Axis Multicap Fund: Take advantage of favourable valuations with this consistently performing multicap fund

May 15, 2026 / Dwaipayan Bose | 9 Downloaded | 70 Viewed | |

Picture courtesy - Freepik

Volatility has returned to the stock market as stalemate continues between United States and Iran. The Nifty 50 slid by more than 1,000 points in the last few days (as on 12^th May 2026, Source: NSE). The Strait of Hormuz remains virtually shut. Crude oil prices remain high with the brent crude at around $107 per barrel (as on 12^th May 2026, Source: Bloomberg). The Indian Rupee has depreciated to Rs 95.8 to the dollar (as on 12^th May 2026, Source: Bloomberg). FII flows were negative in March and April, and we see FII outflows continuing in May. While the market may remain volatile in the short term, the long term outlook for Indian equities remain bright with stable macros, strong growth in consumption demand driven by per capita income growth, tax reforms, rising affluence, demographic advantages and shifting consumption patterns.

Valuations are favourable across market cap segments

Though market bounced back after US and Iran agreed on a ceasefire, the valuations across all market cap segments are well below the peak valuations (see the graphic below).

The valuations across all market cap segments are well below the peak valuations (see the graphic below)

Source: NSE, Advisorkhoj Research, as on 30^th April 2026

In current market conditions, multicap funds, which invest minimum 25% of their assets in each of the three market cap segments (e.g. large cap, midcap and small cap) may be suitable for long term investors. In this article we will review one of the top performing multicap funds, Axis Multicap Fund.

Axis Multicap fund - Outperformed the benchmark index

The chart below shows the growth of Rs 10,000 investment in Axis Multicap Fund versus the benchmark since the scheme’s inception. The fund was launched in 2021 and has outperformed the benchmark index since its inception.

The chart below shows the growth of Rs 10,000 investment in Axis Multicap Fund versus the benchmark since the scheme’s inception

Source: NSE, Advisorkhoj Research, as on 10^th May 2026

Consistence outperformance versus benchmark index across market conditions

The chart below shows 1 year rolling returns in Axis Multicap Fund versus the benchmark since the scheme’s inception. You can see that fund outperformed the benchmark index over 1 year investment tenures most of the time, across market conditions, since the inception of the scheme.

You can see that fund outperformed the benchmark index over 1 year investment tenures most of the time, across market conditions, since the inception of the scheme

Source: NSE, Advisorkhoj Research, as on 10^th May 2026

Consistence outperformance versus multicap category average across market conditions

The chart below shows 1 year rolling returns in Axis Multicap Fund versus the multicap funds category average since the scheme’s inception. You can see that fund outperformed the category average over 1 year investment tenures most of the time, across market conditions, since the inception of the scheme.

The chart below shows 1 year rolling returns in Axis Multicap Fund versus the multicap funds category average since the scheme’s inception

Source: NSE, Advisorkhoj Research, as on 10^th May 2026

The graphic below shows the quartile rankings of the fund for the last 12 quarters. You can see that the fund was in the top 2 quartiles, 8 times in the last 12 quarters. This again shows the strong performance consistency of the scheme.

You can see that the fund was in the top 2 quartiles, 8 times in the last 12 quarters

Source: NSE, Advisorkhoj Research, as on 31^st March 2026

The chart below shows the drawdowns of Axis Multicap Fund versus the benchmark index since the inception of the scheme. You can see that the fund was able to reduce downside risks for investors.

The chart below shows the drawdowns of Axis Multicap Fund versus the benchmark index since the inception of the scheme

Source: NSE, Advisorkhoj Research, as on 30^th April 2026

Investment philosophy

Investment Framework across market caps

Current portfolio positioning

Source: Axis MF Fund Factsheet, Advisorkhoj Research, as on 30^th April 2026

Who should invest in Axis Multicap Fund?

Investors seeking capital appreciation over long investment tenures

Investors with long term investment horizon i.e. 5 years or more

Investors with a high-risk appetite who can tolerate the short term volatility associated with equity investments

They are suitable for investors who want to invest from their monthly savings through SIP for their long term financial goals

You can also invest in lump sum if you have long investment horizon

If you have lump sum funds but are worried about volatility, then you can invest your lump sum funds in Axis Liquid Fund and transfer systematically to Axis Multicap Fund over a period of time

Investors should consult their financial advisor or mutual fund distributor if Axis Multicap Fund is suitable for their investment needs

Mutual Fund Investments are subject to market risk, read all scheme related documents carefully.

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Axis Mutual Fund launched its first scheme in October 2009 Since then Axis Mutual fund has grown strongly. We attribute our success thus far to our 3 founding principles - Long term wealth creation, Outside in (Customer) view and Long term relationship. Come join our growing family of investors and give shape to your desires.