JM Medium to Long Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
JM Medium to Long Term Fund Direct Growth Plan has a NAV of ₹72.4257 as of 09 Sep 2026 and scheme AUM of ₹30 Cr. Its 1-year, 3-year and 5-year returns are 4.11%, 6.83% and 5.46% respectively, and the fund sits in the Medium Risk category.
Our view is that this is a conservatively tilted debt fund with moderate stability but limited recent upside. The portfolio is dominated by government securities, so return behaviour is likely to be shaped more by interest-rate moves than by credit risk or equity-style growth.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹72.4257 as of 09 Sep 2026 |
| AUM | ₹30 Cr |
| Expense Ratio | 0.61% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | Medium Risk |
| Benchmark | Nifty 50 |
| Fund Category | Debt |
| Exit Load | No exit load after holding period |
| 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 | -0.26% | -4.69% |
| 3M | 1.33% | 0.93% |
| 1Y | 4.11% | -7.16% |
| 3Y | 6.83% | 6% |
| 5Y | 5.46% | 5.87% |
Recent performance has been steadier than the benchmark. Over 1 month, the fund fell less than the benchmark, and over 3 months it stayed slightly ahead. The 1-year figure is also clearly better than the benchmark’s negative return, which shows that the fund held up better through the latest stretch of market movement.
The longer view is more balanced. Over 3 years, the fund has returned 6.83%, which is a touch above the benchmark’s 6%, while over 5 years it has trailed the benchmark’s 5.87% by a small margin. That tells us the fund has not offered a uniformly stronger compounding path, but it has remained close to the benchmark over time.
The time pattern also matters. The fund moved through a choppier phase in the middle of the 3-year and 5-year windows, then recovered into a more stable range. That kind of pattern is consistent with a debt portfolio that can absorb stress better than riskier assets, but still remains sensitive to rate moves. For investors, the key point is that the recent run is better than the benchmark, while the multi-year picture is only modestly different.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD JM Medium to Long Term?
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 Medium to Long Term? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| JM Medium to Long Term Fund Direct Growth Plan | 4.11% | 6.83% | 5.46% |
| Franklin India Medium to Long Term Fund Direct Growth Plan | 5.58% | Data not available | Data not available |
| ICICI Pru Medium to Long Term Fund Direct Growth Plan | 5.36% | 7.34% | 6.4% |
| LIC MF Medium to Long Term Fund Direct Growth Plan | 5.32% | 7.42% | 6.31% |
| SBI Medium to Long Term Fund Direct Growth Plan | 5.23% | 7.03% | 6.26% |
| Kotak Medium to Long Term Fund Direct Growth Plan | 5.22% | 7.27% | 6.22% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Compared with the peer set, the fund’s 1-year return is lower than all the other funds listed here. Franklin India Medium to Long Term Fund Direct Growth Plan leads on the 1-year figure among the available peers, while the others also stay above this fund on that horizon. That makes the recent stretch look softer than the field on a one-year basis.
On longer periods, the picture improves. The fund’s 3-year return is below ICICI Pru, LIC MF, SBI and Kotak on the figures available, but it is still in the same general band. Over 5 years, it is also below the peers with available data, which suggests the fund has not matched the stronger compounding pace of several alternatives. The short-term and longer-term comparisons therefore point in the same direction: the fund has been stable, but its return profile has been more subdued than several peers.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| 6.36% GOI 16-Feb-2031 | Government Securities | 29.53% |
| 6.94% GOI 11-May-2036 | Government Securities | 25.63% |
| 6.75% GOI 23-Dec-2029 | Government Securities | 13.36% |
| 7.55% REC Limited 11-May-2030** | Corporate Debt | 8.24% |
| 7.08% Bajaj Housing Finance Ltd 12-Jun-2030** | Corporate Debt | 8.02% |
| 7.48% NABARD 15-Sep-2028 | Corporate Debt | 6.6% |
| Ccil | Cash & Cash Equivalents and Net Assets | 5.93% |
| Net Receivable/Payable | Cash & Cash Equivalents and Net Assets | 2.37% |
The largest holding is 6.36% GOI 16-Feb-2031 at 29.53%, which is large enough to matter meaningfully for the fund’s interest-rate sensitivity. The next two government securities are also sizeable, so the top of the portfolio is clearly anchored in sovereign debt rather than being spread thin across many small positions.
The fall from the first holding to the smaller lines is noticeable. By the time we reach the corporate debt names, weights are in the 8% range, and cash-like balances are lower still. That pattern suggests the fund may be influenced more by a handful of large fixed-income positions than by a broad tail of minor holdings.
All disclosed holdings together account for 99.68% of the portfolio across 8 positions. In our view, that indicates a compact and highly visible structure rather than a long list of tiny exposures. The concentration is not extreme in a single issuer alone, but the top positions are substantial enough that changes in those securities may have greater influence on returns than the smaller cash and receivable lines.
Source data date: as of 09 Sep 2026
Who should invest
This fund may suit investors who are comfortable with medium risk and want a debt-oriented holding with a long enough horizon to absorb rate-driven swings. The 1-year outcome is softer than several peers, but the 3-year and 5-year figures show a steadier, more mature pattern rather than sharp boom-bust behaviour.
The main trade-off is that the portfolio is heavily anchored in government securities, which can help support stability but can also leave returns dependent on interest-rate conditions. Investors who want stronger upside may find the recent and multi-year return profile moderate rather than exciting. Those who value a relatively disciplined fixed-income allocation over a volatile outcome may find the profile more relevant.
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: No exit load after holding period.
Source data date: as of 09 Sep 2026
Frequently asked questions
What is the current NAV of JM Medium to Long Term Fund Direct Growth Plan?
The current NAV is ₹72.4257 as of 09 Sep 2026.
What are the 1-year, 3-year and 5-year returns?
The 1-year return is 4.11%, the 3-year return is 6.83% and the 5-year return is 5.46%.
How does the fund compare with the benchmark?
It has beaten the benchmark over 1 month, 3 months, 1 year and 3 years, but it has slightly trailed the benchmark over 5 years.
How does it compare with peer funds on recent returns?
Its 1-year return is lower than the peer funds listed here, while its 3-year and 5-year figures are also below the available peer data.
What is the minimum SIP amount?
The minimum SIP amount is ₹1,000.
Who manages the fund and what is the exit load?
The fund is managed by Killol Pandya, Ruchi Fozdar and Jayant Dhoot. There is no exit load after the holding period.
Bottom line
This fund has shown a softer recent return profile than several peers, but its longer-term results remain fairly steady and close to the benchmark. The portfolio is dominated by government securities, which gives it a clear fixed-income character and may reduce reliance on lower-rated credit exposure. For investors who want a medium-risk debt fund with a compact, visible portfolio and a long holding period, the structure may be more relevant than chasing the strongest short-term return.
Published on 10 September 2026 at 2:24 PM 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.