Best Performing Flexi Cap Mutual Funds in July 2026

Last Reviewed and Updated: 17 Aug 2026

A data driven ranking of 32 direct growth flexi cap schemes, based on fund data last updated 19 July 2026

Note: this ranking uses fund data from July 2026, close to the time of this review but still subject to change. Fund rankings by trailing return can shift meaningfully over even a few weeks; treat the specific ranks and figures below as a snapshot rather than a current leaderboard, and check a live screener for up to date numbers before acting.

Flexi cap funds remain one of the most popular equity categories among Indian investors, prized for the freedom they give fund managers to move money between large, mid, and small cap stocks as opportunities shift. SEBI requires these schemes to hold at least 65% of assets in equity and equity related instruments, but places no cap wise restriction beyond that, unlike multi cap funds, which must hold a minimum of 25% each in large, mid, and small caps.

That flexibility is the category's main selling point, and also the reason performance can vary widely from one fund house to another.

This roundup uses data from a set of 32 direct growth flexi cap schemes to identify the funds that have delivered the strongest returns, the steadiest risk adjusted performance, and the leanest costs. All figures below are sourced directly from the fund data set (last updated 19 July 2026).

How These Funds Were Ranked

The primary ranking metric is the 3 year annualised return, since it's the longest track record available across most of the funds in the set and smooths out short term noise better than 1 year returns. Where a fund is too new to have a 3 year number, it's noted separately. Expense ratio, 5 year returns, 1 year returns, Sharpe ratio (a measure of return per unit of risk), and AUM are included for a fuller picture.

Top 10 Flexi Cap Funds: 3 Year vs 5 Year Rankings

Different holding periods produce different leaderboards. Since flexi cap funds vary widely in how long they have existed, ranking on a single horizon can flatter newer funds or unfairly exclude established ones. The two rankings below let you pick the horizon that matches your own investment timeline.

Ranked by 3 Year Annualised Return

Rank	Fund	3Y Return	5Y Return	Expense Ratio	AUM	Sharpe
1	Bank of India Flexi Cap Fund Direct Growth	21.89%	17.48%	0.46%	₹2,615.05 Cr	0.82
2	ITI Flexi Cap Fund Direct Growth	20.12%	N/A*	0.64%	₹1,412.22 Cr	0.81
3	Invesco India Flexi Cap Fund Direct Growth	19.48%	N/A*	0.50%	₹5,273.59 Cr	0.77
4	Motilal Oswal Flexicap Fund Direct Plan Growth	19.22%	13.10%	1.57%	₹13,294.42 Cr	0.73
5	Quant Flexi Cap Fund Growth	18.28%	16.22%	1.06%	₹7,140.12 Cr	0.68
6	360 ONE Flexicap Fund Direct Growth	17.89%	N/A*	0.51%	₹2,118.85 Cr	0.72
7	HDFC Flexi Cap Fund Direct Plan Growth Option	17.61%	18.60%	0.75%	₹106,495.63 Cr	0.84
8	JM Flexicap Fund (Direct) Growth Option	16.81%	17.78%	0.55%	₹5,177.88 Cr	0.66
9	ICICI Prudential Flexicap Fund Direct Growth	16.73%	N/A*	0.67%	₹22,506.88 Cr	0.67
10	HSBC Flexi Cap Fund Growth Direct	16.46%	14.32%	0.89%	₹5,633.43 Cr	0.66

*N/A indicates the fund's inception date doesn't yet allow for a 5 year track record. 26 of the 32 funds in the data set have a 3 year return.

Ranked by 5 Year Annualised Return

Rank	Fund	5Y Return	3Y Return	Expense Ratio	AUM	Sharpe
1	HDFC Flexi Cap Fund Direct Plan Growth Option	18.60%	17.61%	0.75%	₹106,495.63 Cr	0.84
2	JM Flexicap Fund (Direct) Growth Option	17.78%	16.81%	0.55%	₹5,177.88 Cr	0.66
3	Bank of India Flexi Cap Fund Direct Growth	17.48%	21.89%	0.46%	₹2,615.05 Cr	0.82
4	Quant Flexi Cap Fund Growth	16.22%	18.28%	1.06%	₹7,140.12 Cr	0.68
5	Edelweiss Flexi Cap Fund Direct Growth	14.48%	15.93%	0.53%	₹3,483.69 Cr	0.65
6	HSBC Flexi Cap Fund Growth Direct	14.32%	16.46%	0.89%	₹5,633.43 Cr	0.66
7	Franklin India Flexi Cap Fund Direct Growth	14.25%	14.27%	0.75%	₹19,274.14 Cr	0.59
8	Parag Parikh Flexi Cap Direct Growth	13.78%	14.57%	0.53%	₹143,388.43 Cr	0.80
9	Navi Flexi Cap Fund Direct Growth	13.24%	12.63%	0.51%	₹280.70 Cr	0.49
10	Aditya Birla Sun Life Flexi Cap Fund Direct Plan Growth	13.23%	16.12%	0.72%	₹26,726.75 Cr	0.68

Only 18 of the 32 funds in the data set have a 5 year track record; the rest were launched too recently.

Four funds appear near the top of both lists: Bank of India, HDFC, Quant, and JM Flexicap all place in the top 8 on both the 3 year and 5 year rankings, a stronger consistency signal than a high score on either horizon alone. Others, like ITI, Invesco India, and 360 ONE, rank highly on the 3 year list purely because they don't have 5 year data yet to weigh in.

All returns are direct plan, growth option figures, measured against the Nifty 500 TRI (the 3 year benchmark return across the set is 12.11% and the 5 year benchmark return is 12.12%, so every fund shown above has outperformed its benchmark on the relevant horizon).

A Closer Look at the Top Performers

1. Bank of India Flexi Cap Fund: Best Overall Performer

Bank of India Flexi Cap Fund tops the list on nearly every count that matters: the highest 3 year return (21.89%) in the data set, a strong 17.48% 5 year return, and a Sharpe ratio of 0.82, bettered only by HDFC Flexi Cap. It also carries the lowest expense ratio on this list at 0.46%, managed by Alok Singh. With ₹2,615.05 Cr in AUM, it's still a relatively compact fund, which can make it easier for the manager to act on high conviction ideas without the size constraints that affect mega funds.

2. ITI Flexi Cap Fund: Strong Newcomer

ITI Flexi Cap Fund has put up a 20.12% three year annualised return and a 9.35% one year return, with a Sharpe ratio of 0.81, second only to Bank of India on risk adjusted terms among the leaders. Because the fund doesn't yet have a five year history, investors should treat its track record with appropriate caution, but the early numbers under manager Dhimant Shah are notable.

3. Quant Flexi Cap Fund: Concentrated, Sector Tilted, and Volatile

Quant Flexi Cap Fund, managed by Sandeep Tandon, delivered a strong 10.39% 1 year return alongside its 18.28% three year and 16.22% five year returns. It runs a far more concentrated portfolio than most peers: top 10 holdings make up 60.66% of the fund, well above the group average, with Adani Power (9.0%), Adani Enterprises (8.62%), and Adani Green Energy (4.39%) together accounting for close to a quarter of the fund. That concentration is part of why the fund's 3 year Beta (1.16) and tracking error (8.36) run higher than most other funds on this list, signalling a more aggressive, benchmark deviating style.

4. Motilal Oswal Flexicap and Invesco India Flexi Cap

Motilal Oswal Flexicap Fund (managed by Rakesh Shetty) and Invesco India Flexi Cap Fund (managed by Taher Badshah) both delivered 3 year returns above 19%, but their 1 year numbers tell a different story. Motilal Oswal actually posted a negative 2.65% one year return, while Invesco returned a modest 1.88%. This is a useful reminder that strong multi year compounding can still include rough single year stretches, and that 1 year returns alone are a poor basis for fund selection. Motilal Oswal also carries the highest expense ratio (1.57%) among the category's top 10 performers.

5. HDFC Flexi Cap Fund: Scale Without Sacrificing Consistency

HDFC Flexi Cap Fund, managed by Amit Ganatra, is the largest actively managed fund in this data set at ₹106,495.63 Cr, and still posts the best 5 year return in the category (18.60%) alongside the best 3 year Sharpe ratio (0.84) among the top 10. Its top 10 holdings sit at 46.56%, led by ICICI Bank (9.18%) and Axis Bank (6.84%), a more traditional financials heavy stance than Quant's concentrated, sector tilted approach.

Best Risk Adjusted Returns (Highest Sharpe Ratio)

The Sharpe ratio measures how much return a fund generated per unit of risk taken, where a higher number means the fund's gains came with comparatively less volatility.

Fund	3Y Sharpe Ratio	3Y Return
HDFC Flexi Cap Fund	0.84	17.61%
Bank of India Flexi Cap Fund	0.82	21.89%
ITI Flexi Cap Fund	0.81	20.12%
Parag Parikh Flexi Cap Fund	0.80	14.57%
Invesco India Flexi Cap Fund	0.77	19.48%

Parag Parikh Flexi Cap Fund, the largest flexi cap scheme in India at ₹143,388.43 Cr in AUM, does not lead on raw returns but ranks fourth on risk adjusted performance, reflecting relatively lower volatility than several higher returning peers. For investors prioritising consistency over chasing the top return number, it remains a fund worth considering alongside HDFC Flexi Cap Fund, which combines a strong 5 year track record with the best Sharpe ratio in the set.

Lowest Cost Flexi Cap Funds

Expense ratio compounds over time, so it's worth weighing alongside returns:

Fund	Expense Ratio	3Y Return
Mirae Asset Flexi Cap Fund Direct Growth	0.43%	13.68%
Mahindra Manulife Flexi Cap Fund Direct Growth	0.44%	11.97%
Nippon India Flexi Cap Fund Direct Growth	0.45%	13.19%
Canara Robeco Flexi Cap Fund Direct Plan Growth Option	0.45%	12.64%
Bank of India Flexi Cap Fund Direct Growth	0.46%	21.89%

Bank of India Flexi Cap Fund stands out here too, as it is both the top performer by returns and among the five cheapest funds in the category, a combination that's relatively rare.

The Largest Flexi Cap Funds by AUM

Size doesn't guarantee better returns, but the largest funds tend to attract assets for a reason, including long track records, brand trust, or consistent past performance:

Fund	AUM	3Y Return	5Y Return
Parag Parikh Flexi Cap Direct Growth	₹143,388.43 Cr	14.57%	13.78%
HDFC Flexi Cap Fund Direct Plan Growth Option	₹106,495.63 Cr	17.61%	18.60%
Kotak Flexicap Fund Direct Growth	₹55,850.29 Cr	13.78%	12.61%
Aditya Birla Sun Life Flexi Cap Fund Direct Plan Growth	₹26,726.75 Cr	16.12%	13.23%
ICICI Prudential Flexicap Fund Direct Growth	₹22,506.88 Cr	16.73%	N/A*

*ICICI Prudential Flexicap Fund does not yet have a 5 year track record.

Parag Parikh and HDFC are worth flagging separately because they manage to combine massive scale with returns that still rank among the better performers in the category, which is not a given, since very large funds can sometimes struggle to deploy capital as nimbly as smaller ones.

What These Funds Actually Hold

Across the data set, flexi cap portfolios are overwhelmingly equity (averaging 96.5% in stocks, with the remainder mostly in cash). ICICI Bank and HDFC Bank dominate the top holdings list, appearing among the top five holdings in the large majority of funds reviewed, alongside Reliance Industries, Larsen & Toubro, and Axis Bank as recurring large cap names. Funds with stronger recent performance, like Quant Flexi Cap and Motilal Oswal Flexicap, tend to carry higher exposure to mid cap and small cap names (CG Power, Kalyan Jewellers, Ather Energy, Waaree Energies) and a higher concentration in their top 10 holdings, which amplifies both upside and downside.

Things to Weigh Before Investing

· Longer time horizons matter more in this category. Because flexi cap funds can swing allocations between large, mid, and small caps, 1 year returns can be misleading in either direction. Motilal Oswal Flexicap had a strong 3 year number alongside a negative 1 year return, for example. A 5 year plus horizon is generally recommended for this category.

· Track record length varies a lot. Several funds near the top of the 3 year table (ITI, Invesco India, 360 ONE, ICICI Prudential) don't yet have a 5 year history. That's not disqualifying, but it does mean less data to evaluate how the fund manager handled a full market cycle.

· Expense ratio compounds. A 0.4 to 0.5% difference in annual cost may look small, but over a decade plus holding period it meaningfully affects net returns.

· Concentration is a double edged sword. Quant Flexi Cap's top 10 holdings at 60.66% have historically delivered strong returns in this data set but also carry higher tracking error and Beta, meaning bigger swings relative to the benchmark in both directions.

· Risk adjusted return isn't the same as raw return. Parag Parikh Flexi Cap Fund posts a strong Sharpe ratio without topping the raw return charts, useful for investors who'd rather smooth the ride than chase the highest headline number.

Full Fund Universe: Quick Reference

Fund	3Y Return	5Y Return	Expense Ratio	AUM
Bank of India Flexi Cap Fund Direct Growth	21.89%	17.48%	0.46%	₹2,615.05 Cr
ITI Flexi Cap Fund Direct Growth	20.12%	N/A*	0.64%	₹1,412.22 Cr
Invesco India Flexi Cap Fund Direct Growth	19.48%	N/A*	0.50%	₹5,273.59 Cr
Motilal Oswal Flexicap Fund Direct Plan Growth	19.22%	13.10%	1.57%	₹13,294.42 Cr
Quant Flexi Cap Fund Growth	18.28%	16.22%	1.06%	₹7,140.12 Cr
360 ONE Flexicap Fund Direct Growth	17.89%	N/A*	0.51%	₹2,118.85 Cr
HDFC Flexi Cap Fund Direct Plan Growth Option	17.61%	18.60%	0.75%	₹106,495.63 Cr
JM Flexicap Fund (Direct) Growth Option	16.81%	17.78%	0.55%	₹5,177.88 Cr
ICICI Prudential Flexicap Fund Direct Growth	16.73%	N/A*	0.67%	₹22,506.88 Cr
HSBC Flexi Cap Fund Growth Direct	16.46%	14.32%	0.89%	₹5,633.43 Cr
Aditya Birla Sun Life Flexi Cap Fund Direct Plan Growth	16.12%	13.23%	0.72%	₹26,726.75 Cr
Edelweiss Flexi Cap Fund Direct Growth	15.93%	14.48%	0.53%	₹3,483.69 Cr
Parag Parikh Flexi Cap Direct Growth	14.57%	13.78%	0.53%	₹143,388.43 Cr
Franklin India Flexi Cap Fund Direct Growth	14.27%	14.25%	0.75%	₹19,274.14 Cr
Baroda BNP Paribas Flexi Cap Fund Direct Growth	14.02%	N/A*	0.85%	₹1,239.39 Cr
Kotak Flexicap Fund Direct Growth	13.78%	12.61%	0.59%	₹55,850.29 Cr
DSP Flexi Cap Fund Direct Plan Growth	13.73%	11.70%	0.57%	₹12,235.93 Cr
Mirae Asset Flexi Cap Fund Direct Growth	13.68%	N/A*	0.43%	₹4,262.03 Cr
Axis Flexi Cap Fund Direct Growth	13.55%	10.87%	0.75%	₹13,327.81 Cr
Nippon India Flexi Cap Fund Direct Growth	13.19%	N/A*	0.45%	₹9,590.17 Cr
Bandhan Flexi Cap Fund Direct Plan Growth	13.06%	11.81%	0.93%	₹7,417.40 Cr
Canara Robeco Flexi Cap Fund Direct Plan Growth Option	12.64%	11.92%	0.45%	₹13,327.72 Cr
Navi Flexi Cap Fund Direct Growth	12.63%	13.24%	0.51%	₹280.70 Cr
LIC MF Flexi Cap Fund Direct Plan Growth Option	12.59%	11.63%	2.15%	₹1,052.66 Cr
Mahindra Manulife Flexi Cap Fund Direct Growth	11.97%	N/A*	0.44%	₹1,559.38 Cr
PGIM India Flexi Cap Fund Direct Growth	10.66%	10.08%	0.56%	₹5,817.78 Cr
NJ Flexi Cap Fund Direct Growth	N/A*	N/A*	1.03%	₹2,591.73 Cr
Old Bridge Flexi Cap Fund Direct Growth	N/A*	N/A*	0.83%	₹209.95 Cr
Helios Flexi Cap Fund Direct Growth	N/A*	N/A*	0.80%	₹7,094.41 Cr
JioBlackRock Flexi Cap Fund Direct Growth	N/A*	N/A*	0.50%	₹3,211.24 Cr
Bajaj Finserv Flexi Cap Fund Direct Growth	N/A*	N/A*	0.47%	₹7,768.94 Cr
Capitalmind Flexi Cap Fund Direct Growth	N/A*	N/A*	0.80%	₹443.60 Cr

*N/A indicates insufficient track record for this metric, typically funds launched between 2023 and 2026.

This article is based on fund data as of 19 July 2026 and is intended for informational purposes only and is not investment advice. Mutual fund investments are subject to market risks; past performance does not guarantee future returns. Investors should read scheme related documents carefully and consult a SEBI registered financial advisor before investing.

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