JM Large and Mid Cap Fund
Direct · GrowthAI Summary
JM Large and Mid Cap Fund has delivered a 1Y SIP XIRR of 8.87%, which trails the category average SIP XIRR of 11.09% for the same period. Against the NIFTY 50, the fund shows consistent outperformance across all windows, with 1Y alpha of 8.82% and positive alpha even over 15Y (0.76%), while its lump-sum CAGR of -0.37% over 1Y compares favorably to the benchmark's -9.19%. However, the modest 1Y XIRR suggests recent SIP investors have experienced muted returns relative to category peers.
The fund exhibits a beta of approximately 1.0 against the NIFTY 50, meaning it moves in line with the market, but its downside capture of 90.16% versus upside capture of 102.26% indicates a favorable asymmetry that cushions losses and amplifies gains. The maximum drawdown of -0.15% with a 134-day duration and 120-day recovery reflects limited recent stress, and only one drawdown event exceeding 10% has been recorded. The 1Y Calmar ratio of 0.39 suggests moderate risk-adjusted efficiency for the period.
The portfolio holds 62 stocks with a well-diversified top 10, where the largest position, ICICI Bank, is only 3.56% of NAV, limiting single-stock concentration risk. Banks (11.2%) and Finance (6.7%) dominate sector exposure, followed by IT-Software (5.9%) and Pharmaceuticals (5.2%), indicating a financials-tilted but reasonably spread allocation. Holdings like One 97 Communications and Coforge add mid-cap growth flavor consistent with the large and mid-cap mandate.
The fund's 1Y SIP XIRR of 8.87% lags the category average of 11.09%, placing it below peers on the primary return metric for recent investors. Its persistent positive alpha versus the NIFTY 50 across 1Y to 15Y windows, driven by superior downside capture, points to consistent relative performance versus the benchmark even if not versus category. Long-horizon category averages (3Y-12Y SIP XIRR of 16.4%-18.22%) suggest the fund needs to demonstrate stronger SIP performance to match peer returns.
This fund suits investors seeking diversified large and mid-cap exposure with a market-like risk profile (beta ~1.0) and a preference for downside protection. A time horizon of at least 5-7 years is appropriate, as large and mid-cap funds are volatile over shorter periods and the category's strong long-term SIP returns reward patience. Investors should have moderate-to-high risk tolerance, though those prioritizing top-quartile category returns may want to compare peers before committing.
- Consistent positive alpha versus NIFTY 50 across all measured windows from 1Y to 15Y, including 8.82% alpha over 1Y
- Favorable capture asymmetry with downside capture of 90.16% against upside capture of 102.26%, cushioning market declines
- Well-diversified 62-stock portfolio with the top holding at just 3.56% of NAV, limiting concentration risk
- 1Y SIP XIRR of 8.87% underperforms the category average of 11.09%, indicating below-peer returns for recent SIP investors
- Lump-sum CAGR of -0.37% over 1Y and calendar year returns of -0.52% in 2026 show weak absolute performance in the current period
Generated on 20-10-2026, 3:10 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 | ₹12.46 L | 8.2% | -4.6% | 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 | 8.2% | 14.3% | 11.1% | -6.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 5.8% | 7.0% | -1.8% | 12.0% | -0.17 | -0.21 | 89% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +9.40 | 1.00 | 102.3% | 90.1% | -2.0% | -11.4% |
| 3 Years | +3.59 | 1.00 | 103.0% | 91.0% | 1.0% | -2.6% |
| 5 Years | +2.16 | 1.00 | 103.0% | 91.0% | 0.6% | -1.6% |
| 7 Years | +1.54 | 1.00 | 103.0% | 91.0% | 0.4% | -1.1% |
| 10 Years | +1.09 | 1.00 | 103.0% | 91.0% | 0.3% | -0.8% |
| 12 Years | +0.91 | 1.00 | 103.0% | 91.0% | 0.2% | -0.7% |
| 15 Years | +0.72 | 1.00 | 103.0% | 91.0% | 0.2% | -0.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | ICICI Bank Limited | 3.56% |
| 2 | Bajaj Finance Limited | 2.98% |
| 3 | HDFC Bank Limited | 2.81% |
| 4 | Bharti Airtel Limited | 2.45% |
| 5 | Torrent Pharmaceuticals Limited | 2.36% |
| 6 | Coforge Limited | 2.35% |
| 7 | Reliance Industries Limited | 2.31% |
| 8 | One 97 Communications Limited | 2.31% |
| 9 | Shriram Finance Limited | 2.15% |
| 10 | Radico Khaitan Limited | 2.09% |