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JM Value 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 : Value Fund

Portfolio Turnover Ratio : 121.01%. Category average turnover ratio is 220.39%. 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 : 99.77% | F&O Holdings : 0.00%| Foreign Equity Holdings : 0.00%| Total : 99.77%

No of Stocks : 57 (Category Avg - 59.29) | Large Cap Investments : 25.45%| Mid Cap Investments : 6.4% | Small Cap Investments : 35.14% | Other : 32.76%

Portfolio Summary (as on 30th Sep,2025)

Particulars	This Scheme	Category
No. of Stocks	57	58.43
Top 5 Stock Weight	18.55%	24.3%
Top 10 Stock Weight	32.99%	38.99%
Top 3 Sector Weight	18.7%	31.42%

Category - Value Fund

Particulars	This Scheme	Category
Average mcap (Cr)	41697.73	106248.11
Holdings in large cap stocks	25.45%	45.08%
Holdings in mid cap stocks	6.4%	12.24%
Holdings in small cap stocks	35.14%	0%

Category - Value Fund

Top 10 Stocks holding in Portfolio (as on 30th Sep,2025)

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	495.3	4.95%	-0.32%	5.27% (Aug 2025)	1.42% (Dec 2024)	1.46 L	97.58 k
Infosys Ltd.	Computers - software & consulting	375.7	3.75%	0.43%	6.11% (Jan 2025)	2.71% (Jul 2025)	2.61 L	30.00 k
HDFC Bank Ltd.	Private sector bank	342.4	3.42%	0.06%	7.46% (Feb 2025)	3.25% (Jun 2025)	3.60 L	0.00
Larsen & Toubro Ltd.	Civil construction	338.9	3.38%	0.11%	3.38% (Sep 2025)	1.85% (Dec 2024)	92.61 k	0.00
CreditAccess Grameen Ltd.	Microfinance institutions	305.3	3.05%	-0.05%	3.1% (Aug 2025)	0.55% (Oct 2024)	2.26 L	0.00
Tech Mahindra Ltd.	Computers - software & consulting	301.1	3.01%	-0.12%	3.12% (Aug 2025)	1.96% (Oct 2024)	2.15 L	0.00
Burger King India Ltd.	Restaurants	299.8	2.99%	-0.06%	3.05% (Aug 2025)	1.54% (Feb 2025)	38.95 L	0.00
Whirlpool Of India Ltd.	Household appliances	291.8	2.92%	-0.21%	3.13% (Aug 2025)	0% (Oct 2024)	2.45 L	0.00
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	281.8	2.81%	0.03%	2.93% (Apr 2025)	0% (Oct 2024)	1.50 L	0.00
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	271	2.71%	0.16%	2.71% (Sep 2025)	0% (Oct 2024)	3.03 L	0.00

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

View complete holding

Complete equity Portfolio (as on 30th Sep,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
Godfrey Phillips India Ltd.	Cigarettes & tobacco products	4.95	495.3	4.95%	-0.32%	5.27% (Aug 2025)	1.42% (Dec 2024)	1.46 L	97.58 k	Small Cap	35.14
Infosys Ltd.	Computers - software & consulting	6.76	375.7	3.75%	0.43%	6.11% (Jan 2025)	2.71% (Jul 2025)	2.61 L	30.00 k	Large Cap	25.45
HDFC Bank Ltd.	Private sector bank	5.17	342.4	3.42%	0.06%	7.46% (Feb 2025)	3.25% (Jun 2025)	3.60 L	0.00	Other	32.76
Larsen & Toubro Ltd.	Civil construction	6.77	338.9	3.38%	0.11%	3.38% (Sep 2025)	1.85% (Dec 2024)	92.61 k	0.00	Large Cap	25.45
CreditAccess Grameen Ltd.	Microfinance institutions	3.68	305.3	3.05%	-0.05%	3.1% (Aug 2025)	0.55% (Oct 2024)	2.26 L	0.00	Small Cap	35.14
Tech Mahindra Ltd.	Computers - software & consulting	6.76	301.1	3.01%	-0.12%	3.12% (Aug 2025)	1.96% (Oct 2024)	2.15 L	0.00	Large Cap	25.45
Burger King India Ltd.	Restaurants	4.19	299.8	2.99%	-0.06%	3.05% (Aug 2025)	1.54% (Feb 2025)	38.95 L	0.00	Other	32.76
Whirlpool Of India Ltd.	Household appliances	5.06	291.8	2.92%	-0.21%	3.13% (Aug 2025)	0% (Oct 2024)	2.45 L	0.00	Mid Cap	6.4
Bharti Airtel Ltd.	Telecom - cellular & fixed line services	2.81	281.8	2.81%	0.03%	2.93% (Apr 2025)	0% (Oct 2024)	1.50 L	0.00	Large Cap	25.45
Motilal Oswal Financial Services Ltd.	Stockbroking & allied	2.71	271	2.71%	0.16%	2.71% (Sep 2025)	0% (Oct 2024)	3.03 L	0.00	Small Cap	35.14
Jana Small Finance Bank Ltd.	Banks	2.65	265.1	2.65%	-0.02%	2.67% (Aug 2025)	0.96% (Oct 2024)	5.54 L	0.00	Other	32.76
Care Ratings Ltd.	Ratings	2.55	255.8	2.55%	-0.05%	2.79% (May 2025)	1.06% (Oct 2024)	1.68 L	-2.16 k	Small Cap	35.14
The Ramco Cements Ltd.	Cement & cement products	2.46	246.4	2.46%	-0.11%	2.77% (Jul 2025)	0% (Oct 2024)	2.50 L	0.00	Mid Cap	6.4
Bajaj Finance Ltd.	Non banking financial company (nbfc)	3.32	227.6	2.27%	0.31%	5.11% (Mar 2025)	0% (Oct 2024)	2.28 L	0.00	Other	32.76
Amber Enterprises India Ltd.	Household appliances	5.06	214	2.14%	0.25%	2.6% (Dec 2024)	1.57% (Apr 2025)	26.46 k	0.00	Small Cap	35.14
Swiggy Ltd.	E-retail/ e-commerce	2.11	211.5	2.11%	-0.21%	2.32% (Aug 2025)	0% (Oct 2024)	5.00 L	-0.78 L	Other	32.76
Apar Industries Ltd.	Other electrical equipment	4.29	204.7	2.04%	0.07%	2.18% (Jul 2025)	0% (Oct 2024)	25.00 k	-1.00 k	Small Cap	35.14
Godrej Consumer Products Ltd	Personal care	2.04	204.1	2.04%	-0.28%	2.78% (May 2025)	0% (Oct 2024)	1.75 L	-0.15 L	Large Cap	25.45
Housing & Urban Development Corporation Ltd.	Financial institution	3.03	201.3	2.01%	0.12%	2.44% (May 2025)	0.88% (Feb 2025)	9.00 L	-0.40 L	Small Cap	35.14
J K Tyre & Inds. Ltd.	Tyres & allied	1.96	196.7	1.96%	0.23%	2.4% (May 2025)	0% (Oct 2024)	5.50 L	0.00	Small Cap	35.14
Kalpataru Power Transmission Ltd.	Civil construction	6.77	188.2	1.88%	0.04%	1.88% (Sep 2025)	1.42% (Apr 2025)	1.50 L	0.00	Small Cap	35.14
Suven Pharmaceuticals Ltd.	Pharmaceuticals	3.3	176	1.76%	0.03%	2.53% (Feb 2025)	1.73% (Aug 2025)	2.00 L	0.00	Other	32.76
ICICI Bank Ltd.	Private sector bank	5.17	175.2	1.75%	-0.31%	4.24% (Feb 2025)	1.75% (Sep 2025)	1.30 L	-0.20 L	Large Cap	25.45
Titagarh Rail Systems Ltd.	Railway wagons	1.74	174.6	1.74%	0.12%	1.74% (Sep 2025)	0% (Oct 2024)	2.00 L	0.00	Small Cap	35.14
Vedanta Ltd.	Diversified metals	1.67	167.7	1.67%	0.19%	2.11% (Mar 2025)	0% (Oct 2024)	3.60 L	0.00	Large Cap	25.45
PVR Inox Ltd.	Film production, distribution & exhibition	1.62	162.1	1.62%	-0.04%	1.66% (Aug 2025)	0% (Oct 2024)	1.51 L	0.00	Small Cap	35.14
Aptus Value Housing Finance India Ltd.	Housing finance company	2.33	160.4	1.60%	0.04%	1.6% (Sep 2025)	0% (Oct 2024)	5.02 L	0.00	Other	32.76
Maruti Suzuki India Ltd.	Passenger cars & utility vehicles	3.09	160.3	1.60%	0.15%	1.6% (Sep 2025)	0% (Oct 2024)	10.00 k	0.00	Large Cap	25.45
Dr. Reddys Laboratories Ltd.	Pharmaceuticals	3.3	154.2	1.54%	0.23%	3.9% (Dec 2024)	0% (Oct 2024)	1.26 L	20.00 k	Other	32.76
Tata Motors Ltd.	Passenger cars & utility vehicles	3.09	149.6	1.49%	-0.28%	1.98% (May 2025)	0% (Oct 2024)	2.20 L	-0.50 L	Large Cap	25.45
Jyoti CNC Automation Ltd.	Industrial products	1.48	148.6	1.48%	-0.08%	1.68% (Jul 2025)	0% (Oct 2024)	1.75 L	0.00	Other	32.76
# Hero Motocorp Ltd.	2/3 wheelers	1.42	142.3	1.42%	1.42%	1.95% (Nov 2024)	0% (Oct 2024)	26.00 k	26.00 k	Large Cap	25.45
Gokaldas Exports Ltd.	Garments & apparels	2.4	136.9	1.37%	0.11%	2.37% (Dec 2024)	1.13% (Oct 2024)	1.90 L	0.00	Small Cap	35.14
# Canara Bank	Public sector bank	1.36	136.1	1.36%	1.36%	1.36% (Sep 2025)	0% (Oct 2024)	11.00 L	11.00 L	Other	32.76
Zee Entertainment Enterprises Ltd.	Tv broadcasting & software production	1.29	129.2	1.29%	-0.02%	1.52% (Jun 2025)	0% (Oct 2024)	11.50 L	0.00	Large Cap	25.45
Bharat Bijlee Ltd.	Other electrical equipment	4.29	126	1.26%	0.24%	1.7% (Oct 2024)	0.96% (May 2025)	40.15 k	5.16 k	Other	32.76
Hindustan Petroleum Corporation Ltd.	Refineries & marketing	1.24	124.2	1.24%	-0.24%	3.16% (Jun 2025)	0% (Oct 2024)	2.80 L	-1.20 L	Large Cap	25.45
Equitas Small Finance Bank Ltd.	Other bank	1.21	120.8	1.21%	0.16%	1.68% (Jan 2025)	1.04% (Aug 2025)	21.12 L	0.00	Other	32.76
Travel Food Services Ltd.	Restaurants	4.19	120.3	1.20%	0.08%	1.2% (Sep 2025)	0% (Oct 2024)	90.91 k	0.00	Other	32.76
Carraro India Ltd.	Auto components & equipments	1.18	117.9	1.18%	0.14%	1.55% (Dec 2024)	0% (Oct 2024)	2.58 L	0.00	Other	32.76
Suzlon Energy Ltd.	Heavy electrical equipment	2.19	115.1	1.15%	-0.31%	3.38% (May 2025)	0.88% (Oct 2024)	20.90 L	-5.50 L	Small Cap	35.14
Jindal Saw Ltd.	Steel products	1.07	107.5	1.07%	0.05%	1.15% (Jun 2025)	0% (Oct 2024)	5.30 L	0.00	Other	32.76
Indo Count Industries Ltd.	Other textile products	1.06	106.5	1.06%	0.17%	1.23% (Oct 2024)	0.89% (Aug 2025)	3.94 L	0.00	Small Cap	35.14
Shriram Finance Ltd.	Non banking financial company (nbfc)	3.32	104.7	1.05%	0.39%	1.05% (Sep 2025)	0% (Oct 2024)	1.70 L	55.00 k	Other	32.76
TD Power Systems Ltd.	Heavy electrical equipment	2.19	104.5	1.04%	0.17%	1.04% (Sep 2025)	0% (Oct 2024)	1.77 L	0.00	Other	32.76
Arvind Ltd.	Garments & apparels	2.4	103.5	1.03%	0.10%	1.47% (Dec 2024)	0.94% (Aug 2025)	3.41 L	0.00	Small Cap	35.14
Rural Electrification Corporation Limited	Financial institution	3.03	102.5	1.02%	0.08%	3.48% (Mar 2025)	0.94% (Aug 2025)	2.75 L	0.00	Mid Cap	6.4
Optiemus Infracom Ltd.	Telecom - equipment & accessories	1.02	101.7	1.02%	0.12%	1.03% (Jan 2025)	0% (Oct 2024)	1.64 L	0.00	Small Cap	35.14
Engineers India Ltd.	Civil construction	6.77	100.6	1.01%	-0.48%	2.6% (Jun 2025)	0% (Oct 2024)	5.21 L	-2.40 L	Small Cap	35.14
Exicom Tele-Systems Ltd.	Other electrical equipment	4.29	98.9	0.99%	0.03%	1.57% (Oct 2024)	0.78% (Apr 2025)	6.85 L	0.00	Other	32.76
# Hindustan Copper Ltd.	Copper	0.99	98.8	0.99%	0.99%	0.99% (Sep 2025)	0% (Oct 2024)	3.00 L	3.00 L	Small Cap	35.14
Dhanuka Agritech Ltd.	Pesticides & agrochemicals	0.86	86.4	0.86%	-0.62%	2.14% (Jul 2025)	0.86% (Sep 2025)	56.15 k	-0.38 L	Small Cap	35.14
Aadhar Housing Finance Ltd.	Housing finance company	2.33	72.9	0.73%	0.02%	1.43% (Apr 2025)	0.59% (Jul 2025)	1.43 L	0.00	Other	32.76
Suraksha Diagnostic Ltd.	Healthcare service provider	0.72	71.7	0.72%	0.01%	0.72% (Sep 2025)	0% (Oct 2024)	2.40 L	0.00	Other	32.76
M&B Engineering Ltd.	Civil construction	6.77	49.8	0.50%	-0.05%	0.55% (Aug 2025)	0% (Oct 2024)	1.30 L	0.00	Other	32.76
Spandana Sphoorty Financial Ltd.	Microfinance institutions	3.68	47.2	0.47%	0.02%	0.48% (Jul 2025)	0% (Oct 2024)	1.88 L	0.00	Other	32.76
Spandana Sphoorty Financial Ltd. - Partly Paid Up	Microfinance institutions	3.68	15.8	0.16%	0.06%	0.16% (Sep 2025)	0% (Oct 2024)	1.22 L	30.25 k	Other	32.76
Bayer Cropscience Ltd.	Pesticides & agrochemicals	0.86	74	0.00%	-0.73%	-	-	-	-	Mid Cap	6.4
Deepak Fertilisers & Petrochemicals Corp. Ltd.	Commodity chemicals		97.2	0.00%	-0.95%	-	-	-	-	Small Cap	35.14
Aurobindo Pharma Ltd.	Pharmaceuticals	3.3	97.5	0.00%	-0.96%	-	-	-	-	Large Cap	25.45

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

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	Quantity	1M Change in Qty
# Hero Motocorp Ltd.	2/3 wheelers	142.3	1.42%	1.42%	1.95% (Nov 2024)	0% (Oct 2024)	26.00 k	26000
# Hindustan Copper Ltd.	Copper	98.8	0.99%	0.99%	0.99% (Sep 2025)	0% (Oct 2024)	3.00 L	300000
# Canara Bank	Public sector bank	136.1	1.36%	1.36%	1.36% (Sep 2025)	0% (Oct 2024)	11.00 L	1100000

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

Stock Invested in	Sector	Value(Mn)	% of Total Holdings	1M Change	1Y Highest Holding	1Y Lowest Holding	1M Change in Qty
Bayer Cropscience Ltd.	Pesticides & agrochemicals	74	0.00%	-0.73%	2.22% (Feb 2025)	0% (Oct 2024)	-14153
Deepak Fertilisers & Petrochemicals Corp. Ltd.	Commodity chemicals	97.2	0.00%	-0.95%	1.87% (Jun 2025)	0% (Oct 2024)	-70000
Aurobindo Pharma Ltd.	Pharmaceuticals	97.5	0.00%	-0.96%	1.57% (Jan 2025)	0% (Oct 2024)	-94867

Trend in stock holdings (Top 15 Holding)

Stock	Sep 2025	Aug 2025	Jul 2025	Jun 2025	May 2025	Apr 2025	Mar 2025	Feb 2025	Jan 2025	Dec 2024	Nov 2024	Oct 2024	Sep 2024
HDFC Bank Ltd.	3.42%	3.36%	3.42%	3.25%	3.98%	6.75%	6.91%	7.46%	6.79%	5.73%	7.21%	6.60%	6.24%
Infosys Ltd.	3.75%	3.33%	2.71%	2.85%	3.26%	4.16%	4.99%	6.02%	6.11%	5.79%	4.57%	4.35%	2.58%
ICICI Bank Ltd.	1.75%	2.06%	2.44%	2.61%	3.98%	4.13%	4.09%	4.24%	4.03%	3.54%	4.12%	4.00%	2.93%
Bajaj Finance Ltd.	2.27%	1.96%	2.45%	2.49%	2.61%	3.71%	5.11%	4.92%	3.57%	-	-	-	-
Godfrey Phillips India Ltd.	4.95%	5.27%	4.18%	3.95%	3.90%	3.82%	3.34%	2.26%	1.51%	1.42%	1.44%	1.69%	1.91%
Whirlpool Of India Ltd.	2.92%	3.13%	3.08%	3.09%	2.78%	2.43%	-	-	-	-	-	-	-
Larsen & Toubro Ltd.	3.38%	3.27%	3.34%	3.23%	3.29%	3.15%	2.14%	2.05%	1.93%	1.85%	2.05%	2.61%	2.03%
Bharti Airtel Ltd.	2.81%	2.78%	2.70%	2.72%	2.78%	2.93%	2.13%	2.71%	2.56%	2.37%	1.77%	-	-
Godrej Consumer Products Ltd	2.04%	2.32%	2.46%	2.31%	2.78%	2.62%	2.65%	2.75%	2.69%	-	-	-	-
Dr. Reddys Laboratories Ltd.	1.54%	1.31%	0.72%	-	-	-	1.16%	3.22%	3.62%	3.90%	3.14%	3.49%	2.99%
Dabur India Ltd.	-	-	-	-	-	-	-	2.50%	2.45%	-	-	-	-
Bajaj Auto Ltd.	-	-	-	-	-	1.98%	2.67%	2.95%	2.15%	-	-	-	-
Tech Mahindra Ltd.	3.01%	3.12%	2.48%	2.74%	2.46%	2.47%	2.01%	2.54%	2.61%	2.52%	2.23%	1.96%	1.45%
Burger King India Ltd.	2.99%	3.05%	2.99%	2.90%	2.87%	2.97%	1.89%	1.54%	1.60%	1.77%	1.83%	1.90%	2.28%
The Ramco Cements Ltd.	2.46%	2.57%	2.77%	2.42%	2.24%	1.59%	-	-	-	-	-	-	-