Axis · Index Funds

Axis Nifty 100 Index Fund

Other Scheme - Index Funds Direct plan, growth launched 27 Sep 2019 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹22.04

+0.25% since 18 Sep 2026, the previous NAV

1 year

−4.6%

return

3 years

8.6%

a year

5 years

7.6%

a year

Since launch

11.8%

a year, over 6.9 years

Assets (AUM)

₹1,973 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

0.23% / 0.94%

a year, as of Jun 2026

Holdings

102

top ten are 43% 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 0.83% a year more than Direct

₹21,989 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

NAV replicates within 2.3 bp of its disclosed portfolio

0 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 73% of three-year stretches, and averaged +0.5 points a year across all of them

48 rolling windows since 2019 · ahead by 0.9 points a year when it won, behind by 0.7 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 →

headline and record disagree 2 checks 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 Oct 2019

84 month-ends · ₹10.20 → ₹22.04, 2.2× since Oct 2019

Deepest fall (max drawdown)

−17.3%

26 Sep 2024 → 28 Feb 2025

Worst month

−11.6%

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 · 102 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	HDFC Bank Limited equity	Banks	8.01%	Dec 2019	6.8 yrs	-0.54%
2	ICICI Bank Limited equity	Banks	7.68%	Dec 2019	6.8 yrs	+0.94%
3	Reliance Industries Limited equity	Petroleum Products	6.36%	Dec 2019	6.8 yrs	-0.33%
4	Bharti Airtel Limited equity	Telecom - Services	4.06%	Dec 2019	6.8 yrs	-0.15%
5	Larsen & Toubro Limited equity	Construction	3.49%	Dec 2019	6.8 yrs	-0.10%
6	State Bank of India equity	Banks	3.23%	Dec 2019	6.8 yrs	+0.23%
7	Infosys Limited equity	IT - Software	2.93%	Dec 2019	6.8 yrs	-0.12%
8	Axis Bank Limited equity	Banks	2.75%	Dec 2019	6.8 yrs	-0.02%
9	Kotak Mahindra Bank Limited equity	Banks	2.28%	Jan 2026	8 mo	+0.16%
10	Mahindra & Mahindra Limited equity	Automobiles	2.16%	Dec 2019	6.8 yrs	+0.12%
11	Bajaj Finance Limited equity	Finance	2.09%	Jun 2025	1.3 yrs	+0.27%
12	ITC Limited equity	Diversified FMCG	1.82%	Dec 2019	6.8 yrs	-0.25%
13	Tata Consultancy Services Limited equity	IT - Software	1.81%	Dec 2019	6.8 yrs	+0.08%
14	Eternal Limited equity	Retailing	1.75%	Apr 2022	4.4 yrs	+0.40%
15	Titan Company Limited equity	Consumer Durables	1.55%	Dec 2019	6.8 yrs	+0.29%
16	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.55%	Dec 2019	6.8 yrs	+0.12%
17	Maruti Suzuki India Limited equity	Automobiles	1.30%	Dec 2019	6.8 yrs	+0.01%
18	Hindustan Unilever Limited equity	Diversified FMCG	1.29%	Dec 2019	6.8 yrs	-0.14%
19	Shriram Finance Limited equity	Finance	1.15%	Jan 2025	1.7 yrs	+0.16%
20	NTPC Limited equity	Power	1.14%	Dec 2019	6.8 yrs	-0.24%
21	Tata Steel Limited equity	Ferrous Metals	1.12%	Jul 2022	4.2 yrs	-0.17%
22	Bharat Electronics Limited equity	Aerospace & Defense	1.09%	Oct 2022	3.9 yrs	-0.01%
23	Hindalco Industries Limited equity	Non - Ferrous Metals	1.08%	Dec 2019	6.8 yrs	-0.14%
24	HCL Technologies Limited equity	IT - Software	1.02%	Dec 2019	6.8 yrs	+0.08%
25	UltraTech Cement Limited equity	Cement & Cement Products	1.00%	Dec 2019	6.8 yrs	-0.02%
26	Bajaj Auto Limited equity	Automobiles	0.99%	Dec 2019	6.8 yrs	+0.12%
27	Grasim Industries Limited equity	Cement & Cement Products	0.94%	Dec 2019	6.8 yrs	+0.05%
28	JSW Steel Limited equity	Ferrous Metals	0.90%	Dec 2019	6.8 yrs	0.00%
29	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.89%	Dec 2019	6.8 yrs	+0.25%
30	Asian Paints Limited equity	Consumer Durables	0.89%	Dec 2019	6.8 yrs	-0.02%
31	Power Grid Corporation of India Limited equity	Power	0.88%	Dec 2019	6.8 yrs	-0.11%
32	InterGlobe Aviation Limited equity	Transport Services	0.87%	Dec 2019	6.8 yrs	+0.12%
33	Adani Ports and Special Economic Zone Limited equity	Transport Infrastructure	0.87%	Dec 2019	6.8 yrs	-0.13%
34	Bajaj Finserv Limited equity	Finance	0.86%	Oct 2022	3.9 yrs	+0.09%
35	Eicher Motors Limited equity	Automobiles	0.81%	Aug 2020	6.1 yrs	+0.07%
36	Nestle India Limited equity	Food Products	0.79%	Jan 2024	2.7 yrs	+0.03%
37	Tech Mahindra Limited equity	IT - Software	0.76%	Dec 2019	6.8 yrs	+0.05%
38	TVS Motor Company Limited equity	Automobiles	0.75%	Sep 2023	3.0 yrs	+0.16%
39	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.73%	Mar 2026	6 mo	+0.14%
40	Coal India Limited equity	Consumable Fuels	0.71%	Dec 2019	6.8 yrs	-0.07%
41	Trent Limited equity	Retailing	0.71%	Sep 2023	3.0 yrs	+0.01%
42	Apollo Hospitals Enterprise Limited equity	Healthcare Services	0.68%	Apr 2021	5.4 yrs	+0.05%
43	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.67%	Sep 2023	3.0 yrs	+0.06%
44	Oil & Natural Gas Corporation Limited equity	Oil	0.66%	Dec 2019	6.8 yrs	-0.11%
45	Adani Enterprises Limited equity	Metals & Minerals Trading	0.61%	Apr 2021	5.4 yrs	-0.02%
46	Adani Power Limited equity	Power	0.61%	Sep 2025	1.0 yrs	-0.15%
47	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.59%	Oct 2021	4.9 yrs	+0.10%
48	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.58%	Dec 2019	6.8 yrs	-0.01%
49	Jio Financial Services Limited equity	Finance	0.58%	Mar 2024	2.5 yrs	-0.01%
50	SBI Life Insurance Company Limited equity	Insurance	0.58%	Dec 2019	6.8 yrs	-0.04%
51	Max Healthcare Institute Limited equity	Healthcare Services	0.57%	Sep 2025	1.0 yrs	+0.03%
52	Samvardhana Motherson International Limited equity	Auto Components	0.56%	Oct 2022	3.9 yrs	+0.08%
53	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.55%	Jun 2020	6.3 yrs	+0.20%
54	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.52%	Oct 2024	1.9 yrs	-0.08%
55	Cummins India Limited equity	Industrial Products	0.51%	Mar 2026	6 mo	-0.09%
56	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.50%	Oct 2020	5.9 yrs	-0.08%
57	Bharat Petroleum Corporation Limited equity	Petroleum Products	0.48%	Dec 2019	6.8 yrs	+0.03%
58	The Indian Hotels Company Limited equity	Leisure Services	0.48%	Mar 2025	1.5 yrs	+0.05%
59	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.48%	Dec 2019	6.8 yrs	-0.14%
60	Avenue Supermarts Limited equity	Retailing	0.46%	Dec 2019	6.8 yrs	+0.01%
61	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.46%	Mar 2025	1.5 yrs	-0.01%
62	Britannia Industries Limited equity	Food Products	0.46%	Dec 2019	6.8 yrs	0.00%
63	HDFC Life Insurance Company Limited equity	Insurance	0.43%	Dec 2019	6.8 yrs	-0.05%
64	Tata Power Company Limited equity	Power	0.43%	Aug 2022	4.1 yrs	-0.10%
65	Varun Beverages Limited equity	Beverages	0.40%	Sep 2024	2.0 yrs	-0.14%
66	HDFC Asset Management Company Limited equity	Capital Markets	0.39%	Mar 2026	6 mo	-0.02%
67	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.39%	Dec 2019	6.8 yrs	+0.05%
68	Indian Oil Corporation Limited equity	Petroleum Products	0.38%	Dec 2019	6.8 yrs	-0.01%
69	Bajaj Holdings & Investment Limited equity	Finance	0.37%	Dec 2019	6.8 yrs	+0.03%
70	Wipro Limited equity	IT - Software	0.37%	Dec 2019	6.8 yrs	-0.07%
71	Solar Industries India Limited equity	Chemicals & Petrochemicals	0.36%	Sep 2025	1.0 yrs	+0.03%
72	Power Finance Corporation Limited equity	Finance	0.36%	Mar 2024	2.5 yrs	-0.11%
73	GAIL (India) Limited equity	Gas	0.35%	Dec 2019	6.8 yrs	+0.02%
74	Vedanta Limited equity	Diversified Metals	0.35%	Apr 2021	5.4 yrs	-0.10%
75	Adani Energy Solutions Limited equity	Power	0.34%	Jun 2020	6.3 yrs	-0.05%
76	DLF Limited equity	Realty	0.33%	Dec 2019	6.8 yrs	+0.05%
77	Bank of Baroda equity	Banks	0.33%	Oct 2021	4.9 yrs	-0.04%
78	Jindal Steel Limited equity	Ferrous Metals	0.33%	Jul 2023	3.2 yrs	-0.01%
79	United Spirits Limited equity	Beverages	0.32%	Dec 2019	6.8 yrs	+0.04%
80	Bosch Limited equity	Auto Components	0.32%	Dec 2019	6.8 yrs	+0.08%
81	Canara Bank equity	Banks	0.31%	May 2024	2.3 yrs	-0.02%
82	LTM Limited equity	IT - Software	0.31%	Oct 2020	5.9 yrs	+0.03%
83	Adani Green Energy Limited equity	Power	0.30%	Oct 2020	5.9 yrs	-0.07%
84	REC Limited equity	Finance	0.30%	Mar 2024	2.5 yrs	-0.02%
85	ABB India Limited equity	Electrical Equipment	0.30%	Mar 2023	3.5 yrs	+0.01%
86	Punjab National Bank equity	Banks	0.29%	Sep 2023	3.0 yrs	+0.02%
87	Union Bank of India equity	Banks	0.27%	Mar 2026	6 mo	+0.03%
88	Godrej Consumer Products Limited equity	Personal Products	0.27%	Dec 2019	6.8 yrs	-0.04%
89	Siemens Limited equity	Electrical Equipment	0.26%	Dec 2019	6.8 yrs	+0.01%
90	Lodha Developers Limited equity	Realty	0.25%	Sep 2024	2.0 yrs	+0.05%
91	Muthoot Finance Limited equity	Finance	0.24%	Mar 2026	6 mo	-0.03%
92	Hyundai Motor India Ltd equity	Automobiles	0.23%	Mar 2025	1.5 yrs	+0.02%
93	Shree Cement Limited equity	Cement & Cement Products	0.23%	Dec 2019	6.8 yrs	-0.02%
94	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.21%	Sep 2023	3.0 yrs	+0.01%
95	Hindustan Zinc Limited equity	Non - Ferrous Metals	0.21%	Sep 2025	1.0 yrs	0.00%
96	Siemens Energy India Limited equity	Electrical Equipment	0.21%	Sep 2025	1.0 yrs	-0.05%
97	Ambuja Cements Limited equity	Cement & Cement Products	0.18%	Dec 2019	6.8 yrs	-0.02%
98	Mazagon Dock Shipbuilders Limited equity	Industrial Manufacturing	0.14%	Sep 2025	1.0 yrs	0.00%
99	Tata Capital Limited equity	Finance	0.14%	Mar 2026	6 mo	+0.04%
100	Indian Railway Finance Corporation Limited equity	Finance	0.12%	Mar 2024	2.5 yrs	-0.03%
101	Clearing Corporation of India Ltd money market	—	0.07%	Dec 2019	6.8 yrs	+0.01%
102	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	-0.08%	Dec 2019	6.8 yrs	-0.19%

Showing 1–102 of 102 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks25.1% · 26.3%

Petroleum Products7.2% · 7.7%

IT - Software7.2% · 9.1%

Finance6.8% · 5.7%

Automobiles6.7% · 7.3%

Pharmaceuticals & Biotechnology4.3% · 3.6%

Telecom - Services4.1% · 3.9%

Power3.7% · 3.5%

share of the book05%10%15%20%25%30%

By market cap, Aug 2026

Large cap95.8%

Mid cap4.1%

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 96%
Mid cap 4%
Small / micro 0%
Cash & other -0%

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 73% of three-year stretches, and averaged +0.5 points a year across all of them

48 rolling windows since 2019 · ahead by 0.9 points a year when it won, behind by 0.7 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 0.9 points a year in the 35 windows it won and behind by 0.7 in the 13 it lost, so the average across all 48 is +0.5 points. The worst window ended Mar 2023, 1.9 points behind.

73%

lowest in categoryhighest in category

62th percentile · above median of 139 funds · category median 47%

windows measured48windows won35average across every window+0.49 pts a year · median +0.47when ahead, by how much+0.94 pts a year over 35 windowswhen behind, by how much−0.71 pts a year over 13 windowsworst window−1.91 pts a year, ended Mar 2023best window+2.21 pts a year, ended Sep 2024non-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 73% 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 73% 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 0.83% a year more than Direct

₹21,989 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.

0.83 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 240 funds · category median 0.53 pp

on ₹1,00,000 over ten years₹21,989Direct vs Regular, annualised11.8% vs 10.9%measured over6.92 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 36% of the portfolio a year

−0.23 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.

36% a year

costliest in categorycheapest in category

72th percentile · above median of 151 funds · category median 47%

excess return per unit of turnover−0.23 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 81 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.

81 months

lowest in categoryhighest in category

95th percentile · top decile of 151 funds · category median 24 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 1.2 points behind them

645 positions judged, one disclosure at a time · ahead by 11.9 points when it won, behind by 12.8 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 11.9 points in the 302 positions it won and behind by 12.8 in the 343 it lost, so the average across all 645 is −1.2 points. The worst position was INE002A01018 at the Jul 2020 disclosure, 40.5 points behind.

47%

lowest in categoryhighest in category

20th percentile · bottom quartile of 150 funds

positions judged645beat the median stock302average across every position−1.23 pts · median −0.93when ahead, by how much+11.92 pts over 302 positionswhen behind, by how much−12.81 pts over 343 positionsworst position−40.49 pts, INE002A01018 at the Jul 2020 disclosurebest position+66.28 pts, 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

₹1,973 Cr, 86th percentile in category; 69% of growth came from inflows

smaller than 14% of the funds in its category (151 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 0.97%

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.

86th percentile by AUM

largestsmallest

14th percentile · bottom quartile of 151 funds

median holding weight, trendrisingexpense ratio, Regular / Direct0.97% / 0.25% · category median 0.90%AUM, Jun 2023 → Jun 2026₹938 Cr → ₹1,973 Cr (+28% a year)of that change, from flows rather than returns69% net inflows · NAV +34% over the window

Assets under management, ₹ crore, Dec 2019 – Jun 2026

27 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.01% in Oct 2019 → 0.97% 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 headline and record disagree

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.

The 5-year figure covers most of the fund's entire life. This scheme is about 7.0 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

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 notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

Tracking gap

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

NAV replicates within 2.3 bp of its disclosed portfolio

What this means. 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.

Latest gap beyond expense accrual

+2.3 bp

expense accrual ≈ 0.079 bp a day

Jumps since the disclosure

0clean

3 Aug 2026 +6.1 bp · 24 Jul 2026 +5.5 bp · 3 Jul 2026 +5.3 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Axis Nifty 100 Index Fund - Direct Plan - Growth Option	growth	₹22.04	21 Sep 2026
direct Axis Nifty 100 Index Fund - Direct Plan - IDCW	idcw	₹20.94	21 Sep 2026
regular Axis Nifty 100 Index Fund - Regular Plan - Growth Option	growth	₹20.90	21 Sep 2026
regular Axis Nifty 100 Index Fund - Regular Plan - IDCW	idcw	₹19.83	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹22.04
Regular growth NAV: ₹20.90
NAV divergence to date: 5.4% — same portfolio, priced differently
Regular costs more by: 0.83% a year
On ₹1,00,000 over ten years: ₹21,989

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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UTI Nifty 50 Index Fund HDFC Nifty 50 Index Fund ICICI Prudential Nifty 50 Index Fund SBI NIFTY INDEX FUND pick any fund…