JM ELSS Tax Saver Fund - Growth

Regular

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.
Direct

Regular and Direct options of the funds are exactly same except commission to your mutual fund broker/distributor. As an investor you do not need to pay any additional fees to purchase any of these options. However both have different expense ratios. Regular funds have higher expense ratio and direct funds have lower expense ratio. This difference is because of commission paid to broker/distributor. Lower expense ratio leads to higher returns for investors.

Category : ELSS

Portfolio Turnover Ratio : 100.68%. Category average turnover ratio is 101.80%. Fund manager updated portfolio less frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for longer duration than peers)

Equity Holding : 98.78% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.78%

No of Stocks : 51 (Category Avg - 53.75) | Large Cap Investments : 27.76%| Mid Cap Investments : 10.65% | Small Cap Investments : 17.38% | Other : 42.96%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	51	53.75
Top 5 Stock Weight	17.62%	27.25%
Top 10 Stock Weight	30.27%	43.81%
Top 3 Sector Weight	26.62%	31.83%

Category - ELSS

Particulars	This Scheme	Category
Average mcap (Cr)	72426.30	93693.67
Holdings in large cap stocks	27.76%	39.39%
Holdings in mid cap stocks	10.65%	11.3%
Holdings in small cap stocks	17.38%	16.78%

Category - ELSS

Top 10 Stocks holding in Portfolio (as on 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
HDFC Bank Ltd.	Private sector bank	97	4.33%	-0.06%	5.6% (Feb 2025)	4.33% (Oct 2025)	98.26 k	0.00
Reliance Industries Ltd.	Refineries & marketing	79.4	3.54%	0.12%	3.84% (Jun 2025)	0% (Nov 2024)	53.40 k	0.00
Larsen & Toubro Ltd.	Civil construction	79.2	3.53%	0.16%	5.36% (May 2025)	2.73% (Feb 2025)	19.65 k	0.00
ICICI Bank Ltd.	Private sector bank	75.3	3.36%	-0.19%	5.89% (Apr 2025)	3.36% (Oct 2025)	56.00 k	0.00
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	64	2.86%	0.37%	3.36% (Feb 2025)	2.01% (Dec 2024)	3.96 k	650.00
One 97 Communications Ltd.	Financial technology (fintech)	61.9	2.76%	0.25%	3.19% (Aug 2025)	0% (Nov 2024)	47.50 k	0.00
Syrma SGS Technology Ltd.	Industrial products	58.6	2.61%	0.02%	3.04% (Aug 2025)	0% (Nov 2024)	71.96 k	0.00
Max Financial Services Ltd.	Life insurance	56.3	2.51%	0.25%	2.51% (Oct 2025)	0% (Nov 2024)	36.40 k	5.90 k
Shaily Engineering Plastics Ltd.	Plastic products - industrial	54	2.41%	-0.02%	2.71% (Aug 2025)	0% (Nov 2024)	23.74 k	0.00
Karur Vysya Bank Ltd	Private sector bank	53	2.36%	0.20%	2.36% (Oct 2025)	0% (Nov 2024)	2.18 L	0.00

- indicates change in weight in the portfolio. # indicates a new entry.

View complete holding

Complete equity Portfolio (as on 31st Oct,2025)

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Sector
M-Cap

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Stock Invested in	Sector	Sector Total	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty	M-Cap	GroupName
HDFC Bank Ltd.	Private sector bank	11.87	97	4.33%	-0.06%	5.6% (Feb 2025)	4.33% (Oct 2025)	98.26 k	0.00	Other	42.96
Reliance Industries Ltd.	Refineries & marketing	3.54	79.4	3.54%	0.12%	3.84% (Jun 2025)	0% (Nov 2024)	53.40 k	0.00	Large Cap	27.76
Larsen & Toubro Ltd.	Civil construction	3.53	79.2	3.53%	0.16%	5.36% (May 2025)	2.73% (Feb 2025)	19.65 k	0.00	Large Cap	27.76
ICICI Bank Ltd.	Private sector bank	11.87	75.3	3.36%	-0.19%	5.89% (Apr 2025)	3.36% (Oct 2025)	56.00 k	0.00	Large Cap	27.76
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.86	64	2.86%	0.37%	3.36% (Feb 2025)	2.01% (Dec 2024)	3.96 k	650.00	Large Cap	27.76
One 97 Communications Ltd.	Financial technology (fintech)	2.76	61.9	2.76%	0.25%	3.19% (Aug 2025)	0% (Nov 2024)	47.50 k	0.00	Other	42.96
Syrma SGS Technology Ltd.	Industrial products	3.87	58.6	2.61%	0.02%	3.04% (Aug 2025)	0% (Nov 2024)	71.96 k	0.00	Other	42.96
Max Financial Services Ltd.	Life insurance	2.51	56.3	2.51%	0.25%	2.51% (Oct 2025)	0% (Nov 2024)	36.40 k	5.90 k	Mid Cap	10.65
Shaily Engineering Plastics Ltd.	Plastic products - industrial	2.41	54	2.41%	-0.02%	2.71% (Aug 2025)	0% (Nov 2024)	23.74 k	0.00	Other	42.96
Karur Vysya Bank Ltd	Private sector bank	11.87	53	2.36%	0.20%	2.36% (Oct 2025)	0% (Nov 2024)	2.18 L	0.00	Small Cap	17.38
Cartrade Tech Ltd.	E-retail/ e-commerce	4.32	52.4	2.34%	0.52%	2.34% (Oct 2025)	0% (Nov 2024)	17.36 k	1.60 k	Other	42.96
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.33	52.3	2.33%	0.09%	3.03% (Apr 2025)	2.25% (Sep 2025)	25.45 k	0.00	Large Cap	27.76
Onesource Specialty Pharma Ltd.	Pharmaceuticals	7.5	52.3	2.33%	-0.11%	2.97% (Jun 2025)	0% (Nov 2024)	28.20 k	0.00	Other	42.96
Travel Food Services Ltd.	Restaurants	3.9	50.8	2.26%	-0.13%	2.39% (Sep 2025)	0% (Nov 2024)	38.49 k	0.00	Other	42.96
- 360 ONE WAM Ltd.	Other financial services	2.24	50.3	2.24%	0.00%	2.66% (Jun 2025)	0% (Nov 2024)	46.50 k	0.00	Other	42.96
- Polycab India Limited	Cables - electricals	2.23	50.1	2.23%	0.01%	2.23% (Oct 2025)	0% (Nov 2024)	6.50 k	0.00	Other	42.96
CreditAccess Grameen Ltd.	Microfinance institutions	3.28	49.3	2.20%	-0.37%	2.78% (Aug 2025)	0.91% (Nov 2024)	34.60 k	-5.80 k	Small Cap	17.38
Infosys Ltd.	Computers - software & consulting	7.25	48.9	2.18%	-0.05%	5.06% (Jan 2025)	2.18% (Oct 2025)	32.97 k	0.00	Large Cap	27.76
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	2.04	45.7	2.04%	-0.32%	2.6% (Aug 2025)	0% (Nov 2024)	14.84 k	0.00	Small Cap	17.38
Eternal Ltd.	E-retail/ e-commerce	4.32	44.5	1.98%	-0.16%	2.14% (Sep 2025)	1.1% (Jan 2025)	1.40 L	0.00	Other	42.96
Coforge Ltd.	Computers - software & consulting	7.25	44.5	1.98%	0.11%	2.3% (Jun 2025)	0% (Nov 2024)	25.00 k	0.00	Other	42.96
Bajaj Finance Ltd.	Non banking financial company (nbfc)	3.8	44.3	1.98%	-0.02%	3.04% (Mar 2025)	0% (Nov 2024)	42.50 k	0.00	Other	42.96
Lupin Ltd.	Pharmaceuticals	7.5	44.2	1.97%	0.17%	1.97% (May 2025)	0% (Nov 2024)	22.50 k	2.50 k	Large Cap	27.76
# Wework India Management Ltd.	Diversified commercial services	1.93	43.3	1.93%	1.93%	1.93% (Oct 2025)	0% (Nov 2024)	67.12 k	67.12 k	Other	42.96
Tinna Rubber and Infrastructure Ltd.	Specialty chemicals	1.93	43.2	1.93%	-0.07%	1.99% (Sep 2025)	0% (Nov 2024)	45.04 k	0.00	Small Cap	17.38
KEC International Ltd.	Heavy electrical equipment	2.96	41.3	1.84%	-0.23%	2.07% (Sep 2025)	0% (Nov 2024)	50.49 k	0.00	Small Cap	17.38
Northern Arc Capital Ltd.	Non banking financial company (nbfc)	3.8	40.8	1.82%	-0.09%	1.91% (Sep 2025)	0% (Nov 2024)	1.50 L	0.00	Other	42.96
Kotak Mahindra Bank Ltd.	Private sector bank	11.87	40.8	1.82%	0.32%	2.25% (Mar 2025)	0% (Nov 2024)	19.40 k	3.40 k	Large Cap	27.76
BSE Ltd.	Exchange and data platform	1.74	39	1.74%	0.08%	1.74% (Oct 2025)	0% (Nov 2024)	15.75 k	-1.60 k	Small Cap	17.38
United Spirits Ltd.	Breweries & distilleries	1.7	38.1	1.70%	0.04%	1.7% (Oct 2025)	0% (Nov 2024)	26.60 k	0.00	Large Cap	27.76
Neuland Laboratories Ltd.	Pharmaceuticals	7.5	36.8	1.64%	0.11%	1.65% (Jan 2025)	1.21% (Jun 2025)	2.23 k	0.00	Small Cap	17.38
Jubilant Foodworks Ltd.	Restaurants	3.9	36.8	1.64%	-0.14%	2.33% (Apr 2025)	1.11% (Nov 2024)	61.50 k	0.00	Other	42.96
Prestige Estates Projects Ltd.	Residential, commercial projects	1.58	35.5	1.58%	0.14%	1.58% (Oct 2025)	0% (Nov 2024)	20.35 k	0.00	Mid Cap	10.65
Persistent Systems Ltd.	Computers - software & consulting	7.25	35.5	1.58%	0.22%	1.58% (Oct 2025)	0% (Nov 2024)	6.00 k	0.00	Other	42.96
Blue Jet Healthcare Ltd.	Pharmaceuticals	7.5	35.1	1.56%	0.41%	1.56% (Oct 2025)	0% (Nov 2024)	53.40 k	14.50 k	Other	42.96
Cummins India Ltd.	Compressors, pumps & diesel engines	1.56	35	1.56%	0.07%	1.99% (Mar 2025)	1.23% (Dec 2024)	8.05 k	0.00	Mid Cap	10.65
Tech Mahindra Ltd.	Computers - software & consulting	7.25	33.8	1.51%	-0.05%	2.47% (Nov 2024)	1.51% (Oct 2025)	23.75 k	0.00	Large Cap	27.76
Bajaj Auto Ltd.	2/3 wheelers	1.51	33.8	1.51%	-0.04%	3.22% (Jan 2025)	1.47% (Jul 2025)	3.80 k	0.00	Large Cap	27.76
# Vedanta Ltd.	Diversified metals	1.45	32.6	1.45%	1.45%	1.45% (Oct 2025)	0% (Nov 2024)	66.00 k	66.00 k	Large Cap	27.76
Max Healthcare Institute Ltd.	Hospital	1.35	30.2	1.35%	-0.03%	1.71% (Jun 2025)	0% (Nov 2024)	26.30 k	0.00	Other	42.96
Deepak Fertilisers & Petrochemicals Corp. Ltd.	Commodity chemicals	1.33	29.8	1.33%	-0.08%	1.64% (Jun 2025)	0% (Nov 2024)	20.00 k	0.00	Small Cap	17.38
Sanathan Textiles Ltd.	Other textile products	1.29	29	1.29%	0.12%	1.29% (Oct 2025)	0% (Nov 2024)	60.31 k	10.16 k	Other	42.96
Jindal Steel Ltd.	Iron & steel products	1.28	28.8	1.28%	-0.06%	1.35% (Sep 2025)	0% (Nov 2024)	27.00 k	0.00	Mid Cap	10.65
PNB Housing Finance Ltd.	Housing finance company	1.28	28.8	1.28%	0.03%	1.65% (Jun 2025)	0% (Nov 2024)	31.00 k	0.00	Mid Cap	10.65
WABCO India Ltd.	Auto components & equipments	1.28	28.6	1.28%	-0.12%	1.55% (Aug 2025)	0% (Nov 2024)	2.30 k	0.00	Mid Cap	10.65
Jyoti CNC Automation Ltd.	Industrial products	3.87	28.2	1.26%	-0.05%	1.42% (Aug 2025)	0% (Nov 2024)	32.67 k	0.00	Other	42.96
- Care Ratings Ltd.	Ratings	1.18	26.5	1.18%	0.00%	1.23% (Aug 2025)	0% (Nov 2024)	16.54 k	0.00	Small Cap	17.38
- The Ramco Cements Ltd.	Cement & cement products	1.16	26.1	1.16%	0.01%	1.42% (Jul 2025)	0% (Nov 2024)	25.00 k	0.00	Mid Cap	10.65
Voltamp Transformers Ltd.	Heavy electrical equipment	2.96	25.2	1.12%	-0.03%	1.32% (Jun 2025)	0% (Nov 2024)	3.40 k	0.00	Small Cap	17.38
Spandana Sphoorty Financial Ltd.	Microfinance institutions	3.28	21.6	0.96%	-0.04%	1.28% (Feb 2025)	0% (Nov 2024)	85.00 k	0.00	Other	42.96
Spandana Sphoorty Financial Ltd. - Partly Paid Up	Microfinance institutions	3.28	2.6	0.12%	-0.01%	0.13% (Sep 2025)	0% (Nov 2024)	20.73 k	0.00	Other	42.96
Hindalco Industries Ltd.	Aluminium		37.3	0.00%	-1.75%	-	-	-	-	Large Cap	27.76
Trent Limited	Speciality retail		27.3	0.00%	-1.28%	-	-	-	-	Mid Cap	10.65
GAIL (India) Ltd.	Gas transmission/marketing		19.4	0.00%	-0.91%	-	-	-	-	Large Cap	27.76
Garware Hi-Tech Films Ltd.	Plastic products - industrial	2.41	21.6	0.00%	-1.02%	-	-	-	-	Small Cap	17.38

- indicates change in weight in the portfolio. # indicates a new entry.

New Stocks added in Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Wework India Management Ltd.	Diversified commercial services	43.3	1.93%	1.93%	1.93% (Oct 2025)	0% (Nov 2024)	67.12 k	67121
# Vedanta Ltd.	Diversified metals	32.6	1.45%	1.45%	1.45% (Oct 2025)	0% (Nov 2024)	66.00 k	66000

Stocks removed from Portfolio (in 1 month period ending 31st Oct,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Hindalco Industries Ltd.	Aluminium	37.3	0.00%	-1.75%	1.93% (Nov 2024)	0% (Nov 2024)	-49000
Trent Limited	Speciality retail	27.3	0.00%	-1.28%	1.74% (Jun 2025)	0% (Nov 2024)	-5846
GAIL (India) Ltd.	Gas transmission/marketing	19.4	0.00%	-0.91%	1.05% (May 2025)	0% (Nov 2024)	-110000
Garware Hi-Tech Films Ltd.	Plastic products - industrial	21.6	0.00%	-1.02%	1.71% (May 2025)	0% (Nov 2024)	-7355

Trend in stock holdings (Top 15 Holding)

Stock	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024
HDFC Bank Ltd.	4.33%	4.39%	4.46%	4.80%	4.71%	4.81%	5.00%	4.89%	5.60%	5.10%	4.63%	5.40%	5.29%
ICICI Bank Ltd.	3.36%	3.55%	3.73%	4.01%	4.85%	5.68%	5.89%	5.73%	5.61%	4.03%	3.47%	3.97%	4.00%
Larsen & Toubro Ltd.	3.53%	3.38%	3.55%	5.09%	5.09%	5.36%	5.12%	2.75%	2.73%	2.86%	2.80%	2.93%	3.35%
Reliance Industries Ltd.	3.54%	3.42%	3.46%	3.59%	3.84%	-	-	-	-	-	-	-	-
Bajaj Finserv Ltd	-	-	-	-	-	-	-	-	3.97%	3.13%	-	-	-
Infosys Ltd.	2.18%	2.23%	2.31%	2.41%	2.53%	2.59%	3.65%	3.93%	4.63%	5.06%	4.89%	4.91%	4.80%
State Bank Of India	-	-	-	-	-	2.98%	3.04%	3.06%	3.00%	3.13%	3.11%	3.33%	2.85%
Bharti Airtel Ltd.	2.33%	2.25%	2.77%	2.84%	2.95%	2.87%	3.03%	2.90%	2.88%	2.77%	2.62%	2.72%	2.74%
Maruti Suzuki India Ltd.	2.86%	2.49%	2.33%	2.02%	2.56%	2.92%	3.05%	2.95%	3.36%	3.22%	2.01%	2.09%	1.65%
One 97 Communications Ltd.	2.76%	2.51%	3.19%	2.92%	2.46%	1.12%	-	-	-	-	-	-	-
Syrma SGS Technology Ltd.	2.61%	2.59%	3.04%	2.84%	2.74%	1.09%	-	-	-	-	-	-	-
Onesource Specialty Pharma Ltd.	2.33%	2.44%	2.54%	2.69%	2.97%	2.73%	2.42%	2.69%	2.09%	2.48%	0.60%	-	-
Bajaj Auto Ltd.	1.51%	1.55%	1.56%	1.47%	2.53%	2.73%	2.68%	3.13%	3.09%	3.22%	2.38%	2.49%	2.20%
Eternal Ltd.	1.98%	2.14%	2.10%	2.08%	1.77%	1.68%	3.44%	3.08%	-	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	1.86%	1.10%	1.34%	1.52%	1.34%
Travel Food Services Ltd.	2.26%	2.39%	2.30%	1.95%	-	-	-	-	-	-	-	-	-