NJ Flexi Cap Fund
Direct · GrowthAI Summary
NJ Flexi Cap Fund has consistently outperformed the NIFTY 50 on a lump-sum basis across all time horizons, with a 3Y Fund CAGR of 8.09% versus the benchmark's 5.26% and positive alpha of 2.71% over 3Y. However, its SIP XIRR of 0.23% over 3Y and 0.65% over 1Y trails the category average SIP XIRR of 14.82% and 9.59% respectively, indicating weak recent SIP outcomes relative to peers. Calendar year returns show a decelerating trend, from 21.09% in 2023 to -6.13% in 2026.
The fund exhibits defensive characteristics with a beta of 0.79-0.90 and downside capture of 75-84%, meaning it falls less than the benchmark in declining markets. Its maximum drawdown of just -0.27% over a prolonged 573-day period suggests an unusually shallow but persistent drawdown profile that has not yet fully recovered. The 3Y Calmar ratio of 0.346 reflects modest risk-adjusted returns given the muted return environment.
The portfolio holds 50 stocks with a defensive tilt, led by Torrent Pharmaceuticals (5.55%), Bosch (5.18%), and Dr. Lal Path Labs (4.89%). Pharmaceuticals & Biotechnology is the dominant sector at 22.0% of the portfolio, more than double the next sector (Banks at 8.4%), creating notable sector concentration risk. FMCG and healthcare-oriented names like Marico, Britannia, ITC, and Cipla reinforce the fund's conservative, consumption-and-healthcare-heavy positioning.
Against category peers, the fund's SIP XIRR significantly lags the category average — 0.23% versus 14.82% over 3Y — placing it in the bottom tier for SIP investors. Its lump-sum benchmark outperformance and positive alpha across 3Y, 5Y, and 7Y windows show genuine stock-selection skill, but the gap versus category SIP returns is substantial. The fund's low-beta, defensive style has likely underperformed in the recent market environment where peers took more aggressive positions.
This fund suits conservative equity investors seeking lower volatility than the benchmark, with a downside capture of 75-84% and beta below 0.9 offering relative protection in weak markets. A long time horizon of 5-7 years or more is appropriate given the current muted SIP returns and the fund's defensive style, which may lag in strong bull phases. Investors should have moderate risk tolerance and accept that this fund is a capital-preservation-oriented flexi cap rather than a high-growth category leader.
- Consistent positive alpha versus NIFTY 50 across all measured horizons, including 2.71% over 3Y and 1.81% over 5Y
- Low downside capture of 75.08% (1Y) and 84.32% (3Y), limiting losses relative to the benchmark in falling markets
- Low expense ratio of 0.53% for a Direct plan, keeping costs competitive within the flexi cap category
- SIP XIRR of 0.23% over 3Y and 0.65% over 1Y dramatically trails the category average of 14.82% and 9.59%, indicating severe underperformance for SIP investors
- Heavy sector concentration in Pharmaceuticals & Biotechnology at 22.0% of the portfolio, more than double the next-largest sector exposure
Generated on 22-10-2026, 3:02 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 | ₹12.00 L | 2.8% | -29.8% | 69.3% |
| 3 Years | ₹36.00 L | ₹36.48 L | 1.0% | -3.3% | 4.3% |
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 | 2.8% | 14.3% | 9.6% | -11.4% |
| 3 Years | 1.0% | 11.0% | 14.8% | -10.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 3.9% | -1.7% | -15.1% | 61.3% | -0.15 | -0.26 | 38% | — | — |
| 3 Years | 9.3% | 9.2% | 8.1% | 10.3% | 4.27 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +0.28 | 0.79 | 76.7% | 75.1% | -7.5% | -11.4% |
| 3 Years | +2.71 | 0.90 | 89.4% | 84.3% | 8.1% | 5.3% |
| 5 Years | +1.81 | 0.90 | 89.8% | 84.2% | 5.2% | 3.0% |
| 7 Years | +1.08 | 0.90 | 89.8% | 84.2% | 3.7% | 2.1% |
| 10 Years | +0.55 | 0.90 | 89.8% | 84.2% | 2.6% | 1.5% |
| 12 Years | +0.34 | 0.90 | 89.8% | 84.2% | 2.1% | 1.3% |
| 15 Years | +0.14 | 0.90 | 89.8% | 84.2% | 1.7% | 1.0% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Torrent Pharmaceuticals Limited | 5.55% |
| 2 | Bosch Limited | 5.18% |
| 3 | Dr. Lal Path Labs Limited | 4.89% |
| 4 | Marico Limited | 4.21% |
| 5 | Eicher Motors Limited | 4.20% |
| 6 | ICICI Bank Limited | 4.15% |
| 7 | Britannia Industries Limited | 3.79% |
| 8 | Cipla Limited | 3.63% |
| 9 | Sun Pharmaceutical Industries Limited | 3.45% |
| 10 | ITC Limited | 3.34% |