Trust · Small Cap

TRUSTMF SMALL CAP FUND

Equity Scheme - Small Cap Fund Direct plan, growth riskometer: Very high launched 11 Oct 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹14.04

−0.07% since 18 Sep 2026, the previous NAV

1 year

30.7%

return

3 years

not enough history

5 years

not enough history

Since launch

19.4%

a year, over 1.9 years

Assets (AUM)

₹3,174 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.45% / 1.65%

a year, as of Aug 2026

Holdings

top ten are 24% of the fund · Aug 2026

Disclosed history

1.8 yrs

Nov 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Aakash Manghani · since Oct 2024Mihir Vora · since Oct 2024Saurabh Kataria · since Apr 2026

All managers →

As the Aug 2026 factsheet printed it: portfolio turnover 2.02×. 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 1.87% a year more than Direct

₹77,803 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 Aakash Manghani for 1.9 yrs

with Mihir Vora, Saurabh Kataria. 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.

Aakash Manghani's other funds →

NAVTracking gap

NAV sits 43 bp from its disclosed portfolio, but the replication is noisy

12 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

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 Nov 2024

23 month-ends · ₹10.35 → ₹14.04, 1.4× since Nov 2024

Deepest fall (max drawdown)

−24.0%

3 Jan 2025 → 3 Mar 2025

Worst month

−12.3%

Feb 2025

Days to recover

234

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 · 73 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 01-Sep-2026 · money market	—	4.50%	Aug 2026	1 mo	+4.50%
2	Welspun Corp Limited equity	Industrial Products	2.38%	Nov 2024	1.8 yrs	+0.63%
3	Karur Vysya Bank Limited equity	Banks	2.38%	Nov 2024	1.8 yrs	+0.64%
4	Ather Energy Limited equity	Automobiles	2.27%	Sep 2025	1.0 yrs	+0.35%
5	Sansera Engineering Limited equity	Auto Components	2.22%	Feb 2026	7 mo	+0.13%
6	Sky Gold And Diamonds Limited equity	Consumer Durables	2.07%	Apr 2026	5 mo	+0.94%
7	Multi Commodity Exchange of India Limited equity	Capital Markets	2.01%	Jan 2026	8 mo	-0.45%
8	Shadowfax Technologies Limited equity	Transport Services	2.01%	Jan 2026	8 mo	+0.28%
9	Lenskart Solutions Limited equity	Retailing	2.00%	Dec 2025	9 mo	+0.28%
10	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.84%	Jan 2025	1.7 yrs	-0.74%
11	Coforge Limited equity	IT - Software	1.79%	Apr 2026	5 mo	+0.01%
12	Sona BLW Precision Forgings Limited equity	Auto Components	1.78%	Jul 2026	2 mo	+1.78%
13	Dixon Technologies (India) Limited equity	Consumer Durables	1.73%	Jun 2026	3 mo	+1.73%
14	TD Power Systems Limited equity	Electrical Equipment	1.72%	Aug 2026	1 mo	+1.72%
15	VA Tech Wabag Limited equity	Other Utilities	1.71%	Jul 2026	2 mo	+1.71%
16	One 97 Communications Limited equity	Financial Technology (Fintech)	1.69%	Aug 2026	1 mo	+1.69%
17	Craftsman Automation Limited equity	Auto Components	1.65%	Aug 2025	1.1 yrs	+0.49%
18	Radico Khaitan Limited equity	Beverages	1.57%	Nov 2024	1.8 yrs	-0.06%
19	RBL Bank Limited equity	Banks	1.55%	Oct 2025	11 mo	+0.48%
20	Honasa Consumer Limited equity	Personal Products	1.53%	May 2026	4 mo	+0.74%
21	S.J.S. Enterprises Limited equity	Auto Components	1.52%	Nov 2024	1.8 yrs	-0.36%
22	The Federal Bank Limited equity	Banks	1.51%	Nov 2025	10 mo	-0.36%
23	City Union Bank Limited equity	Banks	1.51%	Jul 2025	1.2 yrs	-0.65%
24	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	1.49%	Jun 2025	1.3 yrs	-0.49%
25	Piramal Finance Limited equity	Finance	1.48%	Apr 2026	5 mo	+0.41%
26	Sai Life Sciences Limited equity	Pharmaceuticals & Biotechnology	1.48%	Aug 2025	1.1 yrs	-0.72%
27	PNB Housing Finance Limited equity	Finance	1.46%	Apr 2025	1.4 yrs	-0.44%
28	Hindustan Copper Limited equity	Non - Ferrous Metals	1.45%	Aug 2026	1 mo	+0.46%
29	Inox India Limited equity	Industrial Products	1.45%	Jul 2026	2 mo	+1.45%
30	Senores Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.44%	May 2026	4 mo	+0.39%
31	Neuland Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.44%	Sep 2025	1.0 yrs	-0.10%
32	Manappuram Finance Limited equity	Finance	1.41%	Jul 2026	2 mo	+1.41%
33	Jyoti CNC Automation Ltd equity	Industrial Manufacturing	1.38%	Aug 2026	1 mo	+1.38%
34	Aeroflex Industries Limited equity	Industrial Products	1.37%	Jun 2026	3 mo	+1.37%
35	Rubicon Research Limited equity	Pharmaceuticals & Biotechnology	1.34%	Apr 2026	5 mo	+0.21%
36	Shaily Engineering Plastics Limited equity	Consumer Durables	1.32%	Nov 2024	1.8 yrs	-0.22%
37	Aster DM Quality Care Limited equity	Healthcare Services	1.32%	Nov 2024	1.8 yrs	-0.56%
38	Diamond Power Infra Limited equity	Electrical Equipment	1.30%	Jul 2026	2 mo	+1.30%
39	SPR Auto Technologies Ltd equity	Auto Components	1.28%	Apr 2026	5 mo	+0.33%
40	Shilpa Medicare Limited equity	Pharmaceuticals & Biotechnology	1.27%	Aug 2026	1 mo	+1.27%
41	Cartrade Tech Limited equity	Retailing	1.27%	Jul 2026	2 mo	+1.27%
42	Avalon Technologies Limited equity	Electrical Equipment	1.24%	May 2026	4 mo	0.00%
43	Nippon Life India Asset Management Limited equity	Capital Markets	1.22%	Apr 2026	5 mo	-0.51%
44	Data Patterns (India) Limited equity	Aerospace & Defense	1.21%	Jun 2026	3 mo	+1.21%
45	R R Kabel Limited equity	Industrial Products	1.20%	May 2026	4 mo	-0.28%
46	Dhoot Transmission Ltd equity	Auto Components	1.18%	Aug 2026	1 mo	+1.18%
47	Syrma SGS Technology Limited equity	Industrial Manufacturing	1.16%	Jul 2025	1.2 yrs	-0.38%
48	Aditya Infotech Limited equity	Industrial Manufacturing	1.16%	Nov 2025	10 mo	-0.77%
49	Zen Technologies Limited equity	Aerospace & Defense	1.15%	Jun 2026	3 mo	+1.15%
50	Granules India Limited equity	Pharmaceuticals & Biotechnology	1.11%	Jun 2026	3 mo	+1.11%
51	PhysicsWallah Limited equity	Other Consumer Services	1.09%	Jun 2026	3 mo	+1.09%
52	Clean Max Enviro Energy Solutions Limited equity	Power	1.09%	Feb 2026	7 mo	-0.03%
53	Kirloskar Oil Engines Limited equity	Industrial Products	1.07%	Nov 2025	10 mo	-0.94%
54	Ujjivan Small Finance Bank Limited equity	Banks	1.07%	Jul 2026	2 mo	+1.07%
55	Paradeep Phosphates Limited equity	Fertilizers & Agrochemicals	1.07%	Jul 2026	2 mo	+1.07%
56	Aditya Birla Capital Limited equity	Finance	1.06%	Jul 2026	2 mo	+1.06%
57	Privi Speciality Chemicals Limited equity	Chemicals & Petrochemicals	0.99%	Jun 2025	1.3 yrs	-0.20%
58	Anand Rathi Wealth Limited equity	Capital Markets	0.98%	Jun 2026	3 mo	+0.98%
59	Netweb Technologies India Limited equity	IT - Services	0.98%	Aug 2026	1 mo	+0.98%
60	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	0.98%	Apr 2025	1.4 yrs	-1.24%
61	Bluestone Jewellery and Lifestyle Limited equity	Consumer Durables	0.97%	Jul 2026	2 mo	+0.97%
62	MTAR Technologies Limited equity	Electrical Equipment	0.94%	Oct 2025	11 mo	-0.62%
63	Wework India Management Limited equity	Commercial Services & Supplies	0.93%	Jul 2026	2 mo	+0.93%
64	PTC Industries Limited equity	Industrial Products	0.87%	Aug 2026	1 mo	+0.24%
65	Cemindia Projects Ltd equity	Construction	0.84%	Oct 2025	11 mo	-1.37%
66	Paras Defence and Space Technologies Limited equity	Aerospace & Defense	0.76%	Jun 2026	3 mo	+0.76%
67	Redington Limited equity	Commercial Services & Supplies	0.76%	Aug 2026	1 mo	+0.76%
68	L&T Finance Limited equity	Finance	0.72%	Jul 2026	2 mo	+0.72%
69	Sudeep Pharma Limited equity	Chemicals & Petrochemicals	0.64%	Aug 2026	1 mo	+0.64%
70	eClerx Services Limited equity	Commercial Services & Supplies	0.63%	Jul 2026	2 mo	-0.27%
71	Deepak Fertilizers and Petrochemicals Corporation Limited equity	Chemicals & Petrochemicals	0.56%	May 2026	4 mo	-0.14%
72	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.48%	Apr 2026	5 mo	+0.45%
73	Milky Mist Dairy Food Limited equity	Food Products	—	Aug 2026	1 mo	—

Showing 1–73 of 73 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Pharmaceuticals & Biotechnology10.5% · 9.1%

Auto Components9.6% · 7.9%

Industrial Products8.3% · 5.6%

Banks8.0% · 4.3%

Finance6.1% · 5.4%

Consumer Durables6.1%

Electrical Equipment5.2% · 5.1%

Capital Markets4.2% · 6.2%

share of the book05%10%15%

By market cap, Aug 2026

Mid cap20.9%

Small / micro cap74.2%

Cash & equivalents5.0%

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 21%
Small / micro 74%
Cash & other 5%

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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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 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 1.87% a year more than Direct

₹77,803 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.

1.87 pp a year

costliest in categorycheapest in category

24th percentile · bottom quartile of 31 funds · category median 1.59 pp

on ₹1,00,000 over ten years₹77,803Direct vs Regular, annualised18.1% vs 16.3%measured over1.83 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 217% of the portfolio a year

+0.08 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.

217% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 30 funds · category median 86%

excess return per unit of turnover+0.08 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 9 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.

9 months

lowest in categoryhighest in category

5th percentile · bottom 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

7 of 10 top picks beat their peers over the next 6 months, and averaged 14.3 points ahead of them

158 positions judged, one disclosure at a time · ahead by 27.9 points when it won, behind by 13.4 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 27.9 points in the 106 positions it won and behind by 13.4 in the 52 it lost, so the average across all 158 is +14.3 points. The worst position was INE457L01029 at the Mar 2025 disclosure, 53.1 points behind.

67%

lowest in categoryhighest in category

95th percentile · top decile of 30 funds

positions judged158beat the median stock106average across every position+14.27 pts · median +11.49when ahead, by how much+27.85 pts over 106 positionswhen behind, by how much−13.41 pts over 52 positionsworst position−53.07 pts, INE457L01029 at the Mar 2025 disclosurebest position+102.60 pts, INE00FF01025 at the Dec 2025 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

₹3,174 Cr, 32nd percentile in category; 95% of growth came from inflows

smaller than 68% of the funds in its category (30 funds) · AUM Nov 2024 → Aug 2026 · Regular plan expense ratio 2.89%

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.

32th percentile by AUM

largestsmallest

68th percentile · above median of 30 funds

median holding weight, trendflatexpense ratio, Regular / Direct2.89% / 1.54% · category median 2.01%AUM, Nov 2024 → Aug 2026₹373 Cr → ₹3,174 Cr (+240% a year)of that change, from flows rather than returns95% net inflows · NAV +36% over the window

Assets under management, ₹ crore, Nov 2024 – Aug 2026

19 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.31% in Nov 2024 → 2.89% 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 headline and record disagree

Run by Aakash Manghani for 1.9 yrs

with Mihir Vora, Saurabh Kataria

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.

1.9 yrs · Aakash Manghani

newest teamlongest-serving

50th percentile · above median of 16 funds · category median 1.9 yrs

running it nowAakash Manghani (since Oct 2024), Mihir Vora (since Oct 2024), Saurabh Kataria (since Apr 2026)share of the fund's life under the longest-serving current manager100%changes of hands in the archive2 — last Apr 2026

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
Aakash Manghani	fund manager	Oct 2024	now	19.1% vs 6.4% p.a. (+12.72 pp)	—
Mihir Vora	fund manager	Oct 2024	now	19.1% vs 6.4% p.a. (+12.72 pp)	—
Saurabh Kataria	fund manager	Apr 2026	now	41.6% vs 31.9% (+9.73 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.0 years, against a 5-year figure on display. Saurabh Kataria joined roughly 0.4 years ago. A record earned under different people is not evidence about these ones.

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. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

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

NAV sits 43 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

−43 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

12noisy

29 Jun 2026 −34 bp · 27 Aug 2026 −31 bp · 18 Sep 2026 −28 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 51 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 TRUSTMF SMALL CAP FUND -DIRECT PLAN-GROWTH	growth	₹14.04	21 Sep 2026
direct TRUSTMF SMALL CAP FUND -DIRECT PLAN-IDCW	idcw	₹14.05	21 Sep 2026
regular TRUSTMF SMALL CAP FUND -REGULAR PLAN-GROWTH	growth	₹13.61	21 Sep 2026
regular TRUSTMF SMALL CAP FUND -REGULAR PLAN- IDCW	idcw	₹13.62	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹14.04
Regular growth NAV: ₹13.61
NAV divergence to date: 3.2% — same portfolio, priced differently
Regular costs more by: 1.87% a year
On ₹1,00,000 over ten years: ₹77,803

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

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