Axis · Banking and PSU Debt

Axis Banking and PSU Debt Fund

Income/Debt Oriented Schemes - Banking and PSU Debt Fund Direct plan, growth launched 30 May 2012 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹2,897.13

+0.05% since 18 Sep 2026, the previous NAV

1 year

5.2%

return

3 years

7.0%

a year

5 years

6.2%

a year

Since launch

7.4%

a year, over 12.0 years

Assets (AUM)

₹12,401 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

0.35% / 0.63%

a year, as of Jun 2026

Holdings

178

top ten are 30% of the fund · Aug 2026

Disclosed history

5.9 yrs

Dec 2019 – Aug 2026 · 3 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 0.28 percentage points a year more than Direct

₹5,202 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 78% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 0.3 percentage points a year when it won, behind by 0.1 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 →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹1,226.59 → ₹2,897.13, 2.4× since Sep 2014

Deepest fall (max drawdown)

−0.5%

7 May 2026 → 21 May 2026

Worst month

−0.3%

Mar 2026

Days to recover

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 · 178 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	7.44% National Bank For Agriculture and Rural Development (24/02/2028) corporate bond	—	6.81%	Dec 2024	1.8 yrs	+4.41% points
2	7.7% Nuclear Power Corporation Of India Limited (21/03/2038) ** corporate bond	—	3.34%	May 2026	4 mo	+1.29% points
3	7.42% Power Finance Corporation Limited (15/04/2028) ** corporate bond	—	3.28%	Mar 2025	1.5 yrs	−0.14% points
4	7.4% Small Industries Dev Bank of India (18/06/2031) ** corporate bond	—	3.16%	Jun 2026	3 mo	+3.16% points
5	6.54% Tamilnadu State Development Loans (25/02/2029) government security	—	2.70%	May 2026	4 mo	+0.44% points
6	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	2.43%	Dec 2019	6.8 yrs	+0.25% points
7	7.69% REC Limited (31/03/2033) ** corporate bond	—	2.37%	Jun 2025	1.3 yrs	+0.86% points
8	7.34% Small Industries Dev Bank of India (26/02/2029) ** corporate bond	—	2.15%	Sep 2024	2.0 yrs	+0.05% points
9	Clearing Corporation of India Ltd money market	—	1.94%	Dec 2019	6.8 yrs	−1.11% points
10	6.80% National Housing Bank (02/04/2032) ** corporate bond	—	1.82%	May 2025	1.3 yrs	+0.26% points
11	Tata Capital Limited (21/02/2029) (FRN) ** corporate bond	—	1.66%	May 2026	4 mo	+1.25% points
12	7.29% National Housing Bank (04/07/2031) ** corporate bond	—	1.53%	Jan 2025	1.7 yrs	+0.45% points
13	7.35% National Housing Bank (02/01/2032) ** corporate bond	—	1.45%	May 2026	4 mo	+0.04% points
14	7.288% Kotak Mahindra Prime Limited (24/10/2028) corporate bond	—	1.44%	Sep 2025	1.0 yrs	+0.03% points
15	HDFC Bank Limited (24/02/2027) ** money market	—	1.41%	Feb 2026	7 mo	−1.30% points
16	7.64% Power Finance Corporation Limited (22/02/2033) corporate bond	—	1.33%	Apr 2025	1.4 yrs	+0.36% points
17	7.32% NTPC Limited (17/07/2029) ** corporate bond	—	1.25%	Sep 2025	1.0 yrs	+0.03% points
18	Canara Bank (01/09/2026) money market	—	1.25%	Aug 2026	1 mo	+1.25% points
19	Kotak Mahindra Bank Limited (29/01/2027) ** money market	—	1.22%	Jan 2026	8 mo	+0.05% points
20	7.48% National Bank For Agriculture and Rural Development (15/09/2028) corporate bond	—	1.20%	Jul 2026	2 mo	+1.16% points
21	Siddhivinayak Securitisation Trust (28/09/2030) ** corporate bond	—	1.19%	Sep 2025	1.0 yrs	+0.03% points
22	8.06% Karnataka State Development Loans (27/03/2029) government security	—	1.08%	Jul 2026	2 mo	+1.08% points
23	7.59% National Housing Bank (14/07/2027) ** corporate bond	—	1.04%	Jun 2024	2.3 yrs	+0.02% points
24	7.5% Indian Railway Finance Corporation Limited (07/09/2029) ** corporate bond	—	1.04%	Jun 2026	3 mo	+1.04% points
25	7.62% National Bank For Agriculture and Rural Development (31/01/2028) corporate bond	—	1.04%	Jul 2025	1.2 yrs	+0.63% points
26	7.51% Small Industries Dev Bank of India (12/06/2028) ** corporate bond	—	1.04%	Apr 2025	1.4 yrs	+0.02% points
27	7.35% Bharti Telecom Limited (15/10/2027) ** corporate bond	—	1.03%	Dec 2025	9 mo	+0.59% points
28	6.74% Small Industries Dev Bank of India (10/01/2029) ** corporate bond	—	1.02%	Dec 2025	9 mo	+0.82% points
29	Shivshakti Securitisation Trust (28/09/2029) ** corporate bond	—	0.99%	Sep 2025	1.0 yrs	+0.02% points
30	7.42% Bihar State Development Loans (31/12/2031) government security	—	0.92%	Jul 2026	2 mo	+0.92% points
31	8.16% Karnataka State Development Loans (20/03/2029) government security	—	0.86%	Jun 2026	3 mo	+0.86% points
32	HDFC Bank Limited (15/02/2027) ** money market	—	0.86%	Mar 2026	6 mo	−1.08% points
33	8.25% Bajaj Housing Finance Limited (27/05/2031) corporate bond	—	0.84%	May 2026	4 mo	−0.39% points
34	7.48% Indian Railway Finance Corporation Limited (13/08/2029) ** corporate bond	—	0.83%	Jun 2026	3 mo	+0.83% points
35	6.94% Government of India (11/05/2036) government security	—	0.83%	Jul 2026	2 mo	+0.83% points
36	HDFC Bank Limited (10/09/2026) money market	—	0.83%	Aug 2026	1 mo	+0.83% points
37	7.22% Small Industries Dev Bank of India (10/04/2029) ** corporate bond	—	0.82%	Mar 2026	6 mo	−0.79% points
38	6.47% Indian Railway Finance Corporation Limited (30/05/2028) ** corporate bond	—	0.82%	Jan 2026	8 mo	−1.18% points
39	7.05% State Bank of India (20/03/2036) corporate bond	—	0.81%	Aug 2026	1 mo	+0.81% points
40	7.12% Power Grid Corporation of India Limited (24/12/2034) ** corporate bond	—	0.81%	Jul 2025	1.2 yrs	+0.02% points
41	6.65% Indian Railway Finance Corporation Limited (20/05/2030) ** corporate bond	—	0.81%	May 2026	4 mo	+0.22% points
42	Bank of Baroda (27/01/2027) ** money market	—	0.81%	Feb 2026	7 mo	+0.03% points
43	Canara Bank (29/06/2027) money market	—	0.79%	Jul 2026	2 mo	+0.79% points
44	7.17% Indian Railway Finance Corporation Limited (27/04/2035) ** corporate bond	—	0.77%	May 2026	4 mo	+0.37% points
45	8.23% Indian Railway Finance Corporation Limited (29/03/2029) ** corporate bond	—	0.76%	Jul 2025	1.2 yrs	+0.01% points
46	7.35% Export Import Bank of India (27/07/2028) ** corporate bond	—	0.75%	Jan 2025	1.7 yrs	+0.02% points
47	6.92% Indian Railway Finance Corporation Limited (29/08/2031) ** corporate bond	—	0.73%	May 2025	1.3 yrs	+0.22% points
48	8.19% Karnataka State Development Loans (23/01/2029) government security	—	0.73%	Jun 2026	3 mo	+0.73% points
49	7.3% Government of India (19/06/2053) government security	—	0.69%	Jul 2026	2 mo	+0.69% points
50	7.48% Karnataka State Development Loans (21/02/2033) government security	—	0.67%	Aug 2026	1 mo	+0.67% points
51	7.77% Power Finance Corporation Limited (15/04/2028) ** corporate bond	—	0.67%	Mar 2026	6 mo	+0.02% points
52	8.55% Indian Railway Finance Corporation Limited (21/02/2029) ** corporate bond	—	0.64%	Mar 2026	6 mo	+0.01% points
53	7.57% Indian Railway Finance Corporation Limited (18/04/2029) ** corporate bond	—	0.63%	Jul 2026	2 mo	+0.63% points
54	8.18% Mahindra & Mahindra Financial Services Limited (31/05/2029) ** corporate bond	—	0.63%	May 2024	2.3 yrs	−0.19% points
55	7.59% National Housing Bank (08/09/2027) ** corporate bond	—	0.63%	Jun 2024	2.3 yrs	+0.02% points
56	Radhakrishna Securitisation Trust (28/09/2028) ** corporate bond	—	0.63%	Sep 2025	1.0 yrs	+0.01% points
57	7.04% Small Industries Dev Bank of India (09/02/2029) ** corporate bond	—	0.62%	Aug 2026	1 mo	+0.62% points
58	7.08% Power Grid Corporation of India Limited (25/10/2034) corporate bond	—	0.61%	Jul 2025	1.2 yrs	+0.02% points
59	Small Industries Dev Bank of India (11/08/2027) ** money market	—	0.58%	Aug 2026	1 mo	+0.58% points
60	7.8% Tata Capital Housing Finance Limited (05/08/2027) ** corporate bond	—	0.53%	May 2024	2.3 yrs	+0.01% points
61	7.64% Bajaj Housing Finance Limited (01/07/2030) corporate bond	—	0.49%	Jul 2026	2 mo	+0.49% points
62	7.56% REC Limited (31/08/2027) ** corporate bond	—	0.46%	Jul 2024	2.2 yrs	+0.01% points
63	Bank of Baroda (01/09/2026) money market	—	0.46%	Aug 2026	1 mo	+0.46% points
64	8.32% Karnataka State Development Loans (13/03/2029) government security	—	0.43%	Jun 2026	3 mo	+0.43% points
65	8.08% Tamilnadu State Development Loans (26/12/2028) government security	—	0.43%	Jun 2026	3 mo	+0.43% points
66	7.89% REC Limited (30/03/2030) ** corporate bond	—	0.42%	Jul 2026	2 mo	+0.42% points
67	7.725% Larsen & Toubro Limited (28/04/2028) ** corporate bond	—	0.42%	Jun 2026	3 mo	+0.42% points
68	7.95% LIC Housing Finance Limited (29/01/2028) ** corporate bond	—	0.42%	Jun 2026	3 mo	+0.42% points
69	8% Tata Capital Housing Finance Limited (03/11/2027) corporate bond	—	0.42%	Jul 2024	2.2 yrs	+0.01% points
70	7.59% REC Limited (31/05/2027) ** corporate bond	—	0.42%	Oct 2024	1.9 yrs	−3.37% points
71	7.46% Indian Railway Finance Corporation Limited (18/06/2029) ** corporate bond	—	0.42%	Jun 2026	3 mo	+0.42% points
72	7.12% Export Import Bank of India (27/06/2030) ** corporate bond	—	0.42%	Apr 2025	1.4 yrs	+0.01% points
73	7.90% Bajaj Finance Limited (13/04/2028) ** corporate bond	—	0.42%	Dec 2025	9 mo	+0.01% points
74	7.66% Bajaj Housing Finance Limited (20/03/2028) ** corporate bond	—	0.42%	Jul 2026	2 mo	+0.42% points
75	7.83% Kotak Mahindra Prime Limited (13/07/2028) ** corporate bond	—	0.42%	Jun 2025	1.3 yrs	+0.01% points
76	Bank of Baroda (02/09/2026) ** money market	—	0.42%	Aug 2026	1 mo	+0.42% points
77	7.87% Bajaj Housing Finance Limited (04/08/2036) corporate bond	—	0.41%	Aug 2026	1 mo	+0.41% points
78	7.34% REC Limited (30/04/2030) ** corporate bond	—	0.41%	Jun 2026	3 mo	+0.41% points
79	7.5836% Kotak Mahindra Investments Limited (29/08/2029) ** corporate bond	—	0.41%	Feb 2026	7 mo	+0.01% points
80	Union Bank of India (10/12/2026) ** money market	—	0.41%	Jan 2026	8 mo	+0.02% points
81	Bank of Baroda (23/12/2026) ** money market	—	0.41%	Aug 2026	1 mo	+0.41% points
82	Bank of Baroda (11/01/2027) ** money market	—	0.41%	Jan 2026	8 mo	−2.13% points
83	6.58% Indian Railway Finance Corporation Limited (30/05/2030) ** corporate bond	—	0.40%	May 2026	4 mo	+0.01% points
84	ICICI Bank Limited (25/03/2027) ** money market	—	0.40%	Apr 2026	5 mo	−0.75% points
85	7.64% REC Limited (30/04/2027) corporate bond	—	0.38%	May 2024	2.3 yrs	+0.01% points
86	SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 structured product	—	0.35%	Oct 2023	2.9 yrs	+0.01% points
87	8.4% Indian Railway Finance Corporation Limited (08/01/2029) ** corporate bond	—	0.34%	Jul 2025	1.2 yrs	+0.01% points
88	7.85% Power Finance Corporation Limited (03/04/2028) ** corporate bond	—	0.33%	Mar 2026	6 mo	0.00% points
89	6.77% Maharashtra State Development Loans (25/02/2030) government security	—	0.33%	Aug 2026	1 mo	+0.33% points
90	7.07% Bajaj Finance Limited (21/09/2028) corporate bond	—	0.33%	Jul 2026	2 mo	+0.33% points
91	7.85% Bajaj Finance Limited (11/09/2028) corporate bond	—	0.32%	Mar 2026	6 mo	0.00% points
92	7.7951% Bajaj Finance Limited (10/12/2027) ** corporate bond	—	0.29%	Nov 2024	1.8 yrs	0.00% points
93	Bank of Baroda (25/01/2027) ** money market	—	0.28%	Jun 2026	3 mo	+0.28% points
94	7.18% Government of India (14/08/2033) government security	—	0.26%	May 2024	2.3 yrs	+0.01% points
95	7.65% Indian Railway Finance Corporation Limited (18/04/2033) ** corporate bond	—	0.25%	Feb 2026	7 mo	+0.01% points
96	6.87% Indian Railway Finance Corporation Limited (14/04/2032) ** corporate bond	—	0.24%	Nov 2025	10 mo	0.00% points
97	8.32% Karnataka State Development Loans (06/02/2029) government security	—	0.21%	Jun 2026	3 mo	+0.21% points
98	8.3% NTPC Limited (15/01/2029) ** corporate bond	—	0.21%	Feb 2026	7 mo	0.00% points
99	7.70% REC Limited (10/12/2027) ** corporate bond	—	0.21%	Feb 2025	1.6 yrs	+0.01% points
100	7.67% Indian Railway Finance Corporation Limited (15/12/2033) ** corporate bond	—	0.21%	Feb 2026	7 mo	+0.01% points
101	7.83% Small Industries Dev Bank of India (24/11/2028) ** corporate bond	—	0.21%	Nov 2025	10 mo	+0.01% points
102	7.8% National Bank For Agriculture and Rural Development (15/03/2027) corporate bond	—	0.21%	Mar 2026	6 mo	+0.01% points
103	7.45% Export Import Bank of India (12/04/2028) ** corporate bond	—	0.21%	Mar 2024	2.5 yrs	−0.20% points
104	7.68% Small Industries Dev Bank of India (10/08/2027) corporate bond	—	0.21%	Jul 2025	1.2 yrs	+0.01% points
105	7.68% Small Industries Dev Bank of India (09/07/2027) ** corporate bond	—	0.21%	Jul 2026	2 mo	+0.21% points
106	7.25% Nuclear Power Corporation Of India Limited (15/12/2027) ** corporate bond	—	0.21%	Apr 2024	2.4 yrs	+0.01% points
107	7.33% Indian Railway Finance Corporation Limited (27/08/2027) ** corporate bond	—	0.21%	Jul 2026	2 mo	+0.21% points
108	7.4% Export Import Bank of India (14/03/2029) ** corporate bond	—	0.21%	Jul 2026	2 mo	+0.21% points
109	7.6% Power Finance Corporation Limited (13/04/2029) ** corporate bond	—	0.21%	Sep 2024	2.0 yrs	+0.01% points
110	7.71% HDFC Bank Limited (20/12/2033) ** corporate bond	—	0.21%	Feb 2025	1.6 yrs	+0.01% points
111	6.97% Karnataka State Development Loans (26/02/2030) government security	—	0.21%	Aug 2025	1.1 yrs	+0.01% points
112	7.02% Bihar State Development Loans (10/09/2030) government security	—	0.21%	Feb 2026	7 mo	+0.01% points
113	7.42% Small Industries Dev Bank of India (12/03/2029) ** corporate bond	—	0.21%	Aug 2025	1.1 yrs	−0.03% points
114	6.60% REC Limited (30/06/2027) ** corporate bond	—	0.21%	Jun 2025	1.3 yrs	+0.01% points
115	7.3763% Bajaj Finance Limited (26/06/2028) corporate bond	—	0.21%	Aug 2025	1.1 yrs	−0.52% points
116	6.95% Bajaj Housing Finance Limited (28/01/2028) ** corporate bond	—	0.21%	Dec 2025	9 mo	+0.01% points
117	7.65% HDFC Bank Limited (25/05/2033) ** corporate bond	—	0.21%	May 2025	1.3 yrs	+0.01% points
118	7.38% Power Finance Corporation Limited (15/01/2032) ** corporate bond	—	0.21%	Jul 2025	1.2 yrs	+0.01% points
119	6.97% Bajaj Housing Finance Limited (17/07/2028) ** corporate bond	—	0.21%	Jul 2025	1.2 yrs	+0.01% points
120	National Bank For Agriculture and Rural Development (03/09/2026) ** money market	—	0.21%	Aug 2026	1 mo	+0.21% points
121	7.01% National Bank For Agriculture and Rural Development (16/03/2029) ** corporate bond	—	0.20%	Feb 2026	7 mo	0.00% points
122	6.61% Power Finance Corporation Limited (15/07/2028) ** corporate bond	—	0.20%	Jun 2025	1.3 yrs	−0.20% points
123	7.4% Bharti Telecom Limited (01/02/2029) ** corporate bond	—	0.20%	Dec 2025	9 mo	0.00% points
124	6.90% REC Limited (31/03/2031) ** corporate bond	—	0.20%	Jul 2026	2 mo	+0.20% points
125	6.48% Government of India (06/10/2035) government security	—	0.20%	Jul 2026	2 mo	+0.20% points
126	7.56% Bajaj Housing Finance Limited (04/10/2034) ** corporate bond	—	0.20%	Jul 2025	1.2 yrs	0.00% points
127	6.98% Power Grid Corporation of India Limited (12/08/2035) ** corporate bond	—	0.20%	Sep 2025	1.0 yrs	0.00% points
128	HDFC Bank Limited (14/12/2026) money market	—	0.20%	Aug 2026	1 mo	+0.20% points
129	Canara Bank (02/02/2027) ** money market	—	0.20%	Feb 2026	7 mo	−0.97% points
130	Kotak Mahindra Bank Limited (12/02/2027) ** money market	—	0.20%	Jul 2026	2 mo	+0.20% points
131	Kotak Mahindra Bank Limited (05/03/2027) ** money market	—	0.20%	May 2026	4 mo	+0.01% points
132	7.2337% Bajaj Finance Limited (28/06/2027) ** corporate bond	—	0.19%	Apr 2026	5 mo	−0.16% points
133	7.47% Small Industries Dev Bank of India (05/09/2029) ** corporate bond	—	0.19%	Sep 2024	2.0 yrs	+0.01% points
134	8.06% Bajaj Finance Limited (15/05/2029) ** corporate bond	—	0.18%	Mar 2026	6 mo	−0.41% points
135	7.70% National Bank For Agriculture and Rural Development (30/09/2027) ** corporate bond	—	0.18%	May 2024	2.3 yrs	0.00% points
136	7.81% Gujarat State Development Loans (12/10/2032) government security	—	0.17%	Apr 2026	5 mo	0.00% points
137	7.37% Indian Railway Finance Corporation Limited (31/07/2029) ** corporate bond	—	0.17%	Apr 2026	5 mo	−0.03% points
138	7.07% Gujarat State Development Loans (12/02/2032) government security	—	0.13%	Apr 2026	5 mo	−0.20% points
139	7.9% Sundaram Home Finance Limited (24/09/2027) ** corporate bond	—	0.13%	Sep 2024	2.0 yrs	+0.01% points
140	7.54% Bihar State Development Loans (03/09/2033) government security	—	0.10%	Sep 2025	1.0 yrs	+0.01% points
141	7.39% Maharashtra State Development Loans (03/07/2030) government security	—	0.08%	Mar 2025	1.5 yrs	0.00% points
142	7.10% Power Finance Corporation Limited (11/01/2027) ** corporate bond	—	0.08%	May 2024	2.3 yrs	0.00% points
143	7.44% Power Finance Corporation Limited (11/06/2027) ** corporate bond	—	0.08%	May 2024	2.3 yrs	0.00% points
144	7.86% Tata Capital Housing Finance Limited (21/09/2029) ** corporate bond	—	0.08%	Feb 2025	1.6 yrs	0.00% points
145	6.9% Gujarat State Development Loans (31/03/2030) government security	—	0.08%	Aug 2026	1 mo	+0.08% points
146	6.95% Rajasthan State Development Loans (10/02/2031) government security	—	0.08%	Mar 2025	1.5 yrs	0.00% points
147	6.66% Small Industries Dev Bank of India (25/10/2028) ** corporate bond	—	0.08%	Oct 2025	11 mo	−0.80% points
148	8.1% Bajaj Housing Finance Limited (08/07/2027) corporate bond	—	0.08%	Sep 2024	2.0 yrs	−0.03% points
149	7.1% HDFC Bank Limited (12/11/2031) ** corporate bond	—	0.08%	Mar 2026	6 mo	0.00% points
150	7.9265% LIC Housing Finance Limited (14/07/2027) ** corporate bond	—	0.08%	Nov 2024	1.8 yrs	0.00% points
151	8.3439% HDB Financial Services Limited (05/07/2027) ** corporate bond	—	0.06%	May 2024	2.3 yrs	0.00% points
152	5.74% Government of India (15/11/2026) government security	—	0.05%	Aug 2022	4.1 yrs	+0.01% points
153	7.26% Government of India (06/02/2033) government security	—	0.04%	May 2024	2.3 yrs	0.00% points
154	7.60% Power Finance Corporation Limited (20/02/2027) ** corporate bond	—	0.04%	Jun 2026	3 mo	+0.04% points
155	7.71% LIC Housing Finance Limited (09/05/2033) ** corporate bond	—	0.04%	Nov 2025	10 mo	0.00% points
156	7.40 % National Bank For Agriculture and Rural Development (29/04/2030) ** corporate bond	—	0.04%	Dec 2024	1.8 yrs	0.00% points
157	6.28% Government of India (14/07/2032) government security	—	0.04%	Nov 2025	10 mo	0.00% points
158	5.79% Government of India (11/05/2030) government security	—	0.04%	Oct 2020	5.9 yrs	0.00% points
159	8.24% L&T Finance Limited (16/06/2027) ** corporate bond	—	0.03%	Oct 2025	11 mo	0.00% points
160	7.55% Power Finance Corporation Limited (15/04/2027) ** corporate bond	—	0.03%	Mar 2026	6 mo	0.00% points
161	6.92% Government of India (18/11/2039) government security	—	0.03%	Nov 2024	1.8 yrs	0.00% points
162	6.90% LIC Housing Finance Limited (17/09/2027) ** corporate bond	—	0.02%	Apr 2026	5 mo	0.00% points
163	7.71% Government of India (18/05/2066) government security	—	0.02%	Jun 2026	3 mo	+0.02% points
164	8.285% Tata Capital Limited (10/05/2027) ** corporate bond	—	0.02%	Aug 2025	1.1 yrs	0.00% points
165	7.54% Karnataka State Development Loans (21/07/2037) government security	—	0.02%	Jan 2026	8 mo	−0.20% points
166	8.72% Tamilnadu State Development Loans (19/09/2026) government security	—	0.01%	Mar 2024	2.5 yrs	0.00% points
167	7.08% Andhra Pradesh State Development Loans (26/03/2037) government security	—	0.01%	Mar 2025	1.5 yrs	0.00% points
168	Interest Rate Swaps Pay Fix Receive Floating -HSBC BANK (22/12/2027) (FV 10000 Lacs) derivative	—	—	Dec 2025	9 mo	—
169	Interest Rate Swaps Pay Fix Receive Floating -DBS (10/08/2031) (FV 5000 Lacs) derivative	—	—	Aug 2026	1 mo	—
170	Interest Rate Swaps Pay Fix Receive Floating -DBS (18/08/2028) (FV 5000 Lacs) derivative	—	—	Aug 2026	1 mo	—
171	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (10/08/2028) (FV 5000 Lacs) derivative	—	—	Aug 2026	1 mo	—
172	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (21/03/2027) (FV 7500 Lacs) derivative	—	—	May 2025	1.3 yrs	—
173	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (06/03/2027) (FV 5000 Lacs) derivative	—	—	Jul 2025	1.2 yrs	—
174	Interest Rate Swaps Pay Fix Receive Floating -ICICI BANK (11/03/2027) (FV 10000 Lacs) derivative	—	—	Mar 2025	1.5 yrs	—
175	6.67% ICICI Bank Limited (26/11/2028) ** corporate bond	—	—	Nov 2025	10 mo	—
176	6.96% Power Finance Corporation Limited (02/03/2028) ** corporate bond	—	—	Apr 2026	5 mo	—
177	8.25% Mahindra & Mahindra Financial Services Limited (25/03/2027) ** corporate bond	—	—	Mar 2024	2.5 yrs	—
178	7.24% Government of India (18/08/2055) government security	—	—	May 2026	4 mo	—

Showing 1–178 of 178 rows per page10 25 50all

Largest sectors, latest disclosure

Not yet computable. Sector labels come from the disclosures; none were mapped for this fund.

By market cap, latest disclosure

Not yet computable. Needs cap tiers for every holding.

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 headline and record disagree

Beat its category in 78% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 0.3 percentage points a year when it won, behind by 0.1 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 0.3 percentage points a year in the 85 windows it won and behind by 0.1 in the 24 it lost, so the average across all 109 is +0.2 percentage points. The worst window ended May 2025, 0.3 percentage points behind.

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

78%

lowest in categoryhighest in category

79th percentile · top quartile of 14 funds · category median 61%

windows measured109windows won85average across every window+0.23% points a year · median +0.15when ahead, by how much+0.32% points a year over 85 windowswhen behind, by how much−0.11% points a year over 24 windowsworst window−0.30% points a year, ended May 2025best window+0.90% points a year, ended Nov 2019non-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.

A modest five-year number over a record that beat its category 78% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 78% of them, which points the opposite way to the headline figure. A single end date decided that headline.

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.

P5 Cost, measured

Regular plan costs 0.28 percentage points a year more than Direct

₹5,202 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

0.28% points a year

costliest in categorycheapest in category

78th percentile · top quartile of 15 funds · category median 0.39% points

on ₹1,00,000 over ten years₹5,202Direct vs Regular, annualised7.4% vs 7.2%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

Not measurable yet. Needs at least two consecutive monthly disclosures.

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

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

Not measurable yet. Needs the holdings history for this fund; not computed yet.

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.

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

Not measurable yet. Detector not yet written: needs each disclosure's top ten joined to six months of forward prices. Holdings and prices are in hand.

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.

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

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

₹12,401 Cr; 248% of growth came from outflows

Regular plan expense ratio 0.65% a year

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.

0.65% TER

costliestcheapest

63th percentile · above median of 15 funds · category median 0.68%

expense ratio, Regular / Direct0.65% / 0.36% · category median 0.68%AUM, Jun 2023 → Jun 2026₹14,756 Cr → ₹12,401 Cr (−6% a year)of that change, from flows rather than returns248% net outflows · NAV +24% over the window

Assets under management, ₹ crore, Jun 2012 – Jun 2026

57 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.58% in Jun 2018 → 0.65% 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 100% 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 Banking & PSU Debt Fund - Direct Plan - Growth Option	growth	₹2,897.13	21 Sep 2026
direct Axis Banking & PSU Debt Fund - Direct Plan - Weekly IDCW	idcw	₹1,037.10	21 Sep 2026
direct Axis Banking & PSU Debt Fund - Direct Plan - Daily IDCW	idcw	₹1,037.53	21 Sep 2026
direct Axis Banking & PSU Debt Fund - Direct Plan - Monthly IDCW	idcw	₹1,034.46	21 Sep 2026
direct Axis Banking & PSU Debt Fund - Direct Plan - Bonus Option	—	₹1,532.72	13 Jun 2017
regular Axis Banking & PSU Debt Fund - Regular Plan - Growth option	growth	₹2,799.85	21 Sep 2026
regular Axis Banking & PSU Debt Fund - Regular Plan - Daily IDCW	idcw	₹1,037.22	21 Sep 2026
regular Axis Banking & PSU Debt Fund - Regular Plan - Weekly IDCW	idcw	₹1,036.82	21 Sep 2026
regular Axis Banking & PSU Debt Fund - Regular Plan - Monthly IDCW	idcw	₹1,034.24	21 Sep 2026
regular Axis Banking & PSU Debt Fund - Regular Plan - Bonus Option	—	₹1,288.52	15 May 2015

The Direct / Regular gap, in money

Direct growth NAV: ₹2,897.13
Regular growth NAV: ₹2,799.85
NAV divergence to date: 3.5% — same portfolio, priced differently
Regular costs more by: 0.28% points a year
On ₹1,00,000 over ten years: ₹5,202

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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