Axis Nifty Smallcap 50 Index Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Nifty Smallcap 50 Index Fund Direct Growth Plan had a NAV of ₹20.6565 as of 16 Sep 2026 and an AUM of ₹783 Cr. Its 1-year, 3-year and 5-year returns are 10.68%, 18.05% and 0%, and the scheme sits in the High Risk category.

Our view is that this is best read as a small-cap index option with noticeable short-term swings but a better 3-year than 1-year pattern. The benchmark behaviour has been weaker than the fund over the same periods, while the portfolio is still concentrated in a handful of positions, so investors need comfort with volatility and with the way small-cap holdings can move differently from broader market benchmarks.

Quick facts

Particular	Details
NAV	₹20.6565 as of 16 Sep 2026
AUM	₹783 Cr
Expense Ratio	0.27%
Launch Date	10 Mar 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Index Funds
Exit Load	No exit load
Fund Managers	Nandik Mallik, Rohit Gautam

The fund is managed by Nandik Mallik and Rohit Gautam.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.07%	-4.41%
3M	5.89%	-3.60%
1Y	10.68%	-7.76%
3Y	18.05%	5.74%
5Y	Data not available	Data not available

The recent pattern is mixed, but the fund has held up better than the benchmark across every period we can compare. Over 1 month, the fund was down less than the benchmark, and over 3 months it turned positive while the benchmark remained negative. That points to a fund that has recovered better in the near term than the index it is being compared with.

The 1-year return of 10.68% also stands well above the benchmark’s -7.76%. That gap matters because it suggests the fund’s underlying small-cap basket has behaved very differently from the benchmark over the last year, even though both have been volatile. For investors, that means the fund has not simply tracked a smooth market path; it has gone through drawdowns and rebounds.

The longer view is stronger than the very short view. The 3-year return of 18.05% is still comfortably ahead of the benchmark’s 5.74%, but the 1-month return of -2.07% shows that the path has not been straight. Because the 5-year figure is not available, we would avoid stretching the story beyond what is visible here and instead focus on the 3-year trend as the more informative horizon.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Axis Nifty Smallcap 50 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 Smallcap 50 Index Fund Direct Growth Plan	10.68%	18.05%	Data not available
ICICI Pru NASDAQ 100 Index Fund Direct Growth Plan	29.31%	30.01%	Data not available
Tata Nifty Capital Markets Index Fund Direct Growth Plan	21.45%	Data not available	Data not available
Motilal Oswal Nifty Capital Market Index Fund Direct Growth Plan	21.13%	Data not available	Data not available
Motilal Oswal Nifty MidSmall Financial Services Index Fund Direct Growth Plan	20.68%	Data not available	Data not available
ICICI Pru Nifty Pharma Index Fund Direct Growth Plan	17.57%	18.84%	Data not available

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

The fund’s 1-year return trails the strongest peer returns in this set, but its 3-year result remains solid and ahead of one comparable peer with a 3-year history. That makes the short-term comparison less flattering than the medium-term one. We see a split story: some peers have been stronger over 1 year, while the available longer-horizon figures show this fund still has a credible 3-year outcome relative to the comparison set.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Sona BLW Precision Forgings Limited	Automobile & Ancillaries	4.42%
Karur Vysya Bank Limited	Bank	3.98%
Navin Fluorine International Limited	Chemicals	3.87%
Welspun Corp Limited	Iron & Steel	3.8%
Piramal Finance Limited	Finance	3.36%
Delhivery Limited	Logistics	3.1%
Central Depository Services (India) Limited	Business Services	3.03%
RBL Bank Limited	Bank	2.85%
Gland Pharma Limited	Healthcare	2.79%
City Union Bank Limited	Bank	2.68%

The largest holding, Sona BLW Precision Forgings Limited, carries a 4.42% weight, so no single position dominates the portfolio on its own. The tenth holding is still meaningful at 2.68%, which tells us the drop from the top slot to the tenth is present but not extreme.

The top 10 holdings together account for approximately 33.88% of the portfolio, and the scheme discloses 50 holdings in total. That combination suggests a portfolio that is spread across many names, yet the larger positions are still important enough to shape short-term movement. In our view, this kind of structure may reduce reliance on one stock, while still leaving the fund sensitive to the behaviour of a relatively important core group.

Because the disclosed holdings extend beyond the top 10, the tail matters too. Even so, the visible weights show a moderate concentration at the top rather than a very evenly spread book. For investors, that means the fund can look diversified at a broad level while still having a set of positions that could influence performance more than the rest.

To see all holdings, visit the Axis Nifty Smallcap 50 Index Fund Direct Growth Plan page

Source data date: as of 16 Sep 2026

Who should invest

This fund fits investors who are comfortable with High Risk exposure and can hold through uneven short-term periods. The 1-year return has been much choppier than the 3-year trend, so the better lens is a multi-year horizon rather than a quick outcome.

The main trade-off is that the portfolio can move sharply even when the longer 3-year record looks better than the benchmark. Investors who want small-cap style return potential may find the fund useful, but they need to accept that near-term performance can swing and that the benchmark comparison may look very different over shorter periods.

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: No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Axis Nifty Smallcap 50 Index Fund Direct Growth Plan?
Its NAV is ₹20.6565 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
Its 1-year return is 10.68%, its 3-year return is 18.05% and its 5-year return is 0% in the available record. The 5-year figure is not available for meaningful comparison here.

How has the fund behaved versus the benchmark?
It has beaten the benchmark across the visible 1-month, 3-month, 1-year and 3-year periods. The difference is especially clear over 1 year, where the fund is positive while the benchmark is negative.

How does it compare with peer funds on 1-year performance?
Its 1-year return is lower than several peer funds in the comparison set, while its 3-year result remains a solid medium-term outcome. The short-term and longer-term pictures are not the same.

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

What are the portfolio and exit-load features?
The largest disclosed holding is Sona BLW Precision Forgings Limited at 4.42%, and the top 10 holdings together account for approximately 33.88% of the portfolio. There is no exit load.

Bottom line

The fund’s short-term pattern is mixed, but the 3-year record is stronger than the latest 1-month stretch and clearly better than the benchmark across the periods shown. Peer comparison paints a similar split: the fund is not the strongest on 1-year figures, yet its available 3-year outcome remains credible. With a High Risk label and a portfolio that still leans on a relatively important top group of holdings, it looks more suitable for investors who can tolerate volatility and judge the fund over a longer horizon.

Published on 17 September 2026 at 2:27 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.