Mirae Asset Small Cap Fund — Deep Analysis

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Fund Overview

Mirae Asset Small Cap Fund — Quick Summary

Mirae Asset Small Cap Fund was launched in October 2020 — right in the middle of the post-COVID recovery rally. Backed by Mirae Asset, the Korean global investment powerhouse that runs one of India's most loved funds (Mirae Asset Emerging Bluechip), this small cap fund brings global research discipline to Indian small cap investing. At 0.46% expense ratio and ₹2,600 Cr+ AUM, it remains a smaller but fast-growing player in the category.

Fund House

Mirae Asset Mutual Fund

✓ Suitable For

✓Investors with 7+ year horizon who can stay patient through crashes

✓SIP investors doing rupee cost averaging every month without stopping

✓Those seeking high wealth creation and comfortable with high volatility

✓Experienced investors using this as a satellite allocation in a diversified portfolio

✗ Not Suitable For

✗First-time investors — start with a large cap or hybrid fund first

✗Anyone who needs money within 3–5 years — small caps can be down for years

✗Investors who panic sell — 40–50% crashes are normal in this category

✗Those making it their only fund — concentration in small caps is dangerous

Who Runs This Fund

Fund Manager

AS

Ankit Jain

Fund Manager, Mirae Asset Mutual Fund

Managing Since

2020

Experience

16+ Years

Funds Managed

3 Funds

Total AUM

₹4,500 Cr+

Ankit Jain manages Mirae Asset Small Cap Fund leveraging the Korean fund house's global research capabilities. Mirae Asset is known for its rigorous bottom-up research process and quality-growth philosophy — the same approach that made Mirae Asset Emerging Bluechip Fund one of India's most successful mid cap funds. This small cap fund benefits from Mirae's strong international research network.

Fund History

Key Moments in Fund's Life

October 2020

🚀 Fund Launch — Perfect Timing

Mirae Asset Small Cap Fund launched in October 2020 — just 7 months after the COVID crash bottomed out. This gave the fund manager an opportunity to build the portfolio at very attractive post-crash valuations. Perfect launch timing.

2020 — 2022

📈 Launched Into a Bull Market

The post-COVID small cap rally was one of the strongest in history. Launching into this environment meant the fund quickly built a strong NAV track record.

2022 — 2023

🔄 Navigating Rate Hike Cycle

Global central bank rate hikes created headwinds. The fund's quality-growth approach helped navigate the volatility better than more speculative small cap portfolios.

2024

📊 Growing Brand Recognition

Mirae Asset's reputation — built on the legendary Emerging Bluechip Fund — is beginning to attract investors to its small cap offering. AUM growth has been steady.

What They Don't Tell You

The Dark Chapters

Every fund has painful periods. Here's an honest look at when Mirae Asset Small Cap Fund struggled — because understanding this is crucial before investing.

Only 4 Years Old

Very Limited Track Record

Mirae Asset Small Cap Fund has only 4 years of history — all of it in a broadly supportive environment for small caps. It was launched AFTER the COVID crash, meaning it has never experienced a major bear market from the beginning. Investors have no data on how this fund performs in a severe downturn.

Risk: No bear market experience since launch

Higher Minimum SIP

₹1,000/mo vs ₹100 for Competitors

Mirae Asset Small Cap requires ₹1,000/month minimum SIP — 10x higher than Edelweiss or Sundaram (₹100). For small investors building wealth through tiny SIPs, this is a real barrier to entry compared to peers.

Higher SIP minimum than most peers

Smaller AUM — Liquidity Risk

₹2,600 Cr Is Relatively Small

While small AUM means the manager has more flexibility in the small cap space, it also means less price discovery and potentially wider spreads on redemptions during market stress. The fund also lacks the brand recognition of larger peers which can affect its growth trajectory.

Risk: Smaller AUM, less brand recall

⚠️ Educational Disclaimer: The dark chapters above are presented for educational awareness only. Past difficulties do not predict future performance. CRNIndia.com is NOT a SEBI/AMFI registered advisor. Please consult a qualified financial advisor before investing.

Performance

Returns vs Benchmark

1 Month

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Nifty SC: —

3 Month

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Nifty SC: —

6 Month

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Nifty SC: —

1 Year

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Nifty SC: —

3 Year CAGR

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Nifty SC: —

5 Year CAGR

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Nifty SC: —

10 Year CAGR

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Nifty SC: —

Since Inception

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Sep 2009

Price History

NAV History

Consistency Analysis

Rolling Returns ℹ️ What is this?

Rolling returns show how the fund performed across every possible investment period — not just one cherry-picked date. This reveals true consistency. Learn more →

1Y Rolling (Avg)

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% of times positive: —

3Y Rolling (Avg)

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% of times positive: —

5Y Rolling (Avg)

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% of times positive: —

1-Year Rolling Returns Each point = 1yr return from that date

Risk Analysis

Maximum Drawdown ℹ️ What is this?

Drawdown shows the biggest fall from peak NAV. This is what investors actually experience during market crashes. Learn more →

Max Drawdown Ever

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Recovery time: —

2020 Covid Crash

-40.2%

Recovery: 14 months

2018 IL&FS Crisis

-28.6%

Recovery: 24 months

Current from Peak

—

Peak NAV: —

Drawdown Chart % fall from rolling peak NAV

Valuation Signal

NAV vs 200-Day Moving Average

When NAV is above 200 DMA, the fund is in an uptrend. When below, it signals caution. Many investors use this as a simple entry/exit signal.

Current NAV

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200 DMA

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NAV vs DMA

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Loading signal...

NAV vs 200 DMA

Risk Metrics

Risk Ratios

Alpha (3Y)

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Excess return over benchmark. Higher is better.

Beta (3Y)

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Volatility vs market. >1 means more volatile.

Sharpe Ratio

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Return per unit of risk. >1 is considered good.

Sortino Ratio

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Like Sharpe but only penalises downside risk.

Std Deviation

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How much returns fluctuate. Lower = more stable.

R-Squared

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How closely it tracks the benchmark index.

Benchmark Comparison

Fund vs Nifty Smallcap 250

₹1 Lakh invested — Growth comparison

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