Three-year record, August 2026 portfolio, data as of 30 September 2026
Bank of India Small Cap Fund: 80.61% in Three Years, 14% Outside Equity in August
One of the strongest return records among small-cap funds, with assets up 29% in two months. The August portfolio shows how much of that money is not in shares, and the history shows what a small-cap fall looks like.
Bank of India Small Cap Fund (Direct Growth) returned 30.87% over the year to 30 September 2026, 19.10% over two years and 80.61% over three. In each of those periods it sits in the top few places among the Direct Growth small-cap funds in DirectGrowth's data.
The fund's August portfolio contains a detail that the return figures do not show. As of 31 August 2026, only 86.08% of net assets were in equity. The other 13.92% sat in triparty repo, certificates of deposit and a treasury bill. The same disclosure also shows the fund holding 86 stocks, with none above 3.01% of net assets.
The fund in numbers
Bank of India Small Cap Fund in numbers
The return figures are point-to-point and end on 30 September 2026. They start from NAVs of ₹50.83 (30 September 2025), ₹55.85 (30 September 2024) and ₹36.83 (29 September 2023). The yearly equivalent of the three-year figure is our own conversion. DirectGrowth does not show a benchmark proxy for this fund, so no benchmark comparison is made here.
How the fund ranks against its peers
Across the Direct Growth small-cap funds in DirectGrowth's data, the fund was ahead of 97% of its peers over one year and 96% over two years. Over three years it was ahead of 88% of the 25 funds with a three-year record. The percentiles are DirectGrowth's own calculation from public NAVs.
The category snapshot frozen on 1 September 2026 placed the fund 4th of 36 small-cap funds. The ranks hold across all three periods, which is what consistency means here. They describe returns that have already happened.
The cash-like part of the portfolio
The 31 August 2026 disclosure lists 104 lines. Equity is 86.08% of net assets across 86 holdings. Triparty repo is 7.57%, certificates of deposit are 6.15% and a treasury bill is 0.20%.
| Disclosure date | Equity share of net assets | Lines in disclosure |
|---|---|---|
| 30 June 2026 | 91.14% | 88 |
| 31 July 2026 | 88.04% | 97 |
| 31 August 2026 | 86.08% | 104 |
Two things moved together over those three months. The equity share fell by 5.06 percentage points, and the number of lines rose from 88 to 104. A fund that is receiving fresh money and spreading it across more names at a measured pace will look like this. The scheme page of Bank of India Mutual Fund states that the fund invests 65% to 100% of its assets in small-cap equity and equity-related instruments. The disclosure does not say whether the cash is waiting to be deployed or kept on purpose, so that reading is an inference, not a finding.
Holdings: many names, small weights
The ten largest equity holdings add up to 21.98% of net assets, and the largest is 3.01%. That is a spread-out book for a small-cap fund.
| Holding | 31 Aug 2026 | 31 Jul 2026 |
|---|---|---|
| Sky Gold and Diamonds | 3.01% | 2.82% |
| Quality Power Electrical Equipments | 2.45% | 2.27% |
| City Union Bank | 2.37% | 2.50% |
| Sterlite Technologies | 2.21% | 1.98% |
| Balrampur Chini Mills | 2.17% | 1.93% |
| EID Parry India | 2.09% | 0.04% |
| Computer Age Management Services | 2.02% | 2.13% |
| Wockhardt | 1.99% | 2.43% |
| Arvind | 1.85% | 2.00% |
| TBO Tek | 1.82% | 1.87% |
The largest single change in the table is EID Parry India, which went from 0.04% to 2.09% in a month. By sector label in the disclosure, auto components hold 7.05% of net assets, consumer durables 6.83%, electrical equipment 6.76%, pharmaceuticals and biotechnology 6.51% and industrial products 6.29%. Capital markets hold 5.59% and banks 4.84%.
Changes between July and August
Eighteen lines, together about 9.35% of net assets, appear in the August disclosure and not in July. Eleven lines, together about 5.09%, left. In a fund of this size, that is a visible rotation of the tail of the portfolio while the top holdings stayed largely in place.
Size and the direction of money
Month-end assets under management rose from ₹2,572.40 crore on 30 June 2026 to ₹2,819.49 crore on 31 July and ₹3,307.18 crore on 31 August 2026. That is an increase of about 28.6% in two months. The fund's NAV rose about 8.1% over the same period, so most of the increase did not come from market gains.
Removing the market-driven part leaves an estimated net inflow of about ₹526 crore between 30 June and 31 August 2026, or about 20.5% of the opening assets. This is our own estimate, not a disclosed figure, and it ignores timing within each month.
What a small-cap fall looks like
The return figures above end at a good point. The NAV of ₹66.52 on 30 September 2026 is 0.60% below the fund's high of ₹66.92 on 23 September 2026, and it has recovered 47.66% from its one-year low of ₹45.05 on 23 March 2026.
In the NAV history DirectGrowth holds from September 2024, the largest fall from a peak ran from 11 December 2024 to 3 March 2025 and measured 27.1%. Small-cap funds can move that far in a few months, and the 80.61% three-year return includes the recovery after it.
The one-year return also hides a round trip. The NAV fell to ₹45.05 on 23 March 2026, which was 11.37% below its ₹50.83 level on 30 September 2025. It then rose 47.66% to ₹66.52. The six-month return to 30 September 2026 is 41.44%, the three-month return 8.41% and the one-month return 0.38%, so the pace has slowed in the most recent weeks.
How the Vriddhi Score has behaved
The Vriddhi Score of 84.01 on 30 September 2026 placed the fund 40th among 1,207 eligible equity funds. Across the 21 daily score files for September 2026, the score ranged from 76.5 to 85.9 and was above 80 on 10 of them. This is a fund that sits close to the line, so its position can change from one day to the next as new data arrives.
What the data does not tell us
The figures describe the past. They do not explain why the fund has ranked so well, whether the cash holding is temporary, or how the fund will behave if small caps fall again. A fund whose assets have grown this quickly also has a larger portfolio to manage in a segment where individual stocks can be hard to trade, and the disclosure does not show how that is handled.
The current expense ratio and exit load are left to the fund house's own documents, since both can change.
What to watch next
The next monthly disclosure will show whether the equity share moves back towards the 91% of June or stays near 86%. It will also show whether the tail of small holdings keeps growing. Alongside those two, the pace of net inflows will say whether the strong record is still drawing new assets.
Sources and notes
- Bank of India Small Cap Fund, scheme page, Bank of India Mutual Fund: scheme category, benchmark and date of allotment (19 December 2018).
Holdings, NAV, AUM and returns come from DirectGrowth's validated database, which is built from the fund house's monthly portfolio disclosure and published NAVs. NAV and return figures are as of 30 September 2026, holdings and AUM as of 31 August 2026, and the Vriddhi Score as of 30 September 2026 (data generated 30 September 2026, 17:59 UTC). Peer percentiles are DirectGrowth's own calculation across Direct Growth funds of the same category. Estimated inflows are our own calculation from month-end AUM and NAV. Figures change after publication.
This article is for information and education only. It is not investment advice or a recommendation to buy, sell or hold any scheme. The Vriddhi Score is DirectGrowth's own analysis and changes as new data arrives. Past performance may or may not be sustained in future. Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before making any investment decisions, and consult your financial advisor.