JM Flexi Cap Fund - IDCW

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 : 160.54%. Category average turnover ratio is 121.49%. 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 : 98.93% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 98.93%

No of Stocks : 63 (Category Avg - 63.19) | Large Cap Investments : 33.53%| Mid Cap Investments : 9.63% | Small Cap Investments : 21.67% | Other : 34.09%

Portfolio Summary (as on 31st Oct,2025)

Particulars	This Scheme	Category
No. of Stocks	63	62.86
Top 5 Stock Weight	23.78%	25.13%
Top 10 Stock Weight	39.44%	40.11%
Top 3 Sector Weight	21.65%	30.54%

Category - Flexi Cap Fund

Particulars	This Scheme	Category
Average mcap (Cr)	64299.23	90047.83
Holdings in large cap stocks	33.53%	39.52%
Holdings in mid cap stocks	9.63%	12.99%
Holdings in small cap stocks	21.67%	11.31%

Category - Flexi Cap Fund

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
ICICI Bank Ltd.	Private sector bank	3363.3	5.53%	0.58%	5.96% (Feb 2025)	4.14% (Dec 2024)	25.00 L	3.00 L
State Bank Of India	Public sector bank	3096.8	5.09%	2.54%	5.09% (Oct 2025)	1.94% (Jun 2025)	33.05 L	15.50 L
Larsen & Toubro Ltd.	Civil construction	2952.1	4.86%	1.80%	5.13% (May 2025)	2.08% (Mar 2025)	7.32 L	2.32 L
Tech Mahindra Ltd.	Computers - software & consulting	2622.2	4.31%	0.94%	4.31% (Oct 2025)	2.12% (Mar 2025)	18.41 L	4.00 L
HDFC Bank Ltd.	Private sector bank	2424.1	3.99%	0.25%	7.27% (Nov 2024)	3.74% (Sep 2025)	24.55 L	1.00 L
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	2416.4	3.97%	-0.46%	4.85% (Aug 2025)	0% (Nov 2024)	7.85 L	0.00
One 97 Communications Ltd.	Financial technology (fintech)	2155.9	3.55%	0.44%	3.55% (Oct 2025)	0% (Nov 2024)	16.54 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2054.5	3.38%	0.43%	4.08% (May 2025)	2.57% (Jan 2025)	10.00 L	60.00 k
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	1472.4	2.42%	0.18%	2.42% (Oct 2025)	0% (Nov 2024)	15.05 L	0.00
Eternal Ltd.	E-retail/ e-commerce	1420.5	2.34%	-0.09%	2.43% (Sep 2025)	1.27% (Jan 2025)	44.70 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
ICICI Bank Ltd.	Private sector bank	10.65	3363.3	5.53%	0.58%	5.96% (Feb 2025)	4.14% (Dec 2024)	25.00 L	3.00 L	Large Cap	33.53
State Bank Of India	Public sector bank	5.09	3096.8	5.09%	2.54%	5.09% (Oct 2025)	1.94% (Jun 2025)	33.05 L	15.50 L	Large Cap	33.53
Larsen & Toubro Ltd.	Civil construction	4.86	2952.1	4.86%	1.80%	5.13% (May 2025)	2.08% (Mar 2025)	7.32 L	2.32 L	Large Cap	33.53
Tech Mahindra Ltd.	Computers - software & consulting	5.87	2622.2	4.31%	0.94%	4.31% (Oct 2025)	2.12% (Mar 2025)	18.41 L	4.00 L	Large Cap	33.53
HDFC Bank Ltd.	Private sector bank	10.65	2424.1	3.99%	0.25%	7.27% (Nov 2024)	3.74% (Sep 2025)	24.55 L	1.00 L	Other	34.09
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	3.97	2416.4	3.97%	-0.46%	4.85% (Aug 2025)	0% (Nov 2024)	7.85 L	0.00	Small Cap	21.67
One 97 Communications Ltd.	Financial technology (fintech)	3.55	2155.9	3.55%	0.44%	3.55% (Oct 2025)	0% (Nov 2024)	16.54 L	0.00	Other	34.09
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	3.38	2054.5	3.38%	0.43%	4.08% (May 2025)	2.57% (Jan 2025)	10.00 L	60.00 k	Large Cap	33.53
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	2.42	1472.4	2.42%	0.18%	2.42% (Oct 2025)	0% (Nov 2024)	15.05 L	0.00	Small Cap	21.67
Eternal Ltd.	E-retail/ e-commerce	2.34	1420.5	2.34%	-0.09%	2.43% (Sep 2025)	1.27% (Jan 2025)	44.70 L	0.00	Other	34.09
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	2.29	1392	2.29%	-0.39%	4.09% (Feb 2025)	0% (Nov 2024)	86.00 k	-0.14 L	Large Cap	33.53
Amber Enterprises India Ltd.	Household appliances	3.08	1354.3	2.23%	-0.05%	2.28% (Sep 2025)	0% (Nov 2024)	1.69 L	0.00	Small Cap	21.67
Apollo Hospitals Enterprises Ltd.	Hospital	2.08	1267.4	2.08%	0.11%	2.49% (Apr 2025)	0% (Nov 2024)	1.65 L	5.34 k	Mid Cap	9.63
Ujjivan Small Finance Bank Ltd.	Other bank	3.25	1241.7	2.04%	0.19%	2.04% (Oct 2025)	0% (Nov 2024)	2.40 Cr	17.15 k	Other	34.09
HDB Financial Services Ltd.	Non banking financial company (nbfc)	4.47	1201	1.98%	-0.08%	2.15% (Aug 2025)	0% (Nov 2024)	16.42 L	0.00	Other	34.09
Hindustan Aeronautics Ltd.	Aerospace & defense	1.92	1170	1.92%	0.34%	2.21% (May 2025)	0% (Nov 2024)	2.50 L	50.00 k	Other	34.09
Cholamandalam Investment & Finance Co. Ltd.	Non banking financial company (nbfc)	4.47	1103.4	1.81%	0.31%	3.06% (Mar 2025)	0% (Nov 2024)	6.50 L	90.00 k	Other	34.09
Multi Commodity Exchange Of India Ltd.	Exchange and data platform	1.8	1094.2	1.80%	-0.02%	2.03% (Jun 2025)	0% (Nov 2024)	1.18 L	-0.21 L	Small Cap	21.67
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	1.77	1077.2	1.77%	-0.05%	3.04% (Jun 2025)	0% (Nov 2024)	22.63 L	-2.00 L	Large Cap	33.53
Oracle Financial Services Software Limited	Software products	1.66	1008	1.66%	-0.09%	1.82% (Jun 2025)	0% (Nov 2024)	1.18 L	-6.08 k	Mid Cap	9.63
Jubilant Foodworks Ltd.	Restaurants	4.83	986.5	1.62%	-0.08%	2.39% (Apr 2025)	0% (Nov 2024)	16.50 L	0.00	Other	34.09
Infosys Ltd.	Computers - software & consulting	5.87	948.7	1.56%	0.02%	4.73% (Jan 2025)	0% (Nov 2024)	6.40 L	0.00	Large Cap	33.53
Kirloskar Oil Engines Ltd.	Compressors, pumps & diesel engines	1.5	910.5	1.50%	-0.08%	2.17% (May 2025)	0.85% (Jan 2025)	9.11 L	-1.17 L	Small Cap	21.67
360 ONE WAM Ltd.	Other financial services	1.47	893.8	1.47%	0.06%	1.61% (Jun 2025)	0% (Nov 2024)	8.27 L	0.00	Other	34.09
Newgen Software Technologies Ltd.	It enabled services	1.44	878.4	1.44%	0.11%	1.88% (May 2025)	0.88% (Jan 2025)	9.00 L	0.00	Small Cap	21.67
Arvind Ltd.	Garments & apparels	1.38	837.9	1.38%	0.04%	1.91% (Feb 2025)	1.23% (Aug 2025)	26.28 L	0.00	Small Cap	21.67
Adani Ports And Special Economic Zone Ltd.	Port & port services	1.34	812.8	1.34%	0.02%	2.66% (May 2025)	0% (Nov 2024)	5.60 L	0.00	Large Cap	33.53
Onesource Specialty Pharma Ltd.	Pharmaceuticals	5.13	795.5	1.31%	-0.01%	1.52% (Jan 2025)	0% (Nov 2024)	4.29 L	0.00	Other	34.09
CreditAccess Grameen Ltd.	Microfinance institutions	1.31	793.6	1.31%	0.05%	1.31% (Aug 2025)	0% (Nov 2024)	5.57 L	0.00	Small Cap	21.67
Burger King India Ltd.	Restaurants	4.83	793	1.30%	-0.25%	1.74% (Apr 2025)	0.85% (Nov 2024)	1.18 Cr	-2.67 L	Other	34.09
ICRA Ltd.	Ratings	1.29	782.7	1.29%	-0.12%	1.81% (Nov 2024)	1.29% (Oct 2025)	1.22 L	-0.11 L	Small Cap	21.67
Bharat Heavy Electricals Ltd.	Heavy electrical equipment	1.88	756.7	1.24%	-0.35%	2.54% (Mar 2025)	0% (Nov 2024)	28.50 L	-0.12 Cr	Mid Cap	9.63
Equitas Small Finance Bank Ltd.	Other bank	3.25	737.8	1.21%	-0.10%	1.99% (Apr 2025)	1.11% (Dec 2024)	1.29 Cr	-8.17 L	Other	34.09
Devyani International Ltd.	Restaurants	4.83	734.7	1.21%	-0.20%	2.01% (Feb 2025)	1.16% (Nov 2024)	45.41 L	-4.67 L	Other	34.09
Ultratech Cement Ltd.	Cement & cement products	1.18	716.8	1.18%	-0.05%	1.47% (Apr 2025)	0% (Nov 2024)	60.00 k	0.00	Large Cap	33.53
Kaynes Technology India Private Ltd.	Industrial products	1.16	705	1.16%	-0.54%	1.7% (Sep 2025)	0% (Nov 2024)	1.05 L	-0.39 L	Other	34.09
Trent Limited	Speciality retail	1.16	704.1	1.16%	-0.31%	1.67% (Aug 2025)	0% (Nov 2024)	1.50 L	-0.37 L	Mid Cap	9.63
Suven Pharmaceuticals Ltd.	Pharmaceuticals	5.13	700.2	1.15%	-0.21%	1.48% (Mar 2025)	0.96% (Jan 2025)	9.29 L	0.00	Other	34.09
IDFC First Bank Ltd.	Private sector bank	10.65	686.9	1.13%	0.20%	1.13% (Oct 2025)	0% (Nov 2024)	84.00 L	4.00 L	Mid Cap	9.63
Waaree Energies Ltd.	Other electrical equipment	1.13	686.4	1.13%	-0.14%	1.31% (Aug 2025)	0% (Nov 2024)	2.00 L	-0.29 L	Other	34.09
InterGlobe Aviation Ltd.	Airline	1.11	675	1.11%	-0.01%	2.48% (Mar 2025)	0% (Nov 2024)	1.20 L	0.00	Large Cap	33.53
Garware Hi-Tech Films Ltd.	Plastic products - industrial	1.11	674.9	1.11%	0.14%	1.46% (May 2025)	0% (Nov 2024)	1.98 L	650.00	Small Cap	21.67
# Divis Laboratories Ltd.	Pharmaceuticals	5.13	673.8	1.11%	1.11%	1.11% (Oct 2025)	0% (Nov 2024)	1.00 L	1.00 L	Large Cap	33.53
Bharat Forge Ltd.	Castings & forgings	0.87	527.9	0.87%	0.06%	0.87% (Oct 2025)	0% (Nov 2024)	3.99 L	0.00	Mid Cap	9.63
TVS Motor Company Ltd.	2/3 wheelers	0.88	526.3	0.87%	-0.25%	1.12% (Sep 2025)	0% (Nov 2024)	1.50 L	-0.45 L	Mid Cap	9.63
Varun Beverages Ltd.	Other beverages	0.77	469.7	0.77%	0.03%	0.82% (Feb 2025)	0% (Nov 2024)	10.00 L	0.00	Other	34.09
- Travel Food Services Ltd.	Restaurants	4.83	426.2	0.70%	0.00%	0.7% (Oct 2025)	0% (Nov 2024)	3.23 L	6.69 k	Other	34.09
Northern Arc Capital Ltd.	Non banking financial company (nbfc)	4.47	413.9	0.68%	-0.01%	0.69% (Sep 2025)	0% (Nov 2024)	15.21 L	0.00	Other	34.09
Clean Science and Technology Ltd.	Commodity chemicals	0.68	413.6	0.68%	-0.05%	0.73% (Sep 2025)	0% (Nov 2024)	4.10 L	10.00 k	Other	34.09
- Indiabulls Real Estate Ltd.	Residential, commercial projects	0.68	410.7	0.68%	-0.01%	0.89% (Jun 2025)	0% (Nov 2024)	44.22 L	0.00	Small Cap	21.67
CG Power and Industrial Solutions Ltd.	Heavy electrical equipment	1.88	390.4	0.64%	0.05%	0.64% (Oct 2025)	0% (Nov 2024)	5.30 L	50.00 k	Small Cap	21.67
Glenmark Pharmaceuticals Ltd.	Pharmaceuticals	5.13	378.2	0.62%	-0.13%	1.34% (Nov 2024)	0% (Nov 2024)	2.00 L	-0.30 L	Mid Cap	9.63
Mrs.Bectors Food Specialities Ltd.	Packaged foods	0.6	366.3	0.60%	-0.28%	1.62% (Nov 2024)	0.6% (Oct 2025)	2.73 L	-1.46 L	Other	34.09
Subros Ltd.	Auto components & equipments	0.55	336.9	0.55%	-0.08%	0.64% (Sep 2025)	0% (Nov 2024)	3.10 L	-0.41 L	Small Cap	21.67
Johnson Controls-Hitachi Air Conditioning India Ltd.	Household appliances	3.08	311.5	0.51%	-0.05%	0.57% (Jul 2025)	0% (Nov 2024)	1.81 L	-0.13 L	Small Cap	21.67
Optiemus Infracom Ltd.	Telecom - equipment & accessories	0.5	303.9	0.50%	-0.04%	0.64% (Jan 2025)	0% (Nov 2024)	5.21 L	0.00	Small Cap	21.67
# Dr. Reddys Laboratories Ltd.	Pharmaceuticals	5.13	299.4	0.49%	0.49%	3.44% (Dec 2024)	0% (Nov 2024)	2.50 L	2.50 L	Other	34.09
Blue Jet Healthcare Ltd.	Pharmaceuticals	5.13	275.4	0.45%	0.01%	0.45% (Oct 2025)	0% (Nov 2024)	4.20 L	0.00	Other	34.09
Blue Star Ltd.	Household appliances	3.08	209.7	0.34%	-0.47%	2.14% (Mar 2025)	0% (Nov 2024)	1.08 L	-1.51 L	Small Cap	21.67
# LG Electronics India Pvt. Ltd.	Consumer electronics	0.23	137.2	0.23%	0.23%	0.23% (Oct 2025)	0% (Nov 2024)	82.49 k	82.49 k	Other	34.09
Schloss Bangalore Ltd.	Hotels & resorts	0.15	92.6	0.15%	-0.66%	0.87% (May 2025)	0% (Nov 2024)	2.14 L	-9.68 L	Other	34.09
# Wework India Management Ltd.	Diversified commercial services	0.14	86.5	0.14%	0.14%	0.14% (Oct 2025)	0% (Nov 2024)	1.34 L	1.34 L	Other	34.09
# TVS Motor Company Ltd. - Preference Shares	2/3 wheelers	0.88	7.4	0.01%	0.00%	0% (Nov 2025)	0% (Nov 2025)	7.37 L	0.00	Other	34.09
ITC Limited	Diversified fmcg		441.3	0.00%	-0.74%	-	-	-	-	Large Cap	33.53
Reliance Industries Ltd.	Refineries & marketing	1.77	818.4	0.00%	-1.37%	-	-	-	-	Large Cap	33.53
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	2.29	488.6	0.00%	-0.82%	-	-	-	-	Large Cap	33.53
Dixon Technologies (India) Ltd.	Consumer electronics	0.23	652.9	0.00%	-1.09%	-	-	-	-	Other	34.09
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	2.29	723.6	0.00%	-1.21%	-	-	-	-	Other	34.09

- 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	86.5	0.14%	0.14%	0.14% (Oct 2025)	0% (Nov 2024)	1.34 L	133955
# Divis Laboratories Ltd.	Pharmaceuticals	673.8	1.11%	1.11%	1.11% (Oct 2025)	0% (Nov 2024)	1.00 L	100000
# Dr. Reddys Laboratories Ltd.	Pharmaceuticals	299.4	0.49%	0.49%	3.44% (Dec 2024)	0% (Nov 2024)	2.50 L	250000
# LG Electronics India Pvt. Ltd.	Consumer electronics	137.2	0.23%	0.23%	0.23% (Oct 2025)	0% (Nov 2024)	82.49 k	82485

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
ITC Limited	Diversified fmcg	441.3	0.00%	-0.74%	3.27% (Dec 2024)	0% (Nov 2024)	-1098894
Reliance Industries Ltd.	Refineries & marketing	818.4	0.00%	-1.37%	4.64% (Jun 2025)	0% (Nov 2024)	-600000
Mahindra & Mahindra Ltd.	Passenger cars & utility vehicles	488.6	0.00%	-0.82%	0.82% (Sep 2025)	0% (Nov 2024)	-142563
Dixon Technologies (India) Ltd.	Consumer electronics	652.9	0.00%	-1.09%	1.32% (Apr 2025)	0% (Nov 2024)	-40000
Hyundai Motor India Ltd.	Passenger cars & utility vehicles	723.6	0.00%	-1.21%	1.21% (Sep 2025)	0% (Nov 2024)	-280000

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.	3.99%	3.74%	3.77%	3.99%	4.32%	4.35%	5.78%	7.05%	6.17%	6.13%	5.80%	7.27%	6.21%
ICICI Bank Ltd.	5.53%	4.95%	5.17%	4.72%	4.59%	5.13%	5.33%	5.45%	5.96%	4.95%	4.14%	4.98%	5.26%
Godfrey Phillips India Ltd.	3.97%	4.44%	4.85%	4.00%	3.82%	3.70%	3.61%	2.81%	1.72%	-	-	-	-
Larsen & Toubro Ltd.	4.86%	3.05%	3.94%	3.97%	3.88%	5.13%	3.12%	2.08%	2.83%	2.48%	2.47%	2.72%	2.88%
State Bank Of India	5.09%	2.56%	2.37%	2.08%	1.94%	2.00%	3.26%	3.41%	3.27%	3.97%	3.76%	4.23%	4.04%
Tech Mahindra Ltd.	4.31%	3.37%	3.59%	2.70%	3.02%	3.72%	4.24%	2.12%	3.23%	2.93%	2.78%	2.74%	2.15%
Bharti Airtel Ltd.	3.38%	2.95%	2.99%	2.70%	3.27%	4.08%	3.41%	2.73%	2.66%	2.57%	2.97%	3.42%	2.83%
Infosys Ltd.	1.56%	1.54%	1.58%	-	-	3.11%	2.00%	2.57%	3.59%	4.73%	4.66%	4.38%	3.90%
Maruti Suzuki India Ltd.	2.29%	2.68%	2.49%	2.12%	2.30%	3.57%	2.76%	2.55%	4.09%	3.46%	-	-	-
Kotak Mahindra Bank Ltd.	-	-	-	-	-	-	2.85%	2.99%	3.30%	1.88%	-	-	-
Reliance Industries Ltd.	-	1.37%	1.98%	2.84%	4.64%	-	-	-	-	-	-	-	-
One 97 Communications Ltd.	3.55%	3.10%	3.36%	3.03%	2.05%	1.02%	-	-	-	-	-	-	-
Dr. Reddys Laboratories Ltd.	0.49%	-	-	-	-	-	-	-	-	3.06%	3.44%	2.45%	2.73%
Eternal Ltd.	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%	1.63%