HDFC Mutual Fund · Direct Growth · SEBI Category: Small Cap
HDFC Small Cap Fund is managed by Chirag Setalvad — the same fund manager who also runs HDFC Mid-Cap Opportunities Fund. Setalvad brings a value-oriented lens to small cap investing, seeking companies trading below their intrinsic value with catalysts for rerating. This contrarian approach means the fund sometimes holds undervalued companies that appear unfashionable — and waits patiently for the market to recognize their value.
The fund launched in April 2008 — just months before the global financial crisis — giving it one of the longest verified drawdown histories in the small cap category. Investors can study the fund's actual behavior during the 2008 crash, the subsequent recovery, the 2018 midcap correction, and the 2020 COVID crash. This multi-cycle evidence is valuable for investors assessing long-term drawdown tolerance.
Chirag Setalvad is Head of Equities at HDFC Mutual Fund and manages both the HDFC Mid-Cap Opportunities Fund and the HDFC Small Cap Fund. His approach in the small cap space mirrors his mid cap philosophy — patient, bottom-up research with a focus on quality businesses at reasonable valuations and a willingness to hold through volatility for long-term compounding.
For current co-manager details and full biography, refer to the latest HDFC Mutual Fund factsheet on AMFI or the AMC website.
Informational points to help you form your own view — not judgements or recommendations.
Live data. Current fund highlighted. Click any fund name for full analysis.
| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | Sharpe (3Y) |
|---|---|---|---|---|---|---|
| Nippon India Small Cap Fund | ₹194.79 | ₹65.6K Cr Jan–Mar 2026 | +4.0% | +19.4% p.a. | +21.5% p.a. | 0.95 |
| SBI Small Cap Fund | ₹194.52 | ₹34.3K Cr Jan–Mar 2026 | +0.1% | +13.4% p.a. | +14.5% p.a. | 0.53 |
| Kotak Small Cap Fund | ₹300.61 | ₹16.3K Cr Jan–Mar 2026 | -0.6% | +14.6% p.a. | +15.0% p.a. | 0.69 |
| Axis Small Cap Fund | ₹124.48 | ₹25.5K Cr Jan–Mar 2026 | +2.9% | +16.8% p.a. | +17.9% p.a. | 0.80 |
| HDFC Small Cap Fund ▲ | ₹152.20 | ₹36.3K Cr Jan–Mar 2026 | -1.1% | +15.0% p.a. | +17.7% p.a. | 0.68 |
Calculated from 2,566 daily NAV records in RightAdvise DB. Last calculated: Jun 2026.
1M / 3M / 6M / 1Y — simple point-to-point return · 3Y / 5Y / 10Y — CAGR (compounded annual growth rate)
Based on all rolling windows in full NAV history. Dates show the start and end of each period.
Jan 1 to Dec 31 each year. Simple point-to-point — not CAGR.
Rolling returns show performance across every possible investment start date — not one cherry-picked number. Learn more →
How much the fund fell from its peak NAV — what investors actually experience during crashes. Calculated from full NAV history.
Calculated from actual NAV data. "Pre-inception" means the fund didn't exist during that period.
Calculated from 3 years of daily NAV — industry standard. Risk-free rate: 6.5% p.a. Last updated: Jun 2026. What do these mean? →
Our portfolio holdings page shows every stock the fund owns, sector allocation, and month-over-month changes — from official AMC disclosures.
See how HDFC Small Cap FundOption ranks against other Small Cap funds on returns, drawdown, Sharpe ratio and AAUM — side by side.
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