JM ELSS-Tax Saver Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 10, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
JM ELSS-Tax Saver Fund Direct Growth Plan has a NAV of ₹61.1747 as of 09 Sep 2026 and an AUM of ₹248 Cr. Its 1-year, 3-year and 5-year returns are 9.59%, 16.11% and 14.7% respectively, and the scheme carries a High Risk profile. In our view, this is a fund for investors who can stay invested through equity drawdowns and want tax-saving exposure with a portfolio that has meaningful stock-specific positioning.
The fund has also been more stable over the medium term than in the near term, but the latest 1-year number is still below its 3-year and 5-year pace. That mix suggests the fund can compound well over longer periods, yet short stretches may be uneven, so it fits best when the investment horizon is comfortably longer than the ELSS lock-in.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹61.1747 as of 09 Sep 2026 |
| AUM | ₹248 Cr |
| Expense Ratio | 1.05% |
| Launch Date | 01 Jan 2013 |
| Min SIP | ₹1,000 |
| Risk Category | High Risk |
| Benchmark | Nifty 50 |
| Fund Category | Equity |
| Exit Load | No exit load after holding period |
| Fund Managers | Deepak Gupta., Satish Ramanathan, Asit Bhandarkar, Ruchi Fozdar |
The fund is managed by Deepak Gupta., Satish Ramanathan, Asit Bhandarkar and Ruchi Fozdar.
Source data date: as of 09 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -0.85% | -4.69% |
| 3M | 11.51% | 0.93% |
| 1Y | 9.59% | -7.16% |
| 3Y | 16.11% | 6% |
| 5Y | 14.7% | 5.87% |
The recent pattern is better than the benchmark across every listed horizon, with the sharpest gap visible in the 1-year period. That matters because the benchmark posted a negative 1-year return while the fund stayed positive, which shows relative resilience in a weak equity patch.
The 3-year and 5-year figures tell a more balanced story. The fund has held a double-digit pace over both windows, and the longer-run profile suggests that the recent softness is not breaking the broader compounding trend. The 1-month return is slightly negative, but it is still less weak than the benchmark’s short-term move.
From an investor’s perspective, the key point is that the fund has not relied on one isolated strong quarter. The 3-year result sits above the 5-year pace, which can happen when stronger recent periods are mixed with earlier volatility. Our view is that this makes the fund more suitable for investors who care about extended holding periods rather than smooth month-to-month outcomes.
Source data date: as of 09 Sep 2026
Should you BUY or HOLD JM ELSS-Tax Saver?
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 ELSS-Tax Saver? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Motilal Oswal ELSS Tax Saver Fund Direct Growth Plan | 15.62% | 22.46% | 17.66% |
| Quant ELSS Tax Saver Fund Direct Growth Plan | 15.48% | 14.66% | 15.71% |
| JM ELSS-Tax Saver Fund Direct Growth Plan | 9.59% | 16.11% | 14.7% |
| Sundaram LT Micro Cap Tax Adv Fund-Sr IV- Direct Growth Plan | 8.53% | 11.5% | 15.93% |
| ITI ELSS Tax Saver Fund Direct Growth Plan | 7.64% | 17.03% | 13.34% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
On the latest 1-year number, the fund trails the stronger peer figures in this group, though it still stays ahead of the lower peer returns. The 3-year result is more competitive and sits close to the middle of the comparison set, while the 5-year return is also in a workable range. That creates a split picture: the shorter window looks softer, but the medium-term record is more consistent.
So the peer view is not uniform across time frames. The fund looks less compelling on the most recent 1-year stretch than the better peer outcomes, but the longer windows show it has been able to participate in the same broad growth cycle. For investors comparing ELSS options, the return profile suggests a fund that may be more dependent on holding period discipline than on very strong recent momentum.
Source data date: as of 09 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| One 97 Communications Limited | IT | 3.28% |
| Syrma SGS Technology Limited | Electricals | 2.86% |
| ICICI Bank Limited | Bank | 2.84% |
| HDFC Bank Limited | Bank | 2.81% |
| Karur Vysya Bank Limited | Bank | 2.79% |
| Reliance Industries Limited | Crude Oil | 2.75% |
| Cartrade Tech Limited | Automobile & Ancillaries | 2.49% |
| Bharti Airtel Limited | Telecom | 2.41% |
| Coforge Limited | IT | 2.28% |
| Fortis Healthcare Limited | Healthcare | 2.25% |
The largest holding, One 97 Communications Limited, is 3.28% of the portfolio. That is a modest single-stock weight, but the fall from the first holding to the tenth, Fortis Healthcare Limited at 2.25%, is not steep; the top positions sit fairly close together.
The displayed top 10 holdings together account for approximately 26.76% of the portfolio, and the full disclosed list contains 55 holdings. That combination points to a spread-out structure rather than a portfolio dominated by a few outsized bets, even though the top names still may influence short-term outcomes more than smaller positions.
Several of the major positions are in banks, technology-linked businesses and consumer-facing companies, which means the fund could be exposed to a mix of financials, domestic growth and operating leverage themes. Because the individual weights are fairly even, the portfolio may be less dependent on any single holding but still likely to reflect the direction of its largest ideas.
To see all holdings, visit the JM ELSS-Tax Saver Fund Direct Growth Plan page
Source data date: as of 09 Sep 2026
Who should invest
This fund suits investors who can handle High Risk exposure and are comfortable with equity-linked volatility. The 3-year and 5-year returns show that the fund can compound at a solid pace over time, but the 1-year result is softer and the benchmark comparison shows that recent stretches can move around quite a bit.
It is better suited to investors with a medium-to-long horizon who can keep money invested through the ELSS lock-in and beyond. The main trade-off is that the fund offers tax-saving equity exposure with reasonable longer-term performance, but it does not promise a smooth ride in every market phase.
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 ELSS-Tax Saver Fund Direct Growth Plan?
The current NAV is ₹61.1747 as of 09 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 9.59%, the 3-year return is 16.11% and the 5-year return is 14.7%.
How has it performed against the benchmark?
It has outperformed the Nifty 50 across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over the 1-year period, where the benchmark is negative while the fund remains positive.
How does it compare with other ELSS funds on the listed return figures?
Its 1-year return is below the stronger peer figures listed here, but its 3-year and 5-year returns remain competitive. The pattern is mixed rather than uniformly weak or strong.
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 Deepak Gupta., Satish Ramanathan, Asit Bhandarkar and Ruchi Fozdar. The exit load is nil after the holding period.
Bottom line
JM ELSS-Tax Saver Fund Direct Growth Plan shows a clearer longer-term story than a short-term one. The recent 1-year figure is softer than its 3-year and 5-year returns, yet it still compares well with the benchmark and remains workable against the peer set on the longer windows. The portfolio is spread across 55 holdings, with no single position dominating the disclosed top names. That makes it a fit for investors who can accept High Risk equity exposure and want tax-saving allocation with a longer holding mindset.
Published on 10 September 2026 at 11:15 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.