EquityMid Cap FundDirectGrowthVery High

JM Mid Cap Fund

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

As of 01 Oct 2026, the NAV of JM Mid Cap Fund is ₹21.67 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has JM Mid Cap Fund delivered?

JM Mid Cap Fund has returned +8.04% over 1 year, +17.54% per year over 3 years and +22.12% 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 Mid Cap Fund?

JM Mid Cap Fund charges an expense ratio of 0.94% 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 Mid Cap Fund?

JM Mid Cap Fund's largest holdings are One 97 Communications Limited (3.5%), AVALON TECHNOLOGIES LIMITED (3.0%), Godfrey Phillips India Limited (2.9%), IDFC First Bank Limited (2.9%) and Bank of Maharashtra (2.8%). Holdings are disclosed monthly and change over time.

Q: How risky is JM Mid Cap Fund?

JM Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.9% and its worst peak-to-trough fall in our sample was -22.5%. 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 0.62 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. JM Mid Cap Fund's 0.62 means it has rewarded its volatility with excess return. Higher is better.

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

JM Mid Cap Fund is benchmarked against the NIFTY MIDCAP 150 (Total Return Index). Its alpha and beta on this page are measured against that index.

Q: Who manages JM Mid Cap Fund?

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

Q: How is JM Mid Cap Fund taxed?

JM Mid 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 Mid Cap Mutual Funds

NAV

₹21.67

-1.07% 1D

as of 01 Oct 2026

This is the Direct plan of JM Mid Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

Compare SIP calculator

Performance

+8.75%CAGR

52-week rangePrev NAV ₹21.90

Latest ₹21.67

Low ₹17.6473rd percentile of its 52-week rangeHigh ₹23.13

Scorecard

★★★☆☆3/5 vs 29 of 33 Mid 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 Mid Cap Fund (same plan and option). 29 of the 33 Mid Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceStrong

3Y CAGR +17.54% · ranks 7 of 29 Mid Cap Funds

RiskHigh

Volatility 17.9% vs 16.1% category avg

CostLow

0.9% expense vs 1.1% category avg

ConsistencyHigh

100% 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 Mid Cap Fund average on 1M/3M/6M/1Y — 1Y by 3.42pp
3-year return (+17.54%) beats the Mid Cap Fund average (+15.12%)
Ranks #5 of 31 on 1-year return in its Mid Cap Fund cohort
Stronger risk-adjusted returns — Sharpe 0.62 vs 0.52 Mid Cap Fund average
Low expense ratio (0.94%) vs the Mid Cap Fund average of 1.10%

Concerns

More volatile than its Mid Cap Fund peers (17.9% vs 16.1%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

0.94%

Category 1.10%▼0.16%

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

35.14

Category 33.26▲1.88

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

0.62

Category 0.52▲0.10

Scheme Info

Definitions

Plan

Direct · Growth

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

None

In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP,STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments.

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

NIFTY MIDCAP 150 (Total Return Index)

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 Nov 2022

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

Definitions

Absolute return over the last 1 month (not annualized)

-5.42%

Absolute return over the last 3 months (not annualized)

-1.88%

Absolute return over the last 6 months (not annualized)

+19.95%

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

+7.95%

Annualized returns (≥1Y — CAGR)

Definitions

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

+8.04%

3-year annualized return (CAGR)

+17.54%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

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.

+22.12%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

17.93%

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

0.62

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

0.83

Largest peak-to-trough decline over full history

-22.54%

Benchmark ratios (vs Nifty Midcap 150 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Midcap 150 TRI

3.82%

Sensitivity to Nifty Midcap 150 TRI moves; 1 = moves with the index

0.98

How much of the fund's movement Nifty Midcap 150 TRI explains

89.4%

Excess return per unit of beta (market risk)

11.69

Active return over the benchmark per unit of tracking error

0.65

Annualized std dev of fund-minus-benchmark returns

6.30%

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

107.8%

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

94.4%

Computed vs the Nifty Midcap 150 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 (Mid Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-5.42%	-5.98%	+0.56%
3M abs	-1.88%	-2.76%	+0.88%
6M abs	+19.95%	+12.61%	+7.34%
1Y CAGR	+8.04%	+4.62%	+3.42%
3Y CAGR	+17.54%	+15.12%	+2.42%
5Y CAGR	—	+14.49%	—

Category average across peers in Mid Cap Fund (up to 33 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 33 peers in Mid Cap Fund

1Y return

+8.04%

Beats 86.7% · rank #5

3Y return

+17.54%

Beats 78.6% · rank #7

5Y return

—

Sharpe

0.62

Beats 78.6% · rank #7

Sortino

0.83

Beats 71.4% · rank #9

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

₹3.60L

Current value

₹4.15L

Absolute

+15.31%

XIRR

+10.00%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into JM Mid 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 Midcap 150 TRI	Diff
2026part	+7.95%	-1.81%	+9.76%
2025	-1.16%	+6.24%	-7.40%
2024	+37.77%	+24.74%	+13.03%
2023	+47.33%	+45.27%	+2.06%
2022part	-0.34%	—	—

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

948

Expense ratio

0.94%

AUM

₹1,187Cr

Portfolio turnover

90%

Exit load

In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable if Units are redeemed/ switched-out within 180 days from the date of allotment, No Exit Load is payable if Units are redeemed / switched-out after 180 days from the date of allotment, No Entry / Exit Load shall be levied on units allotted on Reinvestment of Income Distribution cum Capital Withdrawal Option, In respect of Systematic Transactions such as SIP, STP, SWP, Exit Load, if any, prevailing on the date of registration / enrolment for SIP/STP/SWP shall be levied for all the opted Installments.

P/E ratio

35.1

P/B ratio

6.3

Avg market cap

₹59,026Cr

P/E & P/B are portfolio-weighted harmonic means across 61 of 71 equity holdings (91% 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 · Mid Cap Fund

Compare all


JM Mid Cap FundThis fund JM Financial · Direct · Growth	★★★☆☆	+8.04%	+17.54%	—	35.14	0.94%	—
Invesco India Mid Cap Fund Invesco · Direct · Growth	★★★★★	+6.63%	+21.83%	+18.50%	46.87	0.76%	—
HSBC Midcap Fund HSBC · Direct · Growth	★★★★☆	+15.93%	+21.81%	—	38.95	1.10%	₹13,701Cr
WhiteOak Capital Mid Cap Fund WhiteOak Capital · Direct · Growth	★★★★★	+10.74%	+20.06%	—	28.74	0.93%	₹5,514Cr
ICICI Prudential Mid Cap Fund ICICI Prudential · Direct · Growth	★★★☆☆	+9.85%	+19.32%	+15.85%	31.48	1.10%	—
Edelweiss Mid Cap Fund Edelweiss · Direct · Growth	★★★★★	+4.47%	+18.95%	+17.27%	29.92	0.68%	₹16,310Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 99% of the equity sleeve priced.

Large cap9.0%
Mid cap64.6%
Small cap26.5%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity99.05%
Cash & Equivalents0.95%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
Axis Nifty Midcap 50 Index Fund Axis · Index Funds	36.8%	★★★★★	0.37%	+13.34%
Kotak Nifty Midcap 50 Index Fund Kotak Mahindra · Index Funds	36.8%	★★★★☆	0.39%	—
Tata Nifty Midcap 150 Index Fund Tata · Index Funds	36.5%	★★★☆☆	0.29%	—
Baroda BNP Paribas Nifty Midcap 150 Index Fund Baroda BNP Paribas · Index Funds	36.5%	★★★☆☆	0.58%	—
Nippon India Nifty Midcap 150 Index Fund Nippon India · Index Funds	36.4%	★★★★☆	0.37%	+12.85%
Nippon India ETF Nifty Midcap 150 Nippon India · Other ETFs	36.4%	—	0.24%	+13.04%
UTI Nifty Midcap 150 Index Fund UTI · Index Funds	36.3%	★★★☆☆	0.72%	—
Aditya Birla Sun Life Nifty Midcap 150 Index Fund Aditya Birla Sun Life · Index Funds	36.3%	★★★★☆	0.45%	+12.95%

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 — 4.21% 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.

Avalon Technologies LimitedLong-term · Stage I3.05%
PB Fintech LimitedShort-term · Stage I1.16%

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.

-22.5%24 Sep 2024 → 28 Feb 2025
Fell over 5 months, back to the old high on 15 Jun 2026 — 16 months under water after the low.
-7.8%03 Jun 2024 → 04 Jun 2024
Fell over 1 day, back to the old high on 11 Jun 2024 — 7 days under water after the low.
-7.4%07 Feb 2024 → 13 Mar 2024
Fell over 35 days, back to the old high on 02 Apr 2024 — 20 days 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

RFRuchi FozdarStart date not disclosed

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 →

DGDeepak GuptaStart date not disclosed

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 →

SRSatish RamanathanStart date not disclosed

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 BhandarkarStart date not disclosed

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 (8)

All schemes Asit Bhandarkar runs →

Fund manager, benchmark and dealing terms from 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

Ruchi Fozdar Deepak Gupta Satish Ramanathan Asit Bhandarkar

Top holdings

One 97 Communications Limited AVALON TECHNOLOGIES LIMITED Godfrey Phillips India Limited IDFC First Bank Limited Bank of Maharashtra Marico Limited Coforge Limited TUBE INVESTMENTS OF INDIA LTD Bharat Forge Limited Ashok Leyland Limited Glenmark Pharmaceuticals Limited Motilal Oswal Financial Services

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 Mid Cap funds

Mid cap funds invest in the 101st–250th largest companies. They can grow faster than large caps but fall harder in downturns — a higher-risk, higher-reward slice of the market.

Frequently asked questions

What is the NAV of JM Mid Cap Fund?

As of 01 Oct 2026, the NAV of JM Mid Cap Fund is ₹21.67 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has JM Mid Cap Fund delivered?

JM Mid Cap Fund has returned +8.04% over 1 year, +17.54% per year over 3 years and +22.12% 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 Mid Cap Fund?

JM Mid Cap Fund charges an expense ratio of 0.94% 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 Mid Cap Fund?

JM Mid Cap Fund's largest holdings are One 97 Communications Limited (3.5%), AVALON TECHNOLOGIES LIMITED (3.0%), Godfrey Phillips India Limited (2.9%), IDFC First Bank Limited (2.9%) and Bank of Maharashtra (2.8%). Holdings are disclosed monthly and change over time.

How risky is JM Mid Cap Fund?

JM Mid Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 17.9% and its worst peak-to-trough fall in our sample was -22.5%. 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 0.62 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. JM Mid Cap Fund's 0.62 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of JM Mid Cap Fund?

JM Mid Cap Fund is benchmarked against the NIFTY MIDCAP 150 (Total Return Index). Its alpha and beta on this page are measured against that index.

Who manages JM Mid Cap Fund?

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

How is JM Mid Cap Fund taxed?

JM Mid 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.