EquitySmall Cap FundDirectIDCWVery High

LIC MF Small Cap Fund

Q: What is the NAV of LIC MF Small Cap Fund?

As of 01 Oct 2026, the NAV of LIC MF Small Cap Fund is ₹39.27 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

Q: What returns has LIC MF Small Cap Fund delivered?

LIC MF Small Cap Fund has returned +14.84% over 1 year, +17.60% per year over 3 years and +18.38% 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 LIC MF Small Cap Fund?

LIC MF Small Cap Fund charges an expense ratio of 1.28% 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 LIC MF Small Cap Fund?

LIC MF Small Cap Fund's largest holdings are Garware Hi-Tech Films Ltd. (4.9%), Avalon Technologies Ltd. (4.1%), Manorama Industries Ltd. (3.2%), Navin Fluorine International Ltd. (3.1%) and Allied Blenders And Distillers Ltd. (2.5%). Holdings are disclosed monthly and change over time.

Q: How risky is LIC MF Small Cap Fund?

LIC MF Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 19.4% and its worst peak-to-trough fall in our sample was -27.0%. 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 0.57 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. LIC MF Small Cap Fund's 0.57 means it has rewarded its volatility with excess return. Higher is better.

Q: What is the benchmark of LIC MF Small Cap Fund?

LIC MF Small Cap Fund is benchmarked against the NIFTY Smallcap 250 - TRI. Its alpha and beta on this page are measured against that index.

Q: Who manages LIC MF Small Cap Fund?

LIC MF Small Cap Fund is managed by Dikshit Mittal and Sudhanshu Asthana at LIC.

Q: How is LIC MF Small Cap Fund taxed?

LIC MF 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.

LIC Mutual Fund · Best Small Cap Mutual Funds

NAV

₹39.27

-1.18% 1D

as of 01 Oct 2026

This is the Direct plan of LIC MF Small Cap Fund — bought from the fund house, with no distributor commission in its expense ratio. Income is distributed, which is why this NAV sits below the growth plan of the same fund.

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Performance

+16.48%CAGR

52-week rangePrev NAV ₹39.74

Latest ₹39.27

Low ₹29.1985th percentile of its 52-week rangeHigh ₹41.04

Scorecard

Not rated

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. Not rated — too few comparable Equity funds (same plan and option) to rank against yet.

Performance—

Not enough Small Cap Fund peers to rank yet

Risk—

Volatility 19.4% (no category average yet)

Cost—

1.3% expense (no category average yet)

ConsistencyHigh

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

Consistent — positive in 100% of rolling 3-year windows

Concerns

No significant concerns identified.

Key Metrics

Annual fee charged by the fund, already deducted from NAV

1.28%

Category —

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

32.50

Category —

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

0.57

Category —

Scheme Info

Definitions

Plan

Direct · IDCW

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

None

Nil, If units of the Scheme are redeemed or switched out up to 12% of the units (the limit) within 12 months from the date of allotment. 1% of the applicable NAV, If units of the scheme are redeemed or switched out in excess of the limit within 12 months from the date of allotment. Nil, If units of scheme are redeemed or switched out after 12 months from the date of allotment.

None

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

₹5,000

NIFTY Smallcap 250 - 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.

31 Jul 2023

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

Definitions

Absolute return over the last 1 month (not annualized)

-2.69%

Absolute return over the last 3 months (not annualized)

+3.04%

Absolute return over the last 6 months (not annualized)

+29.85%

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

+18.44%

Annualized returns (≥1Y — CAGR)

Definitions

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

+14.84%

3-year annualized return (CAGR)

+17.60%

5-year annualized return (CAGR)

—

10-year annualized return (CAGR)

—

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.

+18.38%

Advanced metrics — risk and benchmark ratios

Risk (trailing 3Y)

Definitions

Annualized standard deviation of daily returns

19.36%

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

0.57

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

0.77

Largest peak-to-trough decline over full history

-27.01%

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

3.87%

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

0.95

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

90.8%

Excess return per unit of beta (market risk)

12.22

Active return over the benchmark per unit of tracking error

0.58

Annualized std dev of fund-minus-benchmark returns

6.74%

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

98.3%

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

82.6%

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	-2.69%	—	—
3M abs	+3.04%	—	—
6M abs	+29.85%	—	—
1Y CAGR	+14.84%	—	—
3Y CAGR	+17.60%	—	—
5Y CAGR	—	—	—

Category average across peers in Small Cap Fund, 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.

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

₹3.60L

Current value

₹4.33L

Absolute

+20.33%

XIRR

+13.08%

Value vs. invested

ValueInvested

36 monthly installments of ₹10,000 into LIC MF 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	+18.44%	+6.37%	+12.07%
2025	-12.15%	-5.29%	-6.86%
2024	+41.46%	+27.52%	+13.94%
2023part	+16.00%	—	—

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

781

Expense ratio

1.28%

AUM

₹673.88Cr

Portfolio turnover

80%

Exit load

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

P/E ratio

32.5

P/B ratio

5.7

Avg market cap

₹23,997Cr

P/E & P/B are portfolio-weighted harmonic means across 36 of 56 equity holdings (65% 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


LIC MF Small Cap FundThis fund LIC · Direct · IDCW	—	+14.84%	+17.60%	—	—	1.28%	₹673.88Cr
Bank of India Small Cap Fund Bank of India · Direct · IDCW	—	+29.25%	+21.62%	+20.05%	—	0.78%	₹2,235Cr
ITI Small Cap Fund ITI · Direct · IDCW	—	+17.07%	+20.95%	+16.95%	—	0.84%	₹2,977Cr
Mahindra Manulife Small Cap Fund Mahindra Manulife · Direct · IDCW	—	+11.00%	+17.63%	—	—	0.92%	₹4,512Cr
Quant Small Cap Fund quant · Direct · IDCW	—	+13.46%	+16.94%	+18.66%	—	0.90%	₹30,875Cr
Bandhan Small Cap Fund Bandhan · Direct · IDCW	—	+3.74%	+14.92%	+12.07%	—	0.61%	₹26,012Cr

Market-cap allocation · AMFI bands, Jul 2026

Equity holdings by company size — 100% of the equity sleeve priced.

Large cap1.9%
Mid cap13.1%
Small cap85.0%

Asset allocation

As on 31 Aug 2026 · AMC disclosure

Equity94.92%
Cash & Equivalents5.08%

which companies this fund invests in

As on 31 Aug 2026 · AMC disclosure

Garware Hi-Tech Films Ltd.

4.86%

Avalon Technologies Ltd.

4.14%

Manorama Industries Ltd.

3.24%

Navin Fluorine International Ltd.

3.06%

Allied Blenders And Distillers Ltd.

2.52%

Brigade Enterprises Ltd.

2.46%

Ather Energy Ltd.

2.37%

Pricol Ltd.

2.29%

Oracle Financial Services Software Ltd.

2.24%

Kennametal India Ltd.

2.19%

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

Compare the top 3 →

Fund	Overlap	Rating	TER	3Y
LIC MF Dividend Yield Fund LIC · Dividend Yield Fund	29.1%	★★★★☆	0.97%	+17.48%
LIC MF Manufacturing Fund LIC · Sectoral/ Thematic	26.9%	★★★★☆	1.44%	—
LIC MF Multi Cap Fund LIC · Multi Cap Fund	26.3%	★★★★☆	0.78%	+16.79%
JM Small Cap Fund JM Financial · Small Cap Fund	24.5%	★★★☆☆	0.95%	—
LIC MF Value Fund LIC · Value Fund	22.9%	★★★☆☆	1.78%	+16.79%
ITI Small Cap Fund ITI · Small Cap Fund	18.7%	★★★★☆	0.84%	+23.12%
Mahindra Manulife Small Cap Fund Mahindra Manulife · Small Cap Fund	18.6%	★★★☆☆	0.92%	+19.22%
The Wealth Company Small Cap Fund The Wealth Company · Small Cap Fund	18.5%	—	1.79%	—

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)

1 holding — 4.14% 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.

Avalon Technologies LimitedLong-term · Stage I4.14%

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.

-27.0%03 Jan 2025 → 03 Mar 2025
Fell over 2 months, back to the old high on 05 Aug 2026 — 17 months under water after the low.
-11.7%23 Feb 2024 → 13 Mar 2024
Fell over 19 days, back to the old high on 05 Apr 2024 — 23 days under water after the low.
-10.0%16 Oct 2024 → 13 Nov 2024
Fell over 28 days, back to the old high on 06 Dec 2024 — 23 days 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

₹673.88Cr

April - June 2026

+14%

since January - March 2026

+₹31.10Cr

est. net flow, last quarter

At or near its largest, ₹673.88Cr 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

LIC Mutual Fund is sponsored by the Life Insurance Corporation of India and has been in business since 1989. It absorbed IDBI Mutual Fund's schemes in 2023 and runs a mix of equity, debt and index funds.

Launched

19 Apr 1994

Total AUM

₹49,535Cr+6.6% QoQ

Avg AUM · April - June 2026

Website

licmf.com

Fund Managers

DMDikshit MittalManaging since 24 Jul 2025

Role

Senior Equity Research Analyst & Fund Manager

Education

• MBA (Finance) - ICFAI Business School, Hyderabad • CFA - CFA Institute, • B -Tech (Chemical) - Punjab Technical University

Experience

Mr. Dikshit Mittal has overall 19 years of experience which consist of following: • Fund Manager - LIC Mutual Fund Asset Management Ltd. th (w.e.f. 6 Sept 2021) (Last position held Fund Manager - Equity & Senior Equity Research Analyst) • Senior Equity Research Analyst - LIC Mutual Fund Asset Management Ltd. (15th December 2020 onwards) • Equity Research Analyst - Subhkam Ventures Pvt. Limited. (November 2012 - December 2020) • Equity Research Analyst - SBI Capital Securities (July 2011 - October 2012) • Equity Research Analyst - Alchemy Shares and Stock Brokers (June 2009 - July 2011)

Funds managed (5)

All schemes Dikshit Mittal runs →

SASudhanshu AsthanaManaging since 01 Sep 2026

Role

Chief Investment Officer Equity

Total experience

26 years

Education

• Diploma In Investment - Management, NMIMS Mumbai • M.A. Economics, Mumbai University

Experience

+ • Presently Chief Investment Officer – Equity, LIC Mutual Fund Asset Management Limited th (11 June 2026 till date) • Head – Equity - LIC Mutual Fund Asset Management Limited th th (16 March 2026 – 10 June 2026) • Chief Business Officer & Portfolio Manager – Electrum Portfolio Managers Private Ltd- (November 2024 – February 2026) • Designated Partner – Trivarga Business Consultancy LLP (December 2021- January 2025) • Fund Manager (Equity) - UTI Asset Management Company Limited (April 2021 – November 2021) • CEO & CIO - Tamohara Investment Managers Private Limited (August 2016 - April 2021) • Senior Fund Manager (Equity) – Axis Asset Management Company Limited (August 2009 – August 2016)

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

Dikshit Mittal

Top holdings

Garware Hi-Tech Films Ltd.Avalon Technologies Ltd.Manorama Industries Ltd.Navin Fluorine International Ltd.Allied Blenders And Distillers Ltd.Brigade Enterprises Ltd.Ather Energy Ltd.Pricol Ltd.Oracle Financial Services Software Ltd.Kennametal India Ltd.Lumax Auto Technologies Ltd.Arvind Fashions Ltd.

LIC 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.

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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.

Frequently asked questions

What is the NAV of LIC MF Small Cap Fund?

As of 01 Oct 2026, the NAV of LIC MF Small Cap Fund is ₹39.27 per unit. NAV (net asset value) is the fund's per-unit price, published once each business day.

What returns has LIC MF Small Cap Fund delivered?

LIC MF Small Cap Fund has returned +14.84% over 1 year, +17.60% per year over 3 years and +18.38% 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 LIC MF Small Cap Fund?

LIC MF Small Cap Fund charges an expense ratio of 1.28% 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 LIC MF Small Cap Fund?

LIC MF Small Cap Fund's largest holdings are Garware Hi-Tech Films Ltd. (4.9%), Avalon Technologies Ltd. (4.1%), Manorama Industries Ltd. (3.2%), Navin Fluorine International Ltd. (3.1%) and Allied Blenders And Distillers Ltd. (2.5%). Holdings are disclosed monthly and change over time.

How risky is LIC MF Small Cap Fund?

LIC MF Small Cap Fund is rated very high on SEBI's risk-o-meter, its trailing-3Y volatility (annualised) is 19.4% and its worst peak-to-trough fall in our sample was -27.0%. 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 0.57 mean?

The Sharpe ratio is return earned per unit of total risk, above a 6.5% risk-free rate. LIC MF Small Cap Fund's 0.57 means it has rewarded its volatility with excess return. Higher is better.

What is the benchmark of LIC MF Small Cap Fund?

LIC MF Small Cap Fund is benchmarked against the NIFTY Smallcap 250 - TRI. Its alpha and beta on this page are measured against that index.

Who manages LIC MF Small Cap Fund?

LIC MF Small Cap Fund is managed by Dikshit Mittal and Sudhanshu Asthana at LIC.

How is LIC MF Small Cap Fund taxed?

LIC MF 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.