Mirae Asset Large 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 Gaurav Misra, 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

Mirae Asset 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

GM

Gaurav Misra

Senior Fund Manager — Equities, Mirae Asset Mutual Fund

Managing Since

2019

Experience

22+ Years

Funds Managed

3 Funds

Total AUM

₹55,000 Cr+

Gaurav Misra brings over two decades of equity research and portfolio management experience. He follows a disciplined bottom-up approach, focusing on businesses with strong return on equity, competitive moats and consistent earnings growth. His management of Mirae Asset Large Cap has maintained the fund's reputation for consistent category outperformance.

Fund History

Key Moments in Fund's Life

April 2008

🚀 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 Gaurav Misra'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

Launched Into a Crisis — Terrible Timing

NFO investors who put money into Mirae Asset Large Cap at launch in 2008 immediately watched their investment crash 50%+. Even though the fund eventually delivered excellent returns, those early months tested investors severely — a reminder that timing of initial investment matters enormously.

Crisis within months of launch

2021 — 2022

Closed for Lump Sum — Too Successful for Its Own Good

At peak AUM, Mirae Asset Large Cap was temporarily restricted for lump sum investments. While this protects existing investors from deployment challenges, it frustrated new investors who wanted to enter with large amounts. Popularity can itself become a constraint.

Temporarily restricted lump sum

Active vs Index Challenge

Outperformance Is Not Guaranteed Forever

Mirae Asset Large Cap has an excellent track record of outperforming its benchmark. But markets become more efficient over time, and alpha generation gets harder as the fund grows. Past outperformance is no guarantee of future alpha — especially as the category becomes more competitive.

Alpha gets harder to sustain

Concentration Risk

Heavy in Financials and Technology

Like most large cap funds, Mirae Asset Large Cap has heavy concentration in financial stocks and IT companies — which together can form 40%+ of the portfolio. When these sectors underperform simultaneously (as happened during parts of 2022), the fund takes outsized hits.

Sector concentration 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 *