Baroda BNP Paribas Small Cap Fund
Direct · GrowthAI Summary
The fund's 1Y SIP XIRR of 4.44% trails the category average of 21.59% by a wide margin, indicating weak SIP-based returns versus peers. On a lump-sum basis, it has outperformed the NIFTY SmallCap 250 over 1Y (12.36% vs 8.70%, alpha of 4.05%), but alpha turns marginally negative over 3Y to 15Y windows, showing long-term benchmark underperformance. Calendar year returns have been uneven, ranging from 25.79% in 2024 to -6.16% in 2025.
The fund exhibits defensive behavior with a beta of 0.82-0.85 and downside capture of roughly 80-83%, cushioning losses in weak markets. Its Calmar ratio of 0.1956 over 1Y is modest, and while the maximum drawdown was shallow at -0.25%, recovery took 524 days, indicating slow rebound characteristics. Risk-adjusted returns are acceptable but not compelling given the muted upside capture of about 84-85%.
The 51-stock portfolio is well diversified, with the top holding (Karur Vysya Bank) at just 3.72% of NAV and the top ten totaling under 30%. Pharmaceuticals & Biotechnology leads sector exposure at 12.2%, followed by Banks (9.9%) and Finance (9.6%), giving a financials-plus-healthcare tilt. This balanced structure limits single-stock and single-sector concentration risk.
The fund's 1Y SIP XIRR of 4.44% is dramatically below the category average of 21.59%, placing it in the bottom tier of small cap peers on SIP returns. Its lump-sum alpha has been positive only in the most recent 1Y window and negative across 3Y to 15Y horizons, suggesting persistent long-term underperformance versus the benchmark. The consistent low beta and downside capture do offer relative stability, but not enough to offset the return gap.
This fund suits conservative small cap investors who prioritize downside protection and diversification over maximum returns, given its low beta and shallow drawdowns. A long time horizon of at least 7-10 years is appropriate, as small cap returns are cyclical and the fund's long-term CAGRs have been modest. Investors should have high tolerance for periods of significant peer underperformance, as seen in the current 1Y SIP XIRR gap.
- Low beta of 0.82-0.85 with downside capture near 80-83%, offering better downside protection than the small cap benchmark
- Well-diversified 51-stock portfolio with no single holding above 3.72% of NAV
- Recent 1Y outperformance versus the NIFTY SmallCap 250 with an alpha of 4.05% and a low expense ratio of 0.95%
- 1Y SIP XIRR of 4.44% is far below the category average of 21.59%, signaling weak SIP investor outcomes versus peers
- Negative alpha across 3Y to 15Y horizons indicates consistent long-term underperformance versus the benchmark
Generated on 10-09-2026, 2:59 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.30 L | 4.4% | -33.0% | 46.8% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY SMALLCAP 250 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 4.4% | 22.0% | 21.6% | -17.5% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 4.9% | 3.3% | -10.2% | 39.9% | -0.15 | -0.23 | 63% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +4.05 | 0.82 | 85.3% | 80.5% | 12.4% | 8.7% |
| 3 Years | +0.28 | 0.85 | 83.8% | 82.7% | 13.8% | 14.8% |
| 5 Years | -0.23 | 0.85 | 83.8% | 82.7% | 8.1% | 8.6% |
| 7 Years | -0.45 | 0.85 | 83.8% | 82.7% | 5.7% | 6.1% |
| 10 Years | -0.60 | 0.85 | 83.8% | 82.7% | 4.0% | 4.2% |
| 12 Years | -0.67 | 0.85 | 83.8% | 82.7% | 3.3% | 3.5% |
| 15 Years | -0.74 | 0.85 | 83.8% | 82.7% | 2.6% | 2.8% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Karur Vysya Bank Limited | 3.72% |
| 2 | Navin Fluorine International Limited | 3.71% |
| 3 | Multi Commodity Exchange of India Limited | 3.38% |
| 4 | Laurus Labs Limited | 3.00% |
| 5 | Ujjivan Small Finance Bank Limited | 2.85% |
| 6 | Bharat Heavy Electricals Limited | 2.74% |
| 7 | Radico Khaitan Limited | 2.67% |
| 8 | Delhivery Limited | 2.53% |
| 9 | Dr. Lal Path Labs Limited | 2.42% |
| 10 | Emcure Pharmaceuticals Limited | 2.42% |