JM Small Cap Fund
Direct · GrowthAI Summary
JM Small Cap Fund has outperformed the NIFTY SmallCap 250 benchmark across all measured periods, with a 1Y Fund CAGR of 22.26% versus 8.7% for the benchmark and positive alpha ranging from 13.38% (1Y) to 1.09% (15Y). However, its 1Y SIP XIRR of 7.06% trails the category average SIP XIRR of 21.59% by a wide margin, indicating weaker performance for systematic investors. Calendar year returns have been uneven, swinging from 23.09% in 2026 to -7.92% in 2025.
The fund carries a beta above 1 (1.05-1.08), meaning it moves more sharply than the benchmark in both directions, with downside capture of 101.6-104.93% showing it falls slightly more than the index in down markets. The maximum drawdown of -0.24% took 471 days to recover from a 160-day trough, reflecting a prolonged recovery cycle. The 1Y Calmar ratio of 0.0924 indicates modest risk-adjusted returns relative to the drawdown experienced.
Detailed holdings and sector allocation data were not provided for this fund, so concentration and diversification cannot be assessed from the available information. Investors should review the latest factsheet for top stock positions and sector weights before investing. As a small cap mandate, the portfolio is inherently exposed to higher single-stock and sector volatility.
Against peers, the fund's lump-sum returns beat the benchmark consistently, but its 1Y SIP XIRR of 7.06% sits well below the category average of 21.59%, suggesting underperformance for SIP investors relative to other small cap funds. Long-term lump-sum CAGRs (3Y: 6.52%, 5Y: 3.86%) remain positive and ahead of the benchmark but are modest in absolute terms. Consistency is a concern given the negative 2025 calendar return of -7.92%.
This fund suits investors with a high risk tolerance and a long time horizon of at least 5-7 years, given small cap volatility and the extended 471-day drawdown recovery. It may appeal to lump-sum-oriented investors seeking benchmark-beating alpha, but SIP investors should note the significant gap versus category averages. Position sizing should be limited within a diversified portfolio due to elevated downside capture.
- Consistent outperformance versus the NIFTY SmallCap 250 benchmark, with positive alpha across all periods from 1Y (13.38%) to 15Y (1.09%)
- Strong 1Y lump-sum CAGR of 22.26% versus the benchmark's 8.7%, with upside capture of 115.67% in the 1Y period
- Competitive expense ratio of 0.79% for the direct plan, helping net returns
- 1Y SIP XIRR of 7.06% is far below the category average SIP XIRR of 21.59%, indicating weak performance for systematic investors
- Downside capture above 100% (104.93% at 1Y) combined with a 471-day max drawdown recovery suggests the fund falls harder and takes long to recover
Generated on 06-09-2026, 2:54 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 | ₹12.31 L | 7.1% | -28.9% | 42.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY SMALLCAP 250 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 7.1% | 22.0% | 21.6% | -14.9% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 2.3% | 1.9% | -11.1% | 22.4% | -0.54 | -0.53 | 57% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +13.38 | 1.08 | 115.7% | 104.9% | 22.3% | 8.7% |
| 3 Years | +4.28 | 1.05 | 106.7% | 101.6% | 6.5% | 2.5% |
| 5 Years | +2.65 | 1.05 | 106.7% | 101.6% | 3.9% | 1.5% |
| 7 Years | +1.98 | 1.05 | 106.7% | 101.6% | 2.7% | 1.0% |
| 10 Years | +1.47 | 1.05 | 106.7% | 101.6% | 1.9% | 0.7% |
| 12 Years | +1.28 | 1.05 | 106.7% | 101.6% | 1.6% | 0.6% |
| 15 Years | +1.09 | 1.05 | 106.7% | 101.6% | 1.3% | 0.5% |