What if You Had Invested During March 2020 in Smallcap Funds?
March 2020. The month markets went into free fall. Fear was everywhere. The pandemic had shaken the world and equity markets were crashing every other day.
Now imagine this. What if, despite all the fear, you had simply invested ₹1 lakh every week in Smallcap Funds during March 2020? Just 5 investments of ₹1 lakh each. No timing the market, no heroics.
Let’s see what would have happened.
The Experiment
₹1 lakh invested on each Monday of March 2020 (2nd, 9th, 16th, 23rd, and 30th).
Total investment = ₹5 lakh.
And here’s the outcome as of August 2025.
Current Value of ₹5 lakh Invested in March 2020 in Smallcap Funds
| Fund Name | 2nd Mar 2020 | 9th Mar 2020 | 16th Mar 2020 | 23rd Mar 2020 | 30th Mar 2020 | Total Value (₹5 lakh) |
|---|---|---|---|---|---|---|
| Quant Smallcap Fund | 6,50,592 | 6,85,126 | 7,99,076 | 9,34,380 | 9,02,556 | 39,71,730 |
| Nippon Smallcap Fund | 4,46,814 | 5,02,074 | 5,39,512 | 6,84,796 | 6,31,933 | 28,05,129 |
| Bandhan Smallcap Fund | 5,04,316 | 5,09,478 | 5,34,651 | 6,44,700 | 5,79,464 | 27,35,675 |
| Bank of Smallcap Fund | 4,23,409 | 4,83,222 | 4,89,587 | 5,63,654 | 5,46,141 | 25,26,799 |
| Edelweiss Smallcap Fund | 4,06,285 | 4,23,425 | 4,78,921 | 6,01,695 | 5,77,659 | 24,87,985 |
| Tata Smallcap Fund | 4,32,146 | 4,26,135 | 4,73,943 | 5,87,897 | 5,80,518 | 24,71,639 |
| Canara Robeco Smallcap Fund | 4,04,276 | 4,14,544 | 4,73,636 | 5,65,727 | 5,67,274 | 24,64,556 |
| HDFC Smallcap Fund | 3,94,476 | 4,14,544 | 4,73,636 | 5,65,727 | 5,75,283 | 24,55,015 |
| Invesco Smallcap Fund | 3,91,986 | 4,15,732 | 4,64,444 | 5,79,823 | 5,66,250 | 24,18,121 |
| HSBC Smallcap Fund | 3,84,047 | 4,14,132 | 4,65,150 | 5,91,492 | 5,81,859 | 24,14,588 |
| Kotak Smallcap Fund | 3,65,407 | 4,07,361 | 4,42,699 | 5,51,492 | 5,38,139 | 23,05,098 |
| ICICI Pru Smallcap Fund | 3,28,570 | 3,82,061 | 4,46,006 | 5,44,290 | 5,83,472 | 22,54,400 |
| DSP Smallcap Fund | 3,63,352 | 3,82,094 | 4,35,065 | 5,39,835 | 5,27,531 | 22,48,618 |
| Franklin Smallcap Fund | 3,60,966 | 3,62,760 | 4,28,179 | 5,40,835 | 5,24,566 | 22,40,306 |
| Sundaram Smallcap Fund | 4,32,910 | 4,29,640 | 4,19,880 | 5,28,574 | 5,18,112 | 21,79,546 |
| Union Smallcap Fund | 3,43,910 | 3,64,952 | 4,25,650 | 5,39,699 | 5,21,566 | 21,95,777 |
| LIC MF Smallcap Fund | 3,22,850 | 3,82,114 | 4,19,250 | 5,48,689 | 5,08,775 | 21,22,477 |
| ITI Smallcap Fund | 3,29,162 | 3,81,499 | 4,03,536 | 5,14,112 | 4,95,686 | 20,94,089 |
| Axis Smallcap Fund | 3,50,028 | 3,50,841 | 3,87,204 | 4,85,159 | 4,75,973 | 20,30,519 |
| SBI Smallcap Fund | 3,20,277 | 3,44,680 | 3,82,457 | 4,68,188 | 4,48,117 | 19,63,719 |
| Aditya Birla SL Smallcap Fund | 2,98,345 | 3,15,510 | 3,59,240 | 4,50,837 | 4,47,568 | 18,71,500 |
Data Source: NGEN (as of 14-Aug-2025) | Source: X Post
Disclaimer: Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. The data above is for illustration purposes only and not a recommendation to buy or sell. Please consult with your investment advisor for customized guidance.
What Does This Tell Us?
If you had invested ₹5 lakh in March 2020, your money today would have grown anywhere between ₹18.7 lakh to almost ₹39.7 lakh depending on the fund. That is the power of staying invested when markets look darkest.
The best performer, Quant Smallcap Fund, turned ₹5 lakh into nearly ₹40 lakh. Even the lowest performer, Aditya Birla SL Smallcap Fund, gave almost ₹19 lakh – still almost 4x in 5 years.
Key Takeaway
Markets reward courage and discipline. The toughest times often give the best opportunities. But the key is not predicting or timing the bottom, it is simply investing regularly and staying invested.
Hi, I’m Managing Director at Gurpreet Saluja Financial Services Pvt. Ltd. Where I help my investors to invest in mutual funds and achieve their financial goals. I’m also a Value Investor and here I write about Personal Finance & Investing.