Potential growth tailwinds in Indian Economy.
	Opportunity to capitalize on Indian Entrepreneurship.
	Opportunity to capture market / economic cycles.
	Potential to create wealth and generate alpha over long-term.
	Small caps are generally under-researched and under-owned and hence provides an opportunity for stock-picking at reasonable valuations.
	Small Caps could be beneficiaries of structural reforms announced from time to time.
	Small caps also provide exposure to companies which are potential market leaders in the industries they operate in (a few examples include textile, paper, sugar, luggage) and have potential to become midcaps of tomorrow as they achieve scale.

• Portfolio construction on bottom up stock selection basis.
  
  
• Key Overweight sectors/Industries include Capital Goods, Metals & Mining and FMCG vs the Schemes’ Benchmark.
  
  
• Key Underweight sectors /Industries include Healthcare, Construction and Consumer Durables vs the Schemes’ Benchmark.
  
  
• Carrying Higher cash levels around 7.9% in the portfolio as tight monetary policy in India may continue a bit longer than expected, following higher global policy rates and upside risks to domestic inflation.
  

Security	% to Net Assets
Century Textiles & Industries Limited	3.12%
REC Limited	2.66%
CESC Limited	2.66%
Indus Towers Limited	2.49%
Reliance Industries Limited	2.42%
Grasim Industries Limited	2.25%
Cholamandalam Financial Holdings Limited	2.10%
Godrej Industries Limited	1.99%
Kirloskar Oil Engines Limited	1.99%
Anant Raj Limited	1.96%
Total	23.64%

Sector	MMSCF	BSE 250 Small Cap TRI
Capital Goods	19.49%	16.38%
Financial Services	13.56%	18.45%
Fast Moving Consumer Goods	7.10%	4.02%
Metals & Mining	6.06%	2.44%
Construction Materials	3.97%	1.33%

Data as on May 31, 2024

Fresh Additions	Complete Exits
Security	Security
Aadhar Housing Finance Limited	Bajaj Electricals Limited
Finolex Industries Limited	BSE Limited
Glenmark Pharmaceuticals Limited	JB Chemicals & Pharmaceuticals Limited

Note: The companies/stock(s) referred above are only for the purpose of disclosure of significant portfolio changes during the month and should not be construed as recommendation to buy/sell/ hold. The fund manager may or may not choose to hold these companies/stocks, from time to time. Investors are requested to consult their financial, tax and other advisors before taking any investment decision(s). Data as on May 31, 2024

Investment Objective:
The investment objective of the Scheme is to generate long term capital appreciation by investing in a diversified portfolio of equity & equity related securities of small cap companies. However, there can be no assurance that the investment objective of the Scheme will be achieved.

Fund Manager:

Mr. Abhinav Khandelwal
Total Experience : 14 years
Experience in managing this fund: 1 Year and 5 months (Managing since December 12, 2022)

Mr. Manish Lodha
Total Experience : 23 years,
Experience in managing this fund:1 Year and 5 months (Managing since December 12, 2022)

Date of allotment: December 12, 2022

Benchmark: BSE 250 Small Cap TRI

Option: IDCW (IDCW Option will have IDCW Reinvestment (D) & IDCW Payout facility) and Growth (D) D-Default

Minimum Application Amount: Rs. 1,000 and in multiples of Re. 1/- thereafter

Minimum Additional Purchase Amount: Rs. 1,000 and in multiples of Re. 1/- thereafter

Minimum Weekly & Monthly SIP Amount: Rs 500 and in multiples of Rs 1/- thereafter

Minimum Weekly & Monthly SIP Installments: 6

Minimum Quarterly SIP Amount: Rs 1,500 and in multiples of Rs 1/- thereafter

Minimum Quarterly SIP installments: 4

Monthly AAUM as on May 31, 2024 (Rs. in Cr.): 4,061.13

Monthly AUM as on May 31, 2024 (Rs. In Cr.): 4,131.27

Entry Load: Not applicable

Exit Load: • An Exit Load of 1% is payable if Units are redeemed / switched-out upto 3 months from the date of allotment;
• Nil if Units are redeemed / switched-out after 3 months from the date of allotment.
Note: ^$With effect from June 1, 2024, the name of the benchmark of the said scheme has been revised from S&P BSE 250 Small Cap Index TRI to BSE 250 Small Cap Index TRI

^Benchmark ^^Additional Benchmark. Inception/Allotment date: 12-Dec-22.
Past performance may or may not be sustained in future and should not be used as a basis of comparison with other investments. Since inception returns of the scheme is calculated on face value of Rs. 10 invested at inception. The performance details provided above are of Growth Option under Regular Plan. Different Plans i.e Regular Plan and Direct Plan under the scheme has different expense structure. *Based on standard investment of Rs. 10,000 made at the beginning of the relevant period.