Axis Multicap Fund
Direct · GrowthAI Summary
Axis Multicap Fund has delivered strong SIP returns of 15.19% over 1Y and 19.57% over 3Y, well ahead of category average SIP XIRR of 11.47% and 14.98% respectively. Against the NIFTY 50, the fund has generated substantial alpha of 18.45% over 1Y and 13.78% over 3Y, with lump-sum CAGRs of 7.06% and 17.98% versus benchmark returns of -11.35% and 4.15%. Long-term alpha persists across 5Y to 15Y windows, though it narrows from 9.49% at 5Y to 2.46% at 15Y.
The fund shows a favorable risk-return profile with a Calmar Ratio of 1.25 over 3Y and a maximum drawdown of just -0.18% with a 243-day recovery period, though it has experienced 4 drawdown events exceeding 10%. Downside capture of 83.07% over 3Y versus upside capture of 104.16% indicates the fund loses less in declines while participating more in rallies. Beta near 1.0 over 1Y and 3Y, declining to 0.88 over longer windows, suggests market-like volatility with improving defensive characteristics over time.
The portfolio holds 109 stocks with a well-diversified top 10 accounting for only about 24% of NAV, led by HDFC Bank (3.51%) and ICICI Bank (3.47%). Banks is the largest sector at 16.8%, followed by Auto Components (9.3%) and Electrical Equipment (7.3%), giving meaningful financials exposure without excessive concentration. Holdings span banks, finance, construction, healthcare, telecom, and energy, reflecting genuine multi-cap and multi-sector diversification.
The fund outperforms category average SIP XIRR by roughly 3.7 percentage points over both 1Y and 3Y, indicating strong peer-relative performance in recent periods. Calendar year returns show some unevenness, with strong gains of 37.9% in 2023 and 34.2% in 2024 but flat results of 0.6% in 2021, -0.89% in 2022, and 1.71% in 2025. This pattern suggests the fund performs best in favorable markets while remaining roughly flat in weak years, consistent with its asymmetric capture ratios.
This fund suits investors seeking diversified multi-cap exposure with a track record of benchmark outperformance and downside protection, ideally with a 5-year or longer horizon. It is appropriate for moderate-to-high risk tolerance investors who can accept flat or negative years like 2022 and 2025 in exchange for strong upmarket participation. The low expense ratio of 0.59% for a direct plan makes it cost-effective for SIP investors building long-term wealth.
- SIP XIRR of 19.57% over 3Y beats the category average of 14.98% by nearly 4.6 percentage points
- Consistent positive alpha across all time windows from 1Y (18.45%) to 15Y (2.46%) versus NIFTY 50
- Favorable capture asymmetry with 104.16% upside capture versus 86.81% downside capture over 3Y
- Well-diversified 109-stock portfolio with top 10 holdings at only about 24% of NAV and a low 0.59% expense ratio
- Uneven calendar year performance, with flat returns of 0.6% in 2021, -0.89% in 2022, and 1.71% in 2025
- Four drawdown events exceeding 10% and a 243-day recovery from the maximum drawdown indicate meaningful interim volatility
- Long-term alpha has narrowed steadily, from 9.49% at 5Y to 2.46% at 15Y, and 5Y SIP XIRR data is not available for full category comparison
Generated on 14-10-2026, 4:12 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 | ₹12.77 L | 21.8% | -18.6% | 67.4% |
| 3 Years | ₹36.00 L | ₹48.28 L | 19.9% | 5.8% | 36.0% |
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 | 21.8% | 14.3% | 11.4% | +7.6% |
| 3 Years | 19.9% | 11.0% | 14.9% | +8.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 21.1% | 14.8% | -4.2% | 60.0% | 0.78 | 5.43 | 93% | — | — |
| 3 Years | 22.6% | 22.6% | 17.2% | 29.6% | 6.37 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +15.00 | 0.97 | 102.6% | 83.1% | 4.1% | -11.4% |
| 3 Years | +12.36 | 0.97 | 102.6% | 87.0% | 17.7% | 5.3% |
| 5 Years | +8.76 | 0.88 | 93.5% | 81.7% | 14.9% | 6.1% |
| 7 Years | +5.85 | 0.88 | 93.5% | 81.7% | 10.4% | 4.3% |
| 10 Years | +3.76 | 0.88 | 93.5% | 81.7% | 7.2% | 3.0% |
| 12 Years | +2.97 | 0.88 | 93.5% | 81.7% | 6.0% | 2.5% |
| 15 Years | +2.20 | 0.88 | 93.5% | 81.7% | 4.8% | 2.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 3.51% |
| 2 | ICICI Bank Limited | 3.47% |
| 3 | Shriram Finance Limited | 2.47% |
| 4 | Larsen & Toubro Limited | 2.00% |
| 5 | Sona BLW Precision Forgings Limited | 1.98% |
| 6 | Fortis Healthcare Limited | 1.84% |
| 7 | Minda Corporation Limited | 1.80% |
| 8 | Bharti Airtel Limited | 1.75% |
| 9 | Reliance Industries Limited | 1.74% |
| 10 | GE Vernova T&D India Limited | 1.74% |