Axis · Multi Asset Allocation

Axis Multi Asset Allocation Fund

Hybrid Schemes - Multi Asset Allocation Fund Direct plan, growth launched 30 Jun 2010 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹52.93

−0.04% since 18 Sep 2026, the previous NAV

1 year

9.0%

return

3 years

14.2%

a year

5 years

9.3%

a year

Since launch

11.5%

a year, over 12.0 years

Assets (AUM)

₹2,266 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

1.44% / 2.44%

a year, as of Jun 2026

Holdings

120

top ten are 42% of the fund · Aug 2026

Disclosed history

5.9 yrs

Dec 2019 – Aug 2026 · 4 of 11 checks could run

Fund managers

not parsed from the factsheets yet

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.31 percentage points a year more than Direct

₹32,951 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Not known yet: no factsheet named a manager for this fund.

How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

See what is missing →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 33% of three-year stretches, and averaged −1.0 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 2.7 percentage points a year when it won, behind by 2.7 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹14.43 → ₹52.93, 3.7× since Sep 2014

Deepest fall (max drawdown)

−12.1%

29 Jan 2026 → 23 Mar 2026

Worst month

−8.9%

Mar 2026

Days to recover

not yet recovered

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 120 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Axis Gold ETF etf unit	—	12.27%	Jul 2020	6.2 yrs	+1.18% points
2	ICICI Bank Limited equity	Banks	5.82%	Dec 2019	6.8 yrs	−0.38% points
3	Clearing Corporation of India Ltd money market	—	4.60%	Dec 2019	6.8 yrs	+1.96% points
4	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	3.82%	Dec 2019	6.8 yrs	−0.31% points
5	HDFC Bank Limited equity	Banks	3.65%	Dec 2019	6.8 yrs	−1.43% points
6	Axis Silver ETF etf unit	—	2.61%	Apr 2024	2.4 yrs	−0.70% points
7	Larsen & Toubro Limited equity	Construction	2.51%	Dec 2019	6.8 yrs	−0.45% points
8	Axis Bank Limited equity	Banks	2.24%	Jan 2026	8 mo	+0.05% points
9	Bharti Airtel Limited equity	Telecom - Services	2.18%	Jan 2024	2.7 yrs	+0.78% points
10	Reliance Industries Limited equity	Petroleum Products	2.09%	Dec 2019	6.8 yrs	−1.30% points
11	State Bank of India equity	Banks	2.09%	Nov 2022	3.8 yrs	−0.84% points
12	Mahindra & Mahindra Limited equity	Automobiles	1.72%	Jun 2024	2.3 yrs	−0.23% points
13	Tata Consultancy Services Limited equity	IT - Software	1.40%	Dec 2019	6.8 yrs	+1.01% points
14	Bajaj Finance Limited equity	Finance	1.26%	Mar 2026	6 mo	+0.50% points
15	Kotak Mahindra Bank Limited equity	Banks	1.22%	Jan 2026	8 mo	+0.37% points
16	Cube Highways Trust-InvIT Fund invit	—	1.19%	Jul 2026	2 mo	+1.19% points
17	Titan Company Limited equity	Consumer Durables	1.17%	Jan 2025	1.7 yrs	+0.10% points
18	SBI Life Insurance Company Limited equity	Insurance	1.16%	Dec 2025	9 mo	−0.23% points
19	8.55% Shriram Finance Limited (28/04/2028) ** corporate bond	—	1.16%	Nov 2025	10 mo	−0.16% points
20	8.45% Adani Airport Holdings Limited (12/02/2029) ** corporate bond	—	1.14%	Aug 2026	1 mo	+1.14% points
21	Embassy Office Parks REIT reit	—	1.11%	Aug 2026	1 mo	+1.11% points
22	TD Power Systems Limited equity	Electrical Equipment	1.09%	Aug 2026	1 mo	+1.09% points
23	Swiggy Limited equity	Retailing	1.07%	Nov 2024	1.8 yrs	+0.44% points
24	Canara Bank equity	Banks	1.05%	Aug 2026	1 mo	+1.05% points
25	One 97 Communications Limited equity	Financial Technology (Fintech)	1.04%	Aug 2026	1 mo	+1.04% points
26	NTPC Limited equity	Power	1.00%	Jul 2026	2 mo	+1.00% points
27	Knowledge Realty Trust equity	Realty	1.00%	Aug 2025	1.1 yrs	+0.63% points
28	9% Aditya Birla Digital Fashion Ventures Limited (20/07/2029) ** corporate bond	—	0.95%	Jul 2026	2 mo	+0.95% points
29	Sagility Limited equity	IT - Services	0.91%	Oct 2025	11 mo	0.00% points
30	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.90%	May 2025	1.3 yrs	+0.42% points
31	5% GMR Airports Limited (13/02/2027) ** corporate bond	—	0.89%	Aug 2025	1.1 yrs	+0.44% points
32	Sapphire Foods India Limited equity	Leisure Services	0.86%	Apr 2026	5 mo	+0.44% points
33	Tech Mahindra Limited equity	IT - Software	0.81%	May 2026	4 mo	+0.30% points
34	Amber Enterprises India Limited equity	Consumer Durables	0.80%	Jul 2026	2 mo	+0.80% points
35	United Spirits Limited equity	Beverages	0.80%	Mar 2026	6 mo	+0.03% points
36	7.18% Government of India (14/08/2033) government security	—	0.78%	Jan 2025	1.7 yrs	−0.10% points
37	Vishal Mega Mart Limited equity	Retailing	0.76%	May 2026	4 mo	+0.05% points
38	UltraTech Cement Limited equity	Cement & Cement Products	0.76%	Aug 2024	2.1 yrs	+0.09% points
39	Marico Limited equity	Agricultural Food & other Products	0.71%	Jul 2026	2 mo	+0.71% points
40	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.70%	Apr 2026	5 mo	+0.59% points
41	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.69%	Jun 2026	3 mo	+0.69% points
42	Cholamandalam Investment and Finance Company Ltd (CCD) equity	Finance	0.69%	Oct 2023	2.9 yrs	−0.07% points
43	Indo-MIM Limited equity	Industrial Manufacturing	0.68%	Jul 2026	2 mo	+0.68% points
44	TVS Motor Company Limited equity	Automobiles	0.68%	Apr 2026	5 mo	−0.12% points
45	JSW Infrastructure Ltd equity	Transport Infrastructure	0.67%	Jun 2026	3 mo	+0.67% points
46	Ather Energy Limited equity	Automobiles	0.67%	May 2026	4 mo	+0.33% points
47	Sona BLW Precision Forgings Limited equity	Auto Components	0.67%	May 2026	4 mo	+0.06% points
48	Coforge Limited equity	IT - Software	0.65%	Apr 2026	5 mo	−0.01% points
49	Minda Corporation Limited equity	Auto Components	0.63%	May 2026	4 mo	0.00% points
50	Cummins India Limited equity	Industrial Products	0.62%	Apr 2026	5 mo	+0.03% points
51	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.62%	Apr 2026	5 mo	+0.08% points
52	Doms Industries Limited equity	Household Products	0.61%	Jun 2026	3 mo	+0.61% points
53	360 One WAM Limited equity	Capital Markets	0.59%	Apr 2026	5 mo	−0.04% points
54	ABB India Limited equity	Electrical Equipment	0.58%	Jul 2026	2 mo	+0.58% points
55	Hyundai Motor India Ltd equity	Automobiles	0.58%	Oct 2025	11 mo	0.00% points
56	Fortis Healthcare Limited equity	Healthcare Services	0.58%	Jun 2026	3 mo	+0.58% points
57	The Federal Bank Limited equity	Banks	0.58%	Jun 2026	3 mo	+0.58% points
58	Alkem Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.58%	Jul 2026	2 mo	+0.58% points
59	7.1% Government of India (08/04/2034) government security	—	0.58%	Jun 2025	1.3 yrs	−0.08% points
60	Eternal Limited equity	Retailing	0.57%	Aug 2023	3.1 yrs	−0.21% points
61	Aadhar Housing Finance Limited equity	Finance	0.57%	Apr 2026	5 mo	+0.08% points
62	Cholamandalam Investment and Finance Company Ltd (27/02/2029) (FRN) ** corporate bond	—	0.57%	May 2026	4 mo	+0.13% points
63	The Indian Hotels Company Limited equity	Leisure Services	0.56%	Jul 2025	1.2 yrs	+0.13% points
64	GE Vernova T&D India Limited equity	Electrical Equipment	0.54%	Jul 2026	2 mo	+0.54% points
65	Lenskart Solutions Limited equity	Retailing	0.54%	May 2026	4 mo	+0.06% points
66	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.54%	Dec 2025	9 mo	−0.01% points
67	Page Industries Limited equity	Textiles & Apparels	0.53%	Apr 2026	5 mo	−0.11% points
68	Tata Steel Limited equity	Ferrous Metals	0.51%	Jan 2026	8 mo	+0.11% points
69	HCL Technologies Limited equity	IT - Software	0.51%	Jul 2026	2 mo	+0.51% points
70	Welspun Corp Limited equity	Industrial Products	0.50%	Apr 2026	5 mo	−0.29% points
71	Oil & Natural Gas Corporation Limited equity	Oil	0.49%	Mar 2026	6 mo	−0.42% points
72	Britannia Industries Limited equity	Food Products	0.49%	Mar 2026	6 mo	−0.06% points
73	SPR Auto Technologies Ltd equity	Auto Components	0.49%	Aug 2026	1 mo	+0.49% points
74	Delhivery Limited equity	Transport Services	0.48%	Mar 2026	6 mo	−0.21% points
75	Hindustan Zinc Limited equity	Non - Ferrous Metals	0.48%	Aug 2026	1 mo	+0.48% points
76	Chalet Hotels Limited equity	Leisure Services	0.46%	May 2026	4 mo	0.00% points
77	CreditAccess Grameen Limited equity	Finance	0.45%	Jun 2026	3 mo	+0.45% points
78	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	0.45%	Jun 2026	3 mo	+0.45% points
79	Emcure Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.44%	Jun 2026	3 mo	+0.44% points
80	Godrej Consumer Products Limited equity	Personal Products	0.42%	May 2026	4 mo	−0.09% points
81	Indus Infra Trust equity	Transport Infrastructure	0.42%	Mar 2024	2.5 yrs	+0.31% points
82	JK Cement Limited equity	Cement & Cement Products	0.42%	Jun 2026	3 mo	+0.42% points
83	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.40%	Jun 2026	3 mo	+0.40% points
84	Max Healthcare Institute Limited equity	Healthcare Services	0.40%	Oct 2025	11 mo	−0.59% points
85	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.39%	Aug 2026	1 mo	+0.39% points
86	9.40% Vedanta Aluminium Metal Limited (20/02/2027) corporate bond	—	0.38%	Feb 2025	1.6 yrs	−0.06% points
87	7.69% REC Limited (31/03/2033) ** corporate bond	—	0.38%	Jun 2025	1.3 yrs	−0.05% points
88	8.8% Aditya Birla Digital Fashion Ventures Limited (26/08/2027) ** corporate bond	—	0.38%	Jun 2025	1.3 yrs	−0.05% points
89	Muthoot Finance Limited (26/07/2029) (FRN) ** corporate bond	—	0.38%	Jul 2026	2 mo	+0.38% points
90	182 Days Tbill (MD 19/11/2026) government security	—	0.38%	Aug 2026	1 mo	+0.38% points
91	Midwest Limited equity	Consumer Durables	0.36%	Oct 2025	11 mo	+0.09% points
92	Dhoot Transmission Ltd equity	Auto Components	0.30%	Aug 2026	1 mo	+0.30% points
93	PI Industries Limited equity	Fertilizers & Agrochemicals	0.27%	Dec 2019	6.8 yrs	−0.39% points
94	Bajaj Finserv Limited equity	Finance	0.24%	Nov 2024	1.8 yrs	−0.69% points
95	PNB Housing Finance Limited equity	Finance	0.20%	Aug 2026	1 mo	+0.20% points
96	7.81% Uttar Pradesh State Development Loans (19/10/2034) government security	—	0.19%	Dec 2025	9 mo	−0.03% points
97	9% Bharti Telecom Limited (04/12/2028) ** corporate bond	—	0.19%	Dec 2023	2.8 yrs	−0.03% points
98	Bamboo Hotel And Global Centre (Delhi) Private limited (31/01/2028) ** corporate bond	—	0.19%	Jan 2025	1.7 yrs	−0.03% points
99	8.9% Muthoot Finance Limited (07/10/2027) ** corporate bond	—	0.19%	Aug 2024	2.1 yrs	−0.03% points
100	7.68% Tata Capital Limited (07/09/2027) ** corporate bond	—	0.19%	Dec 2025	9 mo	−0.03% points
101	7.66% Bajaj Housing Finance Limited (20/03/2028) ** corporate bond	—	0.19%	Jun 2026	3 mo	+0.19% points
102	8.4% Muthoot Finance Limited (28/08/2028) ** corporate bond	—	0.19%	May 2025	1.3 yrs	−0.03% points
103	8.20% Adani Power Limited (25/01/2029) ** corporate bond	—	0.19%	Jan 2026	8 mo	−0.03% points
104	8.11% Pilani Investment and Industries Corporation Limited (24/04/2029) ** corporate bond	—	0.19%	May 2026	4 mo	−0.03% points
105	6.19% Government of India (16/09/2034) government security	—	0.18%	Jun 2020	6.3 yrs	−0.03% points
106	Tata Power Company Limited equity	Power	0.16%	Apr 2026	5 mo	−0.07% points
107	9.4% IKF Finance Limited (12/08/2027) ** corporate bond	—	0.13%	Sep 2025	1.0 yrs	−0.05% points
108	9.41% India Infrastructure Fin Co Ltd (27/07/2037) ** corporate bond	—	0.11%	Dec 2019	6.8 yrs	−0.01% points
109	Infosys Limited equity	IT - Software	0.10%	Aug 2026	1 mo	+0.10% points
110	NIFTY 24200 Call September 2026 Option derivative	—	0.05%	Aug 2026	1 mo	+0.05% points
111	Reliance Industries Limited September 2026 Future derivative	—	-0.05%	Aug 2026	1 mo	−0.05% points
112	Infosys Limited September 2026 Future derivative	—	-0.10%	Aug 2026	1 mo	−0.10% points
113	The Indian Hotels Company Limited September 2026 Future derivative	—	-0.13%	Aug 2026	1 mo	−0.13% points
114	Tata Steel Limited September 2026 Future derivative	—	-0.19%	Aug 2026	1 mo	−0.19% points
115	Eternal Limited September 2026 Future derivative	—	-0.21%	Aug 2026	1 mo	−0.21% points
116	Tech Mahindra Limited September 2026 Future derivative	—	-0.40%	Aug 2026	1 mo	−0.40% points
117	Godrej Consumer Products Limited September 2026 Future derivative	—	-0.43%	Aug 2026	1 mo	−0.43% points
118	Bajaj Finance Limited September 2026 Future derivative	—	-0.51%	Aug 2026	1 mo	−0.51% points
119	ICICI Bank Limited September 2026 Future derivative	—	-1.52%	Aug 2026	1 mo	−1.52% points
120	Interest Rate Swaps Pay Floating Receive Fix -NOMURA (25/02/2029) (FV 1000 Lacs) derivative	—	—	Jun 2026	3 mo	—

Showing 1–120 of 120 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks16.7% · 13.4%

Automobiles3.6% · 4.1%

IT - Software3.5% · 5.6%

Finance3.4% · 4.0%

Retailing2.9% · 5.1%

Construction2.5%

Pharmaceuticals & Biotechnology2.5% · 3.5%

Consumer Durables2.3% · 2.5%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap42.7%

Mid cap13.1%

Small / micro cap9.9%

Cash & equivalents8.4%

Not classified2.1%

Other23.8%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 43%
Mid cap 13%
Small / micro 10%
Cash & other 8%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 33% of three-year stretches, and averaged −1.0 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 2.7 percentage points a year when it won, behind by 2.7 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 2.7 percentage points a year in the 36 windows it won and behind by 2.7 in the 73 it lost, so the average across all 109 is −1.0 percentage points. The worst window ended Dec 2024, 5.5 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

No category distribution for this measure yet.

windows measured109windows won36average across every window−0.96% points a year · median −1.28when ahead, by how much+2.68% points a year over 36 windowswhen behind, by how much−2.75% points a year over 73 windowsworst window−5.52% points a year, ended Dec 2024best window+5.61% points a year, ended Oct 2021non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.31 percentage points a year more than Direct

₹32,951 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

Why this matters: What does a Regular plan actually cost? 6 min

1.31% points a year

costliest in categorycheapest in category

75th percentile · top quartile of 13 funds · category median 1.50% points

on ₹1,00,000 over ten years₹32,951Direct vs Regular, annualised11.4% vs 10.1%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 121% of the portfolio a year

−0.01% points of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

Why this matters: What does a monthly portfolio not tell you? 6 min

121% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 12 funds · category median 52%

excess return per unit of turnover−0.01% points

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 64 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

64 months

lowest in categoryhighest in category

95th percentile · top decile of 13 funds · category median 21 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 0.8 percentage points behind them

645 positions judged, one disclosure at a time · ahead by 11.3 percentage points when it won, behind by 11.9 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 11.3 percentage points in the 306 positions it won and behind by 11.9 in the 339 it lost, so the average across all 645 is −0.8 percentage points. The worst position was INE205A01025 at the Dec 2025 disclosure, 52.8 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

47%

lowest in categoryhighest in category

40th percentile · below median of 11 funds

positions judged645beat the median stock306average across every position−0.82% points · median −0.55when ahead, by how much+11.33% points over 306 positionswhen behind, by how much−11.86% points over 339 positionsworst position−52.77% points, INE205A01025 at the Dec 2025 disclosurebest position+68.78% points, INE002A01018 at the Jan 2020 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹2,266 Cr, 42nd percentile in category; 12% of growth came from inflows

smaller than 58% of the funds in its category (13 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 2.30%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

42th percentile by AUM

largestsmallest

58th percentile · above median of 13 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.30% / 1.23% · category median 2.05%AUM, Jun 2023 → Jun 2026₹1,462 Cr → ₹2,266 Cr (+16% a year)of that change, from flows rather than returns12% net inflows · NAV +49% over the window

Assets under management, ₹ crore, Dec 2010 – Jun 2026

63 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.50% in Jun 2018 → 2.30% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Not measurable yet. Needs manager names from the monthly factsheet archive; none were parsed for this fund yet.

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

Why this matters: Whose record is the three-year number? 5 min

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 32% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Axis Multi Asset Allocation Fund - Direct Plan - Growth Option	growth	₹52.93	21 Sep 2026
direct Axis Multi Asset Allocation Fund - Direct Plan - Monthly IDCW	idcw	₹27.42	21 Sep 2026
regular Axis Multi Asset Allocation Fund - Regular Plan - Growth Option	growth	₹45.07	21 Sep 2026
regular Axis Multi Asset Allocation Fund - Regular Plan - Monthly IDCW	idcw	₹19.46	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹52.93
Regular growth NAV: ₹45.07
NAV divergence to date: 17.4% — same portfolio, priced differently
Regular costs more by: 1.31% points a year
On ₹1,00,000 over ten years: ₹32,951

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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