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

Axis Midcap Fund Direct Growth Plan has a NAV of ₹145.25 as of 27 August 2026 and a scheme AUM of ₹34,403 Cr. Its 1-year, 3-year and 5-year returns are 10.18%, 18.16% and 14.85%, and the fund sits in the High Risk category.

Our view is that this is a mid-cap-heavy equity fund that has compounded reasonably well over longer periods, but its recent return profile is more moderate than some active mid-cap peers. The portfolio tilt toward mid-caps and banking and retailing means it can suit investors who can accept sharper swings in return for growth potential.

Quick facts

Metric	Value
NAV	₹145.25
AUM	₹34,403 Cr
Expense Ratio	0.55%
Launch Date	01 Jan 2013
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, Nitin Arora, Krishnaa N

The fund is managed by Shreyash Devalkar, Nitin Arora and Krishnaa N.

Source data date: as of 27 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	3.18%	2.52%
3M	6.59%	4.15%
1Y	10.18%	10.41%
3Y	18.16%	15.29%
5Y	14.85%	16.99%

The near-term return pattern is better than the benchmark over 1 month and 3 months, which tells us the fund has held up well in the latest stretch. Over 1 year, it is close to the benchmark but slightly behind, so the recent picture is steady rather than strikingly ahead.

The longer record is more supportive. The 3-year return is comfortably above the benchmark, which suggests the fund has added value through a full market cycle rather than only in a brief run-up.

The 5-year number is lower than the benchmark, so the longer compounding path has not consistently beaten the index. That gap matters because mid-cap funds can move sharply across market phases, and this one has shown that pattern.

Read alongside the monthly and quarterly movement in the fund’s return path, our view is that the scheme has had recovery phases, but it has not delivered in a straight line. For investors, that means the fund looks capable of participating in rallies, yet the consistency of outperformance has varied across holding periods.

Source data date: as of 27 Aug 2026

Should you BUY or HOLD Axis Midcap?

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 Midcap Fund Direct Growth Plan	10.18%	18.16%	14.85%
HSBC Midcap Fund Direct Growth Plan	24.87%	26.42%	20.53%
WOC Mid Cap Fund Direct Growth Plan	18.38%	24.13%	Data not available
Helios Mid Cap Fund Direct Growth Plan	17.40%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	16.76%	23.07%	18.24%
Mahindra Manulife Mid Cap Fund Direct Growth Plan	16.34%	21.37%	20.14%

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

On the latest 1-year figures, the fund trails several peers that have posted much stronger gains. That suggests its short-term momentum has been softer than the stronger names in the peer set.

The 3-year result is better placed versus the peers with available data, although some peers still sit ahead on that measure. The 5-year result is more mixed because one peer with a longer history has done better, while some peers have missing long-term data and cannot be compared on that horizon.

The short-term and longer-term readings therefore do not tell exactly the same story. Recent numbers look subdued relative to the strongest peers, but the 3-year record is more competitive, which points to a fund that has been capable of solid medium-term compounding even if the latest year has not been standout.

Source data date: as of 27 Aug 2026

Portfolio: where your money goes

Market-cap bucket	Allocation
Large cap	17.17%
Mid cap	67.35%
Small cap	4.61%
Other	10.88%

Sector	Weight	Key holdings
BANK	22.43%	CITY UNION BANK LIMITED (16.99%), THE FEDERAL BANK LIMITED (2.08%)
RETAILING	15.46%	TRENT LIMITED (13.97%), ETERNAL LIMITED (0.64%)
AUTOMOBILE & ANCILLARIES	12.66%	WABCO INDIA LIMITED (4.11%), ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LIMITED (1.37%)
FINANCE	11.04%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (5.63%), HDFC ASSET MANAGEMENT COMPANY LIMITED (1.04%)
HEALTHCARE	5.39%	FORTIS HEALTHCARE LIMITED (2.03%), IPCA LABORATORIES LIMITED (0.85%)

The portfolio is clearly mid-cap led, with 67.35% in mid-caps and 17.17% in large caps. That mix suggests the fund is built for growth-oriented investors who can tolerate volatility, while still retaining a meaningful large-cap buffer.

Banking is the largest sector at 22.43%, and it is materially above retailing at 15.46% and automobile & ancillarys at 12.66%. That means sector outcomes in banking may have a greater influence on how the portfolio behaves than any single smaller sector.

Within sectors, CITY UNION BANK LIMITED and TRENT LIMITED stand out by weight, while the rest of the holdings are much smaller. Our view is that the sector shape is moderately concentrated, but not extreme, and the mid-cap core remains the main driver of the fund’s style.

Source data date: as of 27 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and can stay invested for a longer horizon. The 3-year result is stronger than the 1-year result, while the 5-year return is softer than the benchmark, so the fund’s path has not been uniformly smooth.

The main trade-off is between mid-cap growth potential and higher interim volatility. The 67.35% mid-cap allocation suggests stronger upside participation in favourable phases, but it also means the portfolio can move more sharply than a diversified large-cap fund. Investors who want stability first may find that uncomfortable.

As a result, the fund is better suited to patient investors who can tolerate uneven periods and judge it over full market cycles rather than short stretches.

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 the remaining investments if units are sold on or before 12 months; nil after 12 months.

Source data date: as of 27 Aug 2026

Frequently asked questions

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

The current NAV is ₹145.25 as of 27 August 2026.

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

The fund’s 1-year, 3-year and 5-year returns are 10.18%, 18.16% and 14.85%.

How does the fund compare with its benchmark?

It is slightly behind the benchmark over 1 year, ahead over 3 years and behind over 5 years.

How does it compare with peer mid-cap funds on available return data?

Its 1-year return is lower than the stronger peer numbers, while its 3-year return is more competitive. The 5-year comparison is mixed because some peers do not have a usable long-term figure.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is its risk profile?

The fund is managed by Shreyash Devalkar, Nitin Arora and Krishnaa N, and it is classified as High Risk. Its portfolio is heavily tilted toward mid-caps, with banking as the largest sector.

Bottom line

Axis Midcap Fund Direct Growth Plan has shown a mixed but usable return pattern: the recent 1-year number is modest, the 3-year record is stronger, and the 5-year result is less impressive than the benchmark. Against peers, the latest year looks softer, while the medium-term record is more competitive. The portfolio is dominated by mid-caps, and banking is the largest sector, so the fund’s behaviour is likely to reflect that growth-oriented but uneven profile. It suits investors who can accept High Risk and hold through cycles.

Published on 28 August 2026 at 10:32 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.