Enigma Small Opportunities Fund

Returns

After expenses, before performance fee and tax, as Enigma Investment Partners reports them, to 30 Sep 2026. AIFs report returns on different bases, so compare like with like.

Fund details

Category

Category III

Strategy

Long-only

Market-cap style

Small cap

Asset type

—

Benchmark

BSE SmallCap

Fund manager

Viraj Mehta

Market-cap mix

• Small cap96.19%
• Cash3.81%

The five largest holdings are 44.59% of the portfolio.

Investment approach

The Investment Objective of the Fund is to carry on the activity of a Category III AIF as permissible under the AIF Regulations by investing in Small Cap Stocks with the objective to achieve long term capital appreciation.

Our investment approach focuses on identifying high-quality companies with strong fundamentals and long-term growth potential. We look for consistent sales growth and improving margins, supported by a solid balance sheet with low or reducing debt and strong cash flows. We prioritize businesses with strong return on capital, backed by efficient asset utilization. Strong management quality is essential—marked by integrity, meaningful ownership, and prudent capital allocation. We also seek attractive valuations, especially in under-researched companies where the market may be overlooking their long-term potential. This disciplined process enables us to uncover mispriced opportunities with sustainable value creation.

About the fund manager

Mr Viraj Mehta — Fund Manager

Mr. Viraj Mehta has more than 16 years of experience in Investment & Research. He is the CIO and Partner at Enigma Investment Partners LLP and has completed his PGDBM in Finance from MDI, Gurgaon, and B.E. in Chemical Engineering from Nirma Institute of Technology (Gujarat University), respectively. He was the Managing Director of Equirus Portfolio Management Services, where he was responsible for setting up the PMS (AMC business) and the team from scratch, and was managing capital of ~ Rs. 11bn for clients. Equirus Long Horizon Fund was one off the best performing PMS schemes delivering ~25% CAGR returns for its clients over his tenure. Prior to Equirus, he was associated with Franklin Templeton as lead analyst for managing the small companies fund, which was awarded the best small-cap MF scheme by CRISIL & Business Standard. He has also worked with ValueQuest Capital LLP.

As the fund house describes it.