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

Equity Holding : 98.70% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.70%

No of Stocks : 50 (Category Avg - 54.07) | Large Cap Investments : 28.71%| Mid Cap Investments : 13.34% | Small Cap Investments : 14.92% | Other : 41.72%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	50	54.07
Top 5 Stock Weight	17.68%	27.58%
Top 10 Stock Weight	30.27%	44.08%
Top 3 Sector Weight	26.88%	32.31%

Category - ELSS

Particulars	This Scheme	Category
Average mcap (Cr)	74199.58	94947.43
Holdings in large cap stocks	28.71%	39.41%
Holdings in mid cap stocks	13.34%	11.52%
Holdings in small cap stocks	14.92%	16.61%

Category - ELSS

Top 10 Stocks holding in Portfolio (as on 30th Nov,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	99	4.34%	0.00%	5.6% (Feb 2025)	4.33% (Oct 2025)	98.26 k	0.00
# Reliance Industries Ltd.	Refineries & marketing	83.7	3.67%	0.00%	3.84% (Jun 2025)	0% (Nov 2024)	53.40 k	0.00
# Larsen & Toubro Ltd.	Civil construction	80	3.50%	0.00%	5.36% (May 2025)	2.73% (Feb 2025)	19.65 k	0.00
# ICICI Bank Ltd.	Private sector bank	77.8	3.41%	0.00%	5.89% (Apr 2025)	3.36% (Oct 2025)	56.00 k	0.00
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	62.9	2.76%	0.00%	3.36% (Feb 2025)	2.01% (Dec 2024)	3.96 k	0.00
# One 97 Communications Ltd.	Financial technology (fintech)	62.7	2.75%	0.00%	3.19% (Aug 2025)	0% (Nov 2024)	47.50 k	0.00
# Max Financial Services Ltd.	Life insurance	62	2.71%	0.00%	2.51% (Oct 2025)	0% (Nov 2024)	36.40 k	0.00
# 360 ONE WAM Ltd.	Other financial services	55	2.41%	0.00%	2.66% (Jun 2025)	0% (Nov 2024)	46.50 k	0.00
# Karur Vysya Bank Ltd	Private sector bank	54.1	2.37%	0.00%	2.36% (Oct 2025)	0% (Nov 2024)	2.18 L	0.00
# Syrma SGS Technology Ltd.	Industrial products	53.7	2.35%	0.00%	3.04% (Aug 2025)	0% (Nov 2024)	65.46 k	-6.50 k

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

View complete holding

Complete equity Portfolio (as on 30th Nov,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	11.93	99	4.34%	0.00%	5.6% (Feb 2025)	4.33% (Oct 2025)	98.26 k	0.00	Other	41.72
# Reliance Industries Ltd.	Refineries & marketing	3.67	83.7	3.67%	0.00%	3.84% (Jun 2025)	0% (Nov 2024)	53.40 k	0.00	Large Cap	28.71
# Larsen & Toubro Ltd.	Civil construction	3.5	80	3.50%	0.00%	5.36% (May 2025)	2.73% (Feb 2025)	19.65 k	0.00	Large Cap	28.71
# ICICI Bank Ltd.	Private sector bank	11.93	77.8	3.41%	0.00%	5.89% (Apr 2025)	3.36% (Oct 2025)	56.00 k	0.00	Large Cap	28.71
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.76	62.9	2.76%	0.00%	3.36% (Feb 2025)	2.01% (Dec 2024)	3.96 k	0.00	Large Cap	28.71
# One 97 Communications Ltd.	Financial technology (fintech)	2.75	62.7	2.75%	0.00%	3.19% (Aug 2025)	0% (Nov 2024)	47.50 k	0.00	Other	41.72
# Max Financial Services Ltd.	Life insurance	2.71	62	2.71%	0.00%	2.51% (Oct 2025)	0% (Nov 2024)	36.40 k	0.00	Mid Cap	13.34
# 360 ONE WAM Ltd.	Other financial services	2.41	55	2.41%	0.00%	2.66% (Jun 2025)	0% (Nov 2024)	46.50 k	0.00	Other	41.72
# Karur Vysya Bank Ltd	Private sector bank	11.93	54.1	2.37%	0.00%	2.36% (Oct 2025)	0% (Nov 2024)	2.18 L	0.00	Small Cap	14.92
# Syrma SGS Technology Ltd.	Industrial products	2.35	53.7	2.35%	0.00%	3.04% (Aug 2025)	0% (Nov 2024)	65.46 k	-6.50 k	Other	41.72
# Cartrade Tech Ltd.	E-retail/ e-commerce	4.19	53.6	2.35%	0.00%	2.34% (Oct 2025)	0% (Nov 2024)	17.36 k	0.00	Other	41.72
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.34	53.5	2.34%	0.00%	3.03% (Apr 2025)	2.25% (Sep 2025)	25.45 k	0.00	Large Cap	28.71
# Lupin Ltd.	Pharmaceuticals	7.41	52.1	2.28%	0.00%	1.97% (May 2025)	0% (Nov 2024)	25.00 k	2.50 k	Large Cap	28.71
# Travel Food Services Ltd.	Restaurants	4.31	51.8	2.27%	0.00%	2.39% (Sep 2025)	0% (Nov 2024)	38.49 k	0.00	Other	41.72
# Infosys Ltd.	Computers - software & consulting	7.54	50.2	2.20%	0.00%	5.06% (Jan 2025)	2.18% (Oct 2025)	32.17 k	-0.79 k	Large Cap	28.71
# Polycab India Limited	Cables - electricals	2.13	48.6	2.13%	0.00%	2.23% (Oct 2025)	0% (Nov 2024)	6.50 k	0.00	Other	41.72
# Onesource Specialty Pharma Ltd.	Pharmaceuticals	7.41	47.8	2.09%	0.00%	2.97% (Jun 2025)	0% (Nov 2024)	31.20 k	3.00 k	Other	41.72
# Coforge Ltd.	Computers - software & consulting	7.54	47.7	2.09%	0.00%	2.3% (Jun 2025)	0% (Nov 2024)	25.00 k	0.00	Other	41.72
# Jubilant Foodworks Ltd.	Restaurants	4.31	46.6	2.04%	0.00%	2.33% (Apr 2025)	1.11% (Nov 2024)	77.50 k	16.00 k	Other	41.72
# Shaily Engineering Plastics Ltd.	Plastic products - industrial	2.03	46.4	2.03%	0.00%	2.71% (Aug 2025)	0% (Nov 2024)	17.84 k	-5.90 k	Other	41.72
# KEC International Ltd.	Heavy electrical equipment	3.46	46.3	2.03%	0.00%	2.07% (Sep 2025)	0% (Nov 2024)	67.49 k	17.00 k	Small Cap	14.92
# PNB Housing Finance Ltd.	Housing finance company	2	45.5	2.00%	0.00%	1.65% (Jun 2025)	0% (Nov 2024)	50.30 k	19.30 k	Mid Cap	13.34
# Wework India Management Ltd.	Diversified commercial services	1.97	45	1.97%	0.00%	1.93% (Oct 2025)	0% (Nov 2024)	75.12 k	8.00 k	Other	41.72
# Bajaj Finance Ltd.	Non banking financial company (nbfc)	5.54	44.1	1.93%	0.00%	3.04% (Mar 2025)	0% (Nov 2024)	42.50 k	0.00	Other	41.72
# United Spirits Ltd.	Breweries & distilleries	1.91	43.7	1.91%	0.00%	1.7% (Oct 2025)	0% (Nov 2024)	30.10 k	3.50 k	Large Cap	28.71
# Godfrey Phillips India Ltd.	Cigarettes & tobacco products	1.87	42.6	1.87%	0.00%	2.6% (Aug 2025)	0% (Nov 2024)	14.84 k	0.00	Small Cap	14.92
# Mahindra & Mahindra Financial Services Ltd.	Non banking financial company (nbfc)	5.54	42	1.84%	1.84%	0% (Dec 2025)	0% (Dec 2025)	1.13 L	1.13 L	Mid Cap	13.34
# Eternal Ltd.	E-retail/ e-commerce	4.19	42	1.84%	0.00%	2.14% (Sep 2025)	1.1% (Jan 2025)	1.40 L	0.00	Other	41.72
# Kotak Mahindra Bank Ltd.	Private sector bank	11.93	41.2	1.81%	0.00%	2.25% (Mar 2025)	0% (Nov 2024)	19.40 k	0.00	Large Cap	28.71
# Northern Arc Capital Ltd.	Non banking financial company (nbfc)	5.54	40.4	1.77%	0.00%	1.91% (Sep 2025)	0% (Nov 2024)	1.50 L	0.00	Other	41.72
# Vedanta Ltd.	Diversified metals	1.74	39.7	1.74%	0.00%	1.45% (Oct 2025)	0% (Nov 2024)	75.50 k	9.50 k	Large Cap	28.71
# Neuland Laboratories Ltd.	Pharmaceuticals	7.41	38.6	1.69%	0.00%	1.65% (Jan 2025)	1.21% (Jun 2025)	2.23 k	0.00	Small Cap	14.92
# Persistent Systems Ltd.	Computers - software & consulting	7.54	38.1	1.67%	0.00%	1.58% (Oct 2025)	0% (Nov 2024)	6.00 k	0.00	Other	41.72
# Tinna Rubber and Infrastructure Ltd.	Specialty chemicals	1.66	37.9	1.66%	0.00%	1.99% (Sep 2025)	0% (Nov 2024)	45.04 k	0.00	Small Cap	14.92
# Sanathan Textiles Ltd.	Other textile products	1.66	37.9	1.66%	0.00%	1.29% (Oct 2025)	0% (Nov 2024)	81.18 k	20.86 k	Other	41.72
# Cummins India Ltd.	Compressors, pumps & diesel engines	1.58	36.1	1.58%	0.00%	1.99% (Mar 2025)	1.23% (Dec 2024)	8.05 k	0.00	Mid Cap	13.34
# Tech Mahindra Ltd.	Computers - software & consulting	7.54	36	1.58%	0.00%	2.47% (Nov 2024)	1.51% (Oct 2025)	23.75 k	0.00	Large Cap	28.71
# BSE Ltd.	Exchange and data platform	1.57	35.8	1.57%	0.00%	1.74% (Oct 2025)	0% (Nov 2024)	12.35 k	-3.40 k	Small Cap	14.92
# Max Healthcare Institute Ltd.	Hospital	1.57	35.8	1.57%	0.00%	1.71% (Jun 2025)	0% (Nov 2024)	30.80 k	4.50 k	Other	41.72
# Bajaj Auto Ltd.	2/3 wheelers	1.51	34.5	1.51%	0.00%	3.22% (Jan 2025)	1.47% (Jul 2025)	3.80 k	0.00	Large Cap	28.71
# Prestige Estates Projects Ltd.	Residential, commercial projects	1.5	34.1	1.50%	0.00%	1.58% (Oct 2025)	0% (Nov 2024)	20.35 k	0.00	Mid Cap	13.34
# Voltamp Transformers Ltd.	Heavy electrical equipment	3.46	32.6	1.43%	0.00%	1.32% (Jun 2025)	0% (Nov 2024)	4.00 k	600.00	Small Cap	14.92
# Blue Jet Healthcare Ltd.	Pharmaceuticals	7.41	30.9	1.35%	0.00%	1.56% (Oct 2025)	0% (Nov 2024)	53.40 k	0.00	Other	41.72
# WABCO India Ltd.	Auto components & equipments	1.33	30.4	1.33%	0.00%	1.55% (Aug 2025)	0% (Nov 2024)	2.30 k	0.00	Mid Cap	13.34
# Jindal Steel Ltd.	Iron & steel products	1.24	28.2	1.24%	0.00%	1.35% (Sep 2025)	0% (Nov 2024)	27.00 k	0.00	Mid Cap	13.34
# Deepak Fertilisers & Petrochemicals Corp. Ltd.	Commodity chemicals	1.2	27.4	1.20%	0.00%	1.64% (Jun 2025)	0% (Nov 2024)	20.00 k	0.00	Small Cap	14.92
# The Ramco Cements Ltd.	Cement & cement products	1.14	25.9	1.14%	0.00%	1.42% (Jul 2025)	0% (Nov 2024)	25.00 k	0.00	Mid Cap	13.34
# Care Ratings Ltd.	Ratings	1.1	25.2	1.10%	0.00%	1.23% (Aug 2025)	0% (Nov 2024)	16.54 k	0.00	Small Cap	14.92
# Spandana Sphoorty Financial Ltd.	Microfinance institutions	1.11	22.5	0.99%	0.00%	1.28% (Feb 2025)	0% (Nov 2024)	85.00 k	0.00	Other	41.72
# Spandana Sphoorty Financial Ltd. - Partly Paid Up	Microfinance institutions	1.11	2.8	0.12%	0.00%	0.13% (Sep 2025)	0% (Nov 2024)	20.73 k	0.00	Other	41.72
CreditAccess Grameen Ltd.	Microfinance institutions	1.11	49.3	0.00%	-2.20%	-	-	-	-	Small Cap	14.92
Jyoti CNC Automation Ltd.	Industrial products	2.35	28.2	0.00%	-1.26%	-	-	-	-	Other	41.72

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

New Stocks added in Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Mahindra & Mahindra Financial Services Ltd.	Non banking financial company (nbfc)	42	1.84%	1.84%	0% (Dec 2025)	0% (Dec 2025)	1.13 L	113000

Stocks removed from Portfolio (in 1 month period ending 30th Nov,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
CreditAccess Grameen Ltd.	Microfinance institutions	49.3	0.00%	-2.20%	2.78% (Aug 2025)	0.91% (Nov 2024)	0.00	-34601
Jyoti CNC Automation Ltd.	Industrial products	28.2	0.00%	-1.26%	1.42% (Aug 2025)	0% (Nov 2024)	0.00	-32665

Trend in stock holdings (Top 15 Holding)

Stock	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024
HDFC Bank Ltd.	4.34%	4.33%	4.39%	4.46%	4.80%	4.71%	4.81%	5.00%	4.89%	5.60%	5.10%	4.63%	5.40%
ICICI Bank Ltd.	3.41%	3.36%	3.55%	3.73%	4.01%	4.85%	5.68%	5.89%	5.73%	5.61%	4.03%	3.47%	3.97%
Larsen & Toubro Ltd.	3.50%	3.53%	3.38%	3.55%	5.09%	5.09%	5.36%	5.12%	2.75%	2.73%	2.86%	2.80%	2.93%
Reliance Industries Ltd.	3.67%	3.54%	3.42%	3.46%	3.59%	3.84%	-	-	-	-	-	-	-
Bajaj Finserv Ltd	-	-	-	-	-	-	-	-	-	3.97%	3.13%	-	-
Infosys Ltd.	2.20%	2.18%	2.23%	2.31%	2.41%	2.53%	2.59%	3.65%	3.93%	4.63%	5.06%	4.89%	4.91%
State Bank Of India	-	-	-	-	-	-	2.98%	3.04%	3.06%	3.00%	3.13%	3.11%	3.33%
Bharti Airtel Ltd.	2.34%	2.33%	2.25%	2.77%	2.84%	2.95%	2.87%	3.03%	2.90%	2.88%	2.77%	2.62%	2.72%
Maruti Suzuki India Ltd.	2.76%	2.86%	2.49%	2.33%	2.02%	2.56%	2.92%	3.05%	2.95%	3.36%	3.22%	2.01%	2.09%
One 97 Communications Ltd.	2.75%	2.76%	2.51%	3.19%	2.92%	2.46%	1.12%	-	-	-	-	-	-
Syrma SGS Technology Ltd.	2.35%	2.61%	2.59%	3.04%	2.84%	2.74%	1.09%	-	-	-	-	-	-
Onesource Specialty Pharma Ltd.	2.09%	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%	1.51%	1.55%	1.56%	1.47%	2.53%	2.73%	2.68%	3.13%	3.09%	3.22%	2.38%	2.49%
Max Financial Services Ltd.	2.71%	2.51%	2.26%	2.33%	2.22%	2.09%	1.66%	-	-	-	-	-	-
Eternal Ltd.	1.84%	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%