Bank of India · Small Cap

BANK OF INDIA SMALL CAP FUND

Equity Scheme - Small Cap Fund Direct plan, growth riskometer: Very high benchmark: NIFTY Smallcap 250 Total Return Index (TRI) (Tier 1) launched 28 Nov 2018 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹65.99

0.00% since 18 Sep 2026, the previous NAV

1 year

25.5%

return

3 years

22.4%

a year

5 years

20.1%

a year

Since launch

27.6%

a year, over 7.7 years

Assets (AUM)

₹3,094 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.41% / 1.66%

a year, as of Aug 2026

Holdings

105

top ten are 28% of the fund · Aug 2026

Disclosed history

4.3 yrs

Jun 2022 – Aug 2026 · 5 of 11 checks could run

Fund managers

Alok Singh · since at least Dec 2024Nav Bhardwaj · since Jul 2025

All managers →

As the Aug 2026 factsheet printed it: standard deviation 21.8% · portfolio turnover 0.89×. 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 2.06% a year more than Direct

₹1,70,261 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

Run by Alok Singh for at least 1.8 yrs

with Nav Bhardwaj · the factsheet archive starts Dec 2024, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Alok Singh's other funds →

NAVTracking gap

NAV sits 52 bp from its disclosed portfolio, but the replication is noisy

9 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 98% of three-year stretches, and averaged +3.4 points a year across all of them

58 rolling windows since 2018 · ahead by 3.5 points a year when it won, behind by 0.2 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 →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Dec 2018

94 month-ends · ₹10.04 → ₹65.99, 6.6× since Dec 2018

Deepest fall (max drawdown)

−27.1%

11 Dec 2024 → 3 Mar 2025

Worst month

−13.3%

Feb 2025

Days to recover

431

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 · 105 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	TREPS / cash equivalents TREPS · money market	—	7.38%	Apr 2026	5 mo	+5.82%
2	Sky Gold And Diamonds Limited equity	Consumer Durables	3.01%	May 2025	1.3 yrs	+0.11%
3	Quality Power Electrical Eqp Ltd equity	Electrical Equipment	2.45%	Feb 2025	1.6 yrs	-0.14%
4	City Union Bank Limited equity	Banks	2.37%	Dec 2025	9 mo	+0.02%
5	Sterlite Technologies Limited equity	Telecom - Equipment & Accessories	2.21%	Apr 2026	5 mo	+1.04%
6	Balrampur Chini Mills Limited equity	Agricultural Food & other Products	2.17%	Jun 2022	4.3 yrs	+0.88%
7	EID Parry India Limited equity	Food Products	2.09%	Jan 2023	3.7 yrs	+2.04%
8	Computer Age Management Services Limited equity	Capital Markets	2.02%	Dec 2025	9 mo	-0.55%
9	Wockhardt Limited equity	Pharmaceuticals & Biotechnology	1.99%	Nov 2024	1.8 yrs	-1.87%
10	Arvind Limited equity	Textiles & Apparels	1.85%	Jan 2024	2.7 yrs	-0.40%
11	TBO Tek Limited equity	Leisure Services	1.82%	Mar 2026	6 mo	-0.01%
12	Sigma Advanced Systems Limited equity	Aerospace & Defense	1.61%	Jul 2026	2 mo	+1.61%
13	PG Electroplast Limited equity	Consumer Durables	1.56%	Jul 2024	2.2 yrs	+0.82%
14	Mrs. Bectors Food Specialities Limited equity	Food Products	1.55%	Dec 2025	9 mo	+0.39%
15	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	1.54%	Sep 2024	2.0 yrs	-0.66%
16	Tata Technologies Limited equity	IT - Services	1.46%	Jun 2026	3 mo	+1.46%
17	Indian Bank equity	Banks	1.44%	Sep 2023	3.0 yrs	-0.46%
18	Canara HSBC Life Insurance company Ltd equity	Insurance	1.42%	Jul 2026	2 mo	+1.42%
19	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	1.40%	Apr 2025	1.4 yrs	-1.48%
20	Anand Rathi Wealth Limited equity	Capital Markets	1.40%	Oct 2025	11 mo	-0.16%
21	Eris Lifesciences Limited equity	Pharmaceuticals & Biotechnology	1.32%	Jul 2023	3.2 yrs	-0.41%
22	Lumax Auto Technologies Limited equity	Auto Components	1.22%	Feb 2026	7 mo	-0.07%
23	Atlanta Electricals Ltd equity	Electrical Equipment	1.22%	Dec 2025	9 mo	-0.98%
24	Knowledge Marine & Engineering Works Limited equity	Engineering Services	1.22%	Aug 2026	1 mo	+1.22%
25	GNA Axles Limited equity	Auto Components	1.21%	Jul 2026	2 mo	+1.21%
26	TVS Srichakra Limited equity	Auto Components	1.18%	Nov 2025	10 mo	-0.01%
27	Multi Commodity Exchange of India Limited equity	Capital Markets	1.17%	May 2026	4 mo	+0.01%
28	Stylam Industries Limited equity	Consumer Durables	1.15%	Apr 2025	1.4 yrs	-0.62%
29	Meesho Ltd equity	Retailing	1.15%	May 2026	4 mo	+0.92%
30	Entero Healthcare Solutions Ltd equity	Retailing	1.13%	May 2026	4 mo	+0.07%
31	ZF Commercial Vehicle Control Systems India Limited equity	Auto Components	1.10%	Dec 2025	9 mo	-0.42%
32	Aequs Limited equity	Aerospace & Defense	1.10%	Dec 2025	9 mo	-0.13%
33	Vijaya Diagnostic Centre Limited equity	Healthcare Services	1.10%	Dec 2023	2.8 yrs	-0.25%
34	TD Power Systems Limited equity	Electrical Equipment	1.10%	Aug 2026	1 mo	+1.10%
35	Gujarat Themis Biosyn Limited equity	Pharmaceuticals & Biotechnology	1.08%	Aug 2026	1 mo	+1.08%
36	Carraro India Limited equity	Auto Components	1.07%	Dec 2024	1.8 yrs	-0.42%
37	Apar Industries Limited equity	Electrical Equipment	1.07%	May 2025	1.3 yrs	-0.91%
38	Swan Defence And Heavy Industries Ltd equity	Industrial Manufacturing	1.04%	Jan 2026	8 mo	-0.21%
39	Ujjivan Small Finance Bank Limited equity	Banks	1.03%	Jul 2026	2 mo	+1.03%
40	Nuvama Wealth Management Limited equity	Capital Markets	1.00%	Dec 2025	9 mo	-0.26%
41	Wework India Management Limited equity	Commercial Services & Supplies	0.99%	Oct 2025	11 mo	-0.25%
42	Turtlemint Fintech Solutions Limited equity	Financial Technology (Fintech)	0.97%	Jun 2026	3 mo	+0.97%
43	Laser Power And Infra Limited equity	Industrial Products	0.95%	Jul 2026	2 mo	+0.95%
44	Knack Packaging Limited equity	Industrial Products	0.95%	Jul 2026	2 mo	+0.95%
45	Shreeji Shipping Global Limited equity	Transport Services	0.94%	Aug 2025	1.1 yrs	-0.84%
46	Hindustan Copper Limited equity	Non - Ferrous Metals	0.93%	Mar 2026	6 mo	-0.74%
47	Hitachi Energy India Limited equity	Electrical Equipment	0.92%	Jan 2024	2.7 yrs	-0.57%
48	FIEM Industries Limited equity	Auto Components	0.91%	Jul 2025	1.2 yrs	-1.16%
49	Steelcast Ltd equity	Industrial Products	0.90%	Aug 2025	1.1 yrs	-0.14%
50	Leela Palaces Hotels & Resorts Limited equity	Leisure Services	0.90%	Jan 2026	8 mo	-0.03%
51	Sanathan Textiles Limited equity	Textiles & Apparels	0.87%	Jun 2025	1.3 yrs	-0.24%
52	Thyrocare Technologies Limited equity	Healthcare Services	0.84%	Jul 2026	2 mo	+0.84%
53	Goodluck India Limited equity	Industrial Products	0.84%	Sep 2025	1.0 yrs	-0.28%
54	Ardee Industries Limited equity	Diversified Metals	0.83%	Aug 2026	1 mo	+0.83%
55	Housing & Urban Development Corporation Limited equity	Finance	0.83%	Jun 2024	2.3 yrs	-0.49%
56	CreditAccess Grameen Limited equity	Finance	0.81%	Jan 2025	1.7 yrs	-0.29%
57	Skyways Air Services Ltd equity	Transport Services	0.78%	Aug 2026	1 mo	+0.78%
58	Titagarh Rail Systems Limited equity	Industrial Manufacturing	0.77%	May 2024	2.3 yrs	-0.08%
59	ICICI Bank Limited (15/09/2026) ** # money market	—	0.75%	Jun 2026	3 mo	+0.75%
60	Union Bank of India (12/10/2026) ** # money market	—	0.75%	Jul 2026	2 mo	+0.75%
61	HDFC Bank Limited (13/11/2026) # money market	—	0.75%	Aug 2026	1 mo	+0.75%
62	Cemindia Projects Ltd equity	Construction	0.74%	Oct 2025	11 mo	-1.48%
63	Tinna Rubber and Infrastructure Limited equity	Industrial Products	0.73%	Dec 2024	1.8 yrs	-0.09%
64	Gufic Biosciences Limited equity	Pharmaceuticals & Biotechnology	0.72%	Oct 2024	1.9 yrs	-0.10%
65	Vardhman Textiles Limited equity	Textiles & Apparels	0.69%	May 2026	4 mo	-0.31%
66	HEG Limited equity	Industrial Products	0.66%	Oct 2024	1.9 yrs	-0.32%
67	Radico Khaitan Limited equity	Beverages	0.66%	Jun 2023	3.3 yrs	-0.08%
68	JK Cement Limited equity	Cement & Cement Products	0.62%	Jun 2026	3 mo	+0.62%
69	Ganesha Ecosphere Limited equity	Textiles & Apparels	0.61%	May 2023	3.3 yrs	-0.16%
70	Lloyds Metals And Energy Limited equity	Minerals & Mining	0.55%	Oct 2024	1.9 yrs	-2.26%
71	Jash Engineering Limited equity	Industrial Manufacturing	0.52%	Jun 2026	3 mo	+0.52%
72	Xpro India Limited equity	Industrial Products	0.49%	Jan 2026	8 mo	+0.10%
73	Godavari Biorefineries Limited equity	Diversified FMCG	0.46%	Nov 2024	1.8 yrs	-0.32%
74	ETHOS LTD. equity	Consumer Durables	0.46%	Nov 2023	2.8 yrs	-0.07%
75	Union Bank of India (15/09/2026) ** # money market	—	0.45%	Jul 2026	2 mo	+0.45%
76	Kotak Mahindra Bank Limited (08/01/2027) # money market	—	0.44%	Jun 2026	3 mo	+0.44%
77	Vidya Wires Limited equity	Industrial Products	0.39%	Dec 2025	9 mo	-0.99%
78	Zaggle Prepaid Ocean Services Limited equity	IT - Services	0.39%	Aug 2024	2.1 yrs	-0.25%
79	Indian Bank (01/10/2026) ** # money market	—	0.38%	Jul 2026	2 mo	+0.38%
80	National Bank For Agriculture and Rural Development (10/11/2026) ** # money market	—	0.37%	Aug 2026	1 mo	+0.37%
81	Bank of Baroda (11/12/2026) ** # money market	—	0.37%	Aug 2026	1 mo	+0.37%
82	HDFC Bank Limited (24/02/2027) ** # money market	—	0.37%	Aug 2026	1 mo	+0.37%
83	HDFC Bank Limited (09/03/2027) ** # money market	—	0.37%	Jul 2026	2 mo	+0.37%
84	NRB Bearing Limited equity	Auto Components	0.36%	Aug 2026	1 mo	+0.36%
85	National Bank For Agriculture and Rural Development (18/03/2027) # money market	—	0.36%	Jun 2026	3 mo	+0.36%
86	Canara Bank (29/06/2027) # money market	—	0.36%	Jul 2026	2 mo	+0.36%
87	Firstsource Solutions Limited equity	Commercial Services & Supplies	0.33%	Feb 2026	7 mo	-0.14%
88	Senco Gold Limited equity	Consumer Durables	0.33%	Jan 2025	1.7 yrs	-0.13%
89	Greenply Industries Limited equity	Consumer Durables	0.32%	Aug 2026	1 mo	+0.32%
90	Shipping Corporation Of India Limited equity	Transport Services	0.30%	Apr 2026	5 mo	-0.38%
91	Onemi Technology Solutions Limited equity	Finance	0.29%	May 2026	4 mo	-0.08%
92	Small Industries Dev Bank of India (20/08/2027) ** # money market	—	0.28%	Aug 2026	1 mo	+0.28%
93	KSB Limited equity	Industrial Products	0.27%	Jul 2024	2.2 yrs	-0.11%
94	Laxmi Dental Limited equity	Healthcare Equipment & Supplies	0.27%	Mar 2025	1.5 yrs	-0.18%
95	Syrma SGS Technology Limited equity	Industrial Manufacturing	0.26%	May 2025	1.3 yrs	-1.29%
96	REPO money market	—	0.24%	Jun 2026	3 mo	+0.24%
97	Clean Science and Technology Limited equity	Chemicals & Petrochemicals	0.22%	Aug 2025	1.1 yrs	-0.09%
98	364 Days Tbill (MD 07/01/2027) government security	—	0.20%	Jan 2026	8 mo	-0.08%
99	Orkla India Limited equity	Food Products	0.19%	Aug 2026	1 mo	+0.19%
100	Steel Authority of India Limited equity	Ferrous Metals	0.18%	Mar 2025	1.5 yrs	-1.34%
101	National Bank For Agriculture and Rural Development (17/03/2027) # money market	—	0.15%	Mar 2026	6 mo	-0.05%
102	KSH International Limited equity	Industrial Products	0.11%	Dec 2025	9 mo	-1.63%
103	Allied Blenders And Distillers Limited equity	Beverages	0.01%	Oct 2025	11 mo	-0.75%
104	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	-0.05%	Jun 2022	4.3 yrs	-0.72%
105	Aye Finance Limited equity	Finance	—	Feb 2026	7 mo	—

Showing 1–105 of 105 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Auto Components7.0%

Consumer Durables6.8% · 4.9%

Electrical Equipment6.8% · 11.1%

Pharmaceuticals & Biotechnology6.5% · 8.9%

Industrial Products6.3% · 5.3%

Capital Markets5.6% · 5.9%

Banks4.8%

Textiles & Apparels4.0% · 3.6%

share of the book05%10%

By market cap, Aug 2026

Mid cap13.1%

Small / micro cap73.0%

Cash & equivalents13.7%

Other0.2%

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 0%
Mid cap 13%
Small / micro 73%
Cash & other 14%

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 headline and record disagree

Beat its category in 98% of three-year stretches, and averaged +3.4 points a year across all of them

58 rolling windows since 2018 · ahead by 3.5 points a year when it won, behind by 0.2 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 3.5 points a year in the 57 windows it won and behind by 0.2 in the 1 it lost, so the average across all 58 is +3.4 points. The worst window ended Feb 2025, 0.2 points behind.

98%

lowest in categoryhighest in category

95th percentile · top decile of 24 funds · category median 54%

windows measured58windows won57average across every window+3.39 pts a year · median +1.56when ahead, by how much+3.46 pts a year over 57 windowswhen behind, by how much−0.23 pts a year over 1 windowworst window−0.23 pts a year, ended Feb 2025best window+12.08 pts a year, ended Dec 2021non-overlapping windows in that span2 — 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.

A modest five-year number over a record that beat its category 98% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 98% of them, which points the opposite way to the headline figure. A single end date decided that headline.

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.

P5 Cost, measured

Regular plan costs 2.06% a year more than Direct

₹1,70,261 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.

2.06 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 31 funds · category median 1.59 pp

on ₹1,00,000 over ten years₹1,70,261Direct vs Regular, annualised27.5% vs 25.4%measured over7.75 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 120% of the portfolio a year

+0.11 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.

120% a year

costliest in categorycheapest in category

21th percentile · bottom quartile of 30 funds · category median 86%

excess return per unit of turnover+0.11 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 18 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.

18 months

lowest in categoryhighest in category

38th percentile · below median 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 6.5 points ahead of them

444 positions judged, one disclosure at a time · ahead by 25.1 points when it won, behind by 14.9 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 25.1 points in the 238 positions it won and behind by 14.9 in the 206 it lost, so the average across all 444 is +6.5 points. The worst position was INE669E01016 at the May 2024 disclosure, 56.0 points behind.

54%

lowest in categoryhighest in category

47th percentile · below median of 30 funds

positions judged444beat the median stock238average across every position+6.51 pts · median +1.86when ahead, by how much+25.09 pts over 238 positionswhen behind, by how much−14.95 pts over 206 positionsworst position−56.03 pts, INE669E01016 at the May 2024 disclosurebest position+128.28 pts, INE918Z01012 at the Mar 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

₹3,094 Cr, 28th percentile in category; 79% of growth came from inflows

smaller than 72% of the funds in its category (30 funds) · AUM Aug 2023 → Aug 2026 · Regular plan expense ratio 2.18%

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.

28th percentile by AUM

largestsmallest

72th percentile · above median of 30 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.18% / 0.74% · category median 2.01%AUM, Aug 2023 → Aug 2026₹608 Cr → ₹3,094 Cr (+72% a year)of that change, from flows rather than returns79% net inflows · NAV +86% over the window

Assets under management, ₹ crore, Dec 2018 – Aug 2026

66 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.67% in Jun 2022 → 2.18% 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

Run by Alok Singh for at least 1.8 yrs

with Nav Bhardwaj · the factsheet archive starts Dec 2024, so this is a floor

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.

No category distribution for this measure yet.

running it nowAlok Singh (since at least Dec 2024), Nav Bhardwaj (since Jul 2025)share of the fund's life under the current teamnot knowable — the archive starts Dec 2024, so the tenure is a floorchanges of hands in the archive1 — last Jul 2025

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Alok Singh	fund manager	by Dec 2024†	now	11.3% vs 6.4% p.a. (+4.92 pp)	—
Nav Bhardwaj	fund manager	Jul 2025*	now	21.8% vs 11.6% p.a. (+10.19 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All 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. And the archive we hold starts in Dec 2024: Alok Singh was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

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

NAV sits 52 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

+52 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

9noisy

15 Jul 2026 +54 bp · 20 Jul 2026 −38 bp · 7 Sep 2026 +36 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 44 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 BANK OF INDIA Small Cap Fund Direct Plan Growth	growth	₹65.99	21 Sep 2026
direct BANK OF INDIA Small Cap Fund Direct Plan IDCW	idcw	₹49.42	21 Sep 2026
regular BANK OF INDIA Small Cap Fund Regular Plan Growth	growth	₹58.18	21 Sep 2026
regular BANK OF INDIA Small Cap Fund Regular Plan IDCW	idcw	₹42.42	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹65.99
Regular growth NAV: ₹58.18
NAV divergence to date: 13.4% — same portfolio, priced differently
Regular costs more by: 2.06% a year
On ₹1,00,000 over ten years: ₹1,70,261

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

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