JioBlackRock Flexi Cap Fund

The fund has outperformed the NIFTY 50 across all reported periods, with a 1Y fund CAGR of -0.31% versus -6.53% for the benchmark, generating an alpha of 6.70% over 1Y and 2.45% over 3Y. However, SIP XIRR data is not available, so a like-for-like comparison with the category's 1Y average SIP XIRR of 15.6% cannot be made. Calendar year returns were modest, at 1.88% in 2025 and -1.77% in 2026.

Risk metrics indicate very low realized volatility, with a maximum drawdown of only -0.14% lasting 47 days and an average drawdown of -0.04%. The fund's downside capture of 95.16% versus an upside capture of 105.12% suggests a favorable asymmetry, participating more in rallies than in declines. With a beta of 1.04, the fund moves broadly in line with the market while the positive alpha indicates value added on a risk-adjusted basis.

The portfolio is well diversified across 133 holdings, with the top 10 accounting for roughly 35% of NAV. Banks dominate at 19.0% of the portfolio, led by HDFC Bank (7.41%) and ICICI Bank (5.90%), followed by IT - Software at 5.9% and Petroleum Products at 5.1%. Exposure spans large-cap staples like Bharti Airtel, Reliance Industries, Infosys, and L&T, consistent with a flexi-cap mandate.

Direct comparison with category peers is limited because the fund's own SIP XIRR is unavailable, though the flexi-cap category averages 15.6% over 1Y and 14.89% over 3Y on that metric. Against the benchmark, the fund shows consistent outperformance across 1Y through 15Y windows, with alpha declining from 6.70% to 0.69% over longer horizons. The combination of positive alpha and favorable capture ratios suggests a competitive risk-adjusted profile, but a longer live track record is needed to confirm consistency.

This fund suits investors seeking diversified, large-cap-tilted equity exposure with active benchmark outperformance and a low 0.5% expense ratio in the direct plan. A horizon of at least 3-5 years is appropriate for a flexi-cap fund, given equity market cycles. It is best suited to investors with moderate risk tolerance who want market-linked growth with a degree of downside cushioning.

• Consistent alpha over the NIFTY 50 across all reported periods, including 6.70% over 1Y and 2.45% over 3Y
• Favorable capture asymmetry with 105.12% upside capture versus 95.16% downside capture
• Well-diversified portfolio of 133 holdings with a competitive 0.5% expense ratio in the direct plan

• Heavy sector concentration in banks at 19.0% of the portfolio creates sensitivity to financial sector cycles
• SIP XIRR and rolling return data are unavailable, limiting the ability to verify performance against category averages of roughly 15-16%