Axis India Manufacturing Fund vs Motilal Oswal Manufacturing Fund
Direct Plan, Growth option · Data as on 30-10-2026
Axis India Manufacturing Fund is a Thematic fund and Motilal Oswal Manufacturing Fund is a Thematic fund. In the year to 30-10-2026, Axis India Manufacturing Fund (Direct) returned 8.3% and Motilal Oswal Manufacturing Fund (Direct) returned −3.9%. Axis India Manufacturing Fund charges 0.93% a year and Motilal Oswal Manufacturing Fund 1.93% (Direct plans). Their portfolios overlap 26.4%: they hold 17 of the same securities.
Axis India Manufacturing Fund
Thematic
- 1 year return
- 8.3%
- Expense ratio
- 0.93%
- NAV
- ₹15.95
Motilal Oswal Manufacturing Fund
Thematic
- 1 year return
- −3.9%
- Expense ratio
- 1.93%
- NAV
- ₹11.38
Which is better, Axis India Manufacturing or Motilal Oswal Manufacturing? 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 −3.9%.
- Axis India Manufacturing costs less: 0.93% a year against 1.93% (Direct plans).
- Axis India Manufacturing fell less in its worst fall since 14-08-2024: −23.0% against −26.2%.
- Axis India Manufacturing holds more in large companies: 50.9% of the fund in large caps against 40.6%.
- Axis India Manufacturing is the larger fund: ₹5,540 Cr against ₹669 Cr.
- Their portfolios overlap 26.4%: 17 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 | Motilal Oswal Manufacturing Fund |
|---|---|---|
| Fund house | Axis Mutual Fund | Motilal Oswal Mutual Fund |
| Category | Thematic | Thematic |
| AUM | ₹5,540 Cr (30-09-2026) | ₹669 Cr (30-09-2026) |
| NAV | ₹15.95 (Direct) | ₹11.38 (Direct) |
| Expense ratio (Direct) | 0.93% | 1.93% |
| Expense ratio (Regular) | 2.09% | 3.22% |
| Riskometer | Very High | Very High |
| Benchmark | Nifty India Manufacturing TRI | Nifty India Manufacturing TRI |
| Launch date | 21-12-2023 | 08-08-2024 |
| Minimum investment | ₹500 | ₹500 |
| Lock in | None | None |
| Fund managers | Nitin Arora | Ajay Khandelwal, Niket Shah, Santosh Singh, Atul Mehra, Rakesh Shetty, Sunil Sawant |
| Exit load | Exit Load for units in excess of 10% of the investment,1% will be charged for redemption within 90 Days. | 1% - If redeemed on or before 3 Months from the date of allotment. Nil - If redeemed after 3 Months from the date of allotment. |
Axis India Manufacturing vs Motilal Oswal Manufacturing: 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% | -- | -- | -- |
| Motilal Oswal Manufacturing Fund (Direct) | −2.50% | −1.74% | +1.46% | −3.90% | -- | -- | -- |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 235 Thematic funds, same plan type.
Axis India Manufacturing vs Motilal Oswal Manufacturing: Year-wise Returns
| Year | Axis IndiaAxis India Manufacturing | Motilal OswalMotilal Oswal Manufacturing | Nifty India Manufacturing TRI |
|---|---|---|---|
| 2026to date | +9.70% | −0.16% | −2.54% |
| 2025 | +5.06% | −3.72% | +12.28% |
| 2024 | +35.55% | -- | +25.99% |
Axis India Manufacturing vs Motilal Oswal Manufacturing: Rolling Returns
Every holding period of both funds, against Nifty India Manufacturing TRI, the benchmark of both
Rolling returns
Every 1-year holding period, 301 of them, one for each trading day from 14-08-2025 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)
Motilal Oswal Manufacturing Fund (Direct)
Nifty India Manufacturing TRI
to
Sept 2025Dec 2024
to
Dec 2025Feb 2025
to
Feb 2026May 2025
to
May 2026Jul 2025
to
Jul 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 | 13.6 | 10.3 | 20.3 | 28.2 | 18.3 | 8.3 | 1.0 | 10.2% | 11.3% | −5.5% | 27.9% | 36% |
| Motilal Oswal Manufacturing | 21.6 | 25.0 | 27.4 | 20.3 | 4.1 | 1.7 | 0.0 | 5.4% | 5.6% | −7.5% | 24.0% | 20% |
| Nifty India Manufacturing TRI | 13.3 | 10.3 | 17.6 | 33.2 | 15.6 | 7.3 | 2.7 | 10.5% | 11.2% | −5.7% | 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 14-08-2024. Past returns do not promise future returns.
Axis India Manufacturing vs Motilal Oswal Manufacturing: 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 01-08-2024 to 30-10-2026: 27 instalments, ₹2,70,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| Axis India ManufacturingAxis India Manufacturing Fund (Direct) | ₹2,70,000 | ₹3,00,758 | ₹30,758 | 9.6% |
| Motilal Oswal ManufacturingMotilal Oswal Manufacturing Fund (Direct) | ₹2,70,000 | ₹2,79,450 | ₹9,450 | 3.0% |
Axis India ManufacturingAxis India Manufacturing Fund (Direct)
Motilal Oswal ManufacturingMotilal Oswal Manufacturing 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 Motilal Oswal Manufacturing: 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) | Motilal Oswal Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +8.28% | −3.90% |
| Standard deviation | 16.09% | 17.13% |
| Sharpe ratio | 0.19 | -0.53 |
| Sortino ratio | 0.26 | -0.72 |
| Maximum drawdown | −10.9% (23-10-2026) | −15.3% (31-03-2026) |
| Beta | 0.98 | 0.98 |
| Alpha | +9.84% | −2.36% |
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) | Motilal Oswal Manufacturing Fund (Direct) |
|---|---|---|
| Return (CAGR) | +17.32% | +5.67% |
| Standard deviation | 15.99% | 19.31% |
| Sharpe ratio | 0.71 | -0.00 |
| Sortino ratio | 0.96 | -0.01 |
| Maximum drawdown | −23.0% (28-02-2025) | −26.2% (28-02-2025) |
| Beta | 0.96 | 1.05 |
| Alpha | +5.12% | +4.03% |
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)
Motilal Oswal Manufacturing 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% |
| Motilal Oswal Manufacturing Fund (Direct) | −26.2% | 03-01-2025 | 28-02-2025 | 16-09-2025 | 7 months | −7.3% |
| Nifty India Manufacturing TRI | −23.0% | 27-09-2024 | 07-04-2025 | 05-01-2026 | 9 months | −10.5% |
From daily values since 14-08-2024, 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)
Motilal Oswal Manufacturing Fund (Direct)
Nifty India Manufacturing TRI
Against Nifty India Manufacturing TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| Axis India Manufacturing Fund (Direct) | 105% | 88% | 4.83% |
| Motilal Oswal Manufacturing Fund (Direct) | 113% | 90% | 14.17% |
From month-end values since 14-08-2024. 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 Motilal Oswal Manufacturing: Portfolio Overlap
From each fund's latest monthly portfolio: Axis India Manufacturing Fund, September 2026; Motilal Oswal Manufacturing Fund, September 2026
Holdings in common
- Overlap
- 26.4%
- Held by both
- 17
- Only in Axis India Manufacturing
- 56
- Only in Motilal Oswal Manufacturing
- 16
| Security | % of Axis India Manufacturing | % of Motilal Oswal Manufacturing |
|---|---|---|
| Sun Pharmaceutical Industries Limited | 3.61% | 4.55% |
| Divi's Laboratories Limited | 3.57% | 4.03% |
| TVS Motor Company Limited | 2.81% | 2.81% |
| Samvardhana Motherson International Limited | 2.26% | 4.93% |
| TD Power Systems Limited | 2.12% | 3.19% |
| Torrent Pharmaceuticals Limited | 2.11% | 2.93% |
| Solar Industries India Limited | 1.78% | 7.13% |
| Hindustan Aeronautics Limited | 1.75% | 1.86% |
| Bajaj Auto Limited | 1.56% | 2.41% |
| ABB India Limited | 0.89% | 5.63% |
| Pidilite Industries Limited | 0.85% | 1.89% |
| Blue Star Limited | 0.84% | 2.45% |
| Azad Engineering Ltd | 0.79% | 3.16% |
| Bosch Limited | 0.53% | 5.12% |
| PG Electroplast Limited | 0.43% | 1.88% |
| Anthem Biosciences Limited | 0.28% | 4.00% |
| KEI Industries Limited | 0.20% | 1.59% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.4% means 26.4% 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 |
|---|---|
| Mahindra & Mahindra Limited | 4.82% |
| Sona BLW Precision Forgings Limited | 3.21% |
| Bharat Electronics Limited | 2.95% |
| Reliance Industries Limited | 2.81% |
| Bharat Heavy Electricals Limited | 2.48% |
Largest holdings only in Motilal Oswal Manufacturing Fund
| Security | % of fund |
|---|---|
| UNO Minda Limited | 4.41% |
| Garware Hi-Tech Films Limited | 4.13% |
| Karamtara Engineering Limited | 3.72% |
| Navin Fluorine International Limited | 2.82% |
| Mankind Pharma Limited | 2.49% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | Axis India Manufacturing | Motilal Oswal Manufacturing |
|---|---|---|
| Equity | 96.9% | 95.5% |
| Debt | 0.0% | 0.0% |
| Cash and others | 3.1% | 4.5% |
Market cap of stocks
| Market cap | Axis India Manufacturing | Motilal Oswal Manufacturing |
|---|---|---|
| Large Cap | 50.9% | 40.6% |
| Mid Cap | 19.0% | 24.0% |
| Small Cap | 22.6% | 21.8% |
| Not on AMFI's list | 4.4% | 9.1% |
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 | Motilal Oswal Manufacturing |
|---|---|---|
| Electrical Equipment | 14.5% | 19.4% |
| Pharmaceuticals & Biotechnology | 14.9% | 18.0% |
| Auto Components | 15.4% | 16.6% |
| Automobiles | 14.5% | 6.7% |
| Chemicals & Petrochemicals | 3.5% | 11.8% |
| Industrial Products | 7.4% | 7.7% |
| Consumer Durables | 4.1% | 6.8% |
| Aerospace & Defense | 5.3% | 1.9% |
The six largest sectors of each fund's stocks, % of the fund.
Axis India Manufacturing vs Motilal Oswal Manufacturing: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | Axis India Manufacturing Fund | Motilal Oswal Manufacturing Fund |
|---|---|---|
| Total expense ratio (Direct) | 0.93% | 1.93% |
| Base expense ratio (Direct) | 0.62% | 0.87% |
| Total expense ratio (Regular) | 2.09% | 3.22% |
| Base expense ratio (Regular) | 1.60% | 2.06% |
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
Compare Motilal Oswal Manufacturing with
Axis India Manufacturing Fund vs Motilal Oswal Manufacturing Fund: Frequently Asked Questions
What is the difference between Axis India Manufacturing Fund and Motilal Oswal Manufacturing Fund?
Axis India Manufacturing Fund is a Thematic fund, Motilal Oswal Manufacturing Fund is a Thematic fund, run by Axis Mutual Fund and Motilal Oswal Mutual Fund. Their portfolios overlap 26.4%. Axis India Manufacturing Fund charges 0.93% a year and Motilal Oswal Manufacturing Fund 1.93%.
Which has given higher returns, Axis India Manufacturing Fund or Motilal Oswal Manufacturing Fund?
Over 1 year: Axis India Manufacturing Fund +8.28%, Motilal Oswal Manufacturing Fund −3.90%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, Axis India Manufacturing Fund or Motilal Oswal Manufacturing Fund?
Axis India Manufacturing Fund charges less: 0.93% a year against 1.93%. These are the Direct plans' total expense ratios reported to AMFI.
How much do Axis India Manufacturing Fund and Motilal Oswal Manufacturing Fund overlap?
26.4%. They hold 17 of the same securities, the largest shared ones being SUNPHARMA, DIVISLAB, TVSMOTOR. From each fund's latest monthly portfolio.
Which is riskier, Axis India Manufacturing Fund or Motilal Oswal Manufacturing Fund?
On SEBI's riskometer, Axis India Manufacturing Fund is rated Very High and Motilal Oswal Manufacturing Fund Very High. Over 1 years, the standard deviation of daily returns was 16.09% and 17.13% a year.
Can I invest in both Axis India Manufacturing Fund and Motilal Oswal Manufacturing Fund?
Yes. 26.4% 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 Motilal Oswal Manufacturing Fund?
Axis India Manufacturing Fund: Nitin Arora. Motilal Oswal Manufacturing Fund: Ajay Khandelwal, Niket Shah, Santosh Singh, Atul Mehra, Rakesh Shetty, Sunil Sawant.
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.