JM Large Cap Fund (Direct)
Large Cap Fund · JM Financial Asset Management Limited
Among the 157 similar large cap funds we track, this one has grown money faster than most. ₹1 lakh invested 5 years ago would be about ₹1.6 lakh today. Investing ₹10,000 every month for the last 10 years would have put in ₹12.1 lakh and grown it to about ₹22.5 lakh. Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹80,200. Expect meaningful ups and downs on the way.
New to fund research? Start with the 5-minute guide. The detailed numbers below back all of this up.JM Large Cap Fund (Direct) is a large cap fund from JM Financial Asset Management Limited. It has a track record of about 13.7 years. As of the latest data it carries an RS rating of 82/99 (its recent momentum versus category peers) and a King Score of 82/100 (a long-term quality composite). The current NAV is ₹173.78 (as of 2026-09-16).
Growth of ₹100 - last 5 years
JM Large Cap Fund (Direct) returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -4.59% | -4.3% |
| 3 months | 0.45% | -0.56% |
| 6 months | 2.75% | 2.49% |
| 1 year | -1.81% | -2.84% |
| 3 years (CAGR) | 9.64% | 9.14% |
| 5 years (CAGR) | 10.08% | 8.72% |
| 10 years (CAGR) | 11.41% | 11.98% |
The last 10 years return of JM Large Cap Fund (Direct) works out to 11.41% a year (CAGR) - ₹1 lakh invested 10 years ago would be about ₹2.9 lakh today. The last 5 years return is 10.08% a year (₹1 lakh → ₹1.6 lakh), and the last 3 years return is 9.64% - ahead of its category's 9.14% average by 0.5 points. Its trailing one-year return is -1.81%. Trailing returns flatter or disappoint depending on the end date you pick - the year-by-year and rolling-return sections below are a fairer read.
Year-by-year returns
| Year | JM Large Cap Fund (Dir | Benchmark |
|---|---|---|
| 2018 | +2.0% | -3.4% |
| 2019 | +5.9% | +7.7% |
| 2020 | +19.4% | +16.7% |
| 2021 | +24.6% | +30.2% |
| 2022 | +4.2% | +3.0% |
| 2023 | +30.5% | +25.8% |
| 2024 | +16.8% | +15.2% |
| 2025 | +5.5% | +6.7% |
| 2026 | -5.1% | -5.8% |
JM Large Cap Fund (Direct) beat its benchmark in 6 of the last 9 calendar years. That is a strong hit-rate - most active funds fail to clear their index this often. Consistency against the benchmark matters more than any single great year.
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
What a monthly SIP in JM Large Cap Fund (Direct) would have made
A ₹10,000-a-month SIP, using this fund's actual NAV history. SIP returns (XIRR) differ from lumpsum CAGR because your money goes in gradually, averaging your entry price.
| SIP duration | You invested | It became | XIRR |
|---|---|---|---|
| 3 years | ₹370,000 | ₹386,435 | 2.84% |
| 5 years | ₹610,000 | ₹765,554 | 9.01% |
| 10 years | ₹1,210,000 | ₹2,251,969 | 11.93% |
Over 10 years, ₹1,210,000 invested in monthly instalments would have grown to about ₹2,251,969 - an XIRR of 11.93%. Figures are pre-tax and assume you stayed invested throughout.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -19.8% | -29.87% |
| Worst drawdown (3Y) | -19.8% | -16.68% |
| Volatility (1Y) | 17.59% | 16.81% |
| Sharpe (3Y) | 0.2 | 0.14 |
| Sortino (3Y) | 0.38 | 0.39 |
| Beta (3Y) | 0.98 | 0.91 |
| Alpha (3Y) | 1.14% | 1.27% |
| Up capture | 99.4% | 93.31% |
| Down capture | 96.2% | 88.86% |
| Bull-market return | 23.1% | 26.08% |
| Bear-market return | -24.7% | -30.78% |
Timing matters more than people admit: the best possible 1-year stretch in JM Large Cap Fund (Direct) (starting 2014-02-13) gained 68.4%, while the worst (starting 2015-02-27) lost 16.8%. The worst peak-to-bottom fall JM Large Cap Fund (Direct) has ever put investors through is -19.8% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -24.7% annualised, versus 23.1% in rising markets. It has captured roughly 99.4% of its benchmark's up-moves and 96.2% of its down-moves.
How JM Large Cap Fund (Direct) behaves when markets fall
When the market is falling (the Nifty below its 200-day average), JM Large Cap Fund (Direct) has historically returned about -24.7% annualised, versus roughly 23.1% when the market is rising. Its deepest fall on record is -19.8%. Right now it sits about 8.76% below its all-time high (last hit 2024-09-27). The real question isn't the average year - it's whether you could hold on through the worst one.
How JM Large Cap Fund (Direct) ranks in its category
Percentile versus its ~157 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
| Measure | Value |
|---|---|
| Median 3Y rolling CAGR | 14.34% |
| 3Y windows positive | 100.0% |
| Worst 3Y window | 0.82% |
| 3Y windows beating Nifty 500 | 56.0% |
| Median 5Y rolling CAGR | 12.81% |
| Median 10Y rolling CAGR | 12.93% |
Instead of one lucky start date, rolling returns test every start date. Across all 3-year windows in its history, JM Large Cap Fund (Direct) returned a median of 14.34% a year, and 100.0% of those windows were positive.
What JM Large Cap Fund (Direct) holds
Its latest monthly portfolio disclosure. This is what your money actually owns.
Top holdings
Sector allocation
The top 10 holdings make up 38.0% of the portfolio, across 49 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
JM Large Cap Fund (Direct) shares BANDHAN Large Cap Fund (53%), BARODA BNP PARIBAS LARGE CAP Fund (50%), WhiteOak Capital Large Cap Fund (42%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). With overlap this high, holding both funds adds little real diversification - you would largely be buying the same stocks twice.
Who manages JM Large Cap Fund (Direct) - and how good are they?
JM Large Cap Fund (Direct) is managed by Satish Ramanathan, Asit Bhandarkar and Ruchi Fozdar. Below is each manager's complete track record - every fund they currently run, judged on the same numbers as everything else on this page - so you can see whether this fund is in strong hands or is the outlier in a weak book.
Satish Ramanathan's full record
Satish Ramanathan currently runs 9 funds, across Aggressive Hybrid Fund, ELSS, Flexi Cap Fund, Focused Fund and more, with about ₹10,121 Cr under management. The book's average King Score is 71.4/100. This fund is the highest-scored fund they run (King 82/100).
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | JM Large Cap Fund (Direct) (this page) | 82 | 82 | 0.5% | 2.8% | -1.8% | 9.6% | 10.1% | 11.4% | 0.2 | 14.3% | -19.8% |
| 2 | JM ELSS Tax Saver Fund (Direct) | 99 | 80 | 5.6% | 16.1% | 6.6% | 15.4% | 13.8% | 15.9% | 0.52 | 18.1% | -37.4% |
| 3 | JM Midcap Fund (Direct) | 85 | 74 | 1.9% | 18.1% | 7.4% | 18.0% | n/a | n/a | 0.61 | 25.0% | -22.5% |
| 4 | JM Aggressive Hybrid Fund (Direct) | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.7% | 0.44 | 14.7% | -36.6% |
| 5 | JM Aggressive Hybrid Fund (Direct) - Annual Bonus | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.8% | 0.44 | 14.6% | -36.6% |
| 6 | JM Flexicap Fund (Direct) | 57 | 67 | 2.8% | 10.4% | 0.5% | 13.9% | 14.9% | 16.0% | 0.44 | 18.5% | -35.0% |
| 7 | JM Focused Fund (Direct) | 71 | 64 | 2.7% | 10.3% | 0.3% | 11.4% | 12.8% | 12.3% | 0.28 | 16.9% | -37.4% |
| 8 | JM Value Fund (Direct) | 79 | 58 | 2.6% | 10.7% | -1.9% | 11.4% | 14.2% | 15.1% | 0.28 | 19.2% | -37.9% |
| 9 | JM Small Cap Fund (Direct) | 85 | n/a | 6.1% | 30.2% | 15.1% | n/a | n/a | n/a | 0.05 | n/a | -24.4% |
Asit Bhandarkar's full record
Asit Bhandarkar currently runs 10 funds, across Aggressive Hybrid Fund, ELSS, Flexi Cap Fund, Focused Fund and more, with about ₹10,541 Cr under management. The book's average King Score is 71.4/100. This fund is the highest-scored fund they run (King 82/100).
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | JM Large Cap Fund (Direct) (this page) | 82 | 82 | 0.5% | 2.8% | -1.8% | 9.6% | 10.1% | 11.4% | 0.2 | 14.3% | -19.8% |
| 2 | JM ELSS Tax Saver Fund (Direct) | 99 | 80 | 5.6% | 16.1% | 6.6% | 15.4% | 13.8% | 15.9% | 0.52 | 18.1% | -37.4% |
| 3 | JM Midcap Fund (Direct) | 85 | 74 | 1.9% | 18.1% | 7.4% | 18.0% | n/a | n/a | 0.61 | 25.0% | -22.5% |
| 4 | JM Aggressive Hybrid Fund (Direct) | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.7% | 0.44 | 14.7% | -36.6% |
| 5 | JM Aggressive Hybrid Fund (Direct) - Annual Bonus | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.8% | 0.44 | 14.6% | -36.6% |
| 6 | JM Flexicap Fund (Direct) | 57 | 67 | 2.8% | 10.4% | 0.5% | 13.9% | 14.9% | 16.0% | 0.44 | 18.5% | -35.0% |
| 7 | JM Focused Fund (Direct) | 71 | 64 | 2.7% | 10.3% | 0.3% | 11.4% | 12.8% | 12.3% | 0.28 | 16.9% | -37.4% |
| 8 | JM Value Fund (Direct) | 79 | 58 | 2.6% | 10.7% | -1.9% | 11.4% | 14.2% | 15.1% | 0.28 | 19.2% | -37.9% |
| 9 | JM Large & Mid Cap Fund (Direct) | 86 | n/a | 3.0% | 9.8% | 2.6% | n/a | n/a | n/a | n/a | n/a | -15.0% |
| 10 | JM Small Cap Fund (Direct) | 85 | n/a | 6.1% | 30.2% | 15.1% | n/a | n/a | n/a | 0.05 | n/a | -24.4% |
Ruchi Fozdar's full record
Ruchi Fozdar currently runs 16 funds, across Aggressive Hybrid Fund, Dynamic Bond, ELSS, Flexi Cap Fund and more, with about ₹13,242 Cr under management. The book's average King Score is 73.1/100. Their strongest fund by King Score is JM Liquid Fund (Direct) (83/100); JM Large Cap Fund (Direct) ranks #2 of 16 in their book.
Tap any column heading to sort.
| # | Fund | RS | King | 3M | 6M | 1Y | 3Y CAGR | 5Y CAGR | 10Y CAGR | Sharpe | Roll 3Y | Worst fall |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | JM Liquid Fund (Direct) | 82 | 83 | 1.6% | 3.4% | 6.5% | 6.9% | 6.3% | 6.1% | 1.06 | 6.9% | -0.2% |
| 2 | JM Large Cap Fund (Direct) (this page) | 82 | 82 | 0.5% | 2.8% | -1.8% | 9.6% | 10.1% | 11.4% | 0.2 | 14.3% | -19.8% |
| 3 | JM ELSS Tax Saver Fund (Direct) | 99 | 80 | 5.6% | 16.1% | 6.6% | 15.4% | 13.8% | 15.9% | 0.52 | 18.1% | -37.4% |
| 4 | JM Dynamic Bond Fund - (Direct) | 60 | 80 | 0.9% | 1.9% | 4.0% | 6.8% | 6.0% | 6.6% | 0.13 | 7.5% | -3.0% |
| 5 | JM Short Duration Fund (Direct) | 74 | 77 | 1.3% | 2.8% | 5.4% | 7.1% | n/a | n/a | 0.63 | 7.5% | -0.5% |
| 6 | JM Midcap Fund (Direct) | 85 | 74 | 1.9% | 18.1% | 7.4% | 18.0% | n/a | n/a | 0.61 | 25.0% | -22.5% |
| 7 | JM Aggressive Hybrid Fund (Direct) | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.7% | 0.44 | 14.7% | -36.6% |
| 8 | JM Aggressive Hybrid Fund (Direct) - Annual Bonus | 84 | 73 | 4.1% | 7.2% | -0.9% | 12.3% | 12.7% | 12.8% | 0.44 | 14.6% | -36.6% |
| 9 | JM Low Duration Fund (Direct) | 89 | 71 | 1.7% | 3.3% | 6.3% | 7.3% | 6.5% | n/a | 1.32 | 6.5% | -15.0% |
| 10 | JM Overnight Fund - (Direct) | 62 | 71 | 1.2% | 2.5% | 5.2% | 6.0% | 5.6% | n/a | -2.12 | 5.7% | 0.0% |
| 11 | JM Medium to Long Duration Fund (Direct) | 48 | 70 | 0.4% | 1.5% | 3.5% | 6.6% | 5.3% | 4.7% | 0.02 | 5.1% | -10.6% |
| 12 | JM Flexicap Fund (Direct) | 57 | 67 | 2.8% | 10.4% | 0.5% | 13.9% | 14.9% | 16.0% | 0.44 | 18.5% | -35.0% |
| 13 | JM Focused Fund (Direct) | 71 | 64 | 2.7% | 10.3% | 0.3% | 11.4% | 12.8% | 12.3% | 0.28 | 16.9% | -37.4% |
| 14 | JM Value Fund (Direct) | 79 | 58 | 2.6% | 10.7% | -1.9% | 11.4% | 14.2% | 15.1% | 0.28 | 19.2% | -37.9% |
| 15 | JM Large & Mid Cap Fund (Direct) | 86 | n/a | 3.0% | 9.8% | 2.6% | n/a | n/a | n/a | n/a | n/a | -15.0% |
| 16 | JM Small Cap Fund (Direct) | 85 | n/a | 6.1% | 30.2% | 15.1% | n/a | n/a | n/a | 0.05 | n/a | -24.4% |
A caveat worth keeping: funds often have co-managers, and results belong to the whole team and process rather than one person. A manager's book tells you about their range and consistency, not a guarantee of skill.
Cost & fund basics
| Detail | Value |
|---|---|
| Expense ratio (Direct) | 0.82% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹1000 |
| Fund size (AUM) | ₹415 Cr |
| Age | 13.7 years |
| Plan / Option | Direct · Growth |
| Benchmark | NIFTY500 |
How JM Large Cap Fund (Direct) compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| WhiteOak Capital Large Cap Fund | 88 | 97 | 12.2% |
| BARODA BNP PARIBAS LARGE CAP Fund | 84 | 90 | 10.5% |
| BANDHAN Large Cap Fund | 89 | 85 | 11.7% |
| Invesco India Largecap Fund | 94 | 84 | 12.8% |
| quant Large Cap Fund | 96 | 82 | 12.2% |
| Taurus Large Cap Fund | 99 | 82 | 11.5% |
Overlap warning: funds in the same category often own many of the same stocks - holding several rarely adds the diversification people expect.
What these numbers mean
RS rating (1-99) ranks a fund's recent momentum against its category - higher is stronger right now. King Score (0-100) is a long-term quality composite (returns, consistency, drawdown, risk-adjusted return) versus peers. Max drawdown is the worst peak-to-bottom fall the fund has ever experienced. Rolling returns test every possible start date, so one lucky (or unlucky) entry point can't distort the picture. Every formula behind this page is public - see how we calculate every number.
JM Large Cap Fund (Direct) review: the bottom line
Related
Frequently asked questions
Is JM Large Cap Fund (Direct) a good mutual fund?
That depends on your goals and risk tolerance - this is descriptive research, not advice. On the numbers, JM Large Cap Fund (Direct) scores 82/100 on our King Score and RS 82/99 within its category, has compounded 9.64% a year over three years, and its worst drawdown was -19.8%. Compare those against your needs and the peer table above.
What is the NAV of JM Large Cap Fund (Direct) today?
The latest NAV is ₹173.78 (as of 2026-09-16). NAV (net asset value) is the per-unit price of the fund, published every business day by the AMC.
What is the last 10 years return of JM Large Cap Fund (Direct)?
Over the last 10 years JM Large Cap Fund (Direct) has returned about 11.41% a year (CAGR). In rupees: ₹1 lakh invested 10 years ago would be roughly ₹2.9 lakh today, before tax. See the year-by-year table above for how uneven the ride was.
What is the expense ratio of JM Large Cap Fund (Direct)?
The Direct-plan expense ratio is 0.82% a year. The Direct plan is cheaper than the Regular plan because it carries no distributor commission - over decades that gap compounds meaningfully.
Who is the fund manager of JM Large Cap Fund (Direct)?
JM Large Cap Fund (Direct) is managed by Satish Ramanathan; Asit Bhandarkar; Ruchi Fozdar; Deepak Gupta.
Is JM Large Cap Fund (Direct) safe? How risky is it?
No market-linked fund is 'safe' in the fixed-deposit sense - the honest question is how deep its falls get. Its worst historical drawdown was -19.8% - ₹1 lakh briefly becoming about ₹80,200. As a equity fund, its risk profile is typical of that category. Look at the drawdown, volatility and bear-market figures above and ask whether you could stay invested through the bad stretches.
Is JM Large Cap Fund (Direct) good for SIP?
We can't tell you what to do, but here is what actually happened: a ₹10,000 monthly SIP over the last 10 years grew ₹12.1 lakh into about ₹22.5 lakh (XIRR 11.93%). SIPs average your entry price, which helps most in funds that swing hard - check the crash-behaviour section above to see how it treats investors in bad markets.
What are the SIP returns of JM Large Cap Fund (Direct)?
A ₹10,000/month SIP over 10 years would have grown to about ₹2,251,969 (an XIRR of 11.93%) on ₹1,210,000 invested, using the fund's actual NAV history. See the SIP table above for other durations.
How does JM Large Cap Fund (Direct) rank among similar funds?
On 3-year returns it sits around the 81th percentile of its category, and its consistency ranks 85th percentile. 100th is best-in-class, 50th is average. See the category-ranking section above.
Is JM Large Cap Fund (Direct) tax-efficient / what about capital gains?
As a equity fund, gains follow the rules for its asset class - equity-oriented funds are taxed differently from debt. All returns on this page are pre-tax; your actual post-tax return depends on your holding period and slab. This is descriptive information, not tax advice.
Direct or Regular plan - which is shown here?
All figures on this page are for the Direct-Growth plan (no distributor commission, lower cost). Returns are pre-tax; capital-gains tax depends on your own holding period and slab.
See JM Large Cap Fund (Direct) live in the MF Terminal
Everything above is a static snapshot. The terminal is where you actually research it:
- Interactive price chart with EMAs & RSI
- The RS line plotted against its benchmark
- Full holdings, sector mix & portfolio overlap
- Point-in-time backtester & portfolio doctor
- Compare it side-by-side with any peer
- Screen 1,600+ funds on the same metrics
Data: AMFI NAV history, NSE indices, BSE StAR and monthly disclosures. All figures are pre-tax. Descriptive research and education only - nothing here is investment advice or a recommendation to buy, sell or hold any fund. Past performance does not guarantee future returns.