nil after 12M.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of Axis Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹38.88 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 7.05% over 1 year, 14.95% over 3 years and 12.6% over 5 years.

How has the fund done versus its benchmark?
It has been ahead of the benchmark across the 1-year, 3-year and 5-year periods shown here. The gap is especially clear over 3 years and 5 years.

How does it compare with peer funds on recent returns?
Its 1-year return is lower than several peers in the comparison set, while its 3-year and 5-year figures remain solid and ahead of some peers.

Is there a minimum SIP amount?
Yes. The minimum SIP amount is ₹100.

Who manages the fund and what kind of risk does it carry?
The fund is managed by Shreyash Devalkar, Hitesh Das, Mayank Hyanki and Krishnaa N. It carries a High Risk label, so investors should be comfortable with sharp fluctuations.

Bottom line

Axis Large & Mid Cap Fund Direct Growth Plan has a softer recent stretch, but its 3-year and 5-year returns still point to better medium-term compounding than the benchmark. In the peer set, the latest 1-year number is not the strongest, yet the longer-term record remains competitive. The portfolio is spread across 71 holdings, with the top position at 4.63% and no single name dominating the book. That makes it better suited to investors who can accept equity volatility and focus on a longer horizon.

Published on 16 September 2026 at 8:46 AM 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.