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

Updated: 16 Sept 2026 • 9:38 am

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

Mirae Asset Small Cap Fund Direct Growth Plan had a NAV of ₹12.8 as of 15 September 2026 and an AUM of ₹5,717 Cr. Its 1-year, 3-year and 5-year returns are 8.69%, 0% and 0%, and the scheme sits in the High Risk category. Our view is that the fund has a small-cap mandate that can move sharply, so the recent return profile matters more than the longer history available here.

The fund’s 1-year performance is positive but still trails the benchmark’s 3.15% by a wide enough margin that short-term strength has not translated into clear relative outperformance. For investors, this looks like a small-cap fund for those who can tolerate marked volatility and who are willing to assess it over a longer holding period rather than on one short stretch.

Table of Contents

Quick facts

Particular	Details
NAV	₹12.8 as of 15 Sep 2026
AUM	₹5,717 Cr
Expense Ratio	0.32%
Launch Date	31 Jan 2025
Min SIP	₹99
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	1% on or before 365D, Nil after 365D
Fund Managers	Varun Goel, Siddharth Srivastava

The fund is managed by Varun Goel and Siddharth Srivastava.

Source data date: as of 15 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	-0.19%	-2.29%
3M	7.07%	3.01%
1Y	8.69%	3.15%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is mixed rather than smooth. Over 1 month, the fund stayed slightly below zero but still fell less than the benchmark, which also declined. That suggests the fund has not been immune to pressure, yet it has handled a weak patch somewhat better than the index in the very short run.

Over 3 months, the fund’s 7.07% return is clearly ahead of the benchmark’s 3.01%. This is the more encouraging part of the picture because it shows a stronger rebound after earlier softness. In our view, that sort of recovery matters for a small-cap fund, since the segment often moves in uneven bursts rather than in a straight line.

On a 1-year view, the fund has returned 8.69% versus 3.15% for the benchmark. That is an advantage, but it is not large enough to offset the fact that the same return sits well below the stronger short-window peer results shown later. The broader lesson is that the fund has recently improved, yet its path has remained choppy.

The available history is still short, so we are cautious about treating the recent recovery as a full long-term trend. The visible daily pattern shows periods of drawdown, a later recovery and some giveback near the end, which fits the behaviour one often expects from a small-cap portfolio. That makes consistency more important than one good stretch.

Source data date: as of 15 Sep 2026

Should you BUY or HOLD Mirae Asset 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.

Already holding Mirae Asset Small Cap? Thinking of investing now?

Get your portfolio analysed for FREE by SEBI-registered Investment Adviser (RIA) through Univest MF Premium

Peer comparison

Fund	1Y return	3Y return	5Y return
Mirae Asset Small Cap Fund Direct Growth Plan	8.69%	Data not available	Data not available
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. The fund’s 1-year return is much lower than the stronger short-term figures shown by several peers, so recent momentum looks less compelling in relative terms. Where the comparison becomes more balanced is in the available longer-window data: the fund’s 1-year figure is still ahead of the benchmark, but the peer set with 3-year and 5-year numbers has been stronger on those longer measures. That leaves the fund looking more like a recent recovery story than a steady peer leader.

Source data date: as of 15 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
Welspun Corp Ltd.	Iron & Steel	2.77%
TREPS	Cash & Cash Equivalents and Net Assets	2.37%
Karur Vysya Bank Ltd.	Bank	2.33%
Kirloskar Oil Engines Ltd.	Automobile & Ancillaries	2.24%
DR. Lal Path Labs Ltd.	Healthcare	2.18%
K.P.R. Mill Ltd.	Textile	2.04%
Neuland Laboratories Ltd.	Healthcare	1.95%
Voltamp Transformers Ltd.	Capital Goods	1.95%
Anthem Biosciences Ltd.	Healthcare	1.94%
GNG Electronics Ltd.	Trading	1.89%

The top 10 holdings account for approximately 21.66% of the portfolio.

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

The largest holding, Welspun Corp Ltd., has a weight of 2.77%, which is modest for a small-cap fund and suggests the portfolio does not depend heavily on one stock alone. The drop from the first holding to the tenth holding is fairly gradual, ending at 1.89%, so the visible slice looks relatively evenly spread across the leading names.

Even so, the top 10 together make up only 21.66% of the portfolio, while the fund discloses 77 holdings in total. That combination points to a longer tail of smaller positions beyond the top names, which may help reduce dependence on any single company but also means the portfolio can behave differently across many moving parts. In our view, the structure looks more layered than concentrated.

Because the disclosed top holdings are only a fifth of the portfolio, the remaining positions are likely to matter in aggregate. That could make day-to-day outcomes less easy to infer from the largest names alone, especially in a small-cap strategy where individual stock moves can be uneven.

Source data date: as of 15 Sep 2026

Who should invest

This fund suits investors who are comfortable with High Risk and can stay invested through uneven periods. The recent 1-year gain is positive, but the pattern is more volatile than smooth, and the benchmark comparison shows that the fund has not yet established a clear edge over every short window.

We think the better fit is a longer horizon where the investor can tolerate swings and avoid reacting to short-term reversals. The main trade-off is simple: the portfolio may offer upside when small caps recover, but that comes with a much bumpier ride than a steadier equity fund.

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% on or before 365D, Nil after 365D.

Source data date: as of 15 Sep 2026

Frequently asked questions

What is the current NAV of Mirae Asset Small Cap Fund Direct Growth Plan?
The current NAV is ₹12.8 as of 15 September 2026.

What are the 1-year, 3-year and 5-year returns?
The 1-year return is 8.69%, while the 3-year and 5-year returns are not available.

How does the fund compare with the benchmark?
Its 1-year return of 8.69% is ahead of the benchmark’s 3.15%. Over 3 months and 1 month as well, the fund has done better than the benchmark.

How does it compare with peer funds on recent returns?
Its 1-year return is lower than several peers with available recent figures, including 28.42%, 27.67%, 20.97%, 19.13% and 18.51% shown in the comparison set.

What is the minimum SIP amount?
The minimum SIP is ₹99.

Who manages the fund and what is the exit load?
The fund is managed by Varun Goel and Siddharth Srivastava. The exit load is 1% on or before 365D and nil after 365D.

Bottom line

Mirae Asset Small Cap Fund Direct Growth Plan shows a mixed but improving recent pattern: the 1-year return is positive, the 3-month result is stronger, and the short-term move has been better than the benchmark. At the same time, several peer funds have posted much stronger 1-year figures, so the relative picture is less compelling than the absolute one. With a High Risk label, a small-cap mandate and a broad 77-holding portfolio, this is a fund for investors who can accept volatility and look beyond one short period.

Published on 16 September 2026 at 9:36 AM IST

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.