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

JM Ultra Short to Short Term Fund Direct Growth Plan is at a NAV of ₹41.0826 as of 09 Sep 2026, with scheme AUM of ₹214 Cr. Its 1-year, 3-year and 5-year returns are 6.45%, 7.33% and 6.48%, and it sits in the Balanced Risk bucket. Our view is that this is a steady debt option rather than a high-octane return seeker, with returns that have held up better over longer periods than in the latest month while staying closely tied to short-duration credit and money-market-style holdings.

That mix can suit investors who want a debt allocation with moderate return consistency and can accept some variation versus the benchmark. The fund’s portfolio leans on certificates of deposit and corporate debt, so the return profile is shaped more by accrual and credit selection than by sharp market moves.

Quick facts

Particular	Details
NAV	₹41.0826 as of 09 Sep 2026
AUM	₹214 Cr
Expense Ratio	0.35%
Launch Date	01 Jan 2013
Min SIP	₹1,000
Risk Category	Balanced Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
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 09 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.55%	-4.69%
3M	1.87%	0.93%
1Y	6.45%	-7.16%
3Y	7.33%	6.00%
5Y	6.48%	5.87%

The recent pattern is constructive. In the latest month, the fund posted a small positive return while the benchmark was negative, which tells us the portfolio has been relatively defensive over a short stretch. Over three months, the fund has also stayed ahead of the benchmark, although the gap is narrower than at the one-year mark.

The one-year return is the clearest sign of resilience. At 6.45%, the fund has stayed positive while the benchmark has been materially negative, so the fund has delivered a very different experience from the broad equity index it is measured against. That matters for investors who use debt funds as a stabiliser rather than as a return-boosting equity substitute.

Longer-term, the picture remains steady rather than explosive. The 3-year return of 7.33% is above the benchmark’s 6.00%, and the 5-year return of 6.48% is also above the benchmark’s 5.87%. Our read is that the fund has compounded in a fairly controlled manner, with the shorter-term series showing some up-and-down movement but not a break in the broader trend.

Overall, the fund has outpaced the benchmark across every listed horizon. The recent path is a little choppier than the 3-year and 5-year outcome might suggest, but the longer-run pattern still points to stable accrual-led growth rather than volatile swings.

Source data date: as of 09 Sep 2026

Should you BUY or HOLD JM Ultra Short to 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 Ultra Short to Short Term Fund Direct Growth Plan	6.45%	7.33%	6.48%
Franklin India Ultra Short to Short Term Fund Direct Growth Plan	6.69%	Data not available	Data not available
Nippon India Ultra Short to Short Term Fund Direct Growth Plan	6.66%	7.52%	6.75%
Nippon India Ultra Short to Short Term Fund(B)-Direct Plan	6.66%	7.52%	6.75%
Mahindra Manulife Ultra Short to Short Term Fund Direct Growth Plan	6.65%	7.54%	6.68%
Mirae Asset Ultra Short to Short Term Fund Direct Growth Plan	6.63%	7.52%	6.62%

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

On the latest one-year number, the fund trails Franklin India Ultra Short to Short Term Fund Direct Growth Plan and the two Nippon India variants, though the spread is small. The longer-term picture is more balanced: its 3-year and 5-year returns are below the best available peer figures in this set, but they remain close enough to suggest a similar accrual-led profile rather than a meaningfully weaker one.

What stands out is that the short-term and longer-term peer reads are not identical. The fund looks slightly softer on the one-year comparison, yet its 3-year and 5-year outcomes remain solid and close to the stronger peer cluster, which supports the view that it has been a consistent, lower-volatility debt-style option rather than a standout in any single short window.

Source data date: as of 09 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Punjab National Bank 04-Mar-2027**#	Certificate of Deposit	7.66%
Union Bank of India 16-Mar-2027**#	Certificate of Deposit	7.64%
Axis Bank Limited 07-Dec-2026**#	Certificate of Deposit	7.10%
8.4% Godrej Industries Ltd 27-Aug-2027**	Corporate Debt	4.67%
8.75% Piramal Finance Ltd 29-Oct-2027	Corporate Debt	4.66%
9.61% 360 One Prime Limited 18-Jan-2027**	Corporate Debt	3.48%
HDFC Bank Limited 05-Mar-2027**#	Certificate of Deposit	3.15%
Ccil	Cash & Cash Equivalents and Net Assets	3.05%
Net Receivable/Payable	Cash & Cash Equivalents and Net Assets	2.43%
7.95% LIC Housing Finance Limited 29-Jan-2028**	Corporate Debt	2.34%

The largest holding, Punjab National Bank 04-Mar-2027**#, carries a 7.66% weight, which is meaningful but not dominant by itself. The tenth holding is 7.95% LIC Housing Finance Limited 29-Jan-2028** at 2.34%, so the weight falls away in a fairly clear step rather than clustering tightly around one level.

The top 10 holdings together account for approximately 46.18% of the portfolio, leaving a long tail across the remaining disclosed positions. With 35 holdings disclosed overall, the fund looks moderately spread out rather than heavily concentrated in only a few names, even though the biggest positions still matter most for near-term behaviour.

That structure may give the fund a balance between carry and diversification. The large allocation to certificates of deposit and the presence of corporate debt suggest the portfolio is designed to earn steady accrual while keeping individual position sizes in check.

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

Source data date: as of 09 Sep 2026

Who should invest

This fund may suit investors who want a debt allocation with a moderate risk posture and can stay invested for at least a medium horizon. The Balanced Risk label and the return pattern point to a vehicle that aims for steadier compounding rather than sharp bursts of outperformance.

The main trade-off is that the fund has been fairly consistent over 3-year and 5-year windows, but its shorter-term movement can still differ from the benchmark. Investors who prefer stability over aggressive upside may find that balance useful, while those seeking a stronger equity-like growth profile would probably look elsewhere.

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 after holding period.

Source data date: as of 09 Sep 2026

Frequently asked questions

What is the current NAV of JM Ultra Short to Short Term Fund Direct Growth Plan?
The current NAV is ₹41.0826 as of 09 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s returns are 6.45% for 1 year, 7.33% for 3 years and 6.48% for 5 years.

How has the fund done versus its benchmark?
It has beaten the benchmark across 1 month, 3 months, 1 year, 3 years and 5 years. The widest gap is over 1 year, where the fund stayed positive while the benchmark was negative.

How does it compare with peer funds on recent performance?
Its 1-year return is close to the peer cluster, though Franklin India Ultra Short to Short Term Fund Direct Growth Plan and the Nippon India variants have slightly higher 1-year numbers. Over 3 years and 5 years, the fund remains competitive but sits below the strongest figures in the set.

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 Killol Pandya, Ruchi Fozdar and Jayant Dhoot. There is no exit load after the holding period.

Bottom line

JM Ultra Short to Short Term Fund Direct Growth Plan has shown a steadier longer-run pattern than its latest short-term moves might suggest, with 3-year and 5-year returns both holding above the benchmark. In the peer set, its recent return is close to the better names, while its longer-term figures remain competitive even if not the highest. The portfolio leans heavily on certificates of deposit and selected corporate debt, which supports an accrual-focused profile that may appeal to investors looking for moderate-risk debt exposure.

Published on 10 September 2026 at 11:12 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.