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Fund Snapshot
| AUM | US$ 725 million |
| Inception Date | 17 December 2021 |
| Benchmark | Nifty 500 Multicap 50:25:25 TRI |
| 3-Year Annualized Return | 12.8% |
| 3-Year Benchmark Return | 9.1% |
| Active Share | 57.9% |
| Top 10 Holdings Weight | 27.9% |
| Portfolio Turnover Ratio | 0.54 |
| P/E (FY25E) | 23.0 |
| P/B (FY25E) | 3.5 |
| Return on Equity (FY25E) | 15.4% |
Investment Philosophy:
- Axis AMC adopts an active management approach to capture alpha opportunities in the Indian equity markets.
- They focus on fundamentally strong businesses with the potential to grow faster than India’s nominal GDP.
- Its research is centered on identifying companies with a proven execution track record, profitable growth, and a focus on enhancing shareholder value.
- Axis AMC follows a bottom-up, fundamentally driven multicap stock selection strategy, combined with a ‘Buy and Hold’ approach to support long-term compounding.
- Quality is assessed through return on equity, free cash flow generation, and strong corporate governance standards.
Core Beliefs
Look for quality
- Focus on businesses with a robust business model
- Backed by strong management pedigree and governance standards
- Demonstrating good return on equity (ROE) and healthy cash flows
Avoid mistakes
- Team: Encourage the team to think creatively and stay motivated
- Universe: Filter out irrelevant or unfit companies
- Process: Maintain a bottom-up approach with no market cap or sector biases
Risk management
- Monitor key risks at every stage including liquidity, volatility, business-specific factors, and size-related exposures
Outperformance
- The primary objective is to outperform benchmarks and peers over the medium to long term
Tax Advantage
Full tax exemption in India:
- No tax at the master fund level (pass-through structure)
- No capital gains tax at the feeder fund level (qualifies as “Specified Fund”)
- No tax on redemption or distribution for investors in India (subject to Section 10(4D) of the Income Tax Act, 1961)
- Investors may be subject to tax in their home country
Additionally:
- No PAN or income-tax return filing required (subject to conditions)
- No TDS or withholding tax on gains
Key Advantages for NRIs and Foreign Investors
- No FPI registration required to access Indian markets
- No NRE/NRO account needed; direct remittance from foreign bank accounts allowed
- No bank account in IFSC necessary for investment
- Simple onboarding—only KYC and registration with Fund Administrator (KFin Technologies Ltd) required
- NAV and reporting are in US Dollar terms
Share Classes & Management Fee Structure
The fund offers four share classes, each based on the investor’s capital commitment. All classes are under a regular plan with no performance fee.
| Share Class | Capital Commitment | Management Fee (per annum) | Performance Fee |
| B1 | US$ 150,000 to US$ 499,999 | 1.3% | Not Applicable |
| B2 | US$ 500,000 to US$ 999,999 | 1.1% | Not Applicable |
| B3 | US$ 1,000,000 and above | 0.9% | Not Applicable |
| B4 | US$ 50,000 and above (for accredited investors) | 1.5% | Not Applicable |
Exit Load Structure
This refers to the fees charged on early redemption of units, calculated on the NAV of units being redeemed.
| Exit Window (from date of allotment) | Exit Load |
| If redeemed within 12 months | 3% |
| After 12 but within 24 months | 2% |
| After 24 but within 36 months | 1% |
| After 36 months | NIL |
Operating Expense: Capped at 0.50% of NAV per annum (excludes master fund TER)
Sector Positions
(As of February 28, 2025)
| Sectors | Portfolio Weight (%) | Benchmark Weight (%) | Difference (%) |
| Financial Services | 20.2 | 28.4 | -8.2 |
| Healthcare | 11.8 | 7.8 | +4.0 |
| Automobile and Auto Components | 8.1 | 6.3 | +1.8 |
| Capital Goods | 7.1 | 7.1 | 0.0 |
| Consumer Durables | 6.9 | 3.7 | +3.2 |
| Information Technology | 6.4 | 8.8 | -2.4 |
| Consumer Services | 5.5 | 3.6 | +1.9 |
| Realty | 5.0 | 1.7 | +3.3 |
| Services | 3.7 | 2.1 | +1.7 |
| Fast Moving Consumer Goods | 3.3 | 6.2 | -2.9 |
| Chemicals | 2.9 | 3.7 | -0.8 |
| Telecommunication | 2.1 | 2.9 | -0.8 |
| Oil, Gas & Consumable Fuels | 2.1 | 6.3 | -4.2 |
| Construction Materials | 1.9 | 1.9 | 0.0 |
| Construction | 1.6 | 2.8 | -1.2 |
| Metals & Mining | 0.6 | 3.1 | -2.4 |
| Power | 0.5 | 2.6 | -2.1 |
| Others* | 10.4 | 1.2 | — |
Note: “Others” in Portfolio includes CBLO and cash equivalents. “Others” in Benchmark includes Textiles, Media, Entertainment & Publication, Diversified, and Forest Materials.
Top 10 Holdings (as of Feb 2025)
- HDFC Bank Ltd – 5.3%
- ICICI Bank Ltd – 4.4%
- Persistent Systems Ltd – 2.9%
- Blue Star Ltd – 2.7%
- Infosys Ltd – 2.4%
- Fortis Healthcare Ltd – 2.3%
- Minda Corporation Ltd – 2.2%
- Reliance Industries Ltd – 2.1%
- Bharti Airtel Ltd – 2.0%
- Brigade Enterprises Ltd – 1.7%
Key Documents Required (Individual Investors)
- Identity & Address Proof (Passport, Driving License, or National ID)
- PAN or equivalent document
- Filled Application Form & Contribution Agreement
- Funding Proof (SWIFT copy or bank statement)
- Bank Proof (statement or letter with complete bank details)
Fund Service Partners
- Custodian: HSBC
- Auditor: Manubhai & Shah LLP
- Tax Advisor: Price Waterhouse & Co. LLP
- Legal Advisor: Khaitan & Co.
- Fund Administrator: KFin Technologies Ltd
Fund Overview
The Axis Multicap Fund is an open-ended equity scheme launched by Axis Mutual Fund under SEBI’s Multicap Scheme category, in accordance with the SEBI (Mutual Fund) Regulations, 1996. The fund was incepted on 17th December 2021 and has an AUM of USD 725 million as of 28th February 2025.
The fund’s objective is to generate capital appreciation through a diversified portfolio of equity and equity-related instruments spread across large-cap, mid-cap, and small-cap stocks. As per SEBI guidelines, the scheme maintains a minimum of 25% allocation in each market cap segment—large, mid, and small—with the remaining 25% left to the fund manager’s discretion for tactical allocation. The investment framework includes allocations in debt and money market instruments (0–25%) and REITs/InvITs (0–10%), offering both diversification and flexibility within its mandate.
