JM Small Cap Fund (Direct)
Small Cap Fund · JM Financial Asset Management Limited
Be warned: in its worst stretch, ₹1 lakh briefly shrank to about ₹75,640. 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 Small Cap Fund (Direct) is a small cap fund from JM Financial Asset Management Limited. It has a track record of about 2.2 years. As of the latest data it carries an RS rating of 85/99 (its recent momentum versus category peers). The current NAV is ₹11.77 (as of 2026-09-16).
Growth of ₹100 - last 2 years
JM Small Cap Fund (Direct) returns: last 1, 3, 5 and 10 years
| Period | This fund | Category average |
|---|---|---|
| 1 month | -1.69% | -1.1% |
| 3 months | 6.08% | 6.19% |
| 6 months | 30.25% | 23.67% |
| 1 year | 15.08% | 11.06% |
Its trailing one-year return is 15.08%. 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 Small Cap Fund (Dir | Benchmark |
|---|---|---|
| 2025 | -6.9% | n/a |
| 2026 | +18.5% | n/a |
Calendar-year returns show how bumpy the ride really was - an average hides the good years and the ugly ones.
Risk & drawdowns
| Measure | This fund | Category average |
|---|---|---|
| Worst drawdown (lifetime) | -24.36% | -31.84% |
| Worst drawdown (3Y) | -24.36% | -23.78% |
| Volatility (1Y) | 24.66% | 20.34% |
| Sharpe (3Y) | 0.05 | 0.49 |
| Bull-market return | 28.4% | 36.9% |
| Bear-market return | -21.4% | -24.3% |
Timing matters more than people admit: the best possible 1-year stretch in JM Small Cap Fund (Direct) (starting 2025-08-28) gained 23.7%, while the worst (starting 2024-12-06) lost 11.1%. The worst peak-to-bottom fall JM Small Cap Fund (Direct) has ever put investors through is -24.36% - the real test of whether you'd have stayed invested. In falling markets (Nifty below its 200-day average) it has returned about -21.4% annualised, versus 28.4% in rising markets.
How JM Small Cap Fund (Direct) behaves when markets fall
When the market is falling (the Nifty below its 200-day average), JM Small Cap Fund (Direct) has historically returned about -21.4% annualised, versus roughly 28.4% when the market is rising. Its deepest fall on record is -24.36%. Right now it sits about 3.35% below its all-time high (last hit 2026-09-11). The real question isn't the average year - it's whether you could hold on through the worst one.
How JM Small Cap Fund (Direct) ranks in its category
Percentile versus its ~142 category peers - 100th is best-in-class, 50th is average. This is the fairest apples-to-apples read.
Consistency (rolling returns)
Rolling-return data isn't available for this fund yet.
What JM Small 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 34.3% of the portfolio, across 72 stocks. A higher concentration means the fund's fortunes ride on fewer names.
Portfolio overlap with similar funds
JM Small Cap Fund (Direct) shares BANK OF INDIA Small Cap Fund (9%), Invesco India Smallcap Fund (4%), Bandhan Small Cap Fund (4%) of its portfolio with these category peers (overlap = the slice of the two portfolios invested in the same stocks). The lower the overlap, the more genuinely different the portfolios are.
Who manages JM Small Cap Fund (Direct) - and how good are they?
JM Small 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. Their strongest fund by King Score is JM Large Cap Fund (Direct) (82/100); JM Small Cap Fund (Direct) ranks #9 of 9 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 Large Cap Fund (Direct) | 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) (this page) | 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. Their strongest fund by King Score is JM Large Cap Fund (Direct) (82/100); JM Small Cap Fund (Direct) ranks #10 of 10 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 Large Cap Fund (Direct) | 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) (this page) | 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 Small Cap Fund (Direct) ranks #16 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) | 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) (this page) | 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) | 0.68% |
| Exit load | ≈1% if redeemed within 1 year (typical) |
| Minimum investment | ₹1000 |
| Fund size (AUM) | ₹729 Cr |
| Age | 2.2 years |
| Plan / Option | Direct · Growth |
How JM Small Cap Fund (Direct) compares to peers
| Fund | RS | King | 3Y CAGR |
|---|---|---|---|
| Bandhan Small Cap Fund | 59 | 87 | 23.9% |
| Invesco India Smallcap Fund | 66 | 86 | 22.2% |
| BANK OF INDIA Small Cap Fund | 99 | 79 | 20.7% |
| PGIM India Small Cap Fund | 73 | 77 | 15.8% |
| ITI Small Cap Fund | 90 | 75 | 23.8% |
| Axis Small Cap Fund | 55 | 74 | 14.7% |
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 Small Cap Fund (Direct) review: the bottom line
Related
Frequently asked questions
Is JM Small 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 Small Cap Fund (Direct) scores RS 85/99 within its category, and its worst drawdown was -24.36%. Compare those against your needs and the peer table above.
What is the NAV of JM Small Cap Fund (Direct) today?
The latest NAV is ₹11.77 (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 expense ratio of JM Small Cap Fund (Direct)?
The Direct-plan expense ratio is 0.68% 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 Small Cap Fund (Direct)?
JM Small Cap Fund (Direct) is managed by Satish Ramanathan; Asit Bhandarkar; Ruchi Fozdar; Deepak Gupta.
Is JM Small 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 -24.36% - ₹1 lakh briefly becoming about ₹75,640. 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 Small 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 Small 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.