Axis India Manufacturing Fund
Direct · GrowthAI Summary
Axis India Manufacturing Fund has delivered strong lump-sum outperformance versus the NIFTY 50 across all long-term windows, with a 5Y CAGR of 10.8% against the benchmark's 2.09% and alpha of 8.58%. However, its 1Y SIP XIRR of 8.59% trails the category average SIP XIRR of 14.1%, indicating weaker recent SIP-based returns relative to sectoral/thematic peers. Calendar year returns have been uneven, ranging from 0.79% in 2023 to 35.42% in 2024.
The fund shows a beta of roughly 0.94-0.97 against the NIFTY 50 with a downside capture of 85.04%, meaning it has historically fallen less than the index in down markets. The Calmar ratio of 0.41 for 1Y reflects modest risk-adjusted returns, and the single drawdown event took 425 days to recover from a trough that lasted 154 days. Upside capture above 105% across horizons suggests the fund participates meaningfully in market rallies while cushioning declines.
The portfolio holds 81 stocks with a well-spread top 10, where the largest position, Mahindra & Mahindra, is only 5.06% of NAV. Sector exposure is diversified within the manufacturing theme, led by Auto Components (14.1%), Automobiles (14.0%), Pharmaceuticals (11.0%), and Electrical Equipment (10.5%). Holdings like Bharat Electronics, Cummins India, and GE Vernova T&D align closely with the India manufacturing growth narrative.
On a lump-sum basis, the fund's long-term CAGRs of 18.65% (3Y) and 10.8% (5Y) compare favorably to the NIFTY 50, though direct category SIP XIRR comparisons show it behind peers at 8.59% versus 14.1% over 1Y. The consistent positive alpha across 3Y to 15Y windows (15.05% down to 2.62%) indicates durable benchmark outperformance over long holding periods. Recent 1Y performance suggests the fund is currently in a softer phase relative to thematic peers.
This fund suits investors with high risk tolerance seeking thematic exposure to India's manufacturing and capex cycle, ideally with a 5-7 year horizon given the multi-year recovery time observed after drawdowns. It should be treated as a satellite allocation rather than a core holding, given sectoral/thematic concentration risk. Investors should be comfortable with year-to-year return volatility, as seen in the swing from 0.79% in 2023 to 35.42% in 2024.
- Consistent positive alpha versus the NIFTY 50 across every window from 3Y (15.05%) to 15Y (2.62%)
- Favorable downside capture of 85.04% with upside capture above 105%, indicating better-than-index behavior in both directions
- Diversified 81-stock portfolio with a modest top holding of 5.06%, reducing single-stock risk within the theme
- 1Y SIP XIRR of 8.59% lags the category average of 14.1%, showing recent underperformance versus thematic peers
- Long drawdown recovery of 425 days and a 154-day max drawdown duration highlight extended recovery periods typical of cyclical manufacturing exposure
Generated on 10-09-2026, 2:58 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 | ₹12.60 L | 8.6% | -25.8% | 33.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 8.6% | 14.4% | 14.1% | -5.8% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 9.4% | 8.7% | -5.5% | 37.7% | 0.32 | 0.72 | 82% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +22.76 | 0.94 | 105.9% | 76.6% | 20.4% | -2.9% |
| 3 Years | +15.05 | 0.97 | 105.9% | 85.0% | 18.6% | 3.5% |
| 5 Years | +8.58 | 0.97 | 105.9% | 85.0% | 10.8% | 2.1% |
| 7 Years | +5.97 | 0.97 | 105.9% | 85.0% | 7.6% | 1.5% |
| 10 Years | +4.06 | 0.97 | 105.9% | 85.0% | 5.3% | 1.0% |
| 12 Years | +3.34 | 0.97 | 105.9% | 85.0% | 4.4% | 0.9% |
| 15 Years | +2.62 | 0.97 | 105.9% | 85.0% | 3.5% | 0.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Mahindra & Mahindra Limited | 5.06% |
| 2 | Bharat Electronics Limited | 4.11% |
| 3 | Reliance Industries Limited | 3.77% |
| 4 | Hindalco Industries Limited | 3.64% |
| 5 | Sun Pharmaceutical Industries Limited | 3.60% |
| 6 | Cummins India Limited | 3.06% |
| 7 | Tata Steel Limited | 3.01% |
| 8 | Divi's Laboratories Limited | 2.65% |
| 9 | GE Vernova T&D India Limited | 2.59% |
| 10 | Sona BLW Precision Forgings Limited | 2.55% |