Axis · Retirement

Axis Retirement Fund - Dynamic Plan

Solution Oriented Scheme - Retirement Fund Direct plan, growth launched 29 Nov 2019 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹21.59

+0.28% since 18 Sep 2026, the previous NAV

1 year

−0.8%

return

3 years

12.2%

a year

5 years

8.2%

a year

Since launch

12.1%

a year, over 6.7 years

Assets (AUM)

₹281 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

1.37% / 2.53%

a year, as of Jun 2026

Holdings

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 1.71% a year more than Direct

₹44,464 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 65% of three-year stretches, and averaged +0.5 points a year across all of them

46 rolling windows since 2019 · ahead by 1.4 points a year when it won, behind by 1.2 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 Dec 2019

82 month-ends · ₹10.02 → ₹21.59, 2.2× since Dec 2019

Deepest fall (max drawdown)

−15.7%

27 Sep 2024 → 28 Feb 2025

Worst month

−10.2%

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 · 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	Clearing Corporation of India Ltd money market	—	9.39%	Dec 2019	6.8 yrs	+4.63%
2	ICICI Bank Limited equity	Banks	5.59%	Jun 2020	6.3 yrs	-0.11%
3	Reliance Industries Limited equity	Petroleum Products	5.23%	Aug 2023	3.1 yrs	-0.28%
4	7.3% Government of India (19/06/2053) government security	—	5.10%	Jan 2024	2.7 yrs	-0.06%
5	HDFC Bank Limited equity	Banks	4.77%	Jan 2020	6.7 yrs	-0.33%
6	Bharti Airtel Limited equity	Telecom - Services	2.79%	Jul 2023	3.2 yrs	-0.07%
7	7.25% Government of India (12/06/2063) government security	—	2.68%	Jun 2024	2.3 yrs	-0.02%
8	State Bank of India equity	Banks	2.57%	Dec 2023	2.8 yrs	-0.25%
9	Infosys Limited equity	IT - Software	2.32%	Jul 2023	3.2 yrs	-0.99%
10	Mahindra & Mahindra Limited equity	Automobiles	2.25%	Aug 2023	3.1 yrs	+0.13%
11	Kotak Mahindra Bank Limited equity	Banks	2.15%	Jan 2026	8 mo	+0.20%
12	Larsen & Toubro Limited equity	Construction	2.11%	Aug 2023	3.1 yrs	-0.64%
13	Bajaj Finance Limited equity	Finance	1.87%	Jun 2025	1.3 yrs	+0.10%
14	Vijaya Diagnostic Centre Limited equity	Healthcare Services	1.81%	Sep 2023	3.0 yrs	-0.35%
15	7.18% Government of India (24/07/2037) government security	—	1.78%	Jan 2024	2.7 yrs	-0.02%
16	Apar Industries Limited equity	Electrical Equipment	1.72%	Nov 2023	2.8 yrs	-0.01%
17	Pidilite Industries Limited equity	Chemicals & Petrochemicals	1.43%	Jan 2020	6.7 yrs	-0.96%
18	Minda Corporation Limited equity	Auto Components	1.39%	Aug 2023	3.1 yrs	-0.02%
19	Eternal Limited equity	Retailing	1.38%	Aug 2023	3.1 yrs	+0.29%
20	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.29%	Sep 2025	1.0 yrs	+0.14%
21	Apollo Hospitals Enterprise Limited equity	Healthcare Services	1.27%	Jul 2023	3.2 yrs	+0.09%
22	PNB Housing Finance Limited equity	Finance	1.18%	Jun 2024	2.3 yrs	-0.02%
23	Axis Bank Limited equity	Banks	1.17%	Feb 2026	7 mo	+0.29%
24	NTPC Limited equity	Power	1.17%	Feb 2025	1.6 yrs	-0.23%
25	Sansera Engineering Limited equity	Auto Components	1.01%	Aug 2023	3.1 yrs	-0.04%
26	Fortis Healthcare Limited equity	Healthcare Services	0.98%	Nov 2023	2.8 yrs	-0.42%
27	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.97%	Sep 2025	1.0 yrs	+0.17%
28	The Phoenix Mills Limited equity	Realty	0.96%	Oct 2023	2.9 yrs	+0.08%
29	Shriram Finance Limited equity	Finance	0.89%	Sep 2025	1.0 yrs	+0.11%
30	7.1% Government of India (08/04/2034) government security	—	0.89%	Jun 2025	1.3 yrs	-0.01%
31	Dixon Technologies (India) Limited equity	Consumer Durables	0.88%	Oct 2023	2.9 yrs	+0.28%
32	United Spirits Limited equity	Beverages	0.87%	Jan 2024	2.7 yrs	+0.11%
33	Premier Energies Limited equity	Electrical Equipment	0.85%	Jan 2025	1.7 yrs	-0.03%
34	InterGlobe Aviation Limited equity	Transport Services	0.84%	Jun 2025	1.3 yrs	+0.07%
35	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.84%	Aug 2023	3.1 yrs	+0.02%
36	Sona BLW Precision Forgings Limited equity	Auto Components	0.82%	Jul 2023	3.2 yrs	+0.08%
37	Samvardhana Motherson International Limited equity	Auto Components	0.81%	Sep 2024	2.0 yrs	-0.23%
38	Titan Company Limited equity	Consumer Durables	0.79%	Jun 2025	1.3 yrs	+0.05%
39	HDFC Life Insurance Company Limited equity	Insurance	0.78%	Jul 2024	2.2 yrs	-0.09%
40	Britannia Industries Limited equity	Food Products	0.72%	Sep 2025	1.0 yrs	-0.01%
41	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.72%	May 2025	1.3 yrs	-0.33%
42	Abbott India Limited equity	Pharmaceuticals & Biotechnology	0.70%	Jun 2020	6.3 yrs	-0.04%
43	Doms Industries Limited equity	Household Products	0.69%	Dec 2024	1.8 yrs	0.00%
44	The Indian Hotels Company Limited equity	Leisure Services	0.69%	Mar 2026	6 mo	+0.26%
45	Arvind Fashions Limited equity	Retailing	0.68%	Sep 2024	2.0 yrs	-0.03%
46	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.67%	May 2023	3.3 yrs	-0.25%
47	Varun Beverages Limited equity	Beverages	0.63%	Oct 2024	1.9 yrs	-0.40%
48	Ather Energy Limited equity	Automobiles	0.63%	May 2026	4 mo	+0.49%
49	Tata Power Company Limited equity	Power	0.61%	Jun 2025	1.3 yrs	-0.15%
50	Tata Consultancy Services Limited equity	IT - Software	0.57%	Jan 2020	6.7 yrs	-0.14%
51	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.56%	Oct 2024	1.9 yrs	0.00%
52	Sundaram Finance Limited equity	Finance	0.55%	Jan 2020	6.7 yrs	-0.06%
53	SBI Life Insurance Company Limited equity	Insurance	0.54%	Oct 2023	2.9 yrs	-0.09%
54	PG Electroplast Limited equity	Consumer Durables	0.51%	Dec 2024	1.8 yrs	+0.08%
55	JK Cement Limited equity	Cement & Cement Products	0.49%	Sep 2023	3.0 yrs	-0.34%
56	Mphasis Limited equity	IT - Software	0.48%	Sep 2023	3.0 yrs	+0.02%
57	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.46%	Oct 2023	2.9 yrs	+0.03%
58	REC Limited equity	Finance	0.45%	Oct 2024	1.9 yrs	-0.03%
59	ITC Hotels Limited equity	Leisure Services	0.44%	Mar 2026	6 mo	+0.12%
60	Jubilant Foodworks Limited equity	Leisure Services	0.43%	Jan 2026	8 mo	+0.10%
61	Awfis Space Solutions Limited equity	Commercial Services & Supplies	0.43%	Dec 2024	1.8 yrs	-0.12%
62	Piramal Pharma Limited equity	Pharmaceuticals & Biotechnology	0.41%	Jul 2026	2 mo	+0.41%
63	Tech Mahindra Limited equity	IT - Software	0.41%	Mar 2026	6 mo	+0.03%
64	Info Edge (India) Limited equity	Retailing	0.41%	May 2026	4 mo	+0.11%
65	Computer Age Management Services Limited equity	Capital Markets	0.41%	Apr 2026	5 mo	+0.35%
66	Amber Enterprises India Limited equity	Consumer Durables	0.40%	May 2026	4 mo	+0.24%
67	Indus Towers Limited equity	Telecom - Services	0.40%	May 2026	4 mo	+0.24%
68	Hindustan Unilever Limited equity	Diversified FMCG	0.35%	Jun 2024	2.3 yrs	-0.14%
69	Voltamp Transformers Limited equity	Electrical Equipment	0.35%	Jul 2024	2.2 yrs	0.00%
70	Berger Paints (I) Limited equity	Consumer Durables	0.34%	May 2026	4 mo	+0.07%
71	Kirloskar Oil Engines Limited equity	Industrial Products	0.34%	Jul 2026	2 mo	+0.34%
72	Gujarat Fluorochemicals Limited equity	Chemicals & Petrochemicals	0.34%	Jun 2026	3 mo	+0.34%
73	Jyoti CNC Automation Ltd equity	Industrial Manufacturing	0.33%	Jul 2024	2.2 yrs	-0.16%
74	Cohance Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.33%	Sep 2025	1.0 yrs	+0.01%
75	Delhivery Limited equity	Transport Services	0.33%	Aug 2026	1 mo	+0.33%
76	ITC Limited equity	Diversified FMCG	0.31%	May 2025	1.3 yrs	-0.05%
77	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.31%	Oct 2025	11 mo	0.00%
78	Bharat Electronics Limited equity	Aerospace & Defense	0.31%	Sep 2023	3.0 yrs	+0.10%
79	RBL Bank Limited equity	Banks	0.30%	Jul 2026	2 mo	+0.30%
80	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.29%	Jul 2024	2.2 yrs	+0.01%
81	Schaeffler India Limited equity	Auto Components	0.28%	Apr 2025	1.4 yrs	-0.01%
82	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.28%	Dec 2019	6.8 yrs	-0.04%
83	ICICI Prudential Life Insurance Company Limited equity	Insurance	0.27%	Aug 2023	3.1 yrs	0.00%
84	Exide Industries Limited equity	Auto Components	0.27%	Apr 2026	5 mo	+0.05%
85	Hindalco Industries Limited equity	Non - Ferrous Metals	0.24%	May 2024	2.3 yrs	-0.03%
86	Titagarh Rail Systems Limited equity	Industrial Manufacturing	0.24%	May 2024	2.3 yrs	+0.12%
87	Tata Steel Limited equity	Ferrous Metals	0.24%	Aug 2025	1.1 yrs	-0.25%
88	Hyundai Motor India Ltd equity	Automobiles	0.22%	Oct 2024	1.9 yrs	+0.02%
89	Kaynes Technology India Limited equity	Industrial Manufacturing	0.20%	Aug 2023	3.1 yrs	-0.02%
90	Maruti Suzuki India Limited equity	Automobiles	0.19%	Jul 2026	2 mo	+0.19%
91	GE Vernova T&D India Limited equity	Electrical Equipment	0.19%	Sep 2024	2.0 yrs	+0.08%
92	Avenue Supermarts Limited equity	Retailing	0.19%	Jan 2020	6.7 yrs	-0.22%
93	HCL Technologies Limited equity	IT - Software	0.15%	Feb 2026	7 mo	+0.05%
94	Voltas Limited equity	Consumer Durables	0.14%	Jun 2026	3 mo	+0.14%
95	Coforge Limited equity	IT - Software	0.01%	Jun 2025	1.3 yrs	-0.64%
96	RITES Limited equity	Construction	—	Sep 2023	3.0 yrs	—
97	Supreme Industries Limited equity	Industrial Products	—	Feb 2026	7 mo	—

Showing 1–97 of 97 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks16.6% · 17.3%

Finance5.4% · 5.2%

Petroleum Products5.2% · 5.7%

Pharmaceuticals & Biotechnology5.1% · 4.8%

Auto Components4.6% · 3.2%

Healthcare Services4.1% · 4.4%

IT - Software3.9% · 6.0%

Electrical Equipment3.8% · 4.4%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap53.8%

Mid cap14.1%

Small / micro cap11.9%

Cash & equivalents9.7%

Other10.4%

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 54%
Mid cap 14%
Small / micro 12%
Cash & other 10%

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 65% of three-year stretches, and averaged +0.5 points a year across all of them

46 rolling windows since 2019 · ahead by 1.4 points a year when it won, behind by 1.2 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 1.4 points a year in the 30 windows it won and behind by 1.2 in the 16 it lost, so the average across all 46 is +0.5 points. The worst window ended Mar 2023, 2.8 points behind.

65%

lowest in categoryhighest in category

66th percentile · above median of 26 funds · category median 36%

windows measured46windows won30average across every window+0.49 pts a year · median +0.65when ahead, by how much+1.38 pts a year over 30 windowswhen behind, by how much−1.19 pts a year over 16 windowsworst window−2.78 pts a year, ended Mar 2023best window+2.69 pts a year, ended Jun 2025non-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 65% 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 65% 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 1.71% a year more than Direct

₹44,464 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.

1.71 pp a year

costliest in categorycheapest in category

19th percentile · bottom quartile of 28 funds · category median 1.50 pp

on ₹1,00,000 over ten years₹44,464Direct vs Regular, annualised12.0% vs 10.3%measured over6.75 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 49% of the portfolio a year

−0.06 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.

49% a year

costliest in categorycheapest in category

46th percentile · below median of 23 funds · category median 45%

excess return per unit of turnover−0.06 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 37 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.

37 months

lowest in categoryhighest in category

50th percentile · below median of 26 funds · category median 37 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

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

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

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

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

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 0.1 points behind them

640 positions judged, one disclosure at a time · ahead by 12.3 points when it won, behind by 11.8 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 12.3 points in the 309 positions it won and behind by 11.8 in the 331 it lost, so the average across all 640 is −0.1 points. The worst position was INE009A01021 at the Jan 2026 disclosure, 35.9 points behind.

48%

lowest in categoryhighest in category

33th percentile · below median of 23 funds

positions judged640beat the median stock309average across every position−0.10 pts · median −0.40when ahead, by how much+12.31 pts over 309 positionswhen behind, by how much−11.75 pts over 331 positionsworst position−35.89 pts, INE009A01021 at the Jan 2026 disclosurebest position+83.43 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

₹281 Cr, 48th percentile in category

smaller than 52% of the funds in its category (26 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 2.57%

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.

48th percentile by AUM

largestsmallest

52th percentile · above median of 26 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.57% / 1.35% · category median 2.18%AUM, Jun 2023 → Jun 2026₹283 Cr → ₹281 Cr (−0% a year)

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

27 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.63% in Dec 2019 → 2.57% 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 6.8 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

No signal. About 20% 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 Retirement Fund - Dynamic Plan - Direct Growth	growth	₹21.59	21 Sep 2026
direct Axis Retirement Fund - Dynamic Plan - Direct Plan - IDCW	idcw	₹19.69	21 Sep 2026
regular Axis Retirement Fund - Dynamic Plan - Regular Growth	growth	₹19.44	21 Sep 2026
regular Axis Retirement Fund - Dynamic Plan - Regular Plan - IDCW	idcw	₹17.92	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹21.59
Regular growth NAV: ₹19.44
NAV divergence to date: 11.1% — same portfolio, priced differently
Regular costs more by: 1.71% a year
On ₹1,00,000 over ten years: ₹44,464

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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