Flexi cap funds can move money freely between large, mid and small companies, so two funds in the same category can hold very different portfolios and deliver very different results depending on the dates you pick. A fund that shows a strong one-year number today may have looked ordinary a few months earlier.
The table below compares Flexi Cap direct plans on their average 3-year and 5-year rolling returns and on how often those holding periods ended negative. Rolling returns look at every completed holding period in a fund’s history instead of just one, which reduces the date-picking effect. This is a comparison and education tool, not a recommendation to buy or sell any fund.
How to Read This Table
- #: the fund’s rank by the Avg column. Gold badges mark ranks 1 to 5. The rank stays with the fund when you re-sort.
- 3Y Rolling / 5Y Rolling: the average annualised return across all completed 3-year and 5-year windows.
- Avg: the ranking metric, the average of the 3Y and 5Y rolling returns.
- 3Y Neg % / 5Y Neg %: the share of windows that ended with a negative return. Lower means fewer losing periods in that fund’s history.
- Sorting: click any column header to sort. The default order is Avg, highest first.
- Data last refreshed: the figures move mainly when a new calendar month completes, because the windows are built on month-end NAVs.
What the Negative-Period % Tells You
The negative-period percentage shows how often a holding period of that length ended below zero in the fund’s own history. A low figure means investors who held for 3 or 5 years rarely ended in a loss during the period observed, which is useful context about consistency.
It is a lens, not a rule. A 0% figure does not mean a fund cannot lose money; it only means no completed window in the observed history ended negative. Funds with shorter histories have fewer windows, so their percentage rests on less evidence and a narrower set of market conditions. Read it together with the return columns and the fund’s history length.
Why Rolling Returns Matter for Flexi Cap Funds
A flexi cap fund’s returns depend heavily on how its manager split money between large, mid and small companies at different times. A fund that leaned towards mid and small caps during a strong rally can show an excellent point-to-point return, while a fund that stayed mostly in large caps may look ordinary over the same dates and better over others.
Rolling returns test each fund across many entry points, so the results reflect how its allocation choices played out through different market phases, not just one favourable or unfavourable window.
History matters here too. Many funds in this table were classified as multi cap funds before SEBI introduced the Flexi Cap category in November 2020, so part of their rolling-return history reflects the mandate they followed at that time.
What Is a Rolling Return?
A rolling return measures a fund’s annualised (CAGR) return over a fixed holding period, such as 3 years, and then repeats the measurement as the start date moves forward. Each measurement is one “window”.
For example, a 3-year rolling return looks at Jan 2020 to Jan 2023, then Feb 2020 to Feb 2023, then Mar 2020 to Mar 2023, and so on until the latest date. Averaging all those windows shows what a typical 3-year holding period delivered.
A single point-to-point CAGR depends entirely on the two dates chosen. Start just after a market fall and it looks excellent; start just before one and it looks poor. Rolling returns replace that one snapshot with a full set of outcomes. For point-to-point figures, see our mutual fund CAGR returns hub.
How We Calculate and Select Funds
Calculation
For each fund we take the month-end NAV (the last available NAV on or before each month-end) from launch onward.
- Start with the first month-end and measure the CAGR to the month-end exactly 3 years (or 5 years) later.
- Move the start forward by one month and measure again. Repeat until the latest completed month.
- Average all the windows to get the fund’s 3Y or 5Y rolling return.
CAGR for each window = (End NAV / Start NAV) ^ (1 / years) – 1. As an illustration only, a NAV that grows from 100 to 200 over 3 years is a CAGR of about 26% a year. We also compute the percentage of windows with a negative return, shown as 3Y Neg % and 5Y Neg %.
Fund Selection
- Category: Flexi Cap funds only, as classified under SEBI’s scheme categorisation.
- Plan type: Direct plans, Growth option only. Index funds and ETFs are excluded.
- Minimum history: at least 5 years of NAV history. Funds that have only just crossed 5 years, with just one or two completed 5-year windows, are left out until more windows are available.
- Same pool for both windows: a fund must qualify for both the 3Y and 5Y calculation.
- Ranking: (3Y rolling return + 5Y rolling return) / 2; the ten highest are shown.
- Merged or renamed schemes: each fund is measured on its own continuous NAV history under its current scheme code. History of a scheme merged into it is not added.
- Data source: AMFI NAV data via mfapi.in, refreshed automatically every day.
Limitations of This Comparison
- Past performance: rolling returns describe what happened, not what will happen.
- Different history lengths: a newer fund is averaged over fewer windows from more recent market phases, while an older fund covers more cycles, so the averages are not perfectly like-for-like.
- Survivorship: only funds that exist today with enough history are shown; merged or closed funds are not included.
- Returns only: the table does not capture risk-adjusted performance, expense ratio, portfolio concentration, fund size, taxation or fund manager changes.
- Changing market-cap mix: a flexi cap fund’s past returns reflect the large, mid and small cap mix it held at the time, which may differ from its portfolio today. Two flexi cap funds can carry quite different levels of risk.
Things to Check Before Making Any Decision
- Expense ratio of the direct plan and how it compares with peers.
- Current large, mid and small cap allocation in the latest factsheet.
- Fund size (AUM), the scheme’s riskometer and concentration in top holdings.
- Exit load and the tax rules that apply to your holding period.
- Changes in the fund manager or the investment approach.
- Whether the scheme’s risk suits your own time horizon and ability to tolerate a fall in value.
Frequently Asked Questions
Are flexi cap and multi cap funds the same?
No. Under SEBI rules, multi cap funds must hold at least 25% each in large, mid and small cap stocks. Flexi cap funds must invest at least 65% in equity but have no minimum or maximum for any market-cap segment, so the manager can shift the mix freely.
Why is the Avg column used for ranking?
Averaging the 3Y and 5Y rolling returns gives equal weight to both holding periods, so a fund cannot rank highly on the strength of just one period length.
How often is this table updated?
The data is refreshed automatically every day. Because the windows are built on month-end NAVs, the rankings and percentages change mainly when a new calendar month completes.
Why are some Flexi Cap funds not in the table?
Only direct Growth plans with at least 5 years of NAV history are included, and index funds and ETFs are excluded. Many flexi cap funds were launched after SEBI created the category in late 2020, so they do not yet have enough history. Funds that have only just crossed 5 years are also left out until they have more completed 5-year windows.
Compare Rolling Returns in Other Categories
- Large Cap Funds Rolling Returns
- Mid Cap Funds Rolling Returns
- Small Cap Funds Rolling Returns
- All Mutual Fund Rolling Returns
Disclaimer: Mutual fund investments are subject to market risks. Read all scheme-related documents carefully. Past performance may or may not be sustained in the future.
This page is for education and information only. It is a comparison of historical data and is not investment advice, a recommendation, or an offer to buy or sell any mutual fund scheme. Please consult a SEBI-registered investment adviser before making investment decisions.