Helios Small Cap Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Helios Small Cap Fund Direct Growth Plan currently has a NAV of ₹11.38 as of 16 September 2026 and manages ₹1,736 Cr. Its 1-year, 3-year and 5-year returns are 0%, 0% and 0%, and the scheme is tagged as High Risk. Our view is that this is a high-volatility small-cap strategy with a sizeable cash-like holding and a fairly broad basket, but the return record is still too short to judge it on a full-cycle basis.

The fund can suit investors who are comfortable with sharp swings and want a small-cap allocation that is still building its live performance history. The benchmark is Nifty Small Cap, and the recent return pattern suggests the fund has been active, but not yet established enough to separate itself meaningfully on trailing multi-year numbers.

Quick facts

Particular	Details
NAV	₹11.38 as of 16 Sep 2026
AUM	₹1,736 Cr
Expense Ratio	0.0%
Launch Date	27 Nov 2025
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	1% on or before 3M, Nil after 3M
Fund Managers	Alok Bahl, Pratik Singh

The fund is managed by Alok Bahl and Pratik Singh.

Source data date: as of 16 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-1.3%	-2.45%
3M	5.18%	2.1%
1Y	Data not available	Data not available
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The short-term picture is mixed but constructive. Over 1 month, the fund slipped 1.3%, although that was still less weak than the benchmark’s 2.45% decline. Over 3 months, the fund gained 5.18% versus 2.1% for the benchmark, which tells us the portfolio has participated in the rebound more effectively than the index over that window.

The daily path in both the 1-month and 3-month periods shows a fund that did not move in a straight line. There were stretches of improvement, followed by pullbacks, which is normal for a small-cap portfolio. What matters more is that the fund recovered better than the benchmark in the 3-month window, even though the 1-month move was still negative.

Because the scheme was launched in late November 2025, it does not yet have a meaningful 1-year, 3-year or 5-year return record in the standard trailing format. That limits how much we can say about compounding consistency. For now, our read is that the fund has shown early short-term resilience, but investors still need more history before treating the current pattern as a settled track record.

Source data date: as of 16 Sep 2026

Should you BUY or HOLD Helios Small Cap?

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.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Helios Small Cap Fund Direct Growth Plan	Data not available	Data not available	Data not available
TRUSTMF Small Cap Fund Direct Growth Plan	27.33%	Data not available	Data not available
Bank of India Small Cap Fund Direct Growth Plan	24.01%	20.78%	19.46%
Motilal Oswal Small Cap Fund Direct Growth Plan	19.7%	Data not available	Data not available
Union Small Cap Fund Direct Growth Plan	18.13%	16.46%	16.71%
ITI Small Cap Fund Direct Growth Plan	17.75%	23.78%	18.52%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the numbers available today, the fund trails several peers on the short-term return comparison because it does not yet have a disclosed 1-year figure, while the listed peers have double-digit 1-year returns. The longer-term comparison is also incomplete for this fund, so the peer set currently tells a fuller history than this scheme can.

That gap matters because the available peer data shows established small-cap funds with usable 3-year and 5-year records, while this fund is still too new for that lens. So the short-term comparison is not enough to judge its full potential, but it does show that the fund has not yet built the same level of visible return history as the peer set.

Source data date: as of 16 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS	Cash & Cash Equivalents and Net Assets	4.11%
Ather Energy Ltd.	Domestic Equities	2.32%
Shadowfax Technologies Ltd.	Logistics	2.23%
Cartrade Tech Ltd.	Automobile & Ancillaries	1.93%
Data Patterns (India) Ltd.	Capital Goods	1.77%
Quess Corp Ltd.	Business Services	1.7%
One 97 Communications Ltd.	IT	1.63%
DR. Lal Path Labs Ltd.	Healthcare	1.58%
Amagi Media Labs Ltd.	Domestic Equities	1.56%
Piramal Pharma Ltd.	Healthcare	1.56%

The top 10 holdings account for approximately 20.39% of the portfolio.

To see all holdings, visit the Helios Small Cap Fund Direct Growth Plan page

The largest disclosed position is TREPS at 4.11%, which is not unusually large on its own but still stands out because the next few holdings quickly move into the low-2% range. That drop from the first holding to the tenth holding is fairly measured, which suggests the visible part of the portfolio is spread across several names rather than sitting in one dominant bet.

The combined weight of the top 10 holdings is 20.39%, so the disclosed core is relatively modest in size. With 83 holdings in total, the portfolio appears to be built with a longer tail of smaller positions, which may reduce the influence of any single stock but can also make returns depend on broad participation across many names.

From an investor perspective, that shape is consistent with a diversified small-cap approach rather than a tightly concentrated one. The presence of a cash-like holding and several mid-single-digit positions may also mean the fund has some flexibility, but the small-cap risk label still matters because the underlying universe can move sharply.

Source data date: as of 16 Sep 2026

Who should invest

This fund is better suited to investors who can tolerate High Risk exposure and are comfortable with a small-cap allocation that may swing materially over shorter periods. The recent 1-month and 3-month movements show that the fund can move around, even though the 3-month outcome was better than the benchmark.

Because the scheme is very new, the main fit is for investors with a longer horizon who can wait for a fuller performance history to emerge. The trade-off is straightforward: you get access to a diversified small-cap basket, but the record is still too short to rely on for steady compounding expectations.

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: 1% if units are sold on or before 3 months; nil after 3 months.

Source data date: as of 16 Sep 2026

Frequently asked questions

What is the current NAV of Helios Small Cap Fund Direct Growth Plan?

The current NAV is ₹11.38 as of 16 September 2026.

What are the recent returns of this fund?

Its 1-month return is -1.3% and its 3-month return is 5.18%. The scheme does not yet have usable trailing 1-year, 3-year or 5-year return figures in the standard record.

How has the fund done versus the benchmark?

It has been slightly better than the benchmark over 1 month and clearly better over 3 months. The benchmark moved -2.45% over 1 month and 2.1% over 3 months, compared with the fund’s -1.3% and 5.18%.

How does it compare with peer small-cap funds?

Several peer funds have disclosed double-digit 1-year returns, while this fund does not yet have a comparable 1-year record. That makes the peer comparison more complete for established funds than for this newer scheme.

What is the minimum SIP amount?

The minimum SIP amount is ₹1,000.

Who manages the fund and what is the exit load?

The fund is managed by Alok Bahl and Pratik Singh. The exit load is 1% if units are sold on or before 3 months, and nil after 3 months.

Bottom line

Helios Small Cap Fund Direct Growth Plan is a very new small-cap scheme, so the main story today is about early behaviour rather than a long track record. Recent performance has been mixed over 1 month but stronger over 3 months than the benchmark, while the longer trailing return record is not yet meaningful. Compared with peers, the fund lacks the fuller history that many established small-cap funds already show. The portfolio is spread across 83 holdings, with the top 10 accounting for 20.39%, which points to a broad but still evolving small-cap approach.

Published on 17 September 2026 at 12:41 PM 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.