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

JM Mid Cap Fund Direct Growth Plan has a NAV of ₹22.2712 as of 17 Sep 2026 and a scheme AUM of ₹1,360 Cr. Its 1-year, 3-year and 5-year returns are 6.03%, 17.94% and 0%, and it sits in the High Risk category. Our view is that this is a mid-cap fund for investors who can handle sharp swings, because the recent 1-year outcome is modest while the 3-year trend is much stronger than the latest short run.

The portfolio is spread across 66 holdings, with the top 10 accounting for 27.94% of assets. That mix suggests meaningful diversification, but the current return pattern still calls for a patient horizon rather than a short holding period.

Quick facts

Particular	Details
NAV	₹22.2712 as of 17 Sep 2026
AUM	₹1,360 Cr
Expense Ratio	0.51%
Launch Date	21 Nov 2022
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty Mid Cap
Fund Category	Equity
Exit Load	1% on or before 180D, Nil after 180D
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 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-2.97%	-3.41%
3M	1.62%	-1.42%
1Y	6.03%	4.86%
3Y	17.94%	14.23%
5Y	Data not available	Data not available

The recent pattern is uneven, but not weak across every horizon. Over 1 month, the fund lagged in absolute terms only slightly less than the benchmark’s decline, while over 3 months it turned positive even as the benchmark stayed negative. That tells us the fund has been able to recover faster than the index during shorter rebounds.

The stronger message comes from the 1-year and 3-year figures. Both periods are ahead of the benchmark, and the gap is wider over 3 years than over 1 year. That suggests the fund has added value through a fuller market cycle rather than just through a short burst of performance.

The daily path also looks choppy, which is normal for a mid-cap strategy but still important for investors to note. Recent softness after a stronger 3-year run means the fund has not moved in a straight line, so our view is that the experience is better suited to investors who can tolerate drawdowns while waiting for the longer compounding trend to play out.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD JM Mid 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 Mid Cap Fund Direct Growth Plan	6.03%	17.94%	Data not available
HSBC Midcap Fund Direct Growth Plan	15.97%	22.92%	18.06%
WOC Mid Cap Fund Direct Growth Plan	11.1%	21%	Data not available
Helios Mid Cap Fund Direct Growth Plan	10.06%	Data not available	Data not available
ITI Mid Cap Fund Direct Growth Plan	8.51%	19.17%	15.91%
Baroda BNP Paribas Mid Cap Fund Direct Growth Plan	8.4%	16.15%	14.79%

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

On 1-year returns, the fund trails the stronger peer figures in this group, especially HSBC Midcap Fund Direct Growth Plan and WOC Mid Cap Fund Direct Growth Plan. The short-term comparison therefore looks softer than the fund’s own longer-run trend.

The 3-year picture is more balanced. JM Mid Cap Fund Direct Growth Plan is behind HSBC Midcap Fund Direct Growth Plan and WOC Mid Cap Fund Direct Growth Plan, but it stays ahead of Baroda BNP Paribas Mid Cap Fund Direct Growth Plan and slightly ahead of ITI Mid Cap Fund Direct Growth Plan on the available numbers. The 5-year column is available for only some peers, and those figures are stronger than the current fund’s unavailable 5-year record, so the longer-horizon comparison is less complete but still points to a stronger established track record in some competing funds.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
One 97 Communications Limited	IT	3.53%
Avalon Technologies Limited	Electricals	3.05%
Godfrey Phillips India Limited	FMCG	2.9%
IDFC First Bank Limited	Bank	2.88%
Bank of Maharashtra	Bank	2.79%
Marico Limited	FMCG	2.74%
Coforge Limited	IT	2.55%
Tube Investments of India Ltd	Automobile & Ancillaries	2.52%
Bharat Forge Limited	Automobile & Ancillaries	2.5%
Ashok Leyland Limited	Automobile & Ancillaries	2.48%

The top 10 holdings account for approximately 27.94% of the portfolio.

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

The largest holding, One 97 Communications Limited, is 3.53%, so no single position dominates the visible list. The weight then stays in a fairly tight band through the first ten names, moving from 3.53% to 2.48%; that is a limited drop and suggests the fund is not heavily tilted to just one or two stocks.

At the same time, the list spans 66 holdings, so the displayed top positions represent only part of the overall portfolio. With the top 10 contributing 27.94%, the rest of the portfolio is likely to have a meaningful role in returns, which may soften stock-specific impact but can also make the outcome depend on more names working together. The sector mix across IT, banks, FMCG, electricals and automobile-related stocks also points to a diversified mid-cap approach rather than a narrow theme.

Source data date: as of 17 Sep 2026

Who should invest

This fund is best viewed as a fit for investors who can take high risk and stay invested for a longer horizon. The 3-year return is much better than the 1-year result, while the benchmark comparison also shows that the fund has been stronger over longer periods than in the most recent stretch.

That makes patience important. The main trade-off is that a mid-cap portfolio can move sharply in the short run even when the longer trend is constructive, so investors need to accept volatility in exchange for the possibility of stronger medium-term compounding. The visible portfolio is also diversified across 66 holdings, which may help reduce dependence on a single stock, but it does not remove mid-cap market swings.

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 180D, Nil after 180D.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of JM Mid Cap Fund Direct Growth Plan?
The NAV is ₹22.2712 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.03%, its 3-year return is 17.94%, and its 5-year return is Data not available.

How has the fund done against its benchmark?
It has outperformed the benchmark over 1 year, 3 years and 3 months, while both the fund and benchmark were negative over 1 month.

How does the fund compare with peers on available return data?
Its 1-year and 3-year returns trail some peer funds such as HSBC Midcap Fund Direct Growth Plan, but it stays ahead of some others on the available 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 Satish Ramanathan, Asit Bhandarkar, Deepak Gupta. and Ruchi Fozdar. The exit load is 1% on or before 180D, Nil after 180D.

Bottom line

JM Mid Cap Fund Direct Growth Plan looks stronger over medium horizons than in the latest 1-year stretch, and that difference matters for reading the fund correctly. It is a High Risk mid-cap strategy with a diversified 66-holding portfolio and a relatively modest top-10 concentration. Against peers, the available return data shows room for improvement in the shorter run, while the 3-year record is more competitive. It suits investors who can tolerate volatility and wait for the longer trend rather than focusing on recent softness.

Published on 18 September 2026 at 8:20 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.