HDFC Small Cap Fund Direct Growth NAV Edges Lower to ₹160.56 on 21 September; TREPS at 10.25%

Key Takeaways:

• HDFC Small Cap Fund Direct Growth NAV stood at ₹160.56 on 21 September 2026, down 0.16%. 
• The latest one-year return was -3.20%, compared with an 11.33% three-year CAGR and 15.21% five-year CAGR. 
• TREPS was the largest disclosed allocation at 10.25%, while Firstsource Solutions was the largest listed equity holding at 3.71%. 

HDFC Small Cap Fund Direct Growth edged 0.16% lower to ₹160.56 on 21 September 2026. The scheme managed approximately ₹41,891 crore, with a Direct Growth expense ratio of 0.75%. Both minimum SIP and minimum lump-sum investments were ₹100. 

Performance across trailing periods was uneven. The latest one-year return stood at -3.20%, whereas the three-year CAGR was 11.33%. The annualised five-year return reached 15.21%, putting it 3.88 percentage points above the three-year figure and 18.41 percentage points above the latest one-year return. 

TREPS represented 10.25% of the disclosed portfolio, making it the largest overall entry but not the largest equity stock. Firstsource Solutions was the biggest listed equity holding at 3.71%, followed by Aster DM Healthcare at 3.56%, Gabriel India at 3.25% and eClerx Services at 3.09%. Including TREPS, the five entries accounted for 23.86%, leaving 76.14% elsewhere. 

The available risk measures showed alpha of 5.74, standard deviation of 5.04, beta of 0.98 and Sharpe ratio of 0.41. These statistics describe historical portfolio behaviour and are separate from the small 0.16% NAV movement recorded on 21 September. 

The scheme invests predominantly in the small-cap segment. Its disclosed exit load was 1% for applicable redemptions made within one year, with no exit load after completing that period. Portfolio concentration should also be read carefully in this case because the 23.86% top-five calculation includes TREPS; the corresponding concentration in listed equities alone is lower. 

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.