Top flexi-cap funds: 9 schemes delivered over 15% in 10-year SIP returns; Quant, HDFC and Parag Parikh led the pack

Flexi-cap funds have emerged as a popular choice for investors who want equity exposure without committing to a particular market-cap segment. Unlike large-cap, mid-cap or small-cap funds, flexi-cap schemes can move across large-, mid- and small-cap stocks based on the fund manager’s assessment of where opportunities lie.

That flexibility, however, does not automatically translate into superior returns. The category itself has delivered about 12.9% annually over the past 10 years, while a smaller group of funds has managed to cross the 15% mark.

A Value Research analysis shows that nine flexi-cap funds delivered more than 15% in 10-year SIP returns through their direct plans. A monthly investment of 10,000 in these schemes for 10 years would have accumulated between 26.5 lakh and 36.5 lakh.

Quant led the pack, but the gap between the winners was significant

Quant Flexi Cap Fund topped the list with 21.1% 10-year SIP returns. A 10,000 monthly SIP would have grown to about 36.5 lakh over the period. The scheme had assets under management of 7,140 crore and an expense ratio of 0.58%.

Flexi-cap fund

10-year SIP returns

10,000 monthly SIP value

Quant Flexi Cap Fund 21.1% 36.5 lakh
HDFC Flexi Cap Fund 18.0% 30.9 lakh
Parag Parikh Flexi Cap Fund 17.8% 30.5 lakh
JM Flexicap Fund 17.6% 30.3 lakh
Edelweiss Flexi Cap Fund 16.4% 28.4 lakh
Aditya Birla Sun Life Flexi Cap Fund 15.5% 27.0 lakh
PGIM India Flexi Cap Fund 15.4% 26.9 lakh
HSBC Flexi Cap Fund 15.4% 26.7 lakh
Franklin India Flexi Cap Fund 15.2% 26.5 lakh
Source: Value Research. Returns are for direct plans as of 6 August 2026.

HDFC Flexi Cap Fund was next, with 18% 10-year SIP returns. The same monthly investment would have accumulated around 30.9 lakh. The fund’s AUM stood at 1.06 lakh crore, with ICICI Bank, Axis Bank and HDFC Bank among its largest holdings.

Also Read | Should you avoid mutual funds with huge AUM? Experts answer

Parag Parikh Flexi Cap Fund delivered 17.8%, taking the hypothetical SIP corpus to approximately 30.5 lakh. It was the largest fund in the list, with AUM of 1.43 lakh crore. HDFC Bank, Power Grid, ITC, ICICI Bank and Coal India were among its top holdings.

JM Flexicap Fund and Edelweiss Flexi Cap Fund delivered 17.6% and 16.4%, respectively. A 10,000 monthly SIP would have grown to around 30.3 lakh in JM Flexicap and 28.4 lakh in Edelweiss Flexi Cap.

The other four funds also crossed the 15% mark. Aditya Birla Sun Life Flexi Cap Fund delivered 15.5%, while PGIM India Flexi Cap Fund and HSBC Flexi Cap Fund each returned 15.4%. Franklin India Flexi Cap Fund recorded 15.2%. Their respective 10,000 monthly SIPs would have grown to around 27 lakh, 26.9 lakh, 26.7 lakh and 26.5 lakh.

A strong 10-year record does not make these funds low-risk

The difference between the category’s 10-year return of around 12.9% and the performance of these funds highlights why long-term returns need to be viewed across complete market cycles.

Flexi-cap funds have the freedom to move between market-cap segments. This gives fund managers greater flexibility to allocate money across large-, mid- and small-cap companies, but it can also expose investors to higher volatility, particularly when mid- and small-cap stocks correct sharply.

The category’s one-year return was around 6.4%, well below its 10-year performance. This is a reminder that strong long-term compounding does not mean returns will be consistent every year.

Also Read | Last year’s winning mutual funds lose steam, here’s who’s leading in 2026

For investors, the key consideration is therefore the investment horizon. Flexi-cap funds are generally more appropriate for goals that are at least seven to 10 years away, such as retirement or children’s education. Investors also need to be prepared to remain invested during periods when the portfolio underperforms or markets turn volatile.

Past performance can help investors understand how a fund has navigated different market environments, but it should not be the sole basis for selecting a scheme. Portfolio composition, investment strategy, expense ratio, risk and consistency across market cycles also matter.

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