Nirav Jadav

In 2026 so far (data to 8 September): Micro cap 18.7% Small cap 11.7% Mid cap 3.7% Large cap -8.8% Over 10 years the order is the same. Micro cap 21.9% a year, mid cap 17.0%, small cap 14.9%, large cap 11.5%. Holding the smallest companies for a decade has paid. The question is who is buying them now. In August, small-cap funds took ₹7,973 crore, the largest inflow of any equity category. Mid-cap funds took ₹6,989 crore. Active large-cap funds saw net outflows of more than ₹1,000 crore, the second month in a row. That is money moving out of the segment that is down 8.8% this year and into the two that are up. The same table shows what that has cost before. Micro cap fell 27.9% in 2018, 24.8% in 2019 and 10.6% in 2025. Small cap fell 26.5% in 2018. Large cap has never fallen more than 8.8% in any of the ten years shown. The 10-year number belongs to whoever sat through those three drawdowns. It is not the same thing as an entry price today. (Source: ET Wealth)