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

Axis Multicap Fund Direct Growth Plan has a NAV of ₹21.2 as of 28 August 2026 and a scheme AUM of ₹10,866 Cr. Its 1-year, 3-year and 5-year returns are 15.47%, 21.58% and 0%, and the scheme is tagged High Risk. Our view is that this is a diversified equity option for investors who can accept swings in the journey and want a portfolio that mixes large, mid and small caps rather than concentrating only on the biggest names.

Recent returns are stronger than the benchmark, while the longer record is still short because the fund launched on 17 Dec 2021. The portfolio mix and return pattern suggest a fund that has delivered healthy medium-term growth, but with the kind of volatility that comes with a multicap structure and a high-risk label.

Quick facts

Metric	Details
NAV	₹21.2
AUM	₹10,866 Cr
Expense Ratio	0.73%
Launch Date	17 Dec 2021
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil for 10% of investment and 1% for the remaining investment if sold within 12 months; no exit load after the holding period.
Fund Managers	Shreyash Devalkar, Nitin Arora, Hitesh Das

The fund is managed by Shreyash Devalkar, Nitin Arora and Hitesh Das.

Source data date: as of 28 Aug 2026

Performance

Period	Fund return	Benchmark return
1M	4.79%	-0.85%
3M	11.4%	3.39%
1Y	15.47%	-2.29%
3Y	21.58%	6.4%
5Y	Data not available	Data not available

Short-term performance has been firm. The fund gained 4.79% over 1 month and 11.4% over 3 months, both well ahead of the benchmark, which stayed weak over the same windows. That tells us the scheme entered the latest period with better momentum than the index and was able to extend that edge into the recent quarter.

The 1-year return of 15.47% is also well above the benchmark’s -2.29%. That is an important gap because it shows the fund did not merely benefit from a broad market lift; it performed while the benchmark was negative. For an equity multicap strategy, that kind of relative resilience is useful, though it still sits inside a high-volatility category.

The 3-year return of 21.58% shows stronger compounding than the benchmark’s 6.4%. The path has not been smooth, because the return pattern includes periods of weakness and recovery rather than a straight line. Even so, the overall medium-term trend is positive and points to a portfolio that has been able to participate in market upswings more effectively than the index used here.

The 5-year column is not meaningful for comparison because the fund itself has not been in existence for that long. As a result, the cleaner reading comes from the 1-year and 3-year numbers, where the fund has clearly stayed ahead of the benchmark.

Source data date: as of 28 Aug 2026

Should you BUY or HOLD Axis Multicap?

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 Multicap Fund Direct Growth Plan	15.47%	21.58%	Data not available
Groww Multicap Fund Direct Growth Plan	23.92%	Data not available	Data not available
TRUSTMF Multi Cap Fund Direct Growth Plan	23.29%	Data not available	Data not available
Mahindra Manulife Multi Cap Fund Direct Growth Plan	19.69%	19.47%	18.17%
Bank of India Multi Cap Fund Direct Growth Plan	17.40%	19.95%	Data not available
ITI Multi Cap Fund Direct Growth Plan	17.26%	19.10%	16.16%

The current fund’s 1-year return is below the strongest peer figures in this set, but it is still ahead of some comparable multicap funds. On the 3-year view, it stands above the peers for which 3-year numbers are available, which suggests its medium-term compounding has been more effective even though the short-term lead is not as pronounced.

The contrast between the 1-year and 3-year patterns matters. Some peers have done better over the latest year, yet the current fund has the stronger 3-year record among the funds with available data. This makes the fund look more balanced across the medium term than the recent one-year snapshot alone would suggest. This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

Source data date: as of 28 Aug 2026

Portfolio: where your money goes

The market-cap mix is split across large cap 40.83%, mid cap 28.26%, small cap 29.2% and other cap 1.71%. That is a genuinely blended structure, with no single market-cap bucket dominating the portfolio in a way that would make it behave like a pure large-cap or small-cap fund.

Sector	Weight	Top holdings
BANK	16.03%	HDFC BANK LIMITED (3.69%), ICICI BANK LIMITED (2.92%)
RETAILING	9.89%	TRENT LIMITED (7.96%), ETERNAL LIMITED (1.19%)
AUTOMOBILE & ANCILLARIES	9.26%	MINDA CORPORATION LIMITED (1.38%), MAHINDRA & MAHINDRA LIMITED (1.28%)
REALTY	8.53%	BRIGADE ENTERPRISES LIMITED (7.83%)
FINANCE	7.25%	MULTI COMMODITY EXCHANGE OF INDIA LIMITED (2.54%), SHRIRAM FINANCE LIMITED (1.58%)

Banking is the largest sector at 16.03%, and it is clearly ahead of the next sector in the list, but not so dominant that the portfolio becomes a single-sector bet. Retailing at 9.89% and automobile & ancillaries at 9.26% are both meaningful second-layer exposures, which helps the portfolio spread across different parts of the market cycle.

Realty at 8.53% and finance at 7.25% add further breadth. The individual stock weights also show that some positions are meaningful inside their sectors, especially Trent at 7.96% and Brigade Enterprises at 7.83%. That means stock-specific outcomes may matter in addition to broad sector moves.

Overall, the mix of 40.83% large cap, 28.26% mid cap and 29.2% small cap suggests the fund may behave with more movement than a large-cap-only scheme. At the same time, the balance across the three size buckets could help reduce dependence on one part of the market. In our view, banking is likely to have greater influence on day-to-day behaviour, while the mid and small cap sleeves can shape the fund’s upside and volatility over time.

Source data date: as of 28 Aug 2026

Who should invest

This fund suits investors who are comfortable with High Risk equity exposure and who can stay invested for a longer period. The 1-year and 3-year numbers are strong, but the path has included volatility, so shorter holding periods may not fully reflect the scheme’s potential.

The fund can appeal to investors who want a multicap structure with meaningful exposure to large, mid and small caps rather than a narrow market-cap focus. The trade-off is clear: you get broader participation across the market, but you also accept larger swings than a conservative equity fund would usually show. The benchmark comparison and the peer set both point to a fund that has worked well over medium-term periods, even if short-term leadership is not always uniform.

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 investment and 1% for the remaining investment if sold within 12 months. No exit load after the holding period.

Source data date: as of 28 Aug 2026

Frequently asked questions

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

The current NAV is ₹21.2 as of 28 August 2026.

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

The fund’s returns are 15.47% over 1 year, 21.58% over 3 years and Data not available for 5 years because the scheme has not completed that track record.

How has it performed against the benchmark?

It has stayed ahead of the Nifty 50 across the available 1-month, 3-month, 1-year and 3-year periods. The benchmark has been weaker over the same windows, especially over 1 year.

How does it compare with peer multicap funds?

Its 1-year return is below some peers in the list, but its 3-year return is stronger than the peers with available 3-year figures. That gives the fund a better medium-term look than the latest one-year snapshot alone.

What is the minimum SIP amount?

The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?

The fund is managed by Shreyash Devalkar, Nitin Arora and Hitesh Das. The exit load is nil for 10% of the investment and 1% for the remaining investment if units are sold within 12 months, and there is no exit load after the holding period.

Bottom line

Axis Multicap Fund Direct Growth Plan has combined a stronger 1-year and 3-year showing with a portfolio that mixes large, mid and small caps in fairly even proportions. The short-term return pattern is a little stronger than its longer-term context might suggest, but the medium-term trend remains positive and ahead of the benchmark. Against peers, the fund looks mixed on the latest one-year figure yet more convincing on the 3-year view. For investors who can handle High Risk and want diversified equity exposure, the fund offers a balanced but active multicap profile.

Published on 31 August 2026 at 1:01 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.