JM Large & Mid Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 17, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
JM Large & Mid Cap Fund Direct Growth Plan has a NAV of ₹10.6184 as of 16 Sep 2026 and an AUM of ₹464 Cr. Its 1-year, 3-year and 5-year returns are 1.76%, 0% and 0%, and it sits in the High Risk bucket. Our view is that this is still a short-history fund, so the current numbers matter more than any long-run pattern; the return profile has been modest so far, while the portfolio shows a clear tilt toward large, financially linked businesses with a handful of meaningful positions.
For investors, the main question is not whether it has a long record, but whether the combination of High Risk, a rising but uneven short-term track record, and a portfolio built around banks, finance and selected growth names fits their horizon and volatility comfort.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹10.6184 as of 16 Sep 2026 |
| AUM | ₹464 Cr |
| Expense Ratio | 0.59% |
| Launch Date | 25 Jul 2025 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Exit Load | 1% on or before 180D, Nil after 180D |
| Fund Managers | Asit Bhandarkar, Deepak Gupta., Ruchi Fozdar |
The fund is managed by Asit Bhandarkar, Deepak Gupta. and Ruchi Fozdar.
Source data date: as of 16 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -3.65% | -4.41% |
| 3M | 2.04% | -3.6% |
| 1Y | 1.76% | -7.76% |
| 3Y | Data not available | Data not available |
| 5Y | Data not available | Data not available |
The recent pattern is better than the benchmark, even though the last month was still negative. Over 1 month, the fund fell less than the benchmark, and over 3 months and 1 year it stayed ahead by a wider margin. That tells us the fund has handled the latest stretch more steadily than the index, but the pace of gains has not been strong enough to create a convincing long-run record yet.
The 1-year line is especially useful here because the scheme has only been live since July 2025. The return is positive, but only mildly so, which suggests the strategy has worked more as a defensive relative performer than as a high-conviction wealth creator so far. The recent recovery after the weaker month is a better sign than the absolute level of the return.
Because the fund does not have usable 3-year or 5-year history, we cannot treat it as a mature compounding story. Our read is that the available evidence points to a fund that has protected better than NIFTY 50 in this short period, but it still needs more time before longer-horizon behaviour can be judged with confidence.
Source data date: as of 16 Sep 2026
Should you BUY or HOLD JM Large & Mid Cap?
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 Large & Mid Cap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| JM Large & Mid Cap Fund Direct Growth Plan | 1.76% | Data not available | Data not available |
| Baroda BNP Paribas Gold ETF FoF Direct Growth Plan | 34.39% | Data not available | Data not available |
| HDFC Innovation Fund Direct Growth Plan | 14.3% | Data not available | Data not available |
| Bajaj Finserv Small Cap Fund Direct Growth Plan | 13.33% | Data not available | Data not available |
| Quant Equity Savings Fund Direct Growth Plan | 8.75% | Data not available | Data not available |
| Kotak Active Momentum Fund Direct Growth Plan | 6.31% | Data not available | Data not available |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
The fund’s 1-year return is well below the strongest peer figures in this set, but the more important point is that the comparison universe includes funds with very different styles. On the short horizon, the scheme looks restrained rather than explosive. Since the 3-year and 5-year columns are unavailable across the peer set, the comparison is largely a near-term snapshot instead of a full cycle test.
That makes the current fund’s stronger-than-benchmark short-term behaviour more relevant than a direct long-term peer contest. The available numbers suggest a narrower, steadier outcome than several of the peer funds listed here, but they do not yet establish a durable long-horizon edge.
Source data date: as of 16 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| ICICI Bank Limited | Bank | 3.47% |
| Bajaj Finance Limited | Finance | 2.66% |
| One 97 Communications Limited | IT | 2.63% |
| HDFC Bank Limited | Bank | 2.56% |
| Coforge Limited | IT | 2.38% |
| State Bank of India | Bank | 2.28% |
| Torrent Pharmaceuticals Limited | Healthcare | 2.25% |
| Shriram Finance Limited | Finance | 2.2% |
| Bharti Airtel Limited | Telecom | 2.17% |
| Radico Khaitan Limited | Alcohol | 2.08% |
The largest holding is ICICI Bank Limited at 3.47%, which is not unusually large on its own, but it still matters because the fund is built from a fairly even-looking set of medium-sized positions rather than one dominant bet. The gap from the first holding to the tenth is modest, moving from 3.47% to 2.08%, so the top slice does not show a sharp drop-off.
The top 10 holdings account for approximately 24.68% of the portfolio, while the full portfolio discloses 64 holdings. That combination suggests the fund may be spread across a long tail of positions beyond the largest names, rather than concentrated only in a few holdings. At the same time, the visible bucket is still led by banks, finance and a couple of technology-linked names, so those areas could have greater influence on short-term returns.
To see all holdings, visit the JM Large & Mid Cap Fund Direct Growth Plan page
Source data date: as of 16 Sep 2026
Who should invest
This fund is better suited to investors who can tolerate High Risk and are comfortable giving the strategy time to work through uneven stretches. The available return pattern shows a mild positive 1-year outcome and a recent month of weakness, so a short horizon would make the ride feel choppy.
Our view is that it fits investors who want equity exposure with a large-and-mid-cap flavour and who can stay patient through periods when returns lag stronger short-term peers. The main trade-off is clear: the portfolio may offer a balanced spread across many holdings, but the current history is still too short to argue for consistency across full market cycles.
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: 1% on or before 180D, Nil after 180D.
Source data date: as of 16 Sep 2026
Frequently asked questions
What is the current NAV of JM Large & Mid Cap Fund Direct Growth Plan?
The current NAV is ₹10.6184 as of 16 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 1.76%, while the 3-year and 5-year returns are Data not available.
How has the fund performed against NIFTY 50 recently?
It has done better than NIFTY 50 over 1 month, 3 months and 1 year. The benchmark shows -4.41% over 1 month, -3.6% over 3 months and -7.76% over 1 year, while the fund is less negative or positive in each period.
How does the fund compare with the peer funds listed here?
Its 1-year return of 1.76% is below the 1-year figures shown for the peer funds listed here. The peer set includes much stronger short-term numbers, but the 3-year and 5-year fields are not available for those peers in this comparison.
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 Asit Bhandarkar, Deepak Gupta. and Ruchi Fozdar. The exit load is 1% on or before 180D, and Nil after 180D.
Bottom line
JM Large & Mid Cap Fund Direct Growth Plan has shown a better short-term path than its benchmark, but the record is still short and the 1-year return remains modest. Compared with the peer figures shown here, the recent return is weaker, while the longer-term fields are not available for a fuller comparison. The portfolio leans on banks, finance and a few other large positions, which may support diversification across holdings even though the fund is still in an early phase of its life.
Published on 17 September 2026 at 9:45 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.