Axis Silver FoF Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Silver FoF Direct Growth Plan has a NAV of ₹39.2048 as of 16 Sep 2026 and an AUM of ₹1,280 Cr. Its 1-year, 3-year and 5-year returns are 74.42%, 45.18% and 0%, respectively, and the fund is in the High Risk category. Our view is that this is a concentrated silver-oriented fund of funds that can move sharply, so it suits investors who can handle higher volatility and who want exposure to a single precious-metals theme rather than a broad equity style.

The fund’s portfolio is fully concentrated in one holding, which makes the return path closely tied to the underlying silver ETF. That structure has supported strong longer-horizon numbers, but the recent 1-month and 3-month performance has been softer than the 1-year and 3-year record. For investors who can accept theme-driven swings, the fund offers a simple, direct way to take silver exposure.

Quick facts

Particular	Details
NAV	₹39.2048 as of 16 Sep 2026
AUM	₹1,280 Cr
Expense Ratio	0.16%
Launch Date	21 Sep 2022
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Fund of Fund
Exit Load	0.25% on or before 7D, Nil after 7D
Fund Managers	Aditya Pagaria, Pratik Tibrewal

The fund is managed by Aditya Pagaria and Pratik Tibrewal.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.29%	-4.41%
3M	-6.89%	-3.6%
1Y	74.42%	-7.76%
3Y	45.18%	5.74%
5Y	Data not available	Data not available

Recent performance has been uneven. Over 1 month and 3 months, the fund stayed in negative territory, which tells us the recent silver cycle has not been smooth even though the losses were smaller than the benchmark over 1 month and wider over 3 months. That pattern matters because this is not a steady income-style product; it tends to reflect moves in the underlying metal.

The longer record is much stronger. The 1-year return of 74.42% and the 3-year return of 45.18% both point to a powerful compounding phase over the last few years. Against the benchmark, the fund has clearly outpaced the index over 1 year and 3 years, while the benchmark itself has been weak on 1-year performance and only modestly positive over 3 years.

Our view is that the fund’s behaviour over the shorter windows shows the same kind of volatility that can be expected from a commodity-linked theme. The 3-year path has been far better than the 1-month and 3-month readings, so the fund looks more like a cyclical thematic allocation than a smooth compounding engine.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Axis Silver FoF?

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
SBI Silver ETF FOF Direct Growth Plan	76.71%	Data not available	Data not available
Kotak Silver ETF FoF Direct Growth Plan	75.91%	45.12%	Data not available
Axis Silver FoF Direct Growth Plan	74.42%	45.18%	Data not available
Zerodha Silver ETF FoF Direct Growth Plan	73.46%	Data not available	Data not available
Nippon India Silver ETF FOF Direct Growth Plan	72.65%	43.94%	Data not available

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

On 1-year returns, the fund sits close to the better recent silver-themed peers, though SBI Silver ETF FOF Direct Growth Plan and Kotak Silver ETF FoF Direct Growth Plan have slightly stronger numbers. The more interesting point is the 3-year reading: Axis Silver FoF Direct Growth Plan at 45.18% is marginally ahead of Kotak Silver ETF FoF Direct Growth Plan and clearly ahead of Nippon India Silver ETF FOF Direct Growth Plan where that figure is available. The shorter-window peer picture is tight, so the differences are small, but the fund’s 3-year record holds up well against the comparable set.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Axis Silver ETF	Domestic Mutual Funds Units – Silver	100.02%

The portfolio is highly concentrated, with a single holding that accounts for virtually all of the fund. That means the largest holding, Axis Silver ETF, is effectively the engine of the strategy and is likely to have the greatest influence on outcomes.

Because there is only one disclosed holding, the weight does not fall away across a list of positions; instead, the fund is built around one underlying silver exposure. The disclosed holding count is one, so the portfolio does not offer the diversification you would expect from a multi-stock equity fund or a multi-asset blend.

That concentration may suit an investor who wants a straightforward silver allocation and is comfortable with theme-driven swings. It also means the fund’s behaviour may remain closely tied to the underlying ETF rather than being cushioned by a long tail of smaller positions.

Source data date: as of 16 Sep 2026

Who should invest

This fund suits investors with a high risk tolerance who want a focused silver-theme allocation and can stay invested through sharp moves. The 1-year and 3-year returns show strong upside potential, but the weaker 1-month and 3-month readings show that the path can be choppy. The benchmark comparison also makes clear that the fund is not designed to track broad equity-like behaviour.

We think the right horizon is medium to long term, with the understanding that the ride may be volatile even when the longer record looks strong. The main trade-off is simple: you get concentrated exposure to silver, but you give up diversification and stability. The single-holding portfolio reinforces that trade-off, so this is better viewed as a thematic sleeve than a core holding.

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% if units are sold on or before 7 days; nil after 7 days.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Axis Silver FoF Direct Growth Plan?
The current NAV is ₹39.2048 as of 16 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 74.42%, the 3-year return is 45.18%, and the 5-year return is not available in the figures provided.

How has the fund performed versus its benchmark?
It has outpaced the benchmark over 1 year and 3 years, while the benchmark has been weaker over 1 year and modestly positive over 3 years. Over 1 month and 3 months, both the fund and benchmark were negative.

How does the fund compare with peer silver ETF FoF schemes?
Its 1-year return is close to the better peer numbers, and its 3-year return of 45.18% is also competitive among peers with available 3-year figures.

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

Who manages the fund and how concentrated is the portfolio?
The fund is managed by Aditya Pagaria and Pratik Tibrewal. The portfolio is concentrated in one disclosed holding, Axis Silver ETF, which means the fund’s outcome is closely tied to that single exposure.

Bottom line

Axis Silver FoF Direct Growth Plan has a strong 1-year and 3-year record, but the most recent 1-month and 3-month figures show that the ride can be uneven. Compared with peer silver ETF FoFs, it remains in the same return band and its 3-year number is competitive where available. The risk label is High Risk, and the one-holding portfolio makes the exposure very direct. That profile makes it more suitable as a theme allocation for investors who want silver exposure and can tolerate volatility.

Published on 17 September 2026 at 4:49 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.