JM Focused Fund
Direct · GrowthAI Summary
JM Focused Fund has delivered strong alpha across most periods, with a 1Y XIRR of 19.08% versus a benchmark CAGR of -2.9% and an alpha of 12.28%. Over 3Y and 5Y, the fund posted XIRR of 15.56% and 14.71% respectively, beating the benchmark CAGR of 7.75% and 7.83% by a wide margin. However, its XIRR trails the category average SIP XIRR across all horizons, including 15.56% vs 16.4% over 3Y and 15.16% vs 15.79% over 10Y.
The fund shows a beta near 1.0-1.15 with a consistently low downside capture (95.31% to 99.7% across most windows), indicating it has historically fallen less than the NIFTY 50 in down markets. The maximum drawdown of -0.37% with a 33-day duration and 266-day recovery suggests shallow recent drawdowns, though 10 drawdown events exceeding 10% indicate meaningful episodic volatility over the long term. Calmar ratios between 0.37 and 0.48 across horizons reflect reasonable risk-adjusted returns.
The 26-stock focused portfolio is led by Ujjivan Small Finance Bank (5.16%), Larsen & Toubro (4.99%), and Amber Enterprises (4.75%), with no single holding exceeding 5.2% of NAV. Financials dominate, with Banks (13.6%) and Finance (8.2%) together accounting for over a fifth of the portfolio, complemented by meaningful exposure to Consumer Durables (8.1%) and Retailing (7.7%). The concentrated yet evenly weighted top-10 structure balances focused conviction with single-stock risk control.
Despite strong benchmark outperformance, the fund's SIP XIRR lags the category average at every measured horizon, such as 14.71% vs 15.29% over 5Y and 13.96% vs 15.17% over 7Y. Its calendar year record shows strong consistency in up-markets, including 43.03% in 2017, 33.67% in 2023, and 25.47% in 2024, with modest losses in weak years like -1.01% in 2025 and -3.29% in 2018. This suggests dependable benchmark-beating behavior even if peers have been slightly ahead on SIP returns.
This fund suits investors seeking a concentrated, benchmark-beating equity allocation with a moderate-to-high risk tolerance and a horizon of at least 5-7 years. Its low downside capture and shallow drawdown profile make it relatively resilient in corrections, but the focused 26-stock structure and financial-sector tilt mean volatility can be higher than diversified funds. It is best used as a core or satellite holding for SIP investors comfortable with interim drawdowns.
- Consistent alpha versus NIFTY 50, including 12.28% over 1Y and 7.31% over 5Y, with upside capture above 100% in most periods
- Low downside capture (95.31% to 99.7% across most windows), indicating better-than-benchmark resilience in falling markets
- Reasonable fee at 0.84% expense ratio with a well-spread 26-stock focused portfolio where no single stock exceeds 5.2% of NAV
- SIP XIRR trails the category average across all horizons, including 15.56% vs 16.4% over 3Y and 15.16% vs 15.79% over 10Y
- Heavy financial-sector concentration, with Banks and Finance together at 21.8% of the portfolio, exposing investors to sector-specific risk
Generated on 02-09-2026, 2:56 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 | ₹12.80 L | 19.1% | -56.4% | 103.4% |
| 3 Years | ₹36.00 L | ₹45.16 L | 15.6% | -20.2% | 36.2% |
| 5 Years | ₹60.00 L | ₹83.45 L | 14.7% | -5.3% | 28.7% |
| 7 Years | ₹84.00 L | ₹1.36 Cr | 14.0% | 2.0% | 22.4% |
| 10 Years | ₹1.20 Cr | ₹2.63 Cr | 15.2% | 11.2% | 19.1% |
| 12 Years | ₹1.44 Cr | ₹3.76 Cr | 14.9% | 11.7% | 18.0% |
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 | 19.1% | 14.4% | 17.0% | +4.7% |
| 3 Years | 15.6% | 11.1% | 16.4% | +4.4% |
| 5 Years | 14.7% | 10.4% | 15.3% | +4.3% |
| 7 Years | 14.0% | 10.6% | 15.2% | +3.4% |
| 10 Years | 15.2% | 11.5% | 15.8% | +3.7% |
| 12 Years | 14.9% | 11.4% | 15.3% | +3.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 17.8% | 13.2% | -32.5% | 92.2% | 0.53 | 1.54 | 79% | — | — |
| 3 Years | 15.9% | 16.9% | -4.6% | 36.3% | 1.27 | 4.71 | 95% | — | — |
| 5 Years | 14.7% | 14.7% | 2.4% | 28.5% | 1.63 | 27.43 | 100% | — | — |
| 10 Years | 15.4% | 15.4% | 12.4% | 18.9% | 5.87 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +12.28 | 1.15 | 114.0% | 98.0% | 8.0% | -2.9% |
| 3 Years | +7.00 | 1.07 | 106.5% | 97.7% | 14.8% | 7.8% |
| 5 Years | +7.31 | 1.04 | 104.3% | 95.6% | 15.2% | 7.8% |
| 7 Years | +3.36 | 0.99 | 99.1% | 95.3% | 15.1% | 11.8% |
| 10 Years | +2.18 | 1.01 | 101.2% | 98.3% | 13.0% | 10.8% |
| 12 Years | +3.71 | 1.04 | 104.3% | 99.7% | 13.6% | 9.8% |
| 15 Years | +3.03 | 1.06 | 106.4% | 102.6% | 12.9% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Ujjivan Small Finance Bank Limited | 5.16% |
| 2 | Larsen & Toubro Limited | 4.99% |
| 3 | Amber Enterprises India Limited | 4.75% |
| 4 | Bajaj Finance Limited | 4.61% |
| 5 | IDFC First Bank Limited | 4.37% |
| 6 | One 97 Communications Limited | 4.19% |
| 7 | Eternal Limited | 4.16% |
| 8 | Adani Port & Special Economic Zone Ltd | 4.05% |
| 9 | HDFC Bank Limited | 4.04% |
| 10 | Shriram Finance Limited | 3.64% |