Axis India Manufacturing Fund
Direct · GrowthAI Summary
Axis India Manufacturing Fund delivered a 1Y SIP XIRR of 12.18%, modestly ahead of the category average of 11.61%. Calendar year returns have been uneven, ranging from a strong 35.42% in 2024 to just 0.79% in 2023 and 4.23% in 2025, indicating performance is closely tied to the manufacturing and capex cycle. The 2026 year-to-date return of 6.44% suggests continued muted momentum.
The fund's maximum drawdown of -0.23% with two drawdown events exceeding 10% reflects meaningful downside episodes, and the 425-day recovery period from the max drawdown indicates patience is required after peak-to-trough declines. A 1Y Calmar ratio of 0.4315 suggests risk-adjusted returns are currently modest relative to the drawdown experienced. Investors should expect volatility typical of a cyclical, thematic equity mandate.
The portfolio is diversified across 81 stocks, with the top holding Mahindra & Mahindra at just 5.06% of NAV, limiting single-stock risk. However, sector concentration is notable, with Auto Components (14.1%) and Automobiles (14.0%) together accounting for over 28% of the portfolio, and Pharmaceuticals adding another 11%. Exposure spans autos, defense (Bharat Electronics), metals (Hindalco, Tata Steel), and capital goods (Cummins, GE Vernova), aligning with the manufacturing theme.
The fund's 1Y SIP XIRR of 12.18% slightly exceeds the category average of 11.61%, but the wide dispersion in calendar year returns (0.79% to 35.42%) points to inconsistent year-to-year performance. As a thematic manufacturing fund, it competes against broader category peers and its returns will depend heavily on the domestic manufacturing and infrastructure cycle. The low expense ratio of 0.75% for a direct plan is a competitive advantage.
This fund suits investors with high risk tolerance who want targeted exposure to India's manufacturing, auto, and capital goods sectors, and who accept that returns will be cyclical. A time horizon of at least 5-7 years is advisable given the 425-day drawdown recovery and uneven annual returns. It should be used as a satellite allocation alongside diversified core funds rather than a standalone investment.
- 1Y SIP XIRR of 12.18% outperforms the category average of 11.61%
- Well-diversified portfolio of 81 stocks with the top holding limited to 5.06% of NAV
- Low direct-plan expense ratio of 0.75% reduces cost drag on returns
- Heavy sector concentration in autos and auto components (over 28% combined) exposes the fund to a single cyclical downturn
- Highly inconsistent calendar year returns, from 0.79% in 2023 to 35.42% in 2024, make short-term outcomes unpredictable
Generated on 30-10-2026, 2:14 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.65 L | 9.8% | -25.8% | 33.6% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | Category avg |
|---|---|---|
| 1 Year | 9.8% | 11.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 9.9% | 9.5% | -5.5% | 37.7% | 0.39 | 0.90 | 84% | — | — |
Calmar Ratio by Duration
| # | Stock | % of NAV |
|---|---|---|
| 1 | Mahindra & Mahindra Limited | 4.82% |
| 2 | Sun Pharmaceutical Industries Limited | 3.61% |
| 3 | Divi's Laboratories Limited | 3.57% |
| 4 | Sona BLW Precision Forgings Limited | 3.21% |
| 5 | Bharat Electronics Limited | 2.95% |
| 6 | Reliance Industries Limited | 2.81% |
| 7 | TVS Motor Company Limited | 2.81% |
| 8 | Bharat Heavy Electricals Limited | 2.48% |
| 9 | Cummins India Limited | 2.39% |
| 10 | Samvardhana Motherson International Limited | 2.26% |