How JM Large Cap Fund (Direct) survived The 2015-16 China Slowdown
China devalued the yuan, crude collapsed, and global growth fears dragged the Sensex down 23% over 11 slow, grinding months. No single dramatic day — just a long test of patience that shook out momentum chasers.
The fall
-19.5%
2 Mar 2015 → 25 Feb 2016
Index fell
-23%
Sensex, peak to trough
Recovery time
6 mo
peak regained 6 Sept 2016
₹1L at the peak → today
₹2,97,069
worst-possible timing, held on
The full round trip
NAV from 2 Mar 2015 to 6 Sept 2016 — peak ₹59.5359, bottom ₹47.9467, peak regained 6 Sept 2016.
The ₹1 lakh stress test — invested at the worst possible moment
| Invested at the pre-crash peak (2 Mar 2015) | ₹1,00,000 |
| Value at the bottom (25 Feb 2016) | ₹80,534 |
| Value one year after the peak | ₹84,919 |
| Value today (3 Jul 2026) | ₹2,97,069 |
The lesson isn't that crashes don't hurt — it's that selling at the bottom turns a temporary fall into a permanent loss. The investor who bought at the absolute worst day and simply held is in profit today.
The unluckiest SIP experiment
Imagine starting a ₹10,000/month SIP on the exact peak day — the single unluckiest start date possible — and continuing for 24 months straight through the crash:
Invested
₹2,40,000
Worth today
₹7,64,453
Return
+219%
Crash-month installments bought units cheap — that's the whole SIP thesis, demonstrated with real data instead of a brochure.
This fund in other crashes
Other Large Cap funds in this crash
All figures computed from published AMFI NAV history for JM Large Cap Fund (Direct). Past performance — including past recoveries — does not guarantee future results. This is educational research, not investment advice. Mutual fund investments are subject to market risks.