The number
On 31 August 2026, the median small-cap fund had 26.11% of its money in its ten largest holdings. Across the category the figure ran from 14.47% to 35.89%.
The median fund held 83 stocks. The range was 56 to 255.
These are the AMCs' monthly portfolio disclosures for 31 August 2026, for the 35 small-cap schemes whose disclosure we could read cleanly, one row per scheme. Weights are percentages of each fund's net assets, so cash counts in the total but not in the top ten.
The least concentrated equity category
The same measure across SEBI's equity categories, by the median fund:
| Category | Schemes | Median top-10 weight | Median number of stocks |
|---|---|---|---|
| Focused | 28 | 51.26% | 29 |
| Large Cap | 35 | 45.41% | 52 |
| ELSS | 50 | 40.28% | 55 |
| Flexi Cap | 45 | 33.96% | 67 |
| Large & Mid Cap | 35 | 31.02% | 70 |
| Mid Cap | 34 | 27.82% | 72 |
| Multi Cap | 32 | 26.61% | 78 |
| Small Cap | 35 | 26.11% | 83 |
Small-cap funds hold the most stocks and put the least in their top ten. That is close to a requirement of the job: a small company's shares trade in smaller amounts, so a fund managing tens of thousands of crore cannot put 8% of itself in one without owning an outsized slice of that company.
Fund by fund
The ten most concentrated and the five least, among funds that have been running for at least a year:
| Fund | Net assets (₹ crore) | Stocks | Top 10 | Largest single |
|---|---|---|---|---|
| Quant Small Cap | 35,557 | 103 | 35.89% | 6.70% |
| Tata Small Cap | 11,445 | 65 | 35.17% | 4.83% |
| Invesco India Small Cap | 15,744 | 69 | 34.87% | 5.04% |
| Mahindra Manulife Small Cap | 5,469 | 81 | 31.66% | 5.75% |
| Motilal Oswal Small Cap | 8,150 | 61 | 31.00% | 4.52% |
| Sundaram Small Cap | 3,453 | 72 | 30.34% | 4.49% |
| Baroda BNP Paribas Small Cap | 1,309 | 61 | 29.44% | 3.72% |
| LIC MF Small Cap | 832 | 56 | 29.37% | 4.86% |
| Kotak Small Cap | 19,679 | 79 | 29.22% | 4.29% |
| Union Small Cap | 2,667 | 79 | 29.15% | 3.67% |
| ... | ||||
| HSBC Small Cap | 19,076 | 113 | 20.43% | 2.33% |
| UTI Small Cap | 5,447 | 108 | 20.13% | 2.52% |
| Axis Small Cap | 31,440 | 128 | 18.52% | 2.43% |
| Bandhan Small Cap | 34,159 | 255 | 17.87% | 2.42% |
| Nippon India Small Cap | 82,580 | 254 | 14.47% | 1.85% |
Net assets are as of 31 August 2026 from the disclosure itself; for Tata and Sundaram, whose sheets give no market values, they are AMFI's April–June 2026 average. Four funds under a year old are left out of the table: Samco (31.83%), Groww (28.08%), Abakkus (18.68%) and Helios (17.84%).
Size and spread
The largest fund in the category is also the most spread out. Nippon India Small Cap Fund, at ₹82,580 crore, held 254 stocks with no single one above 1.85%.
But size does not dictate it. SBI Small Cap Fund, at ₹42,631 crore, held only 69 stocks, with 28.20% in its top ten. Quant Small Cap, at ₹35,557 crore, held 103 and was the most concentrated of all. Bandhan Small Cap, smaller than either, held 255.
So concentration in this category is mostly a choice of style. Some managers hold a long list of small positions; others hold fewer and larger ones.
What this does not tell you
It is one month's portfolio. Weights move as prices move and as managers trade. A fund's top-ten figure can shift by several points within a quarter.
Concentration is not risk on its own. A fund with 255 stocks can still be heavily exposed to one sector or one kind of company. And a fund that holds part of its money in cash, as several small-cap funds did in August, shows a lower top-ten weight for that reason alone.
It is not a ranking of quality. Neither a concentrated nor a diversified small-cap fund is the better choice by this measure, and nothing here is a recommendation to buy or sell any fund.
Where to go from here
The small-cap category page ranks the funds on returns and risk, and each fund's page lists its full holdings.
On the same disclosures, see how much cash small-cap funds held and how their sector mix compares with large-cap funds. The guide to focused funds covers the opposite end of the concentration scale.
Frequently asked questions
How concentrated are small-cap mutual funds?
Less than any other equity category. On the 31 August 2026 disclosures, the median small-cap fund had 26.11% of its net assets in its ten largest holdings and held 83 stocks. The median large-cap fund had 45.41% in its top ten.
Which small-cap fund is the most concentrated?
Quant Small Cap Fund, with 35.89% in its top ten stocks across 103 holdings, followed by Tata Small Cap Fund at 35.17% and Invesco India Small Cap Fund at 34.87%. The least concentrated was Nippon India Small Cap Fund, at 14.47% across 254 stocks.
Do bigger small-cap funds hold more stocks?
Loosely. Nippon India Small Cap (₹82,580 crore) and Bandhan Small Cap (₹34,159 crore) held 254 and 255 stocks. But SBI Small Cap, at ₹42,631 crore, held 69.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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