JM Mid Cap Fund
Direct · GrowthAI Summary
JM Mid Cap Fund has delivered consistent outperformance against the NIFTY MIDCAP 150 across all long-term windows, with positive alpha at every horizon — 4.65% over 3Y, 4.23% over 5Y, and 1.93% over 10Y. Its 3Y lump-sum CAGR of 17.2% beats the benchmark's 12.57% by a wide margin. However, on the SIP XIRR metric, its 3Y XIRR of 14.14% trails the category average of 19.85%, and the 1Y XIRR of 18.14% only modestly exceeds the category's 16.02%.
The fund shows a beta near 1 (0.99 over 3Y) with a favorable capture profile — upside capture of 102.2% versus downside capture of 97.84% over 3Y, indicating it gains slightly more in rallies and loses slightly less in declines. Risk-adjusted returns are healthy, with Calmar ratios of 1.16 (1Y) and 1.05 (3Y). Only one drawdown event exceeding 10% occurred, though the recovery from the maximum drawdown took 472 days, reflecting the typical mid-cap volatility cycle.
The portfolio is well diversified across 65 holdings, with the top 10 positions each between 2.4% and 3.56% of NAV, led by Bharat Forge, Godfrey Phillips, and Marico. Sector concentration is moderate — the top sector, Pharmaceuticals & Biotechnology, is at 12.4%, followed by Auto Components at 10.9% and Banks at 8.4%. Exposure spans financials, manufacturing, healthcare, and consumer-facing businesses, avoiding heavy reliance on any single theme.
Against peers, the fund's lump-sum benchmark-beating record is strong, with positive alpha extending from 1Y (6.36%) through 15Y (1.23%), showing durable stock-selection skill. However, its SIP XIRR lags category averages meaningfully at longer horizons — 14.14% versus 19.85% at 3Y — suggesting SIP investors in peer funds have fared better. Calendar year returns also show volatility, swinging from 47.09% in 2023 to -1.83% in 2025.
This fund suits investors with a high risk tolerance and a long horizon of at least 5-7 years, given mid-cap volatility and the 472-day drawdown recovery period. It is appropriate as a satellite allocation for those seeking benchmark-beating lump-sum growth with moderate downside capture. Investors relying on SIP returns should note the current category-relative underperformance before committing.
- Positive alpha across every measured horizon from 1Y (6.36%) to 15Y (1.23%), demonstrating consistent benchmark outperformance
- Favorable capture asymmetry with upside capture above 102% and downside capture below 98% over 3Y, 5Y, and longer windows
- Well-diversified 65-stock portfolio with no single holding above 3.56% of NAV and a reasonable 0.75% expense ratio
- SIP XIRR of 14.14% over 3Y trails the category average of 19.85%, indicating weaker outcomes for systematic investors relative to peers
- Long recovery time from maximum drawdown (472 days) and sharp calendar-year swings, from 47.09% in 2023 to -1.83% in 2025, highlight mid-cap volatility
Generated on 14-10-2026, 4:07 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 | ₹13.00 L | 26.6% | -25.7% | 84.3% |
| 3 Years | ₹36.00 L | ₹44.04 L | 14.6% | 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 | 26.6% | 21.9% | 16.0% | +4.8% |
| 3 Years | 14.6% | 17.2% | 19.8% | -2.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 26.0% | 12.3% | -6.4% | 76.4% | 0.74 | 5.41 | 85% | — | — |
| 3 Years | 23.4% | 24.2% | 16.7% | 27.9% | 6.46 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY MIDCAP 150
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.78 | 1.04 | 107.8% | 102.6% | 3.8% | -0.8% |
| 3 Years | +3.96 | 1.00 | 102.0% | 98.3% | 16.7% | 12.7% |
| 5 Years | +3.83 | 0.99 | 102.1% | 97.3% | 16.3% | 12.6% |
| 7 Years | +2.62 | 0.99 | 102.1% | 97.3% | 11.4% | 8.8% |
| 10 Years | +1.76 | 0.99 | 102.1% | 97.3% | 7.9% | 6.1% |
| 12 Years | +1.42 | 0.99 | 102.1% | 97.3% | 6.5% | 5.1% |
| 15 Years | +1.11 | 0.99 | 102.1% | 97.3% | 5.2% | 4.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Bharat Forge Limited | 3.56% |
| 2 | Godfrey Phillips India Limited | 3.17% |
| 3 | Marico Limited | 3.06% |
| 4 | IDFC First Bank Limited | 2.97% |
| 5 | One 97 Communications Limited | 2.90% |
| 6 | Bank of Maharashtra | 2.83% |
| 7 | TUBE INVESTMENTS OF INDIA LTD | 2.76% |
| 8 | AVALON TECHNOLOGIES LIMITED | 2.76% |
| 9 | Glenmark Pharmaceuticals Limited | 2.44% |
| 10 | Acutaas Chemicals Limited | 2.40% |