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

JM Overnight Fund Direct Growth Plan is priced at ₹1,396.0644 as of 15 September 2026, with scheme AUM of ₹147 Cr. Its 1-year, 3-year and 5-year returns are 5.09%, 5.96% and 5.63%, respectively, and the fund sits in the Low Risk category.

Our view is that this fund suits conservative investors who want overnight-fund behaviour with steady but modest compounding rather than high-return chasing. The portfolio is almost entirely in cash and cash equivalents, which helps explain the low-volatility profile and the relatively smooth return path over longer periods.

Quick facts

Particular	Details
NAV	₹1,396.0644 as of 15 Sep 2026
AUM	₹147 Cr
Expense Ratio	0.08%
Launch Date	03 Dec 2019
Min SIP	₹1,000
Risk Category	Low Risk
Benchmark	Nifty 50
Fund Category	Liquid
Exit Load	No exit load
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 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.38%	-4.81%
3M	1.21%	-3.63%
1Y	5.09%	-8.27%
3Y	5.96%	5.59%
5Y	5.63%	5.58%

Recent performance is stable rather than flashy. The 1-month and 3-month numbers are modest, but they are positive while the benchmark is negative over the same horizons, which indicates a defensive return pattern rather than a market-linked swing.

Over 1 year, the fund has stayed in positive territory at 5.09% while the benchmark has been weaker at -8.27%. That gap matters because it shows the fund has preserved capital better than the benchmark in a difficult stretch, even if the absolute return is still modest for investors looking for growth.

The longer record is steadier than the benchmark too. The 3-year return of 5.96% is slightly ahead of the benchmark’s 5.59%, and the 5-year return of 5.63% is also just ahead of the benchmark’s 5.58%. That suggests the fund has kept pace over longer periods rather than depending on one good year.

The time pattern is also useful. The fund’s path looks smooth, with incremental gains and limited drawdown behaviour, which is consistent with an overnight strategy. Our read is that this is a capital-preservation style profile, where consistency is more important than dramatic upside.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD JM Overnight?

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 Overnight Fund Direct Growth Plan	5.09%	5.96%	5.63%
Bank of India Overnight Fund Direct Growth Plan	5.51%	6.21%	5.83%
360 ONE Overnight Fund Direct Growth Plan	5.32%	Data not available	Data not available
Baroda BNP Paribas Overnight Fund Direct Growth Plan	5.3%	6.08%	5.72%
Nippon India Overnight Fund Direct Growth Plan	5.29%	6.09%	5.73%
DSP Overnight Fund Direct Growth Plan	5.28%	6.08%	5.72%

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

The current fund’s 1-year return is lower than the listed overnight peers that have complete 3-year and 5-year data, though the gap is not large. Bank of India Overnight Fund Direct Growth Plan has the strongest 1-year figure among the peers shown, while Baroda BNP Paribas, Nippon India and DSP are also a little ahead on the 1-year measure. The 360 ONE fund edges ahead on 1-year return as well, but its longer-term figures are not available, so it is harder to compare on the full horizon.

For longer horizons, the pattern is similar: the current fund is slightly behind the peers with available 3-year and 5-year numbers. That said, the differences are small enough that the story is not one of a major performance gap. The main takeaway is that this fund has been competitive, but the peer set shows a handful of schemes with somewhat better trailing returns over the same periods.

The shorter-term and longer-term comparisons broadly tell the same story. The fund is not leading the field on the available return figures, yet it remains close enough to peers that the return profile still looks consistent with an overnight strategy rather than a volatile, outcome-driven one.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
CCIL	Cash & Cash Equivalents and Net Assets	97.68%
NET RECEIVABLE/PAYABLE	Cash & Cash Equivalents and Net Assets	2.32%

The largest holding, CCIL, accounts for 97.68% of the portfolio, so it is likely to have the greatest influence on the fund’s day-to-day stability. The next disclosed item, net receivable/payable, is much smaller at 2.32%, which means the gap from the largest holding to the rest of the portfolio is very wide.

With only two disclosed holdings and a combined weight of 100%, the structure is extremely concentrated in the visible portfolio breakdown. In practical terms, that usually means the fund is designed to stay very close to its cash-like mandate, with very limited room for idiosyncratic portfolio surprises.

This concentration may also help explain the smooth return path in the performance section. Because the disclosed holdings are so tightly focused, the fund is more likely to behave like a short-duration cash management vehicle than a diversified debt or hybrid portfolio.

Source data date: as of 15 Sep 2026

Who should invest

This fund fits investors with a low risk tolerance who want a conservative parking place for short-term money. The Low Risk label, the smooth return pattern and the benchmark comparison all point to a strategy that is built more for stability than for high growth.

The better fit is typically a short to medium holding horizon, where capital preservation and steady accrual matter more than chasing upside. The main trade-off is that the fund may keep losses contained and behave calmly, but the return potential is also modest compared with equity-oriented options.

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.

Source data date: as of 15 Sep 2026

Frequently asked questions

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

The current NAV is ₹1,396.0644 as of 15 September 2026.

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

The 1-year, 3-year and 5-year returns are 5.09%, 5.96% and 5.63%.

How does the fund compare with the benchmark?

It has beaten the benchmark over 1 year, 3 years and 5 years. The benchmark has been weaker over 1 year, but the gap narrows over the longer periods.

How does it compare with peer overnight funds?

Its available return figures are slightly below several listed peers, especially on the 1-year measure. The longer-term figures are also a little behind some peers with complete data, but the differences are not large.

Is there a minimum SIP amount?

Yes, 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. The exit load is nil, so no exit load applies when units are sold.

Bottom line

JM Overnight Fund Direct Growth Plan has shown a steadier return pattern over time than its benchmark, and its longer-term numbers are slightly better than the benchmark as well. Against peer overnight funds, the available return figures are a bit softer, but still close enough to keep the story consistent with a conservative cash-management style. The portfolio is highly concentrated in cash and cash equivalents, which reinforces the low-volatility profile and makes the fund best suited to investors who prioritise stability over higher upside.

Published on 16 September 2026 at 2:19 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.