📊 Small Cap Fund · Deep Analysis

Kotak Emerging Equity Fund

Formerly Kotak Midcap Fund

Direct Growth · SEBI Category: Mid Cap Fund · AMC: Kotak Mutual Fund

Current NAVLoading...
1 Year Return—
3 Year Return—
5 Year Return—
AUM₹50,000 Cr+
Expense Ratio0.38%
Min SIP₹100/mo
Live data: Fetching from MF API India — charts and returns loading below...
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 Pankaj Tibrewal, 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
Kotak Mutual Fund
Category
Small Cap Fund
Launch Date
March 2007
AUM
₹50,000 Cr+
Expense Ratio
0.38% (Direct)
Minimum SIP
₹100 / month
Benchmark
Nifty Smallcap 250 TRI
Exit Load
1% if < 1 year
Fund Manager
Pankaj Tibrewal
Risk Level
Very High
Ideal Horizon
7+ Years
LTCG Tax
12.5% above ₹1.25L

✓ 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

PT
Pankaj Tibrewal
Senior EVP & Fund Manager — Equities, Kotak Mutual Fund
Managing Since
2010
Experience
22+ Years
Funds Managed
3 Funds
Total AUM
₹60,000 Cr+

Pankaj Tibrewal is one of India's most celebrated mid cap fund managers, known for his GARP (Growth at Reasonable Price) philosophy. He focuses intensely on businesses with strong earnings growth visibility, pricing power and scalable business models. His 14+ year tenure at Kotak Emerging Equity has made him one of the longest-serving active mid cap managers in India and a trusted name for mid cap investors.

Fund History

Key Moments in Fund's Life

March 2007
🚀 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 Pankaj Tibrewal'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.

2008 — 2009
Born Into Crisis — 60%+ Fall
Like all mid cap funds, Kotak Emerging Equity fell 60%+ during the 2008 global crisis. NFO investors who entered at launch in 2007 waited 3+ years just to recover their principal. Mid cap crashes are severe — this fund is no exception.
-60%+ in 2008 crisis
2018 — 2020
Three Years of Mid Cap Pain
IL&FS crisis (2018), economic slowdown (2019) and COVID (2020) created a brutal three-year period for mid cap investors. Even the lowest-cost fund in the category could not escape the broader mid cap bear market. Investors who entered in 2017–18 endured 3 years of negative to flat returns.
3 years near-zero returns
GARP Underperforms in Extremes
Works Best in Normal Markets — Struggles in Extremes
Pankaj Tibrewal's GARP approach works well in normal markets but can struggle in extreme conditions. During pure value rallies (PSU boom of 2021–23), GARP slightly lagged value funds. During pure growth rallies (2019–21), it slightly lagged pure growth funds. GARP investors must accept being second-best in extreme market phases.
Lags peers in extreme market phases
AUM Growing Rapidly
₹50,000 Cr — The Scale Challenge Begins
From ₹10,000 Cr in 2020 to ₹50,000 Cr in 2025, the fund's AUM has grown 5x in 5 years. While still more nimble than HDFC Mid Cap, deployment challenges are starting to emerge. At this AUM, meaningful exposure to smaller, faster-growing mid caps becomes harder.
AUM 5x in 5 years
⚠️ 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.
Live Data Sections Below
Performance

Returns vs Benchmark

1 Month
—
Nifty SC: —
3 Month
—
Nifty SC: —
6 Month
—
Nifty SC: —
1 Year
—
Nifty SC: —
3 Year CAGR
—
Nifty SC: —
5 Year CAGR
—
Nifty SC: —
10 Year CAGR
—
Nifty SC: —
Since Inception
—
Sep 2009
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)
—
% of times positive: —
3Y Rolling (Avg)
—
% of times positive: —
5Y Rolling (Avg)
—
% 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
—
200 DMA
—
NAV vs DMA
—
Loading signal...
NAV vs 200 DMA
Risk Metrics

Risk Ratios

Alpha (3Y)
—
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
Help Us Improve

Your Feedback

Found an error in the data? Have a suggestion? We read every response and update the page accordingly.

How helpful was this page?
★ ★ ★ ★ ★
Type of Feedback