JM Mid Cap Fund
Direct · GrowthAI Summary
JM Mid Cap Fund has delivered a 1-year XIRR of 26.97%, outperforming the category average of 21.6% by a notable margin. Over the 3-year period, the fund's XIRR of 14.93% lags the category average of 19.93%, indicating a recent underperformance relative to peers. The fund has consistently beaten the NIFTY MIDCAP 150 benchmark across all time frames, with alpha ranging from 1.07% (15Y) to 4.86% (1Y).
The fund exhibits moderate risk with a maximum drawdown of -22.54% and an average drawdown of -4.90%, with only one drawdown event exceeding 10%. The maximum drawdown duration of 157 days and recovery period of 472 days suggest that the fund can take over a year to recover from significant downturns. The Calmar ratio of 1.08 over 3 years indicates a reasonable risk-adjusted return, though the 1-year ratio of 1.20 is slightly better.
The fund holds a diversified portfolio of 64 stocks, with the top 10 holdings accounting for approximately 30% of assets. Top holdings include Bharat Forge, Avalon Technologies, and Godfrey Phillips, spanning sectors like auto components, electrical equipment, and tobacco. Sector concentration is moderate, with the top five sectors (Pharmaceuticals, Banks, Electrical Equipment, Auto Components, Capital Markets) making up about 44.5% of the portfolio, which provides some diversification but also sector-specific risks.
The fund's 1-year XIRR of 26.97% places it well above the category average, indicating strong recent performance. However, its 3-year XIRR of 14.93% is significantly below the category average of 19.93%, suggesting inconsistency in performance over longer periods. Calendar year returns show high volatility, with a stellar 47.09% in 2023 and 36.99% in 2024, but a negative return of -1.83% in 2025, highlighting the fund's cyclicality.
This fund is suitable for investors with a high risk tolerance and a long-term investment horizon of at least 5-7 years, given the volatility and drawdown characteristics. It is best suited for those seeking exposure to mid-cap equities and willing to accept periods of underperformance relative to the category. Investors should be prepared for significant fluctuations in returns and potential drawdowns exceeding 20%.
- Consistent alpha generation over the benchmark across all time periods, with alpha ranging from 1.07% to 4.86%.
- Strong upside capture (around 101-105%) and lower downside capture (96-101%) in most periods, indicating efficient participation in market upswings while protecting during downturns.
- Low expense ratio of 0.75% for a direct plan, which is competitive and enhances net returns for investors.
- 3-year XIRR of 14.93% is significantly below the category average of 19.93%, indicating underperformance relative to peers over the medium term.
- High volatility in calendar year returns, including a negative return in 2025, which may be unsettling for investors with lower risk tolerance.
Generated on 30-08-2026, 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 | ₹12.97 L | 27.0% | -25.7% | 84.3% |
| 3 Years | ₹36.00 L | ₹44.12 L | 14.9% | 4.1% | 24.2% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY MIDCAP 150 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 27.0% | 22.1% | 21.6% | +4.9% |
| 3 Years | 14.9% | 17.3% | 19.9% | -2.4% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 27.0% | 12.8% | -6.4% | 76.4% | 0.77 | 5.52 | 84% | — | — |
| 3 Years | 24.4% | 24.8% | 21.0% | 27.9% | 11.22 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.86 | 1.02 | 105.4% | 101.2% | 14.8% | 9.9% |
| 3 Years | +3.73 | 0.99 | 101.1% | 97.7% | 21.7% | 18.1% |
| 5 Years | +3.78 | 0.99 | 101.8% | 96.9% | 17.9% | 14.2% |
| 7 Years | +2.56 | 0.99 | 101.8% | 96.9% | 12.5% | 9.9% |
| 10 Years | +1.71 | 0.99 | 101.8% | 96.9% | 8.6% | 6.9% |
| 12 Years | +1.39 | 0.99 | 101.8% | 96.9% | 7.1% | 5.7% |
| 15 Years | +1.07 | 0.99 | 101.8% | 96.9% | 5.6% | 4.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Bharat Forge Limited | 3.52% |
| 2 | AVALON TECHNOLOGIES LIMITED | 3.37% |
| 3 | Godfrey Phillips India Limited | 3.28% |
| 4 | TUBE INVESTMENTS OF INDIA LTD | 3.09% |
| 5 | Acutaas Chemicals Limited | 3.04% |
| 6 | Arvind Limited | 3.02% |
| 7 | Bank of Maharashtra | 2.99% |
| 8 | Marico Limited | 2.99% |
| 9 | Glenmark Pharmaceuticals Limited | 2.53% |
| 10 | Cummins India Limited | 2.52% |