Axis Nifty 500 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Nifty 500 Index Fund Direct Growth Plan has an NAV of ₹10.0949 as of 10 Sep 2026 and scheme AUM of ₹322 Cr. Its 1-year, 3-year and 5-year returns are 0.07%, 0% and 0%, and the scheme sits in the High Risk bucket. Our view is that this fund is better suited to investors who want a broad-market index approach and are comfortable with short-term swings rather than a steady, low-volatility path.

The portfolio is diversified across 39 holdings, led by large financial and infrastructure names, but recent return behaviour has been mixed and has not yet built a long track record. That makes the fund more relevant as a core equity allocation for patient investors than as a short-horizon option.

Quick facts

Particular	Details
NAV	₹10.0949 as of 10 Sep 2026
AUM	₹322 Cr
Expense Ratio	0.1%
Launch Date	12 Jul 2024
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	0.25% on or before 15D, Nil after 15D
Fund Managers	Nandik Mallik, Rohit Gautam

The fund is managed by Nandik Mallik and Rohit Gautam.

Source data date: as of 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.04%	-4.06%
3M	4.23%	1.37%
1Y	0.07%	-7.31%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is better than the benchmark on the available short-term windows. Over 1 month, the fund fell less than the benchmark, and over 3 months it moved ahead by a wider margin. That suggests the portfolio has been handling the latest stretch of market movement better than the benchmark index.

At the 1-year mark, the fund is still positive while the benchmark is negative. That is a useful sign, but the gain is small enough that it does not yet change the broader picture of a young index fund still working through its early history.

The time pattern also points to some mid-period softness followed by recovery. For an investor, that means the journey has not been smooth, even though the latest readings are steadier than the benchmark. We would treat the recent resilience as encouraging rather than conclusive.

Because the fund was launched in July 2024, there is no full 3-year or 5-year return history to judge. That limits the amount of compounding evidence available today and makes the short-term comparison more important than usual.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD Axis Nifty 500 Index?

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 Nifty 500 Index Fund Direct Growth Plan	0.07%	Data not available	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	33.08%	30.07%	Data not available
Motilal Oswal Nifty India Defence Index Fund Direct Growth Plan	26.95%	Data not available	Data not available
Aditya Birla SL Nifty India Defence Index Fund Direct Growth Plan	26.94%	Data not available	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	24.33%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	23.74%	Data not available	Data not available

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. The current fund’s 1-year return is far below the peer group figures shown here, while several peers have meaningfully stronger gains over the same period. That gap matters because it signals that this fund has not yet matched the recent momentum seen in some other index strategies.

The comparison becomes less complete on 3-year and 5-year figures because the current fund has no available history for those windows, and most peers also do not have comparable long-term figures in this set. Where long-term data exists, the peer example with a 3-year record is much stronger, so the short-term picture and the longer-term picture do not tell the same story.

For now, the peer set suggests that this fund’s recent return profile is modest rather than standout. That does not by itself weaken the fund’s role as a broad-market index option, but it does mean recent performance offers less evidence of momentum than some of the other schemes listed here.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
HDFC Bank Limited	Bank	5.41%
ICICI Bank Limited	Bank	5.19%
Reliance Industries Limited	Crude Oil	4.30%
Bharti Airtel Limited	Telecom	2.75%
Larsen & Toubro Limited	Infrastructure	2.36%
State Bank of India	Bank	2.18%
Infosys Limited	IT	1.98%
Axis Bank Limited	Bank	1.86%
Kotak Mahindra Bank Limited	Bank	1.54%
Mahindra & Mahindra Limited	Automobile & Ancillaries	1.46%

The top 10 holdings account for approximately 29.03% of the portfolio.

To see all holdings, visit the Axis Nifty 500 Index Fund Direct Growth Plan page

This is a broad basket rather than a highly concentrated one. The largest position, HDFC Bank Limited at 5.41%, is meaningful but not dominant, and the next few holdings remain close enough in size that no single stock appears to control the portfolio on its own.

Weight then eases down to 1.46% by the tenth holding, which suggests a moderate spread across the top names. With 39 disclosed holdings and the top 10 accounting for 29.03%, the rest of the portfolio likely has an important role in shaping overall behaviour. That can reduce dependence on any one stock, though the leading banks may still have greater influence than smaller positions.

Overall, the structure looks diversified enough for an index-style fund while still leaving room for the largest financial holdings to matter in performance swings. That is consistent with a broad-market product that can move with market leadership shifts.

Source data date: as of 10 Sep 2026

Who should invest

This fund fits investors who can tolerate High Risk exposure and are comfortable with equity-market fluctuations. The recent return profile is modest, but the fund has still stayed ahead of the benchmark on the available short-term windows, which makes it more suitable for investors who want broad-market participation rather than a defensive holding.

A longer investment horizon is important here because the scheme is still young and does not yet have 3-year or 5-year history. The main trade-off is simple: you get diversified index exposure with a low expense ratio, but you must accept that early returns may remain uneven and may not yet match stronger peer 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: 0.25% 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 Nifty 500 Index Fund Direct Growth Plan?
Its NAV is ₹10.0949 as of 10 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 0.07%, while the 3-year and 5-year returns are both 0%.

How has the fund performed versus its benchmark?
It has done better than the benchmark on the available short-term windows. The fund returned -3.04% over 1 month and 4.23% over 3 months, while the benchmark returned -4.06% and 1.37% over the same periods.

How does it compare with the peer funds listed here?
Its 1-year return is much lower than the peer examples shown here. The peers with available long-term figures also show stronger performance where those figures exist.

Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹100.

What risk level, portfolio style and exit load should I know about?
The fund is tagged High Risk and holds 39 disclosed stocks, led by HDFC Bank Limited at 5.41%. The exit load is 0.25% on or before 15 days and nil after 15 days.

Bottom line

Axis Nifty 500 Index Fund Direct Growth Plan has shown a mixed start, with recent short-term behaviour that is better than the benchmark but a longer history that is still too limited for deep compounding judgment. Compared with the peers listed here, its 1-year return is clearly softer, although long-term comparisons are constrained by missing history across the group. The portfolio is diversified across 39 holdings, with banks carrying notable weight, making this a broad-market, high-risk equity option for patient investors.

Published on 11 September 2026 at 3:29 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.