March 25, 2026
RA Jainee
ITI Small Cap Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 27.66 |
| NAV Bonus (Rs.) | |
| NAV IDCW (Rs.) | 26.22 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 500 |
| Min. No of Cheques | 12 |
| Benchmark | NIFTY Smallcap 250 TRI |
| AUM Rs. | 2,712 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.39% |
| 1 Year Return (%) | -2.53 |
| 3 Year Return (%) | 22.53 |
| 5 Year Return (%) | 16.37 |
| 10 Year Return (%) | — |
| Return Since Launch | 18.16% |
⚖️ Sahifund Review – ITI Small Cap Fund ✔
PLUS: Stability, track record, cost efficiency
✓ This fund has delivered strong long-term performance, with 22.53% CAGR over 3 years and 16.37% over 5 years, which is impressive for the small-cap category.
✓ It has also comfortably outperformed its benchmark and category average across 1-year, 3-year and since-launch periods.
✓ Expense ratio of just 0.39% is a major advantage and one of the strongest positives in this fund.
✓ Portfolio is widely diversified across 82 stocks, reducing single-stock blow-up risk — very important in small caps.
✓ Low concentration in top holdings (Top 10 only 22.80%) reflects disciplined portfolio spreading.
✓ The fund remains highly relevant for aggressive long-term SIP investors looking for small-cap wealth creation.
✓ It offers better balance than many small-cap funds by not overloading a handful of momentum names.
MINUS: Large AUM, large-cap bias, momentum lag
⚖️ Small-cap investing itself is high-risk and high-volatility, so drawdowns can still be very sharp despite diversification.
⚖️ 1-year return of -2.53% shows recent momentum has cooled, and investors must be prepared for patience.
⚖️ The biggest red flag is very high turnover of 118%, which indicates aggressive churn and may increase strategy risk.
⚖️ Portfolio valuation is still elevated with P/E above 34, so future upside may depend heavily on earnings delivery.
⚖️ Compared to elite category leaders like Nippon India and Quant Small Cap, 5-year alpha is decent but not dominant.
⚖️ This is not a “safe” SIP fund — it is suitable only for investors who can tolerate deep interim corrections.
Sahifund View (Decisive Line):
A strong and cost-efficient small-cap fund with good long-term merit — ideal for aggressive SIP investors, but only if you can stomach volatility without panic.
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| NFO Guidance |
What lies ahead? Below we decode returns consistency, portfolio concentration, peer positioning and risk profile in detail.
Suitable For Which Investors?
Small-cap funds are suitable for investors:
1. Seeking exposure in small-cap stocks for high returns
2. Aiming for long-term wealth creation
3. With a 7+ year investment horizon
4. Who can withstand interim sharp declines in investment value
Note:
• Invest only through SIP
Fund’s Investment Strategy:
The Scheme seeks to generate capital appreciation by predominantly investing in equity and equity related securities of small cap companies.
Fund Manager:
1) Dhimant Shah
Education: Mr. Shah is a B.Com (H) and Chartered Accountant.
Experience: Prior to joining ITI Mutual Fund, he has worked with Principal Mutual Fund, HSBC AMC, Reliance Mutual Fund, ASK Raymond James Securities Pvt. Ltd. and IL&FS AMC. Senior Analyst from April 1997 to August 2003.
2) Rohan Korde
Education: Mr. Korde is a Masters in Management Studies (Finance), Bachelor of Commerce
Experience: Prior to joining ITI Mutual Fund, he has worked with BOB Capital Markets as Vice President
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 500 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 12 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | 0.5% for redemption within 3 months |
Basic Details of ITI Small Cap Fund
| Fund House | ITI Mutual Fund |
| Launch Date | 17-Feb-20 |
| Return Since Launch | 18.16% |
| Benchmark | NIFTY Smallcap 250 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 2,712 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.39% |
| (As on 28-Feb-2026) | |
| Risk Grade | Average |
| Return Grade | Above Average |
| Turnover | 118.00% |
ITI Small Cap Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| ITI Small Cap Dir | -11.79 | -3.66 | -10.22 | -11.92 | -13.48 | -2.53 | 22.53 | 16.37 | — | — |
| BSE 250 SmallCap TRI | -15.37 | -3.86 | -11.43 | -15.39 | -18.08 | -7.08 | 16.04 | 15.10 | — | — |
| Equity: Small Cap | -13.25 | -3.53 | -11.00 | -13.45 | -15.63 | -4.28 | 17.10 | 17.67 | — | — |
| Rank within category | 11 | 28 | 11 | 9 | 10 | 17 | 2 | 19 | — | — |
| Number of funds in category | 52 | 54 | 53 | 52 | 49 | 46 | 31 | 24 | 19 | 12 |
Peer Comparison of ITI Small Cap Fund
| Rating | 1 Year Returns | 3 Year Returns | 5 Year Returns | Expense Ratio (%) | Net Assets (Rs Cr) | Return Since Launch (%) | Exit Load (Days) | Fund Age | Turnover (%) | |
| ITI Small Cap Dir | 4 star | -2.53 | 22.53 | 16.37 | 0.39 | 2,712 | 18.16 | 0.50 (90) | 6Y 1M | 118.00 |
| Nippon India Small Cap Dir | 4 star | -2.47 | 18.29 | 20.94 | 0.65 | 67,642 | 22.72 | 1.00 (365) | 13Y 2M | 15.00 |
| HDFC Small Cap Dir | 4 star | -0.47 | 15.32 | 18.78 | 0.73 | 37,424 | 17.61 | 1.00 (365) | 13Y 2M | 7.80 |
| Quant Small Cap Dir | 4 star | -4.04 | 18.08 | 22.82 | 0.81 | 27,654 | 15.95 | 1.00 (365) | 13Y 2M | 151.00 |
| Axis Small Cap Dir | 4 star | -2.72 | 15.94 | 17.86 | 0.60 | 26,008 | 21.28 | 1.00 (365) | 12Y 3M | 38.00 |
ITI Small Cap Fund Portfolio
| No. of Stocks | 82 |
| Top 10 Stocks | 22.80% |
| Top 5 Stocks | 14.11% |
| Top 3 Sectors | 59.58% |
| Portfolio P/B Ratio | 4.28 |
| Portfolio P/E Ratio | 34.64 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 26,841 | 19,151 |
| Giant (%) | — | — |
| Large (%) | 5.24 | 7.48 |
| Mid (%) | 24.19 | 13.67 |
| Small (%) | 70.58 | 84.01 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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