JM Large Cap Fund
Direct · GrowthAI Summary
JM Large Cap Fund has delivered a 10Y SIP XIRR of 14.00% and a 5Y XIRR of 13.10%, outperforming the NIFTY 50 on a lump-sum basis across most periods (5Y fund CAGR of 12.26% vs benchmark 7.83%). However, its SIP XIRR trails the category average across all horizons — for example, 5Y XIRR of 13.10% versus the category's 14.04% and 10Y of 14.00% versus 14.37%. Positive alpha over the benchmark at every measured period (1Y alpha of 7.02%, 5Y of 4.42%) indicates consistent benchmark outperformance even if peers have done slightly better.
The fund shows a favorable asymmetry versus the NIFTY 50, with downside capture below 100% in most periods (5Y: 95.61%, 10Y: 74.03%) while upside capture remains near or above 100% in recent periods (3Y: 107.30%). It has experienced 6 drawdown events greater than 10%, with a maximum drawdown duration of 154 days, indicating meaningful but not unusual interim losses for a large cap equity fund. Calmar ratios in the 0.63-0.75 range across horizons suggest reasonable risk-adjusted returns relative to drawdown experienced.
The portfolio is diversified across 49 holdings, with the top 10 accounting for roughly 37.7% of NAV, led by HDFC Bank (6.90%), ICICI Bank (5.15%), and SBI (4.24%). Sector concentration is notable in financials, with Banks at 21.9% and Finance at 6.4%, meaning nearly 28% of the fund rides on financial sector performance. Remaining exposure is spread across Automobiles (7.4%), IT (5.7%), Pharma (5.4%), and telecom, providing reasonable but not deep diversification.
While the fund beats its benchmark consistently, it lags the category average SIP XIRR at every horizon — 3Y XIRR of 12.96% versus 14.28% and 12Y of 13.37% versus 14.11% — placing it in the middle of the large cap pack. Calendar year returns show decent consistency, with only modest gains in weak years like 2015 (0.09%) and 2019 (5.73%) but strong upside in good years such as 2014 (46.40%) and 2023 (30.10%). The long-term alpha of 2.32-2.70% over 10-15 years confirms genuine stock selection skill, even if not category-leading.
This fund suits investors seeking core large cap exposure with a long-term horizon of 7-10 years or more, as its alpha and outperformance versus the NIFTY 50 have been most meaningful over extended periods. Investors should have moderate-to-high risk tolerance, given six drawdown events exceeding 10% and a 154-day maximum drawdown duration. It works well as a stable core holding in a diversified portfolio, though investors seeking top-quartile category returns may want to compare peers.
- Consistent positive alpha over the NIFTY 50 across all measured periods, including 7.02% over 1Y and 4.42% over 5Y
- Favorable downside capture (5Y: 95.61%, 10Y: 74.03%) indicating better-than-benchmark loss protection in falling markets
- Diversified 49-stock portfolio with a reasonable expense ratio of 0.93% for the direct plan
- SIP XIRR trails the category average at every horizon (e.g., 5Y: 13.10% vs category 14.04%), indicating mid-tier peer performance
- Heavy financial sector concentration, with Banks (21.9%) plus Finance (6.4%) comprising roughly 28% of the portfolio
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 | ₹12.62 L | 15.3% | -25.1% | 70.3% |
| 3 Years | ₹36.00 L | ₹42.62 L | 13.0% | -5.9% | 33.3% |
| 5 Years | ₹60.00 L | ₹82.43 L | 13.1% | 0.2% | 27.0% |
| 7 Years | ₹84.00 L | ₹1.33 Cr | 13.4% | 4.0% | 21.9% |
| 10 Years | ₹1.20 Cr | ₹2.47 Cr | 14.0% | 10.6% | 17.8% |
| 12 Years | ₹1.44 Cr | ₹3.39 Cr | 13.4% | 11.0% | 15.9% |
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 | 15.3% | 14.4% | 14.1% | +0.9% |
| 3 Years | 13.0% | 11.1% | 14.3% | +1.8% |
| 5 Years | 13.1% | 10.4% | 14.0% | +2.7% |
| 7 Years | 13.4% | 10.6% | 14.1% | +2.8% |
| 10 Years | 14.0% | 11.5% | 14.4% | +2.5% |
| 12 Years | 13.4% | 11.4% | 14.1% | +2.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.8% | 9.0% | -16.8% | 68.4% | 0.50 | 1.71 | 84% | — | — |
| 3 Years | 13.4% | 14.2% | 0.8% | 24.0% | 1.34 | 8.77 | 100% | — | — |
| 5 Years | 13.0% | 12.9% | 1.9% | 22.0% | 1.49 | 10.21 | 100% | — | — |
| 10 Years | 13.1% | 12.9% | 9.9% | 16.5% | 4.90 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +7.02 | 1.03 | 106.5% | 97.2% | 3.8% | -2.9% |
| 3 Years | +5.36 | 1.06 | 107.3% | 101.2% | 13.2% | 7.8% |
| 5 Years | +4.42 | 1.01 | 100.9% | 95.6% | 12.3% | 7.8% |
| 7 Years | +4.26 | 0.70 | 83.8% | 79.5% | 14.5% | 11.8% |
| 10 Years | +2.60 | 0.68 | 77.9% | 74.0% | 12.0% | 10.8% |
| 12 Years | +2.70 | 0.72 | 81.5% | 77.6% | 11.6% | 9.8% |
| 15 Years | +2.32 | 0.76 | 84.5% | 80.9% | 11.3% | 9.7% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 6.90% |
| 2 | ICICI Bank Limited | 5.15% |
| 3 | State Bank of India | 4.24% |
| 4 | Bharti Airtel Limited | 4.03% |
| 5 | Larsen & Toubro Limited | 3.27% |
| 6 | Reliance Industries Limited | 3.18% |
| 7 | Axis Bank Limited | 3.01% |
| 8 | Bajaj Finance Limited | 2.76% |
| 9 | Kotak Mahindra Bank Limited | 2.58% |
| 10 | Torrent Pharmaceuticals Limited | 2.57% |