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%.
然而，仍需保持谨慎。虽然 Nifty Smallcap 100 在 CY26 上涨了 4.3%，但一些分析师警告估值过高。JM Financial 指出，尽管 Nifty 50 的交易市盈率（P/E）处于 18.8 倍的合理水平（基于 FY27 预估值），但 Nifty Midcap 100 和 Nifty Smallcap 100 的市盈率倍数则分别高达 26.8 倍和 24.5 倍。
核心要点
- 高度趋同： 印度三大小盘股基金已共同向仅有的五只股票投入了 8,000 亿卢比：KIMS、Kalpataru Projects、City Union Bank、PVR Inox 和 Carborundum Universal。
- SBI 的高度信心： 在这些巨头基金中，SBI Small Cap 的持仓最为集中，其资产规模中近 10% 都投入到了这五只共同持有的股票中。
- 估值分化： 尽管基金经理在近期回调后正通过“自下而上”的选股方式寻找价值，但专家警告称，与大盘股相比，中小盘指数的交易溢价显著。