Which small cap funds have the lowest AUM?

Small funds can be nimble: with a few hundred crores rather than tens of thousands, a manager can build meaningful positions in genuinely small companies without moving the price — an edge that giant small-cap funds slowly lose as inflows force them up the market-cap ladder.

The flip side: very small funds (under roughly ₹500 Cr) carry viability risk, shorter track records and sometimes higher expense ratios. Treat low AUM as one screening lens, not a merit badge — the fund still has to earn its place on risk-adjusted returns and cost.

Here are the smallest small cap funds in our dataset today, by assets under management.