Contents
All flexi cap funds compared
Largest fund first. Returns are for the direct plan, compound annual, to 16 October 2026. The base expense ratio is what the fund house charges; the total adds brokerage, exchange charges and taxes on the fund's own trades. Returns are after all of it.
| Fund | Base expense ratio, direct | Total expense ratio, direct | Total expense ratio, regular | 1 year | 3 years | 5 years | Average assets |
|---|---|---|---|---|---|---|---|
| Parag Parikh Flexi Cap FundPPFAS Mutual Fund | 0.53% | 0.69% | 1.30% | -3.44% | 12.45% | 10.66% | ₹1,47,064 cr |
| HDFC Flexi Cap FundHDFC Mutual Fund | 0.57% | 0.75% | 1.36% | -3.40% | 14.74% | 14.65% | ₹1,10,925 cr |
| Kotak Flexi Cap FundKotak Mahindra Mutual Fund | 0.52% | 0.66% | 1.49% | -5.48% | 10.41% | 9.26% | ₹55,674 cr |
| Aditya Birla Sun Life Flexi Cap FundAditya Birla Sun Life Mutual Fund | 0.70% | 0.91% | 1.68% | 3.50% | 14.01% | 10.27% | ₹28,241 cr |
| ICICI Prudential Flexi Cap FundICICI Prudential Mutual Fund | 0.65% | 0.88% | 1.73% | 0.38% | 14.59% | 13.67% | ₹24,586 cr |
| UTI - Flexi Cap FundUTI Mutual Fund | 0.93% | 1.16% | 1.68% | -5.23% | 7.56% | 3.18% | ₹23,664 cr |
| SBI Flexicap FundSBI Mutual Fund | 0.72% | 1.24% | 2.03% | -5.34% | 7.46% | 6.57% | ₹22,863 cr |
| Franklin India Flexi Cap FundFranklin Templeton Mutual Fund | 0.74% | 0.98% | 1.77% | -6.92% | 9.63% | 9.65% | ₹19,294 cr |
| Motilal Oswal Flexi Cap FundMotilal Oswal Mutual Fund | 0.71% | 1.18% | 2.00% | -2.08% | 16.71% | 11.99% | ₹13,799 cr |
| Axis Flexi Cap FundAxis Mutual Fund | 0.62% | 0.84% | 1.83% | 0.16% | 12.57% | 7.06% | ₹13,588 cr |
| Canara Robeco Flexi Cap FundCanara Robeco Mutual Fund | 0.52% | 0.71% | 1.83% | -4.55% | 10.79% | 8.04% | ₹13,466 cr |
| DSP Flexi Cap FundDSP Mutual Fund | 0.62% | 0.87% | 1.87% | -3.49% | 9.93% | 8.19% | ₹12,313 cr |
| Nippon India Flexi Cap FundNippon India Mutual Fund | 0.47% | 0.65% | 1.83% | -4.14% | 9.11% | 9.08% | ₹9,656 cr |
| WhiteOak Capital Flexi Cap FundWhiteOak Capital Mutual Fund | 0.47% | 0.82% | 2.05% | -0.54% | 13.45% | – | ₹9,275 cr |
| Helios Flexi Cap FundHelios Mutual Fund | 0.46% | 0.86% | 2.09% | -0.76% | – | – | ₹8,433 cr |
| Bajaj Finserv Flexi Cap FundBajaj Finserv Mutual Fund | 0.47% | 1.00% | 2.24% | 1.47% | 15.37% | – | ₹8,353 cr |
| Bandhan Flexi Cap FundBandhan Mutual Fund | 0.96% | 1.52% | 2.20% | -2.47% | 10.18% | 8.40% | ₹7,472 cr |
| Quant Flexi Cap Fundquant Mutual Fund | 0.58% | 1.07% | 2.20% | 5.71% | 14.07% | 12.45% | ₹7,340 cr |
| Abakkus Flexi Cap FundAbakkus Mutual Fund | 0.40% | 0.82% | 2.11% | – | – | – | ₹6,825 cr |
| PGIM India Flexi cap fundPGIM India Mutual Fund | 0.49% | 0.83% | 2.10% | -3.55% | 9.86% | 6.76% | ₹5,867 cr |
| HSBC Flexi Cap FundHSBC Mutual Fund | 0.91% | 1.30% | 2.09% | 2.31% | 14.71% | 11.49% | ₹5,806 cr |
| Invesco India Flexi Cap FundInvesco Mutual Fund | 0.52% | 0.87% | 2.09% | -2.99% | 16.09% | – | ₹5,529 cr |
| JM Flexi Cap FundJM Financial Mutual Fund | 0.56% | 1.08% | 2.30% | -1.68% | 13.09% | 13.66% | ₹5,204 cr |
| Mirae Asset Flexi Cap FundMirae Asset Mutual Fund | 0.46% | 0.74% | 2.10% | -0.63% | 11.51% | – | ₹4,423 cr |
| Tata Flexi Cap FundTata Mutual Fund | 0.58% | 0.88% | 2.12% | -7.24% | 8.82% | 7.47% | ₹3,656 cr |
| Edelweiss Flexi Cap FundEdelweiss Mutual Fund | 0.45% | 0.76% | 2.14% | -3.26% | 13.50% | 11.12% | ₹3,616 cr |
| JioBlackRock Flexi Cap FundJio BlackRock Mutual Fund | 0.50% | 1.11% | 2.34% | – | – | – | ₹3,250 cr |
| Bank of India Flexi Cap FundBank of India Mutual Fund | 0.48% | 0.87% | 2.27% | 7.81% | 17.89% | 14.78% | ₹2,876 cr |
| NJ Flexi Cap FundNJ Mutual Fund | 0.52% | 0.84% | 2.23% | -6.41% | 8.77% | – | ₹2,660 cr |
| Union Flexi Cap FundUnion Mutual Fund | 0.84% | 1.50% | 2.54% | -1.20% | 10.28% | 8.69% | ₹2,404 cr |
| 360 One Flexicap Fund360 ONE Mutual Fund | 0.50% | 0.92% | 2.37% | 5.65% | 16.47% | – | ₹2,213 cr |
| Sundaram Flexicap FundSundaram Mutual Fund | 0.63% | 0.86% | 2.17% | -7.10% | 8.10% | – | ₹1,964 cr |
| Mahindra Manulife Flexi Cap FundMahindra Manulife Mutual Fund | 0.51% | 0.99% | 2.49% | -5.95% | 8.85% | 9.55% | ₹1,570 cr |
| ITI Flexi Cap FundITI Mutual Fund | 0.53% | 0.88% | 2.31% | 9.04% | 18.00% | – | ₹1,526 cr |
| Baroda BNP Paribas Flexi Cap FundBaroda BNP Paribas Mutual Fund | 0.86% | 1.29% | 2.44% | -0.62% | 11.31% | – | ₹1,250 cr |
| LIC MF Flexi Cap FundLIC Mutual Fund | 0.96% | 1.81% | 2.90% | -1.45% | 9.30% | 8.61% | ₹1,086 cr |
| TRUSTMF Flexi Cap FundTrust Mutual Fund | 0.64% | 1.74% | 3.17% | 5.62% | – | – | ₹1,015 cr |
| Capitalmind Flexi Cap FundCapitalmind Mutual Fund | 0.83% | 1.72% | 3.16% | -0.31% | – | – | ₹460 cr |
| Taurus Flexi Cap FundTaurus Mutual Fund | 2.04% | 2.69% | 2.75% | 6.05% | 11.02% | 9.12% | ₹373 cr |
| Old Bridge Flexi Cap FundOld Bridge Mutual Fund | 0.83% | 1.56% | 3.06% | – | – | – | ₹324 cr |
| Navi Flexi Cap FundNavi Mutual Fund | 0.51% | 0.70% | 2.57% | 8.68% | 11.46% | 10.06% | ₹292 cr |
| The Wealth Company Flexi Cap FundThe Wealth Company Mutual Fund | 0.30% | 1.88% | 3.94% | – | – | – | ₹247 cr |
| Unifi Flexi Cap FundUnifi Mutual Fund | 1.00% | 1.42% | 2.70% | 4.73% | – | – | ₹231 cr |
| Shriram Flexi Cap FundShriram Mutual Fund | 0.75% | 1.06% | 2.59% | -5.39% | 6.16% | 5.88% | ₹131 cr |
| AlphaGrep Flexi Cap FundAlphaGrep Mutual Fund | 0.50% | 2.80% | 4.66% | – | – | – | ₹31 cr |
| Quantum Flexi Cap FundQuantum Mutual Fund | 0.47% | 3.39% | 5.20% | – | – | – | ₹14 cr |
Expense ratios as disclosed on 17 October 2026; brokerage, transaction costs and levies in the total are averages since 1 April, annualised, as AMFI publishes them. Returns: Direct-Growth plan NAVs to 16 October 2026. Average assets: July–September 2026, all plans. All from AMFI. A dash means the fund is too young for the period. The order is by size; it is not a ranking or a recommendation.
What is a flexi cap fund?
A flexi cap fund is an equity mutual fund that must keep at least 65% of its assets in shares and equity-related instruments, with no rule on the size of the companies. SEBI describes it as a “dynamic equity scheme investing across large cap, mid cap, small cap stocks”: the fund manager decides how much goes into each and can change the mix at any time.
SEBI created the category in November 2020, two months after it tightened the rules for multi cap funds to require at least 25% each in large, mid and small companies. Many multi cap funds that did not want that fixed split moved to the new flexi cap category instead, which is why several of the oldest and largest funds in the table were once multi cap funds.
SEBI’s February 2026 rules on scheme categories kept the definition. The rest of the portfolio can sit in cash and money market instruments, and, under the 2026 rules, gold and silver instruments and InvITs. The rules also require a fund’s name to match its category, so every fund in the table has “Flexi Cap” in its name (some spell it Flexicap).
How flexi cap funds use their freedom
By SEBI’s definition, large caps are the 100 largest listed companies by full market value, mid caps the next 150 and small caps everything from the 251st onwards, on a list AMFI publishes every six months. A flexi cap fund can hold any mix of the three.
In practice, funds use that freedom very differently. Some keep most of their money in large companies and behave much like a large cap fund; others hold a large share of mid and small caps and swing more. Some also hold shares listed abroad, within SEBI’s limits on overseas investment, and some keep a noticeable amount in cash when the manager finds few shares worth buying. The monthly factsheet shows each fund’s split, and it can change from month to month.
Most flexi cap funds measure themselves against the Nifty 500 TRI or the BSE 500 TRI, which cover the 500 largest listed companies, with dividends reinvested. The factsheet compares each fund’s return with its benchmark.
How flexi cap funds are taxed
Under the Income-tax Act, 2025, which applies from 1 April 2026, a fund counts as equity-oriented if, on average over the year, at least 65% of its money is in listed shares of Indian companies (section 198(8)). Flexi cap funds are run to meet that test and are treated as equity-oriented funds. The test counts only listed Indian shares, so a fund that holds shares listed abroad has to keep enough Indian shares to stay above 65%; the scheme document states how each fund is treated.
- Held 12 months or less: gains are short-term and taxed at 20%.
- Held longer: gains are long-term. The first ₹1.25 lakh a year of long-term gains on equity shares and equity-oriented funds together is tax-free; the rest is taxed at 12.5%.
- Surcharge, where it applies, and 4% cess come on top. STT of 0.001% is charged when you redeem.
For resident investors there is no TDS on capital gains when you redeem; dividend (IDCW) payouts above ₹10,000 in a year have 10% tax deducted. Tax rules change; check your own case with a tax adviser.
Flexi cap, multi cap, large & mid cap or focused?
- Flexi cap fund: at least 65% in equity, with no limit on company size; the mix is the fund manager’s call.
- Multi cap fund: at least 75% in equity, with at least 25% each in large, mid and small caps, so a quarter or more is always in small companies.
- Large & mid cap fund: at least 35% each in large and mid caps.
- Focused fund: at most 30 shares, with at least 80% in equity; it can be focused on any company size.
- Large cap fund: at least 80% in the 100 largest companies.
- Small cap fund: at least 65% in small caps, the 251st company onwards. See small cap funds compared.
A Nifty 500 index fund is the passive way to own companies of every size: it holds the index in proportion, usually at a lower cost, with no manager deciding the mix. Index funds are a separate category and are not in the table above.
A flexi cap fund as a core holding
Because it can hold companies of any size, a flexi cap fund is often used as the main equity fund in a portfolio, with a SIP running for years. That works only if you are comfortable with the manager deciding the mix: when the fund moves into mid and small caps, your risk rises with it, without you changing anything.
If you already hold separate large, mid or small cap funds, check the flexi cap fund’s factsheet to see what it adds; it may hold many of the same kinds of companies. To see what a monthly SIP could grow to, try the SIP calculator.
Risks to know
- Market falls: with at least 65% in shares, and most funds far more, the NAV can fall sharply in a market decline and stay down for months or years.
- Fund manager decisions: the manager’s calls on company size, sectors and cash drive most of the difference between funds. A wrong call can leave a fund well behind its benchmark.
- Changing mix: a fund can drift towards mid and small caps, which raises its risk, or towards large caps, which lowers it. The factsheet shows the current mix.
- Overseas shares: funds that hold foreign shares carry currency risk, and SEBI’s overseas investment limits can stop them adding more.
How to choose a flexi cap fund
There is no single best flexi cap fund: each manager runs a different mix, and the leader in one year is often not the leader the next. Compare them on these points instead:
- Company-size mix: the factsheet shows how much sits in large, mid and small companies, and how much that has moved over time.
- Overseas shares and cash: how much the fund holds abroad or in cash, and whether that suits you.
- Returns over three and five years: compare them with the Nifty 500 TRI or the fund’s own benchmark, and look at how far the fund fell in bad years, not just the average.
- Direct plan: the same portfolio for a lower expense ratio. See direct vs regular plans.
- Expense ratio: compare the direct plans. How the expense ratio works.
- Exit load: many flexi cap funds charge one if you redeem within the first year; the scheme document gives the terms.
Questions people ask
An equity mutual fund that SEBI requires to keep at least 65% of its assets in equity, with no rule on company size. The fund manager decides how much goes into large, mid and small companies and can change the mix at any time.
Over the year to 16 October 2026, the direct plans of 40 flexi cap funds returned between -7.24% and 9.04%, with a median of -1.56%; over three years the median was 11.39% a year and over five years 9.26%. Returns depend on the market and on each manager’s mix, and past returns do not predict future ones.
A multi cap fund must keep at least 25% each in large, mid and small caps, so a quarter or more is always in small companies. A flexi cap fund has no such rule: the manager can put almost everything in large caps, or move heavily into mid and small caps.
They carry the risk of an equity fund, and how much depends on the mix each manager chooses. Over the year to 16 October 2026, 27 of the 40 funds had a negative return. They suit money you can leave invested for several years.
As equity-oriented funds: gains on units held 12 months or less are taxed at 20%, and long-term gains above ₹1.25 lakh a year (counted with other equity gains) at 12.5%.
There is no single best one. Each manager runs a different mix of company sizes, sectors and cash, and the top performer changes from year to year. Compare the mix, three- and five-year returns against the benchmark, how far each fund fell in bad years, and the direct plan’s expense ratio. This page does not recommend any fund.
Flexi cap funds are often used for long-running SIPs because they can hold companies of any size. A SIP spreads your purchases over time but does not prevent losses, and the fund’s risk changes with the mix its manager chooses, so check the factsheet from time to time.
Related
This page is educational research based on AMFI data. It is not a recommendation to invest in any scheme, or personalised investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not guarantee future returns. Registration granted by SEBI, enlistment with IAASB and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.