5 Under-the-Radar Stocks Common Across India's Top Smallcap Funds
India’s leading smallcap fund managers are showing a rare consensus, converging on a select group of five stocks despite varying investment styles. As market volatility persists, these high-conviction picks reveal where the country's largest pools of smallcap capital are being deployed.
The Power of Convergence: ₹1.51 Lakh Crore in Focus
Data from ACE MF highlights a significant trend among the three largest smallcap mutual fund schemes in India: Nippon India Small Cap Fund, HDFC Small Cap Fund, and SBI Small Cap Fund. Together, these giants manage a staggering ₹1.51 lakh crore in investor assets.
While these funds have distinct mandates, they have collectively parked approximately ₹8,000 crore—representing 5.34% of their pooled assets—into just five specific companies. This convergence suggests that professional fund managers see similar fundamental value in these "under-the-radar" names, regardless of their fund's total size.
Deep Dive into the Top 5 Common Holdings
The shared conviction is most visible in the following five stocks, ranked by their combined exposure across the three funds:
- Krishna Institute of Medical Sciences (KIMS): The largest common bet, with a combined holding of ₹2,170 crore. SBI Small Cap shows the strongest commitment, allocating 2.50% of its corpus (₹935 crore) to the healthcare provider.
- Kalpataru Projects International: Following closely with a combined valuation of ₹2,100 crore. SBI Small Cap again leads the charge here with a 2.76% portfolio weight (₹1,030 crore).
- City Union Bank: Ranks third in commonality, with the three funds holding a combined ₹1,777 crore.
- PVR Inox: The entertainment major holds a combined exposure of approximately ₹1,000 crore.
- Carborundum Universal: Rounds out the list with combined holdings of ₹990 crore.
Notably, SBI Small Cap exhibits the highest concentration in these names, with nearly 10% of its entire portfolio riding on these five stocks, compared to 6.64% for HDFC and a modest 2.49% for Nippon India.
Market Sentiment: Why Fund Managers are Buying
Pergeseran ke arah saham-saham ini terjadi seiring dengan sikap manajer investasi yang menjadi lebih konstruktif menyusul koreksi pasar baru-baru ini. Pakar industri mencatat bahwa meskipun saham mid-cap baru-baru ini mengalami pertumbuhan laba sebesar 36% YoY, saham small-cap menyusul dengan pertumbuhan yang kuat sebesar 23%, secara signifikan mengungguli saham large-cap yang berada di angka 10%.
Perusahaan pialang seperti Monarch Networth Capital menyarankan bahwa "koreksi waktu dan nilai" yang terlihat pada saham small-cap dan mid-cap selama 18 bulan terakhir telah membuat pemilihan saham secara bottom-up menjadi sangat menarik. Optimisme ini tercermin dalam Nifty Smallcap 100, yang telah naik 4,3% pada CY26, mengungguli Nifty 50 yang turun lebih dari 8% pada periode yang sama.
Namun, kewaspadaan tetap diperlukan. JM Financial memperingatkan bahwa indeks mid-cap dan small-cap diperdagangkan pada valuasi yang lebih tinggi dibandingkan rata-rata historisnya, dengan Nifty Midcap 100 diperdagangkan pada P/E 26,8x, dibandingkan dengan 18,8x untuk Nifty 50.
Poin-Poin Penting
- Konsensus Terkonsentrasi: Tiga dana small-cap terbesar di India secara kolektif telah menginvestasikan ₹8.000 crore hanya pada lima saham: KIMS, Kalpataru Projects, City Union Bank, PVR Inox, dan Carborundum Universal.
- SBI Small Cap Memimpin Keyakinan: Di antara dana-dana utama, SBI Small Cap menunjukkan komitmen tertinggi terhadap pilihan-pilihan umum ini, dengan mengalokasikan hampir 10% portofolionya untuk saham-saham tersebut.
- Pertumbuhan vs. Valuasi: Meskipun small-cap mendorong imbal hasil pasar, para analis memperingatkan bahwa valuasi di segmen small-cap dan mid-cap saat ini lebih tinggi daripada rata-rata historisnya.