According to a report by Nuvama Institutional Equities, five Indian mutual-fund houses added 13 new small-cap stocks across their portfolios in September. Notably, :contentReference[oaicite:5]{index=5} added Aptus Value Housing, HUDCO and Intellect Design. Others included :contentReference[oaicite:6]{index=6}, Kotak, Nippon and ICICI Prudential AMCs. The shift signals increased small-cap exposure amid a search for growth beyond large-caps. Analysts warn these tilt moves raise risk if macro slows, but may reward if equity-upcycle sustains.