Last year was particularly crushing for Axis' equity-oriented funds. And Axis Equity Saver Fund was no exception. The fund could muster returns of just 1.14 per cent even as the category average was 4 per cent (approx.). Although it invests only 40-45 per cent of your money in equity, this component's performance has a large say when looking at the ranking in this category. While the presence of debt and arbitrage positions ensures that the ups and downs are not as big as in a pure equity fund, it is still equity which determines whether the fund lands up in the top quartile or the bottom one. Reason for underperformance A closer look reveals that much of the damage was done in the first two quarters of 2022 as some of its biggest holdings came under the hammer,
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