JM Large Cap Fund vs Tata Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Large Cap Fund is a Large Cap fund and Tata Business Cycle Fund is a Thematic fund. In the 3 years to 30-10-2026, JM Large Cap Fund (Direct) returned 10.5% a year and Tata Business Cycle Fund (Direct) returned 9.1% a year. JM Large Cap Fund charges 1.19% a year and Tata Business Cycle Fund 0.94% (Direct plans). Their portfolios overlap 26.7%: they hold 13 of the same securities.
Tata Business Cycle Fund
Thematic
- 3 year return
- 9.1%
- Expense ratio
- 0.94%
- NAV
- ₹18.57
Which is better, JM Large Cap or Tata Business Cycle? Key differences
It depends on what you want from the fund. These are the differences in numbers, from the data on this page.
- Tata Business Cycle returned more over 5 years: 11.9% a year against 9.5%.
- JM Large Cap returned more over 3 years: 10.5% a year against 9.1%.
- Tata Business Cycle costs less: 0.94% a year against 1.19% (Direct plans).
- Tata Business Cycle swung less over 3 years: a standard deviation of 14.8% a year against 14.9%.
- JM Large Cap fell less in its worst fall since 11-08-2021: −19.8% against −20.0%.
- JM Large Cap holds more in large companies: 81.1% of the fund in large caps against 46.1%.
- Tata Business Cycle is the larger fund: ₹2,416 Cr against ₹356 Cr.
- Their portfolios overlap 26.7%: 13 of the same holdings.
Past returns do not promise future returns. This page is information, not investment advice.
Key facts
From each fund's scheme summary document and AMFI
| Fact | JM Large Cap Fund | Tata Business Cycle Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Tata Mutual Fund |
| Category | Large Cap | Thematic |
| AUM | ₹356 Cr (30-09-2026) | ₹2,416 Cr (30-09-2026) |
| NAV | ₹171.67 (Direct) | ₹18.57 (Direct) |
| Expense ratio (Direct) | 1.19% | 0.94% |
| Expense ratio (Regular) | 2.67% | 2.19% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 100 TRI | Nifty 500 TRI |
| Launch date | 01-04-1995 | 04-08-2021 |
| Minimum investment | ₹1,000 | ₹5,000 |
| Lock in | None | None |
| Fund managers | Deepak Gupta, Asit Bhandarkar, Satish Ramanathan, Ruchi Fozdar | Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit load of 0.50%, if redeemed within 30 days. |
JM Large Cap vs Tata Business Cycle: Returns Comparison
Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.
| Fund | 1M | 3M | 6M | 1Y | 3Y | 5Y | 10Y |
|---|---|---|---|---|---|---|---|
| JM Large Cap Fund (Direct) | +0.56% | −3.71% | +0.05% | −5.72% | +10.48% | +9.46% | +11.44% |
| Tata Business Cycle Fund (Direct) | −5.10% | −10.05% | −6.25% | −9.95% | +9.10% | +11.90% | -- |
| Large Cap average | +0.62% | −4.36% | −1.05% | −6.33% | +10.38% | +8.23% | +11.81% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | +13.76% | +11.62% | -- |
Category average: the average of the 35 Large Cap funds and the 235 Thematic funds, same plan type.
JM Large Cap vs Tata Business Cycle: Year-wise Returns
| Year | JM Large CapJM Large Cap | Tata Business CycleTata Business Cycle |
|---|---|---|
| 2026to date | −6.23% | −8.85% |
| 2025 | +5.51% | +2.23% |
| 2024 | +16.81% | +20.37% |
| 2023 | +30.52% | +36.54% |
| 2022 | +4.17% | +15.42% |
| 2021 | +24.56% | -- |
JM Large Cap vs Tata Business Cycle: Rolling Returns
Every holding period of both funds, against BSE 100 TRI, the benchmark of JM Large Cap Fund
Rolling returns
Every 3-year holding period, 547 of them, one for each trading day from 12-08-2024 to 30-10-2026: the yearly return (CAGR) of each, plotted on the day it ended. One lucky or unlucky start day cannot flatter or hide a fund.
JM Large Cap Fund (Direct)
Tata Business Cycle Fund (Direct)
BSE 100 TRI
to
Oct 2024Mar 2022
to
Mar 2025Jul 2022
to
Jul 2025Dec 2022
to
Dec 2025Apr 2023
to
Apr 2026Aug 2023
to
Aug 2026
How the periods spread
| Fund | Below 0% | 0-5% | 5-10% | 10-15% | 15-20% | 20-25% | Above 25% | Mean | Median | Lowest | Highest | Beat benchmark |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JM Large Cap | 0.0 | 0.0 | 4.0 | 28.3 | 54.7 | 13.0 | 0.0 | 16.2% | 16.4% | 8.6% | 23.1% | 100% |
| Tata Business Cycle | 0.0 | 0.0 | 2.9 | 9.3 | 39.9 | 31.1 | 16.8 | 20.1% | 19.7% | 8.5% | 28.2% | 100% |
| BSE 100 TRI | 0.0 | 0.0 | 7.9 | 56.3 | 33.8 | 2.0 | 0.0 | 13.9% | 14.2% | 7.0% | 20.5% | -- |
The table shows the % of periods in each return band; a darker cell holds more of them. Lumpsum: the yearly rate (CAGR) from a period's first NAV to its last. SIP: the XIRR of the monthly instalments. The benchmark is BSE 100 TRI, over the same periods. "Beat benchmark" counts the periods in which the fund did better. Every fund is measured over the days all of them have, from 11-08-2021. Past returns do not promise future returns.
JM Large Cap vs Tata Business Cycle: SIP and Lumpsum Returns
What the same monthly or one-time investment would be worth in each fund today, from their own NAV history
Growth of an investment
₹10,000 on the first trading day of every month, from 02-08-2021 to 30-10-2026: 63 instalments, ₹6,30,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM Large CapJM Large Cap Fund (Direct) | ₹6,30,000 | ₹7,83,565 | ₹1,53,565 | 8.2% |
| Tata Business CycleTata Business Cycle Fund (Direct) | ₹6,30,000 | ₹7,89,971 | ₹1,59,971 | 8.6% |
JM Large CapJM Large Cap Fund (Direct)
Tata Business CycleTata Business Cycle Fund (Direct)
Amount invested
From each plan's published NAV (Growth option), over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.
JM Large Cap vs Tata Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Large Cap Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −5.72% | −9.95% |
| Standard deviation | 14.51% | 15.50% |
| Sharpe ratio | -0.76 | -0.98 |
| Sortino ratio | -1.01 | -1.28 |
| Maximum drawdown | −14.5% (31-03-2026) | −14.1% (31-03-2026) |
| Beta | 1.02 | 1.03 |
| Alpha | +3.51% | −2.19% |
From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM Large Cap Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +10.48% | +9.10% |
| Standard deviation | 14.91% | 14.78% |
| Sharpe ratio | 0.30 | 0.21 |
| Sortino ratio | 0.40 | 0.28 |
| Maximum drawdown | −19.8% (28-02-2025) | −20.0% (03-03-2025) |
| Beta | 1.06 | 1.00 |
| Alpha | +1.33% | −1.13% |
From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM Large Cap Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +9.46% | +11.90% |
| Standard deviation | 14.57% | 14.83% |
| Sharpe ratio | 0.25 | 0.41 |
| Sortino ratio | 0.34 | 0.55 |
| Maximum drawdown | −19.8% (28-02-2025) | −20.0% (03-03-2025) |
| Beta | 1.01 | 1.00 |
| Alpha | +1.65% | +3.09% |
From daily NAVs, 29-10-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
| Measure | JM Large Cap Fund (Direct) | Tata Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +11.86% | +12.62% |
| Standard deviation | 13.37% | 14.65% |
| Sharpe ratio | 0.43 | 0.47 |
| Sortino ratio | 0.60 | 0.63 |
| Maximum drawdown | −19.8% (28-02-2025) | −20.0% (03-03-2025) |
| Beta | 0.77 | 0.99 |
| Alpha | +1.17% | +2.43% |
From daily NAVs, 02-01-2013 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta and alpha compare each fund with its own benchmark's TRI.
Drawdowns
How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.
JM Large Cap Fund (Direct)
Tata Business Cycle Fund (Direct)
BSE 100 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Large Cap Fund (Direct) | −19.8% | 27-09-2024 | 28-02-2025 | Not yet | -- | −9.9% |
| Tata Business Cycle Fund (Direct) | −20.0% | 27-09-2024 | 03-03-2025 | Not yet | -- | −14.8% |
| BSE 100 TRI | −16.7% | 26-09-2024 | 28-02-2025 | 20-11-2025 | 9 months | −10.4% |
From daily values since 11-08-2021, the first day every fund has.
Rolling standard deviation
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 1-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM Large Cap Fund (Direct)
Tata Business Cycle Fund (Direct)
BSE 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 3-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM Large Cap Fund (Direct)
Tata Business Cycle Fund (Direct)
BSE 100 TRI
Whether the swings have grown or calmed over time: the standard deviation of daily changes over every 5-year window, scaled to a year, plotted on the window's last day. Higher means a bumpier ride.
JM Large Cap Fund (Direct)
Tata Business Cycle Fund (Direct)
BSE 100 TRI
Against BSE 100 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Large Cap Fund (Direct) | 105% | 95% | 4.10% |
| Tata Business Cycle Fund (Direct) | 107% | 84% | 5.67% |
From month-end values since 11-08-2021. Up capture: a fund's average month when the benchmark rose, as % of the benchmark's; above 100% it gained more. Down capture: the same for months the benchmark fell; below 100% it fell less. Tracking error: how far the monthly returns strayed from the benchmark's, a year; an index fund aims near 0.
JM Large Cap vs Tata Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: JM Large Cap Fund, September 2026; Tata Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 26.7%
- Held by both
- 13
- Only in JM Large Cap
- 36
- Only in Tata Business Cycle
- 36
| Security | % of JM Large Cap | % of Tata Business Cycle |
|---|---|---|
| Reliance Industries Limited | 3.36% | 4.80% |
| Larsen & Toubro Limited | 2.90% | 2.92% |
| Axis Bank Limited | 2.88% | 3.95% |
| HDFC Bank Limited | 2.69% | 3.73% |
| Shriram Finance Limited | 2.44% | 2.35% |
| Apollo Hospitals Enterprise Limited | 2.70% | 1.95% |
| One 97 Communications Limited | 2.69% | 1.95% |
| Adani Port & Special Economic Zone Ltd | 2.88% | 1.85% |
| Vedanta Aluminium Metal Limited | 1.74% | 1.99% |
| Cummins India Limited | 1.37% | 2.58% |
| Hitachi Energy India Limited | 1.33% | 1.29% |
| Tata Steel Limited | 1.23% | 2.03% |
| 360 ONE WAM LIMITED | 1.80% | 1.15% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.7% means 26.7% of each fund's money sits in positions the other also holds. Matched by ISIN. Cash and hedged positions are left out.
Largest holdings only in JM Large Cap Fund
| Security | % of fund |
|---|---|
| State Bank of India | 4.56% |
| Bharti Airtel Limited | 3.88% |
| ICICI Bank Limited | 3.56% |
| Kotak Mahindra Bank Limited | 3.15% |
| Torrent Pharmaceuticals Limited | 2.80% |
Largest holdings only in Tata Business Cycle Fund
| Security | % of fund |
|---|---|
| METROPOLIS HEALTHCARE LTD | 4.25% |
| JINDAL STEEL LTD | 3.92% |
| L&T FINANCE LTD | 2.96% |
| DELHIVERY LTD | 2.78% |
| ADANI ENERGY SOLUTIONS LTD | 2.53% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Large Cap | Tata Business Cycle |
|---|---|---|
| Equity | 95.8% | 97.8% |
| Debt | 0.0% | 0.0% |
| Cash and others | 4.2% | 2.2% |
Market cap of stocks
| Market cap | JM Large Cap | Tata Business Cycle |
|---|---|---|
| Large Cap | 81.1% | 46.1% |
| Mid Cap | 13.5% | 21.3% |
| Small Cap | 0.1% | 29.5% |
| Not on AMFI's list | 1.1% | 0.9% |
Share of the whole fund. Groups follow AMFI's latest list: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.
Largest sectors
| Sector | JM Large Cap | Tata Business Cycle |
|---|---|---|
| Banks | 16.9% | 9.1% |
| Finance | 5.2% | 8.7% |
| Automobiles | 8.3% | 0.0% |
| Healthcare Services | 2.7% | 8.1% |
| Industrial Products | 2.5% | 7.0% |
| Cement & Cement Products | 1.8% | 6.7% |
| Pharmaceuticals & Biotechnology | 6.3% | 3.1% |
| Ferrous Metals | 1.2% | 6.0% |
| Capital Markets | 5.1% | 1.1% |
| IT - Software | 4.2% | 0.0% |
The six largest sectors of each fund's stocks, % of the fund.
JM Large Cap vs Tata Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Large Cap Fund | Tata Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.19% | 0.94% |
| Base expense ratio (Direct) | 0.82% | 0.64% |
| Total expense ratio (Regular) | 2.67% | 2.19% |
| Base expense ratio (Regular) | 2.10% | 1.72% |
The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, transaction costs, and levies with GST.
More comparisons
Each fund against the others of its category
Compare JM Large Cap with
JM Large Cap Fund vs Tata Business Cycle Fund: Frequently Asked Questions
What is the difference between JM Large Cap Fund and Tata Business Cycle Fund?
JM Large Cap Fund is a Large Cap fund, Tata Business Cycle Fund is a Thematic fund, run by JM Financial Mutual Fund and Tata Mutual Fund. Their portfolios overlap 26.7%. JM Large Cap Fund charges 1.19% a year and Tata Business Cycle Fund 0.94%.
Which has given higher returns, JM Large Cap Fund or Tata Business Cycle Fund?
Over 1 year: JM Large Cap Fund −5.72%, Tata Business Cycle Fund −9.95%. Over 3 years: JM Large Cap Fund +10.48% a year, Tata Business Cycle Fund +9.10% a year. Over 5 years: JM Large Cap Fund +9.46% a year, Tata Business Cycle Fund +11.90% a year. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Large Cap Fund or Tata Business Cycle Fund?
Tata Business Cycle Fund charges less: 0.94% a year against 1.19%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Large Cap Fund and Tata Business Cycle Fund overlap?
26.7%. They hold 13 of the same securities, the largest shared ones being RELIANCE, LT, AXISBANK. From each fund's latest monthly portfolio.
Which is riskier, JM Large Cap Fund or Tata Business Cycle Fund?
On SEBI's riskometer, JM Large Cap Fund is rated Very High and Tata Business Cycle Fund Very High. Over 3 years, the standard deviation of daily returns was 14.91% and 14.78% a year.
Which is better for SIP, JM Large Cap Fund or Tata Business Cycle Fund?
Over the last 5 years, a monthly SIP of ₹10,000 from 01-10-2021 to 30-10-2026 grew to ₹7,49,911 in JM Large Cap Fund (XIRR 8.1% a year) and ₹7,53,142 in Tata Business Cycle Fund (XIRR 8.2% a year). Both received 61 instalments. Past returns do not promise future returns.
Can I invest in both JM Large Cap Fund and Tata Business Cycle Fund?
Yes. 26.7% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Large Cap Fund and Tata Business Cycle Fund?
JM Large Cap Fund: Deepak Gupta, Asit Bhandarkar, Satish Ramanathan, Ruchi Fozdar. Tata Business Cycle Fund: Murthy Nagarajan, Rahul Singh, Sailesh Jain, Hasmukh Vishariya.
Sources: NAV and expense ratio from AMFI. Holdings from each fund house's monthly portfolio statement. Fund facts from each scheme summary document.
This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.