Comparing the best flexi cap mutual funds in India 2026 by 5-year rolling returns, NAV, AAUM and risk. Parag Parikh, HDFC, Kotak, SBI and Axis Flexi Cap — all data live from RightAdvise database. Free, unbiased education.
Sorted by 5-year CAGR. Click any fund for full analysis — rolling returns, drawdown chart, NAV history and risk ratios.
If you had invested ₹1 lakh 5 years ago in each fund, here is how much it would be worth today. Calculated from 5 years of daily NAV in the RightAdvise database.
💡 What is AAUM? AAUM stands for Average Assets Under Management — the average value of all investor money a fund managed during a specific quarter. Reported to SEBI every quarter via AMFI. More reliable than a single-day AUM snapshot.
| Fund | NAV | AAUM | 1Y Return | 3Y CAGR | 5Y CAGR | 10Y CAGR | Max Drawdown | Sharpe (3Y) |
|---|---|---|---|---|---|---|---|---|
| HDFC Flexi Cap Fund | ₹2,201.48 2026-06-18 | ₹95.5K Cr Jan–Mar 2026 | +2.5% | +18.0 % p.a. | +18.3 % p.a. | +16.8 % p.a. | -41.8% | 1.13 |
| Parag Parikh Flexi Cap Fund | ₹90.52 2026-06-18 | ₹1.33 L Cr Jan–Mar 2026 | -0.8% | +15.2 % p.a. | +15.3 % p.a. | +17.8 % p.a. | -31.2% | 1.05 |
| Kotak Flexicap Fund | ₹96.66 2026-06-18 | ₹54.7K Cr Jan–Mar 2026 | +1.1% | +14.6 % p.a. | +13.0 % p.a. | +14.7 % p.a. | -37.3% | 0.66 |
| Axis Flexi Cap Fund | ₹30.20 2026-06-18 | ₹12.5K Cr Jan–Mar 2026 | +3.6% | +13.9 % p.a. | +11.1 % p.a. | — | -29.9% | 0.62 |
| SBI Flexicap Fund | ₹120.46 2026-06-18 | ₹21.8K Cr Jan–Mar 2026 | +0.7% | +10.2 % p.a. | +10.4 % p.a. | +13.0 % p.a. | -35.8% | 0.35 |
As per SEBI, Flexi Cap Funds are open-ended equity schemes that must invest at least 65% of their assets in equity and equity-related instruments. Unlike other equity categories, there is no minimum or maximum allocation to any market cap segment — the fund manager can freely decide how much to put in large, mid, or small cap stocks. SEBI introduced this category in November 2020.
A Flexi Cap Fund gives the fund manager complete freedom to invest across India's entire listed equity universe — from the largest companies down to smaller, faster-growing businesses. When large caps offer better value, the manager can concentrate there. When mid and small caps look more attractive, the allocation shifts accordingly. This adaptability across market cycles is the defining feature of the best flexi cap funds — and why comparing their 5-year rolling returns (not just recent 1-year returns) is the right way to evaluate them.
In practice, most top flexi cap mutual funds tend to be large-cap heavy (60 to 80% in top 100 companies) with selective mid and small cap exposure. But this varies significantly by fund — Parag Parikh Flexi Cap also invests up to 35% in global stocks, while HDFC Flexi Cap stays predominantly domestic with a strong banking tilt. If you are looking for the best flexi cap fund in India 2026 to invest in, understanding each fund's actual allocation style — not just headline returns — is the key step before committing.
Multi Cap Funds must invest at least 25% each in large, mid, and small cap stocks — this is a SEBI mandate. Flexi Cap Funds have no such minimum — the manager decides the allocation freely. A flexi cap manager can put 90% in large caps or 60% in small caps if they choose. Multi cap funds offer structured, guaranteed diversification across all segments; flexi cap funds offer maximum managerial flexibility and adaptability to market conditions.
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