EquityMulti Cap FundDirectIDCWVery High

Axis Multicap Fund

Q: What is the NAV of Axis Multicap Fund?

As of 01 Oct 2026, the NAV of Axis Multicap Fund is ₹19.17 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Axis Multicap Fund delivered?

Axis Multicap Fund has returned +2.62% over 1 year, +16.38% per year over 3 years and +14.59% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Axis Multicap Fund?

Axis Multicap Fund charges an expense ratio of 1.00% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Axis Multicap Fund?

Axis Multicap Fund's largest holdings are ICICI Bank Limited (3.6%), HDFC Bank Limited (2.7%), Sona BLW Precision Forgings Limited (2.5%), Shriram Finance Limited (2.4%) and Ather Energy Limited (2.1%). Holdings are disclosed monthly and change over time.

Q: How risky is Axis Multicap Fund?

Axis Multicap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.1% and its worst peak-to-trough fall in our sample was -18.1%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.66 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Axis Multicap Fund's 0.66 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Axis Multicap Fund?

Axis Multicap Fund is benchmarked against the Nifty 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages Axis Multicap Fund?

Axis Multicap Fund is managed by Shreyash Devalkar, Hitesh Das and Nitin Arora at Axis.

Q: How is Axis Multicap Fund taxed?

Axis Multicap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Axis Mutual Fund · Best Multi Cap Mutual Funds

NAV

₹19.17

-0.98% 1D

as of 01 Oct 2026

This is the Direct plan of Axis Multicap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is distributed, which is why this NAV sits below the growth plan of the same fund.

Compare SIP calculator

This is the IDCW (dividend) option — it pays its earnings out as dividends rather than reinvesting them, so every payout steps the NAV down and the return figures below leave those payouts out. Your actual return was higher by whatever was distributed. That’s expected for a payout plan, not missing data.

View the Growth plan for compounded returns (+18.29% 3Y CAGR)

Performance

+3.22%CAGR

52-week rangePrev NAV ₹19.36

Latest ₹19.17

Low ₹16.8468th percentile of its 52-week rangeHigh ₹20.28

Scorecard

Not rated

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. Not rated — too few comparable Equity funds (same plan and option) to rank against yet.

Performance—

Not enough Multi Cap Fund peers to rank yet

Risk—

Volatility 15.1% (no category average yet)

Cost—

1.0% expense (no category average yet)

ConsistencyHigh

100% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.00%

Category —

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

32.44

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.66

Category —

Scheme Info

Definitions

Plan

Direct · IDCW

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

If redeemed / switched-out within 12 months,For 10% of investment: Nil For remaining investment: 1%, If redeemed/switched out after 12 months from the date of allotment: Nil

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹100

Nifty 500 Multicap 50:25:25 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

23 Dec 2021

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-4.63%

Absolute return over the last 3 months (not annualized)

-2.84%

Absolute return over the last 6 months (not annualized)

+11.65%

Absolute return since 1 Jan of this year (not annualized)

+0.68%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+2.62%

3-year annualized return (CAGR)

+16.38%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+14.59%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.07%

Excess return per unit of total volatility (rf = 6.5%)

0.66

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.89

Largest peak-to-trough decline over full history

-18.14%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

6.55%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

0.97

How much of the fund's movement Nifty 500 TRI explains

86.8%

Excess return per unit of beta (market risk)

10.62

Active return over the benchmark per unit of tracking error

1.18

Annualized std dev of fund-minus-benchmark returns

6.00%

Fund's share of benchmark gains in up months (100 = matches index)

117.2%

Fund's share of benchmark losses in down months (lower is better)

88.1%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Multi Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-4.63%	—	—
3M abs	-2.84%	—	—
6M abs	+11.65%	—	—
1Y CAGR	+2.62%	—	—
3Y CAGR	+16.38%	—	—
5Y CAGR	—	—	—

Category average across peers in Multi Cap Fund, same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹3.60L

Current value

₹4.00L

Absolute

+11.19%

XIRR

+7.40%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into Axis Multicap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	+0.68%	-7.18%	+7.86%
2025	+2.42%	+7.94%	-5.52%
2024	+33.74%	+16.43%	+17.31%
2023	+38.31%	+27.43%	+10.88%
2022	-0.20%	+4.34%	-4.54%
2021part	+0.60%	—	—

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

1,185

Expense ratio

1.00%

AUM

₹9,775Cr

Portfolio turnover

56%

Exit load

If redeemed / switched-out within 12 months, For 10% of investment: Nil For remaining investment: 1%, If redeemed/switched out after 12 months from the date of allotment: Nil

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

32.4

P/B ratio

5.9

Avg market cap

₹2,22,755Cr

P/E & P/B are portfolio-weighted harmonic means across 98 of 112 equity holdings (87% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Multi Cap Fund

Compare all


Axis Multicap FundThis fund Axis · Direct · IDCW	—	+2.62%	+16.38%	—	—	1.00%	₹9,775Cr
LIC MF Multi Cap Fund LIC · Direct · IDCW	—	+6.19%	+16.79%	—	—	0.78%	₹1,895Cr
Bank of India Multi Cap Fund Bank of India · Direct · IDCW	—	+10.28%	+16.17%	—	—	1.17%	₹1,091Cr
HSBC Multi Cap Fund HSBC · Direct · IDCW	—	+3.13%	+15.58%	—	—	0.79%	₹5,538Cr
Union Multicap Fund Union · Direct · IDCW	—	+7.38%	+13.70%	—	—	1.37%	₹1,340Cr
ITI Multi Cap Fund ITI · Direct · IDCW	—	+7.24%	+13.07%	+11.73%	—	0.85%	₹1,382Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 99% of the equity sleeve priced.

Large cap43.2%
Mid cap33.0%
Small cap23.8%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity98.51%
Cash & Equivalents1.46%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

ICICI Bank Limited

3.57%

HDFC Bank Limited

2.72%

Sona BLW Precision Forgings Limited

2.48%

Shriram Finance Limited

2.40%

Ather Energy Limited

2.14%

Eternal Limited

2.13%

Welspun Corp Limited

2.07%

Apar Industries Limited

2.07%

Multi Commodity Exchange of India Limited

2.03%

TD Power Systems Limited

1.70%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Axis Value Fund Axis · Value Fund	68.5%	★★★★★	0.92%	+16.57%
Axis Large & Mid Cap Fund Axis · Large & Mid Cap Fund	66.8%	★★★★★	0.83%	+13.98%
Canara Robeco Multi Cap Fund Canara Robeco · Multi Cap Fund	49.1%	★★★☆☆	0.67%	+12.83%
Union Large & Midcap Fund Union · Large & Mid Cap Fund	47.2%	★★★☆☆	1.31%	+11.90%
Axis Children's Fund Axis · Childrens' Fund	47.0% of 72% equity	★★★☆☆	1.49%	+7.65%
Edelweiss Balanced Advantage Fund Edelweiss · Dynamic Asset Allocation or Balanced Advantage	46.9% of 83% equity	★★★☆☆	0.81%	+9.82%
Axis ELSS- Tax Saver Fund Axis · ELSS	46.9%	★★★☆☆	1.05%	+9.28%
Axis Retirement Fund - Dynamic Axis · Retirement Fund	46.7% of 80% equity	★★★☆☆	1.34%	+10.75%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

5 holdings — 5.76% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Welspun Corp LimitedLong-term · Stage I2.07%
Sansera Engineering LimitedLong-term · Stage I1.57%
PB Fintech LimitedShort-term · Stage I1.24%
Mtar Technologies LimitedLong-term · Stage IV0.56%
Capillary Technologies India LimitedShort-term · Stage I0.32%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-18.1%26 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 29 Oct 2025 — 8 months under water after the low.
-17.4%17 Jan 2022 → 20 Jun 2022
Fell over 5 months, back to the old high on 12 Sep 2022 — 3 months under water after the low.
-13.4%29 Oct 2025 → 23 Mar 2026
Fell over 5 months, back to the old high on 17 Jun 2026 — 3 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹9,775Cr

April - June 2026

+7%

since January - March 2026

+₹722.73Cr

est. net flow, last quarter

At or near its largest, ₹9,775Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Axis Mutual Fund is run by Axis Asset Management, majority-owned by Axis Bank with the UK's Schroders holding the minority stake. It launched its first scheme in 2009 and grew quickly on a growth-oriented, quality-biased equity style.

Launched

03 Sep 2009

Total AUM

₹3,69,030Cr+2.6% QoQ

Avg AUM · April - June 2026

Website

axismf.com

Fund Managers

SDShreyash DevalkarStart date not disclosed

Role

Head – Equity

Education

Bachelor in Chemical Masters in Management Studies

Experience

Asset August 04, 2023 – Management till date Company Ltd. (Head Equity) Axis Asset Nov. 16, Management 2016 to August 03, Company Ltd. 2023 (Senior Fund Manager - Equity) BNP Paribas Jan. 17, Asset Management 2011 to India Pvt. Ltd. Nov. 15, (Fund Manager) 2016 IDFC Asset July 24, Management 2008 to Company Ltd. Jan. 14, (Vice President - 2011 Research) IDFC Securities Sept. 07, Ltd. (Research 2005 to July Analyst) 23, 2008

Funds managed (6)

All schemes Shreyash Devalkar runs →

HDHitesh DasStart date not disclosed

Experience

15 years, his last 10 are as follows: • Equity Research Analyst – Barclays Securities India Pvt. Ltd. (January 2012 – June 2015) • Equity Research Analyst – Credit Suisse Securities (India) Pvt. Ltd. (July 2011 – December 2012) • Equity Research Analyst – Ebusinessware (India) Pvt. Ltd. (February 2011 – June 2011) • Risk Analyst – Yes Bank (May 2010 – February 2011)

Funds managed (3)

All schemes Hitesh Das runs →

NANitin AroraStart date not disclosed

Role

Fund Manager - Equity

Education

MSc in Finance and Investments

Experience

16 years, his last 10 • Axis Asset Management Company Limited (February 2, 2018 - till date) • Aviva Life Insurance Company India Limited (June 20, 2016 – January 31, 2018) • Emkay Global Financial Services Limited (March 1, 2013 - May 31, 2016) • Nirmal Bang Institutional Equities Limited (January 3, 2011 - February 28, 2013) • Bloomberg UTV Limited (February 2, 2009 – December 31, 2010)

Funds managed (3)

All schemes Nitin Arora runs →

Fund manager, benchmark and dealing terms from this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Shreyash Devalkar Hitesh Das Nitin Arora

Top holdings

ICICI Bank Limited HDFC Bank Limited Sona BLW Precision Forgings Limited Shriram Finance Limited Ather Energy Limited Eternal Limited Welspun Corp Limited Apar Industries Limited Multi Commodity Exchange of India Limited TD Power Systems Limited Craftsman Automation Limited Minda Corporation Limited

Axis in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Multi Cap funds

Multi cap funds must hold at least 25% each in large, mid and small-cap stocks at all times. The fixed minimums give more mid- and small-cap exposure than a flexi cap, and usually more volatility.

Frequently asked questions

What is the NAV of Axis Multicap Fund?

As of 01 Oct 2026, the NAV of Axis Multicap Fund is ₹19.17 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Axis Multicap Fund delivered?

Axis Multicap Fund has returned +2.62% over 1 year, +16.38% per year over 3 years and +14.59% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Axis Multicap Fund?

Axis Multicap Fund charges an expense ratio of 1.00% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Axis Multicap Fund?

Axis Multicap Fund's largest holdings are ICICI Bank Limited (3.6%), HDFC Bank Limited (2.7%), Sona BLW Precision Forgings Limited (2.5%), Shriram Finance Limited (2.4%) and Ather Energy Limited (2.1%). Holdings are disclosed monthly and change over time.

How risky is Axis Multicap Fund?

Axis Multicap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.1% and its worst peak-to-trough fall in our sample was -18.1%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.66 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Axis Multicap Fund's 0.66 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Axis Multicap Fund?

Axis Multicap Fund is benchmarked against the Nifty 500 Multicap 50:25:25 TRI. Its alpha and beta on this page are measured against that index.

Who manages Axis Multicap Fund?

Axis Multicap Fund is managed by Shreyash Devalkar, Hitesh Das and Nitin Arora at Axis.

How is Axis Multicap Fund taxed?

Axis Multicap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.