Flexi Cap Mutual Funds in India
Updated June 2026 · 49 active funds · data from AMFI NAVs · benchmark: NIFTY 500 TRI
Flexi Cap funds must invest at least 65% of assets in equity but are otherwise free to allocate across large, mid and small caps in any proportion the manager chooses. This flexibility is the category's defining feature: a manager can hold mostly blue chips when valuations look stretched, or rotate toward mid and small caps when opportunities appear, all within one fund. Flexi-cap is the most popular active equity category in India precisely because it delegates the cap-allocation decision to the manager, making it a common one-fund core for many portfolios. Risk and return depend heavily on how aggressively the manager tilts down the cap curve, so two flexi-cap funds can behave quite differently. The default benchmark on FindMF is the NIFTY 500 TRI, the broad all-cap total-return index that mirrors a flexi-cap fund's investable universe. FindMF computes trailing returns, CAGR, volatility, Sharpe, Sortino, maximum drawdown and alpha/beta against the NIFTY 500 TRI from AMFI daily NAVs using a disclosed methodology - so you can see how each manager's flexibility has actually translated into risk-adjusted results.
Who it suits: Investors who want a single diversified equity fund and prefer to let the manager decide the large/mid/small cap mix.
73% of the 40 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | BANK OF INDIA Flexi Cap Fund Bank of India | +3.25% | +21.12% | +17.21% | 0.74 | -23.7% | 0.95% | ₹2.2K Cr |
| 2 | ITI Flexi Cap Fund ITI | +2.31% | +19.32% | - | 0.89 | -21.4% | 1.30% | ₹1.2K Cr |
| 3 | quant Flexi Cap Fund quant | +6.56% | +19.00% | +17.15% | 0.75 | -24.7% | 0.68% | ₹6.3K Cr |
| 4 | Invesco India Flexi Cap Fund Invesco | -5.09% | +17.95% | - | 0.60 | -19.4% | 1.08% | ₹4.6K Cr |
| 5 | Motilal Oswal Flexi cap Fund Motilal Oswal | -8.96% | +17.52% | +11.57% | 0.46 | -21.5% | 1.45% | ₹13.0K Cr |
| 6 | HDFC Flexi Cap Fund HDFC | -1.86% | +17.27% | +17.14% | 0.91 | -13.3% | 0.78% | ₹97.4K Cr |
| 7 | JM Flexicap Fund (Direct) JM Financial | -4.70% | +16.87% | +16.52% | 0.73 | -22.6% | 0.79% | ₹2.3K Cr |
| 8 | HSBC Flexi Cap Fund HSBC | -1.96% | +16.86% | +13.99% | 0.61 | -22.7% | 1.35% | ₹5.2K Cr |
| 9 | WhiteOak Capital Flexi Cap Fund WhiteOak Capital | -1.59% | +16.56% | - | 0.63 | -15.6% | 0.81% | ₹7.2K Cr |
| 10 | Aditya Birla Sun Life Flexi Cap Fund Aditya Birla Sun Life | +1.71% | +16.35% | +12.57% | 0.55 | -20.0% | 0.85% | ₹24.7K Cr |
| 11 | Edelweiss Flexi Cap Fund Edelweiss | -1.53% | +15.82% | +14.32% | 0.65 | -19.0% | 0.94% | ₹3.1K Cr |
| 12 | ICICI Prudential Flexicap Fund ICICI Prudential | +1.34% | +15.73% | - | 0.59 | -19.7% | 0.89% | ₹19.8K Cr |
| 13 | JM Flexicap Fund (Regular) JM Financial | -5.87% | +15.33% | +15.22% | 0.66 | -24.0% | 0.79% | ₹2.8K Cr |
| 14 | Parag Parikh Flexi Cap Fund PPFAS | -3.62% | +15.15% | +14.76% | 0.80 | -17.9% | 0.71% | ₹133.4K Cr |
| 15 | Baroda BNP Paribas Flexi Cap Fund Baroda BNP Paribas | -2.03% | +14.31% | - | 0.48 | -20.4% | 1.33% | ₹1.2K Cr |
| 16 | Franklin India Flexi Cap Fund Franklin Templeton | -7.49% | +14.12% | +13.40% | 0.63 | -17.7% | 0.99% | ₹19.3K Cr |
| 17 | Mirae Asset Flexi Cap Fund Mirae Asset | -1.51% | +13.93% | - | 0.66 | -16.1% | 0.58% | ₹3.6K Cr |
| 18 | Kotak Flexicap Fund Kotak Mahindra | -3.95% | +13.50% | +12.01% | 0.50 | -17.8% | 0.59% | ₹55.5K Cr |
| 19 | DSP Flexi Cap Fund DSP | -5.25% | +13.38% | +11.24% | 0.44 | -22.9% | 0.99% | ₹11.9K Cr |
| 20 | Nippon India Flexi Cap Fund Nippon India | -4.47% | +13.05% | - | 0.33 | -19.8% | 0.73% | ₹9.2K Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How are Flexi Cap fund gains taxed?
Flexi Cap funds hold at least 65% in Indian equity, so equity taxation applies: short-term gains (held under 12 months) at 20%, and long-term gains (held 12 months or more) at 12.5% on the portion above Rs 1.25 lakh per financial year.
How do I compare Flexi Cap funds, and what TER is reasonable?
Because managers run very different cap allocations, returns alone can mislead. On FindMF, compare funds using alpha versus the NIFTY 500 TRI, volatility, Sharpe and maximum drawdown together with TER - direct-plan ratios are typically mid-range for equity - all computed from AMFI NAVs, to see who delivered risk-adjusted value.
Is a Flexi Cap fund the same as a Multi Cap fund?
No. Flexi Cap has no cap-wise minimums - the manager allocates freely. Multi Cap must hold at least 25% each in large, mid and small caps. Flexi-cap funds are usually more large-cap-tilted and therefore often, but not always, less volatile.
Why do FindMF metrics differ across Flexi Cap funds?
Each fund's cap mix and stock selection differ, so volatility, drawdown and alpha vary widely. FindMF computes all of these from AMFI NAVs against a common NIFTY 500 TRI benchmark, so you can compare funds on a consistent, transparent basis.