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:

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

最近の市場調整を受けてファンドマネージャーがより建設的な姿勢に転じていることから、これらの銘柄へのシフトが進んでいます。業界の専門家は、中型株が最近36%の対前年比増益を記録した一方で、小型株も23%という力強い成長を見せ、10%にとどまった大型株を大幅に上回ったと指摘しています。

Monarch Networth Capitalのような証券会社は、過去18ヶ月間に小型株および中型株で見られた「時間およびバリューの調整」により、ボトムアップ方式の銘柄選定が非常に魅力的になっていると示唆しています。この楽観的な見方はNifty Smallcap 100に反映されており、同指数はCY26に4.3%上昇し、同期間に8%以上下落したNifty 50を上回るパフォーマンスを示しました。

しかし、警戒感も残っています。JM Financialは、中型株および小型株の指数が過去の平均と比較して高いバリュエーションで取引されていると警告しており、Nifty 50のPERが18.8倍であるのに対し、Nifty Midcap 100は26.8倍で取引されています。

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