JM Large Cap Fund
Direct · GrowthAI Summary
JM Large Cap Fund has delivered consistent alpha over NIFTY 50 across all periods, with 3Y XIRR of 14.58% versus a benchmark CAGR of 8.81% and alpha of 4.26%. Its 1Y XIRR of 8.52% also beats the category average of 7.79%, though longer-term XIRRs (10Y: 13.92%) trail category averages of 14.25%. The fund's lump-sum 10Y CAGR of 11.36% versus the benchmark's 10.18% confirms steady outperformance over long horizons.
The fund shows a beta of roughly 1.0 in recent periods (1Y: 1.02, 3Y: 1.06), indicating it moves in line with the market, while longer-term betas of 0.68-0.76 reflect a more defensive historical posture. Downside capture below 100% across most periods (5Y: 95.84%, 10Y: 74.40%) combined with upside capture above 100% in recent periods suggests favorable asymmetry. Six drawdown events exceeding 10% indicate meaningful volatility typical of a large cap equity fund, with a maximum drawdown duration of 154 days.
The portfolio holds 50 stocks with a diversified large cap orientation, led by HDFC Bank (5.65%), ICICI Bank (5.47%), and SBI (4.32%). Banks dominate at 20.9% of the portfolio, followed by Automobiles (8.2%) and IT-Software (5.9%), creating meaningful financial sector concentration. The top 10 holdings account for roughly 39% of NAV, balancing concentration in quality names with reasonable diversification.
The fund outperforms the category on shorter horizons, with 1Y XIRR of 8.52% versus 7.79% and 3Y XIRR of 14.58% versus 14.02%, but slightly lags over longer periods (10Y: 13.92% vs 14.25%). Calendar year returns show strong consistency, with positive returns in 13 of 14 years and standout years like 2014 (46.4%) and 2023 (30.1%). The only negative year in the recent window is 2026 at -7.89%, mirroring broader market weakness.
This fund suits investors seeking large cap exposure with a track record of benchmark-beating returns and moderate risk, ideally with a 5-7 year or longer horizon. It is appropriate for those with moderate-to-high risk tolerance who can withstand drawdowns of 10% or more during market corrections. As a core large cap holding, it can serve as a stable foundation within a diversified equity portfolio.
- Consistent positive alpha over NIFTY 50 across all measured periods, including 5.94% in the 1Y window
- Downside capture below 100% in most periods (10Y: 74.40%) while maintaining upside capture above 78%, indicating favorable risk asymmetry
- Strong calendar year consistency with positive returns in 13 of the last 14 years
- Long-term SIP XIRR trails category averages (10Y: 13.92% vs 14.25%; 12Y: 13.15% vs 13.86%)
- Heavy concentration in the banking sector at 20.9% of the portfolio exposes investors to financial sector-specific risk
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 | ₹12.60 L | 15.1% | -25.1% | 70.3% |
| 3 Years | ₹36.00 L | ₹42.53 L | 12.8% | -5.9% | 33.3% |
| 5 Years | ₹60.00 L | ₹82.23 L | 13.0% | 0.2% | 27.0% |
| 7 Years | ₹84.00 L | ₹1.33 Cr | 13.4% | 4.0% | 21.9% |
| 10 Years | ₹1.20 Cr | ₹2.46 Cr | 13.9% | 10.6% | 17.8% |
| 12 Years | ₹1.44 Cr | ₹3.37 Cr | 13.2% | 10.9% | 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 | 15.1% | 14.3% | 7.8% | +0.8% |
| 3 Years | 12.8% | 11.0% | 14.0% | +1.8% |
| 5 Years | 13.0% | 10.4% | 14.4% | +2.7% |
| 7 Years | 13.4% | 10.6% | 14.0% | +2.8% |
| 10 Years | 13.9% | 11.4% | 14.3% | +2.5% |
| 12 Years | 13.2% | 11.3% | 13.8% | +1.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 14.6% | 8.8% | -16.8% | 68.4% | 0.48 | 1.66 | 84% | — | — |
| 3 Years | 13.4% | 14.0% | 0.8% | 24.0% | 1.34 | 8.79 | 100% | — | — |
| 5 Years | 12.9% | 12.8% | 1.9% | 22.0% | 1.48 | 10.23 | 100% | — | — |
| 10 Years | 13.1% | 12.8% | 9.9% | 16.5% | 4.82 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.99 | 1.01 | 102.7% | 96.4% | -4.7% | -9.5% |
| 3 Years | +3.95 | 1.06 | 105.0% | 100.3% | 9.3% | 5.5% |
| 5 Years | +4.17 | 1.00 | 100.8% | 95.8% | 8.8% | 4.6% |
| 7 Years | +3.94 | 0.71 | 85.2% | 81.0% | 13.3% | 10.6% |
| 10 Years | +2.35 | 0.68 | 78.0% | 74.4% | 11.6% | 10.5% |
| 12 Years | +2.39 | 0.72 | 81.0% | 77.5% | 11.1% | 9.6% |
| 15 Years | +2.17 | 0.76 | 84.5% | 81.1% | 10.9% | 9.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | HDFC Bank Limited | 5.65% |
| 2 | ICICI Bank Limited | 5.47% |
| 3 | State Bank of India | 4.32% |
| 4 | Bharti Airtel Limited | 3.85% |
| 5 | Reliance Industries Limited | 3.28% |
| 6 | Bajaj Finance Limited | 3.19% |
| 7 | Larsen & Toubro Limited | 2.93% |
| 8 | Torrent Pharmaceuticals Limited | 2.90% |
| 9 | Axis Bank Limited | 2.80% |
| 10 | Apollo Hospitals Enterprise Limited | 2.62% |