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

Axis Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹39.54 as of 28 Aug 2026 and a scheme AUM of ₹16,718 Cr. Its 1-year, 3-year and 5-year returns are 11.51%, 17.30% and 13.69%, and it is tagged High Risk. Our view is that it suits investors who can hold through uneven stretches in return patterns while seeking a large- and mid-cap mix with meaningful bank exposure.

It has also kept pace better over longer stretches than in the most recent year, while the benchmark line has been softer over the same horizons. That makes the fund more suitable for investors who want equity upside with a portfolio that is still anchored by large-cap holdings, but who can accept sector concentration and the higher volatility that comes with this style.

Quick facts

Metric	Value
NAV	₹39.54
AUM	₹16,718 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 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	2.30%	-0.85%
3M	7.27%	3.39%
1Y	11.51%	-2.29%
3Y	17.30%	6.40%
5Y	13.69%	7.13%

The fund’s recent move has been stronger than the benchmark over every period shown, especially over 1 year where the benchmark was negative while the fund stayed positive. That tells us the scheme has held up better than the index in a choppy environment, even though the last few months have been less smooth than the longer multi-year pattern.

Over 3 years and 5 years, the fund’s returns remain comfortably ahead of the benchmark. The 3-year return of 17.30% is a clear step up from the 5-year figure of 13.69%, which suggests the fund has done more of its compounding in the later part of the period rather than at a steady pace throughout.

The short-term series also points to some back-and-forth movement rather than a one-way climb. Even so, the broad trend has stayed positive, and the fund has recovered well after weaker patches, which is useful context for investors judging whether the recent year is a temporary pause or part of a more uneven return profile.

In our view, the main takeaway is that this is not a defensive return pattern. The fund has still outpaced the benchmark across every horizon listed, but the path has included volatility, so the return outcome has come with enough movement to matter for investors who prefer smoother equity journeys.

Source data date: as of 28 Aug 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	11.5059%	17.2968%	13.693%
Motilal Oswal Large & Midcap Fund Direct Growth Plan	17.6054%	24.1261%	20.381%
Quant Large & Mid Cap Fund Direct Growth Plan	17.0238%	17.6075%	17.8251%
HSBC Large & Mid Cap Fund Direct Growth Plan	16.4232%	19.8019%	16.4202%
Sundaram Large and Mid Cap Fund Direct Growth Plan	15.0181%	16.9524%	13.9892%
Invesco India Large & Mid Cap Fund Direct Growth Plan	13.0178%	24.5005%	18.7987%

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

The fund’s 1-year return is lower than each of the five peers listed here, while its 3-year and 5-year figures also trail the stronger long-term numbers shown by several peers. Motilal Oswal Large & Midcap Fund Direct Growth Plan and Invesco India Large & Mid Cap Fund Direct Growth Plan stand out on longer horizons, but the current fund still stays ahead of the benchmark returns across the same periods.

That split matters. The peer set suggests the fund has been steadier than the benchmark, yet it has not matched the faster compounding delivered by some peers over 3 years and 5 years. So the short-term comparison looks weaker, while the longer-term comparison is more mixed rather than uniformly strong.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

Market-cap segment	Allocation
Large Cap	42.44%
Mid Cap	38.27%
Small Cap	8.34%
Other Cap	10.95%

Sector	Allocation	Key holdings
BANK	25.62%	KOTAK MAHINDRA BANK LIMITED (10.9%), HDFC BANK LIMITED (4.09%)
AUTOMOBILE & ANCILLARIES	11.16%	ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED (3.96%), MAHINDRA & MAHINDRA LIMITED (1.35%)
FINANCE	9.6%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (2.53%), SHRIRAM FINANCE LIMITED (1.55%)
HEALTHCARE	7.05%	DIVI'S LABORATORIES LIMITED (1.27%), FORTIS HEALTHCARE LIMITED (1.25%)
CAPITAL GOODS	5.64%	GE VERNOVA T&D INDIA LIMITED (1.49%), APAR INDUSTRIES LIMITED (0.99%)

The market-cap mix is balanced toward larger companies, with large caps at 42.44% and mid caps close behind at 38.27%. Small caps are a much smaller slice at 8.34%, so the portfolio is not heavily tilted toward the most volatile segment, even though it still carries enough mid-cap exposure to keep returns from looking like a plain large-cap strategy.

Banks dominate the sector mix at 25.62%, which is materially higher than the next sector, automobiles and ancillaries at 11.16%. Finance at 9.6% and healthcare at 7.05% then spread the exposure further, but the overall shape still leaves banking as the clearest single influence on the portfolio.

That concentration means the fund may be more sensitive to movements in financials, especially large private-sector banks, than a more evenly spread large-mid allocation. The rest of the portfolio adds diversification, yet the bank weight is still large enough to matter more than any other sector when the fund’s returns move.

Source data date: as of 28 Aug 2026

Who should invest

This fund fits investors who are comfortable with High Risk equity exposure and can hold through uneven return paths. The 1-year number is weaker than the 3-year and 5-year figures, so the pattern suits people who can look beyond short stretches and accept that the journey may be choppy before the longer compounding shows up.

It is better suited to a medium-to-long investment horizon because the fund has historically needed time for its performance to build. Investors who want a more stable ride may find the combination of mid-cap exposure and sector concentration less comfortable, while those who can tolerate variation may value the fund’s stronger-than-benchmark history across listed horizons.

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 28 Aug 2026

Frequently asked questions

What is the current NAV of Axis Large & Mid Cap Fund Direct Growth Plan?

The current NAV is ₹39.54 as of 28 Aug 2026.

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

The fund’s 1-year return is 11.51%, its 3-year return is 17.30%, and its 5-year return is 13.69%.

How does the fund compare with its benchmark?

It has outperformed the benchmark across all listed periods. The benchmark return is -2.29% over 1 year, 6.40% over 3 years and 7.13% over 5 years.

How does it compare with the peer funds listed here?

Its 1-year return is below all five peer funds listed here, while its 3-year and 5-year numbers are also below several of those peers. Even so, it remains ahead of the benchmark across the same periods.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

What risk and portfolio style does the fund have?

The fund is tagged High Risk and carries a large-and-mid-cap mix with 42.44% in large caps, 38.27% in mid caps and 8.34% in small caps. Its largest sector is banking at 25.62%, which gives the portfolio a clear financials tilt.

Bottom line

Axis Large & Mid Cap Fund Direct Growth Plan has shown a better longer-run pattern than its recent 1-year figure, and it has stayed ahead of the benchmark across every period shown. The peer set, however, suggests that some funds in the same space have compounded faster over 3 and 5 years. With a High Risk tag, a large-and-mid-cap mix, and a strong banking tilt, it suits investors who can accept volatility in exchange for equity growth potential rather than smoother outcomes.

Published on 31 August 2026 at 1:50 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.