SBI Small Cap Fund Direct Growth NAV Falls to ₹213.50 on 21 September; TREPS Allocation at 10.95%

Key Takeaways

• SBI Small Cap Fund Direct Growth NAV fell 0.57% to ₹213.50 on 21 September 2026.
• Historical returns stood at 6.06% over one year, 12.27% annualised over three years and 14.60% annualised over five years.
• TREPS was the largest disclosed allocation at 10.95%; Ather Energy was the largest listed equity holding at 4.71%.

SBI Small Cap Fund Direct Growth NAV declined 0.57% to ₹213.50 on 21 September 2026. The fund managed approximately ₹42,631 crore. Its Direct Growth expense ratio was 0.78%, with a minimum SIP of ₹500 and a minimum lump-sum investment of ₹5,000.

Across the latest return windows, the one-year figure stood at 6.06%. The three-year CAGR was higher at 12.27%, and the five-year annualised return reached 14.60%. The five-year CAGR exceeded the three-year figure by 2.33 percentage points and the latest one-year return by 8.54 percentage points.

TREPS accounted for 10.95% and was the largest disclosed portfolio entry, though it is not an equity stock. Ather Energy was the largest listed equity holding at 4.71%. Navin Fluorine accounted for 3.32%, with City Union Bank and Sundram Fasteners at 2.82% each. Including TREPS, the five largest disclosed allocations totalled 24.62%, leaving 75.38% across the remainder of the portfolio.

Risk statistics showed a beta of 0.95, standard deviation of 5.02, alpha of 7.31 and Sharpe ratio of 0.50. These are historical measurements derived over specified observation periods. They add context to previous portfolio behaviour but do not establish the direction or magnitude of future NAV movements.

Small-cap schemes invest predominantly outside the large- and mid-cap company universe. The disclosed exit load for SBI Small Cap Fund was 1% for applicable redemptions within one year, with no exit load thereafter under the stated terms. Its portfolio data also shows why TREPS and equity holdings should be identified separately when discussing concentration.