JM Financial Limited
At JM Financial Portfolio Management Services, we synergise deep market experience, top notch research skills, and sharp strategic thinking to help you grow beyond market benchmarks. Designed for discerning investors who seek long-term value, our portfolios reflect a disciplined approach, rooted in fundamental and technical insights. We partner with you in the truest sense, to navigate market cycles, aiming for capital appreciation and long-term wealth creation.
JM Financial is one of India’s most respected financial institutions with a legacy spanning over five decades. We cater to a diverse clientele across Investment Banking, Asset Management, Lending, and Wealth Management. Our PMS division upholds the same values that have made JM Financial synonymous with integrity, innovation, and performance.
Philosophy
We believe wealth is best created through:
Our curated strategies are tailored to different investor needs and market environments:
across market cycles
performance updates
every investment goal
research-first approach
risk management
we make your capital work smarter
Investor Charter
PMS Complaint Status
Grievance Matrix
Direct Onboarding
Fee Calculator
SOP for Centralized mechanism for reporting the demise of an investor through KRAs
Validity : Perpetual unless cancelled by SEBI or surrendered by Portfolio Manager
Add Investor’s may invest with us directly as well. To invest in any of our PMS strategies directly kindly reach out to us at pms.clientservicing@jmfl.com Tel : 022-4505 7149.
Strategy Overview
APEX is a dynamic flexi-cap strategy that blends long-term compounding with regular alpha generating tactics. The strategy follows a flexible, research-intensive approach — grounded in fundamental strength, guided by technical momentum, and protected by active risk management.
Why Choose APEX
APEX stands out for its unique blend of macro trend spotting and micro opportunity picking, real-time rotation across investment styles and market caps, technical filters for precise timing, and tactical hedging to manage downside risk.
Portfolio Construction
Portfolio Construction
| Segment | Allocation | Strategy Focus |
|---|---|---|
| High Growth | ≥40% | Proven index leaders with long-term trend alignment |
| Stalwarts | 10–40% | High-growth momentum names with strong management |
| Opportunities | 0–30% | High-risk, high-reward ideas held during trend strength |
Large Cap: ≥40% at all times
Typical Holdings: 35–45 stocks
Benchmark: S&P BSE 500 TRI
Disclaimer: The investment strategy, approach and the structure of the strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and Portfolio Management Services Agreement. Please refer to the disclosure document & Portfolio Management Services Agreement for details and risk factors. The details of investment approach/strategy mentioned here are brief subset of details mentioned in the Disclosure Document(DD). Investors should refer the DD before investing. The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.
Performance Snapshot (As of 31st August 2025 – TWRR Post Expenses)
| Period | APEX (%) | S&P BSE 500 Index TRI (%) | Alpha (%) |
|---|---|---|---|
| 1 Month | (2.83) | (1.75) | (1.08) |
| 3 Months | (1.07) | (0.89) | (0.18) |
| 6 Months | 13.78 | 13.62 | 0.16 |
| 1 Year | (8.17) | (4.71) | (3.46) |
| 2 Year | 15.1 | 15.96 | (0.86) |
| Since Inception* | 18.99 | 18.05 | 0.94 |
*Inception: 1st Feb 2023. Returns >1 year are CAGR. Strategy includes active churn (~35%).
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Top Holdings (as of August 2025)
| ICICI Bank | Polycab |
| HDFC Bank | Hindustan Aeronautics |
| Nifty PSU Bank Bees ETF | Aster DM Healthcare |
| Delhivery Ltd | Interglobe Aviation Ltd |
| Amber Enterprises India Ltd | Bajaj Finance Ltd |
Led by Market Veterans
APEX is led by Ashish Chaturmohta, Managing Director – Portfolio Management Services (APEX) and a seasoned team of certified market experts who combine deep insights on fundamentals coupled with a sharp acumen for technical research.
For Investors Who Aspire to Go Beyond the Horizon
APEX thanks to its dynamic, data-driven strategy is built for investors seeking long-term compounding with the flexibility to benefit from tactical market trends
Please refer to the Disclosure Document and PMS Agreement for other details and associated risk disclosures. To view the detailed disclaimer, kindly click here.
Investment Philosophy
A strategically curated portfolio focused on long-term capital appreciation by investing in Large-cap and Larger Mid-cap companies with strong fundamentals, attractive valuations, and sustainable growth.
What Sets Growth & Value Strategies Apart
- Quality-Driven Selection: Focus on companies with strong projected earnings, a robust RoE, and strategic leadership in their segments.
- Disciplined Entry & Exit: Guided by valuation, earnings trend and projection, and market structure changes.
- Dynamic Allocation: Combines growth, value, and opportunity themes in a flexible construct.
Strategic Portfolio Mix
Disclaimer: The investment strategy, approach and the structure of the strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and Portfolio Management Services Agreement. Please refer to the disclosure document & Portfolio Management Services Agreement for details and risk factors. The details of investment approach/strategy mentioned here are brief subset of details mentioned in the Disclosure Document(DD). Investors should refer the DD before investing. The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.
Performance Snapshot (TWRR, Net of Fees – as on 31st August 2025)
| Period | G&V PMS | Nifty 50 TRI | Alpha |
|---|---|---|---|
| 3 Months | 2.0 | (0.7) | 2.7 |
| 6 Months | 15.7 | 11.3 | 4.4 |
| 1 Year | (3.8) | (2.0) | (1.8) |
| 2 Year | 17.9 | 14.0 | 3.9 |
| 3 Year | 15.4 | 12.4 | 3.0 |
| 5 Year | 15.8 | 7.9 | (2.1) |
| Since Inception (2005) | 13.0 | 14.0 | (0.1) |
Sharpe Ratio: 0.7 vs 0.6 (Nifty 50 TRI)
Standard Deviation: 14% vs 17%
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Top Holdings (as on 31st July 2025)
| Torrent Pharmaceuticals Ltd | Torrent Power Ltd |
| Neuland Laboratories Ltd | Bharti Airtel Ltd |
| Hindustan Zinc Ltd | HDFC Bank Ltd |
| Maruti Suzuki India Ltd | HDFC Asset Management Company Ltd |
| ZF Commercial Vehicle Control Systems India Ltd | Coal India Ltd |
Led by Experience & Insight
Rakesh Parekh, Managing Director JM Financial PMS, backed by a team of seasoned analysts with expertise across data science, quant, macro, mid-caps, and sectors like BFSI, Engineering, Utilities, and Pharma.
Why Invest Now?
In today’s dynamic market scenario, patience, precision and consistency matter more than ever. Our Growth & Value strategy is built on conviction, discipline, and a proven 20-year track record.
Please refer to the Disclosure Document and PMS Agreement for other details and associated risk disclosures. To view the detailed disclaimer, kindly click here.
Strategy Overview
The India Resurgent Portfolio III is a focused Mid-Cap portfolio designed to benefit from structural shifts in India’s economy — including reforms, policy thrust, innovation, and sectoral revival. This strategy identifies forward-looking businesses that are poised to benefit from macroeconomic transformation and sector-specific momentum.
Why Choose IRP III
- Thematic Approach: Invests in companies aligned with national priorities—reforms, infrastructure, demand recovery, and digital acceleration.
- Quality Picks: Targets scalable, fundamentally strong companies with a high RoE or strong earnings trajectory.
- Opportunity-Led Tilt: Includes tactical exposures based on sector rotation, management shifts, or product innovation.
Strategic Portfolio Mix
Disclaimer: The investment strategy, approach and the structure of the strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and Portfolio Management Services Agreement. Please refer to the disclosure document & Portfolio Management Services Agreement for details and risk factors. The details of investment approach/strategy mentioned here are brief subset of details mentioned in the Disclosure Document(DD). Investors should refer the DD before investing. The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.
Performance Snapshot (TWRR, Net of Expenses – as on 31st August 2025)
| Period | IRP III | BSE 500 TRI | Alpha |
|---|---|---|---|
| 3 Months | 2.0 | (0.8) | 2.8 |
| 6 Months | 15.5 | 13.6 | 1.9 |
| 1 Year | (1.8) | (4.7) | 2.9 |
| 2 Year | 22.2 | 15.9 | 6.3 |
| 3 Year | 20.0 | 14.4 | 5.6 |
| 5 Year | 26.0 | 20.3 | 5.7 |
| Since Inception | 13.2 | 12.5 | 0.7 |
Inception Date: 4th March 2015
Sharpe Ratio: 0.7 vs 0.7
Standard Deviation: 14% vs 13%
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Top Holdings (as of 31st Mar 2025)
| TVS Motor Company Ltd | Neuland Laboratories Ltd |
| GE Vernova T&D India Limited | FSN E-Commerce Ventures Ltd |
| Acutaas Chemicals Limited | Maruti Suzuki India Ltd |
| ZF Commercial Vehicle Control Systems India Ltd | Care Ratings Ltd |
| Interglobe Aviation Ltd | PTC Industries Ltd |
Backed by Deep Expertise
Led by Rakesh Parekh, Managing Director JM Financial PMS, and supported by a strong in-house team of sector specialists across BFSI, Engineering, Quant, Pharma, Power, and Mid-caps—ensuring a research-intensive approach to idea generation.
Build Wealth with India’s Transformation.
If you believe in India's next decade of opportunity, IRP III offers a forward-thinking, research-powered way to participate.
Please refer to the Disclosure Document and PMS Agreement for other details and associated risk disclosures. To view the detailed disclaimer, kindly click here.
Strategy Overview
The Opportunistic strategy is crafted for progressive investors willing to ride early cycles of opportunity. It focuses on sectors and companies with a strong potential for growth yet still underappreciated by the broader market. This high-risk, high-reward strategy actively identifies mispriced leaders and value bounces across market phases.
Why Choose The Opportunistic
- Growth-Driven & Contrarian: Targets future leaders before they become market frontrunners
- Unconventional Exposure: Willing to take off-benchmark positions that may initially diverge from broader trends
- Dynamic Risk-Reward Calibration: Actively rebalances between high - growth names and bounce-back opportunities in mature businesses
Strategic Portfolio Mix
Disclaimer: The investment strategy, approach and the structure of the strategy herein involves risk and there can be no assurance that specific objectives will be met under differing market conditions or cycles. The investment strategy and the composition of the portfolio as stated herein is only indicative in nature and is subject to change within the provisions of the disclosure document and Portfolio Management Services Agreement. Please refer to the disclosure document & Portfolio Management Services Agreement for details and risk factors. The details of investment approach/strategy mentioned here are brief subset of details mentioned in the Disclosure Document(DD). Investors should refer the DD before investing. The investment process mentioned above are indicative in nature. There may be other investment process for stock selection.
Performance Snapshot (TWRR Net of Fees, as of 31st Mar 2025)
| Period | Opportunistic | BSE 500 TRI | Alpha |
|---|---|---|---|
| 3 Months | 1.9 | (0.8) | 2.7 |
| 6 Months | 17.4 | 13.6 | 3.8 |
| 1 Year | (4.0) | (4.7) | 0.7 |
| 2 Year | 25.0 | 15.9 | 9.1 |
| 3 Year | 22.9 | 14.4 | 8.5 |
| 5 Year | 26.2 | 20.3 | 5.9 |
| Since Inception* | 8.1 | 14.1 | (6.0) |
*Inception Date: 4th May 2017
Sharpe Ratio: 0.3 vs 0.8
Standard Deviation: 15% vs 14%
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Top Holdings (as on 31st July 2025)
| Maruti Suzuki India Ltd | Hdfc Asset Management Company Ltd |
| Acutaas Chemicals Limited | Hindustan Zinc Ltd |
| Dixon Technologies India Ltd | Interglobe Aviation Ltd |
| Torrent Pharmaceuticals Ltd | FSN E-Commerce Ventures Ltd |
| Chalet Hotels Ltd | Neuland Laboratories Ltd |
Led by Market Veterans
Spearheaded by Rakesh Parekh, Managing Director JM Financial PMS, and supported by a team of experienced analysts across Quant, Mid-caps, BFSI, Engineering, and Consumer sectors—ensuring deep research, diverse insights, and dynamic decision-making.
For Investors Who Think Differently From the Norm
The Opportunistic strategy is ideal for those who seek alpha over the average and are prepared for near-term divergence to achieve long-term outperformance.
Please refer to the Disclosure Document and PMS Agreement for other details and associated risk disclosures. To view the detailed disclaimer, kindly click here.
Investment Philosophy
Designed to build long-term wealth by investing in a select group of high-quality Multi-Cap businesses. It aims to deliver consistent capital appreciation through disciplined stock selection, active risk management, and conviction-led positions.
What Sets Focus Strategy Apart
- Multi-Cap Allocation: Flexibility across large and mid-cap stocks to capture growth and stability.
- Core + Satellite Approach: Blend of stalwarts, high-growth names, and tactical opportunities.
- High-Conviction Holdings: Concentrated exposure to ~15–20 stocks based on deep fundamental research.
Strategic Portfolio Mix
*Inception: 15th October 2012
Sharpe Ratio: 0.9 vs 0.8
Standard Deviation:13% (same as benchmark)
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Performance Snapshot (TWRR, Net of Fees – as on 31st July 2025)
| Period | Focus PMS | BSE 500 TRI | Alpha |
|---|---|---|---|
| 3 Months | 1.0 | (0.8) | 1.8 |
| 6 Months | 16.1 | 13.6 | 2.5 |
| 1 Year | (3.3) | (4.7) | 1.4 |
| 2 Year | 17.8 | 15.9 | 1.9 |
| 3 Year | 16.1 | 14.4 | 1.7 |
| 5 Year | 16.2 | 20.3 | (4.1) |
| Since Inception* | 15.8 | 14.6 | 1.2 |
*Inception: 15th October 2012
Sharpe Ratio: 0.9 vs 0.8
Standard Deviation:13% (same as benchmark)
- Return >1 year and Since Inception are annualized. Index Returns are on a Point to Point Basis.
- The performance related information provided herein above is not verified by Securities and Exchange Board of India (“SEBI”). Kindly refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the performance of an individual Client may vary significantly from the above.
-
Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the Investment Approach across all investors because of :
- the timing of inflows and outflows of funds; and
- differences in the portfolio composition because of restrictions and other constraints.
For performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India, visit : https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Top Holdings (as on 31st July 2025)
| Torrent Pharmaceuticals Ltd | ICICI BANK LTD |
| Maruti Suzuki India Ltd | HDFC Asset Management Company Ltd |
| Hdfc Bank Ltd | Neuland Laboratories Ltd |
| TVS Motor Company Ltd | Dixon Technologies India Ltd |
| Hindustan Zinc Ltd | Coal India Ltd |
Led by Experience & Insight
Rakesh Parekh, Managing Director JM Financial PMS, backed by a team of seasoned analysts with expertise across data science, quant, macro, mid-caps, and sectors like BFSI, Engineering, Utilities, and Pharma.
Why Invest Now?
If you're seeking a well-researched, conviction-led, actively managed portfolio to compound wealth over the long term, FOCUS is designed for you.
SEBI Registered Portfolio Manager: INP000008455
Past performance is not a guarantee of future results. Please read all relevant documents before investing.
Please refer to the Disclosure Document and PMS Agreement for other details and associated risk disclosures. To view the detailed disclaimer, kindly click here.