New Delhi, June 10 -- Nippon India Small Cap Fund is the largest open-ended small-cap mutual fund in India with an AUM of Rs.72,673 crores.

As per SEBI regulations, small-cap funds must invest at least 65% of their assets in small-cap stocks. Hence, tracking the portfolio changes of such a big fund can provide insights into the small-cap stocks on which the fund manager is bullish and those where exposure is being reduced.

Here's a closer look at the fund's portfolio activity in May 2026, highlighting the stocks it added and trimmed during the month, along with its top 10 holdings.

The buying trend suggests that Nippon India Small Cap Fund increased its exposure to several industrial, engineering, and capital goods companies in May.

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