Franklin Templeton · Small Cap

Franklin India Small Cap Fund

Equity Scheme - Small Cap Fund Direct plan, growth benchmark: Nifty Smallcap 250 launched 16 Nov 2005 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹203.42

−0.30% since 18 Sep 2026, the previous NAV

1 year

4.8%

return

3 years

13.7%

a year

5 years

16.0%

a year

Since launch

16.5%

a year, over 12.0 years

Assets (AUM)

₹14,802 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.77% / 1.45%

a year, as of Aug 2026

Holdings

top ten are 22% of the fund · Aug 2026

Disclosed history

12 yrs

May 2014 – Aug 2026 · 4 of 11 checks could run

Fund managers

not parsed from the factsheets yet

All managers →

As the Aug 2026 factsheet printed it: standard deviation 5.8% · portfolio turnover 0.41×. Exit load and minimum investment are not yet extracted from the scheme documents.

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.19% a year more than Direct

₹44,619 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Not known yet: no factsheet named a manager for this fund.

How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

See what is missing →

NAVTracking gap

NAV sits 5.1 bp from its disclosed portfolio, but the replication is noisy

6 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 50% of three-year stretches, and averaged −1.4 points a year across all of them

109 rolling windows since 2014 · ahead by 2.0 points a year when it won, behind by 4.8 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹32.79 → ₹203.42, 6.2× since Sep 2014

Deepest fall (max drawdown)

−24.1%

23 Sep 2024 → 3 Mar 2025

Worst month

−12.4%

Feb 2025

Days to recover

not yet recovered

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 93 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	Call, Cash & Other Assets cash equivalent	—	2.66%	May 2014	12 yrs	-1.04%
2	Pine Labs Ltd equity	Financial Technology (Fintech)	2.60%	Nov 2025	10 mo	+1.14%
3	Equitas Small Finance Bank Ltd equity	Banks	2.41%	Oct 2020	5.9 yrs	-0.03%
4	Kajaria Ceramics Ltd equity	Consumer Durables	2.37%	Apr 2025	1.4 yrs	+0.14%
5	Brigade Enterprises Ltd equity	Realty	2.36%	Jun 2014	12 yrs	+0.54%
6	Kirloskar Oil Engines Ltd equity	Industrial Products	2.09%	Nov 2022	3.8 yrs	-0.20%
7	Eris Lifesciences Ltd equity	Pharmaceuticals & Biotechnology	1.97%	Sep 2019	7.0 yrs	-0.29%
8	Metropolis Healthcare Ltd equity	Healthcare Services	1.85%	Apr 2020	6.4 yrs	+0.09%
9	Hindustan Aeronautics Ltd equity	Aerospace & Defense	1.84%	Nov 2025	10 mo	+0.18%
10	PNB Housing Finance Ltd equity	Finance	1.83%	Oct 2024	1.9 yrs	-0.19%
11	Kalyan Jewellers India Ltd equity	Consumer Durables	1.82%	May 2022	4.3 yrs	+0.55%
12	DCB Bank Ltd equity	Banks	1.81%	May 2018	8.3 yrs	+0.26%
13	Deepak Nitrite Ltd equity	Chemicals & Petrochemicals	1.65%	Jan 2016	11 yrs	-0.04%
14	Angel One Ltd equity	Capital Markets	1.63%	Feb 2026	7 mo	-0.35%
15	RBL Bank Ltd equity	Banks	1.54%	Jun 2025	1.3 yrs	+0.05%
16	K.P.R. Mill Ltd equity	Textiles & Apparels	1.53%	Sep 2021	5.0 yrs	+0.19%
17	Axis Bank Ltd equity	Banks	1.53%	Jan 2025	1.7 yrs	+0.13%
18	Syrma SGS Technology Ltd equity	Industrial Manufacturing	1.52%	Aug 2022	4.1 yrs	-0.87%
19	Zensar Technologies Ltd equity	IT - Software	1.50%	Feb 2023	3.6 yrs	+0.02%
20	Tenneco Clean Air India Ltd equity	Auto Components	1.50%	Nov 2025	10 mo	+0.52%
21	MTAR Technologies Ltd equity	Electrical Equipment	1.47%	Oct 2025	11 mo	-0.76%
22	Le Travenues Technology Ltd equity	Leisure Services	1.41%	Jun 2026	3 mo	+1.41%
23	Kotak Mahindra Bank Ltd equity	Banks	1.37%	Feb 2026	7 mo	+0.31%
24	Jubilant Ingrevia Ltd equity	Chemicals & Petrochemicals	1.33%	Oct 2024	1.9 yrs	+0.21%
25	Delhivery Ltd equity	Transport Services	1.32%	Apr 2025	1.4 yrs	+0.45%
26	Mrs Bectors Food Specialities Ltd equity	Food Products	1.31%	Mar 2026	6 mo	+0.48%
27	Sobha Ltd equity	Realty	1.29%	May 2014	12 yrs	-0.26%
28	Crompton Greaves Consumer Electricals Ltd equity	Consumer Durables	1.28%	Jan 2024	2.7 yrs	-0.35%
29	CESC Ltd equity	Power	1.27%	Apr 2024	2.4 yrs	-0.49%
30	Hexaware Technologies Ltd equity	IT - Software	1.25%	Mar 2026	6 mo	-0.15%
31	Cipla Ltd equity	Pharmaceuticals & Biotechnology	1.24%	May 2026	4 mo	+0.53%
32	Data Patterns India Ltd equity	Aerospace & Defense	1.23%	Dec 2021	4.8 yrs	-0.30%
33	Karur Vysya Bank Ltd equity	Banks	1.22%	Nov 2016	9.8 yrs	+0.14%
34	Ujjivan Small Finance Bank Ltd equity	Banks	1.22%	Apr 2025	1.4 yrs	+0.20%
35	Sapphire Foods India Ltd equity	Leisure Services	1.22%	Oct 2024	1.9 yrs	+0.22%
36	Exide Industries Ltd equity	Auto Components	1.19%	Dec 2021	4.8 yrs	+0.08%
37	Electronics Mart India Ltd equity	Retailing	1.17%	Sep 2025	1.0 yrs	+0.38%
38	Akums Drugs And Pharmaceuticals Ltd equity	Pharmaceuticals & Biotechnology	1.12%	Jul 2024	2.2 yrs	+0.27%
39	Finolex Industries Ltd equity	Industrial Products	1.10%	Apr 2021	5.4 yrs	-0.28%
40	PG Electroplast Ltd equity	Consumer Durables	1.09%	Oct 2025	11 mo	-0.01%
41	The India Cements Ltd equity	Cement & Cement Products	1.08%	Jun 2025	1.3 yrs	+0.43%
42	MedPlus Health Services Ltd equity	Retailing	1.08%	Oct 2024	1.9 yrs	-0.45%
43	Tata Steel Ltd equity	Ferrous Metals	1.06%	Sep 2025	1.0 yrs	-0.21%
44	Lemon Tree Hotels Ltd equity	Leisure Services	1.04%	Aug 2019	7.1 yrs	-0.15%
45	V-Mart Retail Ltd equity	Retailing	1.01%	Jun 2024	2.3 yrs	-0.09%
46	Finolex Cables Ltd equity	Industrial Products	0.99%	May 2014	12 yrs	-0.37%
47	SBFC Finance Ltd equity	Finance	0.99%	Jul 2026	2 mo	+0.99%
48	City Union Bank Ltd equity	Banks	0.98%	Aug 2014	12 yrs	+0.11%
49	Amara Raja Energy And Mobility Ltd equity	Auto Components	0.97%	Dec 2023	2.8 yrs	-0.33%
50	Shankara Buildpro Ltd equity	Commercial Services & Supplies	0.96%	Sep 2025	1.0 yrs	+0.01%
51	Emami Ltd equity	Personal Products	0.96%	Apr 2024	2.4 yrs	-0.16%
52	Motherson Sumi Wiring India Ltd equity	Auto Components	0.95%	Jun 2025	1.3 yrs	+0.24%
53	ZF Commercial Vehicle Control Systems India Ltd equity	Auto Components	0.94%	May 2025	1.3 yrs	-0.05%
54	Elecon Engineering Co Ltd equity	Electrical Equipment	0.94%	Jul 2024	2.2 yrs	-0.30%
55	Aster DM Quality Care Ltd equity	Healthcare Services	0.94%	Jul 2023	3.2 yrs	-0.87%
56	Rolex Rings Ltd equity	Auto Components	0.93%	Oct 2025	11 mo	+0.17%
57	HealthCare Global Enterprises Ltd equity	Healthcare Services	0.88%	Jul 2026	2 mo	+0.88%
58	CCL Products (India) Ltd equity	Agricultural Food & Other Products	0.86%	Apr 2019	7.4 yrs	-0.47%
59	Apollo Pipes Ltd equity	Industrial Products	0.86%	May 2023	3.3 yrs	+0.12%
60	Whirlpool Of India Ltd equity	Consumer Durables	0.86%	Apr 2025	1.4 yrs	-0.08%
61	Sona Blw Precision Forgings Ltd equity	Auto Components	0.85%	Oct 2025	11 mo	-0.34%
62	Tata Power Co Ltd equity	Power	0.84%	Oct 2024	1.9 yrs	-0.24%
63	Craftsman Automation Ltd equity	Auto Components	0.83%	Jun 2026	3 mo	+0.83%
64	Intellect Design Arena Ltd equity	IT - Software	0.81%	Dec 2022	3.8 yrs	-0.10%
65	Shaily Engineering Plastics Ltd equity	Consumer Durables	0.81%	Jul 2026	2 mo	+0.81%
66	The Ramco Cements Ltd equity	Cement & Cement Products	0.78%	May 2024	2.3 yrs	-0.04%
67	Piramal Pharma Ltd equity	Pharmaceuticals & Biotechnology	0.74%	May 2026	4 mo	+0.33%
68	Vishnu Chemicals Ltd equity	Chemicals & Petrochemicals	0.73%	Aug 2023	3.1 yrs	+0.04%
69	AIA Engineering Ltd equity	Industrial Products	0.73%	May 2026	4 mo	-0.09%
70	Ion Exchange (India) Ltd equity	Other Utilities	0.70%	Jun 2023	3.3 yrs	+0.08%
71	HDFC Bank Ltd equity	Banks	0.67%	Sep 2019	7.0 yrs	-0.60%
72	Vedant Fashions Ltd equity	Retailing	0.66%	Jun 2025	1.3 yrs	+0.22%
73	Ideaforge Technology Ltd equity	Aerospace & Defense	0.65%	Jul 2026	2 mo	+0.65%
74	Juniper Green Energy Ltd equity	Power	0.61%	Aug 2026	1 mo	+0.61%
75	Kirloskar Pneumatic Co Ltd equity	Industrial Products	0.61%	Aug 2026	1 mo	+0.61%
76	Teamlease Services Ltd equity	Commercial Services & Supplies	0.59%	Apr 2018	8.4 yrs	-0.16%
77	Ajax Engineering Ltd equity	Agricultural, Commercial & Construction Vehicles	0.55%	Apr 2026	5 mo	+0.10%
78	Five-Star Business Finance Ltd equity	Finance	0.51%	Aug 2026	1 mo	+0.51%
79	Lumax Auto Technologies Ltd equity	Auto Components	0.51%	Aug 2026	1 mo	+0.51%
80	Sedemac Mechatronics Ltd equity	Auto Components	0.51%	Aug 2026	1 mo	+0.51%
81	GHCL Ltd equity	Chemicals & Petrochemicals	0.47%	Sep 2016	10 yrs	-0.05%
82	Chemplast Sanmar Ltd equity	Chemicals & Petrochemicals	0.45%	Sep 2021	5.0 yrs	-0.21%
83	Aditya Vision Ltd equity	Retailing	0.38%	Jul 2025	1.2 yrs	+0.02%
84	Greenpanel Industries Ltd equity	Consumer Durables	0.37%	Jul 2025	1.2 yrs	-0.10%
85	Brigade Hotel Ventures Ltd equity	Leisure Services	0.37%	Jul 2025	1.2 yrs	-0.04%
86	KPIT Technologies Ltd equity	IT - Software	0.35%	Aug 2020	6.1 yrs	-0.14%
87	Go Fashion India Ltd equity	Retailing	0.33%	Jan 2025	1.7 yrs	-0.01%
88	Gateway Distriparks Ltd equity	Transport Services	0.30%	Jan 2022	4.7 yrs	-0.26%
89	JK Lakshmi Cement Ltd equity	Cement & Cement Products	0.26%	May 2014	12 yrs	-0.37%
90	Vikram Solar Ltd equity	Electrical Equipment	0.23%	Aug 2025	1.1 yrs	-0.06%
91	TREPS / cash equivalents Margin on Derivatives · derivative	—	0.21%	Aug 2026	1 mo	+0.21%
92	182 DTB (19-Nov-2026) $ ~~ government security	—	0.17%	Aug 2026	1 mo	+0.17%
93	GSPL Transmission Ltd @@ equity	Gas	0.07%	Jul 2026	2 mo	+0.07%

Showing 1–93 of 93 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks12.7% · 9.6%

Auto Components9.2% · 6.9%

Consumer Durables8.6% · 6.7%

Industrial Products6.4% · 5.7%

Pharmaceuticals & Biotechnology5.1% · 5.6%

Chemicals & Petrochemicals4.6% · 6.1%

Retailing4.6% · 5.1%

Leisure Services4.0% · 4.1%

share of the book05%10%15%

By market cap, Aug 2026

Large cap8.5%

Mid cap8.4%

Small / micro cap80.0%

Cash & equivalents2.7%

Other0.4%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 9%
Mid cap 8%
Small / micro 80%
Cash & other 3%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 50% of three-year stretches, and averaged −1.4 points a year across all of them

109 rolling windows since 2014 · ahead by 2.0 points a year when it won, behind by 4.8 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 2.0 points a year in the 54 windows it won and behind by 4.8 in the 55 it lost, so the average across all 109 is −1.4 points. The worst window ended Jan 2022, 9.1 points behind.

50%

lowest in categoryhighest in category

46th percentile · below median of 24 funds · category median 54%

windows measured109windows won54average across every window−1.43 pts a year · median −0.25when ahead, by how much+1.95 pts a year over 54 windowswhen behind, by how much−4.75 pts a year over 55 windowsworst window−9.10 pts a year, ended Jan 2022best window+5.70 pts a year, ended Jun 2024non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 1.19% a year more than Direct

₹44,619 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

1.19 pp a year

costliest in categorycheapest in category

76th percentile · top quartile of 31 funds · category median 1.59 pp

on ₹1,00,000 over ten years₹44,619Direct vs Regular, annualised16.4% vs 15.2%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 76% of the portfolio a year

−0.10 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

76% a year

costliest in categorycheapest in category

64th percentile · above median of 30 funds · category median 86%

excess return per unit of turnover−0.10 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 49 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

49 months

lowest in categoryhighest in category

95th percentile · top decile of 30 funds · category median 20 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

5 of 10 top picks beat their peers over the next 6 months, and averaged 4.8 points ahead of them

1404 positions judged, one disclosure at a time · ahead by 20.5 points when it won, behind by 13.0 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 20.5 points in the 747 positions it won and behind by 13.0 in the 657 it lost, so the average across all 1404 is +4.8 points. The worst position was INE238A01026 at the May 2014 disclosure, 104.1 points behind.

53%

lowest in categoryhighest in category

45th percentile · below median of 30 funds

positions judged1404beat the median stock747average across every position+4.83 pts · median +1.80when ahead, by how much+20.48 pts over 747 positionswhen behind, by how much−13.00 pts over 657 positionsworst position−104.12 pts, INE238A01026 at the May 2014 disclosurebest position+125.42 pts, INE303R01014 at the Jun 2023 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹14,802 Cr, 68th percentile in category; 13% of growth came from inflows

smaller than 32% of the funds in its category (30 funds) · AUM Sep 2023 → Aug 2026 · Regular plan expense ratio 1.85%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

68th percentile by AUM

largestsmallest

32th percentile · below median of 30 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.85% / 1.07% · category median 2.01%AUM, Sep 2023 → Aug 2026₹9,708 Cr → ₹14,802 Cr (+16% a year)of that change, from flows rather than returns13% net inflows · NAV +46% over the window

Assets under management, ₹ crore, Jun 2010 – Aug 2026

125 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.30% in Feb 2017 → 1.85% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Not measurable yet. Needs manager names from the monthly factsheet archive; none were parsed for this fund yet.

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

NAV sits 5.1 bp from its disclosed portfolio, but the replication is noisy

What this means. Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

Latest gap beyond expense accrual

−5.1 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

6noisy

24 Aug 2026 −14 bp · 20 Aug 2026 +12 bp · 11 Aug 2026 +11 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 37 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Franklin India Small Cap Fund - Direct - Growth	growth	₹203.42	21 Sep 2026
direct Franklin India Small Cap Fund - Direct - IDCW	idcw	₹52.87	21 Sep 2026
regular Franklin India Small Cap Fund-Growth	growth	₹178.02	21 Sep 2026
regular Franklin India Small Cap Fund - IDCW	idcw	₹44.50	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹203.42
Regular growth NAV: ₹178.02
NAV divergence to date: 14.3% — same portfolio, priced differently
Regular costs more by: 1.19% a year
On ₹1,00,000 over ten years: ₹44,619

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

Nippon India Small Cap Fund HDFC Small Cap Fund SBI SMALL CAP FUND Quant Small Cap Fund pick any fund…