Axis Ultra Short to Short Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Axis Ultra Short to Short Term Fund Direct Growth Plan currently has a NAV of ₹3,502.1044 as of 04 Sep 2026 and a scheme AUM of ₹4,557 Cr. Its 1-year, 3-year and 5-year returns are 6.57%, 7.49% and 6.68%, and the fund sits in the Balanced Risk category. Our view is that this is a steady debt option for investors who want moderate return potential with a portfolio built around short-duration and short-to-medium maturity debt instruments.

The fund’s trailing numbers are consistent rather than flashy, and its benchmark comparison suggests it has held up better over longer horizons than in the very recent period. The portfolio is not a plain cash-like basket; it includes government securities, corporate debt, CDs and CPs, so the return pattern reflects a mix of carry and duration-sensitive instruments.

Quick facts

Particular	Details
NAV	₹3,502.1044 as of 04 Sep 2026
AUM	₹4,557 Cr
Expense Ratio	0.35%
Launch Date	01 Jan 2013
Min SIP	₹100
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Devang Shah, Aditya Pagaria

The fund is managed by Devang Shah and Aditya Pagaria.

Source data date: as of 04 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.56%	-2.95%
3M	2.04%	2.27%
1Y	6.57%	-4.43%
3Y	7.49%	5.88%
5Y	6.68%	6.29%

The recent profile is mixed, but still constructive. Over 1 month, the fund stayed positive while the benchmark was negative, which points to resilience in a weak patch for the comparison index. Over 3 months, both the fund and benchmark were positive, though the benchmark edged ahead, so the gap was narrow rather than decisive.

The longer horizon looks more supportive. The 1-year return is clearly ahead of the benchmark, and the 3-year and 5-year numbers are both above the benchmark as well. That tells us the fund has been able to compound more steadily than the benchmark over time, even if the last few months have not been uniformly stronger than the index.

The pattern in the return path suggests moderate volatility rather than a straight line. The fund has seen phases of softness and recovery, but the longer-run trend still trends upward. For a debt scheme, that is important: the aim is not dramatic jumps, but a return stream that holds together through changing rate and credit conditions.

Overall, the performance story is better on medium and longer horizons than on the very short term. That makes the fund more relevant for investors who are willing to accept some movement in pursuit of returns above a more passive short-duration backdrop.

Source data date: as of 04 Sep 2026

Should you BUY or HOLD Axis Ultra Short to Short Term?

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 Ultra Short to Short Term? 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 Ultra Short to Short Term Fund Direct Growth Plan	6.57%	7.49%	6.68%
Franklin India Ultra Short to Short Term Fund Direct Growth Plan	6.65%	Data not available	Data not available
Nippon India Ultra Short to Short Term Fund Direct Growth Plan	6.64%	7.51%	6.74%
Nippon India Ultra Short to Short Term Fund(B)-Direct Plan	6.64%	7.51%	6.74%
Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan	6.62%	7.52%	6.66%
Kotak Ultra Short to Short Term Fund Direct Growth Plan	6.61%	7.56%	6.73%

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

On the most recent 1-year figure, the fund is close to the stronger peer readings but not at the very top of the displayed set, with Franklin India, Nippon India and Mahindra Manulife all slightly ahead on that measure. The wider picture is more balanced: the fund’s 3-year and 5-year returns remain competitive, and its 3-year number is below the stronger peer readings shown here only by a small margin.

That mix matters because it suggests the fund has not only relied on a single strong year. The 1-year comparison is tight, while the 3-year and 5-year comparisons show that it has stayed in the same broad performance band as the other funds listed. For investors, that can indicate a return profile that is reasonably consistent across cycles rather than dependent on one short burst.

Source data date: as of 04 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
7.62% National Bank for Agriculture and Rural Development (31/01/2028)	Corporate Debt	4.38%
6.64% Tamilnadu State Development Loans (11/03/2029)	Government Securities	4.03%
4.04% Government of India (04/10/2028)	Government Securities	3.86%
7.44% National Bank for Agriculture and Rural Development (24/02/2028)	Corporate Debt	3.83%
Small Industries Dev Bank of India (18/02/2027)	Certificate of Deposit	3.19%
7.96% Pipeline Infrastructure Private Limited (11/03/2027) **	Corporate Debt	2.27%
9% Piramal Finance Limited (28/06/2027)	Corporate Debt	2.20%
Bajaj Financial Securities Limited (10/12/2026) **	Commercial Paper	2.15%
Bank of Baroda (04/02/2027)	Certificate of Deposit	2.13%
Bank of Baroda (05/02/2027) **	Certificate of Deposit	2.13%

The top 10 holdings account for approximately 30.17% of the portfolio.

To see all holdings, visit the Axis Ultra Short to Short Term Fund Direct Growth Plan page

The largest holding is 4.38%, so no single position dominates the visible book. The weight then steps down gradually through a mix of corporate debt, government securities, CDs and commercial paper, with the tenth holding still at 2.13%. That suggests the fund may be spreading risk across many moderate-sized positions rather than relying heavily on one or two names.

The displayed holdings together account for 30.17% of the portfolio, and the total disclosed list contains 74 holdings. That points to a fairly broad tail beyond the top names. In practical terms, the top holdings may influence returns and credit quality, but the long list of positions could help avoid overdependence on any single issuer or security.

The structure is also consistent with a short-duration debt approach. The presence of government securities and bank CDs alongside corporate credit may support a more balanced cash-flow profile, while the individual weights remain modest enough to avoid extreme concentration in the visible slice.

Source data date: as of 04 Sep 2026

Who should invest

This fund suits investors who are comfortable with a debt scheme that can move around a little but is still built for relatively controlled risk compared with equity. The Balanced Risk category fits someone who wants a return stream that is steadier than equities but not entirely static.

The 3-year and 5-year returns suggest it can work for medium-horizon money where consistency matters more than chasing the highest short-term number. The 1-year result is also respectable versus the benchmark, but the fund is not presented here as a low-movement parking place.

The main trade-off is simple: you get a diversified debt portfolio with moderate return potential, but you must accept that short periods can differ from the longer pattern. That makes it more appropriate for investors who can stay invested through a normal amount of rate-and-credit driven variation.

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 after holding period.

Source data date: as of 04 Sep 2026

Frequently asked questions

What is the current NAV of Axis Ultra Short to Short Term Fund Direct Growth Plan?
The NAV is ₹3,502.1044 as of 04 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 6.57% for 1 year, 7.49% for 3 years and 6.68% for 5 years.

How does the fund compare with its benchmark?
It is ahead of the benchmark over 1 year, 3 years and 5 years. Over 1 month, it is also positive while the benchmark is negative.

Which peer funds have stronger 1-year returns?
Franklin India Ultra Short to Short Term Fund Direct Growth Plan, Nippon India Ultra Short to Short Term Fund Direct Growth Plan, Nippon India Ultra Short to Short Term Fund(B)-Direct Plan and Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan are all slightly ahead on the 1-year measure shown here.

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

Who manages the fund and is there an exit load?
The fund is managed by Devang Shah and Aditya Pagaria. There is no exit load after the holding period.

Bottom line

The fund’s short-term performance is a little mixed, but its 3-year and 5-year numbers remain ahead of the benchmark and keep the longer-term picture intact. Against peers, the recent return is close to the stronger names, while the broader record still sits in the same competitive band. With a Balanced Risk profile, a diversified debt book and no exit load after the holding period, it may fit investors who want moderate debt exposure and can hold through normal fluctuations.

Published on 5 September 2026 at 2:51 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.