Should one continue to invest in the Nippon India Small Cap Fund?

Let us go systematically to understand Nippon India Small Cap Fund

The open-ended fund was initiated on 16th September 2010

The Fund Manager is Samir Rachh

As of Sept 30, 2021, the allocation of the fund in the portfolio is as follows:

Software & Chemicals are given the major weightage in comparison to Finance and Pharma.

The Fund has beaten the BSE 250 Small-Cap Index handsomely
The return of Nippon India Small-Cap Fund is ~21% v/s ~12% for the BSE 250 Small-Cap Index

The scheme saw some terrible corrections during the last two years (2019 & 2020). Despite this, the fund has managed to recover since its low post-Covid-19 first wave and on the back of earnings post-Covid-19 second wave
At present, the portfolio stocks in the Mutual Fund have P/E exceeding 15 (this indicates that is overpriced)
The beta for the mutual fund is ~1.0 (bound for medium correction due to earnings downturn, economic downturn, etc.)

It is best to stay invested if you are in it
If you are planning to stay afresh, do it via the SIP route only
Do not enter via bulk/one-time buy route
Do not try to time the correction
Do not try to pull out your money/stop SIP if there is a correction as it takes time for small-cap funds to give good to exceptional results

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Good Luck!!