Bajaj Finserv · Small Cap

Bajaj Finserv Small Cap Fund

Equity Scheme - Small Cap Fund Direct plan, growth benchmark: BSE 250 SmallCap TRI launched 27 Jun 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹11.43

−0.13% since 18 Sep 2026, the previous NAV

1 year

16.5%

return

3 years

not enough history

5 years

not enough history

Since launch

12.2%

a year, over 1.2 years

Assets (AUM)

₹2,215 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.52% / 1.74%

a year, as of Jul 2026

Holdings

top ten are 28% of the fund · Aug 2026

Disclosed history

1.2 yrs

Jul 2025 – Aug 2026 · 4 of 11 checks could run

Fund managers

Nimesh Chandan · since at least Jun 2026 · equity portionSiddharth Chaudhary · since at least Jun 2026 · debt portionSorbh Gupta · since at least Jun 2026 · equity portion

All managers →

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 1.66 percentage points a year more than Direct

₹50,055 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 Nimesh Chandan for at least 2 mo

with Siddharth Chaudhary, Sorbh Gupta · the factsheet archive starts Jun 2026, 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.

Nimesh Chandan's other funds →

NAVTracking gap

NAV sits 1.47 percentage points from its disclosed portfolio, but the replication is noisy

8 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 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 Jul 2025

15 month-ends · ₹9.82 → ₹11.43, 1.2× since Jul 2025

Deepest fall (max drawdown)

−16.2%

3 Nov 2025 → 23 Mar 2026

Worst month

−10.1%

Mar 2026

Days to recover

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 · 98 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	Rubicon Research Limited equity	Pharmaceuticals & Biotechnology	3.98%	Dec 2025	9 mo	+0.63% points
2	Welspun Corp Limited equity	Industrial Products	3.91%	Jul 2025	1.2 yrs	+1.00% points
3	TD Power Systems Limited equity	Electrical Equipment	2.78%	Aug 2026	1 mo	+2.78% points
4	CRISIL Limited equity	Finance	2.72%	Jul 2026	2 mo	+2.72% points
5	S.J.S. Enterprises Limited equity	Auto Components	2.70%	Jul 2025	1.2 yrs	−0.67% points
6	Schaeffler India Limited equity	Auto Components	2.66%	Jul 2025	1.2 yrs	−0.35% points
7	Zydus Wellness Limited equity	Food Products	2.57%	Sep 2025	1.0 yrs	+1.20% points
8	Timken India Limited equity	Industrial Products	2.49%	Jul 2025	1.2 yrs	−0.83% points
9	The Federal Bank Limited equity	Banks	2.22%	Nov 2025	10 mo	−0.64% points
10	Angel One Limited equity	Capital Markets	2.07%	Feb 2026	7 mo	−1.06% points
11	HEG Limited equity	Industrial Products	2.02%	Jul 2025	1.2 yrs	−0.18% points
12	Piramal Pharma Limited equity	Pharmaceuticals & Biotechnology	2.01%	Nov 2025	10 mo	+0.51% points
13	Neuland Laboratories Limited equity	Pharmaceuticals & Biotechnology	1.87%	Jul 2025	1.2 yrs	−0.98% points
14	Sona BLW Precision Forgings Limited equity	Auto Components	1.87%	Apr 2026	5 mo	+0.63% points
15	Kalpataru Projects International Limited equity	Construction	1.85%	Feb 2026	7 mo	+0.62% points
16	RBL Bank Limited equity	Banks	1.85%	Dec 2025	9 mo	+0.71% points
17	Ingersoll Rand (India) Limited equity	Industrial Products	1.80%	Aug 2025	1.1 yrs	−0.22% points
18	K.P.R. Mill Limited equity	Textiles & Apparels	1.78%	Oct 2025	11 mo	−0.07% points
19	Brigade Enterprises Limited equity	Realty	1.63%	Jul 2025	1.2 yrs	+0.60% points
20	Ujjivan Small Finance Bank Limited equity	Banks	1.51%	Jul 2025	1.2 yrs	−0.08% points
21	Clean Max Enviro Energy Solutions Limited equity	Power	1.48%	Apr 2026	5 mo	+0.02% points
22	PVR INOX Limited equity	Entertainment	1.39%	Jan 2026	8 mo	−0.09% points
23	Prudent Corporate Advisory Services Limited equity	Capital Markets	1.38%	Jul 2025	1.2 yrs	+0.53% points
24	KNR Constructions Limited equity	Construction	1.34%	Oct 2025	11 mo	−0.52% points
25	Sobha Limited equity	Realty	1.30%	Jul 2025	1.2 yrs	−0.64% points
26	Devyani International Limited equity	Leisure Services	1.30%	Jul 2025	1.2 yrs	−0.03% points
27	Voltamp Transformers Limited equity	Electrical Equipment	1.25%	Feb 2026	7 mo	+0.34% points
28	Amber Enterprises India Limited equity	Consumer Durables	1.19%	Jul 2025	1.2 yrs	−0.40% points
29	Safari Industries (India) Limited equity	Consumer Durables	1.16%	Jul 2025	1.2 yrs	−0.13% points
30	Aditya Birla Real Estate Limited equity	Realty	1.16%	Jul 2025	1.2 yrs	−0.06% points
31	Whirlpool of India Limited equity	Consumer Durables	1.11%	Jul 2025	1.2 yrs	−0.40% points
32	Senores Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.09%	Apr 2026	5 mo	+0.07% points
33	Steel Authority of India Limited equity	Ferrous Metals	1.08%	Nov 2025	10 mo	−0.37% points
34	Vardhman Textiles Limited equity	Textiles & Apparels	1.06%	Feb 2026	7 mo	−0.42% points
35	Clearing Corporation of India Ltd money market	—	1.02%	Jul 2025	1.2 yrs	+0.17% points
36	EID Parry India Limited equity	Food Products	0.97%	Jul 2026	2 mo	+0.97% points
37	Black Buck Ltd equity	Transport Services	0.93%	Mar 2026	6 mo	+0.70% points
38	Apar Industries Limited equity	Electrical Equipment	0.92%	Feb 2026	7 mo	+0.01% points
39	Schneider Electric Infrastructure Limited equity	Electrical Equipment	0.90%	Jul 2025	1.2 yrs	−1.31% points
40	RHI Magnesita India Limited equity	Industrial Products	0.89%	Jul 2025	1.2 yrs	−0.41% points
41	VA Tech Wabag Limited equity	Other Utilities	0.85%	Jul 2025	1.2 yrs	−0.31% points
42	Aditya Infotech Limited equity	Industrial Manufacturing	0.85%	Mar 2026	6 mo	−0.07% points
43	Tega Industries Limited equity	Industrial Manufacturing	0.84%	Jul 2025	1.2 yrs	−0.40% points
44	Hindustan Copper Limited equity	Non - Ferrous Metals	0.82%	Jun 2026	3 mo	+0.82% points
45	Onesource Specialty Pharma Limited equity	Pharmaceuticals & Biotechnology	0.80%	Jul 2026	2 mo	+0.80% points
46	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	0.80%	Jun 2026	3 mo	+0.80% points
47	V-Mart Retail Limited equity	Retailing	0.78%	Jul 2025	1.2 yrs	−0.04% points
48	Nitin Spinners Limited equity	Textiles & Apparels	0.77%	Feb 2026	7 mo	−0.03% points
49	Cartrade Tech Limited equity	Retailing	0.77%	Jun 2026	3 mo	+0.77% points
50	Vedanta Power Ltd equity	Power	0.75%	Jun 2026	3 mo	+0.75% points
51	KSB Limited equity	Industrial Products	0.74%	Apr 2026	5 mo	+0.05% points
52	Syrma SGS Technology Limited equity	Industrial Manufacturing	0.73%	Apr 2026	5 mo	+0.08% points
53	Urban Company Ltd. equity	Retailing	0.70%	Feb 2026	7 mo	+0.13% points
54	Westlife Foodworld Limited equity	Leisure Services	0.70%	Jul 2025	1.2 yrs	+0.33% points
55	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	0.70%	Jul 2025	1.2 yrs	−0.16% points
56	JSW Holdings Limited equity	Finance	0.66%	Nov 2025	10 mo	−0.07% points
57	Niva Bupa Health Insurance Company Limited equity	Insurance	0.66%	Jul 2025	1.2 yrs	−0.25% points
58	Elecon Engineering Company Limited equity	Electrical Equipment	0.65%	Jul 2025	1.2 yrs	−0.43% points
59	Thangamayil Jewellery Limited equity	Consumer Durables	0.65%	Aug 2025	1.1 yrs	−1.06% points
60	Metro Brands Limited equity	Consumer Durables	0.63%	Jul 2025	1.2 yrs	−0.14% points
61	Procter & Gamble Health Limited equity	Pharmaceuticals & Biotechnology	0.62%	Jul 2026	2 mo	+0.62% points
62	The Ramco Cements Limited equity	Cement & Cement Products	0.58%	Mar 2026	6 mo	−0.08% points
63	Five Star Business Finance Limited equity	Finance	0.58%	Jun 2026	3 mo	+0.58% points
64	Time Technoplast Limited equity	Industrial Products	0.57%	Jul 2025	1.2 yrs	−0.14% points
65	Redington Limited equity	Commercial Services & Supplies	0.57%	Jun 2026	3 mo	+0.57% points
66	EPL Limited equity	Industrial Products	0.55%	Dec 2025	9 mo	+0.06% points
67	Emami Limited equity	Personal Products	0.55%	Jun 2026	3 mo	+0.55% points
68	Century Plyboards (India) Limited equity	Consumer Durables	0.54%	Jul 2025	1.2 yrs	−0.20% points
69	Tenneco Clean Air India Limited equity	Auto Components	0.54%	Jun 2026	3 mo	+0.54% points
70	Nesco Limited equity	Commercial Services & Supplies	0.53%	Jul 2025	1.2 yrs	−0.11% points
71	Arvind Fashions Limited equity	Retailing	0.52%	Nov 2025	10 mo	+0.04% points
72	The Great Eastern Shipping Company Limited equity	Transport Services	0.49%	May 2026	4 mo	+0.34% points
73	DCB Bank Limited equity	Banks	0.49%	Jul 2026	2 mo	+0.49% points
74	Neogen Chemicals Limited equity	Chemicals & Petrochemicals	0.49%	Jul 2025	1.2 yrs	−0.06% points
75	Page Industries Limited equity	Textiles & Apparels	0.47%	Apr 2026	5 mo	+0.01% points
76	PNC Infratech Limited equity	Construction	0.46%	Jun 2026	3 mo	+0.46% points
77	Garware Technical Fibres Limited equity	Textiles & Apparels	0.46%	Jul 2025	1.2 yrs	−0.03% points
78	Indo Count Industries Limited equity	Textiles & Apparels	0.45%	Aug 2026	1 mo	+0.45% points
79	AIA Engineering Limited equity	Industrial Products	0.45%	Jan 2026	8 mo	+0.12% points
80	JK Lakshmi Cement Limited equity	Cement & Cement Products	0.44%	Jul 2025	1.2 yrs	−0.21% points
81	Repco Home Finance Limited equity	Finance	0.44%	May 2026	4 mo	+0.10% points
82	Usha Martin Limited equity	Industrial Products	0.43%	Jul 2026	2 mo	+0.43% points
83	Elantas Beck India Limited equity	Chemicals & Petrochemicals	0.43%	Aug 2026	1 mo	+0.43% points
84	Nazara Technologies Limited equity	Entertainment	0.43%	Jun 2026	3 mo	+0.43% points
85	Sumitomo Chemical India Limited equity	Fertilizers & Agrochemicals	0.43%	Jul 2026	2 mo	+0.43% points
86	Cera Sanitaryware Limited equity	Consumer Durables	0.42%	May 2026	4 mo	−0.12% points
87	BEML Limited equity	Agricultural, Commercial & Construction Vehicles	0.40%	Aug 2026	1 mo	+0.40% points
88	Sedemac Mechatronics Limited equity	Auto Components	0.39%	Jun 2026	3 mo	+0.39% points
89	Ather Energy Limited equity	Automobiles	0.39%	Nov 2025	10 mo	+0.10% points
90	La Opala RG Limited equity	Consumer Durables	0.36%	Jul 2025	1.2 yrs	−0.14% points
91	Vedant Fashions Limited equity	Retailing	0.25%	Oct 2025	11 mo	+0.12% points
92	PG Electroplast Limited equity	Consumer Durables	0.23%	Aug 2026	1 mo	+0.23% points
93	Ahluwalia Contracts (India) Limited equity	Construction	0.20%	Jul 2025	1.2 yrs	−0.73% points
94	Pondy Oxides & Chemicals Ltd equity	Diversified Metals	0.19%	Jul 2026	2 mo	+0.19% points
95	Awfis Space Solutions Limited equity	Commercial Services & Supplies	0.19%	Aug 2025	1.1 yrs	−0.45% points
96	G R Infraprojects Limited equity	Construction	0.19%	Jun 2026	3 mo	+0.19% points
97	BOROSIL RENEWABLES LIMITED equity	Industrial Products	0.17%	Jun 2026	3 mo	+0.17% points
98	NIFTY 24200 Put September 2026 Option derivative	—	0.05%	Aug 2026	1 mo	+0.05% points

Showing 1–98 of 98 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Industrial Products14.0% · 11.0%

Pharmaceuticals & Biotechnology11.2% · 4.6%

Auto Components8.2% · 5.1%

Electrical Equipment6.5% · 4.6%

Consumer Durables6.3% · 12.9%

Banks6.1% · 7.5%

Textiles & Apparels5.0%

Finance4.4% · 6.9%

share of the book05%10%15%

By market cap, Aug 2026

Mid cap15.0%

Small / micro cap83.2%

Cash & equivalents1.7%

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 15%
Small / micro 83%
Cash & other 2%

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 1.66 percentage points a year more than Direct

₹50,055 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.

Why this matters: What does a Regular plan actually cost? 6 min

1.66% points a year

costliest in categorycheapest in category

43th percentile · below median of 31 funds · category median 1.59% points

on ₹1,00,000 over ten years₹50,055Direct vs Regular, annualised13.8% vs 12.2%measured over1.17 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 132% of the portfolio a year

+0.03% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

132% a year

costliest in categorycheapest in category

12th percentile · bottom quartile of 30 funds · category median 86%

excess return per unit of turnover+0.03% points

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 11 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.

11 months

lowest in categoryhighest in category

14th percentile · bottom quartile 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 11.7 percentage points ahead of them

80 positions judged, one disclosure at a time · ahead by 22.2 percentage points when it won, behind by 11.3 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 22.2 percentage points in the 55 positions it won and behind by 11.3 in the 25 it lost, so the average across all 80 is +11.7 percentage points. The worst position was INE716A01013 at the Jul 2025 disclosure, 30.9 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

69%

lowest in categoryhighest in category

95th percentile · top decile of 30 funds

positions judged80beat the median stock55average across every position+11.73% points · median +7.23when ahead, by how much+22.18% points over 55 positionswhen behind, by how much−11.25% points over 25 positionsworst position−30.89% points, INE716A01013 at the Jul 2025 disclosurebest position+116.63% points, INE506V01022 at the Feb 2026 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

₹2,215 Cr, 22nd percentile in category; 86% of growth came from inflows

smaller than 78% of the funds in its category (30 funds) · AUM Sep 2025 → Jul 2026 · Regular plan expense ratio 2.34%

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.

22th percentile by AUM

largestsmallest

78th percentile · top quartile of 30 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.34% / 0.96% · category median 2.01%AUM, Sep 2025 → Jul 2026₹1,040 Cr → ₹2,215 Crof that change, from flows rather than returns86% net inflows · NAV +15% over the window

Assets under management, ₹ crore, Sep 2025 – Jul 2026

5 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.10% in Jul 2025 → 2.34% 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 Nimesh Chandan for at least 2 mo

with Siddharth Chaudhary, Sorbh Gupta · the factsheet archive starts Jun 2026, 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.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowNimesh Chandan (since at least Jun 2026), Siddharth Chaudhary (since at least Jun 2026), Sorbh Gupta (since at least Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Jun 2026, so the tenure is a floorchanges of hands in the archivenone

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
Nimesh Chandan	equity portion	by Jun 2026†	now	7.3% vs 6.7% (+0.56% points)	—
Siddharth Chaudhary	debt portion	by Jun 2026†	now	7.3% vs 6.7% (+0.56% points)	—
Sorbh Gupta	equity portion	by Jun 2026†	now	7.3% vs 6.7% (+0.56% points)	—

* 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 →

The 5-year figure covers most of the fund's entire life. This scheme is about 1.2 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

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 notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

Tracking gap

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

NAV sits 1.47 percentage points 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

+1.47% points

expense added back ≈ 0.60% a year

Jumps since the disclosure

8noisy

7 Sep 2026 +1.32% points · 15 Sep 2026 +0.20% points · 18 Sep 2026 −0.18% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is 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 40 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 BAJAJ FINSERV SMALL CAP FUND - DIRECT - GROWTH	growth	₹11.43	21 Sep 2026
direct BAJAJ FINSERV SMALL CAP FUND - DIRECT - IDCW	idcw	₹11.43	21 Sep 2026
regular BAJAJ FINSERV SMALL CAP FUND - REGULAR - GROWTH	growth	₹11.23	21 Sep 2026
regular BAJAJ FINSERV SMALL CAP FUND - REGULAR - IDCW	idcw	₹11.23	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹11.43
Regular growth NAV: ₹11.23
NAV divergence to date: 1.8% — same portfolio, priced differently
Regular costs more by: 1.66% points a year
On ₹1,00,000 over ten years: ₹50,055

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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