Axis Small Cap Fund
Direct · GrowthAI Summary
Axis Small Cap Fund has delivered strong long-term SIP returns, with XIRR of 23.28% over 5Y and 22.19% over 10Y, beating the category average SIP XIRR of 22.89% and 20.83% respectively. It has consistently outperformed the NIFTY SmallCap 250 benchmark, with alpha of 7.67% over 10Y (Fund CAGR 19.1% vs benchmark 13.49%) and 7.38% over 12Y. However, the 1Y XIRR of 15.67% trails the category average of 17.78%, indicating recent relative softness.
The fund exhibits a defensive risk profile for a small cap fund, with beta of 0.70-0.85 across periods and downside capture of just 64.68% over 10Y versus upside capture of 72.72%. It has experienced 7 drawdown events exceeding 10%, which is typical for the small cap category, though the Calmar ratios of roughly 0.60-0.66 across horizons indicate reasonable risk-adjusted returns. The low maximum drawdown figure of -0.35% with a 234-day recovery suggests the measured drawdown window captured a mild period rather than a full market crash.
The portfolio is well diversified across 129 holdings, with the top position (Krishna Institute of Medical Sciences) at only 2.76% of NAV, limiting single-stock concentration risk. Sector allocation is balanced, with the top five sectors — Industrial Products (7.0%), Chemicals (6.9%), Auto Components (6.8%), Pharma (6.5%), and Finance (6.5%) — each under 7.5%, avoiding heavy dependence on any single theme. Holdings span healthcare, commodities, financials, realty, and consumer durables, reflecting a broad-based small cap approach.
The fund sits in the upper half of its category over long horizons, with 7Y XIRR of 23.57% versus the category average of 21.8% and 12Y XIRR of 19.81% versus 19.24%. Its consistent alpha across every measured period (3.13% to 7.67%) points to durable stock selection rather than a single lucky stretch. The underperformance versus category on the 1Y metric (15.67% vs 17.78%) is the main blemish on an otherwise strong consistency record.
This fund suits investors with a high risk tolerance and a horizon of at least 5-7 years, as small cap returns are volatile and calendar-year results have ranged from -7.6% (2018) to 85.97% (2014). It is appropriate as a satellite allocation for investors seeking long-term wealth creation with lower-than-benchmark downside capture. Investors should be prepared for extended drawdowns and should invest via SIP to smooth entry points.
- Consistent alpha over the NIFTY SmallCap 250 across all periods, including 7.67% over 10Y and 7.38% over 12Y
- Low downside capture (64.68% over 10Y) versus upside capture (72.72%), indicating strong loss protection in weak markets
- Highly diversified portfolio of 129 holdings with no stock above 2.76% of NAV and top sectors each under 7.5%
- 1Y XIRR of 15.67% lags the category average of 17.78%, showing recent relative underperformance
- Seven drawdown events exceeding 10% highlight the inherent volatility of small cap investing, requiring a long holding horizon
Generated on 17-10-2026, 4:55 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 | ₹12.98 L | 23.0% | -42.1% | 105.3% |
| 3 Years | ₹36.00 L | ₹46.94 L | 20.9% | -10.1% | 49.9% |
| 5 Years | ₹60.00 L | ₹1.04 Cr | 21.5% | -0.3% | 34.9% |
| 7 Years | ₹84.00 L | ₹1.92 Cr | 23.5% | 14.3% | 30.4% |
| 10 Years | ₹1.20 Cr | ₹3.84 Cr | 22.2% | 18.0% | 25.6% |
| 12 Years | ₹1.44 Cr | ₹5.14 Cr | 19.9% | 17.9% | 21.6% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY SMALLCAP 250 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 23.0% | 21.9% | 17.8% | +1.1% |
| 3 Years | 20.9% | 15.2% | 20.2% | +5.7% |
| 5 Years | 21.5% | 14.3% | 22.9% | +7.2% |
| 7 Years | 23.5% | 14.4% | 21.8% | +9.1% |
| 10 Years | 22.2% | 14.0% | 20.8% | +8.2% |
| 12 Years | 19.9% | 13.5% | 19.2% | +6.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 22.8% | 16.4% | -14.6% | 100.7% | 0.67 | 4.17 | 89% | — | — |
| 3 Years | 21.3% | 19.6% | -0.0% | 41.3% | 1.68 | 24.89 | 100% | — | — |
| 5 Years | 21.4% | 21.4% | 4.8% | 35.1% | 2.37 | 176.47 | 100% | — | — |
| 10 Years | 21.0% | 20.1% | 17.8% | 26.3% | 6.95 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +2.88 | 0.85 | 86.5% | 82.4% | 6.5% | 3.0% |
| 3 Years | +2.96 | 0.76 | 79.3% | 76.0% | 13.9% | 12.3% |
| 5 Years | +3.56 | 0.73 | 76.3% | 72.0% | 14.1% | 12.0% |
| 7 Years | +4.39 | 0.76 | 77.2% | 72.4% | 22.3% | 21.5% |
| 10 Years | +7.57 | 0.70 | 72.7% | 64.8% | 18.9% | 13.3% |
| 12 Years | +7.26 | 0.70 | 72.5% | 64.8% | 18.8% | 13.6% |
| 15 Years | +6.67 | 0.70 | 72.6% | 64.2% | 18.8% | 14.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Krishna Institute Of Medical Sciences Limited | 2.76% |
| 2 | CCL Products (India) Limited | 2.55% |
| 3 | JB Chemicals & Pharmaceuticals Limited | 2.32% |
| 4 | Multi Commodity Exchange of India Limited | 1.89% |
| 5 | City Union Bank Limited | 1.81% |
| 6 | Cholamandalam Financial Holdings Limited | 1.57% |
| 7 | Sai Life Sciences Limited | 1.57% |
| 8 | Craftsman Automation Limited | 1.46% |
| 9 | Brigade Enterprises Limited | 1.44% |
| 10 | Blue Star Limited | 1.41% |