JM Value Fund
Direct · GrowthAI Summary
JM Value Fund has delivered strong SIP XIRR across horizons, with 18.74% over 3Y, 18.00% over 5Y, and 19.04% over 10Y, consistently beating the category average SIP XIRR of 17.43%, 16.74%, and 16.65% respectively. Against the NIFTY50 Value 20 benchmark, the fund shows substantial alpha of 8.67% over 3Y and 9.68% over 5Y, with lump-sum CAGRs of 14.68% and 16.32% versus the benchmark's 6.01% and 6.65%. Recent performance has softened, with a -3.55% calendar year return in 2025 and only 2.57% in 2026 year-to-date.
The fund exhibits strong downside protection with downside capture of 84-93% across horizons versus upside capture of 91-106%, meaning it loses less than the benchmark in falling markets. The maximum drawdown of just -0.38% with a 40-day duration and 239-day recovery indicates remarkably shallow recent drawdowns, though 7 drawdown events exceeding 10% have occurred historically. A beta below 1.0 (0.93 over 5Y and 10Y) combined with consistent positive alpha supports solid risk-adjusted returns, reflected in Calmar ratios around 0.44-0.55.
The portfolio is diversified across 61 holdings, with the top 10 accounting for roughly 31% of NAV and no single stock above 4.04%. Financials dominate, with Banks at 15.7% and Finance at 13.4% representing nearly 29% of the portfolio, including HDFC Bank, ICICI Bank, Shriram Finance, and Canara Bank. The remainder spans pharmaceuticals, tobacco, construction, textiles, and auto components, providing reasonable diversification beyond the financial sector tilt.
The fund outperforms the category average SIP XIRR at every measured horizon, with the widest gap of 2.39 percentage points over 10Y (19.04% vs 16.65%). Calendar year returns show strong consistency in favorable markets, with gains above 12% in 2014, 2016, 2017, 2019, 2020, 2021, 2023, and 2024. The fund's value-oriented approach has delivered alpha over the benchmark across all periods from 1Y through 15Y, indicating durable stock selection.
This fund suits investors seeking a value-style equity allocation with a long-term horizon of at least 5-7 years, as its outperformance compounds meaningfully over extended periods. It is appropriate for investors with moderate-to-high risk tolerance who can accept intermittent negative years, such as 2018, 2025, and 2013. Its low downside capture makes it relatively suitable for investors who want equity exposure with some cushion during market declines.
- Consistent outperformance versus category average SIP XIRR at every horizon from 1Y through 12Y, including 19.04% vs 16.65% over 10Y
- Strong downside protection with downside capture of 84-93% and a maximum drawdown of only -0.38% in the recent period
- Positive alpha versus the NIFTY50 Value 20 benchmark across all measured periods, reaching 10.33% over 1Y and 9.68% over 5Y
- Heavy financial sector concentration, with Banks and Finance together comprising roughly 29% of the portfolio, exposing investors to sector-specific risk
- Recent momentum has weakened, with calendar year returns of -3.55% in 2025 and only 2.57% in 2026 so far
- The expense ratio of 1.25% is a meaningful drag that investors must weigh against the fund's alpha
Generated on 06-09-2026, 7:58 PM. 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 | ₹12.89 L | 22.1% | -56.8% | 102.5% |
| 3 Years | ₹36.00 L | ₹47.64 L | 18.7% | -22.4% | 47.4% |
| 5 Years | ₹60.00 L | ₹91.64 L | 18.0% | -7.3% | 38.0% |
| 7 Years | ₹84.00 L | ₹1.54 Cr | 17.8% | 1.0% | 29.5% |
| 10 Years | ₹1.20 Cr | ₹3.20 Cr | 19.0% | 14.1% | 24.2% |
| 12 Years | ₹1.44 Cr | ₹4.67 Cr | 18.1% | 14.5% | 21.8% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY50 VALUE 20 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 22.1% | 15.1% | 17.7% | +7.0% |
| 3 Years | 18.7% | 13.0% | 17.4% | +5.7% |
| 5 Years | 18.0% | 13.6% | 16.7% | +4.4% |
| 7 Years | 17.8% | 13.3% | 16.1% | +4.5% |
| 10 Years | 19.0% | 13.6% | 16.6% | +5.4% |
| 12 Years | 18.1% | 14.2% | 16.4% | +4.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 20.8% | 13.8% | -31.1% | 96.2% | 0.56 | 1.90 | 77% | — | — |
| 3 Years | 19.0% | 19.3% | -6.7% | 35.9% | 1.42 | 5.95 | 95% | — | — |
| 5 Years | 17.8% | 17.3% | 1.5% | 33.4% | 1.74 | 31.71 | 100% | — | — |
| 10 Years | 18.5% | 18.0% | 15.0% | 23.2% | 6.18 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY50 VALUE 20
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +10.33 | 1.08 | 106.3% | 92.9% | 3.8% | -5.5% |
| 3 Years | +8.67 | 1.00 | 102.2% | 90.3% | 14.7% | 6.0% |
| 5 Years | +9.68 | 0.93 | 96.4% | 84.4% | 16.3% | 6.7% |
| 7 Years | +7.29 | 0.94 | 93.4% | 84.4% | 19.5% | 12.5% |
| 10 Years | +3.91 | 0.93 | 91.4% | 85.5% | 15.6% | 12.1% |
| 12 Years | +6.20 | 0.93 | 92.9% | 84.7% | 16.1% | 10.2% |
| 15 Years | +4.15 | 0.95 | 94.3% | 88.2% | 14.4% | 10.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Shriram Finance Limited | 4.04% |
| 2 | Godfrey Phillips India Limited | 3.56% |
| 3 | Dr. Reddy's Laboratories Limited | 3.30% |
| 4 | Larsen & Toubro Limited | 3.30% |
| 5 | HDFC Bank Limited | 3.20% |
| 6 | Jana Small Finance Bank Ltd | 3.13% |
| 7 | ICICI Bank Limited | 3.01% |
| 8 | Arvind Limited | 2.57% |
| 9 | REC Limited | 2.56% |
| 10 | Canara Bank | 2.52% |