Like most funds of the Axis family, Axis Flexi Cap Fund has a 'high-growth and high-quality' portfolio. It has a large-cap bias, and its P/E ratio is higher among its peers. The fund has been in a spot of bother since COVID. The macroeconomics since then has tossed the 'growth' style of investing into a tailspin. The major underperformance came in 2022 which has hurt even its long-term returns. This has also downgraded its rating from 4 star to 2 star in just about a year. Reasons for underperformance Many of its long-term conviction holdings, such as Avenue Supermarts , Infosys and TCS , continue to remain muted or painful this year, too. However, the same stocks have been wealth generators since the time this fund came into being. Near-term and long-term performance of top 5 stocks Stock Average allocation (%) YTD return (%)* 5Y anualised return (%) ICICI Bank 9.21 7.64 24.70 Bajaj
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