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%.
しかし、依然として警戒が必要です。Nifty Smallcap 100はCY26に4.3%上昇しましたが、一部のアナリストはバリュエーションの高さに警鐘を鳴らしています。JM Financialは、Nifty 50がFY27予想PERの18.8倍という妥当な水準で取引されている一方で、Nifty Midcap 100とNifty Smallcap 100はそれぞれ26.8倍、24.5倍という大幅に高い倍率で取引されていると指摘しています。
主なポイント
- 投資先の収束: インドの小型株ファンド上位3銘柄は、わずか5つの銘柄（KIMS、Kalpataru Projects、City Union Bank、PVR Inox、Carborundum Universal）に対して、合計8,000億ルピーを投資しています。
- SBIの高い確信: 大手ファンドの中でもSBI Small Capは最も高い集中度を示しており、運用資産の約10%がこれら5つの共通銘柄に割り当てられています。
- バリュエーションの乖離: ファンドマネージャーは直近の調整を経て「ボトムアップ」方式の銘柄選定に価値を見出していますが、専門家は、小型株および中型株指数が大型株と比較して大幅なプレミアムで取引されていると警告しています。