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

TRUSTMF Small Cap Fund Direct Growth Plan has a current NAV of ₹14.24 as of 11 Sep 2026 and a scheme AUM of ₹3,438 Cr. Its 1-year, 3-year and 5-year returns are 34.34%, Data not available and Data not available. The fund sits in the High Risk bucket, so our view is that it fits investors who can tolerate sharp swings in pursuit of small-cap growth exposure.

For a small-cap portfolio, the recent return profile is encouraging, but the track record is still short because the scheme launched on 04 Nov 2024. The combination of a 71-holding portfolio, a meaningful cash-like allocation among the largest positions, and a high-risk label makes this more suitable for investors with a long horizon and comfort with volatility than for those seeking smoother compounding.

Quick facts

Particular	Details
NAV	₹14.24 as of 11 Sep 2026
AUM	₹3,438 Cr
Expense Ratio	0.47%
Launch Date	04 Nov 2024
Min SIP	₹1,000
Risk Category	High Risk
Benchmark	Nifty Small Cap
Fund Category	Equity
Exit Load	1% on or before 180D, Nil after 180D
Fund Managers	Mihir Vora, Aakash Manghani, Saurabh Kataria

The fund is managed by Mihir Vora, Aakash Manghani and Saurabh Kataria.

Source data date: as of 11 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	3.71%	0.15%
3M	12.39%	6.06%
1Y	34.34%	4.76%
3Y	Data not available	Data not available
5Y	Data not available	Data not available

The recent pattern is clearly stronger than the benchmark. Over 1 month and 3 months, the fund has moved ahead of the Nifty Small Cap benchmark by a wide margin, and the 1-year figure shows that the stronger run has extended beyond a short burst of momentum. That matters because small-cap funds can look strong over a few weeks and then lose pace quickly; here, the latest stretch looks more sustained.

The path has not been perfectly smooth. The monthly pattern shows a few pullbacks along the way, which is normal for a high-risk small-cap strategy, but the overall direction has improved through the year. That suggests the fund has not depended on a single isolated jump.

Longer-term comparison is limited because the scheme is relatively new, so there is no meaningful 3-year or 5-year fund history to compare with the benchmark. Even so, the available data points to a fund that has recently outpaced its reference index rather than merely tracking it.

For investors, the key takeaway is that the current phase looks favourable, but it should be read as an early record rather than a full-market-cycle test.

Source data date: as of 11 Sep 2026

Should you BUY or HOLD TRUSTMF 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
TRUSTMF Small Cap Fund Direct Growth Plan	34.34%	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	25.19%	Data not available	Data not available
Union Small Cap Fund Direct Growth Plan	24.55%	17.27%	17.91%
ITI Small Cap Fund Direct Growth Plan	23.39%	24.59%	19.48%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639. On the recent 1-year measure, the fund has moved ahead of all the listed peers in this comparison set, which supports the case that its latest run has been strong. The longer-horizon picture is less complete for this scheme because 3-year and 5-year figures are not yet available, while several peers do have longer records.

That creates two different read-throughs. In the short run, the fund looks ahead on momentum; over longer windows, peers with available histories show steadier data points that the current fund cannot yet match on a like-for-like basis. So the peer comparison is supportive, but it is still shaped by the fund’s shorter operating history.

Source data date: as of 11 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
TREPS 01-Sep-2026	Cash & Cash Equivalents and Net Assets	4.5%
Karur Vysya Bank Limited	Bank	2.38%
Welspun Corp Limited	Iron & Steel	2.38%
Ather Energy Limited	Domestic Equities	2.27%
Sansera Engineering Limited	Automobile & Ancillaries	2.22%
SKY Gold and Diamonds Limited	Diamond & Jewellery	2.07%
Multi Commodity Exchange of India Limited	Finance	2.01%
Shadowfax Technologies Limited	Logistics	2.01%
Lenskart Solutions Limited	Domestic Equities	2%
Navin Fluorine International Limited	Chemicals	1.84%

The largest disclosed holding is TREPS 01-Sep-2026 at 4.5%, which is materially larger than any single stock position in the top 10. After that, the weights cluster tightly in the 2% range, and the decline from the first holding to the tenth is fairly modest on the stock side, moving from 2.38% to 1.84%.

That pattern suggests the visible portfolio is not dominated by one oversized equity position. Instead, the larger disclosed positions are spread across banking, industrials, consumer-linked themes, finance, logistics and chemicals, which may reduce dependence on a single business story. The 10 disclosed holdings together account for approximately 23.68% of the portfolio.

Because the scheme discloses 71 holdings in total, the displayed names appear to sit inside a much longer tail rather than representing the full portfolio. That means the fund may still have meaningful breadth beyond the top list, but the top holdings alone already show a fairly balanced spread among individual names.

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

Source data date: as of 11 Sep 2026

Who should invest

This fund suits investors who can tolerate high volatility and want small-cap exposure with a long holding period. The High Risk label matches the kind of price swings that often come with this segment, so a short horizon is unlikely to be appropriate.

The return pattern is attractive in the recent period, especially against the benchmark and the listed peers, but the scheme is still young and does not yet offer a full 3-year or 5-year track record. That makes patience important. Investors who are comfortable accepting periods of sharp underperformance in exchange for potential upside may find the profile relevant.

The main trade-off is clear: stronger recent momentum comes with uncertainty about how the strategy behaves across a full market cycle. The portfolio also shows a broad spread of holdings, which can help, but it does not reduce the inherent risk of small-cap investing.

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 applies at 1% on or before 180 days, and nil after 180 days.

Source data date: as of 11 Sep 2026

Frequently asked questions

What is the current NAV of TRUSTMF Small Cap Fund Direct Growth Plan?
The current NAV is ₹14.24 as of 11 Sep 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The 1-year return is 34.34%. The 3-year and 5-year returns are Data not available.

How has the fund performed against its benchmark?
It has outpaced Nifty Small Cap over 1 month, 3 months and 1 year. The benchmark returns are 0.15%, 6.06% and 4.76% for those periods.

How does the fund compare with the listed peer funds on 1-year return?
It has a 1-year return of 34.34%, which is higher than the listed peer returns of 27.67%, 25.19%, 24.55% and 23.39% where available.

What is the minimum SIP for this fund?
The minimum SIP is ₹1,000.

Who manages the fund and what is the exit load?
The fund is managed by Mihir Vora, Aakash Manghani and Saurabh Kataria. Exit load is 1% on or before 180 days and nil after 180 days.

Bottom line

TRUSTMF Small Cap Fund Direct Growth Plan has shown a strong recent run, especially versus the benchmark and the listed peers, but its longer-horizon record is still incomplete because the scheme is relatively new. The High Risk label is appropriate for a portfolio built around small-cap exposure, and the visible holdings show a spread across several businesses rather than one dominant stock idea. That combination may appeal to investors who want aggressive growth potential and can stay invested through volatility, but it is less suited to those who need a longer record of consistency.

Published on 15 September 2026 at 3:16 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.