Jio BlackRock · Liquid

JioBlackRock Liquid Fund

Debt Scheme - Liquid Fund Direct plan, growth riskometer: Low to moderate benchmark: Nifty Liquid Index A-I launched 30 Jun 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹1,079.18

+0.02% since 20 Sep 2026, the previous NAV

1 year

6.6%

return

3 years

not enough history

5 years

not enough history

Since launch

6.4%

a year, over 1.2 years

Assets (AUM)

₹12,094 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.10% / 0.23%

a year, as of Aug 2026

Holdings

top ten are 35% of the fund · Aug 2026

Disclosed history

1.2 yrs

Jul 2025 – Aug 2026 · 3 of 11 checks could run

Fund managers

Arun Ramachandran · since Jul 2025Siddharth Deb · since Jul 2025Vikrant Mehta · since Jul 2025

All managers →

What only Anveshan can tell you

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

P5Cost, measured

Cannot be measured: needs both a Direct and a Regular growth class.

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.

See how it is measured →

P7Whose record

Run by Arun Ramachandran for 1.2 yrs

with Siddharth Deb, Vikrant Mehta. 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.

Arun Ramachandran's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

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.

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 · ₹1,004.47 → ₹1,079.18, 1.1× since Jul 2025

Deepest fall (max drawdown)

−0.0%

4 Sep 2026 → 5 Sep 2026

Worst month

0.4%

Sep 2026

Days to recover

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 · 64 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	Canara Bank (23-Nov-2026) money market	—	4.86%	Aug 2026	1 mo	+4.86% points
2	National Bank For Agriculture & Rural Development (23-Nov-2026) ** money market	—	4.05%	Aug 2026	1 mo	+4.05% points
3	91 DTB (29-OCT-2026) government security	—	3.95%	Jul 2026	2 mo	+3.95% points
4	TREPS / cash equivalents TREPS · money market	—	3.94%	May 2026	4 mo	−1.05% points
5	Kotak Securities Ltd (25-Sep-2026) ** money market	—	3.88%	Jul 2026	2 mo	+3.88% points
6	Grasim Industries Ltd (17-Sep-2026) ** money market	—	2.87%	Jun 2026	3 mo	+2.87% points
7	LIC Housing Finance Ltd (11-Nov-2026) ** money market	—	2.84%	Aug 2026	1 mo	+2.84% points
8	ICICI Securities Ltd (10-Sep-2026) ** money market	—	2.79%	Jul 2026	2 mo	+2.79% points
9	91 DTB (05-NOV-2026) government security	—	2.77%	Aug 2026	1 mo	+2.77% points
10	Axis Bank Ltd (16-Sep-2026) ** money market	—	2.66%	Jul 2026	2 mo	+2.66% points
11	REC Ltd (22-Oct-2026) ** money market	—	2.65%	Jul 2026	2 mo	+2.65% points
12	NTPC Ltd (23-Sep-2026) ** money market	—	2.46%	Aug 2026	1 mo	+2.46% points
13	ICICI Securities Ltd (26-Nov-2026) ** money market	—	2.42%	Aug 2026	1 mo	+2.42% points
14	91 DTB (01-OCT-2026) government security	—	2.41%	Jul 2026	2 mo	+2.41% points
15	Tata Steel Ltd (29-Sep-2026) ** money market	—	2.25%	Jul 2026	2 mo	+2.25% points
16	Union Bank of India (23-Oct-2026) money market	—	2.24%	Jul 2026	2 mo	+2.24% points
17	PNB Housing Finance Ltd (27-Oct-2026) ** money market	—	2.24%	Jul 2026	2 mo	+2.24% points
18	Union Bank of India (30-Oct-2026) ** money market	—	2.20%	Jul 2026	2 mo	+2.20% points
19	91 DTB (22-OCT-2026) government security	—	2.04%	Jul 2026	2 mo	+2.04% points
20	IDFC First Bank Ltd (22-Oct-2026) ** money market	—	2.04%	Jul 2026	2 mo	+2.04% points
21	HDFC Bank Ltd (30-Oct-2026) ** money market	—	2.03%	Jul 2026	2 mo	+2.03% points
22	91 DTB (12-NOV-2026) government security	—	2.03%	Aug 2026	1 mo	+2.03% points
23	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	1.85%	Jul 2025	1.2 yrs	+6.48% points
24	364 DTB (19-NOV-2026) government security	—	1.83%	Aug 2026	1 mo	+1.83% points
25	Reverse Repo (18-Sep-2026) money market	—	1.65%	Aug 2026	1 mo	+1.65% points
26	ICICI Bank Ltd (15-Sep-2026) ** money market	—	1.64%	Jul 2026	2 mo	+1.64% points
27	ICICI Securities Ltd (25-Sep-2026) ** money market	—	1.64%	Jul 2026	2 mo	+1.64% points
28	National Bank For Agriculture & Rural Development (01-Oct-2026) ** money market	—	1.63%	Jul 2026	2 mo	+1.63% points
29	91 DTB (27-NOV-2026) government security	—	1.62%	Aug 2026	1 mo	+1.62% points
30	HDFC Bank Ltd (21-Sep-2026) ** money market	—	1.43%	Jul 2026	2 mo	+1.43% points
31	L&T Finance Ltd (21-Sep-2026) ** money market	—	1.43%	Jul 2026	2 mo	+1.43% points
32	Kotak Securities Ltd (28-Sep-2026) ** money market	—	1.43%	Aug 2026	1 mo	+1.43% points
33	Union Bank of India (07-Sep-2026) ** money market	—	1.23%	Jul 2026	2 mo	+1.23% points
34	Union Bank of India (21-Sep-2026) ** money market	—	1.23%	Jul 2026	2 mo	+1.23% points
35	Kotak Securities Ltd (17-Nov-2026) ** money market	—	1.21%	Aug 2026	1 mo	+1.21% points
36	Punjab National Bank (15-Sep-2026) money market	—	1.07%	Jun 2026	3 mo	+1.07% points
37	Bank of Baroda (16-Sep-2026) ** money market	—	1.02%	Jun 2026	3 mo	+1.02% points
38	91 DTB (15-OCT-2026) government security	—	0.98%	Aug 2026	1 mo	+0.98% points
39	Axis Bank Ltd (10-Sep-2026) ** money market	—	0.94%	Jul 2026	2 mo	+0.94% points
40	HDFC Bank Ltd (04-Sep-2026) money market	—	0.82%	Jun 2026	3 mo	+0.82% points
41	HDFC Securities Ltd (04-Sep-2026) ** money market	—	0.82%	Jun 2026	3 mo	+0.82% points
42	HDFC Bank Ltd (07-Sep-2026) ** money market	—	0.82%	Jun 2026	3 mo	+0.82% points
43	Punjab & Sind Bank (11-Sep-2026) ** money market	—	0.82%	Aug 2026	1 mo	+0.82% points
44	Union Bank of India (15-Sep-2026) ** money market	—	0.82%	Jul 2026	2 mo	+0.82% points
45	Federal Bank Ltd (15-Sep-2026) money market	—	0.82%	Aug 2026	1 mo	+0.82% points
46	NTPC Ltd (18-Sep-2026) ** money market	—	0.82%	Jun 2026	3 mo	+0.82% points
47	Hindustan Petroleum Corporation Ltd (29-Sep-2026) ** money market	—	0.82%	Aug 2026	1 mo	+0.82% points
48	Kotak Securities Ltd (20-Nov-2026) ** money market	—	0.81%	Aug 2026	1 mo	+0.81% points
49	182 DTB (22-OCT-2026) government security	—	0.77%	Jul 2026	2 mo	+0.77% points
50	Axis Securities Ltd (04-Sep-2026) ** money market	—	0.62%	Jun 2026	3 mo	+0.62% points
51	HDFC Bank Ltd (11-Sep-2026) ** money market	—	0.62%	Jun 2026	3 mo	+0.62% points
52	ICICI Securities Ltd (16-Sep-2026) ** money market	—	0.61%	Jul 2026	2 mo	+0.61% points
53	HDFC Bank Ltd (06-Nov-2026) ** money market	—	0.61%	Aug 2026	1 mo	+0.61% points
54	Axis Securities Ltd (04-Nov-2026) ** money market	—	0.61%	Aug 2026	1 mo	+0.61% points
55	HDFC Securities Ltd (02-Sep-2026) ** money market	—	0.57%	Jun 2026	3 mo	+0.57% points
56	Reliance Retail Ventures Ltd (02-Sep-2026) ** money market	—	0.41%	Aug 2026	1 mo	+0.41% points
57	Bank of India (03-Sep-2026) ** money market	—	0.41%	Aug 2026	1 mo	+0.41% points
58	Bank of Baroda (04-Sep-2026) money market	—	0.41%	Jun 2026	3 mo	+0.41% points
59	Canara Bank (15-Sep-2026) ** money market	—	0.41%	Jul 2026	2 mo	+0.41% points
60	Julius Baer Capital (India) Pvt Ltd (25-Sep-2026) ** money market	—	0.41%	Jul 2026	2 mo	+0.41% points
61	364 DTB (26-NOV-2026) government security	—	0.24%	Aug 2026	1 mo	+0.24% points
62	Reverse Repo (04-Sep-2026) money market	—	0.21%	Aug 2026	1 mo	+0.21% points
63	Corporate Debt Market Development Fund Class A2 structured product	—	0.15%	Jan 2026	8 mo	−0.08% points
64	182 DTB (08-OCT-2026) government security	—	0.12%	Aug 2026	1 mo	+0.12% points

Showing 1–64 of 64 rows per page10 25 50all

Largest sectors, latest disclosure

Not yet computable. Sector labels come from the disclosures; none were mapped for this fund.

By market cap, latest disclosure

Not yet computable. Needs cap tiers for every holding.

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

Not measurable yet. Needs a Direct and a Regular growth class with overlapping NAV history.

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

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

Not measurable yet. Needs at least two consecutive monthly disclosures.

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

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

Not measurable yet. Needs the holdings history for this fund; not computed yet.

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.

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

₹12,094 Cr; 93% of growth came from inflows

Regular plan expense ratio 0.24% a year

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.

0.24% TER

costliestcheapest

50th percentile · above median of 43 funds · category median 0.24%

expense ratio, Regular / Direct0.24% / 0.10% · category median 0.24%AUM, Sep 2025 → Aug 2026₹6,474 Cr → ₹12,094 Crof that change, from flows rather than returns93% net inflows · NAV +6% over the window

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

9 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 0.00% in Jul 2025 → 0.24% 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 Arun Ramachandran for 1.2 yrs

with Siddharth Deb, Vikrant Mehta

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

1.2 yrs · Arun Ramachandran

newest teamlongest-serving

5th percentile · bottom decile of 19 funds · category median 2.5 yrs

running it nowArun Ramachandran (since Jul 2025), Siddharth Deb (since Jul 2025), Vikrant Mehta (since Jul 2025)share of the fund's life under the longest-serving current manager93%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
Arun Ramachandran	fund manager	Jul 2025	now	6.5% vs 6.4% p.a. (+0.08% points)	—
Siddharth Deb	fund manager	Jul 2025	now	6.5% vs 6.4% p.a. (+0.08% points)	—
Vikrant Mehta	fund manager	Jul 2025	now	6.5% vs 6.4% p.a. (+0.08% 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. Arun Ramachandran 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

No signal. About 100% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct JioBlackRock Liquid Fund - Direct Plan - Growth Option	growth	₹1,079.18	21 Sep 2026
direct JioBlackRock Liquid Fund - Direct Plan - Daily IDCW Reinvestment Option	idcw	—	—
direct JioBlackRock Liquid Fund - Direct Plan - Weekly IDCW Option	idcw	—	—
regular JioBlackRock Liquid Fund - Regular Plan - Growth Option	growth	₹1,005.45	21 Sep 2026
regular JioBlackRock Liquid Fund - Regular Plan - Daily IDCW Reinvestment Option	idcw	—	—
regular JioBlackRock Liquid Fund - Regular Plan - Weekly IDCW Option	idcw	—	—

The Direct / Regular gap, in money

Direct growth NAV: ₹1,079.18
Regular growth NAV: ₹1,005.45
NAV divergence to date: 7.3% — same portfolio, priced differently
Regular costs more by: not computed
On ₹1,00,000 over ten years: not computed

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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