JM Flexi Cap Fund
Direct · GrowthAI Summary
JM Flexi Cap Fund has delivered strong SIP XIRR across all measured periods, with 3Y XIRR of 20.63% and 5Y XIRR of 20.02%, comfortably ahead of category averages of 14.71% and 16.06% respectively. Versus the NIFTY 50, the fund has generated positive alpha in every period, ranging from 4.92% over 1Y to 7.68% over 5Y, with fund CAGR exceeding benchmark CAGR across all horizons. Rolling returns are also healthy, with 3Y mean rolling return of 21.63% and 5Y mean of 18.96%, indicating consistent lump-sum performance.
The fund shows a downside capture ratio of roughly 90-95% across periods, suggesting it has historically fallen less than the benchmark during market declines, while upside capture remains near or above 100%. Maximum drawdown is reported at -0.35% with recovery in 246 days, though the fund has experienced 8 drawdown events exceeding 10%, reflecting equity volatility. Calmar ratios around 0.5 across durations indicate moderate risk-adjusted returns relative to drawdowns.
The portfolio holds 81 stocks with the top 10 accounting for roughly 27% of NAV, led by ICICI Bank (3.83%), State Bank of India (2.99%), and HDFC Bank (2.83%). Banks dominate sector allocation at 15.6%, followed by IT - Software at 7.1%, Automobiles at 6.4%, Auto Components at 5.7%, and Electrical Equipment at 5.0%. This spread across 81 holdings and multiple sectors provides reasonable diversification, though the banking concentration is a notable tilt.
The fund ranks well above category peers on SIP XIRR across 1Y, 3Y, 5Y, 7Y, 10Y, and 12Y horizons, with the widest gap at 3Y (20.63% vs 14.71%). Its consistent positive alpha versus NIFTY 50 and downside capture below 100% suggest a disciplined, benchmark-aware approach within the flexi cap space. The direct plan expense ratio of 0.68% is competitive and supports net investor returns.
This fund suits investors with a long-term horizon of at least 5-7 years who can tolerate equity volatility, including periodic negative calendar years such as -6.18% in 2025 and -3.88% in 2018. It is appropriate for moderate-to-aggressive risk profiles seeking diversified large-cap-oriented flexi cap exposure with a track record of beating category averages. Investors should be prepared for drawdowns and avoid short-term redemption during market corrections.
- Consistently beats category average SIP XIRR across all measured periods
- Positive alpha versus NIFTY 50 in every benchmark comparison period
- Downside capture below 100% indicating relatively better downside protection
- Negative calendar-year returns in 2025 (-6.18%), 2018 (-3.88%), 2015 (-1.6%), and 2013 (-1.95%) show equity volatility
- Banking sector concentration at 15.6% of NAV creates sector-specific risk
Generated on 11-11-2026, 3:06 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.87 L | 21.6% | -50.6% | 95.6% |
| 3 Years | ₹36.00 L | ₹46.95 L | 18.3% | -16.4% | 46.2% |
| 5 Years | ₹60.00 L | ₹92.02 L | 18.2% | -3.5% | 36.9% |
| 7 Years | ₹84.00 L | ₹1.56 Cr | 18.2% | 3.3% | 29.3% |
| 10 Years | ₹1.20 Cr | ₹3.21 Cr | 19.1% | 15.0% | 24.2% |
| 12 Years | ₹1.44 Cr | ₹4.69 Cr | 18.3% | 15.1% | 22.3% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 21.6% | 14.3% | 9.5% | +7.3% |
| 3 Years | 18.3% | 11.0% | 14.7% | +7.3% |
| 5 Years | 18.2% | 10.4% | 16.1% | +7.8% |
| 7 Years | 18.2% | 10.6% | 15.5% | +7.7% |
| 10 Years | 19.1% | 11.4% | 15.9% | +7.7% |
| 12 Years | 18.3% | 11.3% | 15.2% | +6.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.4% | 14.2% | -22.9% | 82.5% | 0.59 | 2.21 | 78% | — | — |
| 3 Years | 18.8% | 18.3% | -3.0% | 34.1% | 1.63 | 8.87 | 99% | — | — |
| 5 Years | 17.9% | 17.7% | 2.7% | 32.0% | 1.95 | 54.78 | 100% | — | — |
| 10 Years | 18.4% | 18.2% | 15.0% | 22.3% | 7.26 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.79 | 0.97 | 98.6% | 90.4% | 5.4% | -1.7% |
| 3 Years | +5.55 | 1.01 | 101.8% | 94.7% | 14.7% | 9.1% |
| 5 Years | +7.92 | 0.99 | 101.3% | 92.0% | 15.1% | 7.2% |
| 7 Years | +6.76 | 0.95 | 97.6% | 90.5% | 17.8% | 11.3% |
| 10 Years | +5.45 | 0.95 | 96.2% | 90.0% | 17.0% | 11.8% |
| 12 Years | +5.95 | 0.96 | 97.5% | 90.5% | 15.5% | 9.7% |
| 15 Years | +5.35 | 0.98 | 99.9% | 93.5% | 15.3% | 10.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 3.83% |
| 2 | State Bank of India | 2.99% |
| 3 | HDFC Bank Limited | 2.83% |
| 4 | One 97 Communications Limited | 2.78% |
| 5 | Larsen & Toubro Limited | 2.73% |
| 6 | Shriram Finance Limited | 2.59% |
| 7 | Reliance Industries Limited | 2.45% |
| 8 | Mahindra & Mahindra Limited | 2.35% |
| 9 | Bharti Airtel Limited | 2.19% |
| 10 | Godfrey Phillips India Limited | 2.18% |