Axis · Ultra Short Term

Axis Ultra Short Term Fund

Income/Debt Oriented Schemes - Ultra Short Term Fund Direct plan, growth launched 27 Aug 2018 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹16.94

+0.06% since 18 Sep 2026, the previous NAV

1 year

6.8%

return

3 years

7.5%

a year

5 years

6.8%

a year

Since launch

6.8%

a year, over 8.0 years

Assets (AUM)

₹5,612 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

0.40% / 1.22%

a year, as of Jun 2026

Holdings

top ten are 38% 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 0.92 percentage points a year more than Direct

₹15,883 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 100% of three-year stretches, and averaged +0.3 percentage points a year across all of them

61 rolling windows since 2018 · ahead by 0.3 percentage points a year when it won — and never lost one. 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 2018

97 month-ends · ₹10.04 → ₹16.94, 1.7× since Sep 2018

Deepest fall (max drawdown)

−0.1%

13 May 2026 → 21 May 2026

Worst month

0.3%

May 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 · 97 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	182 Days Tbill (MD 17/12/2026) government security	—	7.30%	Aug 2026	1 mo	+7.30% points
2	Small Industries Dev Bank of India (28/01/2027) ** money market	—	4.80%	Jan 2026	8 mo	+1.72% points
3	Bank of Baroda (04/12/2026) money market	—	4.05%	May 2026	4 mo	+0.15% points
4	Canara Bank (28/01/2027) ** money market	—	3.61%	Aug 2026	1 mo	+3.61% points
5	8.03% Mindspace Business Parks REIT (10/12/2026) ** reit	—	3.30%	Jun 2026	3 mo	+3.30% points
6	National Bank For Agriculture and Rural Development (14/01/2027) money market	—	3.21%	Jan 2026	8 mo	+0.12% points
7	Union Bank of India (19/01/2027) ** money market	—	3.21%	Aug 2026	1 mo	+3.21% points
8	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	3.11%	Dec 2019	6.8 yrs	+2.24% points
9	HDFC Bank Limited (14/12/2026) money market	—	2.83%	Jun 2026	3 mo	+2.83% points
10	Punjab National Bank (15/12/2026) money market	—	2.83%	Apr 2026	5 mo	+0.50% points
11	Export Import Bank of India (11/12/2026) money market	—	2.43%	Jul 2026	2 mo	+2.43% points
12	Canara Bank (18/12/2026) ** money market	—	2.42%	Jun 2026	3 mo	+2.42% points
13	IDBI Bank Limited (11/03/2027) ** money market	—	2.38%	Apr 2026	5 mo	+0.09% points
14	ICICI Home Finance Company Limited (28/12/2026) ** money market	—	2.01%	Aug 2026	1 mo	+2.01% points
15	IndusInd Bank Limited (09/03/2027) ** money market	—	1.99%	Jun 2026	3 mo	+1.99% points
16	JTPM Metal Traders Limited (29/09/2028) (ZCB) ** corporate bond	—	1.77%	May 2026	4 mo	+0.07% points
17	8.65% Muthoot Finance Limited (23/09/2027) ** corporate bond	—	1.68%	Jul 2026	2 mo	+1.68% points
18	9% Piramal Finance Limited (28/06/2027) corporate bond	—	1.65%	Jul 2025	1.2 yrs	+0.03% points
19	8.25% Narayana Hrudayalaya Limited (19/03/2029) ** corporate bond	—	1.65%	Nov 2025	10 mo	+0.04% points
20	Small Industries Dev Bank of India (16/12/2026) ** money market	—	1.62%	Jul 2026	2 mo	+1.62% points
21	IndusInd Bank Limited (27/01/2027) ** money market	—	1.60%	Jan 2026	8 mo	+0.06% points
22	Small Industries Dev Bank of India (04/02/2027) ** money market	—	1.60%	Feb 2026	7 mo	+0.06% points
23	LIC Housing Finance Limited (11/02/2027) ** money market	—	1.60%	Jul 2026	2 mo	+1.60% points
24	HDFC Bank Limited (12/03/2027) money market	—	1.59%	Aug 2026	1 mo	+1.59% points
25	7.38% Cholamandalam Investment and Finance Company Ltd (28/05/2027) ** corporate bond	—	1.47%	Apr 2026	5 mo	−0.06% points
26	Clearing Corporation of India Ltd money market	—	1.26%	Apr 2026	5 mo	−10.11% points
27	7.69% LIC Housing Finance Limited (11/12/2026) ** corporate bond	—	1.24%	Nov 2025	10 mo	+0.03% points
28	Canara Bank (02/02/2027) ** money market	—	1.20%	Apr 2026	5 mo	+0.81% points
29	Panatone Finvest Limited (11/01/2027) ** money market	—	1.20%	Jan 2026	8 mo	+0.04% points
30	7.70% National Bank For Agriculture and Rural Development (30/09/2027) ** corporate bond	—	0.99%	Jul 2026	2 mo	+0.99% points
31	Liquid Gold Series (20/11/2028) ** corporate bond	—	0.99%	Aug 2026	1 mo	+0.99% points
32	7.44% National Bank For Agriculture and Rural Development (24/02/2028) corporate bond	—	0.98%	Jul 2026	2 mo	+0.98% points
33	9% IKF Finance Limited (12/09/2028) ** corporate bond	—	0.98%	Aug 2026	1 mo	+0.98% points
34	9.25% SK Finance Limited (24/10/2027) ** corporate bond	—	0.90%	Jul 2025	1.2 yrs	+0.09% points
35	8.03% Aditya Birla Housing Finance Limited (15/03/2027) ** corporate bond	—	0.83%	Jul 2026	2 mo	+0.83% points
36	7.97% Mankind Pharma Limited (16/11/2027) ** corporate bond	—	0.83%	Nov 2025	10 mo	+0.02% points
37	7.8% National Bank For Agriculture and Rural Development (15/03/2027) corporate bond	—	0.83%	Jul 2026	2 mo	+0.83% points
38	8.75% Piramal Finance Limited (29/10/2027) corporate bond	—	0.82%	Aug 2026	1 mo	+0.82% points
39	360 One Prime Limited (25/07/2028) (FRN) ** corporate bond	—	0.82%	May 2026	4 mo	+0.01% points
40	9% Nuvama Wealth Finance Limited (22/07/2027) ** corporate bond	—	0.82%	May 2026	4 mo	+0.01% points
41	7.58% Poonawalla Fincorp Limited (08/09/2028) ** corporate bond	—	0.82%	Apr 2026	5 mo	+0.01% points
42	9.15% Nuvama Wealth Finance Limited (26/06/2028) ** corporate bond	—	0.82%	Aug 2026	1 mo	+0.82% points
43	7.55% Poonawalla Fincorp Limited (25/03/2027) corporate bond	—	0.82%	Oct 2025	11 mo	+0.01% points
44	8.75% 360 One Prime Limited (10/09/2027) ** corporate bond	—	0.82%	Sep 2025	1.0 yrs	+0.01% points
45	6.70% Aditya Birla Housing Finance Limited (22/01/2027) ** corporate bond	—	0.82%	Jul 2026	2 mo	+0.82% points
46	Godrej Industries Limited (12/10/2026) ** money market	—	0.82%	Jul 2026	2 mo	+0.82% points
47	Small Industries Dev Bank of India (18/12/2026) ** money market	—	0.81%	Jul 2026	2 mo	+0.81% points
48	Bank of Baroda (23/12/2026) ** money market	—	0.81%	Aug 2026	1 mo	+0.81% points
49	Punjab National Bank (05/02/2027) money market	—	0.80%	May 2026	4 mo	−0.74% points
50	AU Small Finance Bank Limited (18/02/2027) ** money market	—	0.80%	Jul 2026	2 mo	+0.80% points
51	Union Bank of India (03/03/2027) ** money market	—	0.80%	Jul 2026	2 mo	+0.80% points
52	91 Days Tbill (MD 15/10/2026) government security	—	0.65%	Jul 2026	2 mo	+0.65% points
53	8.30% Godrej Properties Limited (19/03/2027) ** corporate bond	—	0.58%	Apr 2026	5 mo	+0.01% points
54	7.25% Torrent Power Limited (03/03/2027) ** corporate bond	—	0.57%	Aug 2026	1 mo	+0.57% points
55	National Bank For Agriculture and Rural Development (28/01/2027) ** money market	—	0.56%	Apr 2026	5 mo	+0.02% points
56	Sansar Trust (25/04/2031) ** corporate bond	—	0.52%	Apr 2025	1.4 yrs	−0.11% points
57	Liquid Gold Series (20/01/2028) ** corporate bond	—	0.51%	Oct 2025	11 mo	−0.14% points
58	8.8% 360 One Prime Limited (22/06/2028) ** corporate bond	—	0.49%	Jan 2026	8 mo	+0.01% points
59	9.10% Shriram Finance Limited (18/03/2027) ** corporate bond	—	0.41%	May 2025	1.3 yrs	0.00% points
60	6.54% Maharashtra State Development Loans (09/02/2027) government security	—	0.41%	Jun 2026	3 mo	+0.41% points
61	8.75% Godrej Finance Limited (18/01/2027) ** corporate bond	—	0.41%	Jan 2024	2.7 yrs	0.00% points
62	6.8% Embassy Office Parks REIT (07/09/2026) ** reit	—	0.41%	Feb 2025	1.6 yrs	+0.01% points
63	Cholamandalam Investment and Finance Company Ltd (27/02/2029) (FRN) ** corporate bond	—	0.41%	Aug 2026	1 mo	+0.41% points
64	8.52% Muthoot Finance Limited (07/04/2028) ** corporate bond	—	0.41%	Apr 2025	1.4 yrs	+0.01% points
65	8.95% Phoenix Arc Limited (23/03/2028) ** corporate bond	—	0.41%	Dec 2025	9 mo	+0.01% points
66	8.95% Phoenix Arc Limited (22/12/2028) ** corporate bond	—	0.41%	Dec 2025	9 mo	+0.01% points
67	Small Industries Dev Bank of India (04/12/2026) ** money market	—	0.40%	Apr 2026	5 mo	+0.01% points
68	Bank of Baroda (15/12/2026) ** money market	—	0.40%	Apr 2026	5 mo	−0.38% points
69	Small Industries Dev Bank of India (14/01/2027) ** money market	—	0.40%	Apr 2026	5 mo	+0.01% points
70	Union Bank of India (02/03/2027) money market	—	0.40%	Jul 2026	2 mo	+0.40% points
71	Punjab & Sind Bank (12/03/2027) ** money market	—	0.40%	Jun 2026	3 mo	+0.40% points
72	8.05% Muthoot Finance Limited (25/11/2027) ** corporate bond	—	0.33%	Jul 2025	1.2 yrs	−1.68% points
73	8.32% Torrent Power Limited (28/02/2027) ** corporate bond	—	0.31%	Jan 2025	1.7 yrs	0.00% points
74	SBI - Corporate Debt Market Development Fund (CDMDF) - Class A2 structured product	—	0.30%	Oct 2023	2.9 yrs	+0.01% points
75	8.95% 360 One Prime Limited (04/06/2027) ** corporate bond	—	0.16%	May 2026	4 mo	0.00% points
76	Sansar Trust (25/06/2030) ** corporate bond	—	0.11%	Jul 2024	2.2 yrs	−0.06% points
77	7.64% Uttar Pradesh State Development Loans (29/03/2027) government security	—	0.08%	Nov 2025	10 mo	0.00% points
78	9.4% IndoStar Capital Finance Limited (18/06/2027) ** corporate bond	—	0.08%	Jun 2025	1.3 yrs	0.00% points
79	7.27% Sundaram Home Finance Limited (24/05/2027) ** corporate bond	—	0.08%	Apr 2025	1.4 yrs	0.00% points
80	7.88% Muthoot Finance Limited (22/11/2028) ** corporate bond	—	0.02%	Apr 2026	5 mo	0.00% points
81	Interest Rate Swaps Pay Fix Receive Floating -DBS (11/08/2027) (FV 7500 Lacs) derivative	—	—	Aug 2026	1 mo	—
82	Interest Rate Swaps Pay Fix Receive Floating -ICICI BANK (05/08/2027) (FV 10000 Lacs) derivative	—	—	Aug 2026	1 mo	—
83	Interest Rate Swaps Pay Fix Receive Floating -NOMURA (05/08/2027) (FV 10000 Lacs) derivative	—	—	Aug 2026	1 mo	—
84	Interest Rate Swaps Pay Fix Receive Floating -HSBC BANK (24/08/2027) (FV 7500 Lacs) derivative	—	—	Aug 2026	1 mo	—
85	Interest Rate Swaps Pay Fix Receive Floating -NOMURA (05/11/2026) (FV 17500 Lacs) derivative	—	—	Feb 2026	7 mo	—
86	Interest Rate Swaps Pay Fix Receive Floating -ICICI BANK (02/01/2027) (FV 7500 Lacs) derivative	—	—	Jul 2026	2 mo	—
87	Interest Rate Swaps Pay Fix Receive Floating -IDFC BANK (05/02/2027) (FV 10000 Lacs) derivative	—	—	Aug 2026	1 mo	—
88	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (03/11/2026) (FV 10000 Lacs) derivative	—	—	Feb 2026	7 mo	—
89	Interest Rate Swaps Pay Fix Receive Floating -BARC (12/09/2026) (FV 15000 Lacs) derivative	—	—	Dec 2025	9 mo	—
90	Interest Rate Swaps Pay Fix Receive Floating -BARC (05/09/2026) (FV 20000 Lacs) derivative	—	—	Mar 2026	6 mo	—
91	Interest Rate Swaps Pay Fix Receive Floating -HSBC BANK (01/09/2027) (FV 7500 Lacs) derivative	—	—	Aug 2026	1 mo	—
92	Interest Rate Swaps Pay Floating Receive Fix -BARC (20/07/2028) (FV 5000 Lacs) derivative	—	—	Aug 2026	1 mo	—
93	Interest Rate Swaps Pay Fix Receive Floating -DBS (21/10/2026) (FV 12500 Lacs) derivative	—	—	Apr 2026	5 mo	—
94	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (17/10/2026) (FV 15000 Lacs) derivative	—	—	Apr 2026	5 mo	—
95	Interest Rate Swaps Pay Fix Receive Floating -HSBC BANK (10/10/2026) (FV 15000 Lacs) derivative	—	—	Apr 2026	5 mo	—
96	Interest Rate Swaps Pay Fix Receive Floating -IDFC BANK (08/10/2026) (FV 10000 Lacs) derivative	—	—	Apr 2026	5 mo	—
97	Interest Rate Swaps Pay Fix Receive Floating -ICISECPD (08/10/2026) (FV 10000 Lacs) derivative	—	—	Apr 2026	5 mo	—

Showing 1–97 of 97 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 100% of three-year stretches, and averaged +0.3 percentage points a year across all of them

61 rolling windows since 2018 · ahead by 0.3 percentage points a year when it won — and never lost one

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. It did not lose one of the 61, so the average across all of them is the average win, +0.3 percentage points.

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

100%

lowest in categoryhighest in category

95th percentile · top decile of 20 funds · category median 65%

windows measured61windows won61average across every window+0.31% points a year · median +0.28when ahead, by how much+0.31% points a year over 61 windowsworst window+0.17% points a year, ended Jun 2026best window+0.48% points a year, ended May 2023non-overlapping windows in that span2 — 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 100% 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 100% 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 0.92 percentage points a year more than Direct

₹15,883 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

0.92% points a year

costliest in categorycheapest in category

5th percentile · bottom decile of 22 funds · category median 0.48% points

on ₹1,00,000 over ten years₹15,883Direct vs Regular, annualised6.8% vs 5.8%measured over8 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

₹5,612 Cr; 124% of growth came from outflows

Regular plan expense ratio 1.26% 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.

1.26% TER

costliestcheapest

5th percentile · bottom decile of 23 funds · category median 0.82%

expense ratio, Regular / Direct1.26% / 0.36% · category median 0.82%AUM, Jun 2023 → Jun 2026₹5,067 Cr → ₹5,612 Cr (+3% a year)of that change, from flows rather than returns124% net outflows · NAV +24% over the window

Assets under management, ₹ crore, Sep 2018 – Jun 2026

32 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.16% in Sep 2018 → 1.26% 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 Ultra Short Duration Fund - Direct Plan Growth	growth	₹16.94	21 Sep 2026
direct Axis Ultra Short Duration Fund - Direct Plan - Daily IDCW	idcw	₹10.03	21 Sep 2026
direct Axis Ultra Short Duration Fund - Direct Plan - Monthly IDCW	idcw	₹10.07	21 Sep 2026
direct Axis Ultra Short Duration Fund - Direct Plan - Regular IDCW	idcw	₹16.95	21 Sep 2026
direct Axis Ultra Short Duration Fund - Direct Plan - Weekly IDCW	idcw	₹10.05	21 Sep 2026
regular Axis Ultra Short Duration Fund - Regular Plan Growth	growth	₹15.81	21 Sep 2026
regular Axis Ultra Short Duration Fund - Regular Plan - Daily IDCW	idcw	₹10.07	21 Sep 2026
regular Axis Ultra Short Duration Fund - Regular Plan - Monthly IDCW	idcw	₹10.07	21 Sep 2026
regular Axis Ultra Short Duration Fund - Regular Plan - Regular IDCW	idcw	₹15.81	21 Sep 2026
regular Axis Ultra Short Duration Fund - Regular Plan - Weekly IDCW	idcw	₹10.07	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹16.94
Regular growth NAV: ₹15.81
NAV divergence to date: 7.2% — same portfolio, priced differently
Regular costs more by: 0.92% points a year
On ₹1,00,000 over ten years: ₹15,883

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

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