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

NJ Flexi Cap Fund Direct Growth Plan is at a NAV of ₹13.36 as of 17 Sep 2026, with scheme AUM of ₹2,696 Cr. Its 1-year, 3-year and 5-year returns are -6.74%, 9.35% and 0%, respectively, and the fund sits in the High Risk category. Our view is that this is a fund for investors who can tolerate sharp short-term swings and are mainly looking at a diversified flexi-cap style exposure rather than a smooth return path.

The recent return pattern is weaker than the benchmark over 1 year, but the 3-year outcome is better than the benchmark and the portfolio is built around individual stock selection. That mix can help over longer periods, but the uneven short-term behaviour means it suits investors with a longer horizon and a clear comfort with volatility.

Quick facts

Particular	Details
NAV	₹13.36 as of 17 Sep 2026
AUM	₹2,696 Cr
Expense Ratio	0.54%
Launch Date	05 Sep 2023
Min SIP	₹100
Risk Category	High Risk
Benchmark	Nifty 50
Fund Category	Equity
Exit Load	Nil upto 5% of units and 1% for remaining units on or before 30D, Nil after 30D
Fund Managers	Dhaval Patel, Viral Shah, Jaimin Ilavia

The fund is managed by Dhaval Patel, Viral Shah and Jaimin Ilavia.

Source data date: as of 17 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-3.75%	-3.66%
3M	0.45%	-3.71%
1Y	-6.74%	-7.13%
3Y	9.35%	5.82%
5Y	Data not available	Data not available

The last month and last quarter show a fund that has been uneven rather than steady. The 1-month figure is still negative, but the 3-month figure turned marginally positive while the benchmark stayed negative for that same period. That tells us the fund has been able to recover more quickly than the index in some recent stretches, even though the latest month remained soft.

Over one year, the fund is still in negative territory and only slightly ahead of the benchmark. That small gap matters more for comparison than for comfort, because both the fund and the benchmark struggled over the same period. The more useful picture appears over three years, where the fund has compounded better than the benchmark and suggests that stock selection has added value across a fuller cycle.

Because the scheme launched on 05 Sep 2023, a true five-year track record is not yet available. For investors, that means the longer-term case has to rely on the 3-year trend and the portfolio’s composition rather than on a full market-cycle history. Recent behaviour looks choppier than the 3-year outcome, so the fund’s shorter-term path still appears vulnerable to market swings.

Source data date: as of 17 Sep 2026

Should you BUY or HOLD NJ Flexi 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
NJ Flexi Cap Fund Direct Growth Plan	-6.74%	9.35%	Data not available
Bank of India Flexi Cap Fund Direct Growth Plan	10.1%	18.09%	16.01%
ITI Flexi Cap Fund Direct Growth Plan	9.54%	17.61%	Data not available
Navi Flexi Cap Fund Direct Growth Plan	7.9%	10.18%	10.89%
LIC MF Multi Cap Fund Direct Growth Plan	7.11%	17.04%	Data not available
Aditya Birla SL Flexi Cap Fund Direct Growth Plan	5.94%	13.33%	10.98%

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

The fund’s 1-year return trails every listed peer in this comparison set, which shows that the most recent stretch has been comparatively weak. That said, the 3-year figure is below the stronger peer group names but still ahead of the benchmark, so the longer view is more constructive than the one-year snapshot.

The peer set also shows a split story on longer windows. Some peers have a much stronger 3-year and 5-year record, while others have incomplete five-year histories. Against that backdrop, this scheme looks better when judged against the benchmark than when judged against the stronger peer returns. The result is a mixed comparison: the short-term gap is clear, but the medium-term profile is not without merit.

Source data date: as of 17 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Torrent Pharmaceuticals Limited	Healthcare	5.63%
Bosch Limited	Automobile & Ancillaries	5.29%
DR. Lal Path Labs Limited	Healthcare	4.58%
Eicher Motors Limited	Automobile & Ancillaries	4.49%
ICICI Bank Limited	Bank	4.39%
Marico Limited	FMCG	4.22%
Britannia Industries Limited	FMCG	3.96%
Cipla Limited	Healthcare	3.65%
Sun Pharmaceutical Industries Limited	Healthcare	3.63%
Alkem Laboratories Limited	Healthcare	3.23%

The largest holding is Torrent Pharmaceuticals Limited at 5.63%, so no single stock dominates the portfolio on its own. The drop from the first holding to the tenth is gradual rather than abrupt, moving from 5.63% to 3.23%, which suggests the visible book is spread across several positions instead of hinging on one very large bet.

The top 10 holdings account for approximately 43.07% of the portfolio, and the scheme discloses 47 holdings in total. That combination suggests the remaining positions form a meaningful tail, so the fund may have influence from a broad set of ideas even though the largest names still matter. The current mix also leans toward healthcare, automobiles and consumer-facing businesses, which can create a fairly active stock-specific return pattern.

Given the concentration in the displayed holdings is moderate rather than extreme, the portfolio may still behave differently from a plain index fund. The presence of 47 disclosed holdings means the fund is not dependent on only a handful of stocks, but the top names are large enough to matter if any one theme moves sharply.

To see all holdings, visit the NJ Flexi Cap Fund Direct Growth Plan page

Source data date: as of 17 Sep 2026

Who should invest

This fund suits investors who can stay invested through uneven returns and who are comfortable with a High Risk profile. The 1-year decline and the stronger 3-year outcome together suggest that the fund can be volatile over shorter windows but may reward patience over a longer horizon.

The benchmark comparison and the peer comparison point to a simple trade-off: the recent stretch has been weaker than the stronger peer names, but the 3-year number is still better than the benchmark. Investors who want steadier near-term outcomes may find the path uncomfortable, while those who can accept swings for the possibility of better medium-term compounding may find the profile more relevant.

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: Nil up to 5% of units and 1% for remaining units on or before 30 days; no exit load after the holding period.

Source data date: as of 17 Sep 2026

Frequently asked questions

What is the current NAV of NJ Flexi Cap Fund Direct Growth Plan?
The NAV is ₹13.36 as of 17 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is -6.74%, the 3-year return is 9.35%, and the 5-year return is Data not available because the scheme has not completed that track record.

How has the fund performed against its benchmark?
Over 1 year it is slightly ahead of the benchmark, while over 3 years it is ahead by a wider margin. The recent one-month reading is still negative, so the short-term picture remains less stable than the 3-year trend.

How does it compare with the peer funds listed here?
Its 1-year return is weaker than the listed peer funds, while its 3-year return is below the stronger peer names but still ahead of the benchmark. That gives it a mixed peer profile rather than a uniformly strong one.

What is the minimum SIP amount?
The minimum SIP amount is ₹100.

Who manages the fund and what is the exit load?
The fund is managed by Dhaval Patel, Viral Shah and Jaimin Ilavia. The exit load is nil up to 5% of units and 1% for the remaining units on or before 30 days, with no exit load after the holding period.

Bottom line

NJ Flexi Cap Fund Direct Growth Plan has a weaker recent stretch than its longer 3-year record, so the short-term picture does not fully match the medium-term outcome. It also compares less favourably with the stronger peer returns on 1-year and 3-year numbers, even though it stays ahead of the benchmark over 3 years. The portfolio is spread across 47 holdings, with no single stock taking over the book, which may help balance the fund’s stock-specific swings. It fits investors who can accept High Risk exposure and wait for the longer view to matter.

Published on 18 September 2026 at 9:11 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.