Axis Midcap Fund — Deep Analysis

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Fund Overview

SBI Small Cap Fund — Quick Summary

SBI Small Cap Fund is one of India's oldest and most respected small cap mutual funds, launched in September 2009. Managed by Shreyash Devalkar, Head of Equities at SBI MF, it has built a stellar 15-year track record by investing in quality small cap businesses ranked 251st and beyond by market capitalisation as defined by SEBI.

Fund House

Axis Mutual Fund

✓ Suitable For

✓Investors with 7+ year horizon who can stay patient through crashes

✓SIP investors doing rupee cost averaging every month without stopping

✓Those seeking high wealth creation and comfortable with high volatility

✓Experienced investors using this as a satellite allocation in a diversified portfolio

✗ Not Suitable For

✗First-time investors — start with a large cap or hybrid fund first

✗Anyone who needs money within 3–5 years — small caps can be down for years

✗Investors who panic sell — 40–50% crashes are normal in this category

✗Those making it their only fund — concentration in small caps is dangerous

Who Runs This Fund

Fund Manager

SD

Shreyash Devalkar

Senior Fund Manager — Equities, Axis Mutual Fund

Managing Since

2016

Experience

20+ Years

Funds Managed

4 Funds

Total AUM

₹50,000 Cr+

Shreyash Devalkar manages both Axis Bluechip and Axis Midcap Funds, bringing his quality-growth philosophy across market caps. He focuses on businesses with durable competitive advantages, high return on capital and strong management teams. His approach at Axis Midcap mirrors the quality focus of Axis Bluechip — but applied to the faster-growing mid cap universe.

Fund History

Key Moments in Fund's Life

February 2011

🚀 Fund Launch

SBI Small Cap Fund launched with an NFO. Initial AUM was modest at under ₹50 Cr. Few investors took notice.

2013 — 2017

📈 The Golden Run

Under Shreyash Devalkar's management, the fund delivered extraordinary returns during the small cap bull run. AUM grew 10x. It became the most talked-about small cap fund in India.

July 2017

🔒 Subscriptions Suspended

In a rare and bold move, SBI MF suspended fresh lump sum investments citing difficulty in deploying large amounts in small caps without moving prices. This was seen as a sign of integrity.

2018 — 2019

⚡ SEBI Recategorisation

SEBI mandated that small cap funds must invest at least 65% in small cap stocks (rank 251+). This forced portfolio reshuffling across the industry.

March 2020

💥 COVID Crash

Fund NAV crashed ~40% in weeks. Many panic-sold. Those who stayed invested or bought more saw extraordinary recovery in 12-18 months.

2021 — 2022

🏆 Spectacular Recovery

Post-COVID recovery was exceptional. The fund delivered 100%+ returns from March 2020 lows, rewarding patient investors handsomely.

2024

📊 AUM Crosses ₹25,000 Cr

Despite being one of the oldest small cap funds, it remains among the most popular. AUM milestone reflects sustained investor trust over 15 years.

What They Don't Tell You

The Dark Chapters

Every fund has painful periods. Here's an honest look at when SBI Small Cap struggled — because understanding this is crucial before investing.

2022 — 2023

Quality Crash + Scandal = Double Pain

In 2022–23, quality stocks crashed while value/PSU stocks rallied. Axis Midcap fell significantly in relative terms. Simultaneously, the Axis AMC scandal created reputational damage. Investors faced both portfolio underperformance AND anxiety about their fund house. Few funds face such a difficult double challenge.

Performance + reputation hit together

2022

The Front-Running Scandal at Axis AMC

Axis Mutual Fund was rocked by front-running allegations. While Shreyash Devalkar was not implicated, investors in Axis funds — including Axis Midcap — faced a difficult question: can I trust the AMC? AUM outflows followed. The scandal remains a concern for investors evaluating Axis funds.

AMC reputational damage

Same Manager, Two Funds

Shreyash Devalkar Manages Both Axis Bluechip AND Axis Midcap

Investors should note that Shreyash Devalkar manages both Axis Bluechip and Axis Midcap Funds. This means if you hold both, you essentially have very similar philosophy across both and the same manager's bandwidth is split across two large funds. Concentration of decision-making is a risk.

Same manager across both Axis equity funds

Concentration Risk

25–35 Stocks in Mid Caps = High Stock-Specific Risk

Axis Midcap's quality-concentration approach means 25–35 stocks versus 50–60 in diversified peers. In mid caps, this concentration is riskier than in large caps — a single bad call on a mid cap company has more impact. The 2022 underperformance was partly amplified by concentration.

High stock-specific risk from concentration

⚠️ Educational Disclaimer: The dark chapters above are presented for educational awareness only. Past difficulties do not predict future performance. RightAdvise.com is NOT a SEBI/AMFI registered advisor. Please consult a qualified financial advisor before investing.

Performance

Returns vs Benchmark

1 Month

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Nifty SC: —

3 Month

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Nifty SC: —

6 Month

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Nifty SC: —

1 Year

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Nifty SC: —

3 Year CAGR

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Nifty SC: —

5 Year CAGR

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Nifty SC: —

10 Year CAGR

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Nifty SC: —

Since Inception

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Sep 2009

Price History

NAV History

Consistency Analysis

Rolling Returns ℹ️ What is this?

Rolling returns show how the fund performed across every possible investment period — not just one cherry-picked date. This reveals true consistency. Learn more →

1Y Rolling (Avg)

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% of times positive: —

3Y Rolling (Avg)

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% of times positive: —

5Y Rolling (Avg)

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% of times positive: —

1-Year Rolling Returns Each point = 1yr return from that date

Risk Analysis

Maximum Drawdown ℹ️ What is this?

Drawdown shows the biggest fall from peak NAV. This is what investors actually experience during market crashes. Learn more →

Max Drawdown Ever

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Recovery time: —

2020 Covid Crash

-40.2%

Recovery: 14 months

2018 IL&FS Crisis

-28.6%

Recovery: 24 months

Current from Peak

—

Peak NAV: —

Drawdown Chart % fall from rolling peak NAV

Valuation Signal

NAV vs 200-Day Moving Average

When NAV is above 200 DMA, the fund is in an uptrend. When below, it signals caution. Many investors use this as a simple entry/exit signal.

Current NAV

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200 DMA

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NAV vs DMA

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Loading signal...

NAV vs 200 DMA

Risk Metrics

Risk Ratios

Alpha (3Y)

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Excess return over benchmark. Higher is better.

Beta (3Y)

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Volatility vs market. >1 means more volatile.

Sharpe Ratio

—

Return per unit of risk. >1 is considered good.

Sortino Ratio

—

Like Sharpe but only penalises downside risk.

Std Deviation

—

How much returns fluctuate. Lower = more stable.

R-Squared

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How closely it tracks the benchmark index.

Benchmark Comparison

Fund vs Nifty Smallcap 250

₹1 Lakh invested — Growth comparison

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