May 16, 2026
RA Jainee
LIC MF Small Cap Fund
| Fund at a Glance | |
| NAV Growth (Rs.) | 35.19 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 35.18 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 200 |
| Min. No of Cheques | 30 |
| Benchmark | NIFTY Smallcap 250 TRI |
| AUM Rs. | 660 Cr |
| (As on 30-Apr-2026) | |
| Expense | 1.47% |
| 1 Year Return (%) | — |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 15.18% |
⚖️ Sahifund Review – LIC MF Small Cap Fund ✔
PLUS:
✓ Backed by the trusted institutional legacy and investor confidence associated with LIC Mutual Fund.
✓ Strong long-term performance with 5-year CAGR above 20% highlights healthy wealth creation potential in the small-cap segment.
✓ Fund has outperformed the NIFTY Smallcap 250 TRI benchmark across 1-year, 5-year and since-launch periods.
✓ Diversified portfolio of 60 stocks reduces excessive dependence on a few individual small-cap names.
✓ Limited concentration risk, with top 10 holdings accounting for only 26.20% of the portfolio.
✓ Genuine small-cap orientation with over 91% allocation to small-cap stocks enhances long-term alpha potential.
✓ Suitable mainly for aggressive SIP investors with long investment horizons and high risk tolerance.
MINUS:
⚖️ Expense ratio of 1.47% is relatively high compared to leading small-cap peers like Nippon India and Axis Small Cap Fund.
⚖️ High turnover ratio of 73% indicates aggressive portfolio reshuffling and elevated active management risk.
⚖️ 3-year returns trail stronger performers like Quant and Nippon India Small Cap funds.
⚖️ Portfolio P/E of 32.06 suggests expensive valuations within the small-cap universe.
⚖️ Small-cap funds can witness severe interim drawdowns during broader market corrections and liquidity stress.
⚖️ Fund carries above-average volatility due to high exposure to emerging and less liquid businesses.
⚖️ Investors without patience for sharp short-term fluctuations may struggle to remain invested during market downturns.
Sahifund View (Decisive Line):
LIC MF Small Cap Fund can reward disciplined long-term SIP investors seeking high-growth small-cap exposure, but investors must be mentally prepared for sharp volatility and temporary wealth erosion during market corrections.
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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 provide investors with the opportunities for long-term capital appreciation by investing predominantly in Equity and Equity related instruments of Small-cap Companies.
Fund Manager:
1) Dikshit Mittal
Education: Mr. Mittal is a MBA (Finance) – ICFAI Busines School, Hyderabad. B-Tech (Chemical) – Punjab Technical University.
Experience: Prior to joining LIC Mutual Fund Asset Management Ltd., he has worked with Subhkam Ventures Pvt. Limited. SBI Capital Securities and Alchemy Shares and Stock Brokers.
2) Mahesh Bendre
Education: Mr. Bendre has done B.E(Mechanical), MBA (Finance) and PhD (Finance)
Experience: Prior to joining LIC Mutual Fund, he has worked with IDBI Capital, Vervene Asset Management, Stewart & Mackertich, Karvy Inst. Equity and Way2wealth, Quantum Securities
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 500 |
| Min. SIP Investment (Rs) | 200 |
| Min. Withdrawal (Rs) | 1,000 |
| Min. No of Cheques | 30 |
| Min. Balance (Rs) | 1 |
| Lock-in Period | NA |
| Exit Load | For units in excess of 12% of the investment, 1% will be charged for redemption within 12 months |
Basic Details of LIC MF Small Cap Fund
| Fund House | LIC Mutual Fund |
| Launch Date | 21-Jun-17 |
| Return Since Launch | 15.18% |
| Benchmark | NIFTY Smallcap 250 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 660 Cr |
| (As on 30-Apr-2026) | |
| Expense | 1.47% |
| (As on 30-Apr-2026) | |
| Risk Grade | Above Average |
| Return Grade | Average |
| Turnover | 73.00% |
LIC MF Small Cap Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| LIC MF Small Cap Dir | 6.13 | 0.36 | 8.56 | 8.53 | 3.42 | 9.47 | 19.74 | 20.08 | 20.90 | — |
| BSE 250 SmallCap TRI | 0.75 | 0.18 | 7.62 | 5.69 | -1.80 | 4.82 | 19.49 | 17.83 | 19.01 | — |
| Equity: Small Cap | 2.37 | 0.31 | 7.02 | 5.32 | -0.18 | 7.31 | 20.69 | 19.65 | 22.54 | — |
| Rank within category | 6 | 24 | 14 | 7 | 6 | 14 | 21 | 11 | 15 | — |
| Number of funds in category | 52 | 55 | 55 | 53 | 49 | 46 | 33 | 25 | 19 | 12 |
Peer Comparison of LIC MF 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 (%) | |
| LIC MF Small Cap Dir | 2 out of 5 stars | 9.47 | 19.74 | 20.08 | 1.47 | 660 | 15.18 | 1.00 (360) | 8Y 10M | 73.00 |
| Nippon India Small Cap Dir | 4 out of 5 stars | 7.86 | 21.16 | 23.01 | 0.65 | 72,673 | 23.91 | 1.00 (365) | 13Y 4M | 17.00 |
| HDFC Small Cap Dir | 4 out of 5 stars | 2.67 | 16.28 | 19.43 | 0.85 | 38,168 | 18.32 | 1.00 (365) | 13Y 4M | 8.12 |
| Quant Small Cap Dir | 4 out of 5 stars | 7.88 | 21.57 | 21.91 | 1.13 | 30,374 | 17.29 | 1.00 (365) | 13Y 4M | 151.00 |
| Axis Small Cap Dir | 4 out of 5 stars | 6.76 | 18.51 | 19.29 | 0.65 | 27,364 | 22.39 | 1.00 (365) | 12Y 5M | 38.00 |
LIC MF Small Cap Fund Portfolio
| No. of Stocks | 60 |
| Top 10 Stocks | 26.20% |
| Top 5 Stocks | 14.77% |
| Top 3 Sectors | 59.95% |
| Portfolio P/B Ratio | 4.00 |
| Portfolio P/E Ratio | 32.06 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 12,000 | 19,968 |
| Giant (%) | — | — |
| Large (%) | 1.95 | 7.86 |
| Mid (%) | 6.13 | 11.36 |
| Small (%) | 91.93 | 86.36 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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