JM Liquid Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
JM Liquid Fund Direct Growth Plan had a NAV of ₹77.4758 as of 09 Sep 2026 and an AUM of ₹1,742 Cr. Its 1-year, 3-year and 5-year returns are 6.43%, 6.89% and 6.3%, and the scheme sits in the Balanced Risk category. Our view is that this is a relatively steady liquid fund with moderate return compounding and low day-to-day movement, although it has not consistently stayed ahead of its benchmark across all periods.
The portfolio is built around short-duration money-market and credit instruments, with a meaningful cash and cash-equivalent layer. That makes it more suitable for investors who want liquidity and a controlled risk profile rather than aggressive return seeking.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹77.4758 as of 09 Sep 2026 |
| AUM | ₹1,742 Cr |
| Expense Ratio | 0.16% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | Balanced Risk |
| Benchmark | Nifty 50 |
| Fund Category | Liquid |
| Exit Load | 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, NIL on or after 7D |
| Fund Managers | Killol Pandya, Ruchi Fozdar, Jayant Dhoot |
The fund is managed by Killol Pandya, Ruchi Fozdar and Jayant Dhoot.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | 0.53% | -4.69% |
| 3M | 1.68% | 0.93% |
| 1Y | 6.43% | -7.16% |
| 3Y | 6.89% | 6% |
| 5Y | 6.3% | 5.87% |
The recent pattern is constructive. Over 1 month and 3 months, the fund has stayed positive while the benchmark has been weak to mixed, which points to a calmer return path in the short run.
The 1-year figure is especially notable because the benchmark is negative over the same window while the fund remains positive. That tells us the scheme has held up much better than the index over the last year, even if the absolute return is still modest rather than high.
The longer record is more balanced. At 3 years, the fund is only slightly ahead of the benchmark, and at 5 years it remains ahead by a smaller margin. That suggests the fund is not relying on a single recent burst; instead, it has delivered fairly consistent compounding over time. The time pattern also shows that performance has been steady rather than sharp, which is what we would normally expect from a liquid strategy focused on stability and short-duration exposure.
Overall, the key point is that the fund has been more resilient than the benchmark in the recent period, while its medium- and long-term returns remain close to the index rather than dramatically above it.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD JM Liquid?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding JM Liquid? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| JM Liquid Fund Direct Growth Plan | 6.43% | 6.89% | 6.3% |
| Axis Liquid Fund Direct Growth Plan | 6.61% | 7.02% | 6.39% |
| Sundaram Liquid Fund Direct Growth Plan | 6.61% | 7.02% | 6.38% |
| Aditya Birla SL Liquid Fund Direct Growth Plan | 6.6% | 7.03% | 6.4% |
| JioBlackRock Liquid Fund Direct Growth Plan | 6.6% | Data not available | Data not available |
| Edelweiss Liquid Fund Direct Growth Plan | 6.58% | 7.03% | 6.38% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On available return data, the fund trails the stronger 1-year peer figures by a small margin, but the gap is not wide. Its 3-year and 5-year returns are also a touch softer than most of the listed peers with complete histories, which means the short-term and longer-term peer comparisons point in the same direction rather than opposite ones.
Even so, the spread is narrow enough that the fund still looks broadly in line with the group on a return basis. For a liquid fund, that matters because the emphasis is usually on consistency, liquidity and controlled movement rather than trying to stretch for meaningfully higher returns.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| CCIL | Cash & Cash Equivalents and Net Assets | 12.53% |
| Canara Bank 15-Sep-2026**# | Certificate of Deposit | 5.73% |
| 91 Days Treasury Bill 19-Nov-2026 | Treasury Bills | 5.67% |
| Bank of Baroda 11-Nov-2026**# | Certificate of Deposit | 5.67% |
| L&T Finance Limited 05-Nov-2026** | Commercial Paper | 5.67% |
| Power Finance Corporation Limited 18-Nov-2026** | Commercial Paper | 5.66% |
| Sidbi 06-Nov-2026**# | Certificate of Deposit | 4.25% |
| NTPC Limited 09-Sep-2026 | Commercial Paper | 2.87% |
| Reliance Retail Ventures Ltd 02-Sep-2026** | Commercial Paper | 2.87% |
| Union Bank of India 04-Sep-2026**# | Certificate of Deposit | 2.87% |
The largest holding, CCIL, is 12.53% of the portfolio, so it can have the greatest influence on short-term portfolio behaviour among the disclosed positions. The next five holdings are tightly clustered around the mid-5% area, which shows that the portfolio does not rely on one dominant credit position after the cash-like anchor.
By the tenth holding, the weight has eased to 2.87%, so the drop from the largest position is noticeable but not extreme. That pattern suggests a measured spread rather than a highly concentrated book, especially since the top 10 holdings together account for approximately 53.79% of the portfolio.
At 29 disclosed holdings, the fund has a reasonably long tail beyond the visible top positions. That broader base may help reduce reliance on a small number of instruments, although the top slice is still large enough to matter for returns and liquidity management.
To see all holdings, visit the JM Liquid Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund is best viewed by investors who are comfortable with a Balanced Risk profile and want a liquid allocation that aims for steady compounding rather than strong swings. The return pattern suggests a fairly stable path over 1 year, 3 years and 5 years, with recent numbers also holding up better than the benchmark.
The main trade-off is that the fund has been relatively controlled, but not meaningfully aggressive in return terms. That makes it more suitable for an investment horizon where liquidity and consistency matter more than trying to maximize upside. The portfolio mix, which includes cash-like exposure and short-dated money-market instruments, supports that positioning.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load applies on a very short holding period and reduces quickly over the first week: 0.007% for Day 1, 0.0065% on Day 2, 0.0060% on Day 3, 0.0055% on Day 4, 0.0050% on Day 5, 0.0045% on Day 6, and NIL on or after 7D.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of JM Liquid Fund Direct Growth Plan?
The current NAV is ₹77.4758 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.43% over 1 year, 6.89% over 3 years and 6.3% over 5 years.
How does the fund compare with its benchmark?
It has been ahead of the benchmark over 1 month, 1 year and 5 years, and slightly ahead over 3 years. The benchmark was negative over 1 year, while the fund stayed positive.
How does it compare with the listed peer funds on returns?
Its 1-year return is a little lower than the peer funds shown, and its 3-year and 5-year returns are also slightly softer than most peers with complete histories. The differences are narrow rather than large.
Is there a minimum SIP amount?
Yes, the minimum SIP amount is ₹1,000.
Who manages the fund and what does the portfolio look like?
The fund is managed by Killol Pandya, Ruchi Fozdar and Jayant Dhoot. The portfolio is led by CCIL at 12.53%, followed by a set of short-dated debt and money-market instruments, and the top 10 holdings account for approximately 53.79% of the portfolio.
Bottom line
JM Liquid Fund Direct Growth Plan has shown steadier recent behaviour than its benchmark, while its 3-year and 5-year returns remain broadly close to the benchmark rather than far ahead of it. Compared with the peer returns shown, it is slightly softer on the available performance measures, but not by a wide margin. The fund’s Balanced Risk profile and short-dated, liquidity-oriented portfolio make it more fitting for investors who value controlled movement and ready access over higher-return ambition.
Published on 10 September 2026 at 11:10 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.