Axis Flexi Cap Fund - Direct Plan - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : Flexi Cap Fund

Portfolio Turnover Ratio : 16.00%. Category average turnover ratio is 208.48%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 92.87% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 92.87%

No of Stocks : 58 (Category Avg - 63.60) | Large Cap Investments : 30.66%| Mid Cap Investments : 15.02% | Small Cap Investments : 9.86% | Other : 37.34%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	58	63.19
Top 5 Stock Weight	31.71%	25.4%
Top 10 Stock Weight	48.76%	40.44%
Top 3 Sector Weight	32.14%	31.21%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	67487.14	95725.14
Holdings in large cap stocks	30.66%	40.82%
Holdings in mid cap stocks	15.02%	12.95%
Holdings in small cap stocks	9.86%	10.84%

Category - Flexi Cap Fund

Top 10 Stocks holding in Portfolio (as on 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
ICICI Bank Ltd.	Private sector bank	12064.3	9.09%	0.69%	9.6% (Apr 2025)	8.27% (Dec 2024)	86.87 L	3.77 L
HDFC Bank Ltd.	Private sector bank	10226.7	7.70%	0.18%	7.83% (Jul 2025)	6.43% (Dec 2024)	1.01 Cr	0.00
Bajaj Finance Ltd.	Non banking financial company (nbfc)	7840	5.91%	-0.01%	5.93% (Sep 2025)	3.55% (Dec 2024)	75.57 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	6709.5	5.05%	0.13%	5.05% (Nov 2025)	3.84% (Dec 2024)	31.93 L	0.00
Eternal Ltd.	E-retail/ e-commerce	5254.9	3.96%	-0.22%	4.22% (Sep 2025)	2.11% (Jan 2025)	1.75 Cr	0.00
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	5060.8	3.81%	0.29%	3.81% (Nov 2025)	2.56% (Mar 2025)	13.47 L	0.00
Bharat Electronics Ltd.	Aerospace & defense	4853.8	3.66%	-0.12%	3.77% (Oct 2025)	2.61% (Feb 2025)	1.18 Cr	0.00
Infosys Ltd.	Computers - software & consulting	4420.5	3.33%	0.18%	4.39% (Jan 2025)	3.15% (Oct 2025)	28.33 L	0.00
Krishna Institute of Medical Sciences Ltd.	Hospital	4263	3.21%	-0.16%	3.57% (Jul 2025)	2.8% (Dec 2024)	62.22 L	0.00
InterGlobe Aviation Ltd.	Airline	4033.2	3.04%	0.15%	3.04% (Nov 2025)	2.36% (Dec 2024)	6.83 L	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 30th Nov,2025)

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M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
ICICI Bank Ltd.	Private sector bank	18.03	12064.3	9.09%	0.69%	9.6% (Apr 2025)	8.27% (Dec 2024)	86.87 L	3.77 L	Large Cap	30.66
HDFC Bank Ltd.	Private sector bank	18.03	10226.7	7.70%	0.18%	7.83% (Jul 2025)	6.43% (Dec 2024)	1.01 Cr	0.00	Other	37.34
Bajaj Finance Ltd.	Non banking financial company (nbfc)	8.53	7840	5.91%	-0.01%	5.93% (Sep 2025)	3.55% (Dec 2024)	75.57 L	0.00	Other	37.34
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	5.05	6709.5	5.05%	0.13%	5.05% (Nov 2025)	3.84% (Dec 2024)	31.93 L	0.00	Large Cap	30.66
Eternal Ltd.	E-retail/ e-commerce	4.74	5254.9	3.96%	-0.22%	4.22% (Sep 2025)	2.11% (Jan 2025)	1.75 Cr	0.00	Other	37.34
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	3.81	5060.8	3.81%	0.29%	3.81% (Nov 2025)	2.56% (Mar 2025)	13.47 L	0.00	Large Cap	30.66
Bharat Electronics Ltd.	Aerospace & defense	5.58	4853.8	3.66%	-0.12%	3.77% (Oct 2025)	2.61% (Feb 2025)	1.18 Cr	0.00	Mid Cap	15.02
Infosys Ltd.	Computers - software & consulting	4.64	4420.5	3.33%	0.18%	4.39% (Jan 2025)	3.15% (Oct 2025)	28.33 L	0.00	Large Cap	30.66
Krishna Institute of Medical Sciences Ltd.	Hospital	4.55	4263	3.21%	-0.16%	3.57% (Jul 2025)	2.8% (Dec 2024)	62.22 L	0.00	Other	37.34
InterGlobe Aviation Ltd.	Airline	3.04	4033.2	3.04%	0.15%	3.04% (Nov 2025)	2.36% (Dec 2024)	6.83 L	0.00	Large Cap	30.66
Ultratech Cement Ltd.	Cement & cement products	2.79	3699.4	2.79%	-0.07%	3.15% (Aug 2025)	2.79% (Nov 2025)	3.19 L	0.00	Large Cap	30.66
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	8.53	2982.7	2.25%	-0.10%	2.35% (Oct 2025)	1.7% (Dec 2024)	17.18 L	-1.27 L	Other	37.34
Prestige Estates Projects Ltd.	Residential, commercial projects	3.33	2783.3	2.10%	-0.08%	2.17% (Oct 2025)	1.46% (Mar 2025)	16.59 L	0.00	Mid Cap	15.02
Apar Industries Ltd.	Other electrical equipment	2.05	2724.4	2.05%	0.12%	2.38% (Dec 2024)	1.35% (Apr 2025)	2.97 L	0.00	Small Cap	9.86
PB Fintech Ltd.	Financial technology (fintech)	2.02	2622.5	1.98%	0.04%	2.27% (Dec 2024)	1.9% (Sep 2025)	14.42 L	0.00	Other	37.34
Mankind Pharma Ltd.	Pharmaceuticals	3.14	2423	1.83%	-0.10%	2.41% (Dec 2024)	1.83% (Nov 2025)	10.76 L	0.00	Other	37.34
Hindustan Aeronautics Ltd.	Aerospace & defense	5.58	2185.8	1.65%	-0.04%	1.87% (May 2025)	1.24% (Feb 2025)	4.81 L	0.00	Other	37.34
Indian Hotels Company Limited	Hotels & resorts	1.88	2129.5	1.60%	0.01%	1.72% (May 2025)	1.43% (Jan 2025)	28.61 L	0.00	Mid Cap	15.02
GE T&D India Ltd.	Heavy electrical equipment	1.99	1943.8	1.46%	-0.07%	1.54% (Sep 2025)	0.72% (Feb 2025)	6.75 L	0.00	Small Cap	9.86
Trent Limited	Speciality retail	1.84	1941.4	1.46%	-0.15%	4.45% (Dec 2024)	1.46% (Nov 2025)	4.57 L	0.00	Mid Cap	15.02
Kaynes Technology India Private Ltd.	Industrial products	1.4	1855.6	1.40%	-0.30%	1.84% (Sep 2025)	1.18% (Feb 2025)	3.38 L	0.00	Other	37.34
L&T Finance Holdings Ltd.	Investment company	1.38	1831.9	1.38%	0.19%	1.38% (Nov 2025)	0.66% (Dec 2024)	58.65 L	0.00	Mid Cap	15.02
TVS Motor Company Ltd.	2/3 wheelers	1.39	1825.3	1.37%	0.01%	1.37% (Nov 2025)	0.95% (Dec 2024)	5.17 L	0.00	Mid Cap	15.02
- Torrent Power Ltd.	Integrated power utilities	1.31	1743	1.31%	0.00%	2.29% (Dec 2024)	1.25% (Sep 2025)	13.26 L	0.00	Mid Cap	15.02
Tata Consultancy Services Ltd.	Computers - software & consulting	4.64	1737.8	1.31%	0.04%	2.96% (Jan 2025)	1.24% (Sep 2025)	5.54 L	0.00	Large Cap	30.66
Federal Bank Ltd.	Private sector bank	18.03	1642.1	1.24%	0.11%	1.24% (Nov 2025)	0% (Dec 2024)	63.67 L	0.00	Mid Cap	15.02
Sansera Engineering Ltd.	Auto components & equipments	2.39	1610.8	1.21%	0.17%	1.21% (Nov 2025)	0.81% (Apr 2025)	9.21 L	0.00	Other	37.34
Motherson Sumi Systems Ltd.	Auto components & equipments	2.39	1564.2	1.18%	0.11%	1.18% (Nov 2025)	0.96% (Feb 2025)	1.34 Cr	0.00	Large Cap	30.66
Titan Company Ltd.	Gems, jewellery and watches	1.06	1412.6	1.06%	0.05%	1.06% (Nov 2025)	0.91% (Dec 2024)	3.61 L	0.00	Large Cap	30.66
- Fine Organic Industries Ltd.	Specialty chemicals	1.19	1339.7	1.01%	0.00%	1.23% (Jul 2025)	0.95% (Feb 2025)	3.03 L	0.00	Small Cap	9.86
Brigade Enterprises Ltd.	Residential, commercial projects	3.33	1225.8	0.92%	-0.14%	2.04% (Dec 2024)	0.92% (Nov 2025)	13.69 L	0.00	Small Cap	9.86
Navin Flourine International Ltd.	Commodity chemicals	0.91	1206.3	0.91%	0.10%	0.91% (Nov 2025)	0% (Dec 2024)	2.10 L	22.10 k	Small Cap	9.86
Cummins India Ltd.	Compressors, pumps & diesel engines	0.87	1158.7	0.87%	0.03%	0.87% (Nov 2025)	0.61% (Apr 2025)	2.59 L	0.00	Mid Cap	15.02
Solar Industries India Ltd.	Explosives	0.86	1141.4	0.86%	-0.04%	1.14% (Jun 2025)	0.65% (Dec 2024)	86.00 k	0.00	Small Cap	9.86
Rainbow Childrens Medicare Ltd.	Hospital	4.55	1041	0.78%	-0.01%	0.9% (Aug 2025)	0.78% (Nov 2025)	7.70 L	0.00	Other	37.34
FSN E-Commerce Ventures Ltd.	E-retail/ e-commerce	4.74	1036.4	0.78%	0.06%	0.78% (Nov 2025)	0% (Dec 2024)	38.77 L	0.00	Other	37.34
Onesource Specialty Pharma Ltd.	Pharmaceuticals	3.14	995.4	0.75%	-0.15%	0.98% (Jul 2025)	0.24% (Dec 2024)	6.50 L	0.00	Other	37.34
Sai Life Sciences Ltd.	Petrochemicals	0.75	991.9	0.75%	-0.03%	0.77% (Oct 2025)	0.01% (Feb 2025)	11.22 L	0.00	Other	37.34
KEI Industries Ltd.	Cables - electricals	0.6	800.1	0.60%	0.02%	0.61% (Sep 2025)	0.46% (Mar 2025)	1.93 L	0.00	Small Cap	9.86
Healthcare Global Enterprises Ltd.	Hospital	4.55	743	0.56%	-0.01%	0.57% (Oct 2025)	0% (Dec 2024)	10.17 L	0.00	Small Cap	9.86
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	1.99	706.3	0.53%	-0.05%	0.6% (Sep 2025)	0% (Dec 2024)	10.50 L	0.00	Small Cap	9.86
Dixon Technologies (India) Ltd.	Consumer electronics	0.49	655.6	0.49%	-0.31%	1.07% (Dec 2024)	0.49% (Nov 2025)	44.90 k	-0.24 L	Other	37.34
Doms Industries Ltd.	Stationary	0.41	539.7	0.41%	-0.01%	0.42% (Mar 2025)	0.32% (Jul 2025)	2.15 L	0.00	Other	37.34
- Arvind Fashions Ltd.	Speciality retail	1.84	503.2	0.38%	0.00%	0.42% (Jul 2025)	0.31% (Mar 2025)	9.98 L	0.00	Other	37.34
- Tata Capital Ltd.	Non banking financial company (nbfc)	8.53	495	0.37%	0.00%	0.37% (Nov 2025)	0% (Dec 2024)	15.10 L	0.00	Other	37.34
Sobha Ltd.	Residential, commercial projects	3.33	407.1	0.31%	-0.02%	0.32% (Jul 2025)	0.27% (Mar 2025)	2.65 L	0.00	Small Cap	9.86
Suven Pharmaceuticals Ltd.	Pharmaceuticals	3.14	377.3	0.28%	-0.09%	0.45% (Sep 2025)	0% (Dec 2024)	6.68 L	0.00	Other	37.34
Brigade Hotel Ventures Ltd.	Hotels & resorts	1.88	368	0.28%	-0.02%	0.32% (Aug 2025)	0% (Dec 2024)	47.04 L	0.00	Other	37.34
# Azad Engineering Ltd.	Aerospace & defense	5.58	358.7	0.27%	0.27%	0.27% (Nov 2025)	0% (Dec 2024)	2.13 L	2.13 L	Other	37.34
# Ujjivan Small Finance Bank Ltd.	Other bank	0.26	343	0.26%	0.26%	0.26% (Nov 2025)	0% (Dec 2024)	63.02 L	63.02 L	Other	37.34
Carborundum Universal Ltd.	Abrasives & bearings	0.26	342.3	0.26%	-0.01%	0.4% (Dec 2024)	0.26% (Nov 2025)	4.00 L	0.00	Small Cap	9.86
Neuland Laboratories Ltd.	Pharmaceuticals	3.14	330.8	0.25%	0.01%	0.25% (Nov 2025)	0.17% (May 2025)	19.14 k	0.00	Small Cap	9.86
Mrs.Bectors Food Specialities Ltd.	Packaged foods	0.2	264.7	0.20%	-0.27%	0.6% (Dec 2024)	0.2% (Nov 2025)	2.04 L	-2.65 L	Other	37.34
Neogen Chemicals Ltd.	Specialty chemicals	1.19	239.5	0.18%	-0.05%	0.37% (Dec 2024)	0.18% (Nov 2025)	2.13 L	0.00	Other	37.34
Gokaldas Exports Ltd.	Garments & apparels	0.14	187.3	0.14%	0.01%	0.14% (Nov 2025)	0% (Dec 2024)	2.02 L	0.00	Small Cap	9.86
One Mobikwik Systems Ltd.	Financial technology (fintech)	2.02	48.9	0.04%	-0.02%	0.17% (Dec 2024)	0.04% (Nov 2025)	2.10 L	-0.83 L	Other	37.34
Biocon Ltd.	Pharmaceuticals	3.14	41.1	0.03%	-0.26%	0.31% (Jul 2025)	0% (Dec 2024)	1.03 L	-9.35 L	Mid Cap	15.02
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.39	21	0.02%	0.00%	0% (Dec 2025)	0% (Dec 2025)	20.67 L	0.00	Other	37.34
Swiggy Ltd.	E-retail/ e-commerce	4.74	865.5	0.00%	-0.65%	-	-	-	-	Other	37.34
Strides Pharma Science Ltd.	Pharmaceuticals	3.14	253.9	0.00%	-0.19%	-	-	-	-	Small Cap	9.86

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Azad Engineering Ltd.	Aerospace & defense	358.7	0.27%	0.27%	0.27% (Nov 2025)	0% (Dec 2024)	2.13 L	213441
# Ujjivan Small Finance Bank Ltd.	Other bank	343	0.26%	0.26%	0.26% (Nov 2025)	0% (Dec 2024)	63.02 L	6301798

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Swiggy Ltd.	E-retail/ e-commerce	865.5	0.00%	-0.65%	0.9% (Aug 2025)	0% (Dec 2024)	0.00	-2111160
Strides Pharma Science Ltd.	Pharmaceuticals	253.9	0.00%	-0.19%	0.26% (Jun 2025)	0% (Dec 2024)	0.00	-271679

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
ICICI Bank Ltd.	9.09%	8.39%	8.66%	9.08%	9.41%	9.02%	9.37%	9.60%	9.31%	9.00%	8.59%	8.27%	8.40%
HDFC Bank Ltd.	7.70%	7.52%	7.46%	7.55%	7.83%	7.63%	7.70%	7.78%	7.10%	7.28%	6.55%	6.43%	6.53%
Bajaj Finance Ltd.	5.91%	5.92%	5.93%	5.15%	5.06%	5.39%	5.49%	5.26%	5.46%	5.47%	4.63%	3.55%	4.13%
Bharti Airtel Ltd.	5.05%	4.92%	4.64%	4.71%	4.67%	4.82%	4.62%	4.71%	4.49%	4.41%	4.18%	3.84%	4.26%
Infosys Ltd.	3.33%	3.15%	3.16%	3.25%	3.27%	3.41%	3.45%	3.44%	3.70%	4.30%	4.39%	4.01%	3.97%
Eternal Ltd.	3.96%	4.18%	4.22%	3.60%	3.20%	2.70%	2.53%	2.48%	4.42%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	2.32%	2.11%	2.42%	2.44%
Bharat Electronics Ltd.	3.66%	3.77%	3.68%	3.40%	3.45%	3.73%	3.54%	3.00%	2.95%	2.61%	2.85%	2.68%	2.82%
Krishna Institute of Medical Sciences Ltd.	3.21%	3.37%	3.37%	3.52%	3.57%	3.17%	3.35%	3.21%	3.21%	2.83%	3.04%	2.80%	2.77%
Trent Limited	1.46%	1.61%	1.65%	3.02%	2.80%	3.76%	3.54%	3.37%	3.56%	3.52%	3.82%	4.45%	4.26%
Mahindra & Mahindra Ltd.	3.81%	3.53%	3.57%	3.37%	3.30%	2.90%	2.82%	2.75%	2.56%	2.69%	2.86%	2.70%	2.67%
Ultratech Cement Ltd.	2.79%	2.86%	3.01%	3.15%	2.99%	2.90%	2.79%	3.01%	3.05%	2.91%	3.02%	2.83%	2.78%
InterGlobe Aviation Ltd.	3.04%	2.89%	2.96%	3.02%	2.87%	2.85%	2.64%	2.70%	2.90%	2.75%	2.38%	2.36%	2.27%
Cholamandalam Investment & Finance Co. Ltd.	2.25%	2.35%	2.30%	2.05%	2.04%	2.26%	2.30%	2.23%	2.33%	2.33%	1.96%	1.70%	1.77%
Tata Consultancy Services Ltd.	1.31%	1.27%	1.24%	1.64%	1.58%	1.77%	2.35%	2.44%	2.61%	2.73%	2.96%	2.77%	2.90%