Small-Cap Mutual Funds Fall 5.83% on Average in October
Veena Lathe
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Last Updated: 2nd November 2026 - 03:18 pm
Key Takeaways
- Small-cap mutual funds recorded an average decline of 5.83% in October 2026, making them the weakest-performing equity fund category in the dataset.
- Invesco India Small Cap Fund limited its decline to 2.98%, the smallest fall among the 36 schemes analysed.
- Tata Small Cap Fund recorded the steepest decline at 11.16%, nearly twice the category average.
Small-cap mutual funds faced a difficult October, with the category delivering an average negative return of 5.83% during the month, according to Value Research data reported by Mint.
The analysis covered 36 small-cap schemes and used direct-plan returns. While every fund in the category declined, the extent of the losses varied considerably.
Invesco India Small Cap Fund recorded the smallest decline at 2.98%. TRUSTMF Small Cap Fund fell 3.27%, followed by Samco Small Cap Fund at 4.10%. Mahindra Manulife Small Cap Fund and ITI Small Cap Fund declined 4.59% and 4.66%, respectively.
At the other end of the range, Tata Small Cap Fund fell 11.16%, the sharpest loss in the category. Quantum Small Cap Fund declined 7.40%, while ICICI Prudential Small Cap Fund lost 7.25%. The Wealth Company Small Cap Fund and Bank of India Small Cap Fund fell 7.08% and 7.05%, respectively.
The gap between the best and worst one-month returns exceeded eight percentage points, showing how portfolio composition can produce materially different outcomes even within the same mutual fund category.
The October numbers are historical one-month returns rather than forecasts. Short-term category performance can change considerably as underlying small-cap share prices move.
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