Equity · Category

Best Flexi Cap Mutual Funds 2026

A flexi cap fund must hold at least 65% in equity and has no other allocation constraint. The manager can move between large, mid and small caps freely, in any proportion, at any time. It is the least constrained equity category SEBI defines — which makes the manager's judgement, rather than the mandate, the main thing separating one flexi cap fund from another.

The rules, in short

Universe: All market caps, no minimum in any; Defined by AMFI's half-yearly list, last revised July 2026.
Minimum allocation: 65% in equity; SEBI category rule. No cap-wise minimum.
Tax on gains: 12.5% above ₹1.25 lakh; Long-term capital gains (held over 12 months) under Section 112A. Gains on units held 12 months or less are short-term and taxed at 20%. The ₹1.25 lakh exemption is an annual aggregate across all your equity gains.

All 46 Flexi Cap funds, ranked

Ordered by three-year annualised return, computed from official AMFI NAV history to a common date. Every fund here follows the same SEBI mandate, so the differences below come from the manager's choices and the fund's costs — not from a difference in what they are allowed to hold.

NAV as of 31 Aug 2026

Category average over 3Y: 14.5% a year across 36 funds with a full record.

#Fund1Y3Y ↓5Yvs catExpense

Median expense ratio in this category: 0.64%. Direct plans cost less than regular plans — the same fund appears once here, on its longest-running plan.

Not enough history to rank

These 10 funds do not yet have a full 3Y NAV record, so ranking them against the funds above would compare different periods.

Abakkus Flexi Cap Fund AlphaGrep Flexi Cap Fund CAPITALMIND FLEXI CAP FUND Helios Flexi Cap Fund JioBlackRock Flexi Cap Fund NJ Flexi Cap Fund Old Bridge Flexi Cap Fund THE WEALTH COMPANY FLEXI CAP FUND TRUSTMF Flexi Cap Fund Unifi Flexi Cap Fund

Why two flexi cap funds can behave nothing alike

Because there is no cap-wise floor, one flexi cap fund can run 85% large cap while another runs 40% small cap, and both are correctly labelled. Their returns are not comparing the same risk. This is the category where reading a fund's actual portfolio matters most, because the category name tells you the least.

The category was created in November 2020, shortly after SEBI required multi cap funds to hold at least 25% each in large, mid and small caps. Funds that had been running an unconstrained mandate moved here rather than be forced into small caps — which is why many flexi cap funds have track records considerably older than the category itself.

How AMFI decides what counts as large, mid and small cap

AMFI ranks every listed company by average daily full market capitalisation and publishes the list twice a year, in January and July. Ranks 1–100 are large cap, 101–250 are mid cap, and everything from 251 down is small cap. In the July 2026 revision the large-cap cut-off was about ₹1.06 lakh crore and the mid-cap cut-off about ₹33,500 crore. Because the list is redrawn every six months, a stock can move between buckets and funds then have to adjust their holdings to stay within their mandate.

How to read the table below

Returns are annualised and computed from our own AMFI NAV history rather than taken from a fund factsheet, so every fund on this page is measured to the same date on the same basis. The category average is calculated across the same set.

Expense ratio is the annual cost, already deducted from the NAV you see — a fund returning 15% gross at a 1.2% expense ratio shows 13.8%. Direct plans cost less than regular plans because they carry no distributor commission.

Past returns describe what happened; they are not a forecast. Two funds with identical three-year numbers can have reached them through very different levels of volatility.

Frequently asked questions

What is a flexi cap fund?+

An equity fund that must hold at least 65% in equity but can allocate across large, mid and small caps in any proportion, with no minimum in any segment. The allocation is entirely the fund manager's decision.

Is a flexi cap fund safer than a multi cap fund?+

It can be, but it is not guaranteed to be. A flexi cap manager is free to hold mostly large caps, which would make it less volatile than a multi cap fund with its mandatory 25% small cap floor — but the same freedom allows a heavy small cap position instead. The fund's actual portfolio, not the category, tells you which.

How are Flexi Cap funds ranked on this page?+

By three-year annualised return, computed from official AMFI NAV history to a common date, so every fund is measured on the same basis. Funds without a full three-year record are listed separately rather than ranked against funds that have one.

Are these returns after fees?+

Yes. Returns are calculated from NAV, and the expense ratio is already deducted from NAV daily. The expense-ratio column tells you what that ongoing cost is.

How this page is produced

Every figure above is computed from our own archive of the official AMFI NAV file, going back to 2006, to NAV dated 31 Aug 2026. Nothing here is copied from a factsheet or a third-party summary. The full method is published, including its limitations.

Because every fund here is measured to the same date on the same basis, the column is directly comparable — which a page assembled from individual factsheets is not. Returns are annualised over 3Y and the category average is calculated across the same set of funds shown above. Tax rules summarised on this page are general and current for FY 2026-27 — confirm your own position with a qualified tax adviser.

Written and maintained by Azad Mohammed, who built the pipeline these numbers come out of. Found an error? Tell us — corrections are made and the page rebuilds within the hour.

This page describes what each fund has done. It is not investment advice and not a recommendation to buy or sell any scheme. Arthkar is not a SEBI-registered investment adviser and does not provide or arrange investment advice. Mutual fund investments are subject to market risk; read all scheme related documents carefully.