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

Axis Momentum Fund Direct Growth Plan has a NAV of ₹8.98 as of 17 Sep 2026 and manages ₹919 Cr in assets. Its 1-year, 3-year and 5-year returns are -3.68%, 0% and 0%, and it carries a High Risk profile. Our view is that this is a fund for investors who can tolerate sharp swings and want a momentum-led equity approach, but the recent return pattern is still uneven versus the benchmark.

The fund has been in market only since 12 Dec 2024, so the record is still short. The combination of weak recent returns, a concentrated portfolio and a high-risk label means it is better assessed as a tactical equity option than as a stable core holding.

Quick facts

Particular	Details
NAV	₹8.98 as of 17 Sep 2026
AUM	₹919 Cr
Expense Ratio	0.55%
Launch Date	12 Dec 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil for 10% of investments and 1% for remaining investments on or before 12M, Nil after 12M
Fund Managers	Nandik Mallik

The fund is managed by Nandik Mallik.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.6%	-3.66%
3M	-0.33%	-3.71%
1Y	-3.68%	-7.13%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term pattern is mixed but not especially strong. Over one month, the fund slipped, though it still fell less than the benchmark. Over three months, it was nearly flat and again held up better than Nifty 50, which points to some relative resilience even in a weak patch.

The one-year picture is also below zero, but the fund has still done less poorly than the benchmark over the same stretch. That matters because it suggests the strategy has not escaped volatility; it has simply absorbed less damage than the index in a difficult period. For a fund with a momentum orientation, that kind of behaviour can happen when leadership in the market changes quickly.

What stands out most is that the recent trend has not yet translated into a convincing compounding record. The fund was launched only in late 2024, so there is no meaningful 3-year or 5-year return history to judge. That leaves us with a short track record and a modest edge over the benchmark in the periods available, but not yet a long enough record to judge durability.

Overall, the performance profile is more about relative defence than outright growth so far. Investors looking for evidence of sustained upside have not yet received it, while those comparing it with a broad equity index may note that the fund has been less weak than Nifty 50 in the periods shown.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD Axis Momentum?

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.

Already holding Axis Momentum? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Axis Momentum Fund Direct Growth Plan	-3.68%	Data not available	Data not available
ICICI Pru Strategic Metal and Energy Equity FoF Direct Growth Plan	69.8%	36.32%	Data not available
HDFC Pharma and Healthcare Fund Direct Growth Plan	25.31%	Data not available	Data not available
Kotak Healthcare Fund Direct Growth Plan	25.27%	Data not available	Data not available
Motilal Oswal Active Momentum Fund Direct Growth Plan	24.51%	Data not available	Data not available
PGIM India Healthcare Fund Direct Growth Plan	22.75%	Data not available	Data not available

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

The fund’s one-year return trails the stronger peer figures available in this group, which means its recent stretch has been materially softer than several comparable strategies. The gap is especially clear against the double-digit 1-year numbers shown by the healthcare and momentum-oriented peers.

Because this scheme has no usable 3-year or 5-year history yet, the comparison is heavily tilted toward short-term evidence. That makes the current fund harder to assess on longer compounding, while peers with 3-year figures already show a much fuller record. The short-term story therefore looks weaker than the peer set, and the longer-term story is still incomplete rather than convincingly established.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
P N Gadgil Jewellers Limited	Retailing	4.51%
RBL Bank Limited	Bank	4.37%
Laurus Labs Limited	Healthcare	4.2%
Navin Fluorine International Limited	Chemicals	4.2%
Sai Life Sciences Limited	Domestic Equities	3.57%
The Federal Bank Limited	Bank	3.49%
Craftsman Automation Limited	Automobile & Ancillaries	3.19%
Apollo Hospitals Enterprise Limited	Healthcare	3.17%
Radico Khaitan Limited	Alcohol	2.93%
BSE Limited	Finance	2.91%

The largest holding, P N Gadgil Jewellers Limited, carries a weight of 4.51%, which is sizeable but not dominant on its own. The drop from the first holding to the tenth is fairly gradual, moving from 4.51% to 2.91%, so the top end is spread across several similarly weighted positions rather than one single oversized stake.

The top 10 holdings account for approximately 36.54% of the portfolio, while the full disclosed holding list runs to 51 positions. That combination suggests a meaningful core in the largest names, but also a longer tail beyond the top 10. In our view, that can leave the fund with a mix of focused bets and broader diversification, although the listed positions may still have greater influence than smaller holdings.

Because the portfolio stretches beyond the first 10 holdings, the concentration picture is best read as moderate rather than extreme. The visible holdings show a spread across retailing, banking, healthcare, chemicals, automobiles, alcohol and finance, which may help diversify individual stock-specific outcomes even though the strategy still relies on a limited set of higher-weight positions.

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

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can handle High Risk equity exposure and accept that momentum-oriented strategies can move sharply over short periods. The current return profile is still uneven, and the benchmark comparison shows only partial short-term resilience rather than a sustained outperformance trend.

It is more appropriate for a longer horizon than a short holding period, especially because the scheme’s live record is still limited and its 3-year and 5-year figures are not yet available. The main trade-off is between the possibility of quicker upside when the strategy is in favour and the risk of underwhelming stretches when leadership changes in the market.

Investors who want a steadier, benchmark-like path may find the recent behaviour too choppy. Those who are comfortable with a high-risk equity sleeve and can stay invested through uneven phases may be more willing to assess it as part of a broader portfolio.

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 sold on or before 12 months; no exit load after the holding period.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of Axis Momentum Fund Direct Growth Plan?
Its NAV is ₹8.98 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -3.68%, while the 3-year and 5-year returns are Data not available.

How has the fund done versus Nifty 50?
It has held up better than Nifty 50 in the periods available, with a smaller 1-year fall and less weakness over 1 month and 3 months.

How does it compare with the peer funds shown here?
Its 1-year return is weaker than the available peer figures shown here, while the longer-term comparison cannot be judged because this scheme does not yet have usable 3-year or 5-year returns.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

Who manages the fund and what is the exit load?
Nandik Mallik manages the fund. The exit load is nil for 10% of investments and 1% for the remaining investments if sold on or before 12 months, and there is no exit load after the holding period.

Bottom line

Axis Momentum Fund Direct Growth Plan has shown a softer recent return profile than several peer funds, but it has still held up better than the benchmark in the periods available. The fund’s High Risk tag, short live history and concentrated top holdings make it a strategy that needs patience and tolerance for uneven stretches. It may fit investors who want a momentum-oriented equity exposure and can live with a record that is still developing rather than established.

Published on 18 September 2026 at 3:40 PM IST

Explore mutual funds with Univest

Review mutual fund data, compare performance and explore fund insights on Univest.

Explore Univest

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.