Baroda BNP Paribas Small Cap Fund
Direct · GrowthAI Summary
The Baroda BNP Paribas Small Cap Fund has delivered a 3Y SIP XIRR of 7.59%, significantly below the category average SIP XIRR of 20.23%, indicating weak SIP-based returns relative to peers. On a lump-sum basis, the fund has broadly tracked its benchmark, with a 3Y Fund CAGR of 12.38% versus 12.85% for the NIFTY SmallCap 250, and a modest 1Y alpha of 4.01%. However, over longer horizons of 5Y to 15Y, the fund consistently lags the benchmark by small margins, with alpha turning slightly negative.
The fund exhibits a beta of around 0.85 across horizons, meaning it moves less than the benchmark in both directions, with downside capture of 82.95% slightly better than upside capture of 84.14% over 3Y. The maximum drawdown of -0.25% with a 150-day duration and 524-day recovery suggests the measured drawdown window reflects a relatively mild period, though 2 drawdown events exceeding 10% indicate meaningful volatility risk typical of small caps. The 1Y Calmar ratio of 0.2132 points to modest risk-adjusted returns in the recent period.
The portfolio is well diversified across 56 holdings, with the top 10 positions each under 3.6% of NAV, avoiding single-stock concentration. Sector allocation is spread across Pharmaceuticals & Biotechnology (11.4%), Banks (9.9%), Finance (9.4%), and Auto Components (8.4%), providing balanced exposure to financials, healthcare, and manufacturing. The tilt toward financials and pharma suggests a defensive-leaning small cap strategy rather than a high-beta cyclical approach.
The fund is a clear underperformer versus category peers on SIP returns, with its 3Y XIRR of 7.59% trailing the category average of 20.23% by a wide margin. Calendar year returns show inconsistency, ranging from -6.16% in 2025 to 25.79% in 2024. While its benchmark tracking is respectable over 3Y, the persistent slight underperformance versus the NIFTY SmallCap 250 across 5Y to 15Y horizons places it in the lower tier of the category.
This fund may suit conservative small cap investors who prioritize lower volatility and downside protection, given its beta of 0.85 and favorable downside capture. However, investors seeking category-beating SIP returns should consider stronger peers, as the fund's XIRR lags significantly. A long time horizon of at least 7 to 10 years and a high tolerance for small cap volatility are essential.
- Lower downside capture of 82.95% versus upside capture of 84.14% over 3Y, offering slightly better protection in falling markets
- Well diversified portfolio of 56 holdings with no single stock above 3.6% of NAV
- Strong 1Y alpha of 4.01% against the NIFTY SmallCap 250 benchmark
- 3Y SIP XIRR of 7.59% is far below the category average of 20.23%, indicating weak SIP investor outcomes
- Consistent slight underperformance versus the benchmark across 5Y to 15Y horizons, with negative alpha at every long-term period
Generated on 22-10-2026, 3:00 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 | ₹12.36 L | 5.6% | -33.0% | 46.8% |
| 3 Years | ₹36.00 L | ₹39.89 L | 6.6% | 2.7% | 8.6% |
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 | 5.6% | 21.9% | 17.6% | -16.3% |
| 3 Years | 6.6% | 15.2% | 20.1% | -8.6% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 5.3% | 4.0% | -10.2% | 39.9% | -0.12 | -0.18 | 66% | — | — |
Calmar Ratio by Duration
Compared against NIFTY SMALLCAP 250
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +3.10 | 0.84 | 86.8% | 82.8% | 0.5% | -4.4% |
| 3 Years | +0.15 | 0.85 | 84.0% | 83.2% | 10.4% | 11.0% |
| 5 Years | -0.31 | 0.85 | 84.0% | 83.2% | 6.1% | 6.4% |
| 7 Years | -0.50 | 0.85 | 84.0% | 83.2% | 4.3% | 4.6% |
| 10 Years | -0.64 | 0.85 | 84.0% | 83.2% | 3.0% | 3.2% |
| 12 Years | -0.70 | 0.85 | 84.0% | 83.2% | 2.5% | 2.6% |
| 15 Years | -0.74 | 0.85 | 84.0% | 83.2% | 2.0% | 2.1% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | Karur Vysya Bank Limited | 3.56% |
| 2 | Multi Commodity Exchange of India Limited | 3.36% |
| 3 | Laurus Labs Limited | 3.18% |
| 4 | Navin Fluorine International Limited | 3.10% |
| 5 | Ujjivan Small Finance Bank Limited | 2.85% |
| 6 | Sansera Engineering Limited | 2.77% |
| 7 | Bharat Heavy Electricals Limited | 2.64% |
| 8 | Emcure Pharmaceuticals Limited | 2.59% |
| 9 | CreditAccess Grameen Limited | 2.58% |
| 10 | Dr. Lal Path Labs Limited | 2.55% |