The short version
Axis Mutual Fund managed an average of ₹3,82,966 crore in July–September 2026, 4.39% of the industry's ₹87,21,848 crore, which makes it the eighth-largest of 55 fund houses. The figures are AMFI's quarterly averages, which leave out domestic fund-of-funds so money is not counted twice.
Axis, majority-owned by Axis Bank, launched its first scheme in 2009. Equity funds account for about half its assets, ₹1.99 lakh crore on scheme-level figures, and that is where its record is most mixed.
Assets: a fast climb, then a slower stretch
| Quarter | Average AUM (₹ crore) | Rank | Industry share |
|---|---|---|---|
| Jul–Sep 2016 | 47,179 | 11 | 2.93% |
| Jul–Sep 2021 | 2,38,177 | 7 | 6.58% |
| Jul–Sep 2023 | 2,59,795 | 8 | 5.53% |
| Jul–Sep 2025 | 3,51,238 | 8 | 4.55% |
| Jul–Sep 2026 | 3,82,966 | 8 | 4.39% |
Between 2016 and 2021 Axis's assets grew five times over and it climbed from eleventh to seventh. Its share of the industry peaked at 6.77% in January–March 2022. It has grown more slowly than the industry since: over the last five years its assets rose 1.6 times, against 2.4 times for the industry, and in July–September 2023 UTI moved past it into seventh.
Over the last year assets rose 9.0%, against 12.9% for houses that reported in both quarters, and 3.8% in the latest quarter. UTI is now ₹19,371 crore ahead; DSP, ninth, is ₹1.39 lakh crore behind. The league table of fund houses has the rest.
What it runs
Counting each open-ended scheme still publishing a NAV this October once, by its Direct-plan Growth option, Axis has 76 open schemes, plus 10 ETFs, which have no separate Direct plan.
| Kind of scheme | Count |
|---|---|
| Equity: 9 diversified, 8 sectoral or thematic | 17 |
| Index funds | 23 |
| Debt | 14 |
| Fund of funds: 7 domestic, 5 overseas | 12 |
| Hybrid | 6 |
| Retirement and children's funds | 4 |
| ETFs | 10 |
Fifteen of the 76 started in the last two years, ten of them index funds.
Where the money sits
| Scheme | Category | Average AUM, Jul–Sep 2026 (₹ crore) |
|---|---|---|
| Axis Liquid | Liquid | 59,483 |
| Axis Midcap | Mid cap | 34,576 |
| Axis ELSS Tax Saver | ELSS | 32,144 |
| Axis Large Cap | Large cap | 31,015 |
| Axis Small Cap | Small cap | 30,705 |
| Axis Money Market | Money market | 20,440 |
| Axis Large & Mid Cap | Large and mid cap | 16,881 |
| Axis Flexi Cap | Flexi cap | 13,588 |
These are scheme totals across all plans; the eight hold ₹2,38,832 crore, 62% of the house. Its five largest equity funds together hold ₹1,45,321 crore, 38% of Axis's assets on their own. Axis ELSS Tax Saver is the largest ELSS fund in the country, just ahead of SBI's ₹31,724 crore; the ELSS calculator shows what the tax deduction is worth.
The equity funds against their categories
Each fund's three-year CAGR (Direct plan, Growth, to 9 October 2026) is set against the median of every Direct Growth fund in its category with three years of history.
| Fund | Category | 3-year CAGR | Category median | Rank |
|---|---|---|---|---|
| Axis Value | Value | 17.22% | 11.27% | 2 of 21 |
| Axis Multicap | Multi cap | 18.47% | 13.54% | 1 of 22 |
| Axis Flexi Cap | Flexi cap | 12.80% | 11.50% | 15 of 36 |
| Axis Large & Mid Cap | Large and mid cap | 13.60% | 12.49% | 6 of 26 |
| Axis Small Cap | Small cap | 14.77% | 14.88% | 13 of 24 |
| Axis Midcap | Mid cap | 15.72% | 15.88% | 17 of 29 |
| Axis ELSS Tax Saver | ELSS | 9.23% | 10.18% | 24 of 37 |
| Axis Large Cap | Large cap | 7.71% | 9.21% | 24 of 30 |
| Axis Focused | Focused | 8.72% | 11.50% | 22 of 27 |
Four of nine are above their median, which matches our scorecard of fund houses measured to 1 October. Over one year, five of the nine are ahead.
The pattern is in who is where. Axis Multicap is first of 22 multi-cap funds and Axis Value second of 21 value funds, but they are small: ₹11,430 crore and ₹1,804 crore. The four largest equity funds, holding ₹1.28 lakh crore between them, are all below the middle. Two, Small Cap and Midcap, miss by less than a fifth of a point; Large Cap and ELSS Tax Saver trail by 1.51 and 0.95 points a year.
Over five years the gaps are wider. Axis ELSS Tax Saver returned 4.52% a year against a category median of 9.56%, and Axis Large Cap 4.61% against 7.86%.
What it charges
On AMFI's TER file dated 8 October 2026, counting schemes at least a year old, the median Direct-plan expense ratio of Axis's 17 equity funds is 0.93%, against 1.07% for all 528 such equity funds. Its cheapest equity funds are Small Cap at 0.69% and Midcap at 0.80%; Large Cap charges 0.92% and ELSS Tax Saver 1.05%. The dearest are two small thematic funds, Axis Quant at 2.72% and Axis Momentum at 2.21%. Axis Liquid charges 0.13%, and two fund-of-funds show 0.06%, a fee that sits on top of their underlying funds' charges.
What its equity funds own
Across 17 equity funds, on portfolios dated 30 September 2026, the largest holdings by approximate value (each fund's weight times its July–September average assets) are ICICI Bank at ₹9,127 crore in 12 funds, HDFC Bank at ₹6,693 crore and Eternal at ₹5,854 crore. Eternal is also the most widely held, in 13 of the 17. Bajaj Finance, Bharti Airtel and Mahindra & Mahindra follow. Then come Apar Industries, at ₹3,384 crore across ten funds, and Axis Bank, the fund house's majority owner, at ₹3,310 crore across nine.
The managers
Axis's Statement of Additional Information, dated 3 July 2026, names Shreyash Devalkar as head of equity. The scheme documents show him on Axis Midcap and Axis Large Cap since November 2016 and on the ELSS, large and mid cap and multicap funds since 2023. Nitin Arora co-manages the two funds at the top of the table, Value and Multicap, both since May 2023. Sachin Relekar, head of equity research, has run Flexi Cap and Focused since February 2024, and Krishnaa Narayan handles the foreign-securities portion of most of the equity funds.
For several funds the current team arrived in 2023 or 2024, so part of the three-year record predates it.
What this does not tell you
Three years is one market phase, and a fund house's style can trail for years and then lead. Each fund counts once in the category comparison whatever its size. AUM is a quarter's daily average, and costs change; read each scheme's page before deciding anything.
None of this is a recommendation of Axis or any of its schemes. The screener has current figures for every fund.
Frequently asked questions
How big is Axis Mutual Fund?
Axis Mutual Fund's average assets for July–September 2026 were ₹3,82,966 crore, excluding domestic fund-of-funds. That made it the eighth-largest of 55 fund houses, with 4.39% of the industry, and 9.0% bigger than a year earlier.
Which is the largest Axis mutual fund scheme?
Axis Liquid Fund, with average assets of ₹59,483 crore in July–September 2026. The largest equity fund is Axis Midcap at ₹34,576 crore, and Axis ELSS Tax Saver, at ₹32,144 crore, is the largest ELSS fund in India.
How have Axis equity funds performed against their categories?
Of nine diversified Axis equity funds with a three-year record, four were above their category median on three-year return to 9 October 2026. Axis Value (17.22% a year) and Axis Multicap (18.47%) led; the four largest, Midcap, ELSS Tax Saver, Large Cap and Small Cap, were all below.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
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