Why these four
Of the 21 value funds with a three-year record, these four returned the most: Quant Value, Axis Value, LIC MF Value and HDFC Value. ₹1 lakh put into Quant Value three years ago is worth about ₹1.71 lakh today, and about ₹1.52 lakh in HDFC Value, against ₹1.38 lakh at the category median.
A value fund must follow a value strategy and keep at least 80% in equity; the guide to value and growth investing covers what that means. Under the same label, these four run very different portfolios. Every figure is for the Direct plan, Growth option, from NAVs to Friday 9 October 2026.
Returns
| Fund | 1 year | 3 years | 5 years | 10 years |
|---|---|---|---|---|
| Quant Value | 10.28% | 19.62% | – | – |
| Axis Value | 4.08% | 17.22% | 14.85% | – |
| LIC MF Value | 17.71% | 16.61% | – | – |
| HDFC Value | 2.56% | 14.90% | 12.48% | 13.71% |
| Category median | −3.03% | 11.27% | 11.58% |
Returns of a year or more are compounded annual rates. Quant Value launched in November 2021 and Axis Value in September 2021. LIC MF Value's Scheme Summary Document gives an allotment date of August 2018, but the NAV record we hold for this plan starts on 31 July 2023, so no five-year figure is shown.
Three of the four clear the 15% three-year bar in the Value with an edge screen; HDFC Value misses it by a tenth of a point. All four beat the median value fund over one year, which lost money.
| Year | HDFC | Axis | Quant | LIC MF |
|---|---|---|---|---|
| 2022 | 4.58% | 0.48% | 17.29% | |
| 2023 | 30.73% | 42.11% | 39.00% | |
| 2024 | 21.73% | 29.70% | 25.90% | 30.38% |
| 2025 | 9.51% | 6.44% | 1.39% | −5.73% |
| 2026 to 9 Oct | −1.30% | 0.73% | 7.94% | 14.78% |
No fund led every year. HDFC Value, last on three years, had the best 2025. LIC MF Value had the worst 2025 and leads 2026 by a distance, which is most of why its one-year figure is 17.71%.
Risk
| Fund | Volatility | Worst fall | Sharpe | Down capture |
|---|---|---|---|---|
| Quant Value | 18.95% | −24.03% | 0.69 | 102.4% |
| Axis Value | 14.16% | −17.14% | 0.76 | 87.8% |
| LIC MF Value | 17.34% | −25.20% | 0.58 | 99.4% |
| HDFC Value | 13.90% | −18.23% | 0.60 | 91.3% |
| Category median | 14.16% | −17.98% | 0.36 |
All columns cover the last three years. Volatility is the annualised swing in daily returns, the worst fall is the deepest peak-to-trough drop, and Sharpe is return above a 6.5% risk-free rate per unit of volatility. Down capture compares each fund with the Nifty 500 TRI in the months that index fell.
The four split into two pairs. HDFC and Axis moved like the median value fund, with Axis earning more for the same swings: the best Sharpe ratio of the four. HDFC against Axis is a 2.32-point gap on three years with almost identical volatility. Quant and LIC MF were a fifth to a third more volatile and fell about a quarter from a peak. Quant against LIC MF is the pair with the most risk on both sides.
Fees, size and portfolio
| HDFC | Axis | Quant | LIC MF | |
|---|---|---|---|---|
| Direct expense ratio | 1.11% | 0.88% | 0.91% | 1.78% |
| Average AUM, Jul–Sep 2026 | ₹8,030 crore | ₹1,804 crore | ₹1,967 crore | ₹283 crore |
| Stocks held | 81 | 86 | 21 | 50 |
| Top 10 holdings | 30.8% | 29.1% | 61.8% | 35.6% |
| Portfolio P/E | 24.2 | 23.4 | 26.8 | 25.8 |
| Turnover, as reported | 21.4% | 43% | 345% | 194% |
Expense ratios are AMFI's, dated 30 September to 8 October 2026; AUM is AMFI's quarterly average for all plans. Holdings are from each house's disclosure for 30 September 2026, except LIC MF's, which is for 31 August. LIC MF Value is the smallest and the dearest: Axis against LIC MF is a 0.90-point fee gap, about ₹9,000 a year on ₹10 lakh.
Quant Value is the outlier. It held 21 stocks directly, 76.7% of assets, plus a net 10.3% through stock futures, and kept the rest in Treasury bills and cash. Three Adani group companies, led by Adani Enterprises at 9.32%, made up 24.6% of the fund in shares alone. Its reported turnover of 345% means a portfolio that turns over more than three times a year. LIC MF Value put 23.6% in carmakers and auto-component makers, with Tata Motors Passenger Vehicles its largest holding at 6.10%.
HDFC and Axis look alike: ICICI Bank is the largest holding in both, and they share 31 stocks and 46.4% of their portfolios weight for weight. HDFC against Quant shares nothing at all, and Axis against Quant only 3.0%. HDFC against LIC MF overlaps by 15.0%.
One more thing the label hides: on the site's portfolio P/E, a weighted average of the holdings' trailing earnings multiples, all four portfolios are dearer than the Nifty 500 at 21.56. None would pass the Value, by what it holds screen, which asks for a portfolio P/E under 22.
Managers and exit loads
| Fund | Manager | Since | Exit load |
|---|---|---|---|
| Quant Value | Sandeep Tandon, Ankit Pande | November 2021 | 1% within 15 days |
| Axis Value | Nitin Arora | May 2023 | 1% within 12 months on units above 20% |
| LIC MF Value | Mahesh Bendre | July 2024 | 1% within 12 months on units above 12% |
| HDFC Value | Anand Laddha | February 2024 | 0.25% within 1 month |
Managers and loads are from the latest Scheme Summary Document, or the latest SID for Quant. Quant's pair has run the fund since launch, and Nitin Arora the whole three years. At LIC MF and HDFC the record is mixed: about a quarter of LIC MF's three-year window, and about a tenth of HDFC's, came before the current manager. The houses' pages list their other schemes: HDFC, Axis, Quant, LIC.
What this does not tell you
These are the four best three-year records, picked after the fact. LIC MF Value has just over three years of NAV history in our data and Quant Value under five, and a different window would pick different funds.
The portfolios are snapshots of one month, and Quant's in particular changes fast. For how value funds as a group did against flexi caps, see value and contra funds vs flexi caps; for the three contra funds, the contra comparison.
None of this is a recommendation of any fund. Official expense ratios and AUM are published on the AMFI site.
Frequently asked questions
Which value fund has the best 3-year return?
To 9 October 2026, Quant Value Fund's Direct Growth plan returned 19.62% a year over three years, the highest of 21 value funds with a three-year record. Axis Value was second at 17.22%, LIC MF Value third at 16.61% and HDFC Value fourth at 14.90%; the category median was 11.27%.
Is Quant Value Fund riskier than HDFC Value Fund?
On three years of data, yes. Quant Value's annualised volatility was 18.95% and its worst fall 24.03%, against 13.90% and 18.23% for HDFC Value. Quant held 21 stocks with 61.8% in its top ten; HDFC held 81 with 30.8%.
Do HDFC Value and Axis Value hold the same stocks?
Partly. On their 30 September 2026 disclosures they had 31 stocks in common and, weight for weight, shared 46.4% of their equity portfolios. HDFC Value and Quant Value had no stock in common.
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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