Best Performing Flexi Cap Mutual Funds in June 2026

A data driven ranking of 32 direct growth flexi cap schemes, based on fund data last updated 21 June 2026

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 capwise 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 attached fund data set (last updated 21 June 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	22.71%	18.68%	0.46%	₹2,459.86 Cr	0.85
2	ITI Flexi Cap Fund	20.57%	N/A*	0.64%	₹1,314.38 Cr	0.78
3	Quant Flexi Cap Fund	20.11%	18.04%	0.67%	₹6,993.58 Cr	0.74
4	Invesco India Flexi Cap Fund	20.02%	N/A*	0.50%	₹4,956.07 Cr	0.74
5	Motilal Oswal Flexicap Fund	19.40%	13.26%	0.87%	₹12,936.51 Cr	0.74
6	HSBC Flexi Cap Fund	18.40%	15.31%	0.89%	₹5,538.48 Cr	0.72
7	HDFC Flexi Cap Fund	18.24%	18.63%	0.68%	₹101,821.82 Cr	0.87
8	JM Flexicap Fund	17.79%	17.98%	0.55%	₹5,068.70 Cr	0.70
9	Aditya Birla Sun Life Flexi Cap Fund	17.11%	13.57%	0.72%	₹26,032.20 Cr	0.73
10	ICICI Prudential Flexicap Fund	17.06%	N/A*	0.64%	₹21,188.99 Cr	0.68

*N/A indicates the fund’s inception date doesn’t yet allow for a 5 year track record. 25 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	Bank of India Flexi Cap Fund	18.68%	22.71%	0.46%	₹2,459.86 Cr	0.85
2	HDFC Flexi Cap Fund	18.63%	18.24%	0.68%	₹101,821.82 Cr	0.87
3	Quant Flexi Cap Fund	18.04%	20.11%	0.67%	₹6,993.58 Cr	0.74
4	JM Flexicap Fund	17.98%	17.79%	0.55%	₹5,068.70 Cr	0.70
5	Edelweiss Flexi Cap Fund	15.46%	16.89%	0.53%	₹3,373.56 Cr	0.70
6	HSBC Flexi Cap Fund	15.31%	18.40%	0.89%	₹5,538.48 Cr	0.72
7	Parag Parikh Flexi Cap Fund	15.21%	15.32%	0.53%	₹141,446.73 Cr	0.88
8	Franklin India Flexi Cap Fund	14.66%	15.35%	0.76%	₹18,796.71 Cr	0.63
9	Navi Flexi Cap Fund	13.74%	14.12%	0.51%	₹265.88 Cr	0.49
10	Aditya Birla Sun Life Flexi Cap Fund	13.57%	17.11%	0.72%	₹26,032.20 Cr	0.73

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

A few 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, which is a stronger consistency signal than a high score on either horizon alone.

Others, like ITI and Invesco India, 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 or BSE 500 TRI benchmarks (the 3 year benchmark return across the set is 13.42% and the 5 year benchmark return is 12.49%, 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 (22.71%) in the data set, the highest 5 year return (18.68%), and a Sharpe ratio of 0.85 that’s bettered only by two other funds. It also carries one of the lowest expense ratios on this list at 0.46%, managed by Alok Singh. With ₹2,459.86 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

Launched in February 2023, ITI Flexi Cap Fund has put up a 20.57% three year annualised return and an 11.44% one year return, with a Sharpe ratio of 0.78, second only to the top three funds on risk adjusted terms. Because the fund doesn’t yet have a five year history, investors should treat its short track record with appropriate caution, but the early numbers under manager Dhimant Shah are notable.

3. Quant Flexi Cap Fund: Best 1 Year Return Among Leaders

Quant Flexi Cap Fund, managed by Sandeep Tandon, delivered the strongest 1 year return in the top 10 at 16.40%, alongside a 20.11% three year and 18.04% five year return. It runs a more concentrated, sector tilted portfolio than most peers. Its top 10 holdings make up 61.20% of the portfolio, well above the group average, with heavy weighting toward Adani group companies and select industrials. That concentration is part of why the fund’s 3 year Beta (1.16) and tracking error (8.32) run higher than most other funds in this list, signalling a more aggressive, benchmark deviating style.

4. & 5. Invesco India Flexi Cap and Motilal Oswal Flexicap

Invesco India Flexi Cap Fund (managed by Taher Badshah) and Motilal Oswal Flexicap Fund (managed by Rakesh Shetty) both delivered 3 year returns above 19%, but their 1 year numbers tell a different story. Invesco returned 3.97% and Motilal Oswal actually posted a 0.94% negative one year return. 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.

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
Parag Parikh Flexi Cap Fund	0.88	15.32%
HDFC Flexi Cap Fund	0.87	18.24%
Bank of India Flexi Cap Fund	0.85	22.71%
ITI Flexi Cap Fund	0.78	20.57%
Quant / Invesco India / Motilal Oswal Flexicap	0.74	19 to 20%

Notably, Parag Parikh Flexi Cap Fund, the largest flexi cap scheme in India at ₹141,446.73 Cr in AUM, does not lead on raw returns but tops the list 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 18.24% 3 year return with the second 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	0.42%	15.19%
Mahindra Manulife Flexi Cap Fund	0.44%	13.38%
Nippon India Flexi Cap Fund	0.45%	14.42%
Bank of India Flexi Cap Fund	0.46%	22.71%
Bajaj Finserv Flexi Cap Fund	0.47%	N/A*

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 Fund	₹141,446.73 Cr	15.32%	15.21%
HDFC Flexi Cap Fund	₹101,821.82 Cr	18.24%	18.63%
Kotak Flexicap Fund	₹54,801.33 Cr	14.73%	13.14%
Aditya Birla Sun Life Flexi Cap Fund	₹26,032.20 Cr	17.11%	13.57%
ICICI Prudential Flexicap Fund	₹21,188.99 Cr	17.06%	N/A*

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 (most funds sit between 94% and 99% in stocks, with the remainder in cash and small debt allocations). Private banks dominate the top holdings list, with HDFC Bank, ICICI Bank, and Axis Bank appearing among the top three holdings in well over half the funds reviewed, alongside Reliance Industries, Larsen & Toubro, and Bharti Airtel 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, Adani group entities) 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 3 year number 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 in the top 10 (ITI, Invesco India, ICICI Prudential) don’t yet have a 5 year history, since they were launched between 2021 and 2023. 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. Funds with higher top 10 holding concentration (Quant Flexi Cap at 61.2%, Motilal Oswal at 46.99%) have historically delivered higher 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 and HDFC Flexi Cap Fund post the best Sharpe ratios in the set despite not topping the raw return charts, which is 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	22.71%	18.68%	0.46%	₹2,459.86 Cr
ITI Flexi Cap Fund	20.57%	N/A*	0.64%	₹1,314.38 Cr
Quant Flexi Cap Fund	20.11%	18.04%	0.67%	₹6,993.58 Cr
Invesco India Flexi Cap Fund	20.02%	N/A*	0.50%	₹4,956.07 Cr
Motilal Oswal Flexicap Fund	19.40%	13.26%	0.87%	₹12,936.51 Cr
HSBC Flexi Cap Fund	18.40%	15.31%	0.89%	₹5,538.48 Cr
HDFC Flexi Cap Fund	18.24%	18.63%	0.68%	₹101,821.82 Cr
JM Flexicap Fund	17.79%	17.98%	0.55%	₹5,068.70 Cr
Aditya Birla Sun Life Flexi Cap Fund	17.11%	13.57%	0.72%	₹26,032.20 Cr
ICICI Prudential Flexicap Fund	17.06%	N/A*	0.64%	₹21,188.99 Cr
Edelweiss Flexi Cap Fund	16.89%	15.46%	0.53%	₹3,373.56 Cr
Franklin India Flexi Cap Fund	15.35%	14.66%	0.76%	₹18,796.71 Cr
Parag Parikh Flexi Cap Fund	15.32%	15.21%	0.53%	₹141,446.73 Cr
Baroda BNP Paribas Flexi Cap Fund	15.28%	N/A*	0.85%	₹1,221.25 Cr
Mirae Asset Flexi Cap Fund	15.19%	N/A*	0.42%	₹4,079.74 Cr
Kotak Flexicap Fund	14.73%	13.14%	0.59%	₹54,801.33 Cr
Nippon India Flexi Cap Fund	14.42%	N/A*	0.45%	₹9,325.03 Cr
Axis Flexi Cap Fund	14.27%	11.36%	0.75%	₹12,624.95 Cr
DSP Flexi Cap Fund	14.27%	12.23%	0.57%	₹11,798.35 Cr
Navi Flexi Cap Fund	14.12%	13.74%	0.51%	₹265.88 Cr
Bandhan Flexi Cap Fund	13.96%	12.33%	0.90%	₹7,256.55 Cr
Canara Robeco Flexi Cap Fund	13.47%	12.40%	0.51%	₹13,012.59 Cr
Mahindra Manulife Flexi Cap Fund	13.38%	N/A*	0.44%	₹1,526.86 Cr
LIC MF Flexi Cap Fund	13.22%	11.64%	0.95%	₹997.23 Cr
PGIM India Flexi Cap Fund	11.62%	11.09%	0.56%	₹5,732.98 Cr
NJ Flexi Cap Fund	N/A*	N/A*	0.49%	₹2,559.89 Cr
360 ONE Flexicap Fund	N/A*	N/A*	0.51%	₹2,042.06 Cr
Helios Flexi Cap Fund	N/A*	N/A*	0.54%	₹7,094.41 Cr
Old Bridge Flexi Cap Fund	N/A*	N/A*	0.83%	₹176.45 Cr
Capitalmind Flexi Cap Fund	N/A*	N/A*	0.94%	₹431.45 Cr
Bajaj Finserv Flexi Cap Fund	N/A*	N/A*	0.47%	₹7,195.30 Cr
JioBlackRock Flexi Cap Fund	N/A*	N/A*	0.50%	₹3,093.51 Cr

*N/A indicates insufficient track record for this metric, typically funds launched between 2021 and 2025.

This article is based on fund data as of 21 June 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.

Disclaimer

The content on this website is for informational and educational purposes only and should not be construed as investment advice, a recommendation, or a solicitation to buy or sell any security, mutual fund, or financial instrument. Equity Research India is not a SEBI-registered investment advisor or research analyst, and nothing on this site constitutes personalized financial advice.

Mutual fund investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance is not indicative of future returns. NAV, returns, rankings, and other data may change and may not reflect the most current information at the time of reading.

Readers should conduct their own due diligence and consult a SEBI-registered financial advisor before making any investment decisions. Equity Research India and its authors accept no liability for any loss or damage arising from the use of this content.