Kotak Small Cap Fund — Deep Analysis

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 Harish Bihani, 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

✓ 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

HB

Harish Bihani

Senior Fund Manager — Equities, Kotak Mutual Fund

Managing Since

2015

Experience

20+ Years

Funds Managed

2 Funds

Total AUM

₹22,000 Cr+

Harish Bihani follows a GARP (Growth at Reasonable Price) philosophy and is known for deep bottom-up research. He focuses on understanding business models thoroughly before investing. The fund's turnover ratio is among the lowest in the category.

Fund History

Key Moments in Fund's Life

February 2005

🚀 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 Harish Bihani'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 · 18 Months

Global Financial Crisis — 70% Crash

The 2008 crisis was catastrophic. Kotak Small Cap, one of the few dedicated small cap funds at the time, had nowhere to hide. Many investors who had just started SIPs panicked and exited — missing the subsequent multi-year recovery.

-70%+ from peak

2018 — 2020 · 24 Months

The Lost Two Years

The NBFC crisis of 2018 combined with IL&FS collapse hit small caps brutally. Kotak's concentrated approach meant some positions took outsized hits. Investors who entered at 2017-18 peaks endured painful losses for two years.

-38% peak to trough

Relative Performance

Lagging the Category in Recent Years

In recent years Kotak has at times lagged larger peers in return charts. Short-term comparisons occasionally paint an unflattering picture — leading to AUM outflows despite reasonable long-term performance.

Occasional category underperformance

Structural Risk

Concentrated Portfolio — Double-Edged Sword

Kotak runs a more concentrated portfolio than peers. When 2-3 key holdings disappoint simultaneously, the NAV impact is more pronounced than in more diversified small cap funds.

Higher stock-specific risk

⚠️ 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

—

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

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)

—

% 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

Your Name

Email (optional)

Your Message *