Axis India Manufacturing Fund vs ICICI Prudential Multi Cap Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and ICICI Prudential Multi Cap Fund is a Multi Cap fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and ICICI Prudential Multi Cap Fund (Direct) returned −3.1%. Axis India Manufacturing Fund charges 0.93% a year and ICICI Prudential Multi Cap Fund 1.02% (Direct plans). Their portfolios overlap 30.4%: they hold 40 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
ICICI Prudential Multi Cap Fund
Multi Cap
- 1 year return
- −3.1%
- Expense ratio
- 1.02%
- NAV
- ₹878.41
Which is better, Axis India Manufacturing or ICICI Prudential Multi Cap? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Axis India Manufacturing returned more over 1 year: 8.3% against −3.1%.
- Axis India Manufacturing costs less: 0.93% a year against 1.02% (Direct plans).
- ICICI Prudential Multi Cap fell less in its worst fall since 27-12-2023: −17.3% against −23.0%.
- Axis India Manufacturing holds more in large companies: 50.9% of the fund in large caps against 37.1%.
- ICICI Prudential Multi Cap is the larger fund: ₹18,717 Cr against ₹5,540 Cr.
- Their portfolios overlap 30.4%: 40 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | Axis India Manufacturing Fund | ICICI Prudential Multi Cap Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | ICICI Prudential Mutual Fund |
| Category | Thematic | Multi Cap |
| AUM | ₹5,540 Cr (30-09-2026) | ₹18,717 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹878.41 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.02% |
| Expense ratio (Regular) | 2.09% | 1.76% |
| Riskometer | Very High | Not available |
| Benchmark | Nifty India Manufacturing TRI | NIFTY 500 Multicap 50:25:25 Total Return Index |
| Launch date | 21-12-2023 | 28-09-2001 |
| Minimum investment | ₹500 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Lalit Kumar, Sharmila D’silva |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | 1 % of applicable Net Asset Value If the amount sought to be redeemed or switch out within 12 months from allotment. Nil If the amount sought to be redeemed or switched out more than 12 months. |
Axis India Manufacturing vs ICICI Prudential Multi Cap: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | −3.10% | −0.56% | +5.70% | +8.28% | -- | -- | -- |
| ICICI Prudential Multi Cap Fund (Direct) | −5.15% | −8.29% | −4.13% | −3.12% | +13.37% | +12.42% | +13.62% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
| Multi Cap average | −2.65% | −3.95% | +1.99% | −1.14% | +13.54% | +12.56% | +14.55% |
Category average: the average of the 235 Thematic funds and the 33 Multi Cap funds, same plan type.
Axis India Manufacturing vs ICICI Prudential Multi Cap: Year-wise Returns
| Year | Axis India ManufacturingAxis India Manufacturing | ICICI Prudential Multi CapICICI Prudential Multi Cap |
|---|---|---|
| 2026to date | +9.70% | −2.68% |
| 2025 | +5.06% | +6.56% |
| 2024 | +35.55% | +21.69% |
| 2023 | -- | +36.48% |
| 2022 | -- | +5.61% |
| 2021 | -- | +37.62% |
Axis India Manufacturing vs ICICI Prudential Multi Cap: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of Axis India Manufacturing Fund
Rolling returns
Every 1-year holding period, 460 of them, one for each trading day from 27-12-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
Axis India Manufacturing Fund (Direct)
ICICI Prudential Multi Cap Fund (Direct)
Nifty India Manufacturing TRI
to
Feb 2025Jun 2024
to
Jun 2025Oct 2024
to
Oct 2025Jan 2025
to
Jan 2026May 2025
to
May 2026Sept 2025
to
Sept 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Axis India Manufacturing | 15.7 | 13.5 | 23.3 | 21.7 | 13.5 | 7.4 | 5.0 | 9.9% | 9.5% | −5.5% | 37.7% | 58% |
| ICICI Prudential Multi Cap | 10.8 | 22.2 | 39.0 | 21.6 | 4.4 | 2.0 | 0.0 | 7.0% | 7.2% | −6.1% | 23.2% | 32% |
| Nifty India Manufacturing TRI | 17.8 | 15.0 | 19.1 | 24.3 | 13.3 | 6.5 | 3.9 | 9.2% | 9.4% | −6.6% | 31.0% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is Nifty India Manufacturing TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 27-12-2023. Past returns do not promise future returns.
Axis India Manufacturing vs ICICI Prudential Multi Cap: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 27-12-2023 to 30-10-2026: 35 instalments, ₹3,50,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹3,50,000 | ₹4,10,965 | ₹60,965 | 11.1% |
| ICICI Prudential Multi CapICICI Prudential Multi Cap Fund (Direct) | ₹3,50,000 | ₹3,63,606 | ₹13,606 | 2.6% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
ICICI Prudential Multi CapICICI Prudential Multi Cap Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
Axis India Manufacturing vs ICICI Prudential Multi Cap: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | Axis India Manufacturing Fund (Direct) | ICICI Prudential Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | −3.12% |
| Standard deviation | 16.09% | 17.18% |
| Sharpe ratio | 0.19 | -0.49 |
| Sortino ratio | 0.26 | -0.66 |
| Maximum drawdown | −10.9% (23-10-2026) | −13.8% (23-10-2026) |
| Beta | 0.98 | 1.11 |
| Alpha | +9.84% | +4.18% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | Axis India Manufacturing Fund (Direct) | ICICI Prudential Multi Cap Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +15.23% |
| Standard deviation | 15.99% | 15.25% |
| Sharpe ratio | 0.71 | 0.60 |
| Sortino ratio | 0.96 | 0.81 |
| Maximum drawdown | −23.0% (28-02-2025) | −38.9% (23-03-2020) |
| Beta | 0.96 | -- |
| Alpha | +5.12% | -- |
From daily NAVs, 27-12-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
Axis India Manufacturing Fund (Direct)
ICICI Prudential Multi Cap Fund (Direct)
Nifty India Manufacturing TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | −23.0% | 27-09-2024 | 28-02-2025 | 29-04-2026 | 14 months | −7.2% |
| ICICI Prudential Multi Cap Fund (Direct) | −17.3% | 27-09-2024 | 28-02-2025 | 22-04-2026 | 14 months | −11.4% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 27-12-2023, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
Axis India Manufacturing Fund (Direct)
ICICI Prudential Multi Cap Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 108% | 88% | 4.41% |
| ICICI Prudential Multi Cap Fund (Direct) | 82% | 87% | 6.63% |
From month-end values since 27-12-2023. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
Axis India Manufacturing vs ICICI Prudential Multi Cap: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; ICICI Prudential Multi Cap Fund, September 2026
Holdings in common
- Overlap
- 30.4%
- Held by both
- 40
- Only in Axis India Manufacturing
- 33
- Only in ICICI Prudential Multi Cap
- 128
| Security | % of Axis India Manufacturing | % of ICICI Prudential Multi Cap |
|---|---|---|
| Samvardhana Motherson International Limited | 2.26% | 2.17% |
| Apar Industries Limited | 2.11% | 2.79% |
| Hindustan Aeronautics Limited | 1.75% | 1.65% |
| Bharat Forge Limited | 1.44% | 2.04% |
| UltraTech Cement Limited | 1.37% | 2.45% |
| Vedanta Aluminium Metal Limited | 1.32% | 2.84% |
| CG Power and Industrial Solutions Limited | 1.30% | 1.48% |
| JSW Steel Limited | 1.08% | 1.51% |
| Jindal Steel Limited | 1.05% | 2.40% |
| Bharat Petroleum Corporation Limited | 1.02% | 1.18% |
| TVS Motor Company Limited | 2.81% | 1.01% |
| Tata Steel Limited | 1.46% | 0.95% |
| Sona BLW Precision Forgings Limited | 3.21% | 0.94% |
| Mahindra & Mahindra Limited | 4.82% | 0.94% |
| GE Vernova T&D India Limited | 2.10% | 0.91% |
| ABB India Limited | 0.89% | 1.94% |
| Blue Star Limited | 0.84% | 0.91% |
| Hindalco Industries Limited | 2.26% | 0.82% |
| Bajaj Auto Limited | 1.56% | 0.76% |
| Cummins India Limited | 2.39% | 0.70% |
| Welspun Corp Limited | 1.79% | 0.58% |
| Solar Industries India Limited | 1.78% | 0.57% |
| Triveni Turbine Limited | 0.54% | 0.78% |
| SRF Limited | 0.52% | 0.76% |
| Kirloskar Oil Engines Limited | 0.52% | 0.69% |
| Piramal Pharma Limited | 0.55% | 0.50% |
| Amber Enterprises India Limited | 1.08% | 0.45% |
| K.P.R. Mill Limited | 0.44% | 2.15% |
| PG Electroplast Limited | 0.43% | 0.64% |
| Voltas Limited | 0.55% | 0.38% |
| Carborundum Universal Limited | 0.99% | 0.37% |
| Dixon Technologies (India) Limited | 1.24% | 0.35% |
| Sansera Engineering Limited | 2.05% | 0.32% |
| Grindwell Norton Limited | 0.31% | 0.23% |
| KEI Industries Limited | 0.20% | 1.03% |
| Aditya Infotech Limited | 0.64% | 0.17% |
| Voltamp Transformers Limited | 0.24% | 0.17% |
| PI Industries Limited | 0.16% | 0.37% |
| Minda Corporation Limited | 1.41% | 0.14% |
| Schaeffler India Limited | 1.07% | 0.03% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 30.4% means 30.4% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in Axis India Manufacturing Fund
| Security | % of fund |
|---|---|
| Sun Pharmaceutical Industries Limited | 3.61% |
| Divi's Laboratories Limited | 3.57% |
| Bharat Electronics Limited | 2.95% |
| Reliance Industries Limited | 2.81% |
| Bharat Heavy Electricals Limited | 2.48% |
Largest holdings only in ICICI Prudential Multi Cap Fund
| Security | % of fund |
|---|---|
| Interglobe Aviation Ltd. | 2.64% |
| BSE Ltd. | 2.55% |
| Multi Commodity Exchange Of India Ltd. | 2.12% |
| Manappuram Finance Ltd. | 1.80% |
| Paradeep Phosphates Ltd. | 1.65% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | ICICI Prudential Multi Cap |
|---|---|---|
| Equity | 96.9% | 98.2% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 1.8% |
Market cap of stocks
| Market cap | Axis India Manufacturing | ICICI Prudential Multi Cap |
|---|---|---|
| Large Cap | 50.9% | 37.1% |
| Mid Cap | 19.0% | 29.1% |
| Small Cap | 22.6% | 31.8% |
| Not on AMFI's list | 4.4% | 0.3% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | Axis India Manufacturing | ICICI Prudential Multi Cap |
|---|---|---|
| Auto Components | 15.4% | 8.2% |
| Pharmaceuticals & Biotechnology | 14.9% | 2.4% |
| Electrical Equipment | 14.5% | 9.1% |
| Automobiles | 14.5% | 3.2% |
| Industrial Products | 7.4% | 8.5% |
| Chemicals & Petrochemicals | 3.5% | 7.2% |
| Capital Markets | 0.0% | 6.5% |
| Finance | 0.0% | 6.5% |
| Aerospace & Defense | 5.3% | 2.4% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs ICICI Prudential Multi Cap: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | ICICI Prudential Multi Cap Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.02% |
| Base expense ratio (Direct) | 0.62% | 0.79% |
| Total expense ratio (Regular) | 2.09% | 1.76% |
| Base expense ratio (Regular) | 1.60% | 1.43% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare Axis India Manufacturing with
Axis India Manufacturing Fund vs ICICI Prudential Multi Cap Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and ICICI Prudential Multi Cap Fund?
Axis India Manufacturing Fund is a Thematic fund, ICICI Prudential Multi Cap Fund is a Multi Cap fund, run by Axis Mutual Fund and ICICI Prudential Mutual Fund. Their portfolios overlap 30.4%. Axis India Manufacturing Fund charges 0.93% a year and ICICI Prudential Multi Cap Fund 1.02%.
Which has given higher returns, Axis India Manufacturing Fund or ICICI Prudential Multi Cap Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, ICICI Prudential Multi Cap Fund −3.12%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or ICICI Prudential Multi Cap Fund?
Axis India Manufacturing Fund charges less: 0.93% a year against 1.02%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and ICICI Prudential Multi Cap Fund overlap?
30.4%. They hold 40 of the same securities, the largest shared ones being MOTHERSON, APARINDS, HAL. From each fund's latest monthly portfolio.
Can I invest in both Axis India Manufacturing Fund and ICICI Prudential Multi Cap Fund?
Yes. 30.4% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages Axis India Manufacturing Fund and ICICI Prudential Multi Cap Fund?
Axis India Manufacturing Fund: Nitin Arora. ICICI Prudential Multi Cap Fund: Lalit Kumar, Sharmila D’silva.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.