5 Smallcap Stocks Common Across India’s Three Largest Mutual Funds
India’s top smallcap fund managers are showing unexpected consensus, converging on a select group of five stocks despite the inherent volatility of the segment. As institutional investors navigate market corrections, these specific names have become the bedrock of portfolios managing over ₹1.51 lakh crore.
The ₹1.5 Lakh Crore Consensus
Data from ACE MF reveals a striking pattern among the three giants of the smallcap category: Nippon India Small Cap Fund (₹74,600 crore), HDFC Small Cap Fund (₹38,800 crore), and SBI Small Cap Fund (₹37,400 crore). Together, these schemes have collectively parked approximately ₹8,000 crore—representing 5.34% of their pooled assets—into just five specific stocks.
While the concentration varies, the conviction is highest at SBI Small Cap, which has nearly 10% of its entire portfolio riding on these five names. In contrast, Nippon India Small Cap maintains a more conservative exposure of 2.49%, and HDFC Small Cap stands at 6.64%.
Breaking Down the Top Five Picks
The common holdings reveal a preference for diversified sectors, ranging from healthcare to infrastructure and banking.
- Krishna Institute of Medical Sciences (KIMS): The largest common bet by value, with a combined holding of ₹2,170 crore. SBI Small Cap leads the charge with a 2.50% stake (₹935 crore).
- Kalpataru Projects International: Following closely with a combined exposure of ₹2,100 crore. SBI Small Cap shows its strongest conviction here, holding 2.76% of its portfolio (₹1,030 crore).
- City Union Bank: This banking pick ranks third, with the three funds holding a combined ₹1,777 crore.
- PVR Inox & Carborundum Universal: These round out the list, with combined holdings of ₹1,000 crore and ₹990 crore, respectively.
Market Sentiment: Growth vs. Valuation
The decision to double down on these stocks comes amid a shift in fund manager sentiment. Following a period of market correction, many managers are turning more constructive on the small and mid-cap (SMID) space. George Heber Joseph, CIO and CEO–Equity at ASK Investment Managers, noted that mid-caps recently delivered 36% YoY profit growth, significantly outperforming large-caps at 10%.
עם זאת, נותרה מחויבות לזהירות. בעוד שמדד Nifty Smallcap 100 עלה ב-4.3% בשנת CY26, חלק מהאנליסטים מזהירים מפני הערכות שווי גבוהות. JM Financial מציינת כי בעוד שמדד Nifty 50 נסחר במכפיל רווח (P/E) סביר של 18.8x לפי תחזיות לשנת FY27, מדדי Nifty Midcap 100 ו-Nifty Smallcap 100 נסחרים במכפילים גבוהים בהרבה, של 26.8x ו-24.5x, בהתאמה.
תובנות עיקריות
- התכנסות גבוהה: שלושת קרנות ה-smallcap הגדולות ביותר בהודו השקיעו יחד 8,000 קרור רופי בחמש מניות בלבד: KIMS, Kalpataru Projects, City Union Bank, PVR Inox, ו-Carborundum Universal.
- ביטחון גבוה של SBI: מבין הענקיות, קרן SBI Small Cap מציגה את הריכוזיות הגבוהה ביותר, כאשר כמעט 10% מההון שלה מוקדש לחמש המניות המשותפות הללו.
- שוני בהערכות השווי: בעוד שמנהלי קרנות מוצאים ערך בבחירת מניות בגישת "bottom-up" בעקבות התיקונים האחרונים, מומחים מזהירים כי מדדי ה-smallcap וה-midcap נסחרים בפרמיה משמעותית בהשוואה למדדי ה-large-cap.