JM Flexicap Fund
Direct · GrowthAI Summary
JM Flexicap Fund has delivered strong SIP XIRR across all horizons, ranging from 18.28% (5Y) to 19.28% (10Y), consistently outperforming the category average SIP XIRR by roughly 2.5 to 3 percentage points. Against the NIFTY 50, the fund has generated alpha of 5.55% to 9.56% across 1Y to 15Y periods, with lump-sum CAGRs exceeding the benchmark by 6 to 9 percentage points. Recent 1Y SIP XIRR of 21.84% also comfortably beats the category's 15.6%.
The fund shows a favorable risk profile with a maximum drawdown of just -0.35% over 40 days, though it has experienced 8 drawdown events exceeding 10% historically, and recovery from the max drawdown took 246 days. Downside capture is consistently below 100% (90.01% to 94.83%) while upside capture is at or above 100% in most periods, indicating it loses less in declines while keeping pace with gains. Calmar ratios between 0.49 and 0.59 across horizons reflect solid risk-adjusted returns, supported by beta below 1.0 over longer periods.
The portfolio holds 81 stocks with a well-diversified top 10 accounting for roughly 27.5% of NAV, led by HDFC Bank (5.32%) and ICICI Bank (5.18%). Banks dominate sector allocation at 21.5%, followed by Automobiles (5.8%) and Auto Components (5.7%), with meaningful exposure to construction, fintech, telecom, and textiles. This breadth across sectors and mid-sized position sizes reduces single-stock concentration risk.
The fund outperforms the Flexi Cap category average SIP XIRR at every measured horizon, with the widest gaps at 3Y (18.58% vs 14.89%) and 5Y (18.28% vs 15.64%). Calendar year returns show strong consistency, delivering positive returns in 10 of the last 14 years including standout years like 2014 (56.96%) and 2023 (41.09%). Its ability to beat the category in both short and long windows suggests durable stock selection rather than a single lucky period.
This fund suits investors seeking a core diversified equity holding with a long-term horizon of at least 5 years, given its demonstrated consistency over 5Y to 12Y periods. It is appropriate for those with moderate-to-high risk tolerance, as equity drawdowns exceeding 10% have occurred 8 times historically. SIP investors in particular benefit from its strong XIRR track record relative to both peers and the benchmark.
- Consistent alpha of 5.55% to 9.56% versus NIFTY 50 across 1Y to 15Y periods
- SIP XIRR beats the category average at every horizon, by 2.5 to 3.7 percentage points
- Favorable capture ratios with downside capture below 95% and upside capture at or above 100% in most periods
- Heavy banking sector exposure of 21.5% creates concentration risk in financials
- 8 drawdown events exceeding 10% and a 246-day recovery from max drawdown highlight meaningful downside episodes for equity investors
Generated on 06-09-2026, 7:58 PM. 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 | ₹12.90 L | 21.8% | -50.6% | 95.6% |
| 3 Years | ₹36.00 L | ₹47.13 L | 18.6% | -16.4% | 46.2% |
| 5 Years | ₹60.00 L | ₹92.44 L | 18.3% | -3.5% | 36.9% |
| 7 Years | ₹84.00 L | ₹1.56 Cr | 18.3% | 3.3% | 29.3% |
| 10 Years | ₹1.20 Cr | ₹3.27 Cr | 19.3% | 15.0% | 24.2% |
| 12 Years | ₹1.44 Cr | ₹4.76 Cr | 18.5% | 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 | 21.8% | 14.4% | 15.6% | +7.5% |
| 3 Years | 18.6% | 11.1% | 14.9% | +7.5% |
| 5 Years | 18.3% | 10.4% | 15.6% | +7.9% |
| 7 Years | 18.3% | 10.6% | 15.6% | +7.7% |
| 10 Years | 19.3% | 11.5% | 16.1% | +7.8% |
| 12 Years | 18.5% | 11.4% | 15.4% | +7.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.8% | 15.6% | -22.9% | 82.5% | 0.60 | 2.27 | 78% | — | — |
| 3 Years | 18.9% | 18.5% | -3.0% | 34.1% | 1.63 | 8.85 | 99% | — | — |
| 5 Years | 18.0% | 17.8% | 2.7% | 32.0% | 1.95 | 54.44 | 100% | — | — |
| 10 Years | 18.5% | 18.3% | 15.4% | 22.3% | 7.69 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +8.86 | 1.02 | 104.7% | 93.2% | 5.8% | -2.9% |
| 3 Years | +9.06 | 1.03 | 106.0% | 94.8% | 16.9% | 7.8% |
| 5 Years | +9.56 | 1.00 | 102.7% | 91.4% | 17.4% | 7.8% |
| 7 Years | +7.95 | 0.95 | 98.2% | 90.2% | 19.5% | 11.8% |
| 10 Years | +6.16 | 0.95 | 97.2% | 90.0% | 16.8% | 10.8% |
| 12 Years | +6.58 | 0.96 | 98.6% | 91.0% | 16.3% | 9.8% |
| 15 Years | +5.55 | 0.98 | 100.3% | 93.5% | 15.2% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 5.32% |
| 2 | ICICI Bank Limited | 5.18% |
| 3 | Arvind Limited | 2.81% |
| 4 | Larsen & Toubro Limited | 2.78% |
| 5 | Godfrey Phillips India Limited | 2.77% |
| 6 | Maruti Suzuki India Limited | 2.18% |
| 7 | One 97 Communications Limited | 2.18% |
| 8 | State Bank of India | 2.16% |
| 9 | Bharti Airtel Limited | 2.07% |
| 10 | Garware Hi-Tech Films Ltd | 2.04% |