Mutual Funds Research

Axis Midcap Mutual Fund – Invest or Avoid?

(A) About the Axis Midcap Mutual Fund

Axis Midcap mutual Fund is an open-ended equity scheme predominantly investing in mid cap stocks. Its A true-to-label midcap portfolio with a relatively superior quality and liquidity profile.

Basically, The fund's main focus remains on strong Fundamental while emphasizing healthy consistent growth, quality of cash flows & RoE with 3 to 5 years’ view.

This Fund is suitable for investors who are seeking :
- Capital appreciation over long term
- Investing predominantly in equity & equity related instruments of Mid Cap companies.

(B) Basic Details Axis Midcap Fund

Fund HouseAxis Mutual Fund
CategoryEquity: Midcap
Launch date18-Feb-2021
TypeOpen-ended
Assets₹  19,144 Cr (As on 31-Dec-2022)
Available at NAV of₹ 63.93 (28 Jan 2023)

(C) Investment Details

Axis Midcap fund
Application Amount for fresh Subscription Rs 500
Min Additional Investment Rs 500
Minimum SIP InvestmentRs 100
Entry LoadN/A
Exit loadFor units in excess of 10% of the investment,1% will be charged for redemption within 365 days
As on 27-Jan-2023

(D) Returns Generated by the fund

Axis Midcap Mutual fund - Returns Generated by the fund

(E) Performance of Investment with SIPs-Option (for last 5 Years)

Axis Midcap Mutual Fund - SIP Performance
Axis Midcap Mutual fund - Performance of Investment with SIPs-Option (for last 5 Years)

(F) Risk Measures as on 28-Jan-2023

Axis Midcap Mutual fund - Risk Measures

(G) Portfolio of the fund

(i) Asset Allocations - Instrument wise

Axis Midcap Mutual fund - Asset Allocation (%)

The ~89% of the asset has been kept under the Equity, ~11% of the Asset kept in Debt Instruments. Whereas, Cash & Cash Equivalents comprises only 0.03% of assets.

(ii) Portfolio Mix by Market Cap Sizes

Axis Midcap Mutual fund - Portfolio Mix by Market Cap Sizes

As per the company's filing approximately 74% of the stocks are from Midcap Category. However, Largecap stocks and Giants stocks comprises ~25%.

(iii) Top 10 Holdings of the fund

Axis Midcap Mutual fund -  Top 10 Holdings

(iii) Top 10 large Exposure of sectors

Axis Midcap Mutual fund -  Top 10 Exposure sectors

Due to rapid development in Indian economy and continuous initiatives taken by the central government has benefitted many Indian Companies. Consequently, for the future beneficiary the fund has included top sectors like Financials, Services, Materials and chemicals.

Additionally, the fund has also included an exposure of Automobiles due to strong tailwind which was cycling in recent years back.

(H) Investment Strategy

The fund adopts a diversified approach, by heavily investing in midcap companies and little in giant & Largecap companies.

  • Emphasis on bottom up approach to select stocks across the market capitalization range with focus on long term growth with no sector bias
  • While retaining its flexibility, the fund maintains exposure in the range

a) Large cap and Giant companies : 15-25% whereas
b) Midcap & Smallcap companies : ~75%

  • The fund holds around 66 stocks
  • and, Top 10 Stocks accounts 31.40% of the fund

(I) Fund Managers

 (i) Mr Shreyash Devalkar (Started managing this fund on 23-Nov-2016)

Mr Shreyash Devalkar is a Senior Fund Manager in Axis Asset management company. He joined the AMC in 2016 and took over the responsibility of managing important funds like Bluechip Fund, Midcap Fund, followed by Multicap Fund in 2017.

Education: He has completed B Tech from UDCT Mumbai and PGDM (Management) from JBIMS Mumbai University

Experience : Prior to Axis, he was associated with BNP Paribas AMC as a Fund Manager for more than 5 years. Furthermore, He has also worked as a Research Analyst at IDFC Asset Management Company (July 2008 to Jan 2011) and IDFC Securities (Sept 2005 to July 2008).

Nevertheless, He has managed Rs 65,1212 crore across 9 active funds

(ii) Vinayak Jayanath (Started managing this fund on 17-Jan-2023)

Mr Vinayak Jayanath is an Experienced Equity Research Analyst with a demonstrated history of working in the financial services industry.

Whereas, on Education front he has done Master of Business Administration (MBA) from Narsee Monjee Institute of Management Studies. Despite this, he also completed B.Com in (Banking and Insurance) at HR College of Commerce and Economics and schooling from Delhi Public School.

Experience : He has an experience of over 5 years.

  • Kotak Mahindra Old Mutual Life Insurance Ltd. (Project Management) May 18, 2015 to Jan 6, 2017
  • Axis Asset Management Company Ltd. (Analyst - ESG) Jan. 15, 2021- Till Now
  • Axis Asset Management Company Ltd. (Investment Associate) from Jan 09, 2017 - till Jan 14, 2021

Nevertheless, He has managed Rs 1,09,375 crore across 17 active funds.

(J) Taxability of earnings

1. Gains are taxed at a rate of 15% (Short-term Capital Gain Tax - STCG) if units are redeemed within 1 year of investment.
2. For units redeemed after 1 year of investment, gains of upto Rs. 1 lakh accruing from those units in a financial year shall be exempted from tax.
3. Gains of more than Rs. 1 lakh will be taxed at a rate of 10% (Long-term Capital Gain Tax - LTCG).
4. For Dividend Distribution Tax, the dividend income from this fund will get added to the income of an investor and taxed according to his/her respective tax slabs.
5. Also, for dividend income in excess of Rs 5,000 in a financial year; the fund house shall deduct a TDS of 10% on such income.

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References:  valueresearchonline.com, Industry’s Publications, News Publications, Mutual Fund Company.

Disclaimer: The report only represents personal opinions and views of the author. No part of the report should be considered as recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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