Axis · Multi Cap

Axis Multicap Fund

Equity Scheme - Multi Cap Fund Direct plan, growth launched 26 Nov 2021 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹20.98

+0.05% since 18 Sep 2026, the previous NAV

1 year

9.8%

return

3 years

20.0%

a year

5 years

not enough history

Since launch

16.8%

a year, over 4.7 years

Assets (AUM)

₹9,775 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

1.13% / 2.06%

a year, as of Jun 2026

Holdings

114

top ten are 23% of the fund · Aug 2026

Disclosed history

5.2 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 1.45% a year more than Direct

₹55,121 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 sits 0.1 bp from its disclosed portfolio, but the replication is noisy

5 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 100% of three-year stretches, and averaged +3.4 points a year across all of them

22 rolling windows since 2021 · ahead by 3.4 points a year when it won — and never lost one. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

headline and record disagree 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 2021

58 month-ends · ₹10.07 → ₹20.98, 2.1× since Dec 2021

Deepest fall (max drawdown)

−18.1%

26 Sep 2024 → 28 Feb 2025

Worst month

−10.3%

Mar 2026

Days to recover

243

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 · 114 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	3.57%	Dec 2019	6.8 yrs	+0.10%
2	HDFC Bank Limited equity	Banks	2.72%	Dec 2019	6.8 yrs	-0.79%
3	Sona BLW Precision Forgings Limited equity	Auto Components	2.48%	May 2022	4.3 yrs	+0.50%
4	Shriram Finance Limited equity	Finance	2.40%	Oct 2025	11 mo	-0.07%
5	Ather Energy Limited equity	Automobiles	2.14%	Jul 2025	1.2 yrs	+0.92%
6	Eternal Limited equity	Retailing	2.13%	Aug 2023	3.1 yrs	+0.75%
7	Welspun Corp Limited equity	Industrial Products	2.07%	Jul 2025	1.2 yrs	+0.55%
8	Apar Industries Limited equity	Electrical Equipment	2.07%	Feb 2024	2.6 yrs	+0.33%
9	Multi Commodity Exchange of India Limited equity	Capital Markets	2.03%	Jan 2026	8 mo	+0.42%
10	TD Power Systems Limited equity	Electrical Equipment	1.70%	Aug 2026	1 mo	+1.70%
11	Craftsman Automation Limited equity	Auto Components	1.67%	May 2022	4.3 yrs	+0.08%
12	Minda Corporation Limited equity	Auto Components	1.62%	Jan 2022	4.7 yrs	-0.18%
13	Sansera Engineering Limited equity	Auto Components	1.57%	Apr 2022	4.4 yrs	+0.02%
14	Axis Bank Limited equity	Banks	1.54%	Mar 2026	6 mo	+0.10%
15	Mahindra & Mahindra Limited equity	Automobiles	1.53%	May 2022	4.3 yrs	+0.05%
16	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.51%	Dec 2023	2.8 yrs	+1.04%
17	GE Vernova T&D India Limited equity	Electrical Equipment	1.51%	Sep 2024	2.0 yrs	-0.23%
18	Larsen & Toubro Limited equity	Construction	1.46%	Dec 2021	4.8 yrs	-0.54%
19	Fortis Healthcare Limited equity	Healthcare Services	1.44%	Apr 2022	4.4 yrs	-0.40%
20	Bharti Airtel Limited equity	Telecom - Services	1.44%	Dec 2023	2.8 yrs	-0.31%
21	Clearing Corporation of India Ltd money market	—	1.44%	Dec 2019	6.8 yrs	-2.21%
22	RBL Bank Limited equity	Banks	1.43%	Jul 2025	1.2 yrs	-0.13%
23	State Bank of India equity	Banks	1.33%	Jan 2022	4.7 yrs	-0.13%
24	Radico Khaitan Limited equity	Beverages	1.26%	Apr 2026	5 mo	+0.71%
25	Sai Life Sciences Limited equity	Pharmaceuticals & Biotechnology	1.25%	Dec 2024	1.8 yrs	+0.42%
26	PB Fintech Limited equity	Financial Technology (Fintech)	1.24%	May 2024	2.3 yrs	+0.15%
27	Bajaj Finance Limited equity	Finance	1.22%	Jun 2025	1.3 yrs	+0.14%
28	Reliance Industries Limited equity	Petroleum Products	1.20%	Jan 2024	2.7 yrs	-0.54%
29	Bharat Heavy Electricals Limited equity	Electrical Equipment	1.17%	May 2025	1.3 yrs	-0.39%
30	The Federal Bank Limited equity	Banks	1.16%	Nov 2024	1.8 yrs	+0.21%
31	Karur Vysya Bank Limited equity	Banks	1.15%	Jan 2025	1.7 yrs	0.00%
32	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.14%	Jun 2024	2.3 yrs	+0.27%
33	Premier Energies Limited equity	Electrical Equipment	1.11%	Aug 2024	2.1 yrs	-0.15%
34	Samvardhana Motherson International Limited equity	Auto Components	1.04%	Sep 2024	2.0 yrs	-0.15%
35	TVS Motor Company Limited equity	Automobiles	1.02%	Jun 2022	4.3 yrs	+0.35%
36	InterGlobe Aviation Limited equity	Transport Services	1.01%	Mar 2024	2.5 yrs	+0.08%
37	Apollo Hospitals Enterprise Limited equity	Healthcare Services	0.99%	Aug 2025	1.1 yrs	0.00%
38	PNB Housing Finance Limited equity	Finance	0.99%	Jun 2024	2.3 yrs	+0.02%
39	Hyundai Motor India Ltd equity	Automobiles	0.96%	Aug 2025	1.1 yrs	+0.33%
40	FSN E-Commerce Ventures Limited equity	Retailing	0.95%	Jun 2026	3 mo	+0.95%
41	Coforge Limited equity	IT - Software	0.91%	Jun 2025	1.3 yrs	+0.20%
42	Amber Enterprises India Limited equity	Consumer Durables	0.91%	Apr 2026	5 mo	+0.10%
43	IndusInd Bank Limited equity	Banks	0.90%	Jan 2026	8 mo	-0.37%
44	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	0.89%	Dec 2025	9 mo	+0.12%
45	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.88%	Feb 2022	4.6 yrs	+0.12%
46	Indo-MIM Limited equity	Industrial Manufacturing	0.88%	Jul 2026	2 mo	+0.88%
47	One 97 Communications Limited equity	Financial Technology (Fintech)	0.88%	Aug 2026	1 mo	+0.88%
48	City Union Bank Limited equity	Banks	0.87%	Nov 2025	10 mo	+0.04%
49	Lenskart Solutions Limited equity	Retailing	0.84%	Jul 2026	2 mo	+0.84%
50	Titan Company Limited equity	Consumer Durables	0.82%	Dec 2024	1.8 yrs	+0.12%
51	NTPC Limited equity	Power	0.81%	Sep 2023	3.0 yrs	-0.52%
52	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.81%	Jul 2026	2 mo	+0.31%
53	Tech Mahindra Limited equity	IT - Software	0.81%	Apr 2025	1.4 yrs	+0.32%
54	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.80%	Jul 2025	1.2 yrs	+0.30%
55	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.79%	Jan 2024	2.7 yrs	-0.28%
56	Indus Towers Limited equity	Telecom - Services	0.75%	Nov 2025	10 mo	-0.28%
57	Ujjivan Small Finance Bank Limited equity	Banks	0.74%	Jan 2026	8 mo	+0.18%
58	Dixon Technologies (India) Limited equity	Consumer Durables	0.73%	Jul 2026	2 mo	+0.66%
59	Dhoot Transmission Ltd equity	Auto Components	0.71%	Aug 2026	1 mo	+0.71%
60	UltraTech Cement Limited equity	Cement & Cement Products	0.71%	Jan 2022	4.7 yrs	-0.15%
61	Bharat Electronics Limited equity	Aerospace & Defense	0.70%	Dec 2023	2.8 yrs	-0.37%
62	Solar Industries India Limited equity	Chemicals & Petrochemicals	0.68%	Jun 2023	3.3 yrs	-0.67%
63	Marico Limited equity	Agricultural Food & other Products	0.68%	May 2026	4 mo	+0.17%
64	Delhivery Limited equity	Transport Services	0.63%	Jun 2025	1.3 yrs	-0.13%
65	Swiggy Limited equity	Retailing	0.63%	Jul 2026	2 mo	+0.63%
66	Cummins India Limited equity	Industrial Products	0.59%	Aug 2025	1.1 yrs	-0.17%
67	The Phoenix Mills Limited equity	Realty	0.59%	Feb 2022	4.6 yrs	+0.07%
68	Global Health Limited equity	Healthcare Services	0.58%	Aug 2026	1 mo	+0.58%
69	MTAR Technologies Limited equity	Electrical Equipment	0.56%	May 2026	4 mo	-0.01%
70	Vijaya Diagnostic Centre Limited equity	Healthcare Services	0.54%	Jan 2025	1.7 yrs	-0.02%
71	Berger Paints (I) Limited equity	Consumer Durables	0.54%	Sep 2024	2.0 yrs	-0.11%
72	BSE Limited equity	Capital Markets	0.53%	Mar 2026	6 mo	-0.76%
73	Mphasis Limited equity	IT - Software	0.53%	Dec 2021	4.8 yrs	-0.02%
74	Azad Engineering Ltd equity	Electrical Equipment	0.53%	Jul 2026	2 mo	+0.53%
75	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.52%	Nov 2023	2.8 yrs	-0.04%
76	Healthcare Global Enterprises Limited equity	Healthcare Services	0.50%	Aug 2026	1 mo	+0.50%
77	The Karnataka Bank Limited equity	Banks	0.49%	Aug 2026	1 mo	+0.49%
78	Billionbrains Garage Ventures Ltd equity	Capital Markets	0.48%	May 2026	4 mo	+0.01%
79	Doms Industries Limited equity	Household Products	0.48%	Dec 2024	1.8 yrs	-0.09%
80	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.48%	Mar 2025	1.5 yrs	-0.03%
81	United Spirits Limited equity	Beverages	0.46%	Jul 2026	2 mo	+0.46%
82	Jindal Steel Limited equity	Ferrous Metals	0.45%	Apr 2024	2.4 yrs	-0.10%
83	Blue Star Limited equity	Consumer Durables	0.42%	Dec 2021	4.8 yrs	-0.23%
84	KFin Technologies Limited equity	Capital Markets	0.42%	Jun 2025	1.3 yrs	-0.03%
85	CCL Products (India) Limited equity	Agricultural Food & other Products	0.42%	Jan 2022	4.7 yrs	-0.08%
86	Varun Beverages Limited equity	Beverages	0.42%	Sep 2024	2.0 yrs	-0.77%
87	Meesho Ltd equity	Retailing	0.40%	Aug 2026	1 mo	+0.40%
88	Sagility Limited equity	IT - Services	0.39%	Sep 2025	1.0 yrs	-0.02%
89	KEI Industries Limited equity	Industrial Products	0.39%	Dec 2023	2.8 yrs	-0.04%
90	Schaeffler India Limited equity	Auto Components	0.38%	Apr 2024	2.4 yrs	-0.10%
91	K.P.R. Mill Limited equity	Textiles & Apparels	0.37%	May 2025	1.3 yrs	0.00%
92	Triveni Turbine Limited equity	Electrical Equipment	0.37%	May 2026	4 mo	-0.21%
93	Carborundum Universal Limited equity	Industrial Products	0.37%	May 2026	4 mo	+0.01%
94	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	0.37%	Sep 2024	2.0 yrs	-0.07%
95	Vishal Mega Mart Limited equity	Retailing	0.36%	Dec 2024	1.8 yrs	-0.12%
96	Firstsource Solutions Limited equity	Commercial Services & Supplies	0.36%	Mar 2024	2.5 yrs	-0.18%
97	Tenneco Clean Air India Limited equity	Auto Components	0.35%	Nov 2025	10 mo	-0.12%
98	Piramal Pharma Limited equity	Pharmaceuticals & Biotechnology	0.34%	Jul 2026	2 mo	+0.34%
99	Rainbow Childrens Medicare Limited equity	Healthcare Services	0.33%	Apr 2022	4.4 yrs	-0.06%
100	Kirloskar Oil Engines Limited equity	Industrial Products	0.33%	Jul 2026	2 mo	+0.33%
101	Infosys Limited equity	IT - Software	0.32%	Dec 2019	6.8 yrs	-0.08%
102	Capillary Technologies India Limited equity	IT - Software	0.32%	Nov 2025	10 mo	-0.08%
103	Jubilant Foodworks Limited equity	Leisure Services	0.29%	Jun 2024	2.3 yrs	-0.01%
104	Brigade Enterprises Limited equity	Realty	0.28%	Dec 2021	4.8 yrs	+0.03%
105	Cyient Limited equity	IT - Services	0.28%	Aug 2026	1 mo	+0.28%
106	HCL Technologies Limited equity	IT - Software	0.27%	Jul 2026	2 mo	+0.27%
107	Birlasoft Limited equity	IT - Software	0.27%	Nov 2025	10 mo	-0.09%
108	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.27%	Aug 2026	1 mo	+0.27%
109	Travel Food Services Limited equity	Leisure Services	0.25%	May 2026	4 mo	+0.14%
110	Rategain Travel Technologies Limited equity	IT - Software	0.21%	Apr 2026	5 mo	-0.32%
111	Persistent Systems Limited equity	IT - Software	0.08%	Mar 2024	2.5 yrs	-0.27%
112	Awfis Space Solutions Limited equity	Commercial Services & Supplies	0.04%	Jul 2024	2.2 yrs	-0.29%
113	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.02%	Dec 2019	6.8 yrs	+0.49%
114	6% TVS Motor Co Non Conv Rede Pref Shares 01SEP26 ** corporate bond	—	0.01%	Aug 2025	1.1 yrs	0.00%

Showing 1–114 of 114 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks15.9% · 15.4%

Auto Components9.8% · 6.4%

Electrical Equipment9.5% · 7.0%

Pharmaceuticals & Biotechnology7.5% · 6.7%

Automobiles5.7% · 3.9%

Finance5.5%

Retailing5.3% · 4.7%

Healthcare Services4.8% · 5.5%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap35.7%

Mid cap33.4%

Small / micro cap29.1%

Cash & equivalents1.5%

Not classified0.3%

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 36%
Mid cap 33%
Small / micro 29%
Cash & other 1%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date headline and record disagree

Beat its category in 100% of three-year stretches, and averaged +3.4 points a year across all of them

22 rolling windows since 2021 · ahead by 3.4 points a year when it won — and never lost one

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. It did not lose one of the 22, so the average across all of them is the average win, +3.4 points.

100%

lowest in categoryhighest in category

95th percentile · top decile of 22 funds · category median 49%

windows measured22windows won22average across every window+3.35 pts a year · median +3.29when ahead, by how much+3.35 pts a year over 22 windowsworst window+2.04 pts a year, ended Feb 2025best window+4.89 pts a year, ended Sep 2026non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 22 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.

A modest five-year number over a record that beat its category 100% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 100% of them, which points the opposite way to the headline figure. A single end date decided that headline.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests.

P5 Cost, measured

Regular plan costs 1.45% a year more than Direct

₹55,121 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.

1.45 pp a year

costliest in categorycheapest in category

72th percentile · above median of 32 funds · category median 1.58 pp

on ₹1,00,000 over ten years₹55,121Direct vs Regular, annualised16.7% vs 15.3%measured over4.75 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 96% of the portfolio a year

+0.04 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.

96% a year

costliest in categorycheapest in category

48th percentile · below median of 28 funds · category median 94%

excess return per unit of turnover+0.04 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 23 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.

23 months

lowest in categoryhighest in category

50th percentile · above median of 28 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.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 2.8 points ahead of them

560 positions judged, one disclosure at a time · ahead by 18.0 points when it won, behind by 13.8 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 18.0 points in the 292 positions it won and behind by 13.8 in the 268 it lost, so the average across all 560 is +2.8 points. The worst position was INE836A01035 at the Jan 2024 disclosure, 43.1 points behind.

52%

lowest in categoryhighest in category

49th percentile · below median of 28 funds

positions judged560beat the median stock292average across every position+2.78 pts · median +1.00when ahead, by how much+18.03 pts over 292 positionswhen behind, by how much−13.83 pts over 268 positionsworst position−43.06 pts, INE836A01035 at the Jan 2024 disclosurebest position+89.62 pts, INE849A01020 at the Oct 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

₹9,775 Cr, 84th percentile in category; 40% of growth came from inflows

smaller than 16% of the funds in its category (28 funds) · AUM Jun 2023 → Jun 2026 · Regular plan expense ratio 1.99%

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.

84th percentile by AUM

largestsmallest

16th percentile · bottom quartile of 28 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.99% / 1.01% · category median 2.22%AUM, Jun 2023 → Jun 2026₹4,330 Cr → ₹9,775 Cr (+31% a year)of that change, from flows rather than returns40% net inflows · NAV +75% over the window

Assets under management, ₹ crore, Dec 2021 – Jun 2026

19 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.39% in Jun 2018 → 1.99% 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 4.8 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

NAV sits 0.1 bp from its disclosed portfolio, but the replication is noisy

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

−0.1 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

5noisy

30 Jul 2026 +12 bp · 31 Aug 2026 +12 bp · 9 Jul 2026 +11 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.

Marked noisy: the replication jumped on 40 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Axis Multicap Fund - Direct Growth	growth	₹20.98	21 Sep 2026
direct Axis Multicap Fund - Direct Plan - IDCW	idcw	₹19.95	21 Sep 2026
regular Axis Multicap Fund - Regular Plan - Growth	growth	₹19.77	21 Sep 2026
regular Axis Multicap Fund - Regular Plan - IDCW	idcw	₹18.81	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹20.98
Regular growth NAV: ₹19.77
NAV divergence to date: 6.1% — same portfolio, priced differently
Regular costs more by: 1.45% a year
On ₹1,00,000 over ten years: ₹55,121

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

Compare with

same category, by size

Nippon India Multi Cap Fund Kotak Multi Cap Fund SBI MultiCap Fund HDFC Multi Cap Fund pick any fund…