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

JM Large Cap Fund Direct Growth Plan has a NAV of ₹177.6262 as of 09 Sep 2026 and a scheme AUM of ₹393 Cr. Its 1-year, 3-year and 5-year returns are 1.41%, 10.74% and 10.93% respectively, and it sits in the High Risk category. Our view is that the fund has delivered steadier longer-term compounding than recent short-term momentum, while its portfolio remains anchored in large, liquid businesses.

That combination can suit investors who can tolerate sharp swings and want a large-cap allocation with bank-heavy and diversified blue-chip exposure. The recent 1-year outcome is much softer than the 3-year and 5-year figures, so the fund looks better suited to a patient horizon than to short-term return chasing.

Quick facts

Particular	Details
NAV	₹177.6262 as of 09 Sep 2026
AUM	₹393 Cr
Expense Ratio	0.81%
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	Deepak Gupta., Asit Bhandarkar, Satish Ramanathan, Ruchi Fozdar

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

Source data date: as of 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.12%	-4.69%
3M	5.67%	0.93%
1Y	1.41%	-7.16%
3Y	10.74%	6%
5Y	10.93%	5.87%

The recent profile is mixed. Over 1 month, the fund fell less than the benchmark, which suggests it was relatively resilient in a weak stretch. Over 3 months, it recovered more sharply than the benchmark, and that helped offset the weaker one-month reading.

The 1-year return is modest, but it still stays ahead of the benchmark, which was negative over the same period. That matters because it shows the fund has not merely tracked the index through a difficult year; it has preserved a small positive outcome when the benchmark slipped.

The 3-year and 5-year figures tell a more constructive story. Both are comfortably above the benchmark, and the long-term pattern looks more stable than the short-term noise. Our view is that the compounding profile has been acceptable over multi-year horizons, even if the most recent year does not look especially strong.

The time pattern also suggests the fund has had periods of wobble before recovering, rather than a smooth climb. For investors, that means the fund can participate in broader equity cycles, but the path may be uneven. The key point is that the longer-term return line remains stronger than the benchmark line, while the latest year is far less impressive than the 3-year and 5-year record.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD JM Large 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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
JM Large Cap Fund Direct Growth Plan	1.41%	10.74%	10.93%
Quant Large Cap Fund Direct Growth Plan	8.13%	13.11%	Data not available
Taurus Large Cap Fund Direct Growth Plan	6.99%	12.61%	10.27%
Bank of India Large Cap Fund Direct Growth Plan	6.82%	12.8%	9.84%
Invesco India Largecap Fund Direct Growth Plan	3.91%	13.77%	11.79%
ITI Large Cap Fund Direct Growth Plan	3.08%	11%	9.6%

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

On the recent 1-year figure, the fund trails the strongest peer returns in this group, with several peers showing materially higher one-year outcomes. That said, the fund still stays above the benchmark over 1 year, so the picture is not simply weak versus the market.

The longer-term comparison is more balanced. The fund’s 3-year and 5-year returns sit inside a competitive cluster, and its 5-year outcome is ahead of some peers while staying behind others that have compounded more strongly. In our view, the short-term gap versus the better recent peer figures is larger than the longer-term gap, which means the peer story is more mixed over multi-year periods than it is over the latest year.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
ICICI Bank Limited	Bank	4.88%
State Bank of India	Bank	4.55%
Bharti Airtel Limited	Telecom	3.61%
HDFC Bank Limited	Bank	3.58%
Reliance Industries Limited	Crude Oil	3.27%
Larsen & Toubro Limited	Infrastructure	3.07%
Torrent Pharmaceuticals Limited	Healthcare	2.93%
Kotak Mahindra Bank Limited	Bank	2.86%
Bajaj Finance Limited	Finance	2.78%
Axis Bank Limited	Bank	2.75%

The top 10 holdings account for approximately 34.28% of the portfolio.

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

The largest holding, ICICI Bank Limited, stands at 4.88%, which is a meaningful but not dominant position. The gap from the first holding to the tenth holding is just over 2 percentage points, so the top names do not show a very steep drop-off.

That pattern suggests the portfolio may not be overly dependent on a single stock, even though banks dominate the visible list. With 51 disclosed holdings and 34.28% in the top 10, the fund appears spread across a reasonably long tail beyond the largest positions. In our view, the visible book could still let a handful of holdings matter more than the rest, but it does not look narrowly concentrated in just one or two names.

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who can accept High Risk equity swings and stay invested for at least a few years. The 3-year and 5-year record is clearly stronger than the 1-year outcome, so the better fit is someone who can tolerate a weaker patch without reacting too quickly.

The benchmark comparison is useful here: the fund has stayed ahead over 1, 3 and 5 years, but the recent one-year figure is not especially strong. The trade-off is straightforward: you get a large-cap portfolio with a stronger multi-year record than the benchmark, but you also need to be comfortable with uneven short-term performance and a portfolio that still moves with 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 30D, Nil after 30D.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of JM Large Cap Fund Direct Growth Plan?
Its NAV is ₹177.6262 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 1.41%, 10.74% and 10.93%.

How does it compare with the benchmark?
It has stayed ahead of Nifty 50 over 1 year, 3 years and 5 years. The benchmark return was -7.16% over 1 year, 6% over 3 years and 5.87% over 5 years.

How does it compare with the peer funds listed here?
Its 1-year return is lower than several peers in the comparison set, while its 3-year and 5-year numbers sit in a more mixed middle ground. The longer-term picture is stronger than the latest 1-year reading.

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

Bottom line

The fund’s recent year has been softer than its 3-year and 5-year history, so the short-term picture is weaker than the longer-term one. It has still stayed ahead of the benchmark across all the listed periods, which keeps the overall track record respectable. The portfolio is built around large, familiar names, with banks forming a visible core and the top 10 holdings accounting for 34.28% of assets. That makes it more suitable for patient investors who are comfortable with High Risk equity exposure and uneven short-term results.

Published on 10 September 2026 at 11:09 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.