Trust Smallcap Fund has emerged as the best performing fund in its category over the past year, delivering a 34% return as investors reassess the potential of India’s broader market. Behind the performance is CIO Mihir Vora’s “gorilla investing” approach of backing companies where the growth runway is longer than what the market is currently pricing in.
The fund held 71 stocks at the end of August, with power-capex bets contributing roughly 30% to 40% of its total alpha. CDMO, auto ancillaries, new-age companies and capital markets were among its other key winning themes. Vora explains how the fund generated alpha, why it maintains a 60–70-stock portfolio and what he sees next across India’s small- and midcap universe.
