March 2024 marked a significant shift in the mutual fund landscape, as small-cap mutual funds experienced outflows for the first time in 30 months. This drop in investment coincided with the release of stress test results by several asset management companies (AMCs), which caused investors to withdraw their money.
The Association of Mutual Funds in India (AMFI) reported that net outflows from small-cap funds amounted to Rs 94.17 crore in March. The last time this category saw outflows was in September 2021, when it recorded outflows of Rs 248.73 crore. Let’s examine the top-performing small-cap mutual fund schemes that have outperformed their benchmark in April.
Here are the top 5 small-cap mutual fund schemes that outperformed their benchmarks in the last month:
| Mutual Fund Scheme Name | Aum Rs in Cr | 1-month % gain | Benchmark % gain |
| Tata Small Cap Fund | 6236.38 | 7.91 | 6.31 |
| Baroda BNP Paribas Small Cap Fund | 1288.66 | 7.17 | 6.31 |
| Bandhan Small Cap Fund | 4384.9 | 7.13 | 5.75 |
| Franklin India Smaller Companies Fund | 11539.64 | 6.77 | 6.31 |
| Nippon India Small Cap Fund | 45749.06 | 6.75 | 6.31 |
The Tata Small Cap Fund boasts a fund size of Rs 6,236.38 crore. This fund has 94.28% of its investment in domestic equities, with 5.39% in mid-cap stocks and 67.41% in small-cap stocks. It delivered a 7.91% return in March, outperforming its benchmark return of 6.31%.
With a fund size of Rs 1,288.66 crore, Baroda BNP Paribas Small Cap Fund invests 94.09% in domestic equities, with a mix of 4.05% in large-cap stocks, 15.67% in mid-cap stocks, and 58.75% in small-cap stocks. The fund also has a 1.55% allocation to government securities. It gained 7.17% in March, exceeding its benchmark’s 6.31% gain.
The Bandhan Small Cap Fund has a fund size of Rs 4,384.9 crore. It has delivered returns exceeding those of its benchmark, gaining 7.13% compared to the benchmark’s 5.75% in March.
Franklin India Smaller Companies Fund Direct Growth has an NAV of Rs 181.008 and a fund size of Rs 11,539.64 crore. In March, this fund delivered returns of 6.77%, beating its benchmark’s 6.31% return.
The Nippon India Small Cap Fund holds a fund size of Rs 45,749.06 crore, with 95.94% invested in domestic equities, including 6.96% in large-cap stocks, 9.36% in mid-cap stocks, and 53.82% in small-cap stocks. It gained 6.75% in March, outpacing its benchmark’s 6.31% gain.
While March 2024 witnessed the first outflows from small-cap mutual funds in 30 months, some funds outperformed their benchmarks.
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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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