HSBC Small Cap Fund
This is the Direct plan of HSBC Small Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is retained in the fund, so it shows up as NAV rather than as a payout.
Performance
Scorecard
★☆☆☆☆1/5 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.
3Y CAGR +13.76% · ranks 16 of 24 Small Cap Funds
Volatility 18.4% vs 16.8% category avg
0.8% expense vs 1.0% category avg
100% 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
- 1-year return (+12.41%) beats the Small Cap Fund average (+11.78%)
- Low expense ratio (0.77%) vs the Small Cap Fund average of 0.96%
- Consistent — positive in 100% of rolling 3-year windows
Concerns
- 3-year return (+13.76%) trails the Small Cap Fund average (+15.48%)
- Weaker risk-adjusted returns — Sharpe 0.40 below the Small Cap Fund average of 0.52
Key Metrics
Scheme Info
DefinitionsPeriod returns (<1Y, absolute — not annualized)
DefinitionsAnnualized returns (≥1Y — CAGR)
DefinitionsAdvanced metrics — risk and benchmark ratios
Fund vs category average (Small Cap Fund)
| Period | Fund | Category avg. | Diff |
|---|---|---|---|
| 1M abs | -3.30% | -2.96% | -0.34% |
| 3M abs | +1.90% | +2.01% | -0.11% |
| 6M abs | +27.28% | +24.09% | +3.19% |
| 1Y CAGR | +12.41% | +11.78% | +0.63% |
| 3Y CAGR | +13.76% | +15.48% | -1.72% |
| 5Y CAGR | — | +15.82% | — |
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
Backtest this fund
What a SIP or one-time investment would have grown to over this fund’s real NAV history.
36 monthly installments of ₹10,000 into HSBC 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 | +13.81% | +6.37% | +7.44% | |
| 2025 | -10.63% | -5.29% | -5.34% | |
| 2024 | +29.82% | +27.52% | +2.30% | |
| 2023 | +47.56% | +49.76% | -2.20% | |
| 2022part | -1.34% | — | — |
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.
Recent changes
Expense-ratio, fund-manager, exit-load and minimum-investment changes we've picked up in the last 30 days.
- Fund manager change — now managed by Sonal Gupta; Mayank Chaturvedi, Dipan S. Parikh stepped away25 Sep 2026
- Fund manager change — now managed by Mayank Chaturvedi, Dipan S. Parikh; Cheenu Gupta, Sonal Gupta stepped away25 Sep 2026
Taxation
Taxed as equityThis 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.
Flat, on the whole gain
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.
Asset allocation
As on 31 Aug 2026 · AMC disclosure- Equity98.98%
- Cash & Equivalents1.02%
Fund size over time
Quarterly average AUM · AMFIAt or near its largest, ₹16,527Cr 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
HSBC Mutual Fund is the Indian arm of HSBC Asset Management and has operated here since 2002. It roughly tripled in size by acquiring L&T Mutual Fund in 2022 and merging the two line-ups.
Fund Managers
VMVenugopal ManghatManaging since 17 Dec 2019
CIO - Equity
MBA Finance, BSC (Mathematics) PUBLIC
Equities from November 24, 2012 till May 25, 2016 – Equity Investments from – Equities from June 19
SGSonal GuptaManaging since 05 Jul 2021
Head of Research – Equity
CFA Charter from CFA Institute, USA Post Graduate Diploma in Management from Indian Institute of Management, Bangalore. Bachelors in Mechanical Engineering, Delhi College of Engineering, Delhi University
Over 22 years of experience HSBC Asset Management (India) Private. Limited as Head Research – Equities (Since November 26, 2022) Prior Assignments: L&T Investment Management Limited as Head of Research – Equity from June 1, 2021 to November 25, 2022 UBS Securities India Pvt Ltd from June 19, 2006 till May 28, 2021 [Director – Equity Research (since Mar’ 2010)]
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
HSBC 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.
HSBC Mutual Fund launches #StayDiSIPlined campaign to encourage investors to make SIP investing a routine, not a reaction to market volatility
Press Trust of India · 4d ago
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Anuj Rathi named next HSBC Mutual Fund CEO
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Anuj Rathi named next HSBC Mutual Fund CEO
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HSBC Mutual Fund launches #StayDiSIPlined investor education campaign
MediaBrief · 6d ago
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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.
From the blog
Small-cap funds fell 19–31% from their peaks, then recovered
01 Oct 2026
Over three years to 30 September 2026, the median small-cap fund's worst fall was 24.13%, mostly between late 2024 and 3 March 2025. Next to their returns.
Small-cap funds in the March fall: 15% below their peaks
16 Mar 2026
On 13 March 2026 the median small-cap fund sat 14.93% below its all-time high and 13.14% below its 52-week high. Which funds held up and which fell furthest.
Frequently asked questions
What is the NAV of HSBC Small Cap Fund?
As of 01 Oct 2026, the NAV of HSBC Small Cap Fund is ₹99.56 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.
What returns has HSBC Small Cap Fund delivered?
HSBC Small Cap Fund has returned +12.41% over 1 year, +13.76% per year over 3 years and +18.55% 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 HSBC Small Cap Fund?
HSBC Small Cap Fund charges an expense ratio of 0.77% 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 HSBC Small Cap Fund?
HSBC Small Cap Fund's largest holdings are APAR INDUSTRIES LTD (2.3%), Ather Energy Limited (2.2%), Karur Vysya Bank Limited (2.1%), The Federal Bank Limited (2.1%) and HAPPY FORGINGS LIMITED (2.1%). Holdings are disclosed monthly and change over time.
How risky is HSBC Small Cap Fund?
HSBC Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 18.4% and its worst peak-to-trough fall in our sample was -27.2%. 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 0.40 mean?
The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. HSBC Small Cap Fund's 0.40 means it has rewarded its volatility with excess return. Higher is better.
What is the benchmark of HSBC Small Cap Fund?
HSBC Small Cap Fund is benchmarked against the NIFTY Small Cap 250 TRI. Its alpha and beta on this page are measured against that index.
Who manages HSBC Small Cap Fund?
HSBC Small Cap Fund is managed by Venugopal Manghat and Sonal Gupta at HSBC.
How is HSBC Small Cap Fund taxed?
HSBC 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.