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

JM Small Cap Fund Direct Growth Plan is at ₹12.1358 as of 10 Sep 2026, with scheme AUM of ₹929 Cr. Its 1-year, 3-year and 5-year returns are 18.76%, Data not available and Data not available. The fund sits in the High Risk category, so our view is that it suits investors who can handle sharp short-term swings in pursuit of small-cap growth exposure.

The recent return profile is better than its benchmark over the latest 1-year window, but the path has been uneven. The portfolio is built around a relatively small set of individual positions, which can help drive upside when stock selection works, but it also raises the likelihood of performance variation.

Quick facts

Particular	Details
NAV	₹12.1358 as of 10 Sep 2026
AUM	₹929 Cr
Expense Ratio	0.59%
Launch Date	18 Jun 2024
Min SIP	₹500
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	1% on or before 180D, Nil after 180D
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 10 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	1.73%	0.28%
3M	13.7%	10.76%
1Y	18.76%	5.51%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

Over the latest month, the fund moved ahead of the benchmark, which suggests that the shorter end of the recent cycle has been constructive. The three-month figure also stays comfortably above the benchmark, so the fund has not merely benefited from a one-day or one-week move.

The 1-year comparison is more important, because it shows the fund well ahead of the index over a fuller market stretch. That is a useful sign for a small-cap strategy, but it still sits within a path that has not been straight-line. The monthly pattern includes phases of softening and recovery, which is typical of a portfolio that leans into smaller companies and stock-specific outcomes.

We would not read the recent strength as proof of low volatility. Instead, it looks like a recovery-led period after earlier softness. For investors, that means the fund has shown the ability to participate when small caps are in favour, while still carrying the kind of drawdowns that can make holding periods matter.

Against the benchmark, the direction of travel has been better in the recent year. The main question for an investor is not whether the fund can beat the index in a good stretch, but whether they can stay invested through uneven phases long enough for that edge to show up.

Source data date: as of 10 Sep 2026

Should you BUY or HOLD JM Small 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 Small Cap Fund Direct Growth Plan	18.76%	Data not available	Data not available
TRUSTMF Small Cap Fund Direct Growth Plan	34.09%	Data not available	Data not available
Bank of India Small Cap Fund Direct Growth Plan	27.56%	21.86%	20.52%
Motilal Oswal Small Cap Fund Direct Growth Plan	24.72%	Data not available	Data not available
Union Small Cap Fund Direct Growth Plan	24.4%	17.51%	17.94%
ITI Small Cap Fund Direct Growth Plan	23.86%	25.25%	19.57%

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

The fund’s 1-year return is below the strongest recent peer figures available here, although it still remains positive and above the benchmark. Where longer-period numbers are available, its peers have posted stronger 3-year and 5-year outcomes, so the gap is not limited to the latest year alone.

That said, the comparison is not perfectly symmetrical because several peers do not yet have usable longer-run figures. On the available data, the fund looks more competitive on recent momentum than on longer-term history. The short-term story and the longer-term peer comparison therefore point in different directions.

Source data date: as of 10 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Garware Hi-Tech Films Ltd	Plastic Products	4.64%
Navin Fluorine International Limited	Chemicals	3.19%
Acutaas Chemicals Limited	Healthcare	2.91%
Five-Star Business Finance Limited	Finance	2.76%
Fusion Finance Limited	Finance	2.67%
Shaily Engineering Plastics Limited	Plastic Products	2.65%
Jana Small Finance Bank Ltd	Bank	2.37%
Avalon Technologies Limited	Electricals	2.3%
TD Power Systems Limited	Capital Goods	2.17%
Gokaldas Exports Limited	Textile	2.15%

The top 10 holdings account for approximately 27.81% of the portfolio.

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

The largest holding, Garware Hi-Tech Films Ltd, has a weight of 4.64%, so no single position dominates the fund on its own. The drop from the first holding to the tenth is measured rather than abrupt, which suggests that the portfolio is not built around a very small number of oversized bets.

At the same time, the combined weight of the top 10 positions is still just 27.81%, leaving the rest of the portfolio spread across 74 disclosed holdings. That mix may help reduce reliance on one or two names, while still allowing individual stock selection to have meaningful influence on returns.

For investors, this points to a diversified small-cap structure rather than an extremely concentrated book. It may still move sharply because the strategy sits in the small-cap space, but the disclosed holding pattern does not look narrowly dependent on only a handful of stocks.

Source data date: as of 10 Sep 2026

Who should invest

This fund suits investors who can tolerate High Risk and are comfortable with a small-cap allocation that may move sharply over shorter periods. The 1-year result is stronger than the benchmark, but the absence of longer-run figures for the fund means the recent stretch should be treated as one part of the picture, not the whole story.

The main trade-off is between higher growth potential and a more uneven return path. Investors with a medium- to long-term horizon who can stay invested through volatility may find the pattern easier to work with than someone seeking smoother outcomes. The portfolio’s spread across many holdings may help, but it does not remove the inherent risk of the category.

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 180 days; nil after 180 days.

Source data date: as of 10 Sep 2026

Frequently asked questions

What is the current NAV of JM Small Cap Fund Direct Growth Plan?
The current NAV is ₹12.1358 as of 10 Sep 2026.

How has the fund performed over 1 year, 3 years and 5 years?
Its 1-year return is 18.76%. The 3-year and 5-year returns are Data not available.

How does the fund compare with the benchmark?
It has outpaced the benchmark over 1 month, 3 months and 1 year. The 1-year benchmark return is 5.51% against the fund’s 18.76%.

How does it compare with peer funds on the available return data?
Its 1-year return is below several peers in the comparison set, while some peers also show stronger 3-year and 5-year figures where those periods are available.

What is the minimum SIP amount?
The minimum SIP amount is ₹500.

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 180 days, and nil after 180 days.

Bottom line

JM Small Cap Fund Direct Growth Plan has shown a better recent run than its benchmark, but the path has been uneven and the longer-run picture is still limited by the fund’s short history. Against peers, the available figures suggest that its recent return is weaker than several other small-cap options, while the portfolio itself looks spread across many holdings rather than dominated by a few. That makes it a high-risk small-cap fund best suited to investors who can tolerate volatility and hold with patience.

Published on 11 September 2026 at 1:56 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.