5 Under-the-Radar Stocks Shared by India's Top Smallcap Funds
India's most prominent smallcap mutual fund managers are showing unexpected consensus, concentrating significant capital into a specific cohort of five stocks. As market volatility continues, these heavyweights are signaling high conviction in a select group of companies despite varying risk appetites.
The Power Trio: Managing ₹1.51 Lakh Crore
The convergence of investor interest is most visible among the three largest smallcap schemes in India: Nippon India Small Cap Fund (₹74,600 crore AUM), HDFC Small Cap Fund (₹38,800 crore AUM), and SBI Small Cap Fund (₹37,400 crore AUM). Together, these funds manage a massive ₹1.51 lakh crore of investor capital.
Data from ACE MF reveals that these three schemes have collectively parked approximately ₹8,000 crore—roughly 5.34% of their pooled assets—into just five specific stocks. While Nippon India maintains a modest 2.49% exposure to this group, SBI Small Cap shows the highest conviction, with nearly 10% of its entire portfolio dedicated to these five names.
Breaking Down the Top 5 Common Holdings
The shared bets across these mega-funds reveal a strategic tilt toward specific sectors. Here is how the capital is distributed among the five stocks:
- Krishna Institute of Medical Sciences (KIMS): The largest common bet by value, with combined holdings of ₹2,170 crore. SBI Small Cap leads this position with a 2.50% stake (₹935 crore).
- Kalpataru Projects International: Ranking second 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: The third most common holding, with a combined investment of ₹1,777 crore.
- PVR Inox: Rounds out the list with combined holdings worth ₹1,000 crore.
- Carborundum Universal: Holds the fifth spot with total combined holdings of ₹990 crore.
Market Context: Growth vs. Valuation
This concentration comes at a time when fund managers are turning more constructive on the small and midcap (SMID) space following recent corrections. George Heber Joseph, CIO at ASK Investment Managers, noted that mid-caps recently delivered 36% YoY profit growth, significantly outperforming large-caps at 10%.
しかし、バリュエーションをめぐる議論は依然として白熱している。今年の年初来、Nifty Smallcap 100はNifty 50をアウトパフォームしているものの、JM Financialなどの証券会社は、バリュエーションが割高（プレミアム）であると警告している。現在、Nifty Midcap 100のPERは26.8倍、Nifty Smallcap 100は24.5倍であるのに対し、Nifty 50はわずか18.8倍にとどまっている。これは、収益成長により「ボトムアップ」の銘柄選定は依然として魅力的である一方で、指数全体としては歴史的な平均を大きく上回る水準で取引されていることを示唆している。
主なポイント
- 高い確信に基づく集中投資: インドの小型株ファンド上位3社は、わずか5銘柄（KIMS、Kalpataru Projects、City Union Bank、PVR Inox、Carborundum Universal）に対して、合計で8,000億ルピーを投資している。
- 攻めの姿勢を見せるSBI Small Cap: 上位ファンドの中でも、SBI Small Capは最も積極的なポジションを取っており、運用資産の約10%がこれら5つの高確信銘柄に集中している。
- バリュエーションの乖離: SMID（小型・中型株）セクターにおける力強い収益成長にもかかわらず、アナリストは、小型株および中型株指数が、比較的割安な大型株セグメント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いる。