JM Large Cap Fund

JM Financial Mutual Fund·Large Cap Fund·vs Nifty 100 TRI

The fund maintains a defensive, financials-heavy positioning with banks and finance accounting for over 25 percent of the portfolio, reflecting conviction in India's domestic consumption and credit growth narrative. The addition of Avenue Supermarts and exit from commodities-linked Vedanta signal a shift away from cyclical volatility towards consumer resilience and operational consistency. With top-ten holdings representing 38 percent of assets, the manager is betting on quality blue-chips to weather potential market headwinds while keeping minimal cash reserves.

Portfolio analysis · April 2026

NAV & Returns

Plan	NAV	1M	3M	6M	1Y	3Y CAGR	5Y CAGR
Primary	₹145.6035	-0.77%	-6.82%	-8.07%	-1.58%	+12.42%	+11.93%

Returns above 1Y are CAGR. Direct plan rows highlighted. NAV from AMFI.

Portfolio Metrics(latest month)

Holdings

Top 5 Weight

24.76%

Top 10 Weight

38.30%

Active Share

—

Large Cap

85.51%

Gini

0.279

What Changed2026-03-31 → 2026-04-30

Holdings: 50 → 49+2 added−3 removed24 weight shifts ≥ 0.1%

Stock	Sector	Weight
Cummins India Limited	Industrial Products	1.25%
Avenue Supermarts Limited	Retailing	0.95%

Full Holdings

#	Holding	Sector	Class	% to NAV
1	HDFC Bank Limited INE040A01034	Banks	EQUITY	6.47%
2	Reliance Industries Limited INE002A01018	Petroleum Products	EQUITY	6.13%
3	State Bank of India INE062A01020	Banks	EQUITY	4.28%
4	Bharti Airtel Limited INE397D01024	Telecom - Services	EQUITY	3.98%
5	ICICI Bank Limited INE090A01021	Banks	EQUITY	3.89%
6	Larsen & Toubro Limited INE018A01030	Construction	EQUITY	3.31%
7	Shriram Finance Limited INE721A01047	Finance	EQUITY	2.66%
8	Apollo Hospitals Enterprise Limited INE437A01024	Healthcare Services	EQUITY	2.54%
9	Axis Bank Limited INE238A01034	Banks	EQUITY	2.52%
10	Torrent Pharmaceuticals Limited INE685A01028	Pharmaceuticals & Biotechnology	EQUITY	2.51%
11	Bajaj Finance Limited INE296A01032	Finance	EQUITY	2.50%
12	Infosys Limited INE009A01021	IT - Software	EQUITY	2.46%
13	Kotak Mahindra Bank Limited INE237A01036	Banks	EQUITY	2.44%
14	Adani Port & Special Economic Zone Ltd INE742F01042	Transport Infrastructure	EQUITY	2.43%
15	Mahindra & Mahindra Limited INE101A01026	Automobiles	EQUITY	2.19%
16	Tech Mahindra Limited INE669C01036	IT - Software	EQUITY	2.17%
17	Hindalco Industries Limited INE038A01020	Non - Ferrous Metals	EQUITY	2.08%
18	JSW Energy Limited INE121E01018	Power	EQUITY	2.00%
19	Divi's Laboratories Limited INE361B01024	Pharmaceuticals & Biotechnology	EQUITY	1.86%
20	UltraTech Cement Limited INE481G01011	Cement & Cement Products	EQUITY	1.84%

Sector Allocation

Banks19.6%

Automobiles7.0%

Finance6.2%

Petroleum Products6.1%

Pharmaceuticals & Biotechnology6.1%

IT - Software5.8%

Telecom - Services4.0%

Power3.5%

Retailing3.4%

Construction3.3%

Top 10 sectors by % to NAV. Excludes derivatives.