JM Financial · Large & Mid Cap

JM Large & Mid Cap Fund

Equity Scheme - Large & Mid Cap Fund Direct plan, growth riskometer: Very high benchmark: Nifty Large Midcap 250 TRI launched 4 Jul 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹10.83

−0.15% since 18 Sep 2026, the previous NAV

1 year

4.4%

return

3 years

not enough history

5 years

not enough history

Since launch

6.7%

a year, over 1.1 years

Assets (AUM)

₹459 Cr

Sep 2026 factsheet

Expense ratio, Direct / Regular

0.66% / 2.10%

a year, as of Sep 2026

Holdings

top ten are 25% of the fund · Aug 2026

Disclosed history

1.2 yrs

Jul 2025 – Aug 2026 · 4 of 11 checks could run

Fund managers

Asit Bhandarkar · since Jul 2025Deepak Gupta · since Jul 2025 · co-managerRuchi Fozdar · since Jul 2025 · debt portion

All managers →

As the Sep 2026 factsheet printed it: portfolio turnover 0.67×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.76 percentage points a year more than Direct

₹29,142 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by Asit Bhandarkar for 1.3 yrs

with Deepak Gupta, Ruchi Fozdar. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Asit Bhandarkar's other funds →

NAVTracking gap

NAV sits 0.01 percentage points from its disclosed portfolio, but the replication is noisy

6 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Not measurable yet: needs three years of NAV and a category median.

Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

See every window →

headline and record disagree 2 checks found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Jul 2025

15 month-ends · ₹10.05 → ₹10.83, 1.1× since Jul 2025

Deepest fall (max drawdown)

−15.5%

17 Nov 2025 → 31 Mar 2026

Worst month

−10.2%

Mar 2026

Days to recover

120

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 66 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	ICICI Bank Limited equity	Banks	3.47%	Jul 2025	1.2 yrs	+0.15% points
2	Bajaj Finance Limited equity	Finance	2.66%	Jul 2025	1.2 yrs	+0.13% points
3	One 97 Communications Limited equity	Financial Technology (Fintech)	2.63%	Jul 2025	1.2 yrs	+0.58% points
4	HDFC Bank Limited equity	Banks	2.56%	Jul 2025	1.2 yrs	−0.42% points
5	Coforge Limited equity	IT - Software	2.38%	Jul 2025	1.2 yrs	+0.31% points
6	State Bank of India equity	Banks	2.28%	Aug 2025	1.1 yrs	+0.40% points
7	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	2.25%	Jul 2025	1.2 yrs	+0.08% points
8	Shriram Finance Limited equity	Finance	2.20%	Jul 2025	1.2 yrs	−0.13% points
9	Bharti Airtel Limited equity	Telecom - Services	2.17%	Jul 2025	1.2 yrs	−0.49% points
10	Radico Khaitan Limited equity	Beverages	2.08%	Jul 2025	1.2 yrs	+0.27% points
11	LG Electronics India Limited equity	Consumer Durables	2.06%	Oct 2025	11 mo	−0.42% points
12	Dixon Technologies (India) Limited equity	Consumer Durables	2.03%	Jul 2025	1.2 yrs	+0.56% points
13	Max Financial Services Limited equity	Insurance	2.00%	Aug 2025	1.1 yrs	−0.36% points
14	Reliance Industries Limited equity	Petroleum Products	1.96%	Nov 2025	10 mo	−1.31% points
15	GE Vernova T&D India Limited equity	Electrical Equipment	1.95%	Jul 2025	1.2 yrs	+0.06% points
16	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.87%	May 2026	4 mo	+0.83% points
17	PERSISTENT SYSTEMS LTD equity	IT - Software	1.85%	Jul 2025	1.2 yrs	−0.10% points
18	Aster DM Healthcare Limited equity	Healthcare Services	1.85%	Jul 2026	2 mo	+1.85% points
19	JSW Energy Limited equity	Power	1.73%	Sep 2025	1.0 yrs	−0.46% points
20	Mahindra & Mahindra Limited equity	Automobiles	1.72%	Jul 2025	1.2 yrs	−0.05% points
21	Motilal Oswal Financial Services equity	Capital Markets	1.65%	Jul 2025	1.2 yrs	+0.36% points
22	IDFC First Bank Limited equity	Banks	1.65%	Dec 2025	9 mo	+0.13% points
23	Marico Limited equity	Agricultural Food & other Products	1.64%	Jul 2025	1.2 yrs	−0.18% points
24	UNO Minda Limited equity	Auto Components	1.61%	Mar 2026	6 mo	−0.24% points
25	Jindal Steel Limited equity	Ferrous Metals	1.59%	Oct 2025	11 mo	−0.19% points
26	Tech Mahindra Limited equity	IT - Software	1.57%	Aug 2025	1.1 yrs	+0.22% points
27	Fortis Healthcare Limited equity	Healthcare Services	1.56%	Jul 2025	1.2 yrs	−1.09% points
28	BSE Ltd equity	Capital Markets	1.55%	Jul 2025	1.2 yrs	−0.62% points
29	WeWork India Management Limited equity	Commercial Services & Supplies	1.54%	Oct 2025	11 mo	+0.26% points
30	TVS Motor Company Limited equity	Automobiles	1.50%	Jul 2025	1.2 yrs	+0.22% points
31	Eternal Limited equity	Retailing	1.50%	Jul 2025	1.2 yrs	+0.23% points
32	Mahindra & Mahindra Financial Serv Ltd. equity	Finance	1.48%	Jan 2026	8 mo	+0.15% points
33	CCIL money market	—	1.44%	Jul 2025	1.2 yrs	+1.38% points
34	PB Fintech Limited equity	Financial Technology (Fintech)	1.44%	Aug 2025	1.1 yrs	−0.01% points
35	Billionbrains Garage Ventures Ltd. equity	Capital Markets	1.44%	May 2026	4 mo	+0.56% points
36	Larsen & Toubro Limited equity	Construction	1.42%	Jul 2025	1.2 yrs	−0.16% points
37	Vishal Mega Mart Limited equity	Retailing	1.37%	Apr 2026	5 mo	−0.30% points
38	Glenmark Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.37%	Aug 2026	1 mo	+1.37% points
39	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	1.33%	Jul 2026	2 mo	+1.33% points
40	CarTrade Tech Limited equity	Retailing	1.31%	Sep 2025	1.0 yrs	+0.50% points
41	City Union Bank Limited equity	Banks	1.31%	May 2026	4 mo	+0.10% points
42	Hindustan Aeronautics Limited equity	Aerospace & Defense	1.30%	Sep 2025	1.0 yrs	−0.20% points
43	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	1.28%	Aug 2026	1 mo	+1.28% points
44	K.P.R. Mill Ltd equity	Textiles & Apparels	1.27%	Feb 2026	7 mo	+0.12% points
45	InterGlobe Aviation Limited equity	Transport Services	1.26%	Jul 2025	1.2 yrs	−0.31% points
46	Sansera Engineering Limited equity	Auto Components	1.24%	Jun 2026	3 mo	+1.24% points
47	Bharat Electronics Limited equity	Aerospace & Defense	1.23%	Aug 2025	1.1 yrs	−0.12% points
48	The Indian Hotels Company Limited equity	Leisure Services	1.22%	Apr 2026	5 mo	+0.24% points
49	Piramal Finance Ltd equity	Finance	1.17%	Aug 2026	1 mo	+1.17% points
50	Hindustan Zinc Limited equity	Non - Ferrous Metals	1.17%	Apr 2026	5 mo	−0.60% points
51	CRAFTSMAN AUTOMATION LIMITED equity	Auto Components	1.11%	Jun 2026	3 mo	+1.11% points
52	Premier Energies Limited equity	Electrical Equipment	1.09%	May 2026	4 mo	+0.08% points
53	Adani Port & Special Economic Zone Ltd equity	Transport Infrastructure	1.08%	Jul 2025	1.2 yrs	−0.74% points
54	INDIA CEMENTS LTD equity	Cement & Cement Products	1.08%	Aug 2025	1.1 yrs	−0.15% points
55	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	1.02%	Jun 2026	3 mo	+1.02% points
56	Supreme Industries Limited equity	Industrial Products	1.00%	Aug 2026	1 mo	+1.00% points
57	JSW Infrastructure Limited equity	Transport Infrastructure	0.99%	Jun 2026	3 mo	+0.99% points
58	Honeywell Automation India Limited equity	Industrial Manufacturing	0.99%	Jun 2026	3 mo	+0.99% points
59	BELRISE INDUSTRIES LIMITED equity	Auto Components	0.91%	Jul 2026	2 mo	+0.91% points
60	LEAP India Limited equity	Commercial Services & Supplies	0.91%	Aug 2026	1 mo	+0.91% points
61	Maruti Suzuki India Limited equity	Automobiles	0.88%	Sep 2025	1.0 yrs	−0.06% points
62	UltraTech Cement Limited equity	Cement & Cement Products	0.84%	Mar 2026	6 mo	−0.09% points
63	Diamond Power Infrastructure Limited equity	Electrical Equipment	0.82%	Jul 2026	2 mo	+0.82% points
64	Lumino Industries Limited equity	Electrical Equipment	0.54%	Aug 2026	1 mo	+0.54% points
65	Bosch Home Comfort India Limited equity	Consumer Durables	0.44%	Jul 2026	2 mo	+0.44% points
66	TREPS / cash equivalents Net Receivable/Payable · cash equivalent	—	0.19%	Jul 2025	1.2 yrs	−1.82% points

Showing 1–66 of 66 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks11.3%

Finance7.5%

Pharmaceuticals & Biotechnology6.2%

IT - Software5.8%

Auto Components4.9%

Capital Markets4.6%

Consumer Durables4.5%

Electrical Equipment4.4%

share of the book05%10%15%

By market cap, Aug 2026

Large cap35.1%

Mid cap49.3%

Small / micro cap14.0%

Cash & equivalents1.6%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 35%
Mid cap 49%
Small / micro 14%
Cash & other 2%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.76 percentage points a year more than Direct

₹29,142 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

Why this matters: What does a Regular plan actually cost? 6 min

1.76% points a year

costliest in categorycheapest in category

5th percentile · bottom decile of 33 funds · category median 1.45% points

on ₹1,00,000 over ten years₹29,142Direct vs Regular, annualised6.7% vs 4.9%measured over1.17 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 109% of the portfolio a year

+0.01% points of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

Why this matters: What does a monthly portfolio not tell you? 6 min

109% a year

costliest in categorycheapest in category

44th percentile · below median of 30 funds · category median 104%

excess return per unit of turnover+0.01% points

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 5 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

5 months

lowest in categoryhighest in category

5th percentile · bottom decile of 30 funds · category median 26 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

Not measurable yet. Detector not yet written: needs each disclosure's top ten joined to six months of forward prices. Holdings and prices are in hand.

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹459 Cr, 8th percentile in category; 86% of growth came from inflows

smaller than 92% of the funds in its category (30 funds) · AUM Aug 2025 → Sep 2026 · Regular plan expense ratio 2.10%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

8th percentile by AUM

largestsmallest

92th percentile · top decile of 30 funds

expense ratio, Regular / Direct2.10% / 0.66% · category median 2.31%AUM, Aug 2025 → Sep 2026₹294 Cr → ₹459 Cr (+51% a year)of that change, from flows rather than returns86% net inflows · NAV +8% over the window

Assets under management, ₹ crore, Aug 2025 – Sep 2026

14 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.34% in Jul 2025 → 2.10% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this headline and record disagree

Run by Asit Bhandarkar for 1.3 yrs

with Deepak Gupta, Ruchi Fozdar

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

Why this matters: Whose record is the three-year number? 5 min

1.3 yrs · Asit Bhandarkar

newest teamlongest-serving

39th percentile · below median of 16 funds · category median 1.8 yrs

running it nowAsit Bhandarkar (since Jul 2025), Deepak Gupta (since Jul 2025), Ruchi Fozdar (since Jul 2025)share of the fund's life under the longest-serving current manager100%changes of hands in the archivenone

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Asit Bhandarkar	fund manager	Jul 2025	now	6.7% vs 4.0% p.a. (+2.66% points)	—
Deepak Gupta	co-manager	Jul 2025	now	6.7% vs 4.0% p.a. (+2.66% points)	—
Ruchi Fozdar	debt portion	Jul 2025	now	6.7% vs 4.0% p.a. (+2.66% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 1.2 years, against a 5-year figure on display. Asit Bhandarkar joined roughly 1.2 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV sits 0.01 percentage points from its disclosed portfolio, but the replication is noisy

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

−0.01% points

expense added back ≈ 0.60% a year

Jumps since the disclosure

6noisy

29 Jul 2026 +0.34% points · 3 Sep 2026 +0.22% points · 27 Aug 2026 +0.15% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 31 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct JM Large & Mid Cap Fund (Direct) - Growth Option	growth	₹10.83	21 Sep 2026
direct JM Large & Mid Cap Fund (Direct) - IDCW	idcw	₹10.83	21 Sep 2026
regular JM Large & Mid Cap Fund (Regular) - Growth Option	growth	₹10.62	21 Sep 2026
regular JM Large & Mid Cap Fund (Regular) - IDCW	idcw	₹10.62	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹10.83
Regular growth NAV: ₹10.62
NAV divergence to date: 2.0% — same portfolio, priced differently
Regular costs more by: 1.76% points a year
On ₹1,00,000 over ten years: ₹29,142

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

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