Last updated 1 July 2026 · vs April 2026 · How the score is calculated
A flexi-cap fund is a diversified equity fund that can move freely between large, mid, and small caps based on where the manager sees value. SEBI's category rules removed the old 65-35 large-mid mandate in late 2020, and the post-2020 vintage of flexi-cap funds is genuinely different from the multi-cap funds of the 2010s. Today, a flexi-cap fund is the closest thing the Indian mutual fund industry has to a default-equity product. The case for flexi-cap as a core holding is simple. It gives the fund manager the freedom to rotate to mid-caps when large-cap valuations are stretched, or back to large-caps when mid-caps have run too hard. That optionality is what a flexi-cap fund is selling. Whether the active manager earns that flexibility through better returns is the question this table answers. The score is built to reward consistency across 1, 3, and 5-year windows. A flexi-cap fund with a 5-year return meaningfully above the Nifty 50's is a genuinely skilled manager. One that has a great 1-year and a mediocre 5-year is a momentum call, not a track record. Flexi-cap is the category where manager skill matters most: the flexibility cuts both ways, and a bad manager in a flexi-cap fund will underperform a Nifty 50 index fund more reliably than a bad manager in a sectoral fund.
Each Flexi Cap fund in the table is scored on a blend of five factors: 1-year, 3-year, and 5-year returns, the 3-year Sharpe ratio, and the 3-year maximum drawdown. The 5-year return carries the heaviest weight; the 1-year return carries the lightest, because a single year is mostly noise. Funds with less than three years of history are kept out of the 3Y / 5Y windows but are still listed if they have a 1-year track record.
The underlying NAV data is sourced nightly from the AMFI daily NAV file and the AMC factsheets. The score is re-run every month after the latest upload. Two funds with a score within 5 points of each other are essentially interchangeable for retail purposes; pick from the top 3-5 names in the list, not just the top 1. The full formula, weights, and edge cases are in the rankings methodology post.
| Rank | Scheme | Score |
|---|---|---|
1↑1 | quant Flexi Cap Fund - Growth Option - Regular Plan quant Mutual Fund · Regular | 83.1 |
2↓1 | BANK OF INDIA Flexi Cap Fund Regular Plan -Growth Bank of India Mutual Fund · Regular | 79.3 |
3 | JM Flexicap Fund (Regular) - Growth option JM Financial Mutual Fund · Regular | 67.5 |
4— | HSBC Flexi Cap Fund - Regular Growth HSBC Mutual Fund · Regular | 64.8 |
5 | ITI Flexi Cap Fund- Regular Plan- Growth ITI Mutual Fund · Regular | 60.0 |
Rankings based on data up to 1 July 2026. Direct plans and regular plans are scored separately; this table shows the regular plan of each fund. For educational purposes only, not investment advice. Mutual fund investments are subject to market risks. Read the full disclaimer.
Some flexi-cap funds (Parag Parikh, PPFAS) hold 25-35% in international equities, which makes their Indian return profile more conservative. Others (HDFC, Kotak) keep the book almost entirely domestic. Mid-cap exposure is the swing factor: 10% feels like a large-cap fund, 35% feels like a multi-cap. Match the swing factor to your risk appetite.
FinvestR Research Desk
Research team, FinvestR
The FinvestR research desk produces the monthly fund rankings and the underlying scoring engine. The team includes AMFI-registered distributors (ARN-142502) and NISM-Series-V-A certified research analysts. Plain English, no product pitches, full methodology on every page.
AMFI-registered Mutual Fund Distributor · ARN-142502 · NISM-Series-V-A: Mutual Fund Distributors
Last updated 1 July 2026. The full ranking methodology and the data sources are published in the July 2026 rankings post. Past performance does not indicate future results.
Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. FinvestR Capital is registered with AMFI as a Mutual Fund Distributor (ARN-142502). The rankings on this page are research output and not personalised investment advice. Consult a SEBI- registered investment advisor for advice tailored to your situation.