SBI Magnum Midcap 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 Brijesh Kumar, 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

SBI 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

BK

Brijesh Kumar

Fund Manager — Equities, SBI Mutual Fund

Managing Since

2018

Experience

18+ Years

Funds Managed

2 Funds

Total AUM

₹25,000 Cr+

Brijesh Kumar manages SBI Magnum Midcap Fund with a focus on identifying mid cap companies with strong earnings growth potential and clean corporate governance. He follows a bottom-up stock selection approach, looking for businesses with clear competitive advantages in their sectors. SBI Mutual Fund's extensive nationwide distribution and research capabilities support the investment process.

Fund History

Key Moments in Fund's Life

March 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 Brijesh Kumar'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.

Highest Expense Ratio

0.81% — The Most Expensive of Five

SBI Magnum Midcap charges 0.81% — the highest among our five mid cap funds. Kotak Emerging Equity charges 0.38%. Over 20 years, the 0.43% annual cost difference on a ₹10 lakh investment can amount to several lakhs of lost compounding. The SBI brand premium comes at a real cost.

0.81% vs 0.38% cheapest

2008 — 2009

60%+ Crash in Crisis

The 2008 global financial crisis caused the fund to fall 60%+ from peak. Investors who entered in 2007–08 waited 3+ years just to recover their investment. Mid cap does not mean safe — the 2008 experience was a brutal lesson.

-60%+ peak to trough

2018 — 2020

Three Years of Stagnation

The mid cap correction of 2018–20 was especially painful for SBI Magnum Midcap investors because of the fund's higher expense ratio. Not only were returns negative, but the ongoing management fee continued being charged even on a declining portfolio. The combination of market losses and ongoing cost drag was discouraging.

3 years of losses + ongoing cost

Minimum SIP ₹500

Highest Minimum SIP Among Peers

SBI Magnum Midcap requires a minimum SIP of ₹500/month, while peers like HDFC, Nippon, Kotak and Axis all accept ₹100/month. For young investors or those starting with small amounts, this is a real barrier. Four other equally good or better mid cap funds are accessible at ₹100/month.

₹500 min SIP vs ₹100 for most peers

⚠️ 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)

—

% 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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