JM Focused Fund
Direct · GrowthAI Summary
JM Focused Fund has delivered a 3Y SIP XIRR of 17.22% and 5Y XIRR of 15.56%, outperforming the NIFTY 50 across most periods with a 3Y alpha of 5.92% and 5Y alpha of 6.26%. However, its XIRR trails the category average in the 1Y (10.86% vs 11.19%), 7Y (13.96% vs 15.08%), 10Y (15.08% vs 15.71%) and 12Y (14.70% vs 15.14%) windows, suggesting recent outperformance against longer-term peer parity. The 1Y lump-sum CAGR of -3.27% versus the benchmark's -10.03% highlights strong downside resilience in the recent weak market.
The fund shows a beta of roughly 1.0-1.07 across periods with consistently lower downside capture (96-99% over 3Y-10Y) than upside capture, indicating it falls less than the benchmark in weak markets. The maximum drawdown of -0.37% with a 33-day duration and 266-day recovery reflects measured drawdown behavior, though 10 drawdown events exceeding 10% confirm meaningful interim volatility. Calmar ratios of 0.37-0.47 across horizons indicate stable risk-adjusted returns over the long term.
The 26-stock focused portfolio has a well-spread top 10, with the largest holding Ujjivan Small Finance Bank at just 5.21% and no single stock above that level. Banks (13.8%) and Finance (8.8%) lead sector exposure, followed by Consumer Durables (8.1%) and Auto Components (7.3%), giving a financials-tilted but diversified allocation. Holdings like Bajaj Finance, Coforge, L&T and Titan blend financials, IT, industrials and consumption themes.
The fund beats the category average SIP XIRR over 3Y (17.22% vs 15.84%) and matches it over 5Y (15.56% vs 15.54%), but lags over 7Y, 10Y and 12Y, indicating strong recent form rather than sustained peer leadership. Calendar year returns show high dispersion, from 52.47% in 2014 and 43.03% in 2017 to negative years in 2013, 2015, 2018, 2025 and 2026. Consistent positive alpha versus NIFTY 50 across 1Y to 15Y windows supports genuine benchmark outperformance.
This fund suits investors seeking a concentrated, benchmark-beating core equity allocation with a horizon of 5-7 years or more, given the volatility and multi-year return dispersion. It is appropriate for moderate-to-high risk tolerance investors who can tolerate drawdowns and negative calendar years. SIP investors with a 3-5 year view have been particularly well rewarded by the recent XIRR performance.
- Consistent positive alpha versus NIFTY 50 across all periods from 1Y to 15Y, including 5.92% over 3Y and 6.26% over 5Y
- Lower downside capture than upside capture (3Y: 97.51% downside vs 105.02% upside), cushioning losses in weak markets
- Well-diversified focused portfolio of 26 stocks with no single holding above 5.21% of NAV
- SIP XIRR lags the category average over longer horizons of 7Y (13.96% vs 15.08%), 10Y (15.08% vs 15.71%) and 12Y (14.70% vs 15.14%)
- High calendar-year return dispersion, including negative returns in 2025 (-1.01%) and 2026 (-3.23%), demands a long holding period and patience
Generated on 17-10-2026, 5:01 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 | ₹12.79 L | 18.9% | -56.4% | 103.4% |
| 3 Years | ₹36.00 L | ₹45.09 L | 15.4% | -20.2% | 36.2% |
| 5 Years | ₹60.00 L | ₹83.34 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 | ₹2.61 Cr | 15.1% | 11.2% | 19.1% |
| 12 Years | ₹1.44 Cr | ₹3.73 Cr | 14.8% | 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 | 18.9% | 14.3% | 11.2% | +4.6% |
| 3 Years | 15.4% | 11.0% | 15.8% | +4.4% |
| 5 Years | 14.7% | 10.4% | 15.5% | +4.3% |
| 7 Years | 14.0% | 10.6% | 15.1% | +3.4% |
| 10 Years | 15.1% | 11.4% | 15.7% | +3.6% |
| 12 Years | 14.8% | 11.3% | 15.1% | +3.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 17.6% | 12.9% | -32.5% | 92.2% | 0.52 | 1.51 | 79% | — | — |
| 3 Years | 15.8% | 16.7% | -4.6% | 36.3% | 1.27 | 4.73 | 95% | — | — |
| 5 Years | 14.7% | 14.7% | 2.4% | 28.5% | 1.63 | 27.55 | 100% | — | — |
| 10 Years | 15.3% | 15.3% | 11.7% | 18.9% | 5.44 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +6.44 | 1.12 | 107.0% | 100.2% | -4.9% | -9.5% |
| 3 Years | +5.08 | 1.07 | 104.0% | 97.5% | 10.5% | 5.5% |
| 5 Years | +5.62 | 1.03 | 103.2% | 96.2% | 10.2% | 4.6% |
| 7 Years | +2.09 | 0.98 | 98.2% | 95.6% | 12.6% | 10.6% |
| 10 Years | +1.58 | 1.00 | 100.5% | 98.3% | 12.1% | 10.5% |
| 12 Years | +3.56 | 1.03 | 103.5% | 99.2% | 13.2% | 9.6% |
| 15 Years | +2.84 | 1.06 | 106.2% | 102.6% | 12.4% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Ujjivan Small Finance Bank Limited | 5.21% |
| 2 | Bajaj Finance Limited | 5.19% |
| 3 | IDFC First Bank Limited | 5.05% |
| 4 | Coforge Limited | 5.04% |
| 5 | Larsen & Toubro Limited | 4.50% |
| 6 | Amber Enterprises India Limited | 4.39% |
| 7 | Eicher Motors Limited | 3.93% |
| 8 | Adani Port & Special Economic Zone Ltd | 3.76% |
| 9 | Titan Company Limited | 3.71% |
| 10 | Eternal Limited | 3.66% |