December 29, 2025
RA Jainee
Kotak Small Cap Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 294.24 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 129.24 |
| Min. Investment (Rs.) | 100 |
| Min. SIP Investment (Rs.) | 100 |
| Min. No of Cheques | 1 |
| Benchmark | NIFTY Smallcap 250 TRI |
| AUM Rs. | 17,423 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.55% |
| 1 Year Return (%) | -8.25 |
| 3 Year Return (%) | 17.20 |
| 5 Year Return (%) | 22.57 |
| 10 Year Return (%) | 18.25 |
| Return Since Launch | 19.06% |
⚖️ Sahifund Review — Kotak Small Cap Fund ✓
PLUS: Stability, track record, cost efficiency
Kotak Small Cap Fund carries a long operating history since 2013, offering investors the comfort of a tested investment process across multiple market cycles. Over the long term, the fund has delivered healthy 5-year and 10-year returns of ~23% and ~18%, reflecting its ability to create wealth through disciplined stock selection. A low expense ratio of 0.55% supports efficient compounding, while a well-diversified portfolio of ~80 stocks helps manage single-stock risk. Backed by Kotak Mahindra Mutual Fund, governance and research depth remain key strengths.
MINUS: Large AUM, large-cap bias, momentum lag
With assets of over Rs. 17,400 Cr, agility in fast-moving small-cap rallies can be limited. Recent performance has lagged peers, with negative 1-year returns, indicating momentum headwinds. The portfolio also carries a sizeable mid-cap exposure, which can dilute pure small-cap alpha during sharp upcycles. Valuations remain on the higher side, adding to short-term volatility risks.
Decisive Line (Sahifund View):
Suitable for patient SIP investors with a 7+ year horizon who prefer a conservative, process-driven approach to small-cap investing over chasing short-term momentum.
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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?
When you invest for seven years or more, you can expect gains that comfortably beat the inflation rate as well as returns from fixed income options.
This is a fund that invests in smaller companies. Compared to those that invest in larger companies, such funds tend to fall more when stock prices fall. So while you can expect higher returns in the long term, there will be more severe ups and downs along the way.
Like for all equity funds, you must invest only through the SIP route.
Fund’s Investment Strategy:
The scheme seeks to generate capital appreciation from a diversified portfolio of equity and equity related securities by investing predominantly in small cap companies.
Fund Manager:
1) Harish Bihani
Education: Mr. Bihani has done MBA in Finance
Experience: Prior to joining Kotak Mutual Fund, he has worked with ICICI Prudential Mutual Fund, SBI Mutual Fund, Kotak Instituitional Equities, CIMB Securities, RBS Equities India Pvt. Ltd., Indiabulls Securities Ltd. and Reliance Equities International Pvt. Ltd.
Investment Details
| Min. Investment (Rs) | 100 |
| Min. Addl Investment (Rs) | 100 |
| Min. SIP Investment (Rs) | 100 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 1 |
| Min. Balance (Rs) | 1,000 |
| Lock-in Period | NA |
| Exit Load | For units in excess of 10% of the investment, 1% will be charged for redemption within 365 days |
Basic Details of Kotak Small Cap Fund
| Fund House | Kotak Mahindra Mutual Fund |
| Launch Date | 01-Jan-13 |
| Return Since Launch | 19.06% |
| Benchmark | NIFTY Smallcap 250 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | Rs 17,423 Cr |
| (As on 30-Nov-2025) | |
| Expense | 0.55% |
| (As on 30-Nov-2025) | |
| Risk Grade | Average |
| Return Grade | Below Average |
| Turnover | 24.30% |
Trailing Returns (%) of Kotak Small Cap Fund
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Kotak Small Cap Dir | -8.14 | -0.27 | -1.55 | -1.81 | -5.13 | -8.25 | 17.20 | 22.57 | 21.95 | 18.25 |
| BSE 250 SmallCap TRI | -5.42 | -0.30 | -1.48 | -0.24 | -4.49 | -4.95 | 21.28 | 22.94 | 18.45 | 14.89 |
| Equity: Small Cap | -4.56 | -0.26 | -1.84 | 0.20 | -2.82 | -4.33 | 21.77 | 24.62 | 21.26 | 17.35 |
| Rank within category | 37 | 33 | 23 | 46 | 40 | 37 | 29 | 20 | 7 | 5 |
| Number of funds in category | 43 | 52 | 49 | 49 | 46 | 43 | 31 | 24 | 16 | 12 |
Peer Comparison of Kotak 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 (%) | |
| Kotak Small Cap Dir | 2 star | -8.25 | 17.20 | 22.57 | 0.55 | 17,423 | 19.06 | 1.00 (365) | 12Y 11M | 24.30 |
| Nippon India Small Cap Dir | 4 star | -4.03 | 23.20 | 28.67 | 0.63 | 68,572 | 24.34 | 1.00 (365) | 12Y 11M | 12.00 |
| HDFC Small Cap Dir | 4 star | 0.65 | 22.34 | 26.15 | 0.67 | 38,020 | 19.31 | 1.00 (365) | 12Y 11M | 9.49 |
| Quant Small Cap Dir | 4 star | -1.74 | 22.94 | 31.16 | 0.75 | 30,170 | 17.41 | 1.00 (365) | 12Y 11M | 151.00 |
| Bandhan Small Cap Dir | 5 star | 0.65 | 32.12 | 27.76 | 0.42 | 18,174 | 32.16 | 1.00 (365) | 5Y 10M | 25.00 |
Portfolio Analysis of Kotak Small Cap Fund
| No. of Stocks | 78 |
| Top 10 Stocks | 27.52% |
| Top 5 Stocks | 16.28% |
| Top 3 Sectors | 61.29% |
| Portfolio P/B Ratio | 4.31 |
| Portfolio P/E Ratio | 34.76 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 19,004 | 19,653 |
| Giant (%) | 5.17 | 6.73 |
| Large (%) | 6.91 | 6.19 |
| Mid (%) | 53.77 | 64.67 |
| Small (%) | 34.16 | 29.82 |
| Tiny (%) | — | 0.33 |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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