Axis · Sectoral/ Thematic

Axis India Manufacturing Fund

Equity Scheme - Sectoral/ Thematic Direct plan, growth launched 1 Dec 2023 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹16.82

+0.30% since 18 Sep 2026, the previous NAV

1 year

14.8%

return

3 years

not enough history

5 years

not enough history

Since launch

20.4%

a year, over 2.7 years

Assets (AUM)

₹5,227 Cr

Jun 2026 AMFI quarterly average

Expense ratio, Direct / Regular

0.93% / 2.12%

a year, as of Jun 2026

Holdings

top ten are 31% of the fund · Aug 2026

Disclosed history

2.8 yrs

Dec 2023 – Aug 2026 · 3 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 1.63% a year more than Direct

₹78,296 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 3.1 bp from its disclosed portfolio, but the replication is noisy

12 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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

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 21 Sep 2026

Month-end NAV, indexed to 100 at Dec 2023

34 month-ends · ₹10.21 → ₹16.82, 1.6× since Dec 2023

Deepest fall (max drawdown)

−23.0%

27 Sep 2024 → 28 Feb 2025

Worst month

−9.9%

Feb 2025

Days to recover

425

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 · 77 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	Mahindra & Mahindra Limited equity	Automobiles	5.13%	Dec 2023	2.8 yrs	+0.07%
2	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	3.77%	Dec 2023	2.8 yrs	+0.17%
3	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	3.47%	Apr 2024	2.4 yrs	+0.82%
4	Bharat Electronics Limited equity	Aerospace & Defense	3.01%	Dec 2023	2.8 yrs	-1.10%
5	Sona BLW Precision Forgings Limited equity	Auto Components	3.01%	Dec 2023	2.8 yrs	+0.46%
6	Reliance Industries Limited equity	Petroleum Products	2.89%	Dec 2023	2.8 yrs	-0.88%
7	TVS Motor Company Limited equity	Automobiles	2.84%	Dec 2023	2.8 yrs	+1.18%
8	Bharat Heavy Electricals Limited equity	Electrical Equipment	2.53%	Jun 2025	1.3 yrs	0.00%
9	Cummins India Limited equity	Industrial Products	2.45%	Dec 2023	2.8 yrs	-0.61%
10	Hindalco Industries Limited equity	Non - Ferrous Metals	2.33%	Dec 2023	2.8 yrs	-1.31%
11	Ather Energy Limited equity	Automobiles	2.28%	Jul 2025	1.2 yrs	+1.10%
12	Samvardhana Motherson International Limited equity	Auto Components	2.26%	Mar 2024	2.5 yrs	+0.06%
13	Craftsman Automation Limited equity	Auto Components	2.17%	Dec 2023	2.8 yrs	+0.28%
14	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	2.13%	Dec 2023	2.8 yrs	+0.93%
15	GE Vernova T&D India Limited equity	Electrical Equipment	2.13%	Sep 2024	2.0 yrs	-0.46%
16	Maruti Suzuki India Limited equity	Automobiles	2.12%	Jan 2024	2.7 yrs	-0.30%
17	Apar Industries Limited equity	Electrical Equipment	2.05%	Jun 2025	1.3 yrs	+0.35%
18	TD Power Systems Limited equity	Electrical Equipment	1.86%	Aug 2026	1 mo	+1.86%
19	Sansera Engineering Limited equity	Auto Components	1.83%	Dec 2023	2.8 yrs	+0.34%
20	Tata Steel Limited equity	Ferrous Metals	1.69%	Dec 2023	2.8 yrs	-1.32%
21	Hindustan Aeronautics Limited equity	Aerospace & Defense	1.67%	Jan 2024	2.7 yrs	-0.04%
22	Bajaj Auto Limited equity	Automobiles	1.67%	Dec 2023	2.8 yrs	+0.27%
23	Hyundai Motor India Ltd equity	Automobiles	1.65%	Oct 2024	1.9 yrs	+0.50%
24	Welspun Corp Limited equity	Industrial Products	1.50%	Jun 2025	1.3 yrs	+0.60%
25	Bharat Forge Limited equity	Auto Components	1.47%	Dec 2023	2.8 yrs	-0.16%
26	Solar Industries India Limited equity	Chemicals & Petrochemicals	1.46%	Dec 2023	2.8 yrs	-0.45%
27	Minda Corporation Limited equity	Auto Components	1.38%	Dec 2023	2.8 yrs	+0.07%
28	UltraTech Cement Limited equity	Cement & Cement Products	1.37%	Dec 2023	2.8 yrs	-0.12%
29	Premier Energies Limited equity	Electrical Equipment	1.36%	Aug 2024	2.1 yrs	-0.15%
30	Dixon Technologies (India) Limited equity	Consumer Durables	1.35%	Dec 2023	2.8 yrs	+0.99%
31	Happy Forgings Limited equity	Industrial Products	1.33%	Dec 2023	2.8 yrs	+0.52%
32	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	1.33%	Apr 2026	5 mo	+0.96%
33	JSW Steel Limited equity	Ferrous Metals	1.27%	Feb 2025	1.6 yrs	-0.62%
34	CG Power and Industrial Solutions Limited equity	Electrical Equipment	1.25%	Dec 2023	2.8 yrs	-0.02%
35	Amber Enterprises India Limited equity	Consumer Durables	1.18%	Apr 2026	5 mo	+0.30%
36	Clearing Corporation of India Ltd money market	—	1.17%	Dec 2023	2.8 yrs	-1.32%
37	Pidilite Industries Limited equity	Chemicals & Petrochemicals	1.14%	Dec 2023	2.8 yrs	-0.05%
38	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.12%	Jul 2025	1.2 yrs	+0.02%
39	Jindal Steel Limited equity	Ferrous Metals	1.06%	Dec 2023	2.8 yrs	-0.14%
40	Schaeffler India Limited equity	Auto Components	1.05%	Dec 2023	2.8 yrs	-0.12%
41	Bharat Petroleum Corporation Limited equity	Petroleum Products	1.04%	Feb 2024	2.6 yrs	-0.19%
42	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.98%	Jun 2026	3 mo	+0.98%
43	Sai Life Sciences Limited equity	Pharmaceuticals & Biotechnology	0.98%	Dec 2024	1.8 yrs	+0.68%
44	Indo-MIM Limited equity	Industrial Manufacturing	0.96%	Jul 2026	2 mo	+0.96%
45	ABB India Limited equity	Electrical Equipment	0.96%	Dec 2023	2.8 yrs	+0.52%
46	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	0.92%	Nov 2025	10 mo	+0.04%
47	Syrma SGS Technology Limited equity	Industrial Manufacturing	0.85%	Oct 2025	11 mo	+0.06%
48	Voltas Limited equity	Consumer Durables	0.85%	Dec 2023	2.8 yrs	+0.38%
49	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.83%	Jul 2026	2 mo	+0.83%
50	Carborundum Universal Limited equity	Industrial Products	0.83%	Dec 2023	2.8 yrs	+0.13%
51	KEI Industries Limited equity	Industrial Products	0.79%	Dec 2023	2.8 yrs	+0.21%
52	Blue Star Limited equity	Consumer Durables	0.77%	Jun 2025	1.3 yrs	-0.31%
53	Tenneco Clean Air India Limited equity	Auto Components	0.73%	Nov 2025	10 mo	-0.16%
54	Dhoot Transmission Ltd equity	Auto Components	0.73%	Aug 2026	1 mo	+0.73%
55	Azad Engineering Ltd equity	Electrical Equipment	0.70%	Jul 2026	2 mo	+0.70%
56	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	0.68%	Aug 2026	1 mo	+0.68%
57	Bosch Limited equity	Auto Components	0.64%	Jul 2025	1.2 yrs	-0.18%
58	Radico Khaitan Limited equity	Beverages	0.62%	Apr 2026	5 mo	+0.09%
59	Triveni Turbine Limited equity	Electrical Equipment	0.55%	Feb 2024	2.6 yrs	-0.17%
60	Piramal Pharma Limited equity	Pharmaceuticals & Biotechnology	0.54%	Jul 2026	2 mo	+0.54%
61	SRF Limited equity	Chemicals & Petrochemicals	0.51%	Dec 2025	9 mo	-0.08%
62	PG Electroplast Limited equity	Consumer Durables	0.48%	Jul 2026	2 mo	+0.48%
63	Kirloskar Oil Engines Limited equity	Industrial Products	0.46%	May 2026	4 mo	+0.32%
64	Cyient Dlm Ltd equity	Aerospace & Defense	0.45%	Aug 2026	1 mo	+0.45%
65	K.P.R. Mill Limited equity	Textiles & Apparels	0.45%	May 2025	1.3 yrs	-0.03%
66	Supreme Industries Limited equity	Industrial Products	0.45%	Jan 2026	8 mo	-0.25%
67	Avalon Technologies Limited equity	Electrical Equipment	0.43%	Sep 2025	1.0 yrs	-0.08%
68	MTAR Technologies Limited equity	Electrical Equipment	0.33%	May 2026	4 mo	+0.11%
69	PI Industries Limited equity	Fertilizers & Agrochemicals	0.33%	Dec 2023	2.8 yrs	-0.09%
70	Grindwell Norton Limited equity	Industrial Products	0.32%	Dec 2023	2.8 yrs	-0.13%
71	Aether Industries Limited equity	Chemicals & Petrochemicals	0.29%	Aug 2026	1 mo	+0.29%
72	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.27%	Mar 2026	6 mo	+0.02%
73	Voltamp Transformers Limited equity	Electrical Equipment	0.24%	Jun 2026	3 mo	+0.24%
74	Aditya Infotech Limited equity	Industrial Manufacturing	0.13%	Aug 2026	1 mo	+0.13%
75	Asian Paints Limited equity	Consumer Durables	0.09%	May 2026	4 mo	-0.41%
76	6% TVS Motor Co Non Conv Rede Pref Shares 01SEP26 ** corporate bond	—	0.03%	Aug 2025	1.1 yrs	0.00%
77	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.03%	Dec 2023	2.8 yrs	+0.21%

Showing 1–77 of 77 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Automobiles15.7% · 15.3%

Auto Components15.3% · 9.6%

Pharmaceuticals & Biotechnology15.0% · 14.1%

Electrical Equipment14.4% · 13.0%

Industrial Products8.1% · 6.5%

Aerospace & Defense5.1% · 4.9%

Consumer Durables4.7% · 4.5%

Ferrous Metals4.0% · 5.2%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap43.8%

Mid cap31.9%

Small / micro cap23.0%

Cash & equivalents1.2%

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 44%
Mid cap 32%
Small / micro 23%
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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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 it is measured, and the case against

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

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

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

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.63% a year more than Direct

₹78,296 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.

1.63 pp a year

costliest in categorycheapest in category

32th percentile · below median of 226 funds · category median 1.46 pp

on ₹1,00,000 over ten years₹78,296Direct vs Regular, annualised19.9% vs 18.3%measured over2.75 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 94% of the portfolio a year

+0.11 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.

94% a year

costliest in categorycheapest in category

42th percentile · below median of 214 funds · category median 83%

excess return per unit of turnover+0.11 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 33 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.

33 months

lowest in categoryhighest in category

64th 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.

P3 Hit rate of the top ten

6 of 10 top picks beat their peers over the next 6 months, and averaged 5.8 points ahead of them

270 positions judged, one disclosure at a time · ahead by 17.4 points when it won, behind by 11.0 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 17.4 points in the 160 positions it won and behind by 11.0 in the 110 it lost, so the average across all 270 is +5.8 points. The worst position was INE003A01024 at the Nov 2024 disclosure, 51.0 points behind.

59%

lowest in categoryhighest in category

85th percentile · top quartile of 209 funds

positions judged270beat the median stock160average across every position+5.84 pts · median +4.41when ahead, by how much+17.37 pts over 160 positionswhen behind, by how much−11.04 pts over 110 positionsworst position−51.03 pts, INE003A01024 at the Nov 2024 disclosurebest position+57.23 pts, INE200A01026 at the Oct 2025 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

₹5,227 Cr, 89th percentile in category; 96% of growth came from inflows

smaller than 11% of the funds in its category (216 funds) · AUM Dec 2023 → Jun 2026 · Regular plan expense ratio 2.08%

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.

89th percentile by AUM

largestsmallest

11th percentile · bottom quartile of 216 funds

median holding weight, trendrisingexpense ratio, Regular / Direct2.08% / 0.92% · category median 2.38%AUM, Dec 2023 → Jun 2026₹377 Cr → ₹5,227 Cr (+186% a year)of that change, from flows rather than returns96% net inflows · NAV +54% over the window

Assets under management, ₹ crore, Dec 2023 – Jun 2026

11 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.84% in Dec 2023 → 2.08% 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 2.8 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 3.1 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

−3.1 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

12noisy

31 Jul 2026 +16 bp · 3 Jul 2026 +10 bp · 11 Aug 2026 +9.5 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 42 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 India Manufacturing Fund - Direct Plan - Growth	growth	₹16.82	21 Sep 2026
direct Axis India Manufacturing Fund - Direct Plan - IDCW	idcw	₹16.82	21 Sep 2026
regular Axis India Manufacturing Fund - Regular Plan - Growth	growth	₹16.20	21 Sep 2026
regular Axis India Manufacturing Fund - Regular Plan - IDCW	idcw	₹16.20	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹16.82
Regular growth NAV: ₹16.20
NAV divergence to date: 3.8% — same portfolio, priced differently
Regular costs more by: 1.63% a year
On ₹1,00,000 over ten years: ₹78,296

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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