Nippon India Growth Fund (Mid Cap) — 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 Manish Gunwani, 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

Nippon India 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

MG

Manish Gunwani

CIO — Equities, Nippon India Mutual Fund

Managing Since

2021

Experience

25+ Years

Funds Managed

5 Funds

Total AUM

₹80,000 Cr+

Manish Gunwani is one of India's most experienced equity fund managers with over 25 years in markets. As CIO of Nippon India Mutual Fund, he oversees the entire equity franchise. He follows a growth-oriented approach, identifying mid cap companies in their strongest phase of business expansion. His broad market experience across multiple cycles brings depth to managing India's oldest mid cap fund.

Fund History

Key Moments in Fund's Life

October 1995

🚀 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 Manish Gunwani'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.

1998 — 2001

Two Crises in Six Years — Brutal Infancy

The fund's first six years saw two separate crises: Asian financial crisis (1998) and dot-com bust (2001). Mid cap markets were far less liquid then. Investors who entered in 1999–2000 at market peaks waited 3–4 years just to recover their principal. The fund's first decade required extraordinary patience.

Two crises in first 6 years

2008 — 2009

60%+ Fall — Most Severe Drawdown

The 2008 global crisis caused a 60%+ peak-to-trough fall. Investors who built wealth from 2003–07 saw most of it evaporate in 12 months. Recovery took 3 years. A ₹1 lakh investment at the 2007 peak became ₹40,000 — then slowly recovered to ₹2 lakh by 2014.

-60%+ peak to trough

Highest Expense Ratio

0.78% — Most Expensive of the Five

At 0.78%, Nippon India Growth Fund charges the highest expense ratio among our five mid cap funds. Kotak Emerging Equity charges just 0.38% — less than half. Over 25 years, this cost difference compounds into a very significant gap in final corpus for long-term investors.

0.78% — most expensive of 5

Multiple Manager Changes

30 Years = Many Different Hands

Unlike HDFC Mid Cap (same manager since 2007), Nippon Growth Fund has had multiple fund managers over its 30-year history. Each change brings a new investment style and portfolio philosophy. While this is normal for any long-running fund, continuity of management is an important factor that this fund lacks compared to some peers.

Multiple manager changes over 30 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.

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

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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)

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% 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

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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)

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Volatility vs market. >1 means more volatile.

Sharpe Ratio

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

Sortino Ratio

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Like Sharpe but only penalises downside risk.

Std Deviation

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How much returns fluctuate. Lower = more stable.

R-Squared

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How closely it tracks the benchmark index.

Benchmark Comparison

Fund vs Nifty Smallcap 250

₹1 Lakh invested — Growth comparison

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