measured from the disclosures, not quoted from a brochure — each links to how it was done
P5Cost, measured
Regular plan costs 1.40% a year more than Direct
₹50,257 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.
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.
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.
Beat its category in 15% of three-year stretches, and averaged −3.7 points a year across all of them
34 rolling windows since 2020 · ahead by 2.2 points a year when it won, behind by 4.7 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.
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 18 Sep 2026
Month-end NAV, indexed to 100 at Dec 2020
70 month-ends · ₹10.05 → ₹23.53, 2.3× since Dec 2020
Deepest fall (max drawdown)
−19.4%
23 Sep 2024 → 7 Apr 2025
Worst month
−7.2%
Feb 2025
Days to recover
163
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 · 79 lines · when each was first held and the change over the last three disclosures
Showing 11–20 of 79 · page 2 of 8rows per page102550all
Largest sectors, Aug 2026 · grey: a year ago
Retailing19.2% · 10.6%
Financial Technology (Fintech)7.8%
Chemicals & Petrochemicals7.6% · 8.9%
Pharmaceuticals & Biotechnology5.5% · 6.8%
Automobiles5.0% · 7.5%
Auto Components4.6% · 2.7%
Electrical Equipment4.6% · 6.1%
Transport Services3.5%
share of the book05%10%15%20%
By market cap, Aug 2026
Large cap15.8%
Mid cap34.6%
Small / micro cap31.6%
Cash & equivalents1.8%
Not classified1.5%
Other14.6%
share of the book025%50%75%100%
"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.
Composition by market cap, month by month — what the fund actually held against what its label says
Large cap 16%
Mid cap 35%
Small / micro 32%
Cash & other 2%
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.
P4Consistency, not a single end date
Beat its category in 15% of three-year stretches, and averaged −3.7 points a year across all of them
34 rolling windows since 2020 · ahead by 2.2 points a year when it won, behind by 4.7 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 2.2 points a year in the 5 windows it won and behind by 4.7 in the 29 it lost, so the average across all 34 is −3.7 points. The worst window ended Jan 2024, 9.5 points behind.
15%
lowest in categoryhighest in category
16th percentile · bottom quartile of 138 funds · category median 56%
windows measured34windows won5average across every window−3.65 pts a year · median −4.30when ahead, by how much+2.23 pts a year over 5 windowswhen behind, by how much−4.67 pts a year over 29 windowsworst window−9.47 pts a year, ended Jan 2024best window+5.71 pts a year, ended Sep 2026non-overlapping windows in that span1 — the rolling count overlaps, this does not
Thin record. Only 34 rolling windows — under six years of NAV. The share is shown because it was measured; it is a start, not a record, and does not qualify for the home shelf until 36 windows exist.
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.
P5Cost, measured
Regular plan costs 1.40% a year more than Direct
₹50,257 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.
1.40 pp a year
costliest in categorycheapest in category
55th percentile · above median of 226 funds · category median 1.46 pp
on ₹1,00,000 over ten years₹50,257Direct vs Regular, annualised15.9% vs 14.6%measured over5.75 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.
P1Churn, and what it bought
Turns over 79% of the portfolio a year
+0.13 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.
79% a year
costliest in categorycheapest in category
55th percentile · above median of 214 funds · category median 83%
excess return per unit of turnover+0.13 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.
P2Conviction or inertia
Typical top-10 holding kept 31 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.
31 months
lowest in categoryhighest in category
61th percentile · above median of 215 funds · category median 23 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.
P3Hit rate of the top ten
5 of 10 top picks beat their peers over the next 6 months, yet averaged 0.9 points ahead of them
580 positions judged, one disclosure at a time · ahead by 16.7 points when it won, behind by 13.2 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. It lost more positions than it won, but the wins were bigger. Ahead by 16.7 points in the 273 positions it won and behind by 13.2 in the 307 it lost, so the average across all 580 is +0.9 points. The worst position was INE003A01024 at the Jan 2025 disclosure, 52.3 points behind. The typical position was −0.9 points, far from the average, so a few positions are carrying it. Counting positions makes this fund look worse than the arithmetic does.
47%
lowest in categoryhighest in category
19th percentile · bottom quartile of 209 funds
positions judged580beat the median stock273average across every position+0.93 pts · median −0.95when ahead, by how much+16.74 pts over 273 positionswhen behind, by how much−13.16 pts over 307 positionsworst position−52.30 pts, INE003A01024 at the Jan 2025 disclosurebest position+84.13 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.
P6Size against edge
₹1,160 Cr, 51st percentile in category; 474% of growth came from outflows
smaller than 49% of the funds in its category (216 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 2.28%
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.
51th percentile by AUM
largestsmallest
49th percentile · below median of 216 funds
median holding weight, trendrisingexpense ratio, Regular / Direct2.28% / 1.33% · category median 2.38%AUM, Jun 2023 → Jun 2026₹1,363 Cr → ₹1,160 Cr (−5% a year)of that change, from flows rather than returns474% net outflows · NAV +56% over the window
Assets under management, ₹ crore, Dec 2020 – Jun 2026
23 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.04% in Dec 2020 → 2.28% 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.
P7Whose record is thisheadline 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 5.8 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. 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 Innovation Fund - Direct Plan - Growth Option
growth
₹23.53
18 Sep 2026
direct Axis Innovation Fund - Direct Plan - IDCW
idcw
₹19.70
18 Sep 2026
regular Axis Innovation Fund - Regular Plan - Growth Option
growth
₹21.92
18 Sep 2026
regular Axis Innovation Fund - Regular Plan - IDCW
idcw
₹18.35
18 Sep 2026
The Direct / Regular gap, in rupees
Direct growth NAV
₹23.53
Regular growth NAV
₹21.92
NAV divergence to date
7.3% — same portfolio, priced differently
Regular costs more by
1.40% a year
On ₹1,00,000 over ten years
₹50,257
A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.