JM Flexi Cap Fund - Direct - 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 : Flexi Cap Fund

Portfolio Turnover Ratio : 173.28%. Category average turnover ratio is 42.90%. Fund manager updated portfolio more frequently than peers in last 1 year. (I.e. fund manager held stocks/bonds in the portfolio for shorter duration than peers)

Equity Holding : 98.41% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.41%

No of Stocks : 61 (Category Avg - 63.60) | Large Cap Investments : 41.95%| Mid Cap Investments : 7.81% | Small Cap Investments : 18.65% | Other : 29.96%

Portfolio Summary (as on 30th Nov,2025)

Particulars	This Scheme	Category
No. of Stocks	61	63.19
Top 5 Stock Weight	24.26%	25.4%
Top 10 Stock Weight	41.46%	40.44%
Top 3 Sector Weight	22.22%	31.21%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	108037.62	95725.14
Holdings in large cap stocks	41.95%	40.82%
Holdings in mid cap stocks	7.81%	12.95%
Holdings in small cap stocks	18.65%	10.84%

Category - Flexi Cap Fund

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
# Reliance Industries Ltd.	Refineries & marketing	3084.7	5.13%	5.13%	4.64% (Jun 2025)	0% (Nov 2024)	19.68 L	19.68 L
# Larsen & Toubro Ltd.	Civil construction	2980.4	4.95%	0.00%	5.13% (May 2025)	2.08% (Mar 2025)	7.32 L	0.00
# State Bank Of India	Public sector bank	2941.9	4.89%	0.00%	5.09% (Oct 2025)	1.94% (Jun 2025)	30.05 L	-3.00 L
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2799.8	4.65%	0.00%	4.08% (May 2025)	2.57% (Jan 2025)	13.32 L	3.32 L
# Tech Mahindra Ltd.	Computers - software & consulting	2793.2	4.64%	0.00%	4.31% (Oct 2025)	2.12% (Mar 2025)	18.41 L	0.00
# ICICI Bank Ltd.	Private sector bank	2777.6	4.62%	0.00%	5.96% (Feb 2025)	4.14% (Dec 2024)	20.00 L	-5.00 L
# Godfrey Phillips India Ltd.	Cigarettes & tobacco products	2281.5	3.79%	0.00%	4.85% (Aug 2025)	0% (Nov 2024)	7.94 L	8.98 k
# HDFC Bank Ltd.	Private sector bank	2015.2	3.35%	0.00%	7.27% (Nov 2024)	3.74% (Sep 2025)	20.00 L	-4.55 L
# One 97 Communications Ltd.	Financial technology (fintech)	1653.1	2.75%	0.00%	3.55% (Oct 2025)	0% (Nov 2024)	12.52 L	-4.03 L
# Infosys Ltd.	Computers - software & consulting	1618.2	2.69%	0.00%	4.73% (Jan 2025)	0% (Nov 2024)	10.37 L	3.97 L

- 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
# Reliance Industries Ltd.	Refineries & marketing	5.84	3084.7	5.13%	5.13%	4.64% (Jun 2025)	0% (Nov 2024)	19.68 L	19.68 L	Large Cap	41.95
# Larsen & Toubro Ltd.	Civil construction	4.95	2980.4	4.95%	0.00%	5.13% (May 2025)	2.08% (Mar 2025)	7.32 L	0.00	Large Cap	41.95
# State Bank Of India	Public sector bank	5.92	2941.9	4.89%	0.00%	5.09% (Oct 2025)	1.94% (Jun 2025)	30.05 L	-3.00 L	Large Cap	41.95
# Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.65	2799.8	4.65%	0.00%	4.08% (May 2025)	2.57% (Jan 2025)	13.32 L	3.32 L	Large Cap	41.95
# Tech Mahindra Ltd.	Computers - software & consulting	7.33	2793.2	4.64%	0.00%	4.31% (Oct 2025)	2.12% (Mar 2025)	18.41 L	0.00	Large Cap	41.95
# ICICI Bank Ltd.	Private sector bank	8.97	2777.6	4.62%	0.00%	5.96% (Feb 2025)	4.14% (Dec 2024)	20.00 L	-5.00 L	Large Cap	41.95
# Godfrey Phillips India Ltd.	Cigarettes & tobacco products	3.79	2281.5	3.79%	0.00%	4.85% (Aug 2025)	0% (Nov 2024)	7.94 L	8.98 k	Small Cap	18.65
# HDFC Bank Ltd.	Private sector bank	8.97	2015.2	3.35%	0.00%	7.27% (Nov 2024)	3.74% (Sep 2025)	20.00 L	-4.55 L	Other	29.96
# One 97 Communications Ltd.	Financial technology (fintech)	2.75	1653.1	2.75%	0.00%	3.55% (Oct 2025)	0% (Nov 2024)	12.52 L	-4.03 L	Other	29.96
# Infosys Ltd.	Computers - software & consulting	7.33	1618.2	2.69%	0.00%	4.73% (Jan 2025)	0% (Nov 2024)	10.37 L	3.97 L	Large Cap	41.95
# Apollo Hospitals Enterprises Ltd.	Hospital	2.44	1467.1	2.44%	0.00%	2.49% (Apr 2025)	0% (Nov 2024)	2.00 L	35.00 k	Mid Cap	7.81
# Motilal Oswal Financial Services Ltd.	Stockbroking & allied	2.08	1251.7	2.08%	0.00%	2.42% (Oct 2025)	0% (Nov 2024)	13.05 L	-2.01 L	Small Cap	18.65
# Ujjivan Small Finance Bank Ltd.	Other bank	3.33	1228.2	2.04%	0.00%	2.04% (Oct 2025)	0% (Nov 2024)	2.26 Cr	-0.14 Cr	Other	29.96
# Eternal Ltd.	E-retail/ e-commerce	2.03	1221.3	2.03%	0.00%	2.43% (Sep 2025)	1.27% (Jan 2025)	40.70 L	-4.01 L	Other	29.96
# Dr. Reddys Laboratories Ltd.	Pharmaceuticals	5.54	1216.7	2.02%	0.00%	3.44% (Dec 2024)	0% (Nov 2024)	9.67 L	7.17 L	Other	29.96
# Amber Enterprises India Ltd.	Household appliances	2.49	1210.1	2.01%	0.00%	2.28% (Sep 2025)	0% (Nov 2024)	1.69 L	0.00	Small Cap	18.65
# Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.98	1192.5	1.98%	0.00%	2.03% (Jun 2025)	0% (Nov 2024)	1.18 L	0.00	Small Cap	18.65
# Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	1.85	1113	1.85%	0.00%	4.09% (Feb 2025)	0% (Nov 2024)	70.00 k	-0.16 L	Large Cap	41.95
# Jubilant Foodworks Ltd.	Restaurants	4.26	992.5	1.65%	0.00%	2.39% (Apr 2025)	0% (Nov 2024)	16.50 L	0.00	Other	29.96
# 360 ONE WAM Ltd.	Other financial services	1.63	978.6	1.63%	0.00%	1.61% (Jun 2025)	0% (Nov 2024)	8.27 L	0.00	Other	29.96
# Hero Motocorp Ltd.	2/3 wheelers	1.55	926.2	1.54%	1.54%	0% (Dec 2025)	0% (Dec 2025)	1.50 L	1.50 L	Large Cap	41.95
# Hindustan Aeronautics Ltd.	Aerospace & defense	1.51	908.5	1.51%	0.00%	2.21% (May 2025)	0% (Nov 2024)	2.00 L	-0.50 L	Other	29.96
# Arvind Ltd.	Garments & apparels	1.5	902.6	1.50%	0.00%	1.91% (Feb 2025)	1.23% (Aug 2025)	25.60 L	-0.68 L	Small Cap	18.65
# Oracle Financial Services Software Limited	Software products	1.45	872.9	1.45%	0.00%	1.82% (Jun 2025)	0% (Nov 2024)	1.08 L	-0.11 L	Mid Cap	7.81
# Adani Ports And Special Economic Zone Ltd.	Port & port services	1.41	849.5	1.41%	0.00%	2.66% (May 2025)	0% (Nov 2024)	5.60 L	0.00	Large Cap	41.95
# Bharat Heavy Electricals Ltd.	Heavy electrical equipment	2.21	828.9	1.38%	0.00%	2.54% (Mar 2025)	0% (Nov 2024)	28.50 L	0.00	Mid Cap	7.81
# Garware Hi-Tech Films Ltd.	Plastic products - industrial	1.36	816.6	1.36%	0.00%	1.46% (May 2025)	0% (Nov 2024)	2.08 L	10.00 k	Small Cap	18.65
# Newgen Software Technologies Ltd.	It enabled services	1.32	792.9	1.32%	0.00%	1.88% (May 2025)	0.88% (Jan 2025)	9.00 L	0.00	Small Cap	18.65
# HDB Financial Services Ltd.	Non banking financial company (nbfc)	3.19	790.9	1.31%	0.00%	2.15% (Aug 2025)	0% (Nov 2024)	10.31 L	-6.11 L	Other	29.96
# Equitas Small Finance Bank Ltd.	Other bank	3.33	773.3	1.29%	0.00%	1.99% (Apr 2025)	1.11% (Dec 2024)	1.21 Cr	-8.92 L	Other	29.96
# ICRA Ltd.	Ratings	1.24	743	1.24%	0.00%	1.81% (Nov 2024)	1.29% (Oct 2025)	1.20 L	-1.96 k	Small Cap	18.65
# InterGlobe Aviation Ltd.	Airline	1.18	708.2	1.18%	0.00%	2.48% (Mar 2025)	0% (Nov 2024)	1.20 L	0.00	Large Cap	41.95
# Burger King India Ltd.	Restaurants	4.26	697.3	1.16%	0.00%	1.74% (Apr 2025)	0.85% (Nov 2024)	1.12 Cr	-6.00 L	Other	29.96
# Ultratech Cement Ltd.	Cement & cement products	1.16	696	1.16%	0.00%	1.47% (Apr 2025)	0% (Nov 2024)	60.00 k	0.00	Large Cap	41.95
# Divis Laboratories Ltd.	Pharmaceuticals	5.54	647.7	1.08%	0.00%	1.11% (Oct 2025)	0% (Nov 2024)	1.00 L	0.00	Large Cap	41.95
# Onesource Specialty Pharma Ltd.	Pharmaceuticals	5.54	646.9	1.08%	0.00%	1.52% (Jan 2025)	0% (Nov 2024)	4.22 L	-6.88 k	Other	29.96
# LG Electronics India Pvt. Ltd.	Consumer electronics	1.05	630.1	1.05%	0.00%	0.23% (Oct 2025)	0% (Nov 2024)	3.80 L	2.97 L	Other	29.96
# Punjab National Bank	Public sector bank	5.92	622.5	1.03%	1.03%	0% (Dec 2025)	0% (Dec 2025)	50.00 L	50.00 L	Large Cap	41.95
# IDFC First Bank Ltd.	Private sector bank	8.97	601	1.00%	0.00%	1.13% (Oct 2025)	0% (Nov 2024)	75.00 L	-9.00 L	Mid Cap	7.81
# CreditAccess Grameen Ltd.	Microfinance institutions	0.99	598.5	0.99%	0.00%	1.31% (Aug 2025)	0% (Nov 2024)	4.48 L	-1.10 L	Small Cap	18.65
# Suven Pharmaceuticals Ltd.	Pharmaceuticals	5.54	580	0.96%	0.00%	1.48% (Mar 2025)	0.96% (Jan 2025)	10.28 L	98.30 k	Other	29.96
# Bharat Forge Ltd.	Castings & forgings	0.95	573.5	0.95%	0.00%	0.87% (Oct 2025)	0% (Nov 2024)	4.00 L	1.49 k	Mid Cap	7.81
# Waaree Energies Ltd.	Other electrical equipment	0.95	573.5	0.95%	0.00%	1.31% (Aug 2025)	0% (Nov 2024)	1.81 L	-0.19 L	Other	29.96
# CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	2.21	501.2	0.83%	0.00%	0.64% (Oct 2025)	0% (Nov 2024)	7.45 L	2.15 L	Small Cap	18.65
# Varun Beverages Ltd.	Other beverages	0.8	481.6	0.80%	0.00%	0.82% (Feb 2025)	0% (Nov 2024)	10.00 L	0.00	Other	29.96
# Devyani International Ltd.	Restaurants	4.26	439.1	0.73%	0.00%	2.01% (Feb 2025)	1.16% (Nov 2024)	32.37 L	-0.13 Cr	Other	29.96
# Travel Food Services Ltd.	Restaurants	4.26	435	0.72%	0.00%	0.7% (Oct 2025)	0% (Nov 2024)	3.23 L	0.00	Other	29.96
# Hindustan Petroleum Corporation Ltd.	Refineries & marketing	5.84	429.1	0.71%	0.00%	3.04% (Jun 2025)	0% (Nov 2024)	9.38 L	-0.13 Cr	Large Cap	41.95
# Northern Arc Capital Ltd.	Non banking financial company (nbfc)	3.19	409.8	0.68%	0.00%	0.69% (Sep 2025)	0% (Nov 2024)	15.21 L	0.00	Other	29.96
# Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	3.19	364	0.61%	0.00%	3.06% (Mar 2025)	0% (Nov 2024)	2.10 L	-4.41 L	Other	29.96
# Mahindra & Mahindra Financial Services Ltd.	Non banking financial company (nbfc)	3.19	356.9	0.59%	0.59%	0% (Dec 2025)	0% (Dec 2025)	9.60 L	9.60 L	Mid Cap	7.81
# Clean Science and Technology Ltd.	Commodity chemicals	0.58	351.7	0.58%	0.00%	0.73% (Sep 2025)	0% (Nov 2024)	3.85 L	-0.25 L	Other	29.96
# Star Health and Allied Insurance Co Ltd.	General insurance	0.52	315.8	0.52%	0.52%	0% (Dec 2025)	0% (Dec 2025)	6.47 L	6.47 L	Other	29.96
# Optiemus Infracom Ltd.	Telecom - equipment & accessories	0.49	293.5	0.49%	0.00%	0.64% (Jan 2025)	0% (Nov 2024)	5.21 L	0.00	Small Cap	18.65
# Johnson Controls-Hitachi Air Conditioning India Ltd.	Household appliances	2.49	288.9	0.48%	0.00%	0.57% (Jul 2025)	0% (Nov 2024)	1.79 L	-2.00 k	Small Cap	18.65
# Hindalco Industries Ltd.	Aluminium	0.42	249.7	0.42%	0.42%	1.39% (Mar 2025)	0% (Nov 2024)	3.09 L	3.09 L	Large Cap	41.95
# Blue Jet Healthcare Ltd.	Pharmaceuticals	5.54	242.7	0.40%	0.00%	0.45% (Oct 2025)	0% (Nov 2024)	4.20 L	0.00	Other	29.96
# Subros Ltd.	Auto components & equipments	0.38	230.9	0.38%	0.00%	0.64% (Sep 2025)	0% (Nov 2024)	2.70 L	-0.40 L	Small Cap	18.65
# Indiabulls Real Estate Ltd.	Residential, commercial projects	0.2	121.4	0.20%	0.00%	0.89% (Jun 2025)	0% (Nov 2024)	15.71 L	-0.29 Cr	Small Cap	18.65
# Wework India Management Ltd.	Diversified commercial services	0.13	80.2	0.13%	0.00%	0.14% (Oct 2025)	0% (Nov 2024)	1.34 L	0.00	Other	29.96
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.55	7.5	0.01%	0.00%	0% (Dec 2025)	0% (Dec 2025)	7.37 L	0.00	Other	29.96
Schloss Bangalore Ltd.	Hotels & resorts		92.6	0.00%	-0.15%	-	-	-	-	Other	29.96
Trent Limited	Speciality retail		704.1	0.00%	-1.16%	-	-	-	-	Mid Cap	7.81
TVS Motor Company Ltd.	2/3 wheelers	1.55	526.3	0.00%	-0.87%	-	-	-	-	Mid Cap	7.81
Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	5.54	378.2	0.00%	-0.62%	-	-	-	-	Mid Cap	7.81
Mrs.Bectors Food Specialities Ltd.	Packaged foods		366.3	0.00%	-0.60%	-	-	-	-	Other	29.96
Kaynes Technology India Private Ltd.	Industrial products		705	0.00%	-1.16%	-	-	-	-	Other	29.96
Kirloskar Oil Engines Ltd.	Compressors, pumps & diesel engines		910.5	0.00%	-1.50%	-	-	-	-	Small Cap	18.65
Blue Star Ltd.	Household appliances	2.49	209.7	0.00%	-0.34%	-	-	-	-	Small Cap	18.65

- 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)	356.9	0.59%	0.59%	0% (Dec 2025)	0% (Dec 2025)	9.60 L	959761
# Reliance Industries Ltd.	Refineries & marketing	3084.7	5.13%	5.13%	4.64% (Jun 2025)	0% (Nov 2024)	19.68 L	1967880
# Hindalco Industries Ltd.	Aluminium	249.7	0.42%	0.42%	1.39% (Mar 2025)	0% (Nov 2024)	3.09 L	308894
# Punjab National Bank	Public sector bank	622.5	1.03%	1.03%	0% (Dec 2025)	0% (Dec 2025)	50.00 L	5000000
# Hero Motocorp Ltd.	2/3 wheelers	926.2	1.54%	1.54%	0% (Dec 2025)	0% (Dec 2025)	1.50 L	150000
# Star Health and Allied Insurance Co Ltd.	General insurance	315.8	0.52%	0.52%	0% (Dec 2025)	0% (Dec 2025)	6.47 L	647154

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	1M Change in Qty
Schloss Bangalore Ltd.	Hotels & resorts	92.6	0.00%	-0.15%	0.87% (May 2025)	0% (Nov 2024)	-213606
Trent Limited	Speciality retail	704.1	0.00%	-1.16%	1.67% (Aug 2025)	0% (Nov 2024)	-150000
TVS Motor Company Ltd.	2/3 wheelers	526.3	0.00%	-0.87%	1.12% (Sep 2025)	0% (Nov 2024)	-150000
Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	378.2	0.00%	-0.62%	1.34% (Nov 2024)	0% (Nov 2024)	-200000
Mrs.Bectors Food Specialities Ltd.	Packaged foods	366.3	0.00%	-0.60%	1.62% (Nov 2024)	0.6% (Oct 2025)	-273476
Kaynes Technology India Private Ltd.	Industrial products	705	0.00%	-1.16%	1.7% (Sep 2025)	0% (Nov 2024)	-105149
Kirloskar Oil Engines Ltd.	Compressors, pumps & diesel engines	910.5	0.00%	-1.50%	2.17% (May 2025)	0.85% (Jan 2025)	-910558
Blue Star Ltd.	Household appliances	209.7	0.00%	-0.34%	2.14% (Mar 2025)	0% (Nov 2024)	-108219

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.	3.35%	3.99%	3.74%	3.77%	3.99%	4.32%	4.35%	5.78%	7.05%	6.17%	6.13%	5.80%	7.27%
ICICI Bank Ltd.	4.62%	5.53%	4.95%	5.17%	4.72%	4.59%	5.13%	5.33%	5.45%	5.96%	4.95%	4.14%	4.98%
Godfrey Phillips India Ltd.	3.79%	3.97%	4.44%	4.85%	4.00%	3.82%	3.70%	3.61%	2.81%	1.72%	-	-	-
Larsen & Toubro Ltd.	4.95%	4.86%	3.05%	3.94%	3.97%	3.88%	5.13%	3.12%	2.08%	2.83%	2.48%	2.47%	2.72%
Tech Mahindra Ltd.	4.64%	4.31%	3.37%	3.59%	2.70%	3.02%	3.72%	4.24%	2.12%	3.23%	2.93%	2.78%	2.74%
State Bank Of India	4.89%	5.09%	2.56%	2.37%	2.08%	1.94%	2.00%	3.26%	3.41%	3.27%	3.97%	3.76%	4.23%
Bharti Airtel Ltd.	4.65%	3.38%	2.95%	2.99%	2.70%	3.27%	4.08%	3.41%	2.73%	2.66%	2.57%	2.97%	3.42%
Reliance Industries Ltd.	5.13%	-	1.37%	1.98%	2.84%	4.64%	-	-	-	-	-	-	-
Infosys Ltd.	2.69%	1.56%	1.54%	1.58%	-	-	3.11%	2.00%	2.57%	3.59%	4.73%	4.66%	4.38%
Kotak Mahindra Bank Ltd.	-	-	-	-	-	-	-	2.85%	2.99%	3.30%	1.88%	-	-
Maruti Suzuki India Ltd.	1.85%	2.29%	2.68%	2.49%	2.12%	2.30%	3.57%	2.76%	2.55%	4.09%	3.46%	-	-
One 97 Communications Ltd.	2.75%	3.55%	3.10%	3.36%	3.03%	2.05%	1.02%	-	-	-	-	-	-
Dr. Reddys Laboratories Ltd.	2.02%	0.49%	-	-	-	-	-	-	-	-	3.06%	3.44%	2.45%
Eternal Ltd.	2.03%	2.34%	2.43%	2.10%	2.05%	1.71%	1.60%	3.28%	3.04%	-	-	-	-
Zomato Ltd.	-	-	-	-	-	-	-	-	-	1.66%	1.27%	1.47%	1.27%
Bajaj Auto Ltd.	-	-	-	-	-	-	-	2.07%	2.40%	3.36%	2.83%	1.45%	1.59%