EquityFlexi Cap FundRegularGrowthVery High

JM Flexi Cap Fund

Q: What is the NAV of JM Flexi Cap Fund?

As of 05 Oct 2026, the NAV of JM Flexi Cap Fund is ₹96.44 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has JM Flexi Cap Fund delivered?

JM Flexi Cap Fund has returned -1.34% over 1 year, +12.23% per year over 3 years, +12.89% per year over 5 years and +13.46% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of JM Flexi Cap Fund?

JM Flexi Cap Fund charges an expense ratio of 2.29% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of JM Flexi Cap Fund?

JM Flexi Cap Fund's largest holdings are ICICI Bank Limited (3.8%), State Bank of India (3.0%), HDFC Bank Limited (2.8%), One 97 Communications Limited (2.8%) and Larsen & Toubro Limited (2.7%). Holdings are disclosed monthly and change over time.

Q: How risky is JM Flexi Cap Fund?

JM Flexi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.8% and its worst peak-to-trough fall in our sample was -42.4%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.36 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. JM Flexi Cap Fund's 0.36 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of JM Flexi Cap Fund?

JM Flexi Cap Fund is benchmarked against the BSE 500 TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages JM Flexi Cap Fund?

JM Flexi Cap Fund is managed by Satish Ramanathan, Asit Bhandarkar, Deepak Gupta and Ruchi Fozdar at JM Financial.

Q: How is JM Flexi Cap Fund taxed?

JM Flexi Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

JM Financial Mutual Fund · Best Flexi Cap Mutual Funds

NAV

₹96.44

+0.61% 1D

as of 05 Oct 2026

This is the Regular plan of JM Flexi Cap Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

-2.05%absolute

52-week rangePrev NAV ₹95.86

Latest ₹96.44

Low ₹83.3371st percentile of its 52-week rangeHigh ₹101.81

Scorecard

★★★☆☆3/5 vs 36 of 45 Flexi Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Flexi Cap Fund (same plan and option). 36 of the 45 Flexi Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +12.23% · ranks 12 of 36 Flexi Cap Funds

RiskHigh

Volatility 15.8% vs 14.1% category avg

CostAverage

2.3% expense vs 2.3% category avg

ConsistencyModerate

87% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Ahead of the Flexi Cap Fund average on 1M/3M/6M
3-year return (+12.23%) beats the Flexi Cap Fund average (+10.74%)
5-year return (+12.89%) beats the Flexi Cap Fund average (+8.85%)
Stronger risk-adjusted returns — Sharpe 0.36 vs 0.29 Flexi Cap Fund average

Concerns

1-year return (-1.34%) trails the Flexi Cap Fund average (-0.77%)
More volatile than its Flexi Cap Fund peers (15.8% vs 14.1%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.29%

Category 2.29%0.00%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

25.92

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.36

Category 0.29▲0.07

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

If the units are redeemed/switched out on or before 30 days from the date of allotment – 1.00%. If the units are redeemed / switched out after 30 days from the date of allotment – Nil.

Up to 1.00%

tiered — see the full terms

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹1,000

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

BSE 500 TRI

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

25 Sep 2008

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-3.36%

Absolute return over the last 3 months (not annualized)

-1.76%

Absolute return over the last 6 months (not annualized)

+13.71%

Absolute return since 1 Jan of this year (not annualized)

-0.57%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

-1.34%

3-year annualized return (CAGR)

+12.23%

5-year annualized return (CAGR)

+12.89%

10-year annualized return (CAGR)

+14.31%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+13.46%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

15.83%

Excess return per unit of total volatility (rf = 6.5%)

0.36

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.48

Largest peak-to-trough decline over full history

-42.41%

Benchmark ratios (vs Nifty 500 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty 500 TRI

2.50%

Sensitivity to Nifty 500 TRI moves; 1 = moves with the index

1.02

How much of the fund's movement Nifty 500 TRI explains

86.8%

Excess return per unit of beta (market risk)

5.66

Active return over the benchmark per unit of tracking error

0.41

Annualized std dev of fund-minus-benchmark returns

6.33%

Fund's share of benchmark gains in up months (100 = matches index)

110.2%

Fund's share of benchmark losses in down months (lower is better)

101.3%

Computed vs the Nifty 500 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Flexi Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-3.36%	-4.41%	+1.05%
3M abs	-1.76%	-2.71%	+0.95%
6M abs	+13.71%	+9.81%	+3.90%
1Y CAGR	-1.34%	-0.77%	-0.57%
3Y CAGR	+12.23%	+10.74%	+1.49%
5Y CAGR	+12.89%	+8.85%	+4.04%

Category average across peers in Flexi Cap Fund (up to 45 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 45 peers in Flexi Cap Fund

1Y return

-1.34%

Beats 50% · rank #21

3Y return

+12.23%

Beats 68.6% · rank #12

5Y return

+12.89%

Beats 92.3% · rank #3

Sharpe

0.36

Beats 60% · rank #15

Sortino

0.48

Beats 60% · rank #15

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹7.94L

Absolute

+32.27%

XIRR

+11.48%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into JM Flexi Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty 500 TRI	Diff
2026part	-0.57%	-7.18%	+6.61%
2025	-6.83%	+7.94%	-14.77%
2024	+33.26%	+16.43%	+16.83%
2023	+39.99%	+27.43%	+12.56%
2022	+7.84%	+4.34%	+3.50%
2021	+32.94%	+31.59%	+1.35%
2020	+11.38%	+18.33%	-6.95%
2019	+16.62%	+8.95%	+7.67%
2018	-5.39%	-2.33%	-3.06%
2017	+39.49%	+37.35%	+2.14%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

4,431

Expense ratio

2.29%

AUM

₹5,032Cr

Portfolio turnover

127%

Exit load

If the units are redeemed/switched out on or before 30 days from the date of allotment – 1.00%. If the units are redeemed / switched out after 30 days from the date of allotment – Nil.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

25.9

P/B ratio

4.8

Avg market cap

₹3,01,660Cr

P/E & P/B are portfolio-weighted harmonic means across 65 of 85 equity holdings (83% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Flexi Cap Fund

Compare all


JM Flexi Cap FundThis fund JM Financial · Regular · Growth	★★★☆☆	-1.34%	+12.23%	+12.89%	—	2.29%	—
Bank of India Flexi Cap Fund Bank of India · Regular · Growth	★★★★☆	+7.57%	+17.00%	+14.29%	—	2.28%	₹2,414Cr
Motilal Oswal Flexi Cap Fund Motilal Oswal · Regular · Growth	★★★☆☆	+1.45%	+16.60%	+11.30%	—	2.00%	₹12,836Cr
ITI Flexi Cap Fund ITI · Regular · Growth	★★★★☆	+9.29%	+16.26%	—	—	2.31%	₹1,304Cr
360 ONE Flexicap Fund 360 One · Regular · Growth	★★★★☆	+6.57%	+15.08%	—	—	2.37%	₹2,018Cr
Invesco India Flexi Cap Fund Invesco · Regular · Growth	★★★★★	-2.05%	+14.76%	—	—	2.10%	₹4,904Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap58.9%
Mid cap11.8%
Small cap29.3%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity97.68%
Cash & Equivalents2.30%
Debt0.01%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
JM Large Cap Fund JM Financial · Large Cap Fund	46.9%	★★☆☆☆	1.19%	+9.54%
ICICI Prudential Balanced Advantage Fund ICICI Prudential · Dynamic Asset Allocation or Balanced Advantage	42.6% of 70% equity	★★★★★	1.03%	+10.31%
Mirae Asset Large Cap Fund Mirae Asset · Large Cap Fund	42.3%	★★★☆☆	0.75%	+7.56%
Axis Value Fund Axis · Value Fund	41.6%	★★★★★	0.92%	+17.19%
PGIM India Large Cap Fund PGIM India · Large Cap Fund	41.3%	★☆☆☆☆	1.09%	+6.85%
Axis Nifty 100 Index Fund Axis · Index Funds	41.3%	★★★★☆	0.26%	+7.57%
HDFC NIFTY 100 Index Fund HDFC · Index Funds	41.3%	★★★☆☆	0.35%	+7.44%
Nippon India ETF Nifty 100 Nippon India · Other ETFs	41.3%	—	0.51%	+7.29%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

2 holdings — 0.46% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Optiemus Infracom LimitedShort-term · Stage I0.31%
ESDS Software Solution LimitedLong-term · Stage I0.15%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-42.4%06 Oct 2010 → 20 Dec 2011
Fell over 14 months, back to the old high on 03 Jun 2014 — 2.5 years under water after the low.
-40.1%25 Sep 2008 → 27 Oct 2008
Fell over 32 days, back to the old high on 07 May 2009 — 6 months under water after the low.
-35.0%12 Feb 2020 → 23 Mar 2020
Fell over 40 days, back to the old high on 27 Nov 2020 — 8 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

AMC Profile

JM Financial Mutual Fund is the asset management arm of the JM Financial group and is one of India's oldest private fund houses, launched in 1994 when the industry first opened to private managers.

Launched

14 Sep 1994

Total AUM

₹13,205Cr-0.1% QoQ

Avg AUM · April - June 2026

Website

jmfinancialmf.com

Fund Managers

SRSatish RamanathanManaging since 20 Aug 2021

Role

Chief Investment Officer- Equity

Total experience

32 years

Education

CFA

Experience

Mr. Ramanathan brings with him rich and varied experience of around 3 decades and joins the AMC from Tattva Capital which was his entrepreneurial endeavor. He started his career with TATA Economic Consultancy Services in 1992 and has subsequently worked with ICICI Securities, Franklin Templeton AMC and Sundaram AMC. research and fund management. His last assignment was as Fund Manager with Lotus India Asset Management Company Pvt. Ltd. Prior to that, for more than 2 years, he was with SBI Funds Management Pvt. Ltd. As a Junior Fund Manager. He started his career on the broking side as an equity analyst and has worked with firms like Jet Age Securities and Sushil Finance Consultants for almost

Funds managed (9)

All schemes Satish Ramanathan runs →

ABAsit BhandarkarManaging since 01 Oct 2024

Role

Senior Fund Manager - Equity

Education

B.Com., MMS B-Tech, MBA

Experience

He has 23 years of experience in equity research and fund management. His last assignment was as Fund Manager with Lotus India Asset Management Company Pvt. Ltd. Prior to that, for more than 2 years, he was with SBI Funds Management Pvt. Ltd. As a Junior Fund Manager. He started his career on the broking side as an equity analyst and has worked with firms like Jet Age Securities and Sushil Finance Consultants for almost 2 years. Mr. Ramanathan brings with him rich and

Funds managed (9)

All schemes Asit Bhandarkar runs →

DGDeepak GuptaManaging since 11 Apr 2025

Role

Head of Research & Senior Fund Manager Equity

Education

Chartered Accountant and Masters of Commerce from Mumbai University

Experience

Mr. Gupta is a Chartered Account. Prior to Fund Manager: joining the AMC, he was associated with SBI Pension Funds Private Limited, Reliance Nippon Life Insurance and Access Asset Managers Private Limited.

Funds managed (9)

All schemes Deepak Gupta runs →

RFRuchi FozdarManaging since 04 Oct 2024

Role

Fund Manager Debt

Education

BSC- Organic PGDBM Finance

Experience

Ms. Ruchi Fozdar has 12 years of rich experience in fixed income market with 7 years of asset management experience. JM Short Duration Fund; Prior to JM Financial Mutual Fund, she was associated with institutions like Reliance Nippon Life Insurance Co. Ltd. and Mahindra Manulife Mutual Fund.

Funds managed (14)

All schemes Ruchi Fozdar runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Satish Ramanathan Asit Bhandarkar Deepak Gupta Ruchi Fozdar

Top holdings

ICICI Bank Limited State Bank of India HDFC Bank Limited One 97 Communications Limited Larsen & Toubro Limited Shriram Finance Limited Reliance Industries Limited Mahindra & Mahindra Limited Bharti Airtel Limited Godfrey Phillips India Limited Divi's Laboratories Limited Samvardhana Motherson International Ltd

JM Financial in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Flexi Cap funds

Flexi cap funds invest across large, mid and small-cap stocks with no fixed allocation, letting the manager shift with the market cycle. That flexibility can help manage risk and chase growth wherever it is.

Frequently asked questions

What is the NAV of JM Flexi Cap Fund?

As of 05 Oct 2026, the NAV of JM Flexi Cap Fund is ₹96.44 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has JM Flexi Cap Fund delivered?

JM Flexi Cap Fund has returned -1.34% over 1 year, +12.23% per year over 3 years, +12.89% per year over 5 years and +13.46% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of JM Flexi Cap Fund?

JM Flexi Cap Fund charges an expense ratio of 2.29% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of JM Flexi Cap Fund?

JM Flexi Cap Fund's largest holdings are ICICI Bank Limited (3.8%), State Bank of India (3.0%), HDFC Bank Limited (2.8%), One 97 Communications Limited (2.8%) and Larsen & Toubro Limited (2.7%). Holdings are disclosed monthly and change over time.

How risky is JM Flexi Cap Fund?

JM Flexi Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 15.8% and its worst peak-to-trough fall in our sample was -42.4%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.36 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. JM Flexi Cap Fund's 0.36 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of JM Flexi Cap Fund?

JM Flexi Cap Fund is benchmarked against the BSE 500 TRI. Its alpha and beta on this page are measured against that index.

Who manages JM Flexi Cap Fund?

JM Flexi Cap Fund is managed by Satish Ramanathan, Asit Bhandarkar, Deepak Gupta and Ruchi Fozdar at JM Financial.

How is JM Flexi Cap Fund taxed?

JM Flexi Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.