JM Flexi Cap Fund – Direct – Growth is an open-ended equity mutual fund managed by JM Financial Mutual Fund. It invests across large-cap, mid-cap, and small-cap stocks, aiming to provide long-term capital appreciation.
Fund Overview:
- Category: Flexi Cap Fund
- Fund Size: ₹5,254.65 crore (as of March 7, 2025)
- Expense Ratio: 0.56% (lower than the category average of 0.76%)
- Expense Ratio: 0.57%, which is lower than the category average, indicating cost efficiency.
Investment Details:
- First Investment: ₹1,000
- Subsequent Investments: ₹100
- Exit Load: 1% if redeemed within 30 days of investment.
Tax Implications:
- Short-Term Capital Gains (STCG): 20% tax if units are redeemed before one year.
- Long-Term Capital Gains (LTCG): 12.5% tax on returns exceeding ₹1.25 lakh in a financial year if units are redeemed after one year.
Conclusion:
JM Flexi Cap Fund has demonstrated strong performance, particularly in the 3-year and 5-year periods, outperforming many of its peers.
Its diversified portfolio across market capitalizations and sectors, combined with a lower-than-average expense ratio, makes it an attractive option for investors seeking flexible equity exposure.
However, potential investors should be prepared for the inherent volatility associated with equity investments and consider their individual risk tolerance and investment horizon before investing.
Who are the Fund Managers of JM Flexi Cap Fund?
- Satish Ramanathan: Managing the fund since August 2021, Mr. Ramanathan holds a B.Tech degree, an MBA, and is a Chartered Financial Analyst (CFA). Prior to joining JM Financial Mutual Fund, he worked with Sundaram BNP Paribas AMC, Franklin Templeton, and ICICI Securities, among others.
- Chaitanya Choksi: Mr. Choksi has been co-managing the fund since December 2021. He possesses an MMS in Finance and is also a CFA charterholder. His previous experience includes roles at Lotus AMC, Chanrai Finance Pvt. Ltd., and UTI Investment Advisory Services Ltd.
- Asit Bhandarkar: Joining the fund management team in October 2024, Mr. Bhandarkar holds a B.Com (H) and an MMS degree. He previously worked with Lotus India AMC Pvt. Ltd. and SBI Funds Management Pvt. Ltd.
- Ruchi Fozdar: Ms. Fozdar became part of the team in October 2024. She is a science graduate with a Post Graduate Diploma in Business Management (PGDBM) in finance. Her past associations include roles at Reliance Life Insurance Co. Ltd. and Mahindra Manulife Mutual Fund.
This diverse team brings a wealth of experience and expertise to the management of the JM Flexi Cap Fund.
JM Flexi Cap Fund Share Price
As of April 3, 2025, the Net Asset Value (NAV) for JM Flexi Cap Fund is as follows:
- Direct Plan – Growth Option: ₹103.1778
JM Flexi Cap Fund Portfolio
As of February 28, 2025, the JM Flexi Cap Fund’s portfolio is structured as follows:
Top 10 Equity Holdings:
- HDFC Bank Ltd.: 6.17%
- ICICI Bank Ltd.: 5.96%
- Maruti Suzuki India Ltd.: 4.09%
- Infosys Ltd.: 3.59%
- Bajaj Auto Ltd.: 3.36%
- Kotak Mahindra Bank Ltd.: 3.30%
- State Bank of India: 3.27%
- Tech Mahindra Ltd.: 3.23%
- Sun Pharmaceutical Industries Ltd.: 3.12%
- Larsen & Toubro Ltd.: 2.83%
Sector Allocation:
- Financial Services: 31.39%
- Healthcare: 8.86%
- Automobile and Auto Components: 8.65%
- Services: 7.91%
- Technology: 7.87%
Asset Allocation:
- Equity: 93.45%
- Cash & Cash Equivalents: 6.55%
Market Capitalization Exposure:
- Large Cap: 57.30%
- Mid Cap: 12.74%
- Small Cap: 23.40%
This diversified allocation across various market capitalizations and sectors reflects the fund’s strategy to balance risk and reward, aiming for long-term capital appreciation.
JM Flexi Cap Fund Returns
As of March 17, 2025, the JM Flexi Cap Fund has demonstrated the following performance across various investment periods:
Lump Sum Investment Returns:
| Investment Period | Amount Invested on | Latest Value | Absolute Returns | Annualized Returns | Category Average | Rank within Category |
| 1 Year | 15-Mar-24 | ₹10,745.10 | 7.45% | 7.41% | 5.61% | 15/38 |
| 2 Years | 17-Mar-23 | ₹16,761.20 | 67.61% | 29.42% | 21.09% | 2/34 |
| 3 Years | 17-Mar-22 | ₹17,918.70 | 79.19% | 21.44% | 13.36% | 2/29 |
| 5 Years | 17-Mar-20 | ₹31,893.00 | 218.93% | 26.09% | 22.92% | 5/23 |
| 10 Years | 17-Mar-15 | ₹43,683.50 | 336.83% | 15.87% | 12.96% | 3/19 |
| Since Inception | 02-Jan-13 | ₹71,540.90 | 615.41% | 17.49% | 15.02% | 11/39 |
Systematic Investment Plan (SIP) Returns:
| Investment Period | Total Investment | Latest Value | Absolute Returns | Annualized Returns |
| 1 Year | ₹12,000 | ₹11,382.11 | -5.15% | -9.32% |
| 2 Years | ₹24,000 | ₹29,026.17 | 20.94% | 19.35% |
| 3 Years | ₹36,000 | ₹51,040.58 | 41.78% | 23.95% |
| 5 Years | ₹60,000 | ₹111,589.68 | 85.98% | 25.04% |
| 10 Years | ₹120,000 | ₹338,800.01 | 182.33% | 19.68% |
These figures illustrate the fund’s performance over different time horizons, highlighting its potential for long-term capital appreciation.
However, it’s important to note that past performance does not guarantee future results. Investors should consider their individual financial goals and risk tolerance before making investment decisions.
Rolling Returns of JM Flexi Cap Fund
Rolling returns provide a comprehensive view of a mutual fund’s performance by calculating average annualized returns for overlapping periods within a specific timeframe. This approach offers insights into the fund’s consistency and volatility over time.
1-Year Rolling Returns (over a 3-year period):
- Average: 24.00%
- Maximum: 34.10%
- Minimum: 13.54%
3-Year Rolling Returns (over a 5-year period):
- Average: 20.57%
- Maximum: 30.83%
- Minimum: 12.76%
5-Year Rolling Returns (over a 10-year period):
- Average: 20.22%
- Maximum: 33.92%
- Minimum: 11.95%
These figures indicate that the fund has delivered robust average returns over various periods, with notable peaks and troughs.
The variability between maximum and minimum returns highlights the fund’s exposure to market fluctuations.
Understanding Rolling Returns:
Rolling returns differ from trailing returns by evaluating performance at regular intervals, such as daily, weekly, or monthly, over a set period.
This method provides a more detailed picture of a fund’s performance consistency compared to trailing returns, which measure performance from a fixed start date to the present.
Accessing Rolling Returns Data:
Investors can access rolling returns data for JM Flexi Cap Fund through various financial platforms:
- Value Research Online: Premium members can view rolling returns by navigating to the ‘Overview’ tab of the specific fund’s page.
- JM Financial Mutual Fund’s Official Website: The fund’s product page provides detailed performance metrics, including rolling returns.
Understanding rolling returns can aid investors in assessing the fund’s historical performance consistency and making informed investment decisions.
Strengths of JM Flexi Cap Fund
1) Flexible Investment Strategy
- Invests across large-cap, mid-cap, and small-cap stocks, giving it freedom to capture opportunities across market segments.
2) trong Long-Term Performance
- The fund has delivered robust 5-year and 10-year returns, often beating category averages and benchmarks (e.g., 26% annualized over 5 years in Direct plan).
3) Experienced Fund Manager
- Managed by Mr. Vikas Agarwal, who has strong experience in equity research and fund management, adding credibility to stock selection.
4) Good Rolling Returns Consistency
- Rolling returns over different periods (1/3/5 years) have shown strong average returns, indicating consistency.
5) Outperformance in Bull Markets
- Tends to perform well during upward market trends due to aggressive mid and small-cap allocations.
Risks of JM Flexi Cap Fund
1) High Volatility
- Due to its significant exposure to mid and small-cap stocks, the fund is prone to sharp fluctuations during market downturns.
2) Underperformance in Short Term
- Recent 1-month to 6-month returns (as of Mar-Apr 2025) have been negative and below category average, showing vulnerability in correction phases.
3)Higher Risk-Reward Profile
- Suited for investors with a high-risk appetite and long-term horizon. Not ideal for conservative or short-term investors.
4) Relatively Lower AUM
- The fund’s Assets Under Management (AUM) are smaller compared to peers, which might impact liquidity or increase volatility during large redemptions.
5) Sector Concentration Risk
At times, the fund has taken concentrated bets in sectors like financials or IT, which may hurt returns if those sectors underperform.
Final Verdict:
- Ideal For: Long-term investors (5+ years) who are comfortable with market ups and downs and want diversified equity exposure.
- Not Ideal For: Investors looking for short-term stability or with low risk tolerance.
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