Flexi-cap mutual funds: Only 4 out of 37 funds delivered 8%+ SIP returns in 3 years. How did your fund perform?
Only four of the 37 flexi-cap mutual funds delivered annualised returns of over 8% on three-year systematic investment plans (SIPs), while three schemes left investors with losses. The performance gap was substantial, with returns ranging from a high of 10.16% to a negative 8.42%.
What stands out is that some of the biggest flexi-cap funds failed to match their smaller peers. Parag Parikh Flexi Cap Fund, which manages over ₹1.45 lakh crore, delivered a three-year SIP return of 4.22%, while HDFC Flexi Cap Fund, with assets exceeding ₹1.08 lakh crore, generated 5.21%. SBI Flexicap Fund returned just 0.34%.
In contrast, ITI Flexi Cap Fund, with assets under management (AUM) of ₹1,588 crore, topped the rankings with a 10.16% return. Bank of India Flexi Cap Fund, 360 ONE Flexicap Fund and Navi Flexi Cap Fund were the only other schemes to cross the 8% mark, according to the data analysed.
Only four flexi-cap funds crossed the 8% mark
ITI Flexi Cap Fund emerged as the best performer with a three-year SIP return of 10.16%, followed by Bank of India Flexi Cap Fund at 9.09%. The latter manages assets worth ₹3,098 crore.
360 ONE Flexicap Fund, with AUM of ₹2,246 crore, delivered 8.95%, while Navi Flexi Cap Fund, managing just ₹286 crore, generated 8.12%.
Beyond these four schemes, returns dropped below 8%. Aditya Birla Sun Life Flexi Cap Fund delivered 7.80%, followed by Bajaj Finserv Flexi Cap Fund at 7.49% and ICICI Prudential Flexi Cap Fund at 7.46%.
|
Mutual fund |
3-year SIP return |
| ITI Flexi Cap | 10.16% |
| Bank of India Flexi Cap | 9.09% |
| 360 ONE Flexicap | 8.95% |
| Navi Flexi Cap | 8.12% |
| Aditya Birla Sun Life Flexi Cap | 7.80% |
| Bajaj Finserv Flexi Cap | 7.49% |
| ICICI Prudential Flexi Cap | 7.46% |
| Source: Value Research. Returns as of 20th October 2026. | |
The data shows that only eight of the 37 funds managed to generate returns exceeding 7%, while 29 schemes remained below that threshold.
How did the largest flexi-cap funds perform?
Some of the category’s largest schemes delivered considerably lower returns than the top performers.
Parag Parikh Flexi Cap Fund, the largest scheme in the dataset with AUM of ₹1,45,070 crore, generated a three-year SIP return of 4.22%. HDFC Flexi Cap Fund, managing ₹1,08,547 crore, delivered 5.21%.
Kotak Flexi Cap Fund, with AUM of ₹53,087 crore, returned just 2.07%, while UTI Flexi Cap Fund, managing ₹22,495 crore, delivered 2.36%.
The difference was particularly sharp for SBI Flexicap Fund, which generated just 0.34% despite managing ₹22,109 crore. Franklin India Flexi Cap Fund, with AUM of ₹18,188 crore, recorded a marginal positive return of 0.01%.
|
Mutual fund |
3-year SIP return |
AUM |
| Parag Parikh Flexi Cap | 4.22% | ₹1,45,070 cr |
| HDFC Flexi Cap | 5.21% | ₹1,08,547 cr |
| Kotak Flexi Cap | 2.07% | ₹53,087 cr |
| Aditya Birla Sun Life Flexi Cap | 7.80% | ₹27,982 cr |
| ICICI Prudential Flexi Cap | 7.46% | ₹25,141 cr |
| UTI Flexi Cap | 2.36% | ₹22,495 cr |
| SBI Flexicap | 0.34% | ₹22,109 cr |
| Franklin India Flexi Cap | 0.01% | ₹18,188 cr |
| Source: Value Research. Returns as of 20th October 2026. | ||
At the bottom of the rankings, Samco Flexi Cap Fund recorded the steepest loss, with a negative SIP return of 8.42%. Shriram Flexi Cap Fund followed at -2.89%, while NJ Flexi Cap Fund delivered -1.87%.
The wide performance gap highlights how fund selection can influence SIP outcomes even within the same mutual fund category. Flexi-cap schemes have the flexibility to invest across large-, mid- and small-cap stocks, and differences in portfolio positioning can lead to varying returns.
However, a larger AUM does not automatically mean better performance, just as smaller fund size does not guarantee higher returns. Investors should assess long-term consistency, portfolio composition and risk alongside SIP returns before choosing a scheme.
