Why doesn't BOI AXA Tax Advantage ELSS MF have any takers?

BOI AXA Tax Advantage ELSS MF was started Jan 1, 2013 and has a track record for 9 years.

The 5 year CAGR is 24% and the 3 year CAGR stands at 31%. Refer

Why the AUM is just 520 crore ?

Similarly, another fund started on the same week, Quant Tax Plan has 37 & 27 % CAGR for the last 3 & 5 years respectively. The corresponding AUM is also just 555 crores.

  1. Do these mutual funds have something fundamentally wrong to keep people away ?

  2. On another note, I heard from a friend that returns are calculated after the expense ratio is deducted. So, even if the Expense Ratio is higher than the category average, if the corresponding returns are more, the MF can be picked for investment.
    FYI, BOI AXA ELSS MF has an expense ratio of 1.57 comparatively higher than the category average.