JM Flexi Cap 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 : Flexi Cap Fund

Portfolio Turnover Ratio : 187.69%. Category average turnover ratio is 108.30%. 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 : 98.18% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.18%

No of Stocks : 67 (Category Avg - 63.88) | Large Cap Investments : 39.39%| Mid Cap Investments : 8.65% | Small Cap Investments : 17.76% | Other : 32.37%

Portfolio Summary (as on 31st Dec,2025)

Particulars	This Scheme	Category
No. of Stocks	67	62.19
Top 5 Stock Weight	20.6%	25.34%
Top 10 Stock Weight	35.85%	40.49%
Top 3 Sector Weight	21.96%	31.39%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	93957.02	96502.02
Holdings in large cap stocks	39.39%	41.04%
Holdings in mid cap stocks	8.65%	13.09%
Holdings in small cap stocks	17.76%	10.54%

Category - Flexi Cap Fund

Top 10 Stocks holding in Portfolio (as on 31st Dec,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	2355.6	4.31%	-0.82%	5.13% (Nov 2025)	0% (Jan 2025)	15.00 L	-4.68 L
Larsen & Toubro Ltd.	Civil construction	2341.4	4.29%	-0.67%	5.13% (May 2025)	2.08% (Mar 2025)	5.73 L	-1.59 L
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2299.7	4.21%	-0.44%	4.65% (Nov 2025)	2.57% (Jan 2025)	10.92 L	-2.40 L
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	2193.6	4.02%	0.22%	4.85% (Aug 2025)	0% (Jan 2025)	7.94 L	0.00
Tech Mahindra Ltd.	Computers - software & consulting	2058.9	3.77%	-0.87%	4.64% (Nov 2025)	2.12% (Mar 2025)	12.94 L	-5.47 L
HDFC Bank Ltd.	Private sector bank	1784.2	3.27%	-0.08%	7.05% (Mar 2025)	3.27% (Dec 2025)	18.00 L	-2.00 L
State Bank Of India	Public sector bank	1770.1	3.24%	-1.65%	5.09% (Oct 2025)	1.94% (Jun 2025)	18.02 L	-0.12 Cr
Infosys Ltd.	Computers - software & consulting	1655.5	3.03%	0.34%	4.73% (Jan 2025)	0% (Jan 2025)	10.25 L	-0.12 L
One 97 Communications Ltd.	Financial technology (fintech)	1625.9	2.98%	0.23%	3.55% (Oct 2025)	0% (Jan 2025)	12.52 L	0.00
Dr. Reddys Laboratories Ltd.	Pharmaceuticals	1489.5	2.73%	0.70%	3.06% (Jan 2025)	0% (Jan 2025)	11.72 L	2.05 L

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

View complete holding

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

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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	4.31	2355.6	4.31%	-0.82%	5.13% (Nov 2025)	0% (Jan 2025)	15.00 L	-4.68 L	Large Cap	39.39
Larsen & Toubro Ltd.	Civil construction	4.29	2341.4	4.29%	-0.67%	5.13% (May 2025)	2.08% (Mar 2025)	5.73 L	-1.59 L	Large Cap	39.39
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	4.21	2299.7	4.21%	-0.44%	4.65% (Nov 2025)	2.57% (Jan 2025)	10.92 L	-2.40 L	Large Cap	39.39
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	4.02	2193.6	4.02%	0.22%	4.85% (Aug 2025)	0% (Jan 2025)	7.94 L	0.00	Small Cap	17.76
Tech Mahindra Ltd.	Computers - software & consulting	6.8	2058.9	3.77%	-0.87%	4.64% (Nov 2025)	2.12% (Mar 2025)	12.94 L	-5.47 L	Large Cap	39.39
HDFC Bank Ltd.	Private sector bank	8.11	1784.2	3.27%	-0.08%	7.05% (Mar 2025)	3.27% (Dec 2025)	18.00 L	-2.00 L	Other	32.37
State Bank Of India	Public sector bank	5.02	1770.1	3.24%	-1.65%	5.09% (Oct 2025)	1.94% (Jun 2025)	18.02 L	-0.12 Cr	Large Cap	39.39
Infosys Ltd.	Computers - software & consulting	6.8	1655.5	3.03%	0.34%	4.73% (Jan 2025)	0% (Jan 2025)	10.25 L	-0.12 L	Large Cap	39.39
One 97 Communications Ltd.	Financial technology (fintech)	2.98	1625.9	2.98%	0.23%	3.55% (Oct 2025)	0% (Jan 2025)	12.52 L	0.00	Other	32.37
Dr. Reddys Laboratories Ltd.	Pharmaceuticals	7.05	1489.5	2.73%	0.70%	3.06% (Jan 2025)	0% (Jan 2025)	11.72 L	2.05 L	Other	32.37
Ujjivan Small Finance Bank Ltd.	Other bank	3.9	1372.6	2.51%	0.47%	2.51% (Dec 2025)	0% (Jan 2025)	2.59 Cr	33.38 L	Other	32.37
ICICI Bank Ltd.	Private sector bank	8.11	1218.1	2.23%	-2.39%	5.96% (Feb 2025)	2.23% (Dec 2025)	9.07 L	-0.11 Cr	Large Cap	39.39
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.14	1168.8	2.14%	0.29%	4.09% (Feb 2025)	1.85% (Nov 2025)	70.00 k	0.00	Large Cap	39.39
Hindalco Industries Ltd.	Aluminium	1.88	1027.6	1.88%	1.47%	1.88% (Dec 2025)	0% (Jan 2025)	11.59 L	8.50 L	Large Cap	39.39
Punjab National Bank	Public sector bank	5.02	971.3	1.78%	0.74%	1.78% (Dec 2025)	0% (Jan 2025)	78.60 L	28.60 L	Large Cap	39.39
Adani Ports And Special Economic Zone Ltd.	Port & port services	1.71	933.3	1.71%	0.30%	2.66% (May 2025)	0% (Jan 2025)	6.35 L	75.00 k	Large Cap	39.39
Apollo Hospitals Enterprises Ltd.	Hospital	1.7	928.4	1.70%	-0.74%	2.49% (Apr 2025)	0% (Jan 2025)	1.32 L	-0.68 L	Mid Cap	8.65
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	1.65	900.3	1.65%	-0.43%	2.42% (Oct 2025)	0% (Jan 2025)	10.52 L	-2.53 L	Small Cap	17.76
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	2.17	891.1	1.63%	0.25%	2.54% (Mar 2025)	0% (Jan 2025)	31.00 L	2.50 L	Mid Cap	8.65
Hero Motocorp Ltd.	2/3 wheelers	1.59	865.7	1.58%	0.04%	1.58% (Dec 2025)	0% (Jan 2025)	1.50 L	0.00	Large Cap	39.39
InterGlobe Aviation Ltd.	Airline	1.57	860.1	1.57%	0.40%	2.48% (Mar 2025)	0% (Jan 2025)	1.70 L	50.00 k	Large Cap	39.39
# TML Commercial Vehicles Ltd.	Commercial vehicles	1.53	836.6	1.53%	1.53%	1.53% (Dec 2025)	0% (Jan 2025)	20.13 L	20.13 L	Other	32.37
360 ONE WAM Ltd.	Other financial services	1.52	833.1	1.52%	-0.10%	1.63% (Nov 2025)	0% (Jan 2025)	7.00 L	-1.27 L	Other	32.37
Amber Enterprises India Ltd.	Household appliances	1.99	830.2	1.52%	-0.49%	2.28% (Sep 2025)	0% (Jan 2025)	1.30 L	-0.39 L	Small Cap	17.76
Arvind Ltd.	Garments & apparels	1.49	811.8	1.49%	-0.01%	1.91% (Feb 2025)	1.23% (Aug 2025)	25.60 L	0.00	Small Cap	17.76
Divis Laboratories Ltd.	Pharmaceuticals	7.05	797	1.46%	0.38%	1.46% (Dec 2025)	0% (Jan 2025)	1.25 L	24.68 k	Large Cap	39.39
Eternal Ltd.	E-retail/ e-commerce	1.44	784	1.44%	-0.60%	2.43% (Sep 2025)	1.27% (Jan 2025)	28.20 L	-0.13 Cr	Other	32.37
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.4	764.9	1.40%	-0.58%	2.03% (Jun 2025)	0% (Jan 2025)	68.69 k	-0.50 L	Small Cap	17.76
Onesource Specialty Pharma Ltd.	Pharmaceuticals	7.05	764.4	1.40%	0.32%	1.52% (Jan 2025)	1% (Feb 2025)	4.22 L	0.00	Other	32.37
Newgen Software Technologies Ltd.	It enabled services	1.39	760.5	1.39%	0.07%	1.88% (May 2025)	0.88% (Jan 2025)	9.00 L	0.00	Small Cap	17.76
Equitas Small Finance Bank Ltd.	Other bank	3.9	759.2	1.39%	0.10%	1.99% (Apr 2025)	1.16% (Aug 2025)	1.21 Cr	0.00	Other	32.37
Mahindra & Mahindra Financial Services Ltd.	Non banking financial company (nbfc)	3.93	749.5	1.37%	0.78%	1.37% (Dec 2025)	0% (Jan 2025)	18.60 L	9.00 L	Mid Cap	8.65
IDFC First Bank Ltd.	Private sector bank	8.11	744.8	1.36%	0.36%	1.36% (Dec 2025)	0% (Jan 2025)	87.00 L	12.00 L	Mid Cap	8.65
ICRA Ltd.	Ratings	1.33	728.3	1.33%	0.10%	1.57% (Jan 2025)	1.24% (Nov 2025)	1.20 L	0.00	Small Cap	17.76
Jubilant Foodworks Ltd.	Restaurants	3.91	717.4	1.31%	-0.34%	2.39% (Apr 2025)	0% (Jan 2025)	12.84 L	-3.66 L	Other	32.37
Burger King India Ltd.	Restaurants	3.91	706.4	1.29%	0.13%	1.74% (Apr 2025)	1.08% (Jan 2025)	1.12 Cr	0.00	Other	32.37
# Kotak Mahindra Bank Ltd.	Private sector bank	8.11	682.3	1.25%	1.25%	3.3% (Feb 2025)	0% (Jan 2025)	3.10 L	3.10 L	Large Cap	39.39
Garware Hi-Tech Films Ltd.	Plastic products - industrial	1.19	652.5	1.19%	-0.16%	1.46% (May 2025)	0% (Jan 2025)	2.10 L	2.00 k	Small Cap	17.76
Varun Beverages Ltd.	Other beverages	1.12	612.3	1.12%	0.32%	1.12% (Dec 2025)	0% (Jan 2025)	12.50 L	2.50 L	Other	32.37
HDB Financial Services Ltd.	Non banking financial company (nbfc)	3.93	597.8	1.09%	-0.22%	2.15% (Aug 2025)	0% (Jan 2025)	7.81 L	-2.50 L	Other	32.37
Bharat Forge Ltd.	Castings & forgings	1.08	588.2	1.08%	0.12%	1.08% (Dec 2025)	0% (Jan 2025)	4.00 L	0.00	Mid Cap	8.65
LG Electronics India Pvt. Ltd.	Consumer electronics	1.06	577.8	1.06%	0.01%	1.06% (Dec 2025)	0% (Jan 2025)	3.80 L	0.00	Other	32.37
Suven Pharmaceuticals Ltd.	Pharmaceuticals	7.05	575	1.05%	0.09%	1.48% (Mar 2025)	0.96% (Jan 2025)	10.88 L	60.00 k	Other	32.37
# Tata Steel Ltd.	Iron & steel products	1.02	558.3	1.02%	1.02%	1.36% (May 2025)	0% (Jan 2025)	31.00 L	31.00 L	Other	32.37
Ultratech Cement Ltd.	Cement & cement products	1.11	514.6	0.94%	-0.22%	1.47% (Apr 2025)	0% (Jan 2025)	43.67 k	-0.16 L	Large Cap	39.39
Oracle Financial Services Software Limited	Software products	0.93	509.9	0.93%	-0.52%	1.82% (Jun 2025)	0% (Jan 2025)	66.33 k	-0.41 L	Mid Cap	8.65
Waaree Energies Ltd.	Other electrical equipment	0.79	429.1	0.79%	-0.17%	1.31% (Aug 2025)	0% (Jan 2025)	1.45 L	-0.36 L	Other	32.37
# Shriram Finance Ltd.	Non banking financial company (nbfc)	3.93	428.4	0.78%	0.78%	0.78% (Dec 2025)	0% (Jan 2025)	4.30 L	4.30 L	Other	32.37
CreditAccess Grameen Ltd.	Microfinance institutions	0.76	414.6	0.76%	-0.24%	1.31% (Aug 2025)	0.68% (Mar 2025)	3.26 L	-1.22 L	Small Cap	17.76
Travel Food Services Ltd.	Restaurants	3.91	379	0.69%	-0.03%	0.72% (Nov 2025)	0% (Jan 2025)	3.23 L	0.00	Other	32.37
Northern Arc Capital Ltd.	Non banking financial company (nbfc)	3.93	378.2	0.69%	0.01%	0.69% (Dec 2025)	0% (Jan 2025)	15.17 L	-4.18 k	Other	32.37
Devyani International Ltd.	Restaurants	3.91	341	0.62%	-0.11%	2.01% (Feb 2025)	0.62% (Dec 2025)	23.05 L	-9.32 L	Other	32.37
Star Health and Allied Insurance Co Ltd.	General insurance	0.59	324	0.59%	0.07%	0.59% (Dec 2025)	0% (Jan 2025)	7.12 L	65.00 k	Other	32.37
# Coromandel International Ltd.	Fertilizers	0.58	315.3	0.58%	0.58%	0.58% (Dec 2025)	0% (Jan 2025)	1.39 L	1.39 L	Mid Cap	8.65
Clean Science and Technology Ltd.	Commodity chemicals	0.56	307.3	0.56%	-0.02%	0.73% (Sep 2025)	0% (Jan 2025)	3.51 L	-0.34 L	Other	32.37
# Shipping Corporation Of India Ltd.	Shipping	0.76	302	0.55%	0.55%	0.55% (Dec 2025)	0% (Jan 2025)	13.03 L	13.03 L	Small Cap	17.76
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	2.17	294.5	0.54%	-0.29%	0.83% (Nov 2025)	0% (Jan 2025)	4.55 L	-2.90 L	Small Cap	17.76
Optiemus Infracom Ltd.	Telecom - equipment & accessories	0.48	262.7	0.48%	-0.01%	0.64% (Jan 2025)	0.42% (Mar 2025)	5.21 L	0.00	Small Cap	17.76
Johnson Controls-Hitachi Air Conditioning India Ltd.	Household appliances	1.99	255.7	0.47%	-0.01%	0.57% (Jul 2025)	0% (Jan 2025)	1.79 L	0.00	Small Cap	17.76
Subros Ltd.	Auto components & equipments	0.43	233.6	0.43%	0.04%	0.64% (Sep 2025)	0% (Jan 2025)	2.70 L	-0.22 k	Small Cap	17.76
Blue Jet Healthcare Ltd.	Pharmaceuticals	7.05	222.4	0.41%	0.00%	0.45% (Oct 2025)	0% (Jan 2025)	4.20 L	0.00	Other	32.37
# ICICI Prudential Asset Management Co. Ltd.	Investment company	0.37	199.6	0.37%	0.37%	0.37% (Dec 2025)	0% (Jan 2025)	75.00 k	75.00 k	Other	32.37
# Great Eastern Shipping Co. Ltd.	Shipping	0.76	112.3	0.21%	0.21%	0.21% (Dec 2025)	0% (Jan 2025)	99.49 k	99.49 k	Small Cap	17.76
# India Cements Ltd.	Cement & cement products	1.11	95.5	0.17%	0.17%	0.17% (Dec 2025)	0% (Jan 2025)	2.19 L	2.19 L	Small Cap	17.76
Indiabulls Real Estate Ltd.	Residential, commercial projects	0.16	86.6	0.16%	-0.04%	0.89% (Jun 2025)	0% (Jan 2025)	14.72 L	-0.99 L	Small Cap	17.76
Wework India Management Ltd.	Diversified commercial services	0.15	81	0.15%	0.02%	0.15% (Dec 2025)	0% (Jan 2025)	1.34 L	0.00	Other	32.37
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	1.59	7.5	0.01%	0.00%	0% (Jan 2026)	0% (Jan 2026)	7.37 L	0.00	Other	32.37
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	3.93	364	0.00%	-0.61%	-	-	-	-	Other	32.37
Hindustan Aeronautics Ltd.	Aerospace & defense		908.5	0.00%	-1.51%	-	-	-	-	Other	32.37
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	4.31	429.1	0.00%	-0.71%	-	-	-	-	Large Cap	39.39

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

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Kotak Mahindra Bank Ltd.	Private sector bank	682.3	1.25%	1.25%	3.3% (Feb 2025)	0% (Jan 2025)	3.10 L	310000
# Great Eastern Shipping Co. Ltd.	Shipping	112.3	0.21%	0.21%	0.21% (Dec 2025)	0% (Jan 2025)	99.49 k	99487
# Coromandel International Ltd.	Fertilizers	315.3	0.58%	0.58%	0.58% (Dec 2025)	0% (Jan 2025)	1.39 L	139125
# Shipping Corporation Of India Ltd.	Shipping	302	0.55%	0.55%	0.55% (Dec 2025)	0% (Jan 2025)	13.03 L	1302967
# India Cements Ltd.	Cement & cement products	95.5	0.17%	0.17%	0.17% (Dec 2025)	0% (Jan 2025)	2.19 L	219417
# Tata Steel Ltd.	Iron & steel products	558.3	1.02%	1.02%	1.36% (May 2025)	0% (Jan 2025)	31.00 L	3100000
# TML Commercial Vehicles Ltd.	Commercial vehicles	836.6	1.53%	1.53%	1.53% (Dec 2025)	0% (Jan 2025)	20.13 L	2013430
# Shriram Finance Ltd.	Non banking financial company (nbfc)	428.4	0.78%	0.78%	0.78% (Dec 2025)	0% (Jan 2025)	4.30 L	430000
# ICICI Prudential Asset Management Co. Ltd.	Investment company	199.6	0.37%	0.37%	0.37% (Dec 2025)	0% (Jan 2025)	75.00 k	75000

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	364	0.00%	-0.61%	3.06% (Mar 2025)	0% (Jan 2025)	-209676
Hindustan Aeronautics Ltd.	Aerospace & defense	908.5	0.00%	-1.51%	2.21% (May 2025)	0% (Jan 2025)	-200000
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	429.1	0.00%	-0.71%	3.04% (Jun 2025)	0% (Jan 2025)	-937999

Trend in stock holdings (Top 15 Holding)

Stock	Dec 2025	Nov 2025	Oct 2025	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024
ICICI Bank Ltd.	2.23%	4.62%	5.53%	4.95%	5.17%	4.72%	4.59%	5.13%	5.33%	5.45%	5.96%	4.95%	4.14%
HDFC Bank Ltd.	3.27%	3.35%	3.99%	3.74%	3.77%	3.99%	4.32%	4.35%	5.78%	7.05%	6.17%	6.13%	5.80%
Godfrey Phillips India Ltd.	4.02%	3.79%	3.97%	4.44%	4.85%	4.00%	3.82%	3.70%	3.61%	2.81%	1.72%	-	-
Larsen & Toubro Ltd.	4.29%	4.95%	4.86%	3.05%	3.94%	3.97%	3.88%	5.13%	3.12%	2.08%	2.83%	2.48%	2.47%
Tech Mahindra Ltd.	3.77%	4.64%	4.31%	3.37%	3.59%	2.70%	3.02%	3.72%	4.24%	2.12%	3.23%	2.93%	2.78%
Reliance Industries Ltd.	4.31%	5.13%	-	1.37%	1.98%	2.84%	4.64%	-	-	-	-	-	-
Bharti Airtel Ltd.	4.21%	4.65%	3.38%	2.95%	2.99%	2.70%	3.27%	4.08%	3.41%	2.73%	2.66%	2.57%	2.97%
State Bank Of India	3.24%	4.89%	5.09%	2.56%	2.37%	2.08%	1.94%	2.00%	3.26%	3.41%	3.27%	3.97%	3.76%
Infosys Ltd.	3.03%	2.69%	1.56%	1.54%	1.58%	-	-	3.11%	2.00%	2.57%	3.59%	4.73%	4.66%
One 97 Communications Ltd.	2.98%	2.75%	3.55%	3.10%	3.36%	3.03%	2.05%	1.02%	-	-	-	-	-
Maruti Suzuki India Ltd.	2.14%	1.85%	2.29%	2.68%	2.49%	2.12%	2.30%	3.57%	2.76%	2.55%	4.09%	3.46%	-
Kotak Mahindra Bank Ltd.	1.25%	-	-	-	-	-	-	-	2.85%	2.99%	3.30%	1.88%	-
Bajaj Auto Ltd.	-	-	-	-	-	-	-	-	2.07%	2.40%	3.36%	2.83%	1.45%
Dr. Reddys Laboratories Ltd.	2.73%	2.02%	0.49%	-	-	-	-	-	-	-	-	3.06%	3.44%
Sun Pharmaceutical Industries Ltd.	-	-	-	-	-	-	-	1.98%	2.61%	3.16%	3.12%	1.36%	1.45%