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

JM Focused Fund Direct Growth Plan has a NAV of ₹24.0503 as of 09 Sep 2026 and an AUM of ₹292 Cr. Its 1-year, 3-year and 5-year returns are 3.74%, 11.95% and 13.38% respectively, and the scheme carries a High Risk profile. Our view is that it is better suited to investors who can tolerate sharp moves in pursuit of long-term equity growth rather than those looking for steady, low-volatility outcomes.

The fund’s return pattern is uneven in the near term but stronger over longer stretches, which suggests that patience matters more than timing here. The portfolio also leans meaningfully toward a relatively small set of holdings, so individual stock outcomes can influence the ride.

Quick facts

Particular	Details
NAV	₹24.0503 as of 09 Sep 2026
AUM	₹292 Cr
Expense Ratio	0.74%
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	Asit Bhandarkar, Satish Ramanathan, Deepak Gupta., Ruchi Fozdar

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

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.89%	-4.69%
3M	8.66%	0.93%
1Y	3.74%	-7.16%
3Y	11.95%	6%
5Y	13.38%	5.87%

The short-term pattern is mixed, but it is not weak across every horizon. Over 1 month the fund declined, yet it still held up better than the benchmark. Over 3 months and 1 year, it did better than the Nifty 50, which tells us the fund has recently outpaced a difficult benchmark stretch rather than simply riding a strong index backdrop.

The 3-year and 5-year numbers show a more constructive compounding pattern. The fund’s 11.95% 3-year return and 13.38% 5-year return are both ahead of the benchmark’s 6% and 5.87%, which suggests that the longer-run track record has been stronger than the index even though the path has not been smooth.

The recent series also points to noticeable swings rather than a straight line higher. That matters because the fund’s gains have been built with some volatility along the way, so short-run weakness should not be read in isolation. For investors, the key question is whether they can stay invested through uneven months in order to capture the stronger longer-term pattern.

Viewed together, the fund looks more convincing on a multi-year horizon than on a one-month snapshot. The benchmark comparison also matters: it has held ahead over 3 years and 5 years, but the most recent quarter is still strong enough to show that the fund has not lost momentum entirely.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD JM Focused?

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 Focused Fund Direct Growth Plan	3.74%	11.95%	13.38%
Motilal Oswal Focused Fund Direct Growth Plan	28.74%	13.96%	10.67%
Old Bridge Focused Fund Direct Growth Plan	18.69%	Data not available	Data not available
ITI Focused Fund Direct Growth Plan	14.02%	18.86%	Data not available
SBI Focused Fund Direct Growth Plan	14%	15.94%	12.38%
Quant Focused Fund Direct Growth Plan	13.36%	13.41%	13.91%

On the recent 1-year number, the fund trails several peers that have published stronger recent returns, so the near-term comparison is not especially favorable. That said, its 3-year and 5-year figures are more balanced: they sit below some peers such as ITI and SBI on 3 years, while remaining ahead of Quant on 5 years.

The picture is therefore mixed rather than one-sided. The fund has stronger long-run numbers than some peers on the benchmark comparison, but the peer set shows that other focused funds have recently delivered more forcefully over 1 year. This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

For an investor, that means the fund’s appeal is more about consistency across a full cycle than about standout recent leadership. The shorter-term gap versus some peers is real, but the longer-horizon record remains respectable compared with multiple available alternatives.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Coforge Limited	IT	5.74%
IDFC First Bank Limited	Bank	5.06%
Ujjivan Small Finance Bank Limited	Bank	4.84%
Bajaj Finance Limited	Finance	4.75%
Larsen & Toubro Limited	Infrastructure	4.56%
One 97 Communications Limited	IT	4.4%
Amber Enterprises India Limited	Consumer Durables	4.12%
Samvardhana Motherson International Ltd	Automobile & Ancillaries	4.08%
Eicher Motors Limited	Automobile & Ancillaries	3.94%
Eternal Limited	Retailing	3.92%

The largest holding, Coforge Limited, carries a weight of 5.74%, which is meaningful but not overpowering on its own. The weight then steps down gradually through the rest of the top ten, ending at 3.92% for Eternal Limited, so the list does not show a single dominant stock taking control of the portfolio.

The combined weight of the displayed holdings is approximately 45.41%, and the fund discloses 29 holdings in total. That combination suggests the portfolio is spread across more than just the visible top names, but the leading positions are still likely to have a noticeable effect on performance because they account for a large share of assets.

Our view is that this kind of structure may create a balance between diversification and conviction. The portfolio does not look excessively concentrated in one position, yet the top holdings are important enough that movement in a few stocks could still matter to returns.

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

Source data date: as of 09 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with High Risk equity exposure and can stay invested through uneven phases. Its longer-term return pattern is more attractive than the short-term result, so a multi-year horizon matters here.

The main trade-off is that the fund has shown the ability to beat the benchmark over 3-year and 5-year periods, but that comes with noticeable volatility and weaker near-term stretches. Investors who want smoother outcomes or more predictable short-run behavior may find that trade-off uncomfortable, while those who can accept stock-specific moves may see the longer-run profile as the more relevant lens.

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% if units are sold on or before 30 days; nil after 30 days.

Source data date: as of 09 Sep 2026

Frequently asked questions

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

The current NAV is ₹24.0503 as of 09 Sep 2026.

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

The fund’s 1-year return is 3.74%, the 3-year return is 11.95% and the 5-year return is 13.38%.

How has the fund performed against the benchmark?

It has done better than the Nifty 50 over 3 years and 5 years, and it also stayed ahead over 3 months and 1 year. Over 1 month, it still held up better than the benchmark even though both were negative.

How does it compare with peer focused funds on recent returns?

Its 1-year return is lower than several peers with available 1-year figures, while its 3-year and 5-year numbers are more competitive and remain ahead of some peer funds. The comparison is mixed rather than one-sided.

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, Satish Ramanathan, Deepak Gupta., and Ruchi Fozdar. The exit load is 1% if units are sold on or before 30 days, and nil after 30 days.

Bottom line

JM Focused Fund Direct Growth Plan looks more compelling over multi-year periods than in the very short term. Its returns have stayed ahead of the benchmark on 3-year and 5-year horizons, while several peers have shown stronger 1-year momentum. The portfolio is built around a meaningful set of stock positions rather than a single outsized bet, which may keep the ride active but not singularly dependent on one name. That combination makes it most relevant for investors who value long-run equity participation and can tolerate fluctuations along the way.

Published on 10 September 2026 at 11:08 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.