March 24, 2026
RA Jainee
Mirae Asset Small Cap Fund
Mirae Asset Small Cap Fund review: Should you invest in this small cap mutual fund in 2026? In this detailed review, we analyse the latest NAV, returns, portfolio allocation, expense ratio, peer comparison, benchmark performance and risk profile to help investors make a smarter SIP decision.
Mirae Asset Small Cap Fund has quickly gained investor attention for its strong early performance, low expense ratio and diversified small-cap portfolio. But is this new small cap fund suitable for long-term wealth creation, and can it sustain performance across market cycles? Let’s decode the fund in detail.
| Fund at a Glance | |
| NAV Growth (Rs.) | 10.61 |
| NAV Bonus (Rs.) | — |
| NAV IDCW (Rs.) | 10.61 |
| Min. Investment (Rs.) | 5,000 |
| Min. SIP Investment (Rs.) | 1,000 |
| Min. No of Cheques | 5 |
| Benchmark | NIFTY Smallcap 250 TRI |
| AUM Rs. | 3,323 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.39% |
| 1 Year Return (%) | 7.81 |
| 3 Year Return (%) | — |
| 5 Year Return (%) | — |
| 10 Year Return (%) | — |
| Return Since Launch | 5.40% |
PLUS: Stability, track record, cost efficiency
Mirae Asset Small Cap Fund has quickly attracted investor attention as a small cap mutual fund for long-term SIP investors, especially those looking to participate in India’s high-growth emerging businesses. The biggest positive is its strong 1-year return of 7.81%, which is comfortably ahead of both the benchmark and category average, indicating a promising start. Its expense ratio of just 0.39% is a major advantage in the small-cap category, where cost control matters a lot for long-term compounding. The portfolio is reasonably diversified across 79 stocks, which helps reduce stock-specific risk in a naturally volatile segment. Backed by the Mirae Asset brand, the fund carries strong AMC credibility and may appeal to investors searching for a quality small cap fund for SIP and wealth creation.
MINUS: Large AUM, large-cap bias, momentum lag
The main caution is that this is still a very new fund, with just around 1 year of live performance history, so investors do not yet have enough data to judge consistency across a full market cycle. It also does not yet have a 3-year, 5-year or 10-year track record, which is especially important in the small-cap category where drawdowns can be severe. While recent performance is impressive, the fund still remains unrated, and category leaders like Nippon India, HDFC and Quant have much longer evidence behind them. The portfolio also has a slightly higher-than-expected large and mid-cap cushion, which may reduce some upside if the small-cap segment enters a sharp bull run. In short, this fund looks promising but not yet fully proven, and investors should be ready for volatility and patience.
Sahifund View (Decisive Line):
A promising low-cost small cap SIP fund with strong early signs, but investors should wait for a longer track record before treating it as a high-conviction core holding.
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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 investing predominantly in small cap stocks. From time to time, the fund manager will also seek participation in other equity and equity related securities to achieve optimal portfolio construction.
Fund Manager:
1) Varun Goel
Education: Mr. Goel has done B.Tech and MBA in Finance & Marketing
Experience: Prior to joining Mirae Asset Mutual Fund, he has worked with Nippon India Mutual Fund, Motilal Oswal Asset Management Company Ltd., Karvy Stock Broking and KC Portfolio Management
Investment Details
| Min. Investment (Rs) | 5,000 |
| Min. Addl Investment (Rs) | 1,000 |
| Min. SIP Investment (Rs) | 99 |
| Min. Withdrawal (Rs) | — |
| Min. No of Cheques | 5 |
| Min. Balance (Rs) | — |
| Lock-in Period | NA |
| Exit Load | For units in excess of 15% of the investment, 1% will be charged for redemption within 365 days |
Basic Details of Mirae Asset Small Cap Fund
| Fund House | Mirae Asset Mutual Fund |
| Launch Date | 31-Jan-25 |
| Return Since Launch | 5.40% |
| Benchmark | NIFTY Smallcap 250 TRI |
| Riskometer | Very High |
| Type | Open-ended |
| Assets | 3,323 Cr |
| (As on 28-Feb-2026) | |
| Expense | 0.39% |
| (As on 28-Feb-2026) | |
| Risk Grade | — |
| Return Grade | — |
| Turnover | 12.00% |
Mirae Asset Small Cap Fund Returns
| Fund name | YTD | 1D | 1M | 3M | 6M | 1Y | 3Y | 5Y | 7Y | 10Y |
| Mirae Asset Small Cap Dir | -9.68 | -0.25 | -7.71 | -8.70 | -11.11 | 7.81 | — | — | — | — |
| BSE 250 SmallCap TRI | -12.38 | -2.58 | -8.01 | -11.34 | -16.35 | -0.94 | — | — | — | — |
| Equity: Small Cap | -10.02 | 0.28 | -7.29 | -9.14 | -13.54 | 1.05 | — | — | — | — |
| Rank within category | 18 | 52 | 37 | 18 | 8 | 3 | — | — | — | — |
| Number of funds in category | 52 | 53 | 53 | 52 | 49 | 46 | 31 | 24 | 19 | 12 |
Peer Comparison of Mirae Asset 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 (%) | |
| Mirae Asset Small Cap Dir | Unrated | 7.81 | — | — | 0.39 | 3,323 | 5.40 | 1.00 (365) | 1Y 1M | 12.00 |
| Nippon India Small Cap Dir | 4 star | 2.54 | 20.11 | 22.1 | 0.65 | 67,642 | 23.06 | 1.00 (365) | 13Y 2M | 15.00 |
| HDFC Small Cap Dir | 4 star | 4.55 | 17.08 | 19.85 | 0.73 | 37,424 | 17.92 | 1.00 (365) | 13Y 2M | 7.80 |
| Quant Small Cap Dir | 4 star | 0 | 19.82 | 24.02 | 0.81 | 27,654 | 16.23 | 1.00 (365) | 13Y 2M | 151.00 |
| Axis Small Cap Dir | 4 star | 1.77 | 17.35 | 18.82 | 0.60 | 26,008 | 21.61 | 1.00 (365) | 12Y 3M | 38.00 |
Mirae Asset Small Cap Fund Portfolio
| No. of Stocks | 79 |
| Top 10 Stocks | 23.65% |
| Top 5 Stocks | 13.39% |
| Top 3 Sectors | 59.64% |
| Portfolio P/B Ratio | 4.30 |
| Portfolio P/E Ratio | 29.09 |
Portfolio Breakup
| Fund | Category | |
| Average Mkt Cap (Rs Cr) | 25,802 | 19,151 |
| Giant (%) | — | — |
| Large (%) | 11.79 | 7.48 |
| Mid (%) | 17.11 | 13.67 |
| Small (%) | 71.10 | 84.01 |
| Tiny (%) | — | — |
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme related documents carefully
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