Invesco India Smallcap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?
- September 16, 2026
- Posted by: Chaitanya Auti
- Category: Mutual Funds
Invesco India Smallcap Fund Direct Growth Plan has a NAV of ₹53.14 as of 15 Sep 2026 and scheme AUM of ₹15,744 Cr. Its 1-year, 3-year and 5-year returns are 13.47%, 22.14% and 19.63% respectively, and it sits in the High Risk category.
Our view is that this fund suits investors who can handle sharp swings in small-cap exposure and who want a fund that has still kept long-term compounding intact despite weaker short-term movement. The benchmark comparison shows a clear edge over the index across 1, 3 and 5 years, but the recent 1-month and 3-month stretch has been uneven, so the ride is unlikely to feel smooth.
Quick facts
| Particular | Details |
|---|---|
| NAV | ₹53.14 as of 15 Sep 2026 |
| AUM | ₹15,744 Cr |
| Expense Ratio | 0.4% |
| Launch Date | 30 Oct 2018 |
| Min SIP | ₹100 |
| Risk Category | High Risk |
| Benchmark | Nifty Small Cap |
| Fund Category | Equity |
| Exit Load | Nil upto 10% of units and 1% for above the limits on or before 1Y, Nil after 1Y |
| Fund Managers | Taher Badshah, Aditya Khemani |
The fund is managed by Taher Badshah and Aditya Khemani.
Source data date: as of 15 Sep 2026
Performance
| Period | Fund return | Benchmark return |
|---|---|---|
| 1M | -1.3% | -2.29% |
| 3M | 5.48% | 3.01% |
| 1Y | 13.47% | 3.15% |
| 3Y | 22.14% | 13.52% |
| 5Y | 19.63% | 13.83% |
The recent pattern is mixed but not weak. Over the latest month, the fund declined less than the benchmark, which tells us it held up relatively better in a soft patch. Over three months, it moved ahead of the benchmark, suggesting a better short-term recovery than the index and a more constructive recent run.
The longer view is stronger. The 1-year, 3-year and 5-year returns all stand well above the benchmark’s figures, which indicates that the fund has added value versus its small-cap reference over multiple horizons. That matters because small-cap funds can look very different depending on the time window, and this one has preserved a clear long-term gap over the index.
At the same time, the journey has not been smooth. The one-year pattern shows a noticeable drawdown and recovery path rather than a straight rise, so investors should expect volatility even when the end-period return is healthy. Our reading is that the fund’s recent behaviour is better than the benchmark’s, while the longer-term result still reflects a high-volatility small-cap style.
Source data date: as of 15 Sep 2026
Should you BUY or HOLD Invesco India Smallcap?
A fund’s past returns alone don’t tell you whether you should buy it today or continue holding it.
The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.
Already holding Invesco India Smallcap? Thinking of investing now?
Peer comparison
| Fund | 1Y return | 3Y return | 5Y return |
|---|---|---|---|
| Invesco India Smallcap Fund Direct Growth Plan | 13.47% | 22.14% | 19.63% |
| TRUSTMF Small Cap Fund Direct Growth Plan | 28.42% | Data not available | Data not available |
| Bank of India Small Cap Fund Direct Growth Plan | 27.67% | 21.4% | 20.49% |
| Motilal Oswal Small Cap Fund Direct Growth Plan | 20.97% | Data not available | Data not available |
| Union Small Cap Fund Direct Growth Plan | 19.13% | 16.51% | 16.73% |
| DSP Small Cap Fund Direct Growth Plan | 18.51% | 16.99% | 18.84% |
This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.
Against the listed peers, the fund’s 1-year return is below several rivals, especially the stronger short-term figures from TRUSTMF Small Cap Fund Direct Growth Plan and Bank of India Small Cap Fund Direct Growth Plan. That makes the recent picture look less forceful than the best peer outcomes on the table.
The longer-term picture is more balanced. On 3-year returns, it is ahead of the peers with available figures in this set, and on 5-year returns it stays competitive, though Bank of India Small Cap Fund Direct Growth Plan is slightly higher. So the short-term and longer-term peer comparisons tell different stories: recent numbers are softer, but the multi-year track record remains strong.
For investors, that split matters because it suggests the fund has not relied on one brief burst of outperformance. It has shown durable multi-year strength, while the latest year has been more modest relative to some peers. That is consistent with a small-cap fund that can deliver well over time, but not in a straight line.
Source data date: as of 15 Sep 2026
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Portfolio: where your money goes
| Holding | Sector | Weight |
|---|---|---|
| Triparty Repo | Cash & Cash Equivalents and Net Assets | 5.19% |
| Sai Life Sciences Limited | Domestic Equities | 5.04% |
| Eternal Limited | Retailing | 4.6% |
| Amber Enterprises India Limited | Consumer Durables | 4% |
| Aditya Infotech Limited | Domestic Equities | 3.78% |
| Krishna Institute of Medical Sciences Limited | Healthcare | 3.54% |
| Interglobe Aviation Limited | Aviation | 3.31% |
| Max Healthcare Institute Limited | Healthcare | 3.03% |
| Craftsman Automation Limited | Automobile & Ancillaries | 2.58% |
| Paradeep Phosphates Limited | Chemicals | 2.55% |
The top 10 holdings account for approximately 37.62% of the portfolio.
To see all holdings, visit the Invesco India Smallcap Fund Direct Growth Plan page
The largest disclosed holding is Triparty Repo at 5.19%, followed closely by Sai Life Sciences Limited at 5.04%. That gap is small, which tells us the biggest position is meaningful but not overwhelmingly dominant on its own.
From the first holding to the tenth, the weights step down gradually rather than collapsing sharply. The tenth holding still stands at 2.55%, so the top end of the portfolio remains spread across several names instead of being driven by one outsized stake.
At the same time, the top 10 account for 37.62% of the portfolio, and the fund has 54 disclosed holdings in total. That combination suggests a reasonably broad spread with a long tail behind the largest positions. In our view, this may reduce single-position dependence, while the leading holdings could still have greater influence on near-term outcomes.
Source data date: as of 15 Sep 2026
Who should invest
This fund fits investors who are comfortable with High Risk exposure and who can hold through sharp movement in small-cap shares. The 1-year figure is positive but uneven, while the 3-year and 5-year results are stronger and sit well above the benchmark, so the fund looks better suited to a patient horizon than to short holding periods.
The main trade-off is simple: you are accepting volatility and occasional weak stretches in exchange for the possibility of stronger long-term compounding. The portfolio is spread across 54 holdings, but the top positions still matter, so the fund is not immune to stock-specific swings. That makes it a better fit for investors who can tolerate uncertainty and who want a small-cap allocation with a multi-year outlook.
Tax and exit load
| Holding period | Tax rate | Description |
|---|---|---|
| Units held less than 1 year | 20% | Short-term capital gains tax |
| Units held more than 1 year | 12.5% | Long-term capital gains tax |
Exit load: Nil up to 10% of units and 1% for above the limits on or before 1Y, nil after 1Y.
Source data date: as of 15 Sep 2026
Frequently asked questions
What is the current NAV of Invesco India Smallcap Fund Direct Growth Plan?
Its NAV is ₹53.14 as of 15 Sep 2026.
What are the fund’s 1-year, 3-year and 5-year returns?
The returns are 13.47% over 1 year, 22.14% over 3 years and 19.63% over 5 years.
How does it compare with its benchmark?
It has outpaced the Nifty Small Cap benchmark across 1-year, 3-year and 5-year periods. The benchmark returns are 3.15%, 13.52% and 13.83% for those same horizons.
How does it compare with the listed peer funds?
Its 1-year return is lower than some peers in the table, but its 3-year result is ahead of the peers with available 3-year figures and its 5-year return stays competitive.
What is the minimum SIP amount?
The minimum SIP amount is ₹100.
Who manages the fund and what is the exit load?
The fund is managed by Taher Badshah and Aditya Khemani. Exit load is nil up to 10% of units and 1% for above the limits on or before 1Y, and nil after 1Y.
Bottom line
Invesco India Smallcap Fund Direct Growth Plan shows a clear split between shorter-term softness and longer-term strength. Its recent performance is mixed, but the 3-year and 5-year numbers remain ahead of the benchmark and broadly competitive in the peer set. The fund carries High Risk and holds a fairly spread-out portfolio, with the top 10 names accounting for 37.62% across 54 disclosed holdings. That makes it a fit for investors who want small-cap exposure and can stay patient through uneven periods.
Published on 16 September 2026 at 8:51 AM IST
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RIA disclosure
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.