JM Value Fund vs Union Business Cycle Fund
Direct Plan, Growth option · Data as on 30-10-2026
JM Value Fund is a Value and Contra fund and Union Business Cycle Fund is a Thematic fund. In the year to 30-10-2026, JM Value Fund (Direct) returned −9.6% and Union Business Cycle Fund (Direct) returned −2.9%. JM Value Fund charges 1.59% a year and Union Business Cycle Fund 1.81% (Direct plans). Their portfolios overlap 26.1%: they hold 16 of the same securities.
Union Business Cycle Fund
Thematic
- 1 year return
- −2.9%
- Expense ratio
- 1.81%
- NAV
- ₹11.48
Which is better, JM Value or Union 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.
- Union Business Cycle returned more over 1 year: −2.9% against −9.6%.
- JM Value costs less: 1.59% a year against 1.81% (Direct plans).
- Union Business Cycle fell less in its worst fall since 12-03-2024: −19.9% against −26.1%.
- Union Business Cycle holds more in large companies: 44.6% of the fund in large caps against 32.3%.
- JM Value is the larger fund: ₹780 Cr against ₹485 Cr.
- Their portfolios overlap 26.1%: 16 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 Value Fund | Union Business Cycle Fund |
|---|---|---|
| Fund house | JM Financial Mutual Fund | Union Mutual Fund |
| Category | Value and Contra | Thematic |
| AUM | ₹780 Cr (30-09-2026) | ₹485 Cr (30-09-2026) |
| NAV | ₹100.86 (Direct) | ₹11.48 (Direct) |
| Expense ratio (Direct) | 1.59% | 1.81% |
| Expense ratio (Regular) | 2.75% | 3.06% |
| Riskometer | Very High | Very High |
| Benchmark | BSE 500 TRI | Nifty 500 TRI |
| Launch date | 02-06-1997 | 05-03-2024 |
| Minimum investment | ₹1,000 | ₹1,000 |
| Lock in | None | None |
| Fund managers | Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar | Harshad Patwardhan, Pratik Dharmshi |
| Exit load | Exit load of 1%, if redeemed within 30 days. | Exit load of 1%, if redeemed within 1 year. |
JM Value vs Union 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 Value Fund (Direct) | −6.48% | −5.75% | −2.96% | −9.64% | +9.77% | +12.34% | +14.15% |
| Union Business Cycle Fund (Direct) | −2.05% | −4.25% | −0.09% | −2.88% | -- | -- | -- |
| Value and Contra average | −2.09% | −5.76% | −3.23% | −5.72% | +11.83% | +11.08% | +12.63% |
| Thematic average | −2.09% | −4.52% | +0.86% | −1.22% | -- | -- | -- |
Category average: the average of the 30 Value and Contra funds and the 235 Thematic funds, same plan type.
JM Value vs Union Business Cycle: Year-wise Returns
| Year | JM ValueJM Value | Union Business CycleUnion Business Cycle |
|---|---|---|
| 2026to date | −7.28% | −1.54% |
| 2025 | −3.20% | +2.82% |
| 2024 | +26.72% | -- |
| 2023 | +48.68% | -- |
| 2022 | +6.05% | -- |
| 2021 | +37.17% | -- |
JM Value vs Union Business Cycle: Rolling Returns
Every holding period of both funds, against BSE 500 TRI, the benchmark of JM Value Fund
Rolling returns
Every 1-year holding period, 402 of them, one for each trading day from 12-03-2025 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 Value Fund (Direct)
Union Business Cycle Fund (Direct)
BSE 500 TRI
to
Apr 2025Aug 2024
to
Aug 2025Nov 2024
to
Nov 2025Feb 2025
to
Feb 2026Jun 2025
to
Jun 2026Sept 2025
to
Sept 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 Value | 62.4 | 27.4 | 10.0 | 0.2 | 0.0 | 0.0 | 0.0 | −1.9% | −2.2% | −12.8% | 10.8% | 11% |
| Union Business Cycle | 25.1 | 33.8 | 30.8 | 6.7 | 3.5 | 0.0 | 0.0 | 3.8% | 3.7% | −6.7% | 18.7% | 45% |
| BSE 500 TRI | 29.6 | 31.8 | 31.3 | 6.2 | 1.0 | 0.0 | 0.0 | 3.2% | 3.1% | −9.2% | 15.7% | -- |
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 500 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 12-03-2024. Past returns do not promise future returns.
JM Value vs Union 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 01-03-2024 to 30-10-2026: 32 instalments, ₹3,20,000 in all.
| Investment | Invested | Value now | Gain | Return a year |
|---|---|---|---|---|
| JM ValueJM Value Fund (Direct) | ₹3,20,000 | ₹3,01,968 | −₹18,032 | −4.2% |
| Union Business CycleUnion Business Cycle Fund (Direct) | ₹3,20,000 | ₹3,27,148 | ₹7,148 | 1.6% |
JM ValueJM Value Fund (Direct)
Union Business CycleUnion 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 Value vs Union Business Cycle: Risk and Drawdowns
How much each fund swings, and the worst fall over the same days
Risk and return
| Measure | JM Value Fund (Direct) | Union Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | −9.64% | −2.88% |
| Standard deviation | 17.60% | 15.72% |
| Sharpe ratio | -0.85 | -0.52 |
| Sortino ratio | -1.12 | -0.68 |
| Maximum drawdown | −18.5% (31-03-2026) | −13.3% (30-03-2026) |
| Beta | 1.15 | 1.04 |
| Alpha | +0.02% | +5.02% |
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 Value Fund (Direct) | Union Business Cycle Fund (Direct) |
|---|---|---|
| Return (CAGR) | +14.98% | +5.46% |
| Standard deviation | 18.46% | 15.27% |
| Sharpe ratio | 0.48 | -0.03 |
| Sortino ratio | 0.66 | -0.04 |
| Maximum drawdown | −37.9% (23-03-2020) | −19.9% (28-02-2025) |
| Beta | 1.11 | 1.00 |
| Alpha | +1.44% | +1.27% |
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 Value Fund (Direct)
Union Business Cycle Fund (Direct)
BSE 500 TRI
| Fund | Worst fall | High before it | Bottom | Back at the high | Time to climb back | Below its high today |
|---|---|---|---|---|---|---|
| JM Value Fund (Direct) | −26.1% | 05-09-2024 | 31-03-2026 | Not yet | -- | −18.1% |
| Union Business Cycle Fund (Direct) | −19.9% | 23-09-2024 | 28-02-2025 | 02-07-2026 | 16 months | −7.2% |
| BSE 500 TRI | −18.7% | 26-09-2024 | 28-02-2025 | Not yet | -- | −9.4% |
From daily values since 12-03-2024, 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 Value Fund (Direct)
Union Business Cycle Fund (Direct)
BSE 500 TRI
Against BSE 500 TRI
| Fund | Up capture | Down capture | Tracking error |
|---|---|---|---|
| JM Value Fund (Direct) | 113% | 118% | 8.32% |
| Union Business Cycle Fund (Direct) | 98% | 90% | 5.07% |
From month-end values since 12-03-2024. 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 Value vs Union Business Cycle: Portfolio Overlap
From each fund's latest monthly portfolio: JM Value Fund, September 2026; Union Business Cycle Fund, September 2026
Holdings in common
- Overlap
- 26.1%
- Held by both
- 16
- Only in JM Value
- 58
- Only in Union Business Cycle
- 47
| Security | % of JM Value | % of Union Business Cycle |
|---|---|---|
| ICICI Bank Limited | 3.78% | 6.34% |
| Larsen & Toubro Limited | 3.38% | 3.62% |
| Shriram Finance Limited | 3.40% | 2.30% |
| Tata Motors Limited | 2.55% | 1.85% |
| HDFC Bank Limited | 1.82% | 2.94% |
| Arvind Limited | 1.80% | 2.18% |
| Tech Mahindra Limited | 2.52% | 1.64% |
| Cipla Limited | 1.47% | 1.70% |
| INDO COUNT INDUSTRIES LIMITED | 1.77% | 1.33% |
| Axis Bank Limited | 1.26% | 3.38% |
| Bharti Airtel Limited | 2.70% | 1.18% |
| PVR INOX LIMITED | 1.24% | 1.14% |
| Jindal Saw Ltd | 1.10% | 1.87% |
| Hindustan Aeronautics Limited | 1.02% | 0.75% |
| Hindustan Zinc Limited | 0.89% | 0.74% |
| POWER MECH PROJECTS LIMITED | 0.57% | 1.72% |
Overlap: for each holding both funds own, the smaller of its two weights, added up. 26.1% means 26.1% 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 Value Fund
| Security | % of fund |
|---|---|
| Redington Limited | 4.70% |
| Jana Small Finance Bank Ltd | 2.55% |
| Infosys Limited | 2.43% |
| JK TYRE & INDUSTRIES LTD | 2.26% |
| Restaurant Brands Asia Limited | 2.23% |
Largest holdings only in Union Business Cycle Fund
| Security | % of fund |
|---|---|
| One 97 Communications Ltd. | 2.58% |
| Sona Blw Precision Forgings Ltd. | 2.53% |
| Sai Life Sciences Ltd. | 2.46% |
| Bharat Heavy Electricals Ltd. | 2.29% |
| Navin Fluorine International Ltd. | 2.23% |
Asset and sector split
Share of each fund, from its latest monthly portfolio
Asset allocation
| Asset | JM Value | Union Business Cycle |
|---|---|---|
| Equity | 98.8% | 94.7% |
| Debt | 0.0% | 0.2% |
| Cash and others | 1.2% | 5.2% |
Market cap of stocks
| Market cap | JM Value | Union Business Cycle |
|---|---|---|
| Large Cap | 32.3% | 44.6% |
| Mid Cap | 7.0% | 16.6% |
| Small Cap | 55.7% | 33.5% |
| Not on AMFI's list | 3.8% | 0.0% |
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 Value | Union Business Cycle |
|---|---|---|
| Banks | 11.3% | 19.1% |
| Finance | 10.8% | 4.5% |
| Auto Components | 7.9% | 3.6% |
| Pharmaceuticals & Biotechnology | 2.9% | 7.8% |
| Textiles & Apparels | 3.6% | 6.1% |
| Construction | 5.6% | 6.0% |
| Chemicals & Petrochemicals | 0.0% | 5.5% |
| Electrical Equipment | 5.2% | 4.7% |
| IT - Software | 4.9% | 4.9% |
The six largest sectors of each fund's stocks, % of the fund.
JM Value vs Union Business Cycle: Expense Ratio
What each plan charges a year, from AMFI's expense ratio file
| Charge | JM Value Fund | Union Business Cycle Fund |
|---|---|---|
| Total expense ratio (Direct) | 1.59% | 1.81% |
| Base expense ratio (Direct) | 1.04% | 1.03% |
| Total expense ratio (Regular) | 2.75% | 3.06% |
| Base expense ratio (Regular) | 2.04% | 2.09% |
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 Value with
JM Value Fund vs Union Business Cycle Fund: Frequently Asked Questions
What is the difference between JM Value Fund and Union Business Cycle Fund?
JM Value Fund is a Value and Contra fund, Union Business Cycle Fund is a Thematic fund, run by JM Financial Mutual Fund and Union Mutual Fund. Their portfolios overlap 26.1%. JM Value Fund charges 1.59% a year and Union Business Cycle Fund 1.81%.
Which has given higher returns, JM Value Fund or Union Business Cycle Fund?
Over 1 year: JM Value Fund −9.64%, Union Business Cycle Fund −2.88%. As on 30-10-2026. Past returns do not promise future returns.
Which has the lower expense ratio, JM Value Fund or Union Business Cycle Fund?
JM Value Fund charges less: 1.59% a year against 1.81%. These are the Direct plans' total expense ratios reported to AMFI.
How much do JM Value Fund and Union Business Cycle Fund overlap?
26.1%. They hold 16 of the same securities, the largest shared ones being ICICIBANK, LT, SHRIRAMFIN. From each fund's latest monthly portfolio.
Which is riskier, JM Value Fund or Union Business Cycle Fund?
On SEBI's riskometer, JM Value Fund is rated Very High and Union Business Cycle Fund Very High. Over 1 years, the standard deviation of daily returns was 17.60% and 15.72% a year.
Can I invest in both JM Value Fund and Union Business Cycle Fund?
Yes. 26.1% of each fund's money sits in the same holdings, so some of the two investments would move together.
Who manages JM Value Fund and Union Business Cycle Fund?
JM Value Fund: Satish Ramanathan, Asit Bhandarkar, Deepak Gupta, Ruchi Fozdar. Union Business Cycle Fund: Harshad Patwardhan, Pratik Dharmshi.
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.