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

JM Short Term Fund Direct Growth Plan has a NAV of ₹13.1328 as of 16 Sep 2026 and an AUM of ₹81 Cr. Its 1-year, 3-year and 5-year returns are 5.33%, 7.12% and Data not available, and the scheme sits in the Balanced Risk category. Our view is that it suits investors who want a debt fund with moderate return consistency rather than sharp upside, especially because the portfolio is built around short-duration and high-quality debt exposure.

The fund has been live since 29 Aug 2022, charges an expense ratio of 0.38%, and allows SIP investing from ₹1,000. The return pattern suggests steadier compounding over time than the benchmark, while the portfolio mix points to a relatively conservative credit and duration stance within debt investing.

Quick facts

Particular	Details
NAV	₹13.1328 as of 16 Sep 2026
AUM	₹81 Cr
Expense Ratio	0.38%
Launch Date	29 Aug 2022
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
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 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.05%	-4.41%
3M	1.23%	-3.60%
1Y	5.33%	-7.76%
3Y	7.12%	5.74%
5Y	Data not available	Data not available

The recent numbers point to a fund that has stayed positive even when the benchmark has been weak. Over 1 month and 3 months, the fund remained in the green while the benchmark was negative, which suggests that the portfolio has been relatively insulated from the kind of swings that hurt the benchmark during the same periods.

The 1-year return of 5.33% is also meaningfully ahead of the benchmark’s -7.76%. That gap is important because it shows the fund has not just protected capital in softer periods, but has also delivered a better compounding path over the most recent full year.

The 3-year return of 7.12% is stronger than the benchmark’s 5.74%, which tells us the fund has maintained an edge beyond the short-term noise. The available performance path also looks smoother than the benchmark path, which supports the idea that this is a steadier debt-oriented return stream rather than a cyclical equity-style pattern.

There is no 5-year return figure available because the fund has not been live for that long. Even so, the shorter history is useful: it shows a modest but consistent return profile, with the 3-year number more informative than the 1-year figure for judging whether the strategy has held up across market phases.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD JM Short Term?

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 Short Term Fund Direct Growth Plan	5.33%	7.12%	Data not available
Tata Ultra Short Term Fund Direct Growth Plan	7.03%	7.51%	6.76%
Aditya Birla SL Ultra Short Term Fund Direct Growth Plan	6.68%	7.48%	6.74%
ICICI Pru Short Term Fund Direct Growth Plan	6.23%	7.75%	7.11%
Axis Short Term Fund Direct Growth Plan	5.96%	7.74%	6.76%
Mahindra Manulife Short Term Fund Direct Growth Plan	5.86%	7.68%	6.60%

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

The fund trails the better 1-year peer figures in this set, with several peers showing returns above 5.86% and the highest at 7.03%. That means the recent return profile is decent, but not the strongest among the comparison funds on a 1-year view.

The longer-term picture is more balanced. Its 3-year return of 7.12% is below some peers that are closer to 7.7%, but it is still in the same broad range and remains ahead of a few shorter-term comparators. The contrast between the 1-year and 3-year view suggests that the fund has been steadier than spectacular, while several peers have compounded a little faster over the same windows.

Because the current fund has no 5-year history in this table, the peer comparison is more useful for judging recent and medium-term standing than for long-horizon consistency. On available numbers, the fund is not the fastest in the group, but it has held a respectable position versus peers that are also meant for short-duration debt exposure.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
6.36% GOI 16-Feb-2031	Government Securities	17.32%
Ccil	Cash & Cash Equivalents and Net Assets	8.94%
HDFC Bank Limited 05-Mar-2027**#	Certificate of Deposit	7.11%
7.68% Sidbi 09-Jul-2027**	Corporate Debt	6.14%
7.8% NABARD 15-Mar-2027	Corporate Debt	6.14%
7.85% Bajaj Housing Finance Ltd 01-Sep-2028**	Corporate Debt	6.13%
7.58% REC Limited 31-May-2029	Corporate Debt	6.12%
7.9% Mahindra & Mahindra Financial Serv Ltd. 21-Feb-2028**	Corporate Debt	6.12%
7.9611% HDB Financial Services Limited 05-Jan-2028**	Corporate Debt	6.12%
7.85% Power Finance Corporation Limited 03-Apr-2028**	Corporate Debt	4.32%

The largest holding, 6.36% GOI 16-Feb-2031, is 17.32% of the portfolio, so it is large enough to matter if government bond prices move. The next nine positions are all materially smaller, and the tenth holding is 4.32%, which shows that exposure drops away fairly quickly after the top position.

The top 10 holdings together account for approximately 74.46% of the portfolio, so the fund is concentrated enough that a handful of instruments may have greater influence on results. At the same time, the table also shows a mix of government securities, cash, certificate of deposit and corporate debt, which may help reduce reliance on any single issuer type.

With 19 disclosed holdings in total and more positions beyond the top 10, the portfolio does not look like a one-or-two-name structure. Instead, the weight sits mostly in a relatively small core, while the remaining holdings likely form a longer tail that adds diversification without dominating the portfolio.

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

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who are comfortable with a moderate risk profile and want a debt allocation that aims for steadier results rather than aggressive upside. The return pattern, with a positive 1-year and a stronger 3-year showing, suggests it may work better for someone looking beyond very short holding periods.

The benchmark comparison is important here: the fund has been ahead of the benchmark over 1 year and 3 years, which supports a case for investors who want a debt fund that has been more resilient than the benchmark in softer periods. The trade-off is that the fund’s 1-year return is still lower than some peers, so investors may have to accept a somewhat less assertive return profile in exchange for a more measured path.

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

No exit load.

Source data date: as of 16 Sep 2026

Frequently asked questions

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

The current NAV is ₹13.1328 as of 16 Sep 2026.

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

The fund’s 1-year return is 5.33% and its 3-year return is 7.12%. There is no 5-year return figure available because the fund has not been live for that long.

How does the fund compare with the benchmark?

It has outpaced the benchmark over both 1 year and 3 years. The fund’s 1-year return is 5.33% versus -7.76% for the benchmark, and its 3-year return is 7.12% versus 5.74%.

How does it compare with the peer funds listed here?

Its 1-year return is below several peers in the table, while its 3-year return remains in the same general range as the better peer figures. That gives it a steadier, but not leading, return profile versus the comparison set.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

What are the risk category and exit load?

The fund is in the Balanced Risk category. It has no exit load.

Bottom line

JM Short Term Fund Direct Growth Plan shows a steadier medium-term pattern than the benchmark, with the 3-year result holding up better than the benchmark and the 1-year number also staying positive. Against peers, the recent return trail is somewhat less forceful, but the longer view remains broadly competitive. The portfolio is not overly narrow, yet the top holdings carry enough weight to matter. That mix makes the fund more suitable for investors seeking a measured debt exposure with moderate risk tolerance and a preference for consistency over standout short-term performance.

Published on 17 September 2026 at 4:08 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.