5 Under-the-Radar Stocks Shared by India's Top Smallcap Funds
While the broader market experiences volatility, a specific cohort of stocks has caught the attention of India's most successful smallcap fund managers. Data reveals a striking consensus among the country’s three largest smallcap mutual fund schemes, signaling high conviction in a select group of companies.
The ₹1.51 Lakh Crore Consensus
India’s three heavyweight smallcap schemes—Nippon India Small Cap Fund (₹74,600 crore), HDFC Small Cap Fund (₹38,800 crore), and SBI Small Cap Fund (₹37,400 crore)—collectively manage a massive ₹1.51 lakh crore. Despite their differing investment styles, these three funds have converged on five specific stocks: Kalpataru Projects International, Krishna Institute of Medical Sciences (KIMS), City Union Bank, PVR Inox, and Carborundum Universal.
Together, these three giants have parked approximately ₹8,000 crore, representing 5.34% of their combined pooled assets, into just these five names.
Deep Dive into the Top Common Holdings
The level of conviction varies significantly across the funds, with SBI Small Cap showing the most aggressive positioning. While Nippon India Small Cap has a modest 2.49% exposure to this group, SBI Small Cap has dedicated nearly 10% of its portfolio to these five names.
- Krishna Institute of Medical Sciences (KIMS): This is the largest common bet by value, with a combined holding of ₹2,170 crore. SBI Small Cap leads the charge with a 2.50% allocation (₹935 crore).
- Kalpataru Projects International: Ranking second, the combined holding stands at ₹2,100 crore. SBI Small Cap holds its largest single conviction here at 2.76% (₹1,030 crore).
- City Union Bank: The third most common interest, with a collective exposure of ₹1,777 crore.
- PVR Inox & Carborundum Universal: These round out the list with combined holdings of approximately ₹1,000 crore and ₹990 crore, respectively.
Market Sentiment: Bullishness vs. Valuation Concerns
The convergence of these funds comes at a time when fund managers are turning constructive on the small- and mid-cap (SMID) space following recent corrections. According to George Heber Joseph of ASK Investment Managers, mid-caps recently delivered 36% YoY profit growth, significantly outpacing large-caps at 10%.
しかし、楽観的な見方がすべての人に共通しているわけではありません。今年の暦年において、Nifty Smallcap 100はNifty 50を上回るパフォーマンスを示していますが、一部のアナリストは割高なバリュエーションに警鐘を鳴らしています。JM Financialは、中型株および小型株の指数が、過去の平均値から1標準偏差以上高い水準で取引されていると指摘しています。2027年度の予想PERベースでは、Nifty Midcap 100は26.8倍、Nifty Smallcap 100は24.5倍で取引されており、大型株（18.8倍）が相対的に割安な選択肢となっています。
主なポイント
- 高い確信による収束: インドの主要な小型株ファンド上位3社は、わずか5銘柄に対して合計8,000億ルピーを投資しており、プロのファンドマネジメントにおける稀なコンセンサスを示しています。
- SBI Small Capが積極的な投資を牽引: 上位ファンドの中でも、SBI Small Capはこれらの共通銘柄への集中度が最も高く、運用資産の約10%をこのグループに割り当てています。
- 成長性とバリュエーションの綱引き: 中型株および小型株の収益成長は引き続き堅調ですが、アナリストは、これらのセグメントが大型株と比較して高いバリュエーション倍率で取引されていることに注意を促しています。