Motilal Oswal Small Cap Fund Direct Growth
Motilal Oswal Small Cap Fund Direct Growth is a small cap fund from Motilal Oswal Mutual Fund, launched in December 2023. Foliyo’s research tags it Emerging.
- NAV (30 October 2026)
- ₹16.47
- Fund size
- ₹8,298 Cr
- Expense ratio
- 0.85%
- 1-year return
- 10.6%
+10.6%in 1 year+64.7%since December 2023 · 19.2% a yearWhy hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research
Foliyo’s view: Emerging
Emerging Promising at 2.8 years old: well ahead of peers over 1 year at a median-level cost, but it fell almost as much as the benchmark in bad months.
Why it is tagged Emerging
Foliyo’s Research Desk tags a fund Emerging when it is under 3 years old and its first year is among the strongest in its category, judged against every peer’s last year over the same months on 1-year return (25% of the weight), how often it stayed ahead of the peer median (15%), Sharpe ratio (15%), worst fall (10%), downside capture (10%) and expense ratio (15%). Motilal Oswal Small Cap Fund ranks 7 of 33 in Small-Cap, 2.8 years after launch. An Emerging tag says the start is strong; it becomes a Leader, Strong, Steady or Laggard call once the fund has a 3-year record.
Pros
- The 1-year return is 9.6% against a peer median of 2.1%, and the fund was ahead of the median in 86.5% of rolling 1-year periods.
- The expense ratio is 0.85% against a peer median of 0.90%.
- The 1-year Sharpe ratio is 0.75 and the 1-year maximum drawdown is -15.2%.
Cons
- 1-year downside capture is 92 and 1-year volatility is 24.2%, so the lead came with close to full participation in falls.
- It holds 8.1% in cash and has no 3-year record yet, with the lead manager (Ajay Khandelwal) in place since Dec 2023.
Against similar funds
Figures from the review of 23 October 2026, against the median of the 33 funds in Small-Cap. Green means better than the median.
- 1-year return
- 9.6% +7.5 pts median 2.1%
- Expense ratio
- 0.85% −0.05 pts median 0.90%
- Cash
- 8.1% median 4.5%
- Fund size
- ₹8,298 Cr median ₹6,120 Cr
Returns
Direct Growth plan, to 30 October 2026.
| Period | Fund | Category average |
|---|---|---|
| 1 month | −5.0% | −5.9% |
| 3 months | −2.6% | −3.9% |
| 6 months | 11.2% | 4.1% |
| 1 year | 10.6% | 1.6% |
| Since launch (a year) | 19.2% | — |
Portfolio
Portfolio as of 30 September 2026: 60 holdings, price to earnings 30.9, price to book 4.9.
Asset allocation
- Equity 91.9%
- Cash & equivalents 8.1%
Market cap split
- Small cap 77.0%
- Mid cap 7.4%
- Large cap 2.5%
- Other 13.2%
Top sectors
- Consumer Cyclical 24.7%
- Industrials 16.1%
- Financial Services 15.8%
- Healthcare 13.5%
- Technology 10.4%
- Basic Materials 4.3%
- Consumer Defensive 3.5%
- Other 11.7%
Top 10 holdings
- Triparty Repo: 7.22%
- Rubicon Research Ltd, Healthcare: 3.84%
- VA Tech Wabag Ltd, Industrials: 3.82%
- CCL Products (India) Ltd, Consumer Defensive: 3.49%
- Aditya Infotech Ltd, Industrials: 3.38%
- Karur Vysya Bank Ltd, Financial Services: 3.02%
- Dr Agarwal’s Health Care Ltd, Healthcare: 2.92%
- Sky Gold and Diamonds Ltd, Consumer Cyclical: 2.57%
- Syrma SGS Technology Ltd, Technology: 2.52%
- Rainbow Childrens Medicare Ltd, Healthcare: 2.36%
Fund managers
- Varun SharmaSince 3 July 2026
- Swapnil P MayekarSince 18 November 2025
- Ajay Khandelwal (lead)Since 26 December 2023
- Ankit AgarwalSince 17 August 2026
- Rakesh ShettySince 26 December 2023
- Bhalchandra ShindeSince 21 January 2026
Investment objective
To generate capital appreciation by investing predominantly in Small Cap stocks. However, there can be no assurance that the investment objective of the scheme will be realized.
Fund details
| Category | Small-Cap |
|---|---|
| Fund house | Motilal Oswal Mutual Fund |
| Launch date | 26 December 2023 |
| Benchmark | NIFTY Smlcap 250 PR INR |
| Riskometer | Very High Risk |
| Expense ratio | 0.85% (September 2026) |
| Exit load | 1% - If redeemed on or before 1 year from the date of allotment Nil - If redeemed after 1 year from the date of allotment |
| ISIN (Direct Growth) | INF247L01BY3 |
How Foliyo’s research ranks funds
Every month Foliyo’s Research Desk reviews each Indian mutual fund with at least ₹500 Cr under management (1,035 funds in the review of 23 October 2026), through its Direct Growth plan, and ranks it against the other funds in its category. No fund house pays us, and we earn no commission, so the ranking has no reason to favour anyone. For equity funds the ranking weighs:
- Performance (35%): 3, 5 and 1-year returns, and where the fund stands among all funds in its category over 3 and 5 years.
- Consistency (25%): how often the fund was ahead of its peers over rolling 1 and 3-year periods, and in how many calendar years it finished in the top half.
- Risk (25%): return per unit of risk (Sharpe and Sortino ratios), how much of the market’s falls it took (downside capture), its worst fall and its volatility.
- Cost (10%) and stability (5%): the expense ratio, and how long the lead manager has run the fund.
Where a fund stands sets its label: Leader (the strongest in the category), Strong, Steady and Laggard (behind most of its peers). A fund under 3 years old is never judged on a full record: its first year is compared with every peer’s last year (1-year return 25%, steadiness against peers 15%, Sharpe ratio 15%, worst fall 10%, downside capture 10%, cost 15%), and it is labelled Emerging when that start is among the strongest, or Too early otherwise. Red flags are set by rule, never by opinion: a new lead manager, a portfolio that strays from the category’s mandate, high cash, high cost or a concentrated portfolio.
Frequently asked questions
What is the NAV of Motilal Oswal Small Cap Fund Direct Growth today?
The NAV of Motilal Oswal Small Cap Fund Direct Growth was ₹16.4684 on 30 October 2026.
Why does Foliyo tag Motilal Oswal Small Cap Fund as Emerging?
Foliyo’s Research Desk tags a fund Emerging when it is under 3 years old and its first year is among the strongest in its category, judged against every peer’s last year over the same months on 1-year return (25% of the weight), how often it stayed ahead of the peer median (15%), Sharpe ratio (15%), worst fall (10%), downside capture (10%) and expense ratio (15%). Motilal Oswal Small Cap Fund ranks 7 of 33 in Small-Cap, 2.8 years after launch. An Emerging tag says the start is strong; it becomes a Leader, Strong, Steady or Laggard call once the fund has a 3-year record.
What is the expense ratio of Motilal Oswal Small Cap Fund Direct Growth?
0.85% a year, as disclosed for September 2026, against a median of 0.90% for similar funds.
What is the fund size (AUM) of Motilal Oswal Small Cap Fund?
₹8,298 Cr as of 30 September 2026.
What returns has Motilal Oswal Small Cap Fund Direct Growth given?
10.6% over the last year and 19.2% a year since launch, to 30 October 2026. Past returns don’t say what it will return next.
Who manages Motilal Oswal Small Cap Fund?
Varun Sharma, Swapnil P Mayekar, Ajay Khandelwal (lead), Ankit Agarwal, Rakesh Shetty, Bhalchandra Shinde.
What is the exit load of Motilal Oswal Small Cap Fund?
1% - If redeemed on or before 1 year from the date of allotment Nil - If redeemed after 1 year from the date of allotment
Why hire a Foliyo Advisor?
- Unbiased
- No commissions, ever
- SEBI-registered RIA
- Best-in-class research