New Delhi, April 18 -- Have small cap mutual funds become any safer now? The latest stress test, it appears, doesn't reflect that. The test for March indicates that it will take as long as 25-57 days to liquidate 50 per cent of the portfolio of high-risk small cap mutual funds. Most of these schemes have anywhere between 65 and 89 per cent of their portfolio invested in small cap stocks. Notably, small cap funds are supposed to invest a minimum of 65 per cent of their assets in small caps.

Here, we list the most illiquid small cap mutual fund schemes based on the data they shared on the Association of Mutual Funds in India (AMFI) website.

Axis Small Cap Fund, as the table below shows, will take 25 days to liquidate 50 per cent of its po...