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

JM Flexi Cap Fund Direct Growth Plan has a NAV of ₹114.7225 as of 09 Sep 2026, with an AUM of ₹5,290 Cr. Its 1-year, 3-year and 5-year returns are 2.92%, 14.13% and 15.64% respectively, and the fund sits in the High Risk category.

Our view is that this is a flexi-cap fund for investors who can live with meaningful ups and downs in search of equity-style compounding. The longer-term return record is stronger than the benchmark, but the most recent 1-year outcome has been much softer, so the fit is better for patient investors than for those looking for steadier short-term outcomes.

Quick facts

Particular	Details
NAV	₹114.7225 as of 09 Sep 2026
AUM	₹5,290 Cr
Expense Ratio	0.53%
Launch Date	01 Jan 2013
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	1% on or before 30D, Nil after 30D
Fund Managers	Satish Ramanathan, Asit Bhandarkar, Deepak Gupta., Ruchi Fozdar

The fund is managed by Satish Ramanathan, Asit Bhandarkar, Deepak Gupta. and Ruchi Fozdar.

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.97%	-4.69%
3M	7.43%	0.93%
1Y	2.92%	-7.16%
3Y	14.13%	6.00%
5Y	15.64%	5.87%

The shorter windows point to a mixed run. The 1-month return is negative, which tells us the fund has not been immune to recent volatility, but it still held up better than the benchmark in that period. Over 3 months, the fund recovered faster than the index and stayed comfortably ahead.

The 1-year result is the weakest of the longer windows, at just 2.92%, yet it still beat the benchmark’s negative 1-year return. That matters because it shows relative resilience even when the broader market backdrop was difficult. The 3-year and 5-year figures are more encouraging and suggest that the fund has compounded at a healthier pace over a full market cycle.

The longer-term shape is more important here than the latest dip. The return pattern shows periods of pressure followed by recovery, rather than a smooth climb, which is consistent with the High Risk label. For investors, that means the fund has rewarded patience better than short holding periods.

Against the benchmark, the fund is ahead across every listed period. Our read-through is that this has been driven more by compounding strength over time than by uninterrupted month-to-month consistency.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD JM Flexi 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 Flexi Cap? Thinking of investing now?

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Peer comparison

Fund	1Y return	3Y return	5Y return
JM Flexi Cap Fund Direct Growth Plan	2.92%	14.13%	15.64%
Bank of India Flexi Cap Fund Direct Growth Plan	14.64%	19.35%	16.86%
ITI Flexi Cap Fund Direct Growth Plan	14.58%	18.35%	Data not available
Navi Flexi Cap Fund Direct Growth Plan	12.17%	11.19%	11.65%
LIC MF Multi Cap Fund Direct Growth Plan	11.62%	17.78%	Data not available
TRUSTMF Flexi Cap Fund Direct Growth Plan	10.87%	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 trails the peer set we can compare it with, while its 3-year and 5-year numbers are also below the stronger peer outcomes available here. The contrast is clear: the fund’s longer-term record is respectable, but several peers have shown a sharper recent run and a stronger multi-year pace. That means the short-term story is weaker than the longer-term story, and the longer-term comparison still leaves room for more consistent peer-style compounding.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	3.83%
State Bank of India	Bank	2.99%
HDFC Bank Limited	Bank	2.83%
One 97 Communications Limited	IT	2.78%
Larsen & Toubro Limited	Infrastructure	2.73%
Shriram Finance Limited	Finance	2.59%
Reliance Industries Limited	Crude Oil	2.45%
Mahindra & Mahindra Limited	Automobile & Ancillaries	2.35%
Bharti Airtel Limited	Telecom	2.19%
Godfrey Phillips India Limited	FMCG	2.18%

The largest holding, ICICI Bank Limited, is a 3.83% position, so no single stock dominates the portfolio. The drop from the first holding to the tenth is gradual rather than steep: the tenth holding is still 2.18%, which suggests the top end of the portfolio is spread across several meaningful positions rather than one very large bet.

The top 10 holdings together account for approximately 26.92% of the portfolio, and the fund has 65 disclosed holdings in total. That combination points to a diversified core with a long tail of smaller positions. In our view, the listed holdings may have influence individually, but the structure does not look overly concentrated in just a handful of names.

To see all holdings, visit the JM Flexi Cap Fund Direct Growth Plan page

Source data date: as of 09 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk exposure and who are comfortable holding through periods of weak short-term returns. The 1-year number has lagged the 3-year and 5-year outcomes, so the cleaner fit is for a medium-to-long horizon rather than for money that may be needed soon.

Its benchmark comparison is helpful because the fund has stayed ahead of the index across the listed windows, even when recent performance was uneven. The trade-off is that this is not a smooth-return product; investors may need to accept volatility and temporary drawdowns in exchange for the possibility of stronger longer-term compounding.

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 30D, Nil after 30D.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of JM Flexi Cap Fund Direct Growth Plan?

The current NAV is ₹114.7225 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?

The fund’s returns are 2.92% over 1 year, 14.13% over 3 years and 15.64% over 5 years.

How does the fund compare with its benchmark?

It has beaten the Nifty 50 benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The gap is especially clear over 3 years and 5 years.

How does it compare with the peer funds listed here?

Its recent and longer-term returns are below several of the peer funds shown here. The difference is most visible in the 1-year and 3-year figures.

What is the minimum SIP for this fund?

The minimum SIP is ₹1,000.

Who manages the fund and what is the exit load?

The fund is managed by Satish Ramanathan, Asit Bhandarkar, Deepak Gupta. and Ruchi Fozdar. The exit load is 1% on or before 30D and nil after 30D.

Bottom line

JM Flexi Cap Fund Direct Growth Plan has a mixed recent picture but a better longer-term one. The fund has stayed ahead of the benchmark across the listed periods, while several peer comparisons show that its recent pace has been softer than stronger alternatives. Its High Risk profile and 65 disclosed holdings suggest an equity fund that is not built for low-volatility investors. The portfolio is diversified enough to avoid heavy single-stock reliance, but the return path still asks for patience.

Published on 10 September 2026 at 11:13 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.