Top-rated small cap funds: November 2026

The 7 small cap schemes rated A+ or A on their track record this month, out of 25 rated Regular plans: why each one rates well, what changed since last month, and how much they overlap. Data as of 11 Nov 2026.

Each fund is compared only with other small cap funds of the same plan type: return over the Nifty Smallcap 250 total-return index, how consistently it was earned, risk, cost and portfolio. How the ratings work.

1. Mahindra Manulife Small Cap Fund

Mahindra Manulife Mutual Fund · AUM ₹5,180 cr · 3.9 years

Regular A+ · #1 of 25 · expense ratio 2.17% · Direct A+ · #1 of 25 · expense ratio 0.91%

Returned 17.3% a year over 3 years (Regular plan), +4.3% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
In falling months it fell 83% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 26.4% (median fund: 24.3%).

A short record: 3.9 years. Ratings on short records change more.

2. LIC MF Small Cap Fund

LIC Mutual Fund · AUM ₹805 cr · 3.3 years

Regular A+ · #2 of 25 · expense ratio 2.63% · Direct A+ · #2 of 25 · expense ratio 1.30%

Returned 16.2% a year over 3 years (Regular plan), +3.1% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
In falling months it fell 88% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 27.2% (median fund: 24.3%).

A short record: 3.3 years. Ratings on short records change more.

3. Invesco India Small Cap Fund (A last month)

Invesco Mutual Fund · AUM ₹16,311 cr · 8.0 years

Regular A+ · #3 of 25 · expense ratio 1.83% · Direct A+ · #3 of 25 · expense ratio 0.63%

Returned 19.9% a year over 3 years (Regular plan), +6.9% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
Ahead of the Nifty Smallcap 250 total-return index in 80% of rolling 3-year periods (median fund: 12%).
In falling months it fell 79% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 23.6% (median fund: 24.3%).
Holds 74 stocks; the top 10 are 34% of the portfolio, the largest sector Healthcare Services (13%).

4. ITI Small Cap Fund (A+ last month)

ITI Mutual Fund · AUM ₹3,595 cr · 6.7 years

Regular A · #4 of 25 · expense ratio 2.20% · Direct A · #4 of 25 · expense ratio 0.84%

Returned 20.0% a year over 3 years (Regular plan), +6.9% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
Ahead of the Nifty Smallcap 250 total-return index in 66% of rolling 3-year periods (median fund: 12%).
In falling months it fell 76% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 24.4% (median fund: 24.3%).
Holds 84 stocks; the top 10 are 22% of the portfolio, the largest sector Pharmaceuticals & Biotechnology (12%).

5. BANDHAN Small Cap Fund

Bandhan Mutual Fund · AUM ₹35,171 cr · 6.7 years

Regular A · #5 of 25 · expense ratio 1.73% · Direct A · #5 of 25 · expense ratio 0.65%

Returned 21.2% a year over 3 years (Regular plan), +8.2% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
Ahead of the Nifty Smallcap 250 total-return index in 83% of rolling 3-year periods (median fund: 12%).
In falling months it fell 82% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 23.0% (median fund: 24.3%).

6. Aditya Birla Sun Life Small Cap Fund (B last month)

Aditya Birla Sun Life Mutual Fund · AUM ₹5,869 cr · 13.8 years

Regular A · #6 of 25 · expense ratio 1.99% · Direct A · #6 of 25 · expense ratio 1.06%

Returned 13.8% a year over 3 years (Regular plan), +0.8% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
Ahead of the Nifty Smallcap 250 total-return index in 3% of rolling 3-year periods (median fund: 12%).
In falling months it fell 85% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 26.4% (median fund: 24.3%).
Holds 84 stocks; the top 10 are 25% of the portfolio, the largest sector Pharmaceuticals & Biotechnology (12%).

7. Bank Of India Small Cap Fund

Bank of India Mutual Fund · AUM ₹3,681 cr · 7.9 years

Regular A · #6 of 25 · expense ratio 2.24% · Direct A · #7 of 25 · expense ratio 0.82%

Returned 17.5% a year over 3 years (Regular plan), +4.5% a year against the Nifty Smallcap 250 total-return index; the median fund roughly matched it.
Ahead of the Nifty Smallcap 250 total-return index in 27% of rolling 3-year periods (median fund: 12%).
In falling months it fell 86% as much as the index (median fund: 81%).
Its deepest fall in the last 3 years was 27.3% (median fund: 24.3%).
Holds 84 stocks; the top 10 are 24% of the portfolio, the largest sector Auto Components (8%).

What changed since last month

Joined the shortlist

Aditya Birla Sun Life Small Cap Fund: B → A

Left the shortlist

Union Small Cap Fund: A → B

Regular plans; ratings are revised on the 11th and 16th of each month, after fund houses publish their portfolios. Each fund's page explains its own change.

Which of these suits you?

That depends on your goal, your other funds and how much overlap you hold. Tell us what you have and we'll look at it with you.

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All 72 small cap plans, with every rating · Other categories

Common questions

Which small cap funds are rated A+ in November 2026?

Among Regular plans: Mahindra Manulife Small Cap Fund, LIC MF Small Cap Fund, Invesco India Small Cap Fund. 7 schemes are rated A+ or A in at least one plan. Ratings compare each fund with its own category and plan type, on its record against the Nifty Smallcap 250 total-return index.

Is the top-rated small cap fund the best one to invest in?

Not necessarily. The rating describes the track record so far: return over the index, how consistently it was earned, risk, cost and portfolio. Our own backtest found that top ratings did not reliably predict the next three years. Use the shortlist to avoid weak records, then choose for your goal, the funds you already hold, and how much overlap you can accept.

Direct plan or Regular plan?

The same portfolio. A Direct plan has no distributor commission, so its expense ratio is lower and its return slightly higher. A Regular plan pays a distributor such as us, through the expense ratio, for advice and service. Plans are rated separately: Regular against Regular, Direct against Direct.

How often does this list change?

Returns update every weekday, but ratings change twice a month: on the 11th and the 16th, after fund houses publish their monthly portfolios.

Ratings describe past track records and are not a recommendation to buy or sell, or a forecast. Mutual fund investments are subject to market risks; read the scheme documents before investing.