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3 small-cap funds returned up to 35% in 9 months; here's how they stack up beyond returns
8 min read | Updated on October 12, 2026, 17:04 IST
SUMMARY
On risk parameters, the three schemes are closely matched but not identical. Samco small-cap is the most volatile with standard deviation of 1.10 but has the lowest beta (0.85) and the best Sharpe ratio (0.10) among the three schemes.
Quarterly numbers show how fast the mood has turned for these schemes. | Image: Shutterstock
Over the nine months to September 30, 2026, Bank of India Small Cap Fund returned 35.48%, TRUSTMF Small Cap Fund 31% and Samco Small Cap Fund 28.68%. The same three schemes are the category’s top performers over six months. However, their report cards as on October 9, 2026 show that they are built very differently.
In terms of recent returns, Bank of India Small Cap Fund has been the steadiest of the three. It is first among 36 small-cap funds over six months with 33.12% returns, second over three months (8.24%) and second over one year (28.19%). TRUSTMF Small Cap Fund tops the one-year table with 28.51%, ranking first among 31 schemes, and is second over six months at 31.06%.
Samco Small Cap Fund leads the three-month chart with 16.62% returns and is third over six months at 30.43%.
All three schemes are far ahead of the Nifty Smallcap 250 TRI, which fell 1.40% over three months and rose 13.80% over six months till October 9, 2026.
Returns over the past nine months to September 30, 2026
| Fund | 9-month return (%) |
|---|---|
| Bank of India Small Cap Fund | 35.48 |
| TRUSTMF Small Cap Fund | 31.00 |
| Samco Small Cap Fund | 28.68 |
Returns over different periods (%, as on October 9, 2026)
| Fund | 3 months (%) | 6 months (%) | 1 year (%) | 3 years (%) | 5 years (%) | Since launch (%) |
|---|---|---|---|---|---|---|
| TRUSTMF Small Cap Fund | 5.01 | 31.06 | 28.51 | NA | NA | 18.35 |
| Samco Small Cap Fund | 16.62 | 30.43 | NA | NA | NA | 25.60 |
| Bank of India Small Cap Fund | 8.24 | 33.12 | 28.19 | 21.72 | 18.99 | 27.44 |
| Nifty Smallcap 250 TRI | -1.40 | 13.80 | 3.93 | 13.85 | 13.44 | - |
Category ranks
| Period | Bank of India Small Cap Fund | TRUSTMF Small Cap Fund | Samco Small Cap Fund |
|---|---|---|---|
| 6 months | 1 of 36 | 2 of 36 | 3 of 36 |
| 1 year | 2 of 31 | 1 of 31 | NA |
| Since launch | 3 of 36 | 20 of 36 | 4 of 36 |
Of the three schemes, only Bank of India Small Cap Fund has a longer record to show. Over three years it has returned 21.72% a year (ranking 3 of 24) and over five years 18.99% (ranking 1 of 23), against the benchmark’s 13.85% and 13.44%. Since launch in December 2018, this scheme has compounded investment at 27.44%.
Samco small-cap fund, launched in December 2025, has delivered 25.60% since inception (ranking 4 of 36), and TRUSTMF, launched in November 2024, has delivered 18.35% (ranking 20 of 36).
Quarterly performance (%)
| Fund | June 2026 quarter (%) | September 2026 quarter (%) | 2025-26 (full year) (%) |
|---|---|---|---|
| TRUSTMF Small Cap Fund | 31.72 | 5.35 | 7.70 |
| Samco Small Cap Fund | 18.19 | 18.19 | -9.30 |
| Bank of India Small Cap Fund | 34.73 | 8.52 | -1.64 |
Quarterly numbers show how fast the mood has turned for these three schemes. In the June quarter of the current financial year, Bank of India small-cap returned 34.73%, TRUSTMF small-cap 31.72% and Samco small-cap 18.19%. In the September quarter, Samco small-cap returned 18.19%, Bank of India small-cap 8.52% and TRUSTMF small-cap 5.35%. All three, it is worth noting, lost money in the March quarter and in the full year 2025-26, when their returns ranged from minus 9.30% to 7.70%.
Value of a ₹5,000 monthly SIP (₹)
| Fund | 1 year (₹60,000 invested) | 3 years (₹1,80,000 invested) | 5 years (₹3,00,000 invested) |
|---|---|---|---|
| TRUSTMF Small Cap Fund | 70,885 | NA | NA |
| Samco Small Cap Fund | NA | NA | NA |
| Bank of India Small Cap Fund | 72,679 | 2,40,251 | 5,16,794 |
| Nifty Smallcap 250 TRI | 63,030 | 1,97,033 | 4,22,790 |
Bank of India Small Cap Fund is the only one of the three with a SIP record stretching back years. A monthly ₹5,000 in this scheme is worth ₹72,679 after one year, ₹2,40,251 after three and ₹5,16,794 after five years. TRUSTMF small-cap fund's one-year SIP is worth ₹70,885 against ₹63,030 for the index. Samco small-cap fund was launched less than a year ago.
Size, portfolio and valuation (as on September 30, 2026)
| Fund | AUM (₹ crore) | Stocks | Sectors | P/E | P/B | Avg. market cap (₹ crore) |
|---|---|---|---|---|---|---|
| TRUSTMF Small Cap Fund | 3,877.01 | 72 | 23 | 76.71 | 10.75 | 40,264.97 |
| Samco Small Cap Fund | 269.83 | 62 | 19 | 67.42 | 10.57 | 31,061.20 |
| Bank of India Small Cap Fund | 3,670.75 | 85 | 30 | 65.67 | 9.01 | 20,449.35 |
Size and valuation separate these schemes further. TRUSTMF small-cap and Bank of India small-cap funds are similar in scale, managing ₹3,877.01 crore and ₹3,670.75 crore respectively as on September 30, 2026, while Samco is tiny at ₹269.83 crore.
Bank of India small-cap fund holds the most stocks, with 85 companies across 30 sectors, and the cheapest portfolio, at 65.67 times earnings and 9.01 times book value, with the smallest companies on average (an average market value of ₹20,449 crore). TRUSTMF small-cap fund runs the most expensive portfolio of the three (76.71 times earnings, 10.75 times book),while Samco small-cap fund has exposure to 62 stocks across 19 sectors, making it the most concentrated of the three.
Volatility measures over the past year
| Fund | Standard deviation | Beta | Sharpe ratio |
|---|---|---|---|
| Samco Small Cap Fund | 1.10 | 0.85 | 0.10 |
| TRUSTMF Small Cap Fund | 1.07 | 0.90 | 0.09 |
| Bank of India Small Cap Fund | 1.07 | 0.92 | 0.09 |
On risk parameters, the three schemes are closely matched but not identical. Samco small-cap is the most volatile with standard deviation of 1.10 but has the lowest beta 0.85 and the best Sharpe ratio (0.10) of the three schemes.
TRUSTMF and Bank of India are identical on standard deviation (1.07) and Sharpe (0.09), with Bank of India carrying a slightly higher beta (0.92 against 0.90). All three have a standard deviation above 1, which reminds of how restless this category is.
Top 10 stock holdings (% of portfolio)
| Rank | TRUSTMF Small Cap Fund | Samco Small Cap Fund | Bank of India Small Cap Fund |
|---|---|---|---|
| 1 | Lenskart Solutions (2.40%) | ESDS Software Solutions (6.52%) | Hero Motors (2.82%) |
| 2 | RBL Bank (2.24%) | Welspun Corp (3.59%) | Sky Gold & Diamonds (2.72%) |
| 3 | Sansera Engineering (2.16%) | Syrma SGS Technology (3.51%) | City Union Bank (2.72%) |
| 4 | Shadowfax Technologies (2.13%) | Kirloskar Oil Engines (3.48%) | Sterlite Technologies (2.53%) |
| 5 | Multi Commodity Exchange (2.12%) | Ather Energy (3.48%) | Quality Power Electrical Equipments (2.51%) |
| 6 | Karur Vysya Bank (2.12%) | Navin Fluorine International (3.38%) | Raymond (2.51%) |
| 7 | Jyoti CNC Automation (2.05%) | Sai Life Sciences (2.97%) | Optiemus Infracom (2.18%) |
| 8 | VA Tech Wabag (1.95%) | Gland Pharma (2.93%) | Sigma Advanced Systems (2.15%) |
| 9 | Welspun Corp (1.93%) | Anand Rathi Wealth (2.76%) | Anand Rathi Wealth (2.08%) |
| 10 | Laurus Labs (1.81%) | Anand Rathi Wealth (2.76%) | Wockhardt (2.02%) |
TRUSTMF is the most spread out at the top with its largest holding, Lenskart Solutions, accounting for just 2.40%. Samco is the most concentrated, with ESDS Software alone at 6.52% of its portfolio.
Bank of India’s top holding is Hero Motors at 2.82%. On sector allocation, TRUSTMF's small-cap fund leans on healthcare (16.76%), automobiles (11.94%) and capital goods (11.16%); Samco on automobiles (14.66%) and healthcare (14.18%); and Bank of India small-cap on capital goods (14.40%), automobiles (9.92%) and healthcare (7.84%).
In the three schemes, only two stocks appear in top 10 holdings of more than one portfolio: Welspun Corp in TRUSTMF (1.93%) and Samco (3.59%), and Anand Rathi Wealth in Samco (2.76%) and Bank of India (2.08%).
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