axis ultra short term fund

Axis Ultra Short Term Fund(An open ended ultra-short term debt scheme investing in instruments such that the

Macaulay duration of the portfolio is between 3 months and 6 months)

2.1

1.8

1.5 1.51.6

1.41.6 1.6 1.6 1.6

2.22.4

1.0

1.5

2.0

2.5

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

% o

f G

DP

Budgeted Infra spending to rise sharply

Infrastructure Spending

Higher Capex spending & Infrastructure at the expense of fiscal management

Budget 2021 - Fiscal Doldrums

2

• The budget outlines a new National infrastructure

pipeline comprising of 7,400 projects.

• Fiscal deficit breached even the most optimistic

expectations with FY 21 deficit pegged at 9.5% &

FY 22 deficit at 6.8%

• The government also side-tracked the FRBM in

effect extending the fiscal consolidation timelines

to FY 26.

3.5 3.5 3.44.6

9.5

6.8

0.0

2.0

4.0

6.0

8.0

10.0

2017 2018 2019 2020 2021 (RE) 2022 (BE)

% o

f G

DP

Fiscal Deficit gets bigger

Source: Union Budget Documents 2021, Citi, Axis MF Research. Dash levels for fiscal deficit represent market consensus

7.5

5.5

No Rate Hikes Just Yet

RBI Backs Up the Government

3

Source: RBI Monetary policy and RBI Governor’s speech dated 6th Feb 2021, Axis MF Research.

Restoration of CRR

• 2 phase approach to limit possible disruption to markets

• CRR @3.5% from Mar 27th

2021 & @4% from May 22nd

2021

T-LTRO: Inclusion of NBFC’s

• Permit NBFC’s to use T-LTRO funds for incremental last mile lending to specified sectors

Higher HTM Assets under SLR

• Extension of deadline to bring down proportion of HTM assets under SLR for banks

• Aim to create demand for upcoming G-Sec auctions

GILT Markets open up for retail investors

• Retail investors can now trade GILTS directly on RBI platform

• Aim to deepen debt markets with retail participation

• Policy rates kept unchanged, Inflation remains a concern

• Continued accommodative stance and ‘calendarized’ approach to end easy monetary policy seen as attempt to calm market nerves.

• CRR normalization could help open other avenues of liquidity e.g. FX intervention and OMO’s should the RBI need to redirect

liquidity

Key Announcements

Call given in Nov 2020 is playing out!

Short bonds underperformance

4

2.90

3.40

3.90

4.40

4.90

5.40

5.90

6.40

6.90

1 Month 3 Month 6 Month 1 Year 3 Year 5 Year 10 Year 15 year

Short term yields have seen a significant retracement

G-Sec Curve: 31/12/2020 G-Sec Curve: 08/02/2021

Source: Bloomberg, Axis MF Research. Data as of 9th February 2021. Yields are not an indication for fund returns.

MaturityRise in Yields

(% Bps)

1 Month 25

3 Month 33

6 Month 23

1 Year 71

3 Year 73

5 Year 79

10 Year 21

15 year 36

2.5

3.3

4.0

4.8

5.5

6.3

7.0

Jan-18 Jul-18 Jan-19 Jul-19 Jan-20 Jul-20 Jan-21

1 Month T Bill Repo Rate Reverse Repo

Source: Bloomberg, Axis MF Research. Data as of 9th February 2021

Money markets yields will likely retrace to above policy rates – Good News for short term savers

Short bonds segment vulnerable to rate hikes

Best performing asset class of 2018-20 likely to become laggards

What Does this Mean for Yields?

5

2.5

3.3

4.0

4.8

5.5

6.3

7.0

7.8

8.5

Mar-18 Aug-18 Jan-19 Jun-19 Nov-19 Apr-20 Sep-20 Feb-21

3 Year AAA 3 Month T-Bill

Period of Steepening

• Rates are biased upwards and expected to harden over next

12-18 months

• Potential opportunity for reinvestment theme

• Short Duration papers will likely get repriced significantly

above their current levels

• Money market and short bond segment will be benefitted from

reinvesting at higher yields

• Longer duration bonds will face a negative MTM impact

Attractive play on rising yields

Theme to Play - Reinvestment

6

Chart displayed only for illustration purposes. Assumed bonds will be held to maturity. Axis AMC/Axis MF does not guarantee returns on any products.

3.0

4.0

5.0

6.0

7.0

8.0

9.0

Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22

Hugging the rising yield (illustration)

Rising Yield Long Bond Short Bond

Target Actively managed strategies and focus on reinvestment

Money Markets

7

• The budget announcement and the borrowing plan for FY 21 & FY 22 were a surprise to debt market participants

• Sell of 10-30 bps on the entire curve , short end yields are higher by 30 bps and long bonds approximately 10-15 bps

• MTM impact on money markets will be limited due to the low duration. However as you keep reinvesting you collect higher YTM

• We believe rising rates are here to stay. RBI is likely to keep shifting the yield curve higher gradually so as to avoid any liquidity shocks to the economy

Source: Bloomberg, Axis MF Research. Data as on 9th February 2021Yields given above is based on the market data as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities.

2.953.05

3.30

3.65

3.25

3.53

3.90

4.20

3.35

2.80

3.00

3.20

3.40

3.60

3.80

4.00

4.20

4.40

1 Month 3 Month 6 Months 1 Year

Shorter assets repriced as part of larger shift in yield curves

31/12/2020 08/02/2021 Operative Rate

• Compression theme evident on select AA names.

• As the economy recovers and corporate balance sheets

show significant improvements, fears of downgrades and

defaults recede.

• AA space make for an attractive accrual play for investors

with risk appetite

• Investors must remain vigilant and focus on portfolio

granularity and liquidity while identifying investment

opportunities

Credits – Ideal In the Current Environment

8

Source: Bloomberg, Axis MF Research, Data as on 9th February 2021

40

60

80

100

120

140

160

Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21

3 Year AA’s trade ~100 bps above comparable AAA’s

Despite

compressions,

yields remain

attractiveSpreads rose as weak

macro drives

downgrade/default risks

0%

5%

10%

15%

20%

25%

-1.0% -0.5% 0.0% 0.5% 1.0%

Perc

en

t o

f o

utc

om

es

Relative Performance

Return Profile of Credit Risk Funds

Market Event

Understanding Risk is Key to Managing Risk

Managing Credit Risk

9

Source: ACE MF, Axis MF Internal Research. Returns computed represent excess returns over High quality (AAA/AA+) portfolios. The period of research is June 2010 to July 2020. Excess returns are computed basis monthly rolling returns of all credit risk funds in the industry as of May 2020. Past performance may or may not be sustained in the future.

• Credits as an asset class have the potential to

reward long term investors consistently over long

investment periods

• During normal markets, the credit risk category has

outperformed the short term category

• However, when things go wrong, the under

performance can be stark, as evidenced by the sharp

kink in the left tail

• Key to managing a good credit portfolio is to avoid

mistakes

Normal Market

Conditions

• Yields across the curve have hardened by ~40 bps in a relatively short span

• We anticipate the next leg of the selloff to be more gradual. The reinvestment theme is an ideal play in rising rate environments

• Credits continue to remain attractive from a risk reward perspective give the improving macro fundamentals.

• Actively managed low duration strategies playing the reinvestment theme ideal to mitigate MTM risks.

• Selective allocations to AA Credits may add ‘carry’ to existing fixed income portfolios.

How To Play The Current Market Environment

Summary

10

Source: Bloomberg, Axis MF Research, Data As on 29th January 2021

Discipline is the key

Portfolio Construction

11

DIVERSIFICATION

CREDIT PLAY

DIFFERENT FROM

DURATION PLAYVALUATION

• Cautious at selecting

sectors

• Diversifying the

exposure to manage

potential risk

• Strict issuer/rating limits

• Pure accrual play with

buy and hold approach

• No active duration call

in lower rated papers

• Look at credit exposure

only during favorable

valuation scenario

• Tight Duration Range

• Stringent credit review

• Control credit risk through diversification and strict limits on issuer weighting based on rating

Risk Mitigation Framework

Risk Management

12

Strategy followed is based on the current market conditions and is subject to changes depending on the fund manager’s view of the markets.

Sector

• Controlled through diversification and stringent review of investable sectors;

• Regulatory limits on sector Exposure

Credit

• Focus on High Quality Issuer

• Investment universe based on credit research

Diversification

• Exposure to each issuer limited by its rating

Duration

• Strictly adhere to duration limits specified by the investment mandate & investment policy

Liquidity

• Liquidity/impact cost part of security selection/portfolio construction.

Optimize balance of credit quality, returns and liquidity

An Introduction

Axis Ultrashort Term Fund

13

Portfolio duration between 1 year and 3

years

Axis Ultra Short Term Fund

Portfolio duration between 3 months and

6 months

Portfolio duration between 6 months

and 12 months

Investment in securities with maturity of

upto 91 days only

Low Duration

Liquid

Portfolio Positioning

14

Above mentioned positioning aspects of the portfolio (Current Portfolio Allocation ) are based on the prevailing market conditions and are subject to changes depending on the fund manager’s view of the markets

Typically 70% A1+/AAA with

30% non-AAA

QUALITY

Primarily A1+ with exposures to AA

assets targeting around 100-150 bps

spread over CDs

PORTFOLIO MIX

Targets a portfolio duration of 4-5

months

DURATION

Minimum investment horizon of 3-6

months

INVESTMENT HORIZON

How does yield of a typical bond behave in various rate scenarios?

Illustration

15

Past performance may or may not be sustained in future. Source: Axis MF Research. Above numbers are for illustration purpose only and does not indicate any future returns of any fund. Please note that the above calculation is done considering the portfolio modified duration of 0.50 years. ^The yield to maturity given above is based on the portfolio of funds as on date given above. This should not be taken as an indication of the returns that maybe generated by the fund and the securities bought by the fund may or may not be held till their respective maturities.

Consider a typical bond with 6 months duration with a

yield^ of 4.2% (Assumption).

The illustration alongside shows the change in yield of

the bond considering various changes in interest rate.

5.70%

5.20%

4.70%

4.20%

3.70%

3.20%

2.70%+75bps

+50bps

+25bps

0

-25bps

-50bps

-75bps

If rates change by Gross yield^ over 3 months

Benefits and Suitability

16

Elevated short term spreads offer historically higher yields in the

front end of the curve. The fund aims for a low duration with low

volatility and relatively higher carry over a 3-6 month period

BETTER CARRY

Aims for higher yield with significantly lower risk

LOWERED RISK

Attempts to offer better risk reward opportunity over other

traditional alternatives in short term space

RISK/REWARD

Efficient cash management vehicle with limited impact

from interest rate changes (due to low duration risk)

ROBUST CASH MANAGEMENT

Suitable to park money for short term ( 3-6 months)

EFFICIENT WAY TO PARK MONEY

Can be invested for STPs in Equity Funds

SUITABLE FOR STPs

BENEFITS SUTABILITY

Features at a glance

17

Fund

manager

Exit

Load

BenchmarkMin.

Application

amount

Category

Ultra Short

Duration Fund

Aditya Pagaria &

Sachin Jain

Nil NIFTY Ultra Short

Duration Debt

Index

Rs. 5,000 and in

multiples of Re. 1/-

thereafter

29th January 2021

Portfolio Statistics

18

Note: Above mentioned positioning aspects of the portfolio (Current Portfolio Allocation ) are based on the prevailing market conditions and are subject to changes depending on the fund manager’s view of the markets

Debt Quants

Average Maturity 139 days

Modified Duration 121 days

Macaulay Duration 134 days

Yield to Maturity

(%)4.24%

Rating

Allocation% of NAV

AAA, SOV &

Equivalent79.13%

AA+ 8.90%

AA 5.67%

AA- 1.66%

Net Current Assets 4.64%

Asset Mix % of NAV

Commercial Paper 45.63%

Corporate Bond 22.76%

Treasury Bill 18.29%

Certificate of Deposit 3.62%

Zero Coupon Bond 3.38%

State Government Bond 0.51%

Pass Through Certificate 1.16%

Net Current Assets 4.64%

29th January 2021

Performance

19

Axis Ultra Short Term Fund - Regular Plan - Growth

NIFTY Ultra Short Duration Debt Index

10th September 2018

Rs. 10,000

29th January 2021

Rs. 11,624

Rs. 11,708

1 Year 3 Year 5 Year Since Inception

CAGR

(%)

Current Value of

investment of Rs.

10,000

CAGR

(%)

Current Value of

investment of Rs.

10,000

CAGR

(%)

Current Value of

investment of Rs.

10,000

CAGR

(%)

Current Value of

investment of Rs.

10,000

Axis Ultra Short Term Fund - Regular Plan -

Growth4.91% 10,490 NA NA NA NA 6.50% 11,624

NIFTY Ultra Short Duration Debt Index

(Benchmark)5.24% 10,523 NA NA NA NA 6.82% 11,708

NIFTY 1 Year T-Bill Index (Additional

Benchmark)6.12% 10,611 NA NA NA NA 6.98% 11,749

Past performance may or may not be sustained in future. Since inception 10th September 2018. Different plans have different expense structure. Aditya Pagaria is managing the scheme since inception and he manages 8 schemes. Sachin Jain is managing the scheme since 4th September 2020 and he manages 2 schemes. Please refer return table for performance of all schemes managed by the fund manager.Please refer to annexure on Page 20-23 for performance of schemes managed by the fund managers. Returns greater than 1 year period are compounded annualized (CAGR). Face Value per unit Rs. 10.

Return of scheme managed by Sachin Jain (Total Schemes Managed: 2 Schemes) (As on 29th January 2021)

Fund NameDate of

Inception

1 Year 3 Years@ 5 Years@@ Since Inception

CAGR

(%)

Current

Value of

Investment

of Rs.

10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-


10-Sep-18

4.91% 10,490 NA NA NA NA 6.50% 11,624

NIFTY Ultra Short Duration Debt Index (Benchmark) 5.24% 10,523 NA NA NA NA 6.82% 11,708

NIFTY 1 Year T-Bill Index (Additional Benchmark) 6.12% 10,611 NA NA NA NA 6.98% 11,749

Axis Ultra Short Term Fund - Direct Plan - Growth

10-Sep-18

5.86% 10,584 NA NA NA NA 7.46% 11,874



Axis Regular Saver Fund - Regular Plan - Growth

16-Jul-10

11.66% 11,162 5.71% 11,810 6.90% 13,966 7.72% 21,913

NIFTY 50 Hybrid Short Duration Debt 25:75 Index (Benchmark) 12.24% 11,221 9.14% 12,997 10.02% 16,129 9.33% 25,611

NIFTY 10 yr Benchmark G-Sec (Additional Benchmark) 8.76% 10,874 8.62% 12,811 7.76% 14,535 7.12% 20,663

Axis Regular Saver Fund - Direct Plan - Growth

04-Jan-13

12.75% 11,271 6.76% 12,165 8.14% 14,795 9.33% 20,549

NIFTY 50 Hybrid Short Duration Debt 25:75 Index (Benchmark) 12.24% 11,221 9.14% 12,997 10.02% 16,129 9.66% 21,053

NIFTY 10 yr Benchmark G-Sec (Additional Benchmark) 8.76% 10,874 8.62% 12,811 7.76% 14,535 7.29% 17,655

SEBI Prescribed Performance Annexures

Annexure

20

@The performance data for 3 years & 5 years period has not been provided, since scheme is in existence for less than 3 years. @@The performance data for 5 years period has not been provided, since scheme is in existence for less than 5 years. Data As on 29th January 2021. Past performance may or may not be sustained in future. Calculations are based on Regular Plan -Growth Option NAV and Direct Plan – Growth Option NAV, as applicable. Face Value per unit : Rs. 1,000/- for Axis Liquid Fund, Axis Treasury Advantage Fund, Axis Money Market Fund, Axis Overnight Fund and Axis Banking & PSU Debt Fund, Rs. 1/- for Axis Gold ETF and Rs. 10/- for all other schemes. Different plans have different expense structure. Face value is Rs. 10 per unit.

Aditya Pagaria is managing Axis Ultra short term fund since inception and Axis Liquid Fund, Axis Treasury Advantage Fund, Axis Banking & PSU Debt Fund since 13th August, 2016, Axis Equity Advantage Fund Series - 1 since 26th May, 2017 & Axis Equity Advantage Fund Series - 2 since 7th March 2019, Axis Overnight Fund & Axis Money Market Fund since inception.

Sachin Jain is managing Regular Saver Fund and Axis Ultra Short Term Fund since 4th September 2020.

Return of scheme managed by Aditya Pagaria (Total Schemes Managed: 8 Schemes) (As on 29th January 2021)

Fund Name

Date of

Inception


CAGR

(%)

Current

Value of

Investme

nt

of Rs.

10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

Axis Liquid Fund - Regular Plan - Growth

09-Oct-09

4.06% 10,407 6.00% 11,911 6.45% 13,672 7.47% 22,607

NIFTY Liquid Index (Benchmark) 4.01% 10,402 5.91% 11,882 6.30% 13,579 7.41% 22,455

NIFTY 1 Year T-Bill Index (Additional Benchmark) 6.11% 10,613 6.87% 12,207 6.88% 13,954 6.82% 21,106

Axis Liquid Fund - Direct Plan - Growth

31-Dec-12

4.13% 10,414 6.06% 11,932 6.52% 13,716 7.43% 17,852



Axis Liquid Fund - Retail Plan - Growth

01-Mar-10

3.59% 10,360 5.47% 11,733 5.90% 13,322 7.10% 21,163



Axis Treasury Advantage Fund - Regular Plan - Growth

09-Oct-09

6.84% 10,682 7.68% 12,482 7.53% 14,385 7.98% 23,849

NIFTY Low Duration Debt Index (Benchmark) 6.17% 10,615 7.30% 12,350 7.38% 14,280 8.05% 24,012



Annexure

21





Fund NameDate of

inception


CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

Axis Treasury Advantage Fund - Direct Plan -

Growth

01-Jan-13

7.17% 10,715 8.08% 12,621 7.99% 14,693 8.47% 19,289



Axis Treasury Advantage Fund - Retail Plan -

Growth

03-Mar-10

7.04% 10,702 7.73% 12,499 7.32% 14,239 7.65% 22,359



Axis Banking & PSU Debt Fund - Regular Plan -

Growth08-Jun-12

8.51% 10,849 8.98% 12,940 8.47% 15,021 8.64% 20,474

NIFTY Banking & PSU Debt Index (Benchmark) 9.51% 10,948 8.28% 12,694 8.07% 14,749 8.54% 20,323


Axis Banking & PSU Debt Fund - Direct Plan -

Growth01-Jan-13

8.84% 10,882 9.30% 13,054 8.74% 15,208 8.82% 19,799

NIFTY Banking & PSU Debt Index (Benchmark) 9.51% 10,948 8.28% 12,694 8.07% 14,749 8.39% 19,175



Annexure

22





Fund NameDate of

inception


CAGR

(%)

Current

Value of

Investment

of Rs.

10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-


10-Sep-18

4.91% 10,490 NA NA NA NA 6.50% 11,624



Axis Ultra Short Term Fund - Direct Plan - Growth

10-Sep-18

5.86% 10,584 NA NA NA NA 7.46% 11,874



Axis Overnight Fund - Regular Plan - Growth

15-Mar-19

3.22% 10,323 NA NA NA NA 4.24% 10,813

NIFTY 1D Rate Index (Benchmark) 3.27% 10,328 NA NA NA NA 4.31% 10,827


Axis Overnight Fund - Direct Plan - Growth

15-Mar-19

3.27% 10,328 NA NA NA NA 4.30% 10,825

NIFTY 1D Rate Index (Benchmark) 3.27% 10,328 NA NA NA NA 4.31% 10,827


23

AnnexureSEBI Prescribed Performance Annexures





Fund NameDate of

inception


CAGR

(%)

Current

Value of

Investment

of Rs.

10,000/-

CAGR

(%)

Current

Value of

Investme

nt

of Rs.

10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

CAGR

(%)

Current

Value of

Investment

of Rs. 10,000/-

Axis Money Market Fund - Regular Plan - Growth

06-Aug-19

5.94% 10,592 NA NA NA NA 6.40% 10,965

NIFTY Money Market Index (Benchmark) 4.86% 10,485 NA NA NA NA 5.28% 10,794


Axis Money Market Fund - Direct Plan - Growth

06-Aug-19

6.09% 10,607 NA NA NA NA 6.55% 10,988

NIFTY Money Market Index (Benchmark) 4.86% 10,485 NA NA NA NA 5.28% 10,794


Axis Equity Advantage Fund - Series 1 - Regular Plan - Growth

25-May-17

9.92% 10,989 9.28% 13,046 NA NA 10.03% 14,220

75% Nifty 50 TRI + 25% Crisil Composite Bond Fund Index (Benchmark) 15.32% 11,528 9.40% 13,089 NA NA 11.28% 14,828

Nifty 50 TRI (Additional Benchmark) 15.27% 11,522 8.70% 12,841 NA NA 11.71% 15,040

Axis Equity Advantage Fund - Series 1 - Direct Plan - Growth

25-May-17

10.82% 11,079 10.53% 13,500 NA NA 11.41% 14,890



Axis Equity Advantage Fund - Series 2 - Regular Plan - Growth

03-Aug-17

13.39% 11,335 11.47% 13,848 NA NA 10.51% 14,180



Axis Equity Advantage Fund - Series 2 - Direct Plan - Growth

03-Aug-17

14.23% 11,419 12.77% 14,337 NA NA 11.90% 14,810




Annexure

24




Fund Name Riskometer Product Labelling

Axis Liquid Fund

(An open ended liquid scheme)

Axis Treasury Advantage Fund

(An open ended low duration debt scheme investing

in instruments such that the Macaulay duration of

the portfolio is between 6 to 12 months)

This product is suitable for investors who are seeking*

Regular income over short term

Investment in debt and money market instruments




Axis Overnight Fund

(An open ended debt scheme investing in overnight

securities)


Regular income with high levels of safety and

liquidity over short term


with overnight maturity

Axis Ultra Short Term Fund

(An open ended ultra-short term debt scheme

investing in instruments such that the Macaulay

duration of the portfolio is between 3 months and 6

months)

This product is suitable for investors who are seeking*:

• Regular income over short term

• Investment in Debt & Money Market instruments

such that the Macaulay duration of the portfolio is

between 3 months - 6 months.

Product Labelling

25

*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


Axis Banking & PSU Fund

(An open ended debt scheme predominantly

investing in debt instruments of Banks, Public

Sector Undertakings & Public Financial Institutions)


Regular income over short to medium term


issued by Banks, PFIs & PSUs.

Axis Money Market Fund

(An open ended debt scheme investing in money

market instruments)



Investment in money market instruments with

maturity up to one year

Axis Equity Advantage Fund Series 1

(A close-ended Equity Scheme)


Capital appreciation over medium to long term

Investment in a diversified portfolio of

predominantly equity and equity related

instruments across market cap while managing risk

through active hedging strategies

Axis Equity Advantage Fund Series 2

(A close-ended Equity Scheme)


Capital appreciation over medium to long term

Investment in a diversified portfolio of

predominantly equity and equity related

instruments across market cap while managing risk

through active hedging strategies

Product Labelling

26



Axis Regular Saver Fund

(An open ended hybrid scheme investing

predominantly in debt instruments)


Capital appreciation while generating income over

medium to long term .


as well as equity and equity related instruments .

Product Labelling

27


Data As on 29th January 2021.

Disclaimer: Past performance may or may not be sustained in the future. Sector(s) / Stock(s) / Issuer(s) mentioned above are for thepurpose of disclosure of the portfolio of the Scheme(s) and should not be construed as recommendation. The fund manager(s) may ormay not choose to hold the stock mentioned, from time to time. Investors are requested to consult their financial, tax and other advisorsbefore taking any investment decision(s).

Statutory Details: Axis Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882, sponsored by Axis Bank Ltd.(liability restricted to Rs. 1 Lakh).

Trustee: Axis Mutual Fund Trustee Ltd.

Investment Manager: Axis Asset Management Co. Ltd. (the AMC).

Risk Factors: Axis Bank Limited is not liable or responsible for any loss or shortfall resulting from the operation of the scheme. Thisdocument represents the views of Axis Asset Management Co. Ltd. and must not be taken as the basis for an investment decision.Neither Axis Mutual Fund, Axis Mutual Fund Trustee Limited nor Axis Asset Management Company Limited, its Directors or associatesshall be liable for any damages including lost revenue or lost profits that may arise from the use of the information contained herein. Norepresentation or warranty is made as to the accuracy, completeness or fairness of the information and opinions contained herein. TheAMC reserves the right to make modifications and alterations to this statement as may be required from time to time.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Disclaimer and Risk Factors

28

Thank You