Canara Robeco Bluechip Equity Fund — Deep Analysis

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Fund Overview

SBI Small Cap Fund — Quick Summary

SBI Small Cap Fund is one of India's oldest and most respected small cap mutual funds, launched in September 2009. Managed by Vishal Mishra, Head of Equities at SBI MF, it has built a stellar 15-year track record by investing in quality small cap businesses ranked 251st and beyond by market capitalisation as defined by SEBI.

Fund House

Canara Robeco Mutual Fund

✓ Suitable For

✓Investors with 7+ year horizon who can stay patient through crashes

✓SIP investors doing rupee cost averaging every month without stopping

✓Those seeking high wealth creation and comfortable with high volatility

✓Experienced investors using this as a satellite allocation in a diversified portfolio

✗ Not Suitable For

✗First-time investors — start with a large cap or hybrid fund first

✗Anyone who needs money within 3–5 years — small caps can be down for years

✗Investors who panic sell — 40–50% crashes are normal in this category

✗Those making it their only fund — concentration in small caps is dangerous

Who Runs This Fund

Fund Manager

VM

Vishal Mishra

Senior Fund Manager — Equities, Canara Robeco Mutual Fund

Managing Since

2016

Experience

18+ Years

Funds Managed

3 Funds

Total AUM

₹20,000 Cr+

Vishal Mishra follows a GARP (Growth at Reasonable Price) philosophy, combining growth-oriented stock selection with valuation discipline. He is known for consistent, process-driven investing rather than high-risk concentrated bets. Under his management, Canara Robeco Bluechip has delivered consistent category-beating returns while maintaining the lowest expense ratio among peers.

Fund History

Key Moments in Fund's Life

August 2010

🚀 Fund Launch

SBI Small Cap Fund launched with an NFO. Initial AUM was modest at under ₹50 Cr. Few investors took notice.

2013 — 2017

📈 The Golden Run

Under Vishal Mishra's management, the fund delivered extraordinary returns during the small cap bull run. AUM grew 10x. It became the most talked-about small cap fund in India.

July 2017

🔒 Subscriptions Suspended

In a rare and bold move, SBI MF suspended fresh lump sum investments citing difficulty in deploying large amounts in small caps without moving prices. This was seen as a sign of integrity.

2018 — 2019

⚡ SEBI Recategorisation

SEBI mandated that small cap funds must invest at least 65% in small cap stocks (rank 251+). This forced portfolio reshuffling across the industry.

March 2020

💥 COVID Crash

Fund NAV crashed ~40% in weeks. Many panic-sold. Those who stayed invested or bought more saw extraordinary recovery in 12-18 months.

2021 — 2022

🏆 Spectacular Recovery

Post-COVID recovery was exceptional. The fund delivered 100%+ returns from March 2020 lows, rewarding patient investors handsomely.

2024

📊 AUM Crosses ₹25,000 Cr

Despite being one of the oldest small cap funds, it remains among the most popular. AUM milestone reflects sustained investor trust over 15 years.

What They Don't Tell You

The Dark Chapters

Every fund has painful periods. Here's an honest look at when SBI Small Cap struggled — because understanding this is crucial before investing.

Awareness Gap

India's Best-Kept Large Cap Secret — For Too Long

Canara Robeco Bluechip's biggest challenge has not been performance — it has been visibility. Despite consistent top-quartile returns and the lowest expense ratio in the category, it remains far less well-known than SBI, HDFC or Axis funds. This means fewer investors have benefited from what is arguably the best risk-adjusted large cap offering.

Under-marketed despite excellent performance

Smaller AMC Risk

Canara Robeco Is Smaller Than Peers

With ₹16,400 Cr AUM vs SBI's ₹53,000 Cr, Canara Robeco is a smaller AMC. In theory, smaller AMCs can face AUM outflows during crisis periods which may force portfolio changes. In practice, Canara Bank's backing provides stability, but the size gap vs larger peers is a consideration.

₹16,400 Cr vs ₹53,000 Cr largest

Consistency vs Headlines

Consistent but Rarely #1 — Frustrating for Return Chasers

Canara Robeco Bluechip rarely tops the 1-year return chart. It tends to finish in the top quartile consistently rather than at the very top. For investors who benchmark purely on 1-year returns, this can be frustrating — even though top-quartile consistency over 5–10 years is actually a superior outcome.

Rarely #1 despite top-quartile record

Expense Gap Closing

Index Funds Are Getting Closer

As Nifty 50 index funds from Zerodha and others now charge just 0.10–0.20%, even Canara Robeco's 0.35% faces competitive pressure. The question of whether the 0.35% active management fee delivers enough consistent alpha over the index is a legitimate one that investors must evaluate.

Index funds charging 0.10–0.20%

⚠️ Educational Disclaimer: The dark chapters above are presented for educational awareness only. Past difficulties do not predict future performance. RightAdvise.com is NOT a SEBI/AMFI registered advisor. Please consult a qualified financial advisor before investing.

Performance

Returns vs Benchmark

1 Month

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Nifty SC: —

3 Month

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Nifty SC: —

6 Month

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Nifty SC: —

1 Year

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Nifty SC: —

3 Year CAGR

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Nifty SC: —

5 Year CAGR

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Nifty SC: —

10 Year CAGR

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Nifty SC: —

Since Inception

—

Sep 2009

Price History

NAV History

Consistency Analysis

Rolling Returns ℹ️ What is this?

Rolling returns show how the fund performed across every possible investment period — not just one cherry-picked date. This reveals true consistency. Learn more →

1Y Rolling (Avg)

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% of times positive: —

3Y Rolling (Avg)

—

% of times positive: —

5Y Rolling (Avg)

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% of times positive: —

1-Year Rolling Returns Each point = 1yr return from that date

Risk Analysis

Maximum Drawdown ℹ️ What is this?

Drawdown shows the biggest fall from peak NAV. This is what investors actually experience during market crashes. Learn more →

Max Drawdown Ever

—

Recovery time: —

2020 Covid Crash

-40.2%

Recovery: 14 months

2018 IL&FS Crisis

-28.6%

Recovery: 24 months

Current from Peak

—

Peak NAV: —

Drawdown Chart % fall from rolling peak NAV

Valuation Signal

NAV vs 200-Day Moving Average

When NAV is above 200 DMA, the fund is in an uptrend. When below, it signals caution. Many investors use this as a simple entry/exit signal.

Current NAV

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200 DMA

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NAV vs DMA

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Loading signal...

NAV vs 200 DMA

Risk Metrics

Risk Ratios

Alpha (3Y)

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Excess return over benchmark. Higher is better.

Beta (3Y)

—

Volatility vs market. >1 means more volatile.

Sharpe Ratio

—

Return per unit of risk. >1 is considered good.

Sortino Ratio

—

Like Sharpe but only penalises downside risk.

Std Deviation

—

How much returns fluctuate. Lower = more stable.

R-Squared

—

How closely it tracks the benchmark index.

Benchmark Comparison

Fund vs Nifty Smallcap 250

₹1 Lakh invested — Growth comparison

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