Axis · Large & Mid Cap

Axis Large & Mid Cap Fund

Equity Scheme - Large & Mid Cap Fund Direct plan, growth launched 1 Oct 2018 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 18 Sep 2026

₹38.79

+1.23% since 17 Sep 2026, the previous NAV

1 year

4.9%

return

3 years

15.9%

a year

5 years

12.4%

a year

Since launch

18.7%

a year, over 7.9 years

Assets (AUM)

₹15,696 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

0.96% / 1.96%

a year, as of Jun 2026

Holdings

107

top ten are 26% 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 1.62% a year more than Direct

₹71,146 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 47% of three-year stretches, yet averaged +0.5 points a year across all of them

60 rolling windows since 2018 · ahead by 3.0 points a year when it won, behind by 1.6 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 18 Sep 2026

Month-end NAV, indexed to 100 at Oct 2018

96 month-ends · ₹10.02 → ₹38.79, 3.9× since Oct 2018

Deepest fall (max drawdown)

−17.2%

24 Sep 2024 → 7 Apr 2025

Worst month

−10.7%

Mar 2026

Days to recover

196

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 · 107 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	ICICI Bank Limited equity	Banks	4.63%	Dec 2023	2.8 yrs	+0.39%
2	HDFC Bank Limited equity	Banks	3.21%	Apr 2022	4.4 yrs	-0.46%
3	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.66%	Dec 2021	4.8 yrs	+1.06%
4	Clearing Corporation of India Ltd money market	—	2.64%	Dec 2019	6.8 yrs	+0.84%
5	Eternal Limited equity	Retailing	2.61%	Oct 2022	3.9 yrs	+0.95%
6	Sona BLW Precision Forgings Limited equity	Auto Components	2.50%	Jun 2021	5.3 yrs	+0.65%
7	Bharti Airtel Limited equity	Telecom - Services	2.23%	Sep 2023	3.0 yrs	+0.45%
8	Shriram Finance Limited equity	Finance	2.05%	Oct 2025	11 mo	-0.32%
9	Multi Commodity Exchange of India Limited equity	Capital Markets	1.97%	Jan 2026	8 mo	+0.11%
10	Axis Bank Limited equity	Banks	1.96%	Mar 2026	6 mo	+0.30%
11	Reliance Industries Limited equity	Petroleum Products	1.84%	Jan 2024	2.7 yrs	-0.24%
12	Apar Industries Limited equity	Electrical Equipment	1.73%	May 2024	2.3 yrs	-0.09%
13	Larsen & Toubro Limited equity	Construction	1.71%	Sep 2023	3.0 yrs	-0.38%
14	Bharat Heavy Electricals Limited equity	Electrical Equipment	1.69%	May 2025	1.3 yrs	-0.21%
15	GE Vernova T&D India Limited equity	Electrical Equipment	1.65%	Sep 2024	2.0 yrs	-0.68%
16	Fortis Healthcare Limited equity	Healthcare Services	1.60%	Jan 2024	2.7 yrs	+0.23%
17	The Federal Bank Limited equity	Banks	1.58%	May 2024	2.3 yrs	-0.23%
18	Coforge Limited equity	IT - Software	1.56%	Jun 2025	1.3 yrs	+0.47%
19	Mahindra & Mahindra Limited equity	Automobiles	1.52%	Apr 2024	2.4 yrs	-0.02%
20	Samvardhana Motherson International Limited equity	Auto Components	1.51%	Apr 2026	5 mo	+0.27%
21	PB Fintech Limited equity	Financial Technology (Fintech)	1.48%	May 2024	2.3 yrs	+0.50%
22	IndusInd Bank Limited equity	Banks	1.47%	Jan 2026	8 mo	+0.15%
23	Minda Corporation Limited equity	Auto Components	1.37%	Sep 2023	3.0 yrs	+0.06%
24	Bajaj Finance Limited equity	Finance	1.34%	Jun 2025	1.3 yrs	+0.20%
25	BSE Limited equity	Capital Markets	1.31%	Dec 2025	9 mo	-0.87%
26	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.25%	Nov 2023	2.8 yrs	+0.13%
27	Radico Khaitan Limited equity	Beverages	1.23%	Apr 2026	5 mo	+0.70%
28	Indus Towers Limited equity	Telecom - Services	1.20%	Nov 2025	10 mo	-0.29%
29	State Bank of India equity	Banks	1.17%	Feb 2024	2.6 yrs	-0.26%
30	Ather Energy Limited equity	Automobiles	1.17%	May 2026	4 mo	+0.46%
31	RBL Bank Limited equity	Banks	1.13%	Oct 2025	11 mo	+0.10%
32	The Phoenix Mills Limited equity	Realty	1.08%	Feb 2022	4.6 yrs	+0.17%
33	TD Power Systems Limited equity	Electrical Equipment	1.06%	Aug 2026	1 mo	+1.06%
34	Solar Industries India Limited equity	Chemicals & Petrochemicals	1.06%	Jan 2025	1.7 yrs	-0.08%
35	SRF Limited equity	Chemicals & Petrochemicals	1.00%	May 2026	4 mo	+0.31%
36	Apollo Hospitals Enterprise Limited equity	Healthcare Services	0.99%	Mar 2024	2.5 yrs	-0.01%
37	InterGlobe Aviation Limited equity	Transport Services	0.98%	Aug 2023	3.1 yrs	+0.12%
38	FSN E-Commerce Ventures Limited equity	Retailing	0.97%	Aug 2025	1.1 yrs	+0.38%
39	Alphabet Inc A foreign security	—	0.97%	Dec 2019	6.8 yrs	-0.35%
40	The Indian Hotels Company Limited equity	Leisure Services	0.96%	Aug 2020	6.1 yrs	+0.42%
41	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.96%	Dec 2019	6.8 yrs	+0.04%
42	TVS Motor Company Limited equity	Automobiles	0.96%	Jan 2023	3.7 yrs	+0.27%
43	AU Small Finance Bank Limited equity	Banks	0.95%	Oct 2025	11 mo	-0.14%
44	Titan Company Limited equity	Consumer Durables	0.94%	Dec 2024	1.8 yrs	+0.12%
45	Premier Energies Limited equity	Electrical Equipment	0.93%	Aug 2024	2.1 yrs	-0.10%
46	Schaeffler India Limited equity	Auto Components	0.86%	Feb 2023	3.6 yrs	-0.10%
47	Mphasis Limited equity	IT - Software	0.85%	Aug 2023	3.1 yrs	+0.21%
48	Page Industries Limited equity	Textiles & Apparels	0.85%	Apr 2026	5 mo	+0.34%
49	Varun Beverages Limited equity	Beverages	0.84%	Sep 2024	2.0 yrs	-0.37%
50	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.83%	Dec 2023	2.8 yrs	-0.25%
51	UltraTech Cement Limited equity	Cement & Cement Products	0.82%	Dec 2024	1.8 yrs	-0.08%
52	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.82%	Dec 2019	6.8 yrs	-0.01%
53	UNO Minda Limited equity	Auto Components	0.80%	Nov 2023	2.8 yrs	+0.26%
54	Swiggy Limited equity	Retailing	0.79%	Jul 2026	2 mo	+0.79%
55	Vishal Mega Mart Limited equity	Retailing	0.75%	Dec 2024	1.8 yrs	-0.14%
56	iShares VII PLC - iShares NASDAQ 100 UCITS ETF foreign security	—	0.74%	Mar 2023	3.5 yrs	-0.08%
57	Sundaram Finance Limited equity	Finance	0.72%	Dec 2019	6.8 yrs	-0.01%
58	Supreme Industries Limited equity	Industrial Products	0.72%	Feb 2026	7 mo	-0.06%
59	Mahindra & Mahindra Financial Services Limited equity	Finance	0.68%	Nov 2025	10 mo	+0.07%
60	Lenskart Solutions Limited equity	Retailing	0.65%	Jul 2026	2 mo	+0.65%
61	Nvidia Corp Com foreign security	—	0.65%	Jan 2026	8 mo	-0.43%
62	ISHARES CORE S&P 500 (USD) UCITS ETF foreign security	—	0.63%	Mar 2023	3.5 yrs	-0.04%
63	United Spirits Limited equity	Beverages	0.62%	Jul 2026	2 mo	+0.62%
64	Berger Paints (I) Limited equity	Consumer Durables	0.61%	Sep 2024	2.0 yrs	-0.06%
65	Bharat Electronics Limited equity	Aerospace & Defense	0.60%	Dec 2023	2.8 yrs	-0.45%
66	Taiwan Semiconductor Sp ADR foreign security	—	0.60%	Oct 2021	4.9 yrs	-0.86%
67	Cummins India Limited equity	Industrial Products	0.57%	Jul 2025	1.2 yrs	-0.37%
68	Maruti Suzuki India Limited equity	Automobiles	0.57%	Aug 2025	1.1 yrs	+0.13%
69	Tech Mahindra Limited equity	IT - Software	0.57%	Jan 2024	2.7 yrs	-0.27%
70	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.55%	Jul 2025	1.2 yrs	+0.04%
71	Vijaya Diagnostic Centre Limited equity	Healthcare Services	0.53%	Oct 2021	4.9 yrs	-0.05%
72	Torrent Power Limited equity	Power	0.50%	Dec 2019	6.8 yrs	-0.46%
73	Voltas Limited equity	Consumer Durables	0.49%	Apr 2026	5 mo	-0.07%
74	Amber Enterprises India Limited equity	Consumer Durables	0.49%	Aug 2026	1 mo	+0.49%
75	Blue Star Limited equity	Consumer Durables	0.49%	Feb 2025	1.6 yrs	+0.03%
76	Kirloskar Oil Engines Limited equity	Industrial Products	0.48%	May 2026	4 mo	-0.12%
77	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.47%	Sep 2025	1.0 yrs	0.00%
78	Persistent Systems Limited equity	IT - Software	0.46%	Mar 2024	2.5 yrs	-0.04%
79	Coromandel International Limited equity	Fertilizers & Agrochemicals	0.43%	Mar 2025	1.5 yrs	0.00%
80	Marico Limited equity	Agricultural Food & other Products	0.43%	May 2026	4 mo	-0.04%
81	Triveni Turbine Limited equity	Electrical Equipment	0.42%	May 2026	4 mo	-0.17%
82	Tata Capital Limited equity	Finance	0.42%	Oct 2025	11 mo	+0.04%
83	Billionbrains Garage Ventures Ltd equity	Capital Markets	0.40%	May 2026	4 mo	-0.02%
84	ITC Hotels Limited equity	Leisure Services	0.40%	Jan 2025	1.7 yrs	-0.02%
85	Astrazeneca PLC foreign security	—	0.38%	Feb 2026	7 mo	-0.09%
86	Manipal Health Enterprises Ltd equity	Healthcare Services	0.37%	Jul 2026	2 mo	+0.37%
87	TJX ORD foreign security	—	0.36%	Mar 2024	2.5 yrs	-0.10%
88	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.34%	Apr 2021	5.4 yrs	-0.23%
89	Jubilant Foodworks Limited equity	Leisure Services	0.33%	Jun 2024	2.3 yrs	-0.07%
90	Visa Inc foreign security	—	0.33%	Dec 2019	6.8 yrs	+0.02%
91	KEI Industries Limited equity	Industrial Products	0.32%	Dec 2023	2.8 yrs	-0.16%
92	Microsoft Corp foreign security	—	0.31%	May 2025	1.3 yrs	+0.01%
93	Parker-Hannifin Corp foreign security	—	0.29%	May 2023	3.3 yrs	+0.02%
94	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.24%	Dec 2019	6.8 yrs	+1.09%
95	Bandhan Bank Limited equity	Banks	0.23%	Mar 2026	6 mo	-0.24%
96	Meta Platforms Registered Shares A foreign security	—	0.23%	Oct 2023	2.9 yrs	-0.17%
97	Birlasoft Limited equity	IT - Software	0.20%	Dec 2025	9 mo	-0.13%
98	Coca Cola Co. foreign security	—	0.17%	Feb 2023	3.6 yrs	0.00%
99	91 Days Tbill (MD 15/10/2026) government security	—	0.17%	Jul 2026	2 mo	+0.17%
100	Arista Networks Inc foreign security	—	0.15%	Apr 2026	5 mo	-0.13%
101	Infosys Limited equity	IT - Software	0.14%	Jun 2024	2.3 yrs	-0.21%
102	Cyient Dlm Ltd equity	Aerospace & Defense	0.13%	Aug 2026	1 mo	+0.13%
103	KLA Corporation foreign security	—	0.12%	Apr 2026	5 mo	-0.31%
104	Autozone Inc foreign security	—	0.12%	Dec 2019	6.8 yrs	-0.01%
105	Uber Technologies Inc foreign security	—	0.11%	Mar 2024	2.5 yrs	-0.15%
106	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.06%	Aug 2026	1 mo	+0.06%
107	Indo-MIM Limited equity	Industrial Manufacturing	0.01%	Jul 2026	2 mo	+0.01%

Showing 1–107 of 107 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks16.3% · 15.4%

Electrical Equipment7.8% · 7.0%

Auto Components7.0% · 3.1%

Finance6.0% · 4.6%

Pharmaceuticals & Biotechnology5.8% · 5.9%

Retailing5.8% · 4.9%

Automobiles4.2% · 3.4%

IT - Software3.8% · 6.4%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap41.7%

Mid cap41.9%

Small / micro cap7.2%

Cash & equivalents2.9%

Other6.3%

share of the book025%50%75%100%

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

Large cap 42%
Mid cap 42%
Small / micro 7%
Cash & other 3%

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 47% of three-year stretches, yet averaged +0.5 points a year across all of them

60 rolling windows since 2018 · ahead by 3.0 points a year when it won, behind by 1.6 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. It lost more windows than it won, but the wins were bigger. Ahead by 3.0 points a year in the 28 windows it won and behind by 1.6 in the 32 it lost, so the average across all 60 is +0.5 points. The worst window ended Nov 2024, 3.4 points behind. Counting windows makes this fund look worse than the arithmetic does.

47%

lowest in categoryhighest in category

50th percentile · above median of 26 funds · category median 47%

windows measured60windows won28average across every window+0.52 pts a year · median −0.18when ahead, by how much+2.97 pts a year over 28 windowswhen behind, by how much−1.63 pts a year over 32 windowsworst window−3.45 pts a year, ended Nov 2024best window+8.70 pts a year, ended Dec 2021non-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.

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 1.62% a year more than Direct

₹71,146 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.

1.62 pp a year

costliest in categorycheapest in category

29th percentile · below median of 33 funds · category median 1.45 pp

on ₹1,00,000 over ten years₹71,146Direct vs Regular, annualised18.6% vs 17.0%measured over7.92 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 82% of the portfolio a year

+0.02 pts 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.

82% a year

costliest in categorycheapest in category

67th percentile · above median of 30 funds · category median 104%

excess return per unit of turnover+0.02 pts

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 35 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.

35 months

lowest in categoryhighest in category

70th percentile · above median of 30 funds · category median 26 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 3.6 points ahead of them

650 positions judged, one disclosure at a time · ahead by 17.8 points when it won, behind by 11.4 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 17.8 points in the 333 positions it won and behind by 11.4 in the 317 it lost, so the average across all 650 is +3.6 points. The worst position was INE670A01012 at the Dec 2023 disclosure, 38.8 points behind.

51%

lowest in categoryhighest in category

42th percentile · below median of 28 funds

positions judged650beat the median stock333average across every position+3.61 pts · median +0.26when ahead, by how much+17.82 pts over 333 positionswhen behind, by how much−11.38 pts over 317 positionsworst position−38.76 pts, INE670A01012 at the Dec 2023 disclosurebest position+85.26 pts, INE813H01021 at the Sep 2023 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

₹15,696 Cr, 72nd percentile in category; 28% of growth came from inflows

smaller than 28% of the funds in its category (30 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 1.88%

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.

72th percentile by AUM

largestsmallest

28th percentile · below median of 30 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.88% / 0.83% · category median 2.31%AUM, Jun 2023 → Jun 2026₹8,700 Cr → ₹15,696 Cr (+22% a year)of that change, from flows rather than returns28% net inflows · NAV +58% over the window

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

31 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.62% in Oct 2018 → 1.88% 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.

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. Replication needs a fully disclosed domestic-equity portfolio and daily prices for every line; this fund has not been replicated in this build.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Axis Large & Mid Cap Fund - Direct Plan - Growth	growth	₹38.79	18 Sep 2026
direct Axis Large & Mid Cap Fund - Direct Plan - IDCW	idcw	₹26.03	18 Sep 2026
regular Axis Large & Mid Cap Fund - Regular Plan - Growth	growth	₹34.78	18 Sep 2026
regular Axis Large & Mid Cap Fund - Regular Plan - IDCW	idcw	₹20.28	18 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹38.79
Regular growth NAV: ₹34.78
NAV divergence to date: 11.5% — same portfolio, priced differently
Regular costs more by: 1.62% a year
On ₹1,00,000 over ten years: ₹71,146

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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