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

Axis Medium Term Fund Direct Growth Plan has a NAV of ₹33.4026 as of 10 Sep 2026 and an AUM of ₹2,112 Cr. Its 1-year, 3-year and 5-year returns are 7.1%, 8.45% and 7.37%, and the scheme sits in the Medium Risk category. Our view is that it suits investors who want a debt fund with a measured return profile rather than a sharp upside story, but who can accept some portfolio credit risk and benchmark variation.

The fund has stayed ahead of the NIFTY 50 over the 3-year and 5-year periods, while the 1-year figure is more modest. That mix, along with a portfolio that includes government securities and a meaningful share of corporate debt, points to a fund that may work better as a steady medium-horizon allocation than as a short-term parking place.

Quick facts

Particular	Details
NAV	₹33.4026 as of 10 Sep 2026
AUM	₹2,112 Cr
Expense Ratio	0.71%
Launch Date	07 Jan 2013
Min SIP	₹100
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	1% on or before 15D, Nil after 15D
Fund Managers	Devang Shah, Akhil Thakker, Sachin Jain

The fund is managed by Devang Shah, Akhil Thakker and Sachin Jain.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.18%	-4.06%
3M	2.08%	1.37%
1Y	7.1%	-7.31%
3Y	8.45%	6.07%
5Y	7.37%	5.91%

The short-term pattern is better than the benchmark but not especially smooth. Over 1 month and 3 months, the fund remained positive while the benchmark was weaker, which suggests the scheme has handled recent market swings better than the benchmark line that accompanies it.

At the 1-year mark, the contrast is much sharper: the fund stayed positive while the benchmark was negative. That is a useful sign for investors who care about downside containment, although the fund’s own 1-year return is still lower than its 3-year and 5-year figures, so the recent stretch has not been the strongest part of the record.

The longer view is more reassuring. The 3-year and 5-year returns both remain ahead of the benchmark, and the 3-year figure is the stronger of the two. Our reading is that the fund has delivered a more consistent medium-term compounding pattern than the benchmark, even if the path has not been perfectly linear. For investors, that means the recent year should not be read in isolation.

Overall, the return history points to a fund that has been able to preserve a positive trend through different market conditions. The gap versus the benchmark is most visible in the 1-year period, while the 3-year and 5-year periods show a more stable edge.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Axis Medium Term?

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
Aditya Birla SL Medium Term Fund Direct Growth Plan	9.4%	10.65%	12.73%
ICICI Pru Medium Term Fund Direct Growth Plan	7.88%	8.53%	7.41%
Kotak Medium Term Fund Direct Growth Plan	7.65%	9.04%	7.43%
SBI Medium Term Fund Direct Growth Plan	7.16%	7.89%	6.87%
Axis Medium Term Fund Direct Growth Plan	7.1%	8.45%	7.37%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the 1-year measure, the fund trails the stronger peer numbers but stays close to the middle of the group, which means the short-term picture is competitive without being the strongest shown here. Over 3 years and 5 years, it remains ahead of some peers while still sitting behind the highest peer figures on the page.

The longer-term view tells a more balanced story than the recent one. The fund’s 3-year and 5-year returns are solid enough to stand alongside the peer set, but the gap to the strongest long-term figures shows that the scheme has been steady rather than standout. For investors comparing return shape rather than a one-off period, that makes the fund easier to place as a middle-of-the-pack medium-term debt option with a reasonable track record.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% Government of India (11/05/2036)	Government Securities	11%
Jubilant Beverages Limited (31/05/2028) (ZCB) **	Corporate Debt	3.43%
8.58% GMR Hyderabad International Airport Limited (28/03/2034) **	Corporate Debt	3.13%
7.18% Tamilnadu State Development Loans (03/12/2033)	Government Securities	2.97%
Jubilant Bevco Limited (31/05/2028) (ZCB) **	Corporate Debt	2.91%
9.40% Vedanta Aluminium Metal Limited (20/02/2027)	Corporate Debt	2.85%
8% Adani Power Limited (27/01/2028) **	Corporate Debt	2.82%
9.5% Delhi International Airport Limited (22/03/2034) **	Corporate Debt	2.66%
8.8% Aditya Birla Digital Fashion Ventures Limited (26/08/2027) **	Corporate Debt	2.6%
9.01% Hiranandani Financial Services Private Limited (30/03/2029) **	Corporate Debt	2.44%

The largest holding is 6.94% Government of India (11/05/2036) at 11%, which is sizeable enough to matter for day-to-day portfolio behaviour. The weight then falls to 3.43% in the second holding and keeps easing down to 2.44% by the tenth, so the top names are important, but not evenly dominant.

The displayed top 10 holdings account for approximately 36.81% of the portfolio, and the scheme discloses 52 holdings in total. That suggests a portfolio with a meaningful core but also a long tail of additional positions. In our view, the mix of government securities and corporate debt may help balance stability and income, while the exposure to specific corporate issuers means credit selection can still have a noticeable influence.

Because the visible holdings do not consume most of the portfolio, the scheme is not relying on a single position alone. At the same time, the 11% top holding is large enough that changes in that security can still be felt. For investors, that means the fund may look diversified at a glance, but it still carries enough position-level weight to deserve attention.

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

Source data date: as of 10 Sep 2026

Who should invest

This fund is best suited to investors who are comfortable with medium risk and want a debt allocation that can hold up across multiple years rather than just a few months. The 1-year return is positive but less impressive than the 3-year and 5-year numbers, so the fund fits better with a medium-horizon view than with an expectation of quick results.

The benchmark comparison is helpful here: the fund has outpaced the benchmark over 3 years and 5 years, and it has also held up better over the most recent 1-year stretch. The trade-off is that the portfolio includes both government securities and corporate debt, so investors need to accept some credit and valuation movement rather than expecting a purely defensive cash-like experience.

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: 1% on or before 15D, Nil after 15D.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of Axis Medium Term Fund Direct Growth Plan?
The current NAV is ₹33.4026 as of 10 Sep 2026.

What are the 1-year, 3-year and 5-year returns?
The fund’s returns are 7.1% for 1 year, 8.45% for 3 years and 7.37% for 5 years.

How does the fund compare with its benchmark?
It has done better than the benchmark over 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over 1 year, where the benchmark is negative while the fund is positive.

How does it compare with the peer funds listed here?
It is below the strongest peer return figures on the page, but its 1-year, 3-year and 5-year numbers remain competitive within the group shown. The longer-term record is steadier than the short-term headline alone suggests.

Is there a minimum SIP amount?
The scheme allows SIP investing. A minimum SIP amount is not stated here, so we do not present one.

What are the risk and exit-load features?
The fund is classified as Medium Risk. Units sold on or before 15 days attract a 1% exit load, and there is no exit load after 15 days. The fund is managed by Devang Shah, Akhil Thakker and Sachin Jain.

Bottom line

Axis Medium Term Fund Direct Growth Plan looks steadier over longer stretches than over the most recent year, which is why the 3-year and 5-year record matters more than the latest snapshot alone. It has stayed ahead of the benchmark across the return windows shown and remains a reasonable fit against the peer set, even if the strongest peer figures are higher. The portfolio has a meaningful government-securities anchor, but corporate debt still plays a noticeable role, so the fund suits investors who can handle medium risk and want a debt holding with some credit sensitivity.

Published on 11 September 2026 at 10:02 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.