JM Dynamic Term Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

JM Dynamic Term Fund Direct Growth Plan has a current NAV of ₹46.604 as of 09 Sep 2026 and scheme AUM of ₹52 Cr. Its 1-year, 3-year and 5-year returns are 4.38%, 6.93% and 6.09%, and the fund carries a Medium Risk tag. Our view is that this is a steady debt-oriented option for conservative investors who want a relatively controlled ride, but the return profile still reflects periods of uneven movement rather than smooth, predictable compounding.

Compared with the benchmark and peers, the fund has been broadly competitive over longer periods, while recent performance has been more modest. The portfolio is built around government securities, corporate debt and short-duration instruments, which supports the lower-volatility profile, but it also means performance is likely to move in line with interest-rate and credit-spread conditions.

Quick facts

Particular	Details
NAV	₹46.604 as of 09 Sep 2026
AUM	₹52 Cr
Expense Ratio	0.43%
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	0.03%	-4.69%
3M	1.46%	0.93%
1Y	4.38%	-7.16%
3Y	6.93%	6%
5Y	6.09%	5.87%

The recent picture is softer than the longer-run story. Over 1 month and 3 months, the fund has posted small gains, which suggests stability rather than sharp upside. That is consistent with a debt portfolio that tends to compound gradually, not rapidly.

The bigger contrast is with the 1-year benchmark figure. The fund’s 4.38% return is well above the benchmark’s -7.16%, which tells us it held up materially better through a difficult period for the benchmark. That difference matters more for investors who care about capital preservation and consistency than about chasing high short-term gains.

Over 3 years and 5 years, the fund remains ahead of the benchmark on the supplied figures, but only by a narrow margin at 5 years. That tells us the fund has not been a standout growth engine; instead, it has delivered moderate compounding with some interruptions along the way. The path has not been perfectly smooth, so the appeal is in relative steadiness rather than aggressive return generation.

Seen together, the pattern points to a fund that can preserve a measured return profile across cycles, while still showing enough movement in the shorter windows to remind investors that debt funds are not risk-free cash substitutes.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD JM Dynamic 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
JM Dynamic Term Fund Direct Growth Plan	4.38%	6.93%	6.09%
Bandhan Dynamic Term Fund Direct Growth Plan	7.36%	7.66%	6.14%
Axis Dynamic Term Fund Direct Growth Plan	6.61%	7.52%	6.28%
Kotak Dynamic Term Fund Direct Growth Plan	6.57%	7.87%	6.64%
360 ONE Dynamic Term Fund Direct Growth Plan	6.48%	8.19%	6.91%
ICICI Pru Dynamic Term Fund Direct Growth Plan	6.02%	7.82%	7.09%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The fund’s 1-year return trails every peer shown here, so the recent period looks less compelling than the peer set. The longer view is more balanced: its 3-year return is below several peers, while its 5-year return sits closer to the middle of the available figures. That combination suggests the fund has not consistently led on growth, but it has stayed in the same broad return band over longer holding periods.

The short-term and long-term comparisons do tell slightly different stories. In the near term, the fund is clearly softer than the peer group; over 5 years, the gap narrows, which points to a more tempered but still competitive compounding profile. For investors focused on patience rather than momentum, that difference is more useful than any single 1-year snapshot.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.94% GOI 11-May-2036	Government Securities	13.23%
6.36% GOI 16-Feb-2031	Government Securities	12.19%
7.5% REC Limited 28-Feb-2030**	Corporate Debt	8.46%
7.48% NABARD 15-Sep-2028	Corporate Debt	7.54%
7.04% Sidbi 09-Feb-2029**	Corporate Debt	7.46%
Punjab National Bank 04-Mar-2027**#	Certificate of Deposit	7.32%
HDFC Bank Limited 05-Mar-2027**#	Certificate of Deposit	7.31%
7.9% Bajaj Finance Limited 13-Apr-2028**	Corporate Debt	5.67%
7.9% Mahindra & Mahindra Financial Serv Ltd. 21-Feb-2028**	Corporate Debt	5.67%
7.08% Bajaj Housing Finance Ltd 12-Jun-2030**	Corporate Debt	5.5%

The largest holding is 6.94% GOI 11-May-2036 at 13.23%, which is large enough to have a clear influence on portfolio behaviour. The next positions are also meaningful, but the step-down from the first holding to the tenth is gradual rather than abrupt, which suggests the fund is not relying on one extremely dominant security.

The top 10 holdings together account for approximately 80.35% of the portfolio, so the disclosed book is fairly concentrated in a small set of instruments. At the same time, the total disclosed holding count is 16, which means there is a longer tail beyond the table. That structure may help diversify issuer and maturity exposure, but the visible core still carries most of the portfolio weight.

Because government securities, corporate debt and certificates of deposit all appear in the leading positions, the fund may be balancing sovereign and credit exposure rather than leaning heavily on a single segment. In our view, that mix fits the measured return pattern seen in the performance section.

To see all holdings, visit the JM Dynamic Term Fund Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can accept medium risk and are comfortable with a debt-oriented return profile that is steadier than equity but not fully immune to market moves. The 1-year figure is softer than several peer funds and the benchmark, while the 3-year and 5-year numbers show more stable compounding over longer periods.

It is better aligned with a medium- to long-term horizon, where the aim is to hold through rate cycles rather than trade around short-term swings. The main trade-off is that the portfolio offers reasonable stability and a diversified debt mix, but it is unlikely to deliver the sort of sharp upside associated with more aggressive return-seeking strategies.

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 Dynamic Term Fund Direct Growth Plan?
The current NAV is ₹46.604 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year, 3-year and 5-year returns are 4.38%, 6.93% and 6.09%.

How does the fund compare with its benchmark?
It has outperformed the benchmark over 1 year, 3 years and 5 years on the figures shown, and the gap is widest over 1 year.

How does it compare with the peer funds shown here?
Its 1-year return is lower than each peer shown, while its 3-year and 5-year returns are closer to the middle of the available peer figures.

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

JM Dynamic Term Fund Direct Growth Plan looks more like a steady debt allocation than a high-octane return play. Its recent performance is softer than the peer set, but the longer-term numbers remain broadly competitive and sit close to the benchmark over 3 years and 5 years. The portfolio is anchored by government securities, corporate debt and certificates of deposit, which supports the measured risk profile and helps explain the fund’s more controlled behaviour.

Published on 10 September 2026 at 2:22 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.