EquitySmall Cap FundRegularGrowthVery High

Union Small Cap Fund

Q: What is the NAV of Union Small Cap Fund?

As of 01 Oct 2026, the NAV of Union Small Cap Fund is ₹58.39 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has Union Small Cap Fund delivered?

Union Small Cap Fund has returned +19.24% over 1 year, +15.12% per year over 3 years, +15.53% per year over 5 years and +15.38% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

Q: What is the expense ratio of Union Small Cap Fund?

Union Small Cap Fund charges an expense ratio of 2.17% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

Q: What are the top holdings of Union Small Cap Fund?

Union Small Cap Fund's largest holdings are Navin Fluorine International Ltd. (3.7%), Karur Vysya Bank Ltd. (3.4%), Gabriel India Ltd. (3.4%), Multi Commodity Exchange of India Ltd. (3.2%) and GE Vernova T&D India Ltd. (3.0%). Holdings are disclosed monthly and change over time.

Q: How risky is Union Small Cap Fund?

Union Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 18.8% and its worst peak-to-trough fall in our sample was -45.5%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

Q: What does the Sharpe ratio of 0.46 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Small Cap Fund's 0.46 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of Union Small Cap Fund?

Union Small Cap Fund is benchmarked against the BSE 250 SmallCap Index (TRI). Its alpha and beta on this page are measured against that index.

Q: Who manages Union Small Cap Fund?

Union Small Cap Fund is managed by Pratik Dharmshi and Gaurav Chopra at Union.

Q: How is Union Small Cap Fund taxed?

Union Small Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.

Union Mutual Fund · Best Small Cap Mutual Funds

NAV

₹58.39

-1.37% 1D

as of 01 Oct 2026

This is the Regular plan of Union Small Cap Fund — bought through a distributor, whose commission is paid out of its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.

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Performance

+20.77%CAGR

52-week rangePrev NAV ₹59.20

Latest ₹58.39

Low ₹44.3582nd percentile of its 52-week rangeHigh ₹61.48

Scorecard

★★☆☆☆2/5 vs 24 of 35 Small Cap Fund peers

Performance 60%
Risk 15%
Cost 10%
Downside 15%

How this is computed

Each verdict is computed from this fund's own metrics against its sub-category — the number behind it is shown, not a black-box rating. The stars weight the same ground 60/15/10/15 (performance/risk/cost/downside) across every fund in the peer group. Ranked within Small Cap Fund (same plan and option). 24 of the 35 Small Cap Funds in this cohort carry the full record the stars need, so they are the ones ranked against.

PerformanceAverage

3Y CAGR +15.12% · ranks 9 of 24 Small Cap Funds

RiskHigh

Volatility 18.8% vs 16.8% category avg

CostAverage

2.2% expense vs 2.1% category avg

ConsistencyHigh

93% of rolling 3Y windows were positive

Strengths & concerns

Generated from this fund's own numbers against its sub-category — each point names the figure behind it.

Strengths

Ahead of the Small Cap Fund average on 3M/6M/1Y — 1Y by 9.05pp
3-year return (+15.12%) beats the Small Cap Fund average (+14.03%)
5-year return (+15.53%) beats the Small Cap Fund average (+14.35%)
Ranks #4 of 31 on 1-year return in its Small Cap Fund cohort
Consistent — positive in 93% of rolling 3-year windows

Concerns

More volatile than its Small Cap Fund peers (18.8% vs 16.8%)

Key Metrics

Annual fee charged by the fund, already deducted from NAV

2.17%

Category 2.15%▲0.02%

Portfolio-weighted harmonic mean P/E across the fund's equity holdings

47.56

Category —

Excess return per unit of total volatility (rf = 6.5%)

0.46

Category 0.44▲0.02

Scheme Info

Definitions

Plan

Regular · Growth

Period before units can be redeemed — 3 years for ELSS, none for most open-ended funds

None

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter.

1.00%

Statutory levy on every mutual-fund purchase since 1 Jul 2020 (SEBI / Govt of India) — the same for every scheme

0.005%

SIP Inv.

Allowed

Smallest recurring SIP instalment the scheme accepts

₹100

Smallest one-time (lumpsum) investment the scheme accepts

₹1,000

BSE 250 SmallCap Index (TRI)

Start of our NAV history for this plan. Direct plans begin 1 Jan 2013, so this is the plan's inception — not necessarily the scheme's original launch date.

17 Jun 2014

Period returns (<1Y, absolute — not annualized)

Definitions

Absolute return over the last 1 month (not annualized)

-3.77%

Absolute return over the last 3 months (not annualized)

+2.84%

Absolute return over the last 6 months (not annualized)

+26.14%

Absolute return since 1 Jan of this year (not annualized)

+19.70%

Annualized returns (≥1Y — CAGR)

Definitions

1-year point-to-point return, annualized (CAGR)

+19.24%

3-year annualized return (CAGR)

+15.12%

5-year annualized return (CAGR)

+15.53%

10-year annualized return (CAGR)

+16.12%

Annualized return (CAGR) since the first NAV we hold for this plan — the Inception date under Key metrics. AMFI's history starts in April 2006, so an older scheme is measured from there.

+15.38%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

18.82%

Excess return per unit of total volatility (rf = 6.5%)

0.46

Excess return per unit of downside deviation — upside swings aren't penalized (rf = 6.5%)

0.61

Largest peak-to-trough decline over full history

-45.52%

Benchmark ratios (vs Nifty Smallcap 250 TRI · 36 monthly returns)

Definitions

Jensen's alpha (annualized): return above what CAPM predicts for the fund's beta vs Nifty Smallcap 250 TRI

2.32%

Sensitivity to Nifty Smallcap 250 TRI moves; 1 = moves with the index

0.84

How much of the fund's movement Nifty Smallcap 250 TRI explains

89.1%

Excess return per unit of beta (market risk)

10.92

Active return over the benchmark per unit of tracking error

0.20

Annualized std dev of fund-minus-benchmark returns

7.34%

Fund's share of benchmark gains in up months (100 = matches index)

90.3%

Fund's share of benchmark losses in down months (lower is better)

79.5%

Computed vs the Nifty Smallcap 250 TRI over the last 36 complete months — the closest match to this fund's mandate. TRI means dividends reinvested, as they are in the fund's own NAV; ₹ means a US index converted at each day's USD/INR, since the fund is priced in rupees. Needs ~3 years of history; a low R² means the fund tracks the index loosely.

Fund vs category average (Small Cap Fund)

Period	Fund	Category avg.	Diff
1M abs	-3.77%	-3.04%	-0.73%
3M abs	+2.84%	+1.66%	+1.18%
6M abs	+26.14%	+23.34%	+2.80%
1Y CAGR	+19.24%	+10.19%	+9.05%
3Y CAGR	+15.12%	+14.03%	+1.09%
5Y CAGR	+15.53%	+14.35%	+1.18%

Category average across peers in Small Cap Fund (up to 35 funds with data), same plan and option, excluding this fund. Under-1-year figures are absolute; 1Y and beyond are annualised (CAGR).

Not sure what a figure means? The glossary explains every metric, and the methodology shows the formulas.

Category rank

Vs 35 peers in Small Cap Fund

1Y return

+19.24%

Beats 90% · rank #4

3Y return

+15.12%

Beats 65.2% · rank #9

5Y return

+15.53%

Beats 65% · rank #8

Sharpe

0.46

Beats 52.2% · rank #12

Sortino

0.61

Beats 52.2% · rank #12

Backtest this fund

What a SIP or one-time investment would have grown to over this fund’s real NAV history.

Monthly investment (₹)

Period

Invested

₹6.00L

Current value

₹9.09L

Absolute

+51.45%

XIRR

+17.14%

Value vs. invested

ValueInvested

60 monthly installments of ₹10,000 into Union Small Cap Fund, valued at the latest NAV. XIRR annualizes for each installment’s timing.

Calendar-year returns

What the fund actually returned in each year, not the smoothed average.

Year	Fund	Nifty Smallcap 250 TRI	Diff
2026part	+19.70%	+6.37%	+13.33%
2025	-4.71%	-5.29%	+0.58%
2024	+23.62%	+27.52%	-3.90%
2023	+41.38%	+49.76%	-8.38%
2022	-1.01%	-2.65%	+1.64%
2021	+62.14%	+63.41%	-1.27%
2020	+30.17%	+27.11%	+3.06%
2019	+2.41%	-7.26%	+9.67%
2018	-20.36%	-26.33%	+5.97%
2017	+43.01%	+58.25%	-15.24%

January–December, from this fund's NAV history. Absolute return, not annualised. “part” marks a year the fund didn't run end to end — its first year, the current year so far, or one it stopped reporting in; those years show no benchmark comparison.

History points

3,024

Expense ratio

2.17%

AUM

₹2,027Cr

Portfolio turnover

40%

Exit load

1% if units are redeemed or switched out on or before completion of 15 days from the date of allotment. Nil thereafter.

Portfolio, AUM & scheme details shown from another plan of this scheme (same underlying portfolio).

P/E ratio

47.6

P/B ratio

8.1

Avg market cap

₹36,256Cr

P/E & P/B are portfolio-weighted harmonic means across 62 of 79 equity holdings (75% of the portfolio); loss-making companies are excluded.

Taxation

Taxed as equity

This is an equity-oriented fund (≥65% in Indian equities), so gains get the concessional capital-gains rates below — they do not add to your income-tax slab.

Short-term (STCG)

20%

Held under 1 year

Flat, on the whole gain

Long-term (LTCG)

12.5%

Held 1 year or more

On gains above ₹1.25 L per financial year

Applies to capital gains on redemption. Excludes IDCW/dividend tax, STT, surcharge and cess, and pre-2018 equity grandfathering. For research only — consult a tax advisor before filing.

Peer comparison · Small Cap Fund

Compare all


Union Small Cap FundThis fund Union · Regular · Growth	★★☆☆☆	+19.24%	+15.12%	+15.53%	—	2.17%	₹2,027Cr
Bandhan Small Cap Fund Bandhan · Regular · Growth	★★★★★	+9.18%	+21.56%	+17.62%	—	1.73%	₹26,012Cr
ITI Small Cap Fund ITI · Regular · Growth	★★★★☆	+17.76%	+21.22%	+16.19%	—	2.20%	₹2,977Cr
Invesco India Small Cap Fund Invesco · Regular · Growth	★★★★★	+12.59%	+19.92%	+17.58%	—	1.84%	—
Bank of India Small Cap Fund Bank of India · Regular · Growth	★★★☆☆	+27.45%	+19.86%	+18.25%	—	2.22%	₹2,235Cr
Mahindra Manulife Small Cap Fund Mahindra Manulife · Regular · Growth	★★★☆☆	+14.00%	+17.48%	—	—	2.20%	₹4,512Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 99% of the equity sleeve priced.

Large cap6.6%
Mid cap24.3%
Small cap69.0%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity98.72%
Cash & Equivalents1.24%
Debt0.04%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

Navin Fluorine International Ltd.

3.67%

Karur Vysya Bank Ltd.

3.36%

Gabriel India Ltd.

3.35%

Multi Commodity Exchange of India Ltd.

3.16%

GE Vernova T&D India Ltd.

2.96%

S.J.S. Enterprises Ltd.

2.77%

Kirloskar Oil Engines Ltd.

2.68%

Hindustan Copper Ltd.

2.42%

Azad Engineering Ltd.

2.41%

Data Patterns (India) Ltd.

2.37%

Holds the same stocks as (by portfolio overlap, not by category)

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
ITI Small Cap Fund ITI · Small Cap Fund	40.9%	★★★★☆	0.84%	+23.12%
TRUSTMF Small Cap Fund Trust · Small Cap Fund	37.4%	★★★★☆	1.50%	—
Union Multicap Fund Union · Multi Cap Fund	36.5%	★★☆☆☆	1.37%	+13.70%
Edelweiss Small Cap Fund Edelweiss · Small Cap Fund	36.2%	★★★★★	0.65%	+14.28%
HSBC Small Cap Fund HSBC · Small Cap Fund	36.2%	★☆☆☆☆	0.77%	+13.76%
PGIM India Small Cap Fund PGIM India · Small Cap Fund	35.6%	★★★☆☆	0.93%	+15.48%
Union Retirement Fund Union · Retirement Fund	35.1%	★★★★☆	1.36%	+11.62%
Axis Small Cap Fund Axis · Small Cap Fund	33.7%	★★★★☆	0.72%	+14.71%

Overlap is the share of each fund's equity book invested in the same stocks, by weight, across the Direct-plan universe — so a fund that is only part equity is labelled as such. ! marks a pair holding more in common than nine pairs in ten of its type, where that type has a measured distribution.

🚩Holdings under NSE surveillance (ASM)

4 holdings — 5.77% of the portfolio — sit in stocks NSE currently lists under its Additional Surveillance Measure. ASM is an exchange response to unusual price or volume activity (higher margins, and trade-for-trade settlement at stage II), not a view on the company or on this fund.

Milky Mist Dairy Food LimitedLong-term · Stage IV1.72%
Mtar Technologies LimitedLong-term · Stage IV1.47%
Sansera Engineering LimitedLong-term · Stage I1.44%
Welspun Corp LimitedLong-term · Stage I1.14%

Source: NSE ASM list, matched to holdings by company name — a holding whose name differs from NSE's spelling may not be matched. BSE's separate list is not covered.

Worst falls, and the wait to get back

How far this fund has dropped from a high, and how long it took to reclaim it.

-45.5%15 Jan 2018 → 23 Mar 2020
Fell over 2.2 years, back to the old high on 18 Dec 2020 — 9 months under water after the low.
-26.4%11 Dec 2024 → 03 Mar 2025
Fell over 3 months, back to the old high on 04 May 2026 — 14 months under water after the low.
-23.4%05 Aug 2015 → 26 Feb 2016
Fell over 7 months, back to the old high on 01 Aug 2016 — 5 months under water after the low.

Measured on this fund’s own NAV history, peak to trough to the day it regained the peak. Falls shallower than 5% are left out. A recovery date is when the NAV got back, not when any particular investor did — that depends on when they bought.

Fund size over time

Quarterly average AUM · AMFI

₹2,027Cr

April - June 2026

+18%

since January - March 2026

+₹151.21Cr

est. net flow, last quarter

At or near its largest, ₹2,027Cr in April - June 2026. Size matters most where the mandate is narrow — a large small-cap or a very large flexi-cap book is harder to move without moving the price.

Net flow is an estimate: AMFI publishes a quarterly average AUM, not a closing balance, and it covers every plan and option of this scheme together, so it is a read on direction and rough size rather than a cash-flow statement.

AMC Profile

Union Mutual Fund is sponsored by Union Bank of India, and was branded Union KBC until its Belgian joint-venture partner exited. It runs a small equity, hybrid and debt line-up.

Launched

29 Dec 2009

Total AUM

₹28,552Cr+1.6% QoQ

Avg AUM · July - September 2026

Website

unionmf.com

Fund Managers

PDPratik DharmshiManaging since 09 Dec 2024

Education

Chartered Accountant, B. Com

Experience

Industry experience: Over 14 years of experience in the field Union of Equity Research and Fund Management. Appointed as Fund Manager - Equity at Union Asset Management Company Private Limited with effect from December 06, 2024. March 2023 to December 2024 with UTI Pension Fund Limited as Equity Fund Manager. August 2022 to March 2023 with Safe Enterprises as Equity Analyst. April 2022 to August 2022 with Girik Capital as Equity Analyst. August 2017 to April 2019 with Edelweiss Asset Management Company Limited as Equity Analyst and from April 2019 to February 2022 with Edelweiss Asset Management Company Limited as Equity Fund Manager. December 2013 to August 2017 with JP Morgan Private Limited as Equity Analyst. January 2011 to December 2013 with Crisil Limited as Equity Analyst. April 2010 to August 2010 with Morgan Stanley Advantage Private Limited as Equity Analyst.

Funds managed (7)

All schemes Pratik Dharmshi runs →

GCGaurav ChopraManaging since 01 Nov 2024

Role

Co - Fund Manager

Education

B.Com, Chartered Accountant and CFA (USA) – Level III Appointed cleared

Experience

Over 10 years of experience in the equity markets. Appointed as Co-Fund Manager with effect from January 25, 2023. June 2020 – January 24, 2023 with Union Asset Management Company Pvt. Ltd as Research Analyst - Equity. November 2015 to May 2020 with Centrum Portfolio Union Management Services Centrum Broking Limited as Research Analyst. March 2015 to October 2015 with Barclays Wealth Trustees (India) Private Limited as Trust Analysts. September 2011 to September 2014 with Sharp & Tanan Associates as Audit Assurance Assistant.

Funds managed (8)

All schemes Gaurav Chopra runs →

Fund managers from the AMC's filed Scheme Summary — its most recent filing for this scheme. Benchmark and dealing terms from it and this scheme's SEBI-filed Scheme Information Document on AMFI. Each manager's qualifications and role are reconciled across every filing this fund house makes for them, including its Statement of Additional Information. Total AUM via AMFI.

Explore from here

Fund managers

Pratik Dharmshi Gaurav Chopra

Top holdings

Navin Fluorine International Ltd.Karur Vysya Bank Ltd.Gabriel India Ltd.Multi Commodity Exchange of India Ltd.GE Vernova T&D India Ltd.S.J.S. Enterprises Ltd.Kirloskar Oil Engines Ltd.Hindustan Copper Ltd.Azad Engineering Ltd.Data Patterns (India) Ltd.Ujjivan Small Finance Bank Ltd.Corona Remedies Ltd.

Union in the news

Headlines about the fund house, not this scheme in particular — highlights only; tap through to read the full story at the source.

Run SIP calculator Add to compare

Returns and risk are computed from NAV history and may differ slightly from other portals due to methodology (rolling vs point-to-point, dividend treatment). For research only — not investment advice.

About Small Cap funds

Small cap funds invest in companies beyond the top 250 by size. They offer the highest growth potential of any equity category and also the sharpest falls, so they suit long horizons and strong stomachs.

Frequently asked questions

What is the NAV of Union Small Cap Fund?

As of 01 Oct 2026, the NAV of Union Small Cap Fund is ₹58.39 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has Union Small Cap Fund delivered?

Union Small Cap Fund has returned +19.24% over 1 year, +15.12% per year over 3 years, +15.53% per year over 5 years and +15.38% per year since inception. Figures beyond one year are annualised (CAGR) and are computed from AMFI NAV history, so they may differ slightly from other portals.

What is the expense ratio of Union Small Cap Fund?

Union Small Cap Fund charges an expense ratio of 2.17% per year. This annual fee is already deducted from the NAV, so the returns you see are net of it.

What are the top holdings of Union Small Cap Fund?

Union Small Cap Fund's largest holdings are Navin Fluorine International Ltd. (3.7%), Karur Vysya Bank Ltd. (3.4%), Gabriel India Ltd. (3.4%), Multi Commodity Exchange of India Ltd. (3.2%) and GE Vernova T&D India Ltd. (3.0%). Holdings are disclosed monthly and change over time.

How risky is Union Small Cap Fund?

Union Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 18.8% and its worst peak-to-trough fall in our sample was -45.5%. Higher volatility means the NAV swings more; the drawdown shows how far it has fallen from a peak historically.

What does the Sharpe ratio of 0.46 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. Union Small Cap Fund's 0.46 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of Union Small Cap Fund?

Union Small Cap Fund is benchmarked against the BSE 250 SmallCap Index (TRI). Its alpha and beta on this page are measured against that index.

Who manages Union Small Cap Fund?

Union Small Cap Fund is managed by Pratik Dharmshi and Gaurav Chopra at Union.

How is Union Small Cap Fund taxed?

Union Small Cap Fund is an equity-oriented fund, so its capital gains get concessional rates: short-term gains (units held under 1 year) are taxed at 20%, and long-term gains (held 1 year or more) at 12.5% above a ₹1.25 lakh per-year exemption. These rates apply on redemption and don't add to your income-tax slab.