Kotak Small Cap Fund
Small cap fund - An open-ended equity scheme predominantly investing in
small cap stocks
31st October 2025
About the Fund
Fund Facts Identifies the hidden growth potential of small cap sized companies
Allotment Date: 24 February 2005. Better growth potential as most small caps are under owned and under
Benchmark***: Nifty Smallcap 250 TRI (Tier 1) researched
Nifty Smallcap 100 TRI (Tier 2) Well-diversified portfolio with focus on bottom up stock picking approach
AUM: `18,023.96 crs Portfolio Action
The fund positioning continues to be such that it is overweight domestic
businesses with focus on leaders in the respective sectors.
The fund has underperformed in the last one year led by low allocation to BFSI
Fund Manager*
and capital market names. Most of these are at expensive valuations and hence
Mr. Harish Bihani margin of safety is low. We think our picks are structural and will help the fund
outperform in the coming times.
Minimum Investment Amount Most of our investee companies continue to perform well and which should help
us in the coming years.
Initial & Additional Investment
The core of our strategy is to protect the downside during drawdown even if we
`100 and any amount thereafter underperform for a short period during an upcycle.
Systematic Investment Plan (SIP) Bottom up portfolio building remains our core strategy. Our Focus is on
companies with leadership skills, low leverage, high cash flows and reasonable
`100 and any amount thereafter
valuations.
Ideal Investments Horizon Incrementally we have added some weight to auto ancillaries, healthcare and
5 years & above services sectors. In the healthcare sector we are adopting a very stock specific
approach.
We are running underweight on financials, oil & gas and overweight on consumer
Risk Ratios durables, capital goods, healthcare and auto and auto ancillaries
Standard Deviation
$
16.58%
Market Cap^^
Beta
$
0.80
Debt & Money
Sharpe##
$
0.67 Month Large (%) Mid (%) Small (%)
Market (%)
Portfolio Turnover 26.07% October-25 6.7 15.3 76.8 1.3
^^
P/E 39.36 September-25 6.9 15.3 75.4 2.5
^^
P/BV 4.52 August-25 7.4 15.2 76.7 0.7
Source: $ICRA MFI Explorer, ^^Bloomberg
July-25 7.3 14.0 76.7 2.1
Total Expense Ratio** June-25 5.7 15.8 74.8 3.8
Regular Plan: 1.64% May-25 4.8 16.4 73.5 5.3
Direct Plan: 0.53%
Top 10 Stocks^^
Stocks % to Net Stocks % to Net
Assets Assets
Aster Dm Healthcare Ltd 4.42% Kalpataru Projects International Limited 2.49%
Krishna Institute Of Medical 3.38% Brigade Enterprises Limited 2.37%
Vijaya Diagnostic Centre Pvt 2.97% Sansera Engineering Ltd. 2.20%
Century Plyboards (India) Ltd. 2.77% Cyient Ltd. 2.14%
Techno Electric & Engineering Company Limited 2.67% Vishal Mega Mart Limited 2.07%
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Top 10 Sector^^
31st October 2025 30th September 2025 31st August 2025
Sector
Scheme Benchmark Ow/Uw Scheme Benchmark Ow/Uw Scheme Benchmark Ow/Uw
Healthcare 20.43 14.14 6.29 20.52 14.32 6.19 20.93 13.43 7.50
Capital Goods 11.12 12.79 -1.67 11.04 13.35 -2.31 10.86 13.26 -2.40
Consumer Durables 11.07 4.38 6.68 11.03 4.48 6.54 12.11 4.83 7.28
Financial Services 10.76 23.04 -12.28 8.83 22.28 -13.45 7.12 21.73 -14.61
Consumer Services 9.82 4.03 5.80 9.98 4.19 5.78 10.69 4.25 6.44
Automobile and Auto Components 6.35 6.01 0.34 6.31 5.79 0.52 6.05 4.27 1.78
Construction 5.96 3.57 2.39 6.18 3.66 2.52 6.86 4.21 2.65
Realty 4.25 1.69 2.56 3.91 1.66 2.25 3.95 1.73 2.22
Services 3.99 4.14 -0.14 3.72 4.10 -0.37 3.88 4.41 -0.54
Information Technology 3.78 4.58 -0.80 3.62 4.40 -0.78 3.58 4.79 -1.21
^^Source: [Link]
The stocks/sectors mentioned do not constitute any kind of recommendation and are for information purpose only.
Kotak Mahindra Mutual Fund may or may not hold position in the mentioned stock(s)/sector(s).
OW – Overweight, UW – Underweight
What In and What’s Out: October 2025$
New Entry Complete Exit
Rolex Rings Ltd. Rolex Rings Ltd.
Solar Industries India Limited
Travel Food Services Ltd
Scheme Performance - Regular Plan Growth Option
Kotak Nifty Nifty Kotak Nifty Nifty
As on 31st Small Cap Smallcap ALPHA Smallcap ALPHA Nifty 50 Small Cap Smallcap Smallcap Nifty 50
October 2025 Fund - Reg 250 TRI # (Tier 1) 100 TRI # (Tier 2) TRI ## Fund - Reg 250 TRI # 100 TRI # TRI ## (`)
Growth (Tier 1) (Tier 2) Growth (`) (Tier 1)(`) (Tier 2)(`)
Since Inception 17.07% NA NA 14.40% 2.67% 14.40% 2,60,949 NA 1,61,812 1,61,795
Last 1 Year -5.69% -1.90% -3.79% -0.51% -5.18% 7.59% 9,431 9,810 9,949 10,759
Last 3 Years 16.50% 23.44% -6.94% 24.63% -8.13% 13.90% 15,820 18,821 19,371 14,781
Last 5 Years 26.34% 29.27% -2.93% 26.88% -0.54% 18.56% 32,227 36,145 32,925 23,449
Scheme Inception date is 24/02/2005. Mr. Harish Bihani has been managing the fund since 20/10/2023. Different plans have different expense structure. The
performance details provided herein are of Regular Plan - Growth Option. Past performance may or may not be sustained in future. All payouts during the period
have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR (Compounded Annualised Growth Rate). Note: Point to Point (PTP)
Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI Explorer.# Name of Scheme Benchmark. ## Name of Additional Benchmark.
TRI - Total Return Index, In terms of para 6.14 of SEBI Master circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024, the performance of the scheme
is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark
return.
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Scheme Performance - Direct Plan Growth Option
Kotak Nifty Nifty Kotak Nifty Nifty
As on 31st Small Cap Smallcap ALPHA Smallcap ALPHA Nifty 50 Small Cap Smallcap Smallcap Nifty 50
October 2025 Fund - Dir 250 TRI # (Tier 1) 100 TRI # (Tier 2) TRI ## Fund - Dir 250 TRI # 100 TRI # TRI ## (`)
- Growth (Tier 1) (Tier 2) - Growth (`) (Tier 1)(`) (Tier 2)(`)
Since Inception 19.73% 16.69% 3.04% 14.31% 5.42% 13.46% 1,00,962 72,577 55,707 50,584
Last 1 Year -4.63% -1.90% -2.73% -0.51% -4.12% 7.59% 9,537 9,810 9,949 10,759
Last 3 Years 17.90% 23.44% -5.55% 24.63% -6.73% 13.90% 16,395 18,821 19,371 14,781
Last 5 Years 27.98% 29.27% -1.29% 26.88% 1.10% 18.56% 34,376 36,145 32,925 23,449
Scheme Inception date is 24/02/2005. Scheme Inception date for Direct Plan Growth Option is 01/01/2013. Mr. Harish Bihani has been managing the fund since
20/10/2023. Different plans have different expense structure. The performance details provided herein are of Direct Plan - Growth Option. Past performance may or
may not be sustained in future. All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV. Returns >= 1 year: CAGR
(Compounded Annualised Growth Rate). Note: Point to Point (PTP) Returns in INR shows the value of 10,000/- investment made at inception. Source: ICRA MFI
Explorer.# Name of Scheme Benchmark. ## Name of Additional Benchmark. TRI - Total Return Index, In terms of para 6.14 of SEBI Master circular No.
SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index
instead of Price Return Variant (PRI). Alpha is difference of scheme return with benchmark return.
SIP Performance - Regular Plan Growth Option
Monthly SIP of Rs 10,000 Since Inception 10 Years 7 Years 5 Years 3 Years 1 Year
Total amount invested (`) 24,90,000 12,00,000 8,40,000 6,00,000 3,60,000 1,20,000
Total Value as on 31st Oct 2025 (`) 1,93,36,292 32,51,853 18,16,069 8,95,937 4,36,832 1,23,094
Scheme Returns (%) 17.03 18.94 21.64 16.04 12.97 4.83
Nifty Smallcap 250 (TRI) Returns (%) NA 18.72 23.63 20.90 18.69 10.88
Alpha* NA 0.21 -1.99 -4.86 -5.72 -6.05
Nifty Smallcap 250 (TRI) (`)# NA 32,14,571 19,48,935 10,08,756 4,73,893 1,26,915
Nifty Smallcap 100 (TRI) Returns (%) 13.50 16.96 21.88 19.92 19.73 11.47
Alpha* 3.54 1.98 -0.24 -3.88 -6.75 -6.65
Nifty Smallcap 100 (TRI) Returns (`)# 1,22,39,437 29,22,894 18,31,402 9,85,038 4,80,848 1,27,286
Nifty 50 (TRI) (`)^ 1,16,58,182 25,78,095 14,55,661 8,49,868 4,40,594 1,29,199
Nifty 50 (TRI) Returns (%) 13.12 14.62 15.43 13.89 13.57 14.55
Scheme Inception : - February 24, 2005. The returns are calculated by XIRR approach assuming investment of Rs.10,000/- on the 1st working day of every month. Since
Inception returns are assumed to be starting from the inception date of the Scheme and calculated accordingly. XIRR helps in calculating return on investments given an
initial and final value and a series of cash inflows and outflows and taking the time of investment into consideration. The SIP Performance is for Regular Plan – Growth
Option. Different plans have different expense structure.
# Benchmark; ^ Additional Benchmark. TRI – Total Return Index, In terms of para 6.14 of SEBI Master circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27,
2024, the performance of the scheme is benchmarked to the Total Return variant (TRI) of the Benchmark Index instead of Price Return Variant (PRI). Alpha is difference of
scheme return with benchmark return. *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.
Disclosures:
***As per para 1.9 of of SEBI Master circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024 The first tier benchmark is reflective of the category of the
scheme and the second tier benchmark is demonstrative of the investment style / strategy of the Fund Manager within the category.
$
Source: ICRAMFI Explorer. Standard Deviation is calculated on Annualized basis using 3 years history of monthly returns.
**
Total Expense Ratio includes applicable B30 fee and GST as on 31st October 2025.
##Risk Rate assumed to be 5.69% (FBIL Overnight MIBOR rate as on 31st October 2025)
*To Know More about Fund Managers Top 3 & Bottom 3 scheme performance,
[Link]
[Link]
Page 3 of 4
Riskometer
Scheme
Risk-o-meter
Benchmark Nifty Smallcap 250 TRI (Tier 1)
Risk-o-meter
Benchmark Nifty Smallcap 100 TRI (Tier 2)
Risk-o-meter KOTAK SMALL CAP FUND
Small cap fund - An open-ended equity scheme predominantly investing in small cap stocks
This product is suitable for investors who are seeking:*
Long term capital growth.
Investment in equity & equity related securities predominantly in small cap Stocks.
The risk of the scheme is Very High The risk of the benchmark is Very High The risk of the benchmark is Very High
*Investors should consult their financial advisors if in doubt about whether the product is suitable for them.
For latest Riskometer, investors may refer to an addendum issued or updated on website at [Link]
Disclaimer
The information contained in this (document) is extracted from different public sources. All reasonable care has been taken to ensure that the information
contained herein is not misleading or untrue at the time of publication. This is for the information of the person to whom it is provided without any liability
whatsoever on the part of Kotak Mahindra Asset Management Co Ltd or any associated companies or any employee thereof. We are not soliciting any action
based on this material and is for general information only. Investors should consult their financial advisors if in doubt about whether the product is suitable
for them before investing.
The document includes statements/opinions which contain words or phrases such as "will", "believe", "expect" and similar expressions or variations of such
expressions, that are forward looking statements. Actual results may differ materially from those suggested by the forward looking statements due to risk or
uncertainties associated with the statements mentioned with respect to but not limited to exposure to market risks, general and exposure to market risks,
general economic and political conditions in India and other countries globally, which have an impact on the services and/or investments, the monetary and
interest policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
This is not intended for distribution or use by any person in any jurisdiction where such distribution would be contrary to local law or regulation. The
distribution of it, in certain jurisdictions may be restricted or totally prohibited and accordingly, persons who come into possession of this material are
required to inform themselves about, and to observe, any such restrictions.
Past performance may or may not be sustained in future. For detailed portfolio and related disclosures for the scheme please refer our website
[Link] portfolio and its composition is subject to change and the same position may or may not
be sustained in future. The fund manager may make the changes, as per different market conditions and in the best interest of the investors. To view the latest
complete performance details of the Scheme kindly refer to the factsheet on our website [Link]
Investors may consult their financial expert before making any investment decision.
MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY.
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